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1 financial
The
UnnnrrWtl lirentrie
SATURDAY MAY 5 1928.
VOL. 126.
'financial Throuirlit
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Brokers' Loans and the Efficacy of Govern
ment Bond Sales for Regulating
Reserve Credit.
Steadily expanding stock speculation, with the
resulting growth in brokers' loans, still constitutes
the foremost topic of the day, and, while the constant repetition of the story week after week and
month after month may be wearisome to the reader,
as it certainly is to the writer, the movement is
freighted with such portentous consequences if it
shall not be checked that it is the imperative duty
of the press to keep the subject constantly before
the public. Two new tabular statements have
come to hand regarding the brokers' loans referred
to, both issued after the close of the Stock Exchange
session on Thursday, and they are really startling
in the further expansion both disclose in the grand
aggregate of borrowing of this description—borrowing on stock and bond collateral—in promotion of
Stock Exchange speculation. The two compilations
referred to are (1) the regular weekly return of
the Federal Reserve Board, covering the 46 reporting
member banks in New York City, and (2) the regular monthly statement of the New York Stock Exchange itself.
The Federal Reserve statement is like all the preceding weekly statements in establishing a new
high record in borrowing of this description. The
further addition the past week has been no less than
$137,271,000, raising the grand aggregate of these
loans to brokers and dealers (secured by stocks and
bonds) for the reporting member banks to the huge
NO. 3280.
aggregate of $4,281,657,000. What is particularly
significant about this further large addition is that
it follows larger or smaller increases in all preceding weeks back to March 7. At this earlier
date the grand total of these loans (after a moderate falling off during the preceding four weeks)
stood at only $3,695,709,000. With the total now
for May 2 $4,281,657,000, it follows that the rise
in the interval of eight weeks has been almost $600,000,000. Surely the pace is now getting fast, and
obviously the higher prices go on the Stock Exchange the more money it requires to carry the
load. Up to April 18 the total of these Federal Reserve figures had never reached the $4,000,000,000
mark. Now at $4,281,657,000 that mark has been
left far behind. If we go back twelve months to
May 4 1927 we find that the total then was no more
than $2,919,926,000. This last was by no means a
small figure and yet in the fifty-two weeks since
then there has been a further expansion of $1,361,31,000. Figures of such magnitude are calculated
to take one's breath away.
These loans are grouped under three designations
namely, (a) the loans made by the 46 reporting
member banks for their own account, (b) the loans
made for account of out-of-town banks, and (c) the
loans made for account of others. The loans for the
out-of-town banks, it is worth noting, have been
reduced the last two weeks, having dropped from
$1,702,908,000 April 18 to $1,586,152,000 May 2, and
it may be that the higher rediscount rates put into
force by five of the Federal Reserve Banks had the
effect of drawing home some of the out-of-town
money that had been loaned here, or again it may
be that the money has been diverted from Stock
Exchange speculation at New York to grain speculation in the West, which latter during April assumed gigantic dimensions. But whatever the
cause the diminished contributions from that source
have been more than made good by an increase in
the loans made for their own account by the 46
reporting banks and in the loans which they made
"for account of others" which latter would include
Canadian money loaned out by the New York agencies of the big Canadian banks, accessions from
which source have been of such extent as to drive
exchange at New York on Montreal to a discount.
As compared with twelve months ago, huge increases are found in the loans under each of the
three categories, the loans for own account having
risen from $978,588,000 May 4 1927 to $1,329,247,.
2700
FINANCIAL CHRONICLE
[VOL. 126.
000 May 2 1928; the loans for account of out-of-town also show multiplying evidence of what is going
banks from $1,182,391,000 to $1,586,152,000, and the on. More and more Reserve credit is going into
loans for account of others from $758,947,000 to use with each succeeding week, notwithstanding
$1,366,258,000. The common increase under all that the Reserve banks by selling U. S. Government
these heads furnishes striking testimony to the fact obligations are seeking to restrict the use of Reserve
that the funds in support of the prevailing stock credit. This week's return supplies additional tesspeculation have come from all quarters. The spec- timony to that effect. During the week they sold
ulative craze is universal and all classes of banking some more of their holdings of Government securiinstitutions and all sections of the country are giv- ties, reducing the total of such holdings from $304,ing it sustenance and support under the aegis of 755,000 to $292,302,000. Nevertheless, total bill and
security holdings, which measures the extent of Rethe Federal Reserve system.
It remained, however, for the monthly compila- serve credit in use, increased further by $32,788,000,
tions of the New York Stock Exchange to reveal the the total rising from $1,380,659,000 on April 25 to
full magnitude of borrowing on Stock Exchange $1,413,447,000 May 2 1928. At this latter figure
account. It was remarked above that the Federal comparison is with only $1,069,941,000 on May 4
Reserve figures had on April 18 for the first time 1927 showing $343,506,000 more Reserve credit now
reached and passed the $4,000,000,000 mark. The in use than twelve months ago.
It may be asked, why the further increase in bill
New York Stock Exchange total, on the other hand,
is now approaching the $5,000,000,000 mark! The and security holdings, despite the fact that the ReStock Exchange figures are invariably larger by serve Banks have been steadily disposing of their
several hundred million dollars than those given holdings of U. S. Government obligations? The exout by the Federal Reserve Board, as has been so planation is very simple. As fast as the Reserve
many times pointed out in these columns, presum- banks reduce their holdings of Government bonds
ably because the Stock Exchange compilation is all- and thereby withdraw funds from the member banks
inclusive and embraces borrowings from every to whom the bonds are sold, these member banks insource, including (1) net borrowings on collateral crease their borrowings at the Reserve Banks
from New York banks or trust companies by New by adding to their discounts with the Reserve instiYork Stock Exchange members contracted for and tutions, thereby obtaining new funds with which to
carried in New York, and (2) net borrowings on make good the loss of funds resulting from the sale
collateral from private bankers, brokers, foreign to them of Reserve Bank holdings of Government
bank agencies or others in the City of New York, obligations.
The time has arrived for testing the efficacy of
while the Federal Reserve figures relate entirely to
the 46 reporting member banks in New York City, these sales of Government securities as a means of
even though these show loans made by the report- -regulating the use of Reserve credit. It happens,
ing banks not only for their own account, but also too, that Federal Reserve operations during the
for account of out-of-town banks and for account four months of the present year furnish an excellent opportunity for applying the test. So much is
of others.
for the being claimed for Federal Reserve policy in that
The present Stock Exchange statement is
month of April and hence brings the totals down respect that it is in the highest degree desirable that
to the close of business on April 30. It shows a the real facts, as disclosed by the experience of the
further addition during April of $267,608,427 on last four months, should be presented for the contop of an increase of $317,595,258 during the month sideration of a candid world. The sale of Governof March, the total during the two months having ment securities is part of the open market operarisen from $4,322,578,914 to $4,907,782,599. As far tions of the Federal Reserve Banks and it may inas the extent of the addition for the two months is deed be truthfully affirmed that it is the only part
concerned, there is really very little difference be- under their actual control. These open market opertween this Stock Exchange compilation and the ations are being credited with possessing almost
Federal Reserve returns covering the past eight magic powers as a weapon, not alone for easy reguweeks, the amount of the increase in each case be- lation of Reserve credit, but for offsetting gold iming not far from $600,000,000, and, while the Stock ports and gold exports and for preventing undue
Exchange figures at $4,907,782,599 for April 30 are expansion and undue contraction of currency and
getting close to the $5,000,000,000 mark, it was not the supply of funds and as a stabilizing agency of
until as recently as November 30 last that they the most potent description in all these respects.
first passed the $4,000,000,000 mark. On April Secretary Mellon has extolled these open market
30 1927 the Stock Exchange total was only $3,341,- operations to the skies in his annual report. Under209,847 and on April 30 1926 it was no more than Secretary of the Treasury Ogden L. Mills has done
$2,835,718,509, from which it is evident that the in- the same thing, in some very able and notable adcrease for the twelve months has been $1,566,572,- dresses, and Reginald McKenna of the Midland
752, and for the two years $2,072,064,090. An ex- Bank of London and formerly British Chancellor
pansion of over two billion dollars in two years is of the Exchequer, together with some other eminent
British financiers have become so captivated by the
certainly going it fast.
returns idea that they would model the British financial
The Federal Reserve Banks in their own
MAY 5 1928.]
FINANCIAL CHRONICLE
structure on the Federal Reserve system in the amalgamation of the British fiduciary currency with the
Bank of England note issues which is in early contemplation.
Now observe how the scheme of selling Government bonds, of which so much has been heard and
of which so much is being made even to-day in face
of the most patent facts to the contrary, has been
working. The Federal Reserve banks have engaged
in extensive selling of U. S. Government securities
on two occasions the present year. The first occasion was in January and the second was during the
latter half of the month of April just passed. On
Monday, April 16, announcement came that the Reserve banks had again actively resumed the selling
of U. S. Government securities and later in the same
week the Reserve banks as a second measure, presumably for controlling speculation, began advancing their rates of discount. Did Stock Exchange
speculation cease as a result and was the expansion in brokers' loans checked? We have already
seen that the contrary was the case and that brokers'
loans underwent a further huge expansion. But at
the present juncture we are more concerned as to
the effect of the two operations on the use of Reserve credit; was that reduced? Here again the facts
reveal the exact opposite of what has been claimed.
On the one hand the advances in the rates of discount by five of the twelve Reserve institutions did
not serve in the least to deter borrowing on the
part of the member banks, and on the other hand
the renewed selling of U. S. Government securities
by the Reserve banks did not operate to diminish
the amount of Reserve credit in use.
Between March 28 and May 2 the holdings of
United States Government securities by the 12 Reserve banks were reduced from $385,832,000 to $292,302,000, a reduction of somewhat over $93,000,000,
but all except $7,816,000 of the decrease occurred
during the three weeks from April 11 to May 2, the
total on April 11 having still been as high as $378,016,000. In the whole of the five weeks, with but
a single exception, the total of the bill and security
holdings of all kinds kept rising, in face of the sale
of the Government securities referred to; from $1,257,021,000 March 28 there was an increase to $1,329,334,000 April 4, and to $1,359,280,000 April 11;
on April 18 there was a drop to $1,312,049,000,
owing mainly to the sale of Government securities,
but the next week, with a further large sale of Government securities, there was a big increase again,
the total rising at one bound to $1,380,659,000 with
a further rise to $1,413,447,000 on May 2. The net
result, therefore, was that in the five weeks the
amount of Federal Reserve credit employed, as
represented by the total of the bill and security
holdings, increased $156,426,000 notwithstanding
that during these same five weeks the 12 Reserve institutions disposed of $93,530,000 of their holdings'
of government securities.
What happened was that the member banks, confronted with the loss of funds through the sale of
2701
Government bonds by Reserve institutions, proceeded to enlarge their borrowings at the Reserve institutions and at the same time disposed of some more
of their acceptances to them. The member banks
had been slowly extending their borrowings at the
Reserve banks before, but now began to dscount on
a rapidly increasing scale. On May 2 the Reserve
banks held $757,054,000 of these discounted bills
of the member banks, against $524,096,000 on March
28, and they also held $363,101,000 of bankers' acceptances against $346,103,000. It should be added
that the additional borrowing at the Reserve banks
was done in only relatively small part on the security of commercial paper, but mainly on the security of United States Government obligations.
The discounts obtained on commercial paper during
the five weeks increased only from $202,062,000 to
$246,802,000, while the discounts obtained on United
States Government securities ran up from $322,034,000 to $510,252,000, this last being an addition of
no less than $188,218,000.
It is, of course, easy to see what has been going
on. The Reserve banks sold their holdings of Government bonds to the banks and then the banks took
these Government bonds around to the Reserve isstitutions and borrowed on them again. Finally, it
deserves to be noted that borrowing on United States
Government obligations has been particularly heavy
at the Federal Reserve Bank of New York, where
the rate of rediscount has been maintained at 4%.
The New York Reserve Bank held $200,573,000 of
discounts secured by United States obligations on
May 2 as against $113,422,000 on March 28, and (if
we go back a week further) no more than $55,250,000 on March 21.
The results are even more conclusive if the comparison is extended back to the 1st of January so
as to include the sale of Government bonds made
in the early part of the year. It should be remembered that the Federal Reserve banks laid the basis
for the speculation in the aggravated form which it
has now assumed by its action during the last half
of 1927 in adding enormously to its holdings of
Government bonds, thereby placing a huge additional amount of funds and of Reserve credit at
command of the market, and by its further step in
making this credit cheap by reducing its rediscount
/
rates to the extraordinarily low figure of 31 2%.
Looking back now this is seen to have been an inexcusable act of folly. There was no need of additional Reserve credit in the channels of trade and
commerce, as is evident from the fact that the volume of trade steadily diminished until in November and December a veritable slump in business occurred. At that very time the Federal Reserve
banks by their purchase of Government securities
(the total of these holdings of U. S. Government securities having risen from $253,896,000 on May 11
1927 to $627,403,000 on Jan. 4 1928) flooded the
money market with currency and Reserve credit.
What followed was to be expected. There being
no use for these new supplies in the avenues of trade,
2702
FINANCIAL CHRONICLE
[VoL. 126.
they naturally found their way into the channel Thelpowerishould be altogether taken away. Why
should any body have the right to accumulate in the
of speculation.
Since then the Reserve authorities have sought neighborhood of $700,000,000 of U. S. Government
to undo the mischief done, but all efforts to control bonds, only to throw them over a little later. Is
the speculation have thus far proved futile and it not time that these vaunted open market operaunavailing. The sale of Government securities has tions be relegated to limbo.
proved as inefficacious as the advance in the reThe Financial Situation.
discount' rates. The vast resources of the Federal
The course of the Stock Market this week has been
Reserve banks remain at beck and call and the sale ,
no different from that in other recent weeks. The
of Government securities frightens neither the spectendency of prices has been upward and many new
ulators nor the banks which supply them with the high records for the year have been established, while
means for carrying on their speculation.
at the same time there have been days when more
Since the first of the year the Federal Reserve or less weakness was in evidence without in the least
banks have been selling U. S. Government bonds ga- diminishing the feeling of confidence and even
lore without checking the speculation or the use of buoyancy that has been the main characteristic
Reserve credit. As just noted, the total of the of the speculation for such a long time past. The
holdings of U. S. Government securities on Jan. 4 occasions when the market was weak we.e when
(;raders saw an opportunity for making
was $627,403,000, while now for May 2 the amount the room
drives against certain stocks and their weapon inis down to $292,302,000, a reduction of no less than
variably was the high rates for money. That was
$335,101,000. To make up for the loss, the member pre-eminently the case on Monday when many of
banks have extended their borrowings at the Re- the market leaders were under pressure as a result
serve institutions by $236,175,000 through increased of the large c Aling of loans by the banks (about
rediscounting, the total of the discount holdings $40,000,000 altogether being withdrawn) presumof the Reserve banks having risen in the interval ably in preparation for the heavy first of May infrom $520,879,000 to $757,054,000. And these bor- terest and dividend disbursements. The tenewalrowings have been in great part on the security of charge at the opening of the Stock Exchange session
for call loans was 5%, but as the day advanced 532%
Government obligations, as is evident from the fact ,
had to be paid for new loans and finally 6%. As a
that on Jan. 4, 1928, the twelve Reserve institutions consequence many standard stocks showed net deheld only $350,933,000 of discounts secured by U. S. clines for the day.
Government obligaions, whereas now on May 2 they
Thereafter, however, the rest of the week, the
report $510,252,000 of discounts secured by U. S. general tendency was upward as the money situation
steadily eased until on Thursday the call loan rate
Government obligations.
In other words, in this case as in the case of the, dropped to 4% and even time loans instead of
shorter period of sales made during April, what being maintained firmly at 5%, as had been the
case the whole of the latter half of April, were quoted
happened was that the member banks took the very
at slight concessions at a range of 4 8@5%. Yesterbonds they purchased from the Reserve banks back day the further growth in brokers' loans shown in
to the Reserve institutions and borrowed upon them. both the weekly return of the Federal Reserve Board
The worst of it is that these large sales of Gov- and the monthly statement of the Stock Exchange
ernment securities have completely demoralized the instead of proving a dampening influence was dismarket for Government bonds at a time when ar- regarded and stress laid on the easing of money
rangements will have to be made to provide, through and the fact that the Federal Reserve Bank of New
refunding or other operations, for the taking up York had not found it incumbent the day before to
advance its rediscount rate. The market now
next September of the Third Liberty Loan bonds, of
became positively buoyant, and the aggregate sales
which $1,405,183,150 still remain outstanding.
• for the day reached 4,440,900 shares.
The Treasury 43t% bonds of 1947-52 sold on
Many special stocks showed spectacular advances.
May 2 at 114 29-32 against 116 6-32 on Jan. 7; the New York & Harlem, however, which last week
Treasury 4s of.1944-54 sold at 110 against 111 12-32 jumped from 200 on Monday to 505 on Thursday,
on Jan. 7 and the Treasury 3%% bonds of 1949-56 this week dropped back to 210 Apr. 30, but closed yeswere 107 1-32 against 108 10-32. Quite to the terday at 350. The railroad shares were less prominent in the dealings than last week and in some instangeneral surprise Adolph C. Miller, a prominent
ces are lower. Del.& Hudson closed yesterday at 216,
member of the Federal Reserve Board in the hearing against 216 the previous Friday;
New York Central
on Thursday before the House Banking Currency closed at 184, against 1855 s; Wabash at 87, against
/
Bill on the stablization bill of Representative Strong 849; Reading at 112, against 11131; Lehigh Valley
expressed the opinion that a limitation should be at 103, against 103; Balt. & Ohio at 1163 , against
4
authority of the Federal Reserve Board 1173j; Pennsylvania at 68, against 703; Lackawanna
put on the
to engage in open market operations. He said that at 144, against 1453/2; New York, Chi. & St. Louis
at 136, against 137; Chesa. & Ohio at 201, against
when the power reposed in the hands of such a body
2015 ; New Haven at 663/, against 653/2; Great
%
2
as the Reserve Board there was always the "itch" Northern pref. at 105, against 102k; Northern
to do something. He therefore would require the. Pacific at 1017 , against 1013/; Union Pacific at
2
4
affirmative vote of at least five members of the 202, against 200; Southern Pacific at 125%, against
Reserve Board before action could be taken. In 1235 ; Canadian Pacific at 2133/2, against 215;
%
our estimation that would not be going far enough. Atchison at 1933/2, against 195; Texas & Pacific at
MAY 5 1928.]
FINANCIAL CHRONICLE
4
140, against 1403 and St. Louis-San Francisco at
/
120%, against 1191 s.
Among the standard speculative issues General
3
Motors closed at 2044, against 1913j the close the
previous Friday; U. S. Steel at 148, against 1469;
Radio Corporation of America at 1833, against
3
1813/s; General Electric at 1654, against 1634;
3
Montgomery Ward at 138%, against 1413/; Sears2
Roebuck & Co. at 1013/2, against 1023j, and General
Railway Signal at 933, against 97. The minor
stocks all showed considerable strength. Chrysler
8
closed yesterday at 74%, against 729/; Packard
3
Motors at 703', against 69%; Hudson Motors at
923/2, against 86; Hupp Motors at 56, against 51%,
and Studebaker at 68, against 66%. The rubber
stocks again showed very little change, U. S. Rubber
pref. closing yesterday at 80, against 80 and the
common stock at 44, against 44; Goodyear Tire &
Rubber closed at 549, against 56, and B. F. Goods.
rich at 90%, against 889/ Among the independent
steel stocks Bethlehem Steel closed yesterday at
63%, against 613/i the previous Friday and Republic
Iron & Steel at 60, against 59%.
The oil stocks and the copper stocks were in good
demand and yet show irregular changes for the week.
Standard Oil of New Jersey closed yesterday at
459, against 4598; Pan American Petroleum &
Transport at 503/8, against 52; Marland Oil at 413,
against 433'; Phillips Petroleum at 423, against 43,
and Houston Oil at 146, against 1523/g. Anaconda
Copper was 713/i at the close yesterday, aganst 71%
the previous Friday; Greene-Cananea was 120,
against 122; Kennecott Copper 88, against 859 ,
,
8
and Calumet & Arizona 1039/, against 993j.
2703
responding period in 1927 was only 11.1%. For the
four months of this year, total commercial failures
in the United States were 8,873, involving $182,504,343 of indebtedness, as against 8,611 with liabilities
of $209,277,580 in the same period of 1927. The
increase in the number this year occurred wholly
in the first three months, while the liabilities for
earh month of 1928 were less than in the corresponding month of 1927.
The improvement last month was both in the manufacturing and trading divisions. Failures in manufacturing lines numbered 432 involving U3,236,432
of indebtedness. For trading classes the number of
defaults in April was 1,276 owing $16,048,734, while
for agents and brokers there were 110 insolvencies
with liabilities of $5,699,979. The corresponding
figures for April 1927 were manufacturing defaults,
492 for $25,277,590; trading failures, 1,342 owing
$22,307,734, and agents and brokers, 134 with liabilities of $5,570,403. In this comparison the manufacturing division makes much the better showing,
e:pecially as to the indebtedness, although for the
trading classes some reduction also appears both
in the number of defaults and the liabilities in this
year's return. In manufacturing lines failures were
fewer in number last month than a year ago in the
Lumber class, in the clothing division, in printing
and engraving, in leather lines, the latter including shoes, and among manufacturers of furs, hats
and gloves. More than one-half of the reduction in
the nuMber of manufacturing failures that occurred
last month was in these five divisions. Likewise,
as to the indebtedness reported last month for the
manufacturing classes, there were three divisions
for which practically one-half of the reduction apThe April insolvency return, compiled from the pears, namely, those covering iron and foundries,
records of It. G. Dun & Co., makes the best show- lumber and clothing. In the other classifications of
ing, both as to the number of defaults and the the manufacturing divisions losses last month were
amount of liabilities involved for a number of generally reduced. In the trading section there
months past. There was a reduction in the num- were fewer defaults in April this year in general
ber of mercantile failures last month, compared stores, dealers in dry goods, in furniture, among
with the corresponding month of the preceding druggists, boots and shoes, books and stationery,
year, for the first time in over a year and one-half, and in hotels. In groceries and kindred lines dewhile the indebtedness was smaller than for any faults last month were practically the same in nummonth since September last. Moreover, April de- ber as a year ago, but the liabilities are much larger
faults were fewer in number than for April of the this year, while for dealers in clothing and for jewthree preceding years or back to 1924, and the lia- elers the numbers show an increase this year. The
bilities were less than for the corresponding month indebtedness is considerably larger in the hotel
of each year back to 1920. Commercial failures in classification for last month than it was a year
the United States last month numbered 1,818 with. ago, while, on the other hand, a marked reduction
liabilities of $34,985,145, which compares with 2,236 appears this year in liabilities for the divisions emdefaults in March, involving $54,814,145 and 1,968 bracing general stores, clothing, dry goods and furinsolvencies, with $53,155,727 indebtedness in April niture.
1927. The reduction in the number of failures from
The larger defaults in April continued quite
April 1927 was 7.6% and in the liabilities 34.2%.
heavy as has been the case during the past year or
Under normal conditions fewer mercantile de- two, but the amount involved was somewhat smallfaults occur in April than in March, or,in fact, than er in April this year, to which fact can be attributed
in any month back to November or December of in the main the reduction in liabilities shown for
the preceding year, and that has been the case for that month. There were 54 of the larger failures
the period under review. Insolvencies in April this in April of this year, where the amount involved
year show a reduction in number from March of in each instance was $100,000 or more, the total
18.7%, whereas a year ago the decrease from March indebtedness for these 54 defaults being $15,120,704.
to April was 8.2%, a decided advantage for the re- In April 1927 there were 75 of the larger failures
turn of this year. A comparison covering the first owing $31,134,224. In all but one of the seven years
four months of 1928 and 1927 is even more satis- back to 1920 the large defaults in April were more
factory, so far as the latest return is concerned, than numerous than they were last month and the liabilithat indicated in the above figures. Failures in ties much heavier, the single exception being April
April this year were fewer in number than the av- 1925. In both the manufacturing and trading divierage for each month of the first quarter of 1928 sions fewer large failures occurred in April this
by 27.3%, whereas the reduction covering the cor- year than a year ago. The reduction in
liabilities
2704
FINANCIAL CHRONICLE
for the large trading defaults last month from a
year ago amounted to $5,530,000, but for the manufacturing classes there was a saving in April this
year from last in excess of $11,260,000, there having
been some unusually large manufacturing failures
a year ago.
A rush of buying by excited speculators kept
European securities markets buoyant in the past
week, the desire to emulate the high pitch of American markets being apparent. American money rates
appear to be considered governing factors by European speculators as they were watched with extreme care, particularly at London. The opening
of the London Stock Exchange Monday was firm
with industrials strong on urgent demand. After
the holiday Tuesday the rise on the London market
was resumed, with gramophone, brewery, Swedish
match and artificial silk stocks favorites. Oils and
rubber shares also were strong, but British railways
declined somewhat owing to unfavorable reports of
passenger receipts. The Paris Bourse was dominated entirely by the favorable results of the election Sunday when Premier Poincare was given evidence that France as a whole desires the consummation of his financial restoration program. Prices
soared, with rush orders for such issues as Distribution d'Electricite 'and Generale d'Electricite exceeding the capacity of brokers to care for them.
The excitement continued in later sessions, although
some profit taking developed in issues of French
banks and credit companies. The Berlin Boerse
also was stimulated, chiefly by buying orders from
abroad. These declined somewhat as the week progressed, but the bullish tone of the market was retained. The Rome market also shows a constant
upward tendency according to a dispatch of April
27 from that center to the New York "Times." There
has been no boom on the Rome market, this report
added, but evidences of financial confidence are
plentiful. Government securities and industrial
stocks have been favored, with shares of maritime
enterprises, hotels, theatres and building construction less active.
Diplomatic negotiations between France and the
United States concerning the proposed treaty renouncing war as an instrument of national policy
made only slow progress the past week. Agreement was reached on April 7 by Secretary of State
Kellogg and Foreign Minister Briand to make the
negotiations multilateral by including the Governments of Great Britain, Germany, Italy and Japan.
Secretary Kellogg, accordingly, placed a draft
treaty before those Governments on April 13 in
which simple provision was made for the renunciation of war as an instrument of national policy and
for the pacific settlement of all disputes or conflicts
of whatever nature or origin arising among them.
M. Briand followed on April 20 by submitting the
draft of a plan in which the expressed French desire for "reservations" was embodied. M. Briand
had previously made it plain that the right to go
to war in agreement with any other power, or under
the Covenant of the League of Nations, the Locarno
pacts or other treaties must not be affected by the
proposed multilateral accord. These reservations
were carefully delineated in the five main articles
of the French draft treaty, the whole making, in
Washington opinion', "an extraordinary exhibit in
a diplomatic paper."
[VoL. 126.
The reservations in the French draft treaty were
publicly surveyed by Secretary of State Kellogg
last Saturday in an address before the American
Society of International Law, in Washington. Six
major considerations were put forward by the
French Government, the Secretary said, and of these
only the requirement for practically universal acceptance of the pact before it would be effective was
regarded by him as a stumbling block. Though
equally desirous that the proposed multilateral antiwar treaty be world-wide in scope and acceptance,
Mr. Kellogg urged that "from a practical standpoint it is clearly preferable not to propose the coming into force of an anti-war treaty until all the
nations of the world can agree upon the text of such
a treaty and cause it to be ratified." For one reason or another, he said, "a State so situated as to
be no menace to the peace of the world might obstruct agreement or delay ratification in such manner as to render abortive the efforts of all the other
powers." Mr. Kellogg argued further that it is
highly improbable that a form of treaty acceptable
to the British, French, German, Japanese and Italian Governments, as well as the United States,
would not be acceptable to most, if not all, of the
other powers of the world. Even if this were not
the case, he believed that such an effective anti-war
treaty and the observance thereof "would be a practical guarantee against a second world war."
The other important considerations in the French
plan were listed by the Secretary as assertions that
the treaty must not (1) impair the right of legitimate self-defense; (2) violate the covenant of the
League of Nations; (3) violate the Treaties of Locarno; (4) violate certain unspecified treaties guaranteeing neutrality; (5) bind the parties in respect
of a State breaking the treaty. Mr. Kellogg declared in substance that these reservations presented no effective bar to acceptance of his Own draft
treaty with its provisions for a simple and unqualified renunciation of war as an instrument of national policy by the world powers. The right of
self-defense is inherent in every sovereign State
and implicit in every treaty and there is nothing in
the American draft treaty which restricts or impairs it, he asserted. The Covenant of the League
of Nations, he contended, imposes no affirmative
primary obligation to go to war and in consequence
he saw "no necessary inconsistency between the
Covenant and the idea of an unqualified renunciation of war." Similarly, no conflict was seen by
Mr. Kellogg with the Locarno Treaties and he invited the parties to the Locarno pacts to adhere
to the anti-war treaty. Regarding the unspecified
treaties guaranteeing neutrality the Secretary remarked that he could say but little. "It is not unreasonable to suppose, however," he said, "that the
relations between France and the States whose neutrality she has guaranteed are sufficiently close
and intimate to make it possible for France to persuade such States to adhere seasonably to the antiwar treaty proposed by the United States." He
asserted that it was unnecessary to declare in the
treaty the obvious fact that if a signatory violated
it all the other contracting powers would automatically be released as against that power. The speech
was favorably commented on in Paris, according to
a dispatch of April 29 to the New York "Times."
The first reply to the Kellogg invitation to join
the United States in concluding the proposed treaty
MAY 5 1928.]
FINANCIAL CHRONICLE
was made by Germany, a note being handed to Ambassador Schurman in Berlin on April 27 by Dr.
Gustav Stresemann, the German Foreign Minister.
The text was given out by the State Department in
Washington, Monday, without comment, but dispatches stated that it was regarded as a complete
acceptance of the American position. Cordial in
tone, the note "welcomes most warmly the opening
of negotiations for the outlawry of war," and links
the movement sponsored by Secretary Kellogg with
Germany's own disarmament plans by saying that
"this new guarantee for the maintenance of peace
must be a real impulse to the efforts for the carrying out of general disarmament." Reference was
made to the French draft treaty in the German reply to Mr. Kellogg and the statement made that
"the two main ideas which lie at the bottom of the
initiative of the French Foreign Minister, and the
resulting proposal of the United States, correspond
completely with the principles of German policy."
Herr Stresemann insisted in his reply that "respect
for the obligations arising from the Covenant of
the League of Nations and the Rhine Pact of Locarno must, in the opinion of the German Government, remain inviolable." It was added, however,
that Germany is convinced that these obligations
contain nothing which could in any way conflict
with the obligations provided for in the draft treaty
of the United States. The "universality of the new
pact" was also declared imperative. These stipulations caused observers to point out that the GermanGovernment, in the very act of accepting the Kellogg plan, virtually turns it into the Briand plan.
Great Britain, meanwhile, is giving careful study
to the proposal of Secretary Kellogg, according to
an announcement made in the House of Commons,
Monday, by Sir Austen Chamberlain, the Foreign
Secretary. "His Majesty's Government warmly welcomes the proposal of the United States Government
that a further joint effort should be made to safeguard the peace of the world," Sir Austen said. The
Secretary. had previously remarked in a speech at
Birmingham that "the Government has been giving close and sympathetic attention to the text of
the treaty proposed by Mr. Kellogg and the observations and suggestions in regard to it offered by
the French Government. The Government does not
doubt that this Franco-American initiative can be
brought to a successful issue, but time obviously is
needed for examination of the various issues raised
by the important declarations and explanations offered by the United States Secretary of State, of
which the last is reported only in this morning's
papers, as well as for consultation with our Dominions, the United States and other Governments
concerned."
Final elections in France last Sunday confirmed
the results foreshadowed in the first public consultation on April 22, Premier Poincare obtaining
a large majority in the Chamber of Deputies and the
assurance that his policies of financial restoration
have the support of the great majority of the French
people. In the first election, when a clear majority
was required to seat a Deputy, only 176 members
were chosen, of which, however, more than 140 were
considered adherents of M. Poincare. Only a plurality was needed to elect Deputies in the final
balloting last Sunday and the intervening week was
marked by political combinations and compromises
2705
of every conceivable kind. Owing to the strength of
the Socialist and Communist vote in France, some
fears were expressed that political machinations
would deprive the French Premier of some of the
strength that the first election indicated would be
his in the new Chamber. These were rapidly dispelled by the returns of Sunday's balloting. M.
Poincare will have the backing, it is said, of at least
430 Deputies out of the total of 612 in the Chamber
and his sound financial policy and moderate nationalism were thus considered to have gained a
signal victory.
The electoral campaign centered largely around
the personality of the French Premier and the result, therefore, was marked by only slight changes
in the alignment of parties. The more important
changes occurred on the extreme Left side of the
Chamber, the Radical Socialists losing sixteen seats
and the Communists seven. The radical Socialists
retained most of their strength, but about two-thirds
of their number are expected to support the Poincare Government, at least until the franc has been
legally stabilized and financial restoration completed. Several significant changes occurred among
leaders of the last Chamber. Leon Blum, leader of
the Socialist Party, was beaten by a Communist,
Duclos, who figured in the recent demonstrations
in the Chamber. Andre Marty, a most confirmed
Socialist and hero of the Black Sea rebellion, went
down before the aristocratic Count de Fels. A
strong Autonomist and Communist vote in Alsace
proved disconcerting, three Autonomists and one
Communist being elected to the Chamber from this
former German Department. In a Paris dispatch
of April 29 to the New York "Times," the strength
of the various parties, running from the extreme
Right to the extreme Left, was given as follows:
Conservatives (mainly Royalists)
Republican-Democratic (Louis Marin's Nationalists)
Radicals of the Left (Moderate Nationalists)
Radicals (mainly independent voters)
Republican Socialists (party of Briand and Painleve)_
Radical Socialists
Socialists
Communists
Communist Socialists
Alsatian Regionalists
18
153
98
63
47
in
101
14
2
With the Chamber of Deputies definitely under
his control for at least another six months, Premier
Poincare, who is also Finance Minister of France,
began immediately to take steps toward putting the
financial situation of his country on a sound basis,
preparatory to the stabilization of the franc. His
first action was the publication, Monday, of letters
exchanged between the French, American and British Governments relating to payments on French
Governmental indebtedness. In these letters the
French Government, while reserving all rights of
the French Parliament with regard to ratification
of debt accords, agrees to pay on June 15, next, the
$11,250,000 to the United States Treasury which
would be due had the Mellon-Berenger agreement
been ratified, and to pay to the British Treasury
8,000,000 pounds sterling in two installments on
Sept. 15 1928 and March 15 1929.
A second step taken by the Premier was looked
upon as the direct forerunner of the legal stabilization of the franc. This took the form of an announcement, Tuesday, that a large consolidation
loan will be offered the public May 7. The offering, it was indicated, will be one of 5% long term
rentes, redeemable probably in 75 years, and it was
understood that subscriptions of at least 10,000,.
2706
FINANCIAL CHRONICLE
000,000 francs are expected by the Government.
Subscription to the new issue may be made in cash,
in National Defense bonds or in bonds of the Credit
National which mature July 1 1928. Treasury bonds
maturing in 1929 will also be accepted. The Premier, according to a copyright dispatch of April
30 to the New York "Herald Tribune, wants first
of all "to free the treasury of these maturities this
year and next so there will be no obligations coming due to interfere with stabilization. Several billions should remain after these bonds have been
taken up and it will be applied to the debt to Bank
of France. Holders of the short term bonds may
turn them in for cash up to June 8 or exchange for
new long term 5% bonds. After June 8, all short
term bonds remaining out will be replaced automatically with new bonds."
(VoL. 126.
been passed by the lower house and was to come
before the Senate last Monday. In these circumstances an ultimatum was presented by the British
Government on April 29 giving the Egyptian Government forty-eight hours within which to withdraw the bill. The note declared that unless the
Public Assemblies bill were dropped by Wednesday,
the British Government reserve the right to take
whatever action the situation might demand. Orders were dispatched from London at the same time
for five British warships, stationed in Mediterranean waters, to proceed for Egyptian ports.
The ultimatum caused a furore in Egyptian Government circles and secret meetings of both houses
of Parliament were hastily held. It was decided
to withdraw the offending bill for the present session. A Cabinet meeting was also held in London
Monday to discuss the crisis. Sir Austen Chamberlain, the Foreign Secretary, thereafter informed
the House of Commons of the status of Egyptian
affairs. The new Assemblies bill, he said, would
alter the existing law and would seriously jeopardize the public peace and the lives and property of
foreigners. "His Majesty's Government, which is
responsible ultimately for the safety of foreigners,
cannot ignore these dangers," said Sir Austen. The
Egyptian Government made a conciliatory reply
to the British note May 1. The note stated, it was
said, that recommendations had been made to the
Senate for postponement of action of the Assemblies
bill until the next session, "hoping in this manner
to give Britain an opportunity of reconsidering its
position in a calmer atmosphere." The British
Government recalled the fleet of five warships,
Wednesday, and sent a final note to Cairo in which
the hope was expressed "that the Egyptian Government will be careful to avoid any revival of the
controversy which has led to the present crisis."
A controversy of long standing between the
French Film Commission and American motion picture producers was settled by compromise in Paris,
Thursday, after threats to withdraw entirely from
the French market were made by the Americans.
The Film Commission, under the direction of M.
Edouard Herriot, Minister of Instruction, decided
early in the year that American films should be admitted for showing in France on a quota of four
such films to every French film purchased by the
American interests for showing in the United States.
The ratio existing at the time this ruling was made
was understood to be approximately seven American films to one French film. The step was protested by American interests on the ground that it
would involve heavy outlays for French films that
are not suitable for showing here. As a result of
the conversations enforcement of the ruling was
postponed from April 1 to May 1, and further efforts were made to effect a permanent settlement.
The discussions continued throughout April but
A protest against alleged encroachments by Amerwere fruitless until representatives of the American
the ican prohibition enforcement authorities on the socompanies announced that they would abandon
French market entirely. This move, according to called Bahaman agreement between Britain and the
Paris dispatches, would have resulted in throwing United States was made by Sir Esme Howard, the
thousands of French cinema and theatre workers British Ambassador to Washington, Tuesday. The
out of employment and representatives of some Bahaman agreement provides for co-operation be8,000 of these workers called on the French Film tween the two Governments in seeing that AmeriCommission and added their voices to those of the can laws are respected by British nationals, parAmericans in demanding a reconsideration. It was ticularly in the Bahama Islands. The note was not
said, moreover, that many French theatres would made public, but it was said in a Washington spebe forced to close for lack of films to show in the cial of May 1 to the New York "Times" to have been
event of American withdrawal from the French delivered as a result of accumulated incidents of
market. A further meeting of the Film Control alleged excess of authority on the part of the Coast
Commission was therefore called Thursday and Guard outside the territorial waters of the United
abandonment of the four to one ratio was unani- States. "The note is understood," this report said,
mou.qy agreed upon. A new plan was proposed un- "to review conditions unsatisfactory to Great Brider which every purchase of a French film by an tain since the liquor convention of 1923 permitted
American company will be compensated by the is- the United States to carry out search and seizure
suance of import permits for seven American films. of British vessels one hour's steaming distance of
Films made in France by American companies are the pursued craft beyond the three mile limit."
to be considered French films under the new pro- Steps by the United States to remedy the situation
visions. A last minute appeal by Ambassador Her- were requested, it was said. The British Governrick was understood to have played a part in the ment was understood to have intimated, moreover,
that unless the encroachments are ended, the Bachanged attitude of the Film Commission.
hamas agreement may be abrogated. A reply in
Anglo-Egyptian relations was which some of the encroachments were explained
A grave crisis in
precipitated late last week by consideration in the was transmitted to the British Embassy by the State
Cairo Parliament of the Public Assemblies Bill Department Wednesday. The reply indicated also,
which British statesmen declared conflicted with dispatches said, that the entire question may receive
the Declaration of 1922 under which foreign inter- serio)is attention at the White House.
ests were protected in Egypt. The bill had already
MAY 51928.]
FINANCIAL CHRONICLE
May Day, as the traditional occasion for Socialist and Communist assemblages in European countries, was observed very widely, not only in Europe,
but also in some American countries and in Asia.
Huge demonstrations were organized in the chief
industrial countries, while in the Polish capital,
Warsaw, a bloody battle in which five persons were
killed and 100 injured took place between Communists and Socialists. The Warsaw disturbances
were caused by a group of ultra-Reds who managed
to get into the center of the Opera Square where
some 30,000 Socialists were gathered. Vituperative speeches were made and a general fight quickly
followed in which hundreds of shots were fired from
both sides. Order was restored by the Socialists
before the police arrived. The day was a holiday in
Britain, but demonstrations were few and peaceable. In Berlin 250,000 men, women and children
marched in a gigantic demonstration, but no disorders resulted. Smaller meetings were held in
most German industrial centers. The day was heralded by Communist leaders in Paris as one of protest and violence, but energetic measures by the authorities prevented any trouble. The meetings of
the Communists in France were mild and ill-attended. A monster demonstration was held in Vienna,
some 150,000 Socialists participating, but complete
order was preserved. In Prague, Czechoslovakia,
more than 100,000 persons paraded for four hours,
but also with comparative order.
The most impressive of the May Day demonstrations was held in "Red Moscow," capital of the
Union of Soviet Socialist Republics. The military
display organized by the Soviet Government was
stupendous, according to Walter Duranty, special
correspondent of the New York "Times," but what
followed the military exhibition was less splendid,
less nerve-straining, and also—far more impressive.
"It was the civilians, both men and women, with
rifles and bayonets, marching by the thousands in
perfect military discipline. Here you get revolution's truest force, the sovereign proletariat—conscious, trained and armed!" These civilians were
described by the correspondent as streaming in enormous, wide masses throughout the day past the precipitous walls of the Kremlin and past Lenin's tiny
tomb. Nor was enthusiasm lacking, according to
Mr. Duranty. "The singing of the proletarian
marchers, putting heart and soul into revolutionary
hymns, the thunderous cheering of the Red soldiery
and the booming of the big guns blended in one vast
overpowering wave of sound that carried for miles."
Fully a million people, or half the city's population, were said to have taken part in the Moscow
(lemonstration.
The Sandino revolutionary movement in Nicaragua is becoming an ever more trying problem to
the United States forces of intervention in the Central American republic. The sudden shift of General Sandino's base of operations to the Pis Pis
mining region, near the East Coast, several weeks
ago, was followed last week by the hasty dispatch
of American marine detachments to this almost inaccessible region. The marines were rushed from
the West Coast through the Panama Canal and were
reported this week to be making their way through
the difficult jungle country toward the Americanowned mines captured by the Sandinistas. One
American, George B. Marshall of New York, was
2707
understood to have been taken prisoner by the rebel
troops and his whereabouts has not yet been ascertained. An Associated Press dispatch from Bluefields, Nicaragua, dated May 2, indicated that the
mines taken by the Sandinistas had been blown up
with dynamite. The change in the military situation has also necessitated a change in the plans for
holding the Presidential elections. The fairness of
the latter is guaranteed by the United States Gov-.
ernment under the Stimson agreement of May, 1927.
Brigadier General Frank R. McCoy, who was appointed by President Coolidge to supervise the elec-.
tions, was recalled last week and sailed from Corinto for Washington last Saturday. "It is understood," a Tropical radio dispatch from Managua to
the New York "Times" said,"that he has been called
to Washington personally to acquaint authorities
with the situation, which has gone awry." The
problem was said to have arisen of what the effect
upon the elections will be if the Sandino movement
continues and it becomes necessary to occupy several
Departments with heavy military forces.
Sufficient returns have at length been tabulated
in the Argentine election of April 1 to insure that
Dr. Hipolito Irigoyen has been elected President
of the great South American Republic. Dr. Irigoyen will control at least 249 of the 376 Presidential electors who select the President by majority
vote. His Vice-Presidential associate will be Francisco Beiro. This marks the second time that Dr.
Irigoyen has been elected President of the Argentine. He will hold office for six years from October 12. The return to power of Senor Irigoyen has
caused some concern among the vast foreign interests in Buenos Aires, according to a special dispatch
of April 27 to the New York "Herald Tribune." The
President-elect was said never to have been at pains
to conceal his aversion to foreigners and their investments in the Argentine. Foreign capital now
invested in Argentina amounts to approximately
$3,150,000,000, half of which is British, about $75,000,000 American and the remainder German, Spanish and other nationalities. Dr. Irigoyen, according to the "Herald Tribune" dispatch, is a radical
party man with an astonishing hold on the common
people. "He makes no speeches, writes no messages
and lives inconspicuously in modest quarters. When
he first was elected President, preceding President
Alvear, virtually nothing was known of him except
that he was a radical and a professed friend of labor. Virtually nothing is known of him to-day.
When he was President he seldom appeared,in public, received few visitors and declined to make any
speeches. But his office in the Presidential Palace,
at fixed intervals, was thrown open to every, class
of workmen, down-and-outers, and unfortunates of
both sexes, and they came in great numbers to see
him." The election returns for two provinces are
still missing owing to the poor communications in
the outlying districts.
Overwhelming defeat of the Northern forces in
the Chinese civil war was reported by reliable and
uncensored dispatches from Chinese treaty ports,
Tuesday. The Southern Nationalists began their
long-heralded advance on Peking early in April
under the leadership of the former Generalissimo
Chiang Kai-shek and the unreliable "Christian"
General Feng Yu Hsiang. Shanghai dispatches of
2708
April 30 indicated that Tsinan, the capital of Shantung Province, had been reached by the Southerners
in their advance and had been besieged. A subsequent dispatch from Dairen, Manchuria, by Hallett
Abend, special correspondent of the New York
"Times," told of the capture of Tsinan by the Southern armies and the complete rout of the Northern
forces under General Sun Chuan-fang, Foreign
military observers, this dispatch said, described the
debacle as unequalled even in China in recent years.
"Lively political developments are expected at
once in Nationalist circles due to the invasion of
Shantung," it was added. "General Chiang Kaishek is reported to view with grave misgivings the
growth in the power of Marshal Feng Yu Hsiang,
his ally, who seems intent on pushing for tidewater
and seizing Peking for himself." Complications with
foreign governments are sure to ensue on this advance which gives the Nationalists control of practically all of Shantung Province. The killing of one
American, Dr. Walter F. Seymour, has already been
reported as a result of the civil war. Tokio dispatches of May 3 to the United Press reported that
a massacre of Japanese had taken place outside
Tsinan. More than a hundred Japanese were killed,
these reports said. Some excitement was caused in
Shanghai, Thursday, when two Northern airplanes,
probably from the cruiser Haichi in the Woosung
River, flew over the native city and dropped bombs.
The Bank of Sweden on April 30 raised its rate of
discount from 332% to 4%, effective May 1. The
rate had the previous Jan. 3 reduced the rate from
4% to 332%. Otherwise there have been no changes
this week in discount rates by any of the central banks
of Europe. Rates continue at 7% in Germany; 6%
in Italy and Austria; 53/2% in Norway; 5% in Denmark and Madrid; 432% in London, Belgium and
Holland, and 33 2 in France and Switzerland. In
%
/
4
London open market discounts are 37 %@4% for
short and 4% for long bills, against 33/i for short and
3 15-16©4% for long on Friday of last week, Money
on call in London was 4% on Wednesday, but was
down 2%% yesterday. At Paris, open market discounts continue at 2%%, but in Switzerland have
advanced from VA% to 3 5-16%.
In its report for the week ending May 2, the Bank
of France showed an increase in note circulation of
922,815,000 francs, raising the total of that item to
60,120,316,720 francs in comparison with 53,319,080,550 francs a year ago, and 53,181,340,275 in
1926. Gold holdings were reported unchanged.
Silver decreased 2,000 francs trade advances, 25,449,000 francs, treasury deposits 158,723,000 francs,
and general deposits 301,626,000 francs, while bills
discounted rose 813,148,000 francs, advances to the
State 850,000,000 francs, and divers assets 159,084,000 francs. Below we give a comparison of the
various items of the Bank's return for 3 years past.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Gold Holdings—
In France
Abroad—available
Abroad—non-avail.
[VOL. 126.
FINANCIAL CHRONICLE
Changes
May 2 1928.
for Week.
Francs.
Francs.
Unchanged 3,678,540,943
Unchanged
462,771,4781
Unchanged 1.401,549,429J
&alas as of
May 5 1926.
May 4 1927.
Francs,
Francs.
3,852,507,441 3,884,101,870
1.864,320,907 1,864,320,907
Unchanged 5,542,861,850 5,548,828,349
Total
Dee.
342,391,086
2.000
342,943,413
Silver
BIlls dbeounted...-Ine. 813,148,000 2,710,674,675 3,191,048,230
Trade advances__ _Gee. 25,449,000 1.713,762,570 1,648.659,648
Note eireulat1on Ine. 922,815,000 60,120.316,720 53,319,080,560
81,586,124
35.827,515
Treasury dePosits_Dec. 158,723,000
General deposits—Dee. 301,626.000 0,033,980,088 7,289,674,919
Advances to State_Inc. 850,000.000 23,900,000,000 29,300,000,000
Inc. 169,064,000 23,310,872,885 14,300,933.443
Divers wets
5,448,422,778
333,976,006
3,874,686,732
2,487,064,557
53,181,340,275
19,530,749
2,661,245,898
35,250,000,000
4,338,542,939
In its latest weekly statement, made public on
Thursday, the Bank of England showed a gain in
gold of £263,661 and a decrease of notes in circulation of £1,013,000, causing a loss in the reserve of
gold notes in the banking department of £749,000.
The ratio of reserve to liabilities, which last week rose
to 40.32%, dropped to 38.87% for the current week.
In the corresponding period last year the ratio stood
at 33,67% and in 1926 at 20.98%. Public deposits
declined £4,277,000, while "other" deposits rose
£6,571,000. Lonas on Government securities increased £2,320,000 and loans in other securities,
£766,000. The Bank's gold holdings now total L160,730,414 against £153,601,940 in 1927 and £147,475,499 two years ago. Notes in circulation now aggregate £135,756,000, which compares with £137,584,540, and £141,196,415 in 1927 and 1926, respectively.
The official discount rate remains unchanged at 4327o.
Below we furnish comparisons of the various items of
the Bank of England returns for five years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT,
1928,
1927.
1928,
1925.
1924.
May 2.
May 4.
May 5.
May 6.
May 7.
Circulation
b135,756,000
Public deposits
13,579,000
Other deposits
101,409,000
Gov't securities__ 31,385,000
Other securities.— 56,507,000
Reserve notes & coin 44,724,000
Coln and bullion_ _4160,730,414
Proportion of reserve
to liabilities
38.87%
Bank rate
435%
137,584,540
12,397,829
93,829,838
46,289,229
41,902,240
35,767,400
153.601,940
141,196,415
16,700,920
107,350,812
42.230,328
73,644,394
26,029,084
147,475,499
33.87%
4/
4%
20.98%
8%
148,287,720
11,021,469
107,716,551
37,609,815
72,735,150
26,145,543
154,883,283
22%
5%
125,216,555
10,054,807
112,573,564
44,027,755
73,560,504
22,706,091
128,172,645
180%
4%
a Includes, beginning with April 29 1925, 827,000,000 gold coin and bullion
Drevietoly held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to the gold standard.
b Beginning with the statement for April 29 1925 includes £27,000,000 of Bank
of England notes issued In return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note Issue.
In its report for the last week of April, the Bank of
Germany showed an increase in note circulation of
649,378,000 marks raising the total of that item to
4,409,460,000 marks as against 3,676,192,000 marks
last year, and 3,085,868,000 marks in 1926. Other
daily maturing obligations fell 113,175,000 marks,
while other liabilities rose 2,653,000 marks. On the
asset side reserve in foreign currency decreased 1;593,000 marks, silver and other coin 12,286,000 marks,
and notes on other German banks 19,186,000 marks.
Deposits abroad remained unchanged. Gold and
bullion rose 16,000 marks, bills of exchange and
checks 458,277,000 marks, advances 66,802,000
marks, investments 6,000 marks, and other assets
46,820,000 marks. Below we furnish a comparison
of the various items of the Bank's return for 3 years
past.
RIMIGH-1814ANg'5 COMPARATIVE STATEMENT.
Changes for
Week.
April 30 1928, April 30 1927. April 30 1928.
418613—,
fiarbigSfirkr.
Retclismarks. Reichstnarks. lietchsmarks.
Gold and bullion
Inc.
16,000 2,030,931,000 1,850,257,000 1,911,509.000
Of which depos. abr'd_
Unchanged
85,626,000 101,249,000 260,388,000
Reeve in for'n cur?....Dec. 1,593,000 169,737,000 170,532,000 391,024,000
Bills of exch.& checks Inc. 458,277,000 2,493,874.000 2,067,528,000 1,213,741,000
70.775,000 103.26
5
90,040,000
Silver awl other COW _.Dest. 12,284,000
,099
Motes on oth.Ger.bks.Dec. 19,186,000
8,657,000
6,732,000
12,418,000
Advances
Ina 66.802,000 102,775,000
68,555,000
81,115,000
IPVC8tMent4
lOs.
6,000
93,999,000
92,890,000
80,022,000
Other assets
Inc. 44,820,000 588,894,000 451,818,000 872,943,000
Mat/Wes—
Notes in cireulation.„Inc. 649,378.000 4,409,460,000 3,878,192,000 3,085,868,000
Oth.daily matur.obilg.Dee. 113,175,0(5) 647,888,000 581,518,000 808,996,000
Other liabilitieg
Inc. 2.653,000 193,301,000 184,524,009 174,084,000
The New York money market was featured by a
high call loan rate on Monday and by progressively
ease thereafter. A number of circumstances contributed to the firmness last Monday. Chief among
these were the month-end settlements and the substantial withdrawals of funds by out of town banks
during the previous week. Additional calls for some
MAY 5 1928.]
FINANCIAL CHRONICLE
$40,000,000 by the local banks caused a tightening
which sent the call loan rate to 6% Monday after
an opening at 5%. An further $20,000,000 was
withdrawn early Tuesday but funds began to flow
into the market and greater ease was manifested,
the demand rate dropping to 5M% while street
trading was reported late in the day at 5%. The
supply of money was still more plentiful Wednesday,
causing a decline in the demand rate to 5%, the
outside figure going to 43'%. The Stock Market
rate for call funds dropped to 4
Thursday and
street trading was reported at 41
4%. The rate was
again advanced to 5% yesterday, with outside trading at 43 %. Two compilations of brokers' loans
4
against stock and bond collateral were again made
public during the week and both reflected with unmistakable emphasis the great demand for credit that
is being made by the prevailing speculation in the
securities markets. The monthly tabulation of the
New York Stock Exchamge showed an increase in
brokers' loans during April of $267,608,427. The
weekly report of the New York Federal Reserve Bank
covering the 46 reporting member banks indicated
an increase of $137,271,000 in the shorter period. Gold
continues to flow 'outward, but no apprehension is
felt on this score.
Dealing in detail with the rates from day to day
the renewal rate for call loans on Monday was 5%
but after renewals had been effected the rate advanced
first to 532% and then to 6%. On Tuesday the renewal rate also was marked up to 6%, but as the
day advanced new loans were negotiated at 5 2%.
On Wednesday the renewal rate was marked doewn
to 532% and some new loans were put through at
5%. On Thursday the renewal rate fell to 5% and
the rate on new loans declined to 4
On Friday
all loans were at 5% including renewals. For time
loans the quotation has shaded off from 5% for all
maturities from 30 days to six months to 43s%©
5%. With the exception of a few names of very exceptional character, which sail pass at 41 %, tip
4
quotation for commercial paper rates in the case Of
four to six months' names of choice character is 432%.
For names less well known the quotation remains
at 43 %. For New England mill paper the quotation
4
is 4M%043 %
,4
In the market for banks and bankers acceptances
the posted rate of the American Acceptance Council
for call loans against acceptances has again continued
unchanged at 431%. The posted rates of the Acceptance Council for prime bankers' acceptances eligible
for purchase by the Federal Reserve banks also remain unaltered, being still quoted at 3% bid and
3/% asked for bills running 30 days, 4% bid and
3Y% asked for bills running 60 days, and also for
bid and 4% asked for 120 days and
90 days, 4
.
431 % bid and 4M% asked for 150 and 180 days.
Open market rates likewise remain unchanged as
follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid.
Asked.
Bid.
Asked.
Bid.
Asked.
Prime eligible bills
Prime eligible bills
414
434 434
434 434
4
334
4
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
s
4
—90 Days— —80 Days— —30Days—
Bid.
Asked.
Bid.
Asked.
BM.
Asked.
31.4
334
334
444 bid
434 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
2709
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Raters* Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in Effect
on May
4.
43.4
4
4
4
434
4
434
43.4
434
4
4
4
Date
Established.
Previous
Bate.
Apr. 20 1928
Feb. 3 1928
Feb. 18 1928
Mar. 1 1928
Apr. 24 1928
Feb. 11 1928
Apr. 20 1928
Apr. 23 1928
Apr. 25 1928
Feb. 10 1928
Feb. 8 1928
Feb.
1928
4
31.4
334
334
4
334
4
4
4
31.4
334
31.4
4
Sterling exchange has been relatively dull this
week, due much to cross currents in the flow of
funds between London and New York. Money was
moving to London in connection with the security
and money markets and there was a corresponding
flow from London to New York for much the same
purpose, which resulted in an offsetting influence.
Sterling moved down until the middle of the week,
but since then has been firmer again. The range
this week has been from 4.87 7-16 to 4.87 13-16
for bankers' sight, compared with a range of
4.87 9-16@4.8790 last week. The range for cable
transfers has been from 4.87 13-16 to 4.88 3-16,
compared with 4.87 15-16 to 4.88 9-32 a week ago.
The London market apparently is not disturbed,
from the standpoint of the sterling rate, concerning
the predictions of a 432% rate in New York. At
present there is much doubt in banking circles that
any change will be made in the New York bank rate.
In any event, London bankers have come to feel
that even if the New York rate should be raised
to 432%, the sterling-dollar cable rate will remain
above or close to 4.88. Surely a sufficiently firm
rate, in view of the fact that par is 4.8665. The
principal factor in maintaining a firm sterling rate
will still be American buying of British securities
and especially the buying of British refunding 4s
in the New York market.
The next few months are expected to show a
steady support for sterling through American buyng
in New York of the British refunding issue. This
support will be effective, irrespective of any changes
which may take place in the money-relationship
between the two markets. This week's somewhat
easier sterling is attributed largely to transfers of
European funds to the collateral loan market in
New York, which absorbed funds in great abundance at from 5 to 6% without apparent satiety
until Thursday, when the call money rate dropped
to 06%. Certainly, commercial transactions seem
to have very little to do with the variations in exchange quotations at the present time. From now
on there will be a larger demand for sterling as
the tourist traffic has begun. These tourist funds
will also add largely to the superabundance of dollar
exchange already manifest in most European centres.
It is this amplitude of dollar exchange, rather than
exports of gold, or any intricate economic movements abroad, which lies at the basis of the generall
y
firmer quotations on all the European exchange
s.
The gold position of the Bank of England is strong
and improving and the general improvement
in
business conditions is such that there seems to
be a
growing indifference on the part of London
bankers
as to whether or not the Bank of England
rate
policy is governed in any measure by the
rediscount
policy at New York. A sign of the
improvement
2710
FINANCIAL CHRONICLE
[VoL. 126.
is seen in the fact that during the first four months cable transfers 4.87 13-16@4.87 15-16. On Wednesof 1928 new capital issues in Great Britain amounted day sterling showed a slightly firmer tone. The
to £121,968,189, compared with £105,212,684 in range was 4.873/2@4.87/$ for bankers sight
the corresponding period last year. The budget and 4.873'@4.88 for cable transfers. On Thursspeech last week announced that amalgamation of day the market was steady. Bankers sight was
the two British currency issues would be arranged 4.87M@4.87% and cable transfers 4.87 29-32@
this year and that both would be placed under the 4.88. On Friday the market was higher. The
control of the Bank of England. No details were range was 4.87/@4.87 13-16 for bankers sight and
given as to the basis of amalgamation which the 4.88@4.88 3-16 for cable transfers. Closing quotaGovernment has in mind.
tions yesterday were 4.87 13-16 for demand and
This week the Bank of England shows a further 4.88 3-16 for cable transfers. Commercial sight
increase in gold holdings of £263,661. On Tuesday bills finished at 4.87 11-16, 60-day bills at 4.843/g,
the Bank bought £471,000 in gold bars and the 90-day bills at 4.82 7-16, documents for payment
Bank reported the receipt of £8,000 gold in United (60 days) at 4.843/i and 7-day grain bills at 4.87.
States coin and the release of £25,000 for account Cotton and grain for payment closed at 4.87 11-16.
of Poland. A special cable to the "Wall Street
Journal" from its London bureau on Tuesday
The Continental exchanges have, on the whole,
stated: "A further shipment of gold may be made shown an easier tone during the week, entirely as
soon from New York to London. The £262,000 the result of the sympathetic relations of all Eurobar gold bought by Bank of England on Monday is pean exchanges to the action of sterling. Outpart of the shipment of £500,000 Russian gold, standing interest in the Continental currencies
the rest of which is expected to go to Bank of Eng- centres in the near approach of French stabilization
land soon. The Bank is expected to get a con- now made doubly sure by the overwhelming success
siderable portion of the £750,000 South African of Poincare at the polls. The Bank of France
gold available in the London open market. The statement shows circulation of 60,120,300,000 francs.
South African gold arrivals will probably be on a This is the third time within the past few weeks
larger scale the next few weeks owing to lessening that the circulation item has gone above 60,000,of demand from Brazil and India and the supplying 000,000 francs. The previous record high was 60,of Argentina's needs by New York. Next week a 293,000,000 francs, reached on April 5. A ye.r ago
negligible amount of South African gold will arrive the circulation of the Bank of France stood at
but the following week some £900,000 is expected." 53,319,000,000 francs. The past week's increase
On Wednesday the Bank of England bought £131,000 in circulation was due to the huge amounts of
in gold bars and exported £5,000 in sovereigns to foreign currencies which the Bank of France has
Egypt. At the Port of New York the gold movement had to purchase during the past few days because
for the week April 26
-May 2, as reported by the of large foreign investments in French securities
Federal Reserve Bank of New York, consisted of following upon Poincare's victory in the elections.
imports of $233,000, chiefly from Latin America, The banks' divers assets show an increase of 159,and exports of $15,625,000, of which $12,000,000 084,000 francs, bringing the total to 28,310,800,000
was shipped to France, $3,000,000 to Uruguay, and francs. The fact that the sundry assets item did
$500,000 to Venezuela. In addition to these gold not show a larger increase is ascribed to the probshipments officially reported, $3,500,000 is being ability that the Bank of France made large loans
shipped to-day to Buenos Aires by the Seaboard of foreign currencies to other French banks wishing
National Bank, consigned to Bunge & Born, Ltd. to place funds abroad. It is an undoubted fact
and Louis Dreyfus & Co are sending $1,450,000 to that French funds have been streaming to New York
Argentina. Besides the shipment to France reported both for permanent and temporary employment.
above another shipment of $12,000,000 gold went out As stated above, two shipments of gold aggregating
on the France which sailed Friday at midnight. The $24,000,000 left New York for France this week and
De Grasse and the Paris sailing on Wednesday and two shipments of like amount are expected to go out
Friday of next week will each carry approximately next week. It is understood that the Bank of France
$12,000,000 gold from Bank of France stock held continues to buy and earmark gold here. Premier
here. There was no Canadian movement of gold Poincare is fully aware of the inflationary tendencies
either to or from New York. Canadian Exchange resulting from the heavy increase in French cirhas been at a discount the greater part of the week, culation owing to the increase in French exchange
ranging from 3-32 to 1-64 of 1%. At 3-32 of 1% purchases, and just before the close of Parliament,
discount quoted in Tuesday's market for Montreal speaking of the risk of inflation owing to the influx
funds the rate was at a new low in the movement. of capital into France, hinted that it might be
It is believed that the seasonal midsummer slump necessary to issue an "inflation-puncturing loan."
in Canadian exchange has probably been hastened Such an issue is now definitely decided upon, and
by the scarcity of Canadian bond flotations in a consolidation loan will open for subscription on
this market. A further decline of 5-64 of 1% would May 7. It is estimated that the actual gold holdings
place the rate near the point at which gold would of the Bank of France exceed $1,000,000,000. The
consolidation loan is expected to enable the State
flow to New York from Canada.
day-to-day rates, sterling was slightly to reduce its debt to the Bank of France by 5,000,Referring to
lower on Saturday last in the usual dull half-holiday 000,000 francs. Stabilization is likely to be effected
session. Bankers sight was 4.87 19-32@4.87% in July after the passage of a bill in the new Parand cable transfers 4.88@4.88 3-32. On Monday liament giving the Government general authority
the market eased off further. Bankers sight was for the Act.
German marks continue in demand and there
4.873/@4.87 21-32, cable transfers 4.87 29-32@
2
4.88. On Tuesday sterling continued easy, but is a heavy flow of funds from New York to Berlin
steady. Bankers sight was 4.87 7-16@4.87 9-16, for money market purposes and as a result of the
MAY 5 1928.]
FINANCIAL CHRONICLE
large loan flotations. It is expected that within
the next few weeks there will be a great increase
in financing for German municipalities, public
utilities, and industrial corporations, which may
reach an aggregate of $100,000,000. The beginning
of the Europcn tourist season is also increasing the
demand for German currency. The Reichsbank
• gold holdings show no substantial change for the
week, the gold reserve standing at 2,030,900,000
marks, which compares with 1,850,200,000 marks
last year. This week, however, the Reichsbank
shows an increase of 458,300,000 marks in bills of
exchange and checks. The increase in this item
is practically equivalent to an increase in gold
holdings, as it sets up a claim to gold if required.
Total gold imports into Germany so far in 1928
have been $18,500,000. Most of this gold came from
Russia. Italian lire, though slightly easier this
week owing to the sympathetic relation to the sterling
exchange movement, have nevertheless been firm
within the stabilized points. Money continues to
move into Italy from New York and from South
American centres for investment in Italian industrial
and commercial enterprises.
The London check rate on Paris closed at 124.02
on Friday of this week, against 124.02 on Friday of
last week. In New York sight bills on the French
%
centre finished at 3.93 5-16, against 3.933 a week
5
ago; cable transfers at 3.93 9-16, against 3.93%,
and commercial sight bills, at 3.93 1-16, against
3.934 Antwerp belgas finished at 13.953/2 for
checks and at 13.963 for cable transfers, as against
13.96 and 13.97 on Friday of last week. Final quotations for Berlin marks were 23.913/ for checks
and at 23.923 for cable transfers, in comparison
with 23.91 and 23.92 a week earlier. Italian lire
closed at 5.263 for bankers' sight bills and at 5.27
4
for cable transfers, as against 5.27% and 5.273
%
last week. Austrian schillings have not changed
from 143'. Exchange on Czechoslovakia finished at
2.9615, against 2.9615; on Bucharest at 0.62, against
0.62%; on Poland at 11.20, against 11.20, and on
Finland at 2.52, against 2.52. Greek exchange
closed at 1.30 for checks and at 1.303 for cable
transfers, against 1.293 and 1.304 a week ago.
4
2711
mercial sight bills at 40.283', against 40.25. Swiss
francs closed at 19.261/2 for bankers' sight bills and
at 19.273 for cable transfers, in comparison with
19.263% and 19.27% a week earlier. Copenhagen
checks finished at 26.81 and cable transfers at
26.82, against 26.81 and 26.82. Checks on Sweden
closed at 26.823/ and cable transfers at 26.833/2,
2
2
against 26.813/i and 26.823/, while checks on Norway
finished at 26.763/ and cable transfers at 26.773/,
2
against 26.75 and 26.76. Spanish pesetas closed
at 16.64 for checks and at 16.65 for cable transfers,
which compares with 16.65 and 16.66 a week earlier.
The South American exchanges are dull but firm.
Gold exports to Argentina have practically ceased,
but small amounts of gold go out from week to week
from New York and also from London to various
South American countries, as the internal industrial
situation in most of these countries shows continued
improvement and their export trade mounts steadily.
This week, as noted in the discussion on sterling,
$3,000,000 was shipped to Uruguay from New York
and $500,000 to Venezuela. Two shipments of gold
aggregating $4,950,000 to Argentina are accounted
for above in the remarks on sterling exchange.Argentine paper pesos closed yesterday at 42.75 for checks,
as compared with 42.71 on Friday of last week, and
at 42.80 for cable transfers, against 42.76. Brazilian
milreis finished at 12.04 for checks and at 12.05 for
cable transfers, against 12.04 and 12.05. Chilean exchange closed at 12.21 for checks and at 12.22 for
cable transfers, against 12.21 and 12.22, and Peru
at 4.02 for checks and at 4.03 for cable transfers,
against 4.01 and 4.02.
In the Far Eastern exchanges, Japanese yen have
shown weakness. In Saturday's market yen went
off 10 points to 47.37 on news from Tokio that the
Emperor had suspended the Diet. Apparently the
Government did not have the safe majority it
claimed when the Diet first convened. The Government party had been dickering for several weeks
with an opposition party which is strongly in favor
of removing the gold embargo. It is the failure to
appease this particular opposition section which has
caused the Diet to be again prorogued. The silver
currencies have shown a rising trend favored by
better selling prices for silver. There has been
some selling of yen from China which aided in imparting firmness to quotations for taels and Hong
Kong dollars. The easier tone in Japanese yen is
not due altogether to political factors or to Shanghai
bear selling. Tokio has also been selling, as there
is so little demand for funds in Japan that strong
interests have been seeking investment abroad.
The Japanese banking situation is now thought of
as completely readjusted since the panic of 1927.
The emergency loan legislation passed during the
1927 moratorium expires on May 8. Closing quotations for yen checks yesterday were 46.95(4)473/,
2
4
against 47/(4)473 on Friday of last week; Hong
Kong closed at 50.40@50%, against 50.15(4)503.;
,4, against 64(:064 3-16;
Shanghai at 64 9-16@647
against 49 9-16; Singapore at
Manila at 49 9-16,
4
563/@56%, against 563'@563%; Bombay at 363 ,
2
4
4
4, and Calcutta at 363 , against 363 .
against 363
In the exchanges on the countries neutral during
the war the outstanding feature of interest is the
return of the Norwegian krone to the gold basis.
As a result the unit was quoted at 26.77% for
cable transfers in Tuesday's market, the highest
price since 1919. The return to gold became effective May 1. The Swedish and Copenhagen units
showed firmness in sympathy with the more solid
position of their neighbor. The return to gold
will be of benefit to all the Scandinavian countries.
Before the war monetary relations among the three
countries were even closer than among the countries
of the Latin Monetary Union. With all three
countries again on the gold basis, commercial and
financial intercourse will resume a mutually beneficial normal basis, as before the war. The Scandinavian exchanges have been dull here during the week.
Owing to demand for money in Stockholm the Bank
of Sweden has increased its rediscount rate from
3% to 4%, effective May 1. The Swedish bank
/
%
rate has been at 31 2 since Jan. 11928.
Bankers' sight on Amsterdam finished on Friday
Pursuant to the requirements of Section 522 of
4
at 40.323 , against 40.30 on Friay of last week; the Tariff Act of 1922, the Federal Reserve Bank is
4
able transfers at 40.343 , against 40.32, and com- now certifying daily to the Secretary of the Treas.
2712
FINANCIAL CHRONICLE
ury the buying rate for cable transfers in the different countries of the world. We give below a record for the week just past:
[voL. 126.
Splitting Bank Shares.
Sound finance is not a matter of manipulation.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
It is growth and fruition. Interest, as a feaBANKS TO TREASURY UNDER TARIFF ACT OF 1922.
APRIL 28 1928 TO MAY 4 1928, INCLUSIVE.
ture of credit, cannot be hurried. Dividends, in industry, accumulate day by day-not always equably,
Transfers to
I Noon Buying Rate for CableMales Money,New York.
Country and Monetary
Value in United
but according to the period of seasonal service.
Unit.
I April 28. April 30 May 1. May 2. May 3. May 4.
Banks, as dealers in credit, accordingly accumulate
EUROPEg
$
8
$
$
$
profits, since interest on loans is the main source
Austria,@chilling
.140756 .140651 .140608 .140802 .140602 .140586
Belgium, belga
.139650 .139647 .139610 .139590 .139601 .139636
Bulgaria, ley
of revenue, according to the business year. This is
.007229 .007193 .007208 .007195 .007195 .007197
Czechoslovakia, krone .029625 .029620 .029623 .029625 .029619 .029625
Denmark, krone
not always the calendar year, but as the calendar
.268192 .268163 .268144 .268150 .268145 .268189
England, pound starsterling
4.880355 4.879403 4.878406 4.879488 4.879161 4.880099
covers the period of the fruition of the business
Finland, markka
.025163 .025161 .025168 .025167 .025165 .025169
France,franc
.039352 .039343 .039337 .039344 .039343 .039350
year, taking all forms of business as a whole, the
Germany, reichamark. .239156 .239117 .239135 .239165 .239160 .239183
Greece, drachma
.013054 .013052 .013053 .013050 .013057 .013058
profits are summed up at the end of the year, diviHolland. guilder
.403171 .403077 .403014 .403220 .403233 .403317
Hungary, Penge
.174605 .174555 .174626 .174588 .174626 .174583
dends paid, surplus declared and set aside, and unItaly, lire
.052711 .052700 .052677 .052676 .052676 .052680
Norway, krone
.267531 .267594 .267620 .267685 .267680 .267700
divided profits estimated and named. This does not
Poland, zloty
112091 .111822 .111832 .111978 .111991 .111980
Portugal, escudo._
.041490 .041070 .040927 .041380 .041875 .042135
prevent the crediting of interest paid to customers
Rumania,lest
.006255 .006246 .006249 .006242 .006212 .006202
Spain, peseta
166095 .165976 .166596 .166142 .166390 .166415
quarterly, or even, in some instances, monthly, but
Sweden,krona
.268297 268268 .268290 .268288 .268270 .268327
Switzerland, fran6_ _ _ .192702 .192685 .192661 .192701 .192682 .192704
it provides a standard of growth. Nor, on the other
Yugoslavia. dinar._ .017597 .017600 .017600 .017600 .017600 .017600
ASIAhand, are dividends restricted to annual payment,
ChinaChefoo tael
655833 .660625 .661458 .656666 .657500 .662083
but in banks for the most part are held to semiHankow teal
.649791 .658875 .656458 .655000 .655833 .659166
Shanghai tael
.639285 .643839 .643035 .640910 .642232 .646607
annual payments. Dividends, therefore, do not deTientsin tadl
.673750 .671458 .685208 .675000 .675416 .680416
Hong Kong dollar.._ .502857 .502678 .502160 .501071 .501678 .502946
Mexican dollar..--- .463750 .465750 .465000 .463250 .464750 .488750
pend upon specially earned profits, but upon the
Tientsin or Pelyang
dollar
steady movement forward of the earning rate of the
.462916 .464583 .465000 462500 .463750 .465416
Yuan dollar
.459583 .461250 .461666 .459166 .460416 .462083
India. rupee
banking institution. And in order to convey this
.365797 .365687 .365350 .365650 .365518 .365711
Japan. yen
.473202 .472052 .472485 .473150 .472972 .471619
Bingapore(S.S.)dollar_ .562291 .561458 .561041 .561458 .561458 .561875
knowledge to the shareholder, the dividend is comNORTH AMER.Canada, dollar
.999487 .999368 .999131 .999531 .999752 .999618
puted upon the par value of the stock, which, for
Cuba. peso
.999562 .999656 1.000062 1.000000 1.000025 1.000082
Mexico. peso
.487333 .487333 .487333 .487333 .487500 .487166
convenience and by custom, has been fixed at one
Newfoundland. dollar. .997031 .996812 .996750 .997062 .997406 .997187
SOUTH AMER.hundred dollars. Any deviation from this rule inArgentina. peso (gold) .971746 .972038 .971823 .971953 .971900 .972146
Brazil. milrels
.120281 .120327 .120300 .120354 .120380 .120450
troduces an element of confusion and opens an opChile, peso
.121987 .121979 .121991 .121990 .121987 .121995
Uruguay.peso
1.034398 1.034648 1.034711 1.034218 1.033968 1.033148
portunity for speculation.
Colombia. peso
.982800 .982800 .982800 .982800 .982800 .982800
Banks are, therefore, not mushrooms but sturdy
oaks. They depend for growth upon earning power
Owing to a marked disinclination on the part of
earning power depends upon the general level
two or three leading institutions among the New and
of industrial activity within the field of producYork Clearing House banks to keep up compiling the
figures for us, we find ourselves obliged to discon- tion, which in turn depends upon service in satisfying the normal needs of the people. They do not
tinue the publication of the table we have been giving for so many years showing the shipments and arbitrarily control credit, but are themselves controlled by the demand for credit. More than this,
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Fed- by means of the policy of undivided profits and sureral Reserve Bank on Dec.6 1920,it is also no longer pluses they render themselves immune to the flucpossible to show the effect of Government operations tuations of the earnings of trade and stand before
in the Clearing House institutions. The Federal their customers as the most stable of our business
Reserve Bank of New York was creditor at the Clear- institutions. They do not seek to grow rich quick,
but to so conduct the business of loaning that they
ing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK shall be able to declare for their stockholders reguAT CLEARING HOUSE.
lar dividends. And these elements of stability cannot be conveyed to the public save upon shares that
Saturday, Monday, Tuesday, Wedneady Thursday. Friday,
Aggregate
April 28. April 30. May 1.
May 2.
May 3.
May 4.
for Week.
are fixed and stationary in value
-a par value of
100.060,000 113,000,000 122,000,000 137,000,000 132,000,COG 123,000,000 Cr 727.1100,060 one hundred dollars. If, then, this shall become im-The foregoing heavy credits reflect the huge mass of checks which come paired by the accepted ministration of law it must
Note.
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, be immediately restored. Again, we see the inadvishowever, 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 ability, in the interest of the people and of the
the daily balances. The large volume of checks on Institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do banks, of tampering with the par value of the shares.
not pass through the Clearing House but are deposited with the Federal Reserve
If this can be raised or lowered at will, the whole
Bank for collection for the account of the local Clearing House banks.
structure of our interacting banks, the banking
sys• The following table indicates the amount of bul- tem itself, must waver or wobble in its attitude to
the people.
lion in the principal European banks:
If one bank may split its shares, another may. If
May 5 1927.
May 3 1928.
Banks of
one may divide by four, another may by two or ten.
Total.
Gold.
Silver. I Total.
Silver.
Gold.
There may be no direct law forbidding this prac£
£
£
£
£
£
160.730.414153,601,94'
1153,801,940
England__ 160,730,414
160,859,510147,300,26: 13,680,00 169,980,268 tice, and the McFadden Branch Banking Act actu87.450,42.
France a__ 147,141.63 13.717,872
994,600 88.445,020
Germany 100,719,900 c994,600 101,714,500
49,792,0I
104,317,i :t 28,054,000 132,371,000 103,837,000 27,931,000131,768,000 ally legalizes it, but the unwritten and stronger
Spain
49,792.000 45 899 el o 4,258,0001 50.157.000
Italy
Netherrds 36.264,11! 2,191,000 38,455,000 34,908,000 2.277,0001 37,185,000 law is against it. And there is no good reason for
22,951,000 18,128.000 1,150,000119,278,000
Nat. Belg_ 21,706,''' 1,245,
The argument that shares split may be more
19,750,000 18,370,0001 2,826,000 21,196,000 it.
SwItzerl'd_ 17,413,000 2,337,
12,340,000
12,902,000 12.340,000
I II
Sweden__ 12.902,
812,000 11,524,000 widely distributed, may thus be popularized, is
10,750,000 10,712,000
841,
Denmark 10,109,
.
not
8,180,000
8,180,000 8,180,000
Norway__ 8,180,.".:
tenable to banks though it may be to industrial
Total week 689,274,952 49.180.472718,455.424 640,726,628 53,928.600694.665,228
Prey. week 668,986,491 49,021,472 718,007,963641,312,797 53,754600695,067.397 shares. For banks are organizations of community
a Gold holdings of the Bank of France are exclusive of gold held abroad, amounting credit and are
debtors to their depositors. The inthe present year to £74,576,836. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year is £4,281,300 dustrial
concern takes its chances in the marts of
cAa of Oct. 7 1924.
Mev 5 1928.]
FINANCIAL CHRONICLE
trade and is responsible to its owners; the bank
takes no chances in the direct outcome of trade
and is responsible to its owners and also to its creditors, the depositors. Widespread distribution of
shares, thus, increases the non-participation in management, an element of weakness rather than
strength. . Mutual Savings Banks with no stock are
operated entirely in the interests of the depositors
(after expenses) but are rigidly guarded in practice and law as to their investments. Commercial
banks are on another plane. And there is no room
between the two for shares of varied par value. This
argument falls, for as a matter of fact there lurks
behind the policy of splitting shares the suspicion
that if it should ever become the custom it would
provide a ready means of speculation.
When bank stocks become common objects of
speculation, when their market values can be forced
up and down by pools, they must necessarily lose
their prestige as stable institutions. In that sense
the action of certain banks in having their shares
removed from the Stock Exchange list is deserving
of high praise and commendation. Here again banks
are not comparable to industrial concerns. The industrial is responsible to itself—the bank to the
people. And because the people have faith in it,
confidence, both as to solidity and conduct, they
patronize it. But what faith or confidence can they
have in split shares bobbing up and down like corks
on the waves of speculation? It is not alone that
banks promise to pay deposits on demand that compels them to keep on an even keel, they cannot subject their shares to speculation without feeling the
direct results, in their earning power, of the results of speculative trading on the amount of their
deposits. Speculation, therefore, inevitably and
unescapably will affect dividends. And on provocation these variations in, confidence keeping pace
with variations in market values might prove disastrous. We seem to be going through a period of
agitation in our banking system. There have been
changes in the supervising laws, coming much too
rapidly. There are changes in practice that are not
warranted by precedent or historic example. Branch
banking introduced into a Western State is in an
experimental stage. And whatever genius in finance may dream and do, it cannot make a mushroom assume the life or character of an oak.
The French Election and the Proposed
French Loan.
The continuance in office of the Poincare Government as a result of the French elections on April
22 and 29, while not looked upon exactly as a foregone conclusion, was widely expected both within
and without France, and the outcome appears to
have been viewed everywhere with general satisfaction. It has been M. Poincare's misfortune that,
in spite of his long and distinguished service to
France, he has not been able to win much personal
popularity, but the months which have elapsed since
July 23 1926, when the present Government took
office, have deepened respect for his great abilities
and strengthened the conviction that he alone, of
all the men in French public life, was best fitted
to deal with the financial disorders from which the
country has suffered and to put the economic life
of the nation upon a sound basis. His return to
power, accordingly, may properly be viewed as a
popular approval of his course in the past and a
2713
preliminary vote of confidence in such plans as he
may bring forward in the future.
As none of the many parties in France controls
a majority of the seats in the Chamber of Deputies,
the Government remains, as before, one of coalition.
Until the new Chamber meets in June, it will not
be entirely clear whether the new coalition offers
a prospect of greater or less stability than the old
one. The election brought some surprises. The
change from an electoral system under which a
considerable number of districts returned more
than one Deputy, to a new system of single-member
districts, had the effect of greatly increasing the
number of candidates, and the unprecedented spectacle was witnessed of some 3,800 candidates contesting 612 seats. As a consequence of this multiplicity of candidates, only about 175 received at
the first balloting, on April 22, the absolute majority which the law requires at that stage of an election. The second balloting on April 29, accordingly, at which a plurality vote was sufficient for an
election, was preceded by more than the usual
amount of party maneuvering and trading, candidates who had been defeated on the first ballot
seeking support in other groups than their own,
while groups with little or no chances of success
sought to throw their strength in directions most
favorable to their opinions or programs.
The detailed results of the ballotings are not yet
available, but approximately 400 of the 612 Deputies are apparently to be counted as supporters of
the coalition Government. Generally speaking, the
trend has been toward a greater strength for the
conservative parties of the Right, with a marked
loss of strength by the Communists and the more
radical Socialists notwithstanding a very large
popular Socialist vote. A new party group, with a
mere handful of members, appears as representative
of the autonomy movement in Alsace-Lorraine. The
re-election of all the members of the Government
has led M. Poincare to announce that the precedent
which has required the resignation of a Government
on the eve of the meeting of a new Chamber will not
be followed, but that the Government will present
itself to Parliament as it is and ask for a vote of
confidence.
Whether the new Chamber of Deputies, in view
of the changes in party strength and the fact that
more than one-fourth of the members are new, will
be disposed to give to M. Poincare the same support that was accorded by the old one is, of course,
a matter of speculation. The record of the old
Chamber, which began in May, 1924, under the control of the Left parties, and ends, after the accession of M. Poincare as Premier in July, 1926, under
the control of a National Union, has been in many
respects a distinguished one. The franc, which
reached its lowest point on July 18, 1926, at 47.07
to the dollar, has nearly doubled in value and for
some time has been practically stabilized. The gold
reserve of the Bank of France has been immensely
strengthened, large reductions have been made in
the volume of short term obligations, and the tax
system has been overhauled and Improved. In addition, the Chamber has ratified a considerable number of advantageous commercial treaties, approved
the Locarno pacts and other arbitration agreements,
reorganized the army and navy, established State
monopolies in oil, moving pictures and wireless, and
provided subsidies in aid of the merchant marine.
2714
FINANCIAL CHRONICLE
[VOL.. 126.
The war debt settlements with Great Britain and ally improved, on the surface at least, by the electhe United States have not yet been ratified, but M. tion. The same political forces that have opposed
Poincare made public on Monday letters exchanged ratification in the past are still essentially intact
with the British and American Governments in in the new Chamber of Deputies, and no small part
which, without prejudice to the debt agreements of the support which M. Poincare has received
from
still pending, France undertakes to pay to the the party coalition has been due to his willingnes
s
United States on June 15 the $11,250,000 that would to let the debt question lie. Recent discussion
of
be due if the Mellon-Berenger agreement were in the reparations question, particularly in connection
force, and to pay in two instalments on Sept. 15 with the proposal to make available for reparation
s
and March 15, 1929, £8,000,000 on account of the the German railway and industrial
bonds provided
war debt owed to Great Britain.
by the Dawes plan, has had the effect of relegating
The crucial problem, of course, is the stabiliza- the war debts to the back-ground until the reparation of the franc and the treatment of the general tions issue is disposed of. Senator
Berenger himfinancial situation. On this point M. Poincare has self, in a recent article in a Paris economic
journot delayed in making public an outline of his plan. nal, has characterized •the "great plan"
of a repaHe had already, shortly before Parliament ad- rations settlement as relatively "imaginar
y and
journed, intimated that he might meet the infla- fragile," and has taken issue sharply
with what he
tion issue by a loan which would make inflation less regards as the wholly unwarranted
low estimates
easy or less likely. The general nature of the plan, of the actual present value of the debt
settlements to
following the French custom of first issuing a de- the United States. Until this point is
cleared of
cree of authorization and seeking Parliamentary ap- doubt, we may exject that the Poincare
Government
proval later, was made known on Tuesday. There will move slowly in committing itself to
any bindis to be a new 5% loan, amortizable over seventy- ing agreement, and content itself with making
subfive years, but without any stated limit as yet of stantial annual payments on its war indebtedne
ss
the amount, and with the issue price to be deter- while reserving all its rights of ratification.
mined by the condition of the market. Into this new
Whatever the financial outcome may be, M. Poinloan are to be converted a part of the floating debt care's return to power will tend to strengthen French
represented by the advances of the Bank of France credit, and confirm the impression that French polto the State, together with the ,National Defense icy will continue to be marked by constructive
conbonds and the short term National Credit Treasury servatism. The party groups that have chiefly
conbonds which mature this year and next. No restric- cerned themselves with obstruction or disturbanc
e
don is to be placed upon the amount of the loan are appreciably less influential in the new
Chamthat may be subscribed in cash or National Defense ber than they were in the old, and while
the Govbonds, but the cash subscriptions are to be used to ernment must still draw its support from a
number
reduce the advances of the Bank of France, and, in of parties, without any one controlling
party upon
consequence, the c)irculation. Subscriptions will which it may rely, the problem is no more
difficult
open next Monday, and one report has it that M. now than it was before. The
endorsement of the
Poincare expects a total subscription of 10,000,000,- Poincare Government at the polls has
been unmis000 francs.
takable, and its legislative record during the past
Whatever the total subscription may turn out to two years augurs well for the future.
What France,
be, it is evident that M.Poincare hopes to draw into like more than one of the other
European Governthe Treasury some billions of francs, as well as a ments, needs most of all at the moment,
is political
considerable portion of the approximately 40,000,- stability and careful, intelligent, and
firm treat000,000 francs of National Defense bonds outstand- ment of its economic needs. The return
of M. Poining. The circulation, which stood at somewhat more care seems to offer reasonable assurance
that that
than 60,000,000,000 francs on May 2, was then need will be met.
nearly 7,000,000,000 francs in excess of the figure
for the corresponding date a year ago. Most of
Conquering the Air.
this increase, apparently, is due to the huge purchases of foreign exchange by the Bank of France
The death of Bennett, the aviator, in an effort to
in pursuit of its policy of building up a great re- aid other airmen marooned in the snows of the
serve against the time when stabilization shall ac- Labrador region (for the fatal pneumonia was untually be taken in hand. M. Poincare remains as doubtedly *aggravated beyond control by his last
silent as ever regarding the date at which stabiliza- flight), awakens sympathy throughout the world.
tion may be expected, or the figure •at which the He was a brave man, with a list of flying achieve
franc may be revalued, but if the new loan is suc- ments to his credit which had already put him in the
cessful, it would seem clearly to mean that stabiliza- first rank, and his sacrifice immortalized
a career
tion will not be long delayed. To what extent the the renown of which will long live in the annals
of
cash realized from the loan will avail to cut down aviation. It is therefore a "melancholy
pleasure" to
the circulation remains to be seen. One effect it pay tribute to his character, and to tender, in
comwould seem of the definite announcement of stabiliz- mon with the press generally, a heartfelt sympathy
ation must be the stimulating of business and the to his bereaved wife and mother. The suffering
of
increasing of speculation in French securities and those who wait while perilous adventure
is in procin the franc, thereby in turn increasing the demand ess is often greater than that of those who
do and
for francs. The advantage which may be expected dare. Burial in Arlington Cemetery, among a nato flow from a large substitution of long term bonds tion's heroes, is a last and fitting recognition of a
for a variety of short term obligations, on the other notable career in his chosen field of effort. And it
hand, is obvious.
brings poignantly to mind those who in attempting
The outlook for an early ratification of the Mellon- the western crossing of the stormy Atlantic lie in
Berenger war debt agreement has not been materi- unknown graves, unmarked save by the elemental
MAY 51928.]
forces that speak no word and give no sign of lives
that went out in darkness, we know not how or
when or where. Requiescat in pace is the only and
universal refrain.
But is it wrong at this time and in this place to
ask reverently and earnestly the question: Is it
worth the candle? Human life is the most precious
thing we have to cherish and love. By nature and
from time immemorial mankind has worshipped the
hero and applauded the pioneer. In the greatest
city of earth it has become a custom to assemble in
public place to do honor to those who have tried and
suceeded. The three who braved storm and danger
in flying from Ireland to North America, from
Bremen to New York City, and who accomplished
the first flight westward from continent to continent, though they fell short of their intended destination, are pioneers, and as such have received the
homage of the city. It seems almost like casting a
shadow on the occasion and on the renown so well
earned, to ask "was it worth the effort?" But again
we point to the value and sacredness of human life.
And it is in a spirit of respect that we consider for a
moment the nature of the enthusiasm that greets
the hero by those who do not fly and who are mere
lookers-on at this new mode of transportation.
It is easy to shout and acclaim, but what do we
do to make flying more safe, to make progress in
this new field more certain and sure. We can point
to the Guggenheim Foundation; we can note the reluctance of the Fords to put into mass production
machinery of the air before the people are trained
to receive and use it; we can recall the long scientific study of Langley and the patient and meticulous effort of the Wright brothers; but beyond this
what, save our applause, have we done; what do we
now do, to make the pioneers reasonably safe in
their work? It will be answered that trial alone
shows the possibility of ocean crossing. Is this
strictly true? In our voluntary praise do we think
for a moment that we are encouraging men to dare
deeds when the odds are against them, and, as
Wright said of Lindbergh, when the chances of success are as one in five? Little by little weather conditions might be mapped, little by little safety appliances might be developed, little by little the science of air navigation might be perfected.
We are all susceptible to praise. None there is
who does not like to hear the plaudits of his countrymen, the acclaim of the multitude. But those
whose untold stories are folded in the waters of
the sea or buried in the frigid arctic wastes cry out
against thoughtless encouragement to men and
women to risk their lives for fame, and to give to
us, who are content by our firesides, a new thrill
and a new discovery. Admitting that the question
whether or not there is land in the polar seas is an
interesting one, what reason is there in a premature hail to a new "air mail route" over incredible
ice and in imperilling cold where never human habitation can be. Science may descend to avaricious
desire for knowledge; courage may rise to magnificent feats; and commerce may covet new ways to
enlarge communication; but of what avail, unless
there is safety in progress and surety to human life?
In this, at least, those who "stand and wait" accomplish little save their own satisfaction.
There is, unmistakably, a fever in the blood of
the race. There will always be pioneers ready to
risk life in a good cause. There will always be those
who do not count the costs of success, who love the
daring and the spectacular. But is it the rational
estimate of those who suffer and die in the pursuit
of common things that a people shall cry out in
massed procession to the victors of the new and the
dangerous? Let this not be asked, save in candor
and liberality. The idle applause is well intentioned, the "tumult and the shouting" are sincere.
It were a pity if there were no honest praise in the
human heart. But "lest we forget," may we not ask
that we turn our thought to the value of achievement and to the inestimable worth of a single life.
Millions of years of slow growth shaped this earth
for life and love, and shall man try to conquer it in
a single generation?
This, then, we may conclude. There are lines of
progress marked out for us in the nature of things.
We cannot in our greed for achievement anticipate
the processes of creation. We do not know why
three-fourths of the earth's surface is covered by
waste and water while it is given to population to
increase against the weight of subsistence. We do
not know why there are "island universes" beyond
the milky way. We do not know why there is eternal ice at the pole, why these processes exist in
creation—but we do know that in the simple things
of life there is infinite opportunity to "lend a hand"
where help is needed. A thrill soon passes; a
thought remains. Give honor where honor is due.
Forget not the hero. Praise those who dare and
do. But while a reasonable encouragement is given
to progress and those who show us the way, let
there be no forgetting (in praise, pomp and panoply
to those who endeavor in untried fields), the valiant
many who in shadowy obscurity toil and try for the
souls and safety of those they love.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, May 4 1928.
Wholesale business Its a rule has kept within rather
narrow bounds, but retail trade has been helped by unprecedented heat of late in the West with 90 degrees at Chicago,
88 in Wisconsin, 86 in Ohio and 82 in Michigan, though unfortunately these extreme temperatures bid fair to be succeeded by a sharp drop in the temperatures, even 30 degrees
at Chicago. But in the nature of things, warmer weather is
near at hand. Supplies of commodities held by consumers
are believed to be moderate, if not small, after prolonged
abstention from buying. In most parts of the country it
was too cool in the forepart of the week, with rains for
some days here. That hurt both retail and jobbing trade
for a time, but of late the temperature here has been up
2715
FINANCIAL CHRONICLE
Q
to 77 degrees and naturally this has helped business. Cotton and grain, it is true, have met with severe declines
after recent rapid advances. Wheat has fallen some 12
to 14 cents from the high of April 30th because of beneficial rains, a lack of activity in the export business and
heavy liquidation attributed partly to large operators here
and at the West. The average private estimate of the winter crop in various reports was only 472,000,000 bushels or
80,000,000 bushels less than the last crop. One report even
put the yield of the soft winter wheat States at only about
50,000,000 bushels against 130,000,000 last year. The
drought in Nebraska and western Kansas seems likely,
however, to be broken. Meanwhile, Europe needs American
Wheat on a considerable scale even if it chooses to practice for the moment a dilatory policy in buying. Corn
2716
FINANCIAL CHRONICLE
declined 4 to Sc. in a few days, owing to better weather for
field work and heavy selling, although the farm reserves
are said to be some 150,000,000 to 375,000,000 bushels
smaller than in the last two years, the latter in 1926, and
country offerings have been small. But the smallness of
the shipping demand is a sore point and moreover, the
receipts are likely to increase in the near future. There
is some export demand. September sold recently at $1.16;
latterly at $1.09, but the technical position of both wheat
and corn is better. Oats in striking contrast with other
grain advanced slightly of late owing to an export demand.
Warmer weather is needed for this crop. There is export
inquiry. Rye dropped as much as 4c. in one day with no
export business in sight and other grain headed downward. To-day, however, fully 500,000 bushels were sold to
Europe. Recently Germany and Poland wanted American
rye, but the wild fluctuations in prices have halted export
buying. Yet the rye crop abroad is not promising. Russia
Is not expected to have much for sale until the. political
situation there becomes more settled. The crop in this
country is estimated at only 42,000,000 bushels. In 1923
it was 86,309,000 bushels; in 1924, 77,789,000, and in 1925
63,130,000 bushels. The rise in flour was checked by the
decline in wheat and the dullness of trade. Kansas City
mills it is said are operating at only 25%. The Pacific
Northwest is said to be shipping wheat to St. Louis mills.
Provisions have dropped sharply, although recently hogs
were about $12, owing to prolonged cold and unseasonable
weather. Lard on the 3rd inst. fell over half a cent, partly
owing to large supplies and heavy selling in response to
falling prices for grain, but rallied noticeably to-day. Cotton declined 2 cents. In a couple of days, owing to moderate
rains in western Texas, where they were needed, and clear
weather east of the Mississippi River. Wall Street, the
West, local interests and Europe sold heavily. It is too
soon to kill the cotton crop although the season is late.
The technical position is better here and in Liverpool.
Cotton goods markets were rather demoralized by the sudden and almost sensational rise in raw cotton on bad crop
reports, but finished goods for a time were stronger and
denims advanced half a cent. Bleached goods and colored
cottons rose 4 to ih cent and there were sharp advances
In muslins, cambrics and cotton duck. The demand was
better for a time in some goods, though the rise halted
buying in others. The New Bedford strike of 25,000 cotton mill workers continues and it seems that fine goods
operatives of Fall River are to join them. A couple of mills
passed special dividends. The strike at New Bedford
has to some extent hurt the trade in rayon and yarn. The
use of synthetic cotton has decreased. Rising prices are
noticed in woolens and worsteds, men's wear lines and dress
goods with an advance in some cases of 5 cents a yard.
Fine dress goods and coatings for the fall season met with
a readier sale. Japanese raw silk was in moderate demand and steady. Fair sales were made of broad silks.
Wool has been firm though not active, as supplies are small.
The shoe industry is less active than it was earlier in the
year. Hides have in some cases declined without, however,
affecting the price of leather, which is firm or even higher.
Steel prices have declined on sheets, strips and nails and
the tendency in the East seems towards a reduced production, though it keeps up well in the West, which is doing
more business than the East where trade is none too brisk.
April's pig iron output was the lowest for that month in
six years and 7% under that of April last year and has been
quiet for weeks past. It is of interest to notice that the
exports of rron and steel in March were the largest of any
month since 1924. Perhaps there is more than passing
significance in the fact that the railroad car loadings for
the first time in many weeks were larger for the latest
week reported than in the same week last year. This refers to merchandise and miscellaneous freight with coal
figuring for about the same as last year. The mail order
business of two leading houses showed a decrease in April
sales of 4% as compared with those in March and 1.3%
compared with April, 1927, but for the four months of 1928
they are 3.6% larger than in the same period last year.
Suggestive straws are an increase in March of electricity
produced of 6% compared with the same month last year
and an Increase In the use of gasoline of 7%.
The automobile industry is still in the van of the great
industries of the United States. The production is reported to have been materially larger in April than in the
same month last year. Retail sales of new cars are said
to be increasing, tires are in good demand and also acces-
[VOL. 126.
sories and parts, the sales of these last two exceeding the
top figures of even 1926. At Detroit employment increased
875 over last week, 27,238 over the same week in 1927 and
5,054 over 1926, the total at work being 253,400. Agricultural implements sell briskly and some tractor concerns
are said to be sold well ahead. Coffee has advanced with
May notices handled very well and to all appearances Brazilian, European, and Boston interests buying while there
will be a reduction of 7,000 bags in the permitted daily recelpts at Santos beginning to-morrow. There has been a
noticeable increase at times recently in the trading in Santos contracts. The stock of Santos is small and shipments
en route are moderate. Sugar has advanced after the absorption of "distressed" duty free sugar. The sale of certain cargoes at down to 2.52c. was followed by a recovery
and the basis for Cuban cost and freight business moved
up to 2%c. Rubber advanced % to 1c. here with London
and Singapore also higher and the factory demand of late
somewhat better here. The rise appears to be a natural
rally after the recent sensational decline.
The stock market acted in the main strong, even when
money on Monday ran up to 6%, though later it fell for
a time to 4%%. There were big increases in bank clearings which naturally reflect the enormous speculation in
stocks. To-day there was another big speculation with
money at 5%. Airplane shares were conspicuously strong,
motors were in active demand, and General Motors ran up
over 8 points net. The grain markets rallied sharply and
cotton acted better, with the technical position in commodity markets generally to all appearances stronger. The
trading in stocks to-day was at 4,000,900 shares. Trading
in the neighborhood of 4,000,000 shares seems to have
become normal in these extraordinary times. To-day there
were advances in the list of anywhere from 2 to 12%. The
Stock Exchange loan total Is close to $5,000,000,000. But
the Federal Reserve Bank rate here remains at 4%. Money
was in good supply at 5% on call. In bonds, tractions were
lower and the general market was rather quiet. European
exchange rates were generally higher, while Japanese and
Canadian were lower. The Stock Exchanges will be closed
on Saturday, May 5, in New York, Chicago, Philadelphia,
DeVolt and San Francisco while the Curb in both New
York and San Francisco will also be closed.
At Fall River, Mass., the Swansea Print Works, it is
stated, has reduced wages 10%, effective May 7. The corporation employs 100 persons. At New Bedford, Mass., present indications do not point to an early settlement of the
strike of more than 25,000 operatives there which began
two weeks ago. Fine goods markets were said to have
kept an even keel with no further signs of shortage due
t6 the strike and trading was in moderate volume. It is
said that the strikers will be joined by the Fall River
workers. New Bedford, Mass., wired that the Booth Manufacturing Co. omitted the quarterly dividend of 1%% on
6% preferred stocks. This is the first default since these
disbursements were started in 1916. No dividends have
been paid on common since 1925. The Neild Manufacturing Co. omitted the extra dividend of $1 that has been paid
In each quarter since 1924, but declared regular quarterly
dividend of $2 payable May 15th record May 3rd. Woonsocket, R. I., wired that all plants of the Lonsdale Company
in Cumberland, Lincoln and North Smithfield, are now to
operate on a 54-hour week schedule on the initiative of the
Berkley plant.
Manchester reports that the Master Spinners will stick
to their demand for a reduction in wages of 12%. It may
mean a lockout of 500,000 workers. London cabled that it
was reported at Manchester, England, that the conference
between cotton mill operatives and employers on proposed
wage decreases and increased working hours has broken
down and that the next step rests with the employers.
Montgomery, Ward & Co.'s sales for April were $15,959,784, a decrease of 3.7% from April 1927. Sales for
the first four months of this year were $61,517,279, a decrease of 0.4 from the same period last year.
There were heavy rains here on April 28th and April 29th
and lives were lost in a gale on the New Jersey Coast. The
storm swept over wide areas of the East and South. There
was a heavy snowfall in Virginia; deep drifts were seen
in apple orchards in full bloom in Virginia and Maryland.
Many Pennsylvania cities, principally In the central and
western parts of the State, were cut off from wire communication with the outside world, rivers were rising rapidly. trains were delayed, highways were obstructed and
thousands of dollars in damage was incurred as a result
A
4.7
MAY 5 19281
FINANCIAL CHRONICLE
2717
of rain storms and blizzards on the night of the 27th and tinned the increase which began in February
and notwithstanding small
the next day. Lewistown, Pa., reported a snowfall of 18 decline during the last week of the period were nearly 8350,000,000alarger
inches. Floods continued in Georgia with serious damage on April 18 than at the end of January.
The
in parts of that State. Railroad wire, telephone, light and ing thevolume of Reserve Bank credit in use increased by 9180.000,000 dur5 weeks ended April 25, reflecting increased reserve requirem
ents of
power lines suffered in Pennsylvania and high winds did member banks and a further net outflow of gold amounting to more than
much damage in Delaware. Pittsburgh wired April 28th 350.000,000. Reserve Bank holdings of securities were reduced by about
$80,000,000 during
that a record spring snowfall of 8 to 14 inches accom- by $230,000,000. the period, while discounts for member banks increased
Acceptance holdings also showed a small increase.
panied by a sleet paralyzed train and automobile traffic
A firmer tendency in the money market was eveidence
d at the end of
and telephone and telegraph services east and south of Pitts- March and during April by further increases in rates on call and time loans
on securities, and by increases of from 4.43.1% to 4
% in the rates on
burgh. Snow drifted 3 feet deep.
commercial paper and from 3 % to 3%% in the rate
%
on 90
Here on the 3rd inst. the maximum temperature was 75 acceptances. Between April 20 and April 25 discount rates day bankers
were raised
from 4 to 4%% at Boston, Chicago, St. Louis, Richmond, and
and the minimum 52; at Boston 58 to 66; at Montreal 56 to
Minneapolis
Federal Reserve Banks.
62; at Philadelphia 72 to 78; Pittsburgh 78 to 80, Portlan
d,
Me., 52 to 64; Quebec 42 to 60; Chicago 84 to 90;
CinMonthly Indexes of Federal Reserve Board.
cinnati 78 to 86; Cleveland 78 to 84; Detroit 74 to
82; DuThe indexes of production, employment and trade issued
luth 56 to 64; Milwaukee 78 to 88; New Orleans 76 to
84; May 11/by the Federal Reserve Board, follow:
Kansas City 76 to 84; Minneapolis 52 to 62; Winnip
eg 62 to
(Monthly average 1923-25=100.)
68. It has been warm here for two days past. Chicago
on May 3rd had a temperature of 90 degrees, the
Mar. Feb. Mar.
highest
Mar. Feb. Mar.
1928. 1928. 1927.
on record for that date. Other western points
1928 1928. 1927.
had unpreceIndustrial Produedented heat. The abnormal conditions are expecte
Building Contracts
d to pass
Lion, adjustedAdjusted
125 155 131
at once. With reports of snow falling in parts
109 110 111 Unadjusted
of Kansas Total
144 113 151
Manufactures
110 111 110
Wholesale Distribuand Wyoming, the weather bureau predicted a
drop in the Minerals
104 103 118
lion. adjusted
Chicago temperature of 30 degrees, I. e., to
Total
93
97
98
60. Only the
ManufacturesGroceries
97
98
96
Mississippi Valley and the region of the Great
Iron and
114 *115 115 Meats
109 114 108
Lakes were Textiles steel
106 107 114 Dry goods
83
struck by the heat wave. In the Rocky Mounta
88
90
Food
105 110
99 Men's clothing
ins and the Paperproducts
94
99 101
and printing__ 117 *117 113 Women's clothing... 55
Great Plains temperatures were below
70
67
normaL To-day Lumber
96 *97
91 Shoes
98 109
97
Automobiles
the temperature here rose to 77 degrees at
113 102
Hardware
91
93
98
2 o'clock and Leather and shoes-- 100 *102 106 Drugs
98
110 109 106
was 76 at 3 p. m. The forecast was for fair
109 115 119
and warmer Cement, brick, glass. 107 109 108 Furniture
95
95 101
Nonferrous metals__
Wholesale Distributo-night, with probably thunder showers
and cooler weath- Petroleum refining-. 141 139 135
lion, unadjustedRubber tires
er to-morrow, Saturday, and fair and cool
138 139 123 Total
100
93 103
on Sunday.
Tobacco manuf'ctures 119 118 116 Groceries
95
85
94
Federal Reserve Board's Summary of
Business Con-.
ditions in the United States-Produ
ction of
Manufactures During March Continued
at High
Level Reached in February.
The Federal Reserve Board, in its monthl
y summary of
business conditions in the United States,
reports that the
"production of manufactures was maintai
ned during March
at the high level reached in Februar
y." The Board's
summary, made public as follows Apr.
28, also indicates
that there was a seasonal increase in
the distribution of
commodities.
MineralsBituminous
Anthracite
Petroleum
Copper
Zinc
Lead
Silver
Freight-Car Load(ego, adjustedTotal
Grain St grain prod...
Livestock
Coal
Forest products
Merchandise, I. C. I.,
Anti mieeellaneoug_
99
94
79
88
121 119
101 104
112 107
109 *109
92
83
103
118
96
96
89
102
108
101
96
93
108
106
Meats
Dry goods
131 Men's clothing
88 Women's clothing-122 Shoes
100 Hardware
114 Drugs
115 Furniture
90
Dept. Store Sales
Adjusted
Unadjusted
109
Dept. Store Stocks
98 Adjusted
92 Unadjusted
122
Mail Order House
91
Soler
Adjusted
110 Unadlusted
EMPLOYMENT AND PAYROLLS.
Toadjuste (1919=100).
105
87
131
89
110
95
120
107
108
89
128
88
87
82
101
95
104
95
138
108
111
102
117
114
105
103
105
85
105
100
100
103
102
96
103
106
113
125
116
108
117
125
Industrial production during March was in
about the same volume as
in February and there was a seasonal
increase in the distribution of commodities. Wholesale prices remained
Employment.
Payrolls.
practically unchanged. During
the past month, there have been increases
in bank credit in use and in
Mar, Feb.
Mar. Mar. Feb. Mar.
member bank borrowings at the Reserve Banks,
and open market money
1928. 1928. 1927. 1928. 1928. 1927.
rates have shown further advances.
Total
89.9
89.4
93.9 104.9 103.5 110.0
Iron and steel
PRODUCTION.
84.0
82.7
90.3
93.3
91.2 100.1
Textiles-Group
Production of manufactures was maintained during
92.9
93.8
96.6 101.9 103.5 110.8
March at the high Fabrics
93.8
95.1
level reached in February, and the output
98.3 100.3 102.4 111.3
of minerals also showed little Products
92.0
92.3
94.5 103.9 104.8 110.3
change. Production of passenger automobiles
85.7
and trucks during March Lumber
84.7 91.2
97.8
95.4 104.8
totaled 413,000 the largest out put recorded
Railroad vehicles
71.3
70.4
78.0
for any month since August Automobiles
80.4
78.2
87.0
1926, and production schedules in automobi
130.2 124.8 122.4 168.9 160.0 153.4
le plants continued large Paper and printing
107.0 108.1 109.0 147.7 147.5 152.2
during April. Activity in the iron and steel
industry was also maintained Foods, Act
84.4
84.8
84.1 100.4 100.8
99.1
at a high level during March and April, and
lumber production was in larger Leather, &a
84.1
84.8
88.6
87.5
88.9
93.2
Stone, clay,
volume than a year ago. Cotton and wool
105.7 101.9 115.9 128.7 123.8 144.9
consumption declined in March Tobacco, ikc glass
but silk deliveries were the largest on record.
77.9
75.1
77.9
79.4
78.1
80.9
There was some decline in Chemicals, Oa
76.9
77.2
78.2 110.2 109.3 111.7
meat packing and in the production of sole leather,
and the output of boots
•Revised.
and shoes in March showed less than the usual
seasonal increase. Mining
of bituminous coal decreased during March by less
than the usual seasonal
amount, but as the result of a strike in certain
Railroad Revenue Freight Loading Increasing.
production in the early weeks of April was consideraMiddle Western mines,
bly curtailed. Building
contracts awarded were smaller in March than a year
Revenue freight loading for the week ended on April 21
ago, while those for
the first three weeks in April were in about the
same volume as in the corres- totalled 944,694 cars, the Car Service Divisio
n of the Ameriponding period of last year. As a result of
large contracts during the
can Railway Association announced on May 1. Compared
first two months of this year. total awards for the
year to April 20 exceeded
those for the same period of 1927. Contracts
with the preceding week, this was an increase of 32,317 cars
for
and for public works have been especially large. residents' buildings and
with increases being reported in the total loading of all comTRADE.
modities. The total for the week of April 21 was a decrease,
Sales of wholesale firms increased less than usual
in March and were however, of 5,851 cars below the same week in 1927
as well
somewhat smaller than in the same month of last
year. Sales of department
stores, on the other hand, after allowance Is made
as a decrease of 28,464 cars compared with the correspondfor customary seasonal
changes and the early date of Easter, were about
the same in March as in ing week two years ago. Particulars are outlined as follows:
the preceding month and in March 1927. Stocks
of
Miscellaneous freight loading for the week totaled 384,469 cars, an inin March by wholesale firms were larger, while those merchandise carried
of department stores crease of 11,060 cars above the corresponding week last year and 15,121
were smaller, than at this time last year.
cars above the same week in 1926.
The volume of freight car loadings showed more than
the usual seasonal
Coal loading totalled 149,015 cars, a decrease of 1,102 cars below the
increase in March, but declined in the first two weeks
of April. Loadings same week in 1927 and 17,579 cars below the same period two years ago.
continued smaller than a year ago for all classes of
commodities except
Grain and grain products loading amounted to 39,601 cars, an increase
grains and live stock.
of 4.062 cars over the same week last year and 1,222 cars above the same
PRICES.
week in 1926. In the western districts alone, grain and grain products
The general level of wholesale commodity prices showed
little change in loading totaled 27,503 cars, an increase of 8,045 cars above the same week
March, the index of the Bureau of Labor Statistics
declining slightly in 1927.
from 96.4 to 96% of the 1926 average. There were
Live stock loading amounted to 27,445 cars, a decrease of 1,358 cars
decreases in the prices
of livestock, dairy products, meats, coal, and rubber;
prices of grains, under the same week last year and 2,923 cars under the same week in 1926.
cattle feed, cotton, and steel on the other hand, advanced
. During the In the western districts alone, live stock loading totalled 21.437 cars, a
first three weeks in April, there were further substanti
decrease of 933 compared with the same week in 1927.
al
prices of grains and more moderate advances in flour, increases in the
Loading of merchandise less-than-carload lot freight totalled 259,359
hogs, cotton, and
lumber, while prices of cattle and rubber declined.
cars, an increase of 2,285 cars over the same week in 1927, but 4,162 care
under the corresponding week two years ago.
BANK CREDIT.
Forest products loading amounted to 65,372 cars, 707 cars below the
Between March 21 and April 18 total loans and
investments of member same week last year and 12,320 cars under the same week
in 1926.
banks in leading cities increased by about $410,000,
000, reaching the
Ore loading totalled 9,186 cars, 19,189 cars under the same week last
highest level on record. The advance was largely
in loans on securities Year and 5.785 cars below
the same week two years ago.
which showed an increase of nearly $380,000
,000 and in April were close to
Coke loading amounted to 10,247 cars, 902 cars below the same week in
the high point of the first of the year. Loans
for commercial purposes con- 1927 and 2,038 cars
below the corresponding week in 1126.
2718
All districts except the Allegheny, Central-western and South-western
reported decreases in the total loading of all commodities as compared with
the same week last year, while the Pocahontas and Southwestern were the
only districts to report increases as compared with two years ago.
Loading of revenue freight in 1928 compared with the two previous
years follows:
1928.
1927.
1926.
:3,756,660
3,686,696
Four weeks in January
:3,447,723
3,677,332
Four weeks in February
3,589,694
3,801.918
Five weeks in March
4.752,031
4,982,547
4,805,700
Week ended April 7
953,907
929,343
919,296
964,794
Week ended April 14
912,377
949,561
973,158
Week ended April 21
914,694
950,545
Total
14,565.815
15,395.138
15,037,023
H. W. Moorhouse, of Brookmire Economic Service, Inc.,
Considers Unemployment Figures Inaccurate-Sees No
Danger of Increased Unemployment-Says Activities
in Industry Will Keep Employment Up.
That the general trend of business activity, the probable
expansion of growing industries and the creation of new
industries will keep employment, in the next decade, at
least at the level achieved in the past nineteen years was
the opinion expressed by H. W. Moorhouse, President of
The Brookmire Economic Service, Inc., in an address delivered april 26 before the conference of Finance Executives of the American Management Association in New
York. In the past nineteen years average unemployment,
according to Mr. Moorhouse, was 874,000, a figure only 2%
of the total employed. Mr. Moorehouse said:
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
FAILURES BY BRANCHES OF BUSINESS
-APRIL 1928.
Mr. Moorhouse concluded. He added:
"There are no carefully compiled, dependable figures on this subject
although the agitation this winter generated columns of estimates none
of which appeared convincing. The United States Department of Labor
in report to Congress on March 24, 1928, estimated the number to be
1,874,050. Other estimates have gone as high as 6,000,000. By selecting the years of high business activity as years of full employment,
computing the percentage of total population employed in these years,
we can get a standard of comparison. Percentage for the years intervening between peak years can be interpolated on a straight line and
used in computing full employment in such years. The difference between full employment and actual employment can be taken to represent unemployment. Thus for 1927 average unemployment can be
placed at 1,466,000 and for March, 1928, at 2,632,000 as compared
with 3,653,000 for total unemployment in 1921, the largest number for
the years between 1910 and 1928."
Dun's Report of Failures in April.
Making the best exhibit for a number of months, the
April insolvency returns compiled by R. G. Dun & Co. show
1,818 commercial failures in the United States, with liabilities of $34,985,145. The report not only discloses an improvement, both in the number of defaults and amount of
indebtedness, as compared with the totals for several preceding months, but also is more favorable than the statistics
for April of recent years. It is necessary to go back to last
October to find fewer insolvencies than occurred last month,
while the liabilities are the smallest since last September.
Moreover, the number of failures is less than in any April
since 1924, and the indebtedness is the lightest for the period
since 1920. The numerical decrease from the 1,968 &faults
of April 1927 Is 7.6%, while the reduction from the 2236
insolvencies of March of the present year is 18.7%. In
respeot of the liabilities, last month's aggregate is fully 34%
below the $53,155,727 of April last year, and is more than
36% under the amount for March of the current year.
Fewer failures of large size were reported last month than
in April 1927, the most recent statistics showing 54 defaults
for $100,000 or more in each case, against 75 in the earlier
year. The indebtedness of last month's insolvencies of
unusual size was moderately above $15,000,000, whereas
in April last year such failures had liabilities of more than
$31,000,000. Hence last month's large defaults supplied
only 43.2% of the total indebtedness for the month, while
such insolvencies a year ago represented 58.6% of the aggregate liabilities.
Liabilities.
Number.
1928. 1927. 1926.
Manufacturers-.
Iron, foundries and nails__
Machinery and tools
Woolens. carpets & knit g'ds
Cottons, lace and hosiery
Lumber, carpenters & coop_
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving
Milling and bakers
Leather, shoes & harness
Liquors and tobacco
Glass. eathenware & bri^k_
All other
Total manufacturing
Traders
General stores
Groceries, meat and fish_
Hotels and restaurants
Tobacco &c.
Clothing and furnishings___
Dry goods and carpets
Shoes, rubbers and trunks
Furniture and crockery
Hardware. stoves & tools
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats, furs and gloves
All other
Total trading
Other commercial
Total United States
"Progress will come in waves, business activity will reach peaks and
will sink into depression. We have not left, nor will we ever leave the
business cycle behind us. This will mean intervals of acute unemployment which can and should be alleviated. Plans for the construction
of public works within the next ten to fifteen years will do much to
give impetus to employment at critical junctures. The Great Lakes. April
*larch
St. Lawrence Waterway, the Mississippi flood control, The Boulder F •bruary
Dam, road construction and public enterprises of a similar nature will January
even up our employment.
1st quarter
"The future holds plenty of work for everyone. Electricity will be
generated at the mills. Railroads will be electrified. Airplanes will
travel the world over with landing bases in mid-ocean. Cities will be December
November
rebuilt and streets widened with different levels for various classes of October
traffic.
The chemical industry will bring far-reaching changes the
4th quarter
results of which we can not prophesy at present. This transformation
will be world-wide."
September
August
"The present extent of unemployment is problematical," July
[VOL. 126.
FINANCIAL CHRONICLE
3d quarter
June
May
April
2d quarter
1928.
1927.
$313,610 $3,762,243
406,074
603,090
31,800
184,112
801,769
3,293,995 5,921,272
638,808 1,576,030
142,031
164,304
581,114
8,000
16,054
13,500
295,400
565,401
379,440
646,715
190,107
947,162
155,200
136,457
63,222
42,670
6,357,976 10,276,066
1926.
$556,312
1,089,720
684,102
2,159,408
1,664,958
840,712
279,200
219,430
6,500
199,075
334,071
186,991
295,798
10,000
8,207,515
12
13
32
19
5
3
__
2
70
79
39
48
5
11
9
2
2
2
19
22
42
41
7
14
8
8
9
2
173 226
9
27
12
3
50
59
13
6
1
21
44
13
6
1
229
432
494 $13.236,432 $25,277,590 816,733,792
492
85 119 129
293 292 330
75
84
94
25
22
27
203 169 175
90 104 113
55
56
64
48
68 68
45
43
37
53
60
53
3
3
2
37
31
27
9
15
12
5
4
6
250 272 251
$983,310 $1,777,310 $2,609,952
2,663,815 1.663,633 3,099,883
1,120,173
615,242 1,399,951
161.500
173,299
225,580
1,987,209 8,155,174 2,050,109
965,125 1.258,931 1,592.468
515,063
464,494
720,688
453,100 1,583,594
754,262
782,800
645,622
778.501
682,444
845,614
831,126
26,172
49,305
20,208
582,900
349,740
290,087
128,864
273,875
235,516
132,200
31,400
42,900
4,864,059 9,217,154 4,645.884
1,276 1,342 1,378 $16,048,734 822,307.734 819,093.768
110 134
85 5,699,979 5,570,403 2,659,761
1.818 1,968 1.957 834.985.145 153.155.727 83n8.487.321
Number.
1928 1927. 1926.
1928.
1927.
1926.
1,818 1,968 1,957 $34,985,145 $53,155,727 $38,487,321
2,236 2.14: 1,984 54,814.145 57.890.905 30,622,547
2,176 2,035 1,801 45,070,642 46,940,716 34,176,348
2,643 2,465 2,296 47,634.411 51,290.232 43,661,444
7,0656,643 6,081 $147.519,198 8156,121,853 $108,460,339
1927. 1926. 1925.
1927.
1926.
1925.
2.162 2,069 1,878 $51,062,253 845,619.578 536.528,161
1,864 1,830 1,672 36,146,573 32,693 993 35,922,421
1,787 1,763 1,581 36,235,872 33,230,720 29,543,870
5,813 5,662 5,131 $123,444,698 8111,544,291 $101,994,451
1.573 1,437 1,465 $32,786.125 $29,989,817 830,687.319
1.708 1,593 1,513 39,195,953 28,129,660 37,158,861
1,756 1,605 1,685 43,143,974 29,680 009 34,505,191
5.037 4,635 4.663 $115,132,052 887,799,486 $102,351,371
1,833 1,708 1,745 $34,465,165 $29,407.52:3 $36,701,496
1,852 1.730 1.767 37.784.773 33.543.518 37,026.552
1,968 1.957 1,939 53.155,727 38,487,521 37,188.622
5.653 5.395 5.451 1125,405.665 $101.438.162 8110,916,6711
National Bank of Commerce in New York on Expansion
of the Legal Investment List.
"The broadening of the legal investment list authorized
recently by the New York State Legislature should relieve
the old issues of some of the pressure of investment competition and prevent further decrease in their yield," says the
National Bank of Commerce in New York, writing in the
May issue of Commerce Monthly. Continuing the bank
says:
'During the final days of the session of the New York State Legislature,
recently adjourned, there were enacted, and subsequently approved,several
bills which promise to have an effect on the investment market. The general purpose of these new laws is to broaden the field of investments permitted by law to the funds of New York savings banks, trusts and life insurance companies. For several years well-informed bankers and investment authorities have urged that many securities of demonstrated earning
power safely and wide marketability ought to be included in the'legal lists.'
The recent enactments in New York are a movement in this direction.
"Four of the new laws relate spedifically to investments by New York
savings banks. One provides for the first time that a savings bank having
at least half of its assets Invested in real-estate mortgages may invest a limited amount of its assets in first or refunding mortgage bonds of certain
electric, gas and telephone companies domestic to the United States. No
savings bank may invest more than 10% of its assets in electric of gas company bonds: or more than 10% in telephone company bonds or more than
2% in any one company. Certain definite requirements are laid down In
the law, relating both to the corporations issuing such bonds and to the
bonds themselves.
"Another law deals with the matter of investments by domestic savings
banks in railroads. The old law provided that the mortgage bonds of a
railroad should not be legal for such investment unless the road had 'paid'
dividends of 4% on its stock during the five years immediately preceding
such investment. The new law provides that such dividends may have
been either 'earned or paid.' By this amendment railroads are relieved of
the necessity of paying dividends in order to keep their bonds legal, and
may now 'plough in' their earnings when advisable.
"In addition, this law permits savings banks, for the first time, to invent
limited amounts in mortgage bonds of terminal depot or tunnel corporations,
in railroad collateral trust bonds, and in equipment trust obligations meeting
certain definite conditions set down in the law.
"A third law relates to investments by domestic ravings banks in obligations issued by the political subdivisions of New York State and other
states. Securities of fire districts in New York are now added to the exist-.
hug list.
"In the case of municipal and county bonds Issued by those states adjacent to New York, the new law restricts the old one somewhat by adding
both a population provision and a default provision.
MAY 5 19281
FINANCIAL CHRONICLE
2719
March
173 July 1927
167 Nov. 1927
159
"In the case of municipals emanating from states other than those de- April 1927
1927
166 Aug. 1927
163 Dec. 1927 _
163
scribed in the previous paragraph the new law adds county and school dis- May 1927
156 Sept. 1927
158 Jan. 1928
175
reduces the population limit to 30,000 in cases where there is no June 1927
trict bonds,
161 Oct. 1927
151 Feb. 1928
189
March 1928
I
tax limit, and increases the period of tolerance for default to 120 days.
169
"In the case of municipals issued by all states other than New York, the
law provides a debt limitation. Under the old law it was 7% of the taxable
value of both real estate and personality. Under the new law it is 12% of Report on Automobile Trade in Philadelphia Federal
Reserve District-Passenger Car Sales Increase.
realty. The debt limitation is entirely removed from all cities having a
population of 150,000 and assessed realty of over $200,000,000. After
With regard to the automobile trade in its district, the
1938 no bonds issued by political subdivisions of states other than New
York shall be legal investments for savings banks unless such subdivisions Federal Reserve Bank of Philadelphia says:
Business in passenger cars continues seasonally active. Sales by 11
shall have no tax limit.
"The last of these savings bank laws liberalizes the conditions under distributors of this district to retail dealers increased further from February
to March and were well ahead of those at the same time last year. Subwhich savings banks may loan on collateral.
"In addition to savings bank investments, the matter of trust investments stantial gains both in number and value also occurred in retail sales of new
received attention. The decedent estate law has always provided that trust and used automobiles as compared with a month and a year before. Buyfunds may be invested in the same kinds of securities as savings bank funds. ing on installment, while increasing considerably during March, was much
To the extent, then, that legal investments for savings banks were liberal- smaller than in the like month last year.
ized, trust investments were broadened also. But quite apart from this,
Stocks of new cars held by reporting firms at the end of March were
a law was passed in March permitting trust funds to be invested also in noticeably greater than on the same date last month and year. Supplies
shares of savings and loan associations domestic to New York and having of used cars increased only moderately from February but were materially
a capital of at least $100,000 provided that such investment by any one heavier than a year earlier.
estate or trust in any one association shall not exceed $10,000.
AUTOMOBILE TRADE
-PHILADELPHIA FEDERAL RESERVE DISTRICT
"The last of these new laws relating to legal investments, and by no
means the least important, broadens the field of investments for New York
March 1928 Change From
life insurance companies. Under the new law domestic life companies may
invest in bonds, debentures, notes,and preferred or guaranteed stocks of any
Feb. 1928.
March 1927.
corporation domestic to the United States which shall have earned for divi11 Distributors
Number. Value. Number. Value.
dend purposes at least 4% on its capital stock during each of the five years
immediately preceding investment. But no insurance company may in- Sales, new cars, wholesale
+16.2% +13.5% +29.4% +17.7%
vest more than 2% of its assets in such preferred stocks or purchase over Sales, new cars, at retail
+40.3% +47.7% +37.8% +29.5%
Stocks of new ears
+13.3% +11.3% +62.8% +39.1%
10% of the preferred stock of any one company.
Sales of used cars
+51.9% +49.9% +26.1% +15.4%
"All these laws should prove of benefit to many investors. The broad- Stocks of used cars
+2.1% +5.7% +51.5% +47.2%
ening of the legal list, it is commonly felt, should relieve the old legal issues Retail sales, deferred payment
+44.9% +57.5% -30.4% -32.6%
of the pressure born of investment competition and so prevent a further
decrease in their interest yield. To the extent, then, that the field of these
highest grade securities is widened, their yield should prove more gratifying Increase in Industrial Consumption of Electric Power
to savings banks, insurance companies, trusts and the public who invest
in Philadelphia Federal Reserve District.
in legal issues."
New York Federal Reserve Bank's Indexes of Business
Activity.
In presenting in its Monthly Review, May 1,its indexes of
business activity, the Federal Reserve Bank of New York
states:
The Federal Reserve Bank of Philadelphia reports that
industrial consumption of electric power increased 5.4%
between February and March and exceeded that of a year
before by 1.4%. Total sales of electricity also were 4.1 and
7.6% greater than a month and a year earlier, respectively.
The output of electric power by 12 central stations of this
district rose 8.2% from February to March and surpassed
that of a year before by 4.9%. Details follow:
1
.
.
.
.. ... o .....
1....m.A.ocomw....o.4o -400moo.o . .
.ww-aomo.ww".00.4 woccow omomoo
oc.we.w.
It appears that in general the distribution of goods shows less than the
usual seasonal increase during March, and this Bank's indexes in most cases
remained lower than a year ago. Exports of merchandise showed an advance after seasonal allowance, but there were declines in imports of mer- ELECTRIC POWER-PHILADELPHIA FEDERAL RESERVE DISTRICT.
chandise, in retail trade, and in average daily freight car loadings.
Change
Change
Indexes of financial activity, however, advanced to very high levels, refrom
from
fleeting the unusually heavy trading In stocks. In April also the principal
Fob.
Mar.
12 Systems
increase in activity has been in financial transactions rather than in general
March.
1928.
1927.
business; during the first three weeks, bank debits in New York City
Rated generator capacity
1,560,000 k.w.
+10.5% +14.0%
showed an increase, of 39% over the corresponding period of 1927, and Generated output
454,182,000 k.w.h
+8.2% +4.9%
debits in nine ethos: leading financial centers increased 17%, but in 131
Hydro-electric
114.090,000 k.w.h. +307.5% +290.3%
Steam
259,403,000 k.w.h -16.3% -21.6%
imaller cities there was a decline of 6%.
Purchased
80,689,000 k.w.h -1.4% +10.7%
(Computed trend of past years-100%J
Sales of electricity
358,153,000 k.w.h
+4.1% +7.6%
Lighting
82,224,000 k.w.h
-4.8% +16.7%
Municipal
9.510,000 k.w.h -3.3% +8.7%
Mar.
Jan.
Feb.
Mar.
Residential and commercial
72,714,000 k.w.h -5.0% +17.9%
1927. 1928. 1928. 1928.
Power
230,518,000 k.w.h
+4.6% +3.9%
Municipal
5,330,000 k.w.h -6.6% +163.6%
Primary DistributinStreet cars and railroad
51,982,000 k.w.h
+3.1% +5.9%
Car loadings, merchandise and miscellaneous
108
104
103
Industries
173,206,000 k.w.h
+5.4% +1.4%
Car loadings, other
99
96
92
All other sales
45,411.000 k.w.h +21.7% +12.1%
Exports
98
90
497
Imports
109
107
*104
Panama Canal traffic
97
102
86
Wholesale trade
99
102
__ _
Report on Hosiery Industry in Philadelphia Federal
Distribution to Consumer
Department store sales, second district
98
104
98
Reserve District.
Chain grocery sales
103
103
102
Other chain store sales
102
102
100
The following report compiled by the Bureau of the Census
Mall order sales
99
98
97
Life insurance paid for
119
showing the percentage change from February to March
113
111
Advertising
99
98
95
in the activity of 139 hosiery mills in the Philadelphia
General Business AMOS"Bank debits outside of New York City
106
102
107
Federal Reserve District, is issued by the Federal Reserve
Bank debits, New York City
129
135
159
Velocity of bank deposits, outside of N. Y. City_ 106
104
111
Bank of Philadelphia:
Velocity of bank deposits, New York City
135
138
162
Shares sold on New York Stock Exchange
168
PERCENTAGE CHANGES FROM FEBRUARY TO MARCH.
196
281
Postal receipts
97
95
90
Electric power
106
107
...._
Men's Men's Women's Women's
Employment in the United States
100
96
95
FullSeamFullSeamBusiness failures
111
114
115
Fasted. less.
Fash'd.
Zen
Building contracts
134
151
125
New corporations formed in N. Y. State
120
127
115
Production
+9.2
-0.5
+1.4
+5.2
100
Real estate transfers
101
92
Shipments
+3.0
+3.5 +18.4
+20.7
General price level
170
173
174
Stock, finished and in the gray
-1.5
-3.3
+8.7
+16.8
Composite index of wages
223
221
223
-1.1 +19.9
Orders booked
+39.4 +13.9
•Preliminary. a Revised.
+115.8 +88.5 +143.6 +136.2
Cancellations received
UnfIllpel nniare and nf mnnth
-4-Oh
-4.3 -14.9 4-32.8
Real Estate Market Index-For March 20 Points Below
That for February.
Real estate market activity for 1arch was measured by
an index figure of 169, according to the compilation made
monthly by the National Association of Real Estate Boards.
The compilation is made from official figures of transfers
and conveyances recorded in 41 typical cities. The index is
four points lower than the index for March of 1927. It is
20 points lower than the index for February of the present
year. The Association's compilation uses for its base the
average number of transfers and conveyances recorded in the
41 cities during the corresponding month of the years 191623. Since it does not include in this base the years 1924-27,
it is pointed out that in interpreting the index the figure
found for any month is comparable with that of the corresponding month of the previous year, but is incomparable
with that of the month directly preceding it. The index
word for the past twelve months is as follows:
PERCENTAGE CHANGES FROM FEBRUARY TO MARCH.
Boys'
MAIM
and
Mtsses'At
htldrens • Infants Sport. Total.
Production
Shipments
Stock, finished and in the gray
Orders booked
Cancellations received
IThfillarl 'avian! and nf mnnth
+6.0
+18.4
-25.3
+23.3
+64.3
-31.3
+6.3
-1.4
-3.6
-23.1
-2.6 +10.1
-5.0
-11.5 -14.8
+8.2
+5.9 +18.2
-9.1 +279.2 +113.9
-42.1 -63.8 -17.0
Reports to Mid-west Shippers' Advisory Board Forecast
Improved Business Conditions During Present
Quarter as Compared With Same Period in 1927.
The improvement in business conditions in April, May
and June of this year, as compared with the same months of
1927, will be much greater in the Mid-West than in other
sections of the country, according to a compilation of the
reports of the Commodity Committees making up the MidWest Shippers' Advisory Board. This board includes in its
territory the States of Illinois, Iowa and Wisconsin, northern
2720
FINANCIAL CHRONICLE
[Vol.. 126.
Michigan and Western Indiana. The board in announcing May 1 Business Review of the Federal Reserve Bank of
this April 24 said:
Philadelphia. The Bank's survey goes on to say:
According to reports of the Mid-West Shippers' Advisory Board, business
Seasonal improvement in the production and distribution of goods is
in this territory in the second quarter of the year will show an increase of reported in many lines.
although the extent of this gain has been loss pro12.7% over the corresponding months a year ago, while for the country nounced than was the case at
the same time in recent years.
as a whole an increase of but 3.7% in business activity is indicated by the
Mercantile conditions have improved somewhat since the middle of last
combined reports of all of the Shippers' Advisory Boards. The expected month. Retail business is
moving forward in a fair volume. March sales
Increase in Mid-West activity is greater than that predicted for any other were almost 2% greater
than in the same month last year, but this increase
section of the country, the next highest figure, amounting to 10.7% increase, was due partly to the earlier
occurrence of Easter this year and to the fact
being reported for the Allegheny region centering at Pittsburgh.
that there was one more Saturday this March than a year ago. Shoe and
The estimated increases in the various lines of Mid-West industry and credit stores made the best
showing as compared with a year before.
agriculture in April, May and June this year, as compared with the same
Wholesale and jobbing trade in the main also is moderately active, and
months a year ago, are shown below:
prices have shown little change during the month. Sales in March, while
increasing seasonally, were substantially smaller than a year earlier, most
FORECAST OF FREIGHT CAR LOADINGS
lines sustaining a loss.
MID-WEST SHIPPERS' ADVISORY BOARD TERRITORY
SECOND QUARTER 1928 COMPARED WITH SECOND QUARTER 1927
The dollar volume of business, as measured by check payments in this
Est.
En.
district during the greater part of April, exceeded that of a year ago by 14%.
Inc.
(+) Railroad shipments of
(+)
goods during the four weeks ended April 7 were almost
CommodityDec.
Dec.(-) Commodihl(5% greater than in the preceding four weeks but were nearly 10% below the
Grain
+3.0% Sugar, syrup, glucose and
Flour, meal and other mill
molasses
+10.0% volume of the same period last year.
products
+7.0%
+5.0% Iron and steel
The industrial situation continues diversified. Many individual inHay, straw and alfalfa
+12.0% Castings, machinery and boilers +5.0% dustries report
seasonal betterment, but the rate of manufacturing opera-1.5%
Fresh fruits
+15.0% Cement
tions as a rule is still noticeably lower than that existing at the same time
Potatoes
+2.0% Brick and clay products
+5.0% last year. Estimates of production rates in the principal branches of manOther fresh vegetables
+3.0% Lime and plaster
Live stock
+5.0% Agricultural implements and
ufacturing generally are in the neighborhood of 65 to 80% of capacity.
vehicles other than automoPoultry and dairy products._
+7.0%
biles
Coal and coke*
+35.0%
+10.0% Wage disbursements and employe-hours worked declined slichtly during
-3.0% March in contrast to the usual increase at this season. Factory employOre and concentrates
-2.5% Fertilizers
Clay, gravel,sand and stone___ +25.0% Paper, printed matter and books _ _
ment, while remaining virtually unchanged from Fetruary, continued conChemicalsand explosives
+10.0% siderably smaller than a
Salt
year earlier. Consumption of electric power by
Lumber and forest products__ +4.5% Canned goods-all canned food
industries increased seasonally and surpassed that of a year before.
Petroleum and petroleum
products
-8.0%
+10.0%
products
Fabrication of iron and steel products continues active, as usual at this
+12.7%
Total (both sides)
*Coal production in Mid-West Shippers' Advisory Board territory dependent time. Operations of iron and steel foundries of this district showed gains
upon outcome of negotiations between mine operators and mine workers for working between February and March but were materially lower than in the same
agreement.
month last year. In the textile industry,clothing and full-fashioned hosiery
have had a fairly active month while other branches have shown signs of
slackening. A slight betterment is noted In
rugs, and linoleums
Chester D. Pugsley Finds Position of Farmer Improved and felt base goods are In good demand. car; ets andand leather market
The hide
continues fairly active and prices are strong. Business in shoes is fair.
by Reason of Better Agricultural Prices.
The demand for rubber products Is gradually inq roving, as usual at this
The position of the farmer is appreciably improved due season. A moderate rate of activity prevails In'paper and tobacco ; roducts.
Building operations, while expanding seasonally, are in a considerably
to better prices for agricultural commodities in the opinion
than a year earlier.
of Chester D. Pugsley, Vice-President of the Westchester smaller volumein most of the leading March contract awards and building
permits issued
cities were noticeably lower In value
County National Bank at Peekskill, N. Y. He says:
than in the same month last year. This situation Is fully reflected in the
The position of the farmer has appreciably improved due to better prices market for building materials, the demand for which has
increased seasonfor agricultural commodities. This affords him greater purchasing power ally but is not up to the volume of a year ago. Conditions in the
Philaas the index of wholesale commodity prices shows no proportionate increase delphia real estate market have improved somewhat
during the month.
In manufacturing and other products.
The usual spring reduction in prices has stimulated the anthracite market
The spread between what the farmer receives for his produce and the to some extent, although sales have not measured up to those of a
year ago.
price the ultimate consumer pays is so great that the farmer by co-operative Colliery operations are lower than at the same time
last year. and condimarketing could greatly augment his income. Some farmers are achieving tions in the bituminous field continue highly unsatisfactory.
this result by establishing wayside stands if their property borders the main
The credit situation is somewhat firmer than a month ago, though funds
travelled highways for the sale of their farm produce to the passing motorist. for the accommodation of business remain ample.
Commercial loans,
they would though smaller than a year earlier, have increased
Farmers are naturally individualists and independent, but if
In the past two months,
co-operate and market their products through co-operative marketing reflecting a seasonal growth in trade and Industry.
Loans on securities
organizations the farm problem would be completely solved.
also have risen in the same period and exceeded those of a year before.
Farming as the basic occupation on which our great industrial and fin- Borrowings from the Philadelphia Federal Reserve
Bank. though continuing
ancial structure has been reared needed a recovery from the economic at a higher level than at the same time last year, have
shown little change
depression that has affected it the past few years, and this Is being achieved during the month.
by better prices.
Considerable Improvement in Business Conditions in
Boston Federal Reserve District Since First of Year.
Stating that "business conditions in New England have
shown considerable improvement since the first of the year,"
the Federal Reserve Bank of Boston says that "although
the rate of activity in the textile industry during March was
not sustained at the January and February levels, nevertheless the Index of New England Business Activity has increased approximately 5% since the first of the year." The
foregoing statement is contained in the May 1 Monthly
Review of the Federal Reserve Bank of Boston, which
continues as follows:
The index advanced about 2% in March from February. A sharp increase in the amount of new building, as well as a larger electric power
production,improvement in railway freight carloadings, and unusual activity in the shoe industry were contributing factors effecting this increase.
In other districts, automobile and iron and steel production increased during March, as compared with February. Automobile production, excluding the Ford plants, established a new high record for March. and
Ford production is increasing rapidly in volume, and is expected to reach
a daily output of about 5,000 cars within the next month. The volume
of cotton consumed by the New England mills during March was the lowest
for that month since 1924. The average daily consumption, however.
corrected for seasonal influences, showed no change from the preceding
month. Production by New Bedford mills in March was relatively lower
than during the preceding months. Production in April will be small,
reflecting the curtailment caused by the strike. Wool consumption by
March,
New England mills declined from February. and was smaller than in
quarter
1927. Boot and shoe production in New England during the first
and March
of this year was larger than in any first quarter since 1923,
production was 10% greater than the corresponding month a year ago.
than a year
While total production for the United States has been larger
due to the
ago for the first three months of the year. this increase has been
higher rate of operations by New England factories. The value of conEngland during the first quarter
tracts awarded for new buildings in New
was nearly 20% larger than for the same period a year ago. The value
of the awards in March was 142.280.000, 6% less than the record March
established last year. Sales of New England reporting department stores
in March declined about 1% from the corresponding month a year ago,
and preliminary reports on April trade indicated a material decrease from
April, 1927.
Business Conditions in Philadelphia Federal Reserve
Bank-Seasonal Improvement in Production and
Distribution.
"General business in thelPhiladelphia Federal Reserve
District is progressing at a moderate pace," according to the
Industrial Employment Conditions in Chicago Federal
Reserve District-Loses and Gains Evenly Distributed.
"With losses and gains evenly distributed among the reporting industrial groups, aggregate employment at manufacturing plants of the Chicago Federal Reserve district
registered a gain of 1.2% in men and 0.8% in amount of payrolls during the period Feb. 15 to March 15" it is stated in the
Monthly Business Conditions Report(May 1) of the Federal
Reserve Bank of Chicago-The Bank adds:
The groups registering gains were the metals, vehicles, stone, clay and
glass products, lumber,and chemicals, although in this latter
the Increase in
employment was accompanied by a decline in payrolls. Metals and vehicles,
as well as a seasonal increase in the demand for building materials, may be
said to be sustaining the industrial market for labor. Even in these lines
conditions -were not uniformly good. The non-ferrous
metals, cooking and
heatling apparatus, watches and jewelry registered declines. In
the lumber
group, box factories, panel and veneer mills, and the manufacturers of sash.
door, and interior trim, showed increasing activity, but furniture factories
reported a recession. Other important industries in which the trend in employment was downward were hosiery and clothing, tanning, meat
packing.
paper and printing.
Employment at Detroit,as reported by the Employers'Association of that
city, has continued to expand, the volume on April 10 exceeding that of
March 13 by 2.6% and showing a gain of 10.1% over the corresponding date
a year ago. Records at the free employment offices of states in this district
also indicated some improvement in the unemployment situation, the ratio
of applicants to available positions registering a lower percentage than the
preceding month. In Illinois the ratio changed from 204%
to 173; in Iowa
from 345 to 336; while in Indiana the average for March was 159 as compared
with 171 during February. An increasing demand for labor
in the building
industry was largely responsible for the decline in the unemployment ratios.
EMPLOYMENT AND EARNING8-8EVENTH FEDERAL
RESERVE DISTRICT.
No. of Wage Sams:.
Industrial Glow,:.
Week Ended.
Mar.15 Feb. 15
1928. 1928.
All amine (10)
340,277 336,393
Metals and metal products
(other than vehicles)
133,399 129,832
Vehicles
29.751 38,623
Textiles and textile products_ 27,485 27,899
Food and related products_ _ _ 47,908 48,209
Stone, clay, & glass products- 13,010 12,027
Lumber and its products
28,216 27,95
Chemical products
10,496 10.323
Leather products
14,935 15,183
Rubber products
3,919 4,006
Paper and printing
31,155 32,341
Total Minting*.
Week Ended.
%
Mar. 15
Ch*ge. 1923.
Feb. 15
ø:A.
%
Ck'ge.
+1.2 89.269.821 39,196,583 +0.8
+2.7 3,613,032 3,533,544 +2.2
+3.9 935,613 891,710 +4.9
652,301
888,798
-0.6 1,305,510 1.327,080 -1.6
336,724 +13.5
382.172
4-8.2
+1.0 698,446 690,097 +1.2
282,040 -0.4
+1.7
280.963
339,777 -5.2
-1.6
322.249
-2.2
98,405
88,149 +11.6
-3.7
981,030 1,018.654 -3.7
FTNANCTAL CHRONTCLE
MAY 5.1928.]
• Merchandising Conditions in Chicago Federal Reserve
District-Gains in Wholesale and Department
Store Trade.
Increases in wholesale and retail trade are indicated in
the following covering Merchandising Conditions in the
Chicago Federal Reserve District, taken from the May 1
issue of the Monthly Business Conditions Report of the
Chicago Reserve Bank:
-Gains over February were shown during March in
Wholesale Trade.
all six reporting lines of wholesale trade in this district, while in comparison
with a year ago, half the groups indicated declines and half increases.
For the first quarter of 1928. grocery, drug, and shoe firms re orted agpregate gains over the corresponding period of 1927 of 1.8, 3.9 and 5.6%.
respectively, and decreases of 4.5% in hardware, 5.6% in di ygoods, and
0.4% In electrical sum lies were indicated. March collections were larger
in all lines than in the ;receding month, and in all excel t hardware and
dry goods were above a year ago. Hardware firms in Iowa state that
collections are not noticably imp roving. As re; cried for February, jrices
are firm or stationary In all lines except shoes here the trend is upward.
and in electrical supplies where some rercrts ind:cate a downward tendency.
WHOLESALE TRADE DURING THE MONTH OF FEBRUARY 1928.
Net Sales During Month.
Per Cent Change from
Preceding
Month.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Stocks at End of Month.
Per Cent Change frorn
Precedttog
Month.
Same Month
Last Year.
(25)+ 1.8
(In- 0.4
(I0)- 2.9
(12) - 0.6
( £i)+ 3.9
(23)4 2.8
(25)- 1.0
(Ill+ 8.1
(10)+11.0
(12) + 4.1
( 5)+22.0
(32)4 0.8
Same Month
Last Year.
(38)4 10.4 (38)- 1.3
(17)-13.1
(17)+28.1
(13)4 6.5
(13)-15.0
041+ 5.8
(14)+19.8
( 8)+44.8 ( 8)+ 8.9
(37)+11.9 (41)+ 4.3
Accounts OttUdanding End of Month.
Per Cent Change from
Preceding
Month.
Groceries-Hardware Dry goods.
Drugs
Shoes
Elec. suppl.
Same Month
Last Year.
Ratio to
Net Sales
During
Month.
(35)+ 1.8
(17)+10.4
t13)+ 4.2
(12)+ 4.9
( 7)+13.0
(36)+ 4.9
(34)- 1.5
(17)4 0.4
(II)- 3.5
(12)- 0.0
( 6)+ 8.6
(40)- 0.8
6
(3 ) 107.3
(17) 201.0
(13) 297.2
(12) 130.4
( 7) 247.2
(40) 141.5
Collections Daring Month.
Per Cent Change from
Preceding
Month.
Same Month
Last Year.
(2f0+ 6.7
(15)+ 8.1
( 91+ 4.2
( 8)+ 7.5
( 6)+24.8
(25)+ 3.4
(28)4 1.7
(15)- 2.4
( 9)- 8.2
( + 0.3
(81+ 6.3
(28)+ 1.8
Figures In parentheses Indicate number of firms included.
Department Store Trade.
-An aggregate gain of 8.1% was shown over a
year ago in March sales of 84 department stores of the district. Sales by
Chicago reporting stores indicated little change from last year, as did
those for 59 firms in smaller cities, while Detroit. Indianapolis, and Milwaukee firms reported Increases. First-quarter sales for the district totaled
6.8% more than for the saint I cried of 1927. In the comparison with the
preceding month. March sales increased seasonally 23.5%. Stocks of
61 firms on March 31 averaged 6.4% heavier than a month previous
and were 0.3% leas than a year ago. Stock turnover for March this
year was 33.7% compared with 31.2% last year; turnover for the first
quarter of 1928 averaged 91.8% against 84.8% for the corresponding
period of 1927. Collections during March declined 4.4% from February,
but were 3.6% larger than a year ago, while accounts outstanding
March 31 were 1.5% and 6.1% above a month and a year previous. respectively. The ratio of March 1928 collections to accounts outstanding
the end of February was 41.6. compared with 40.1 a year ago.
Retail Shoe Trade.
-24 retail dealers and the shoe sectiosn of 20 department stores In the Seventh (Chicago] district reported an aggregate gain
in March sales over February of 54.4%, only two firms showing declines
As compared with March. 1927, sales were lower by 4.4%, with about
one-half the individual reports indicating a decline. Sales so far in 1928
have totaled 6.1% belowthe same period of last year. Stocks on March
31 increased 9.4% over a month previous and were 4.6% smaller than
S year ago. Collections during March as reported by 16 dealers, declined 7.6% from the preceding month and 18.4% from March 1927.
Accounts receivable March 31 increased 11.9% in tho month-to-month
comparison and decreased 33.9% in the yearly. The ratio of accounts
receivable to sales during the month was 56.9% for March. 73.1% In
February, and 87.7% a year ago.
Retail Furniture Trade.
-Sales increases of 6.7 and 1.1% over February
and over March 9 year ago,respectively, were shown In the March reports of
28 retail furniture dealers and the furniture sections of 24 department
stores. Stocks at the end of March gained 4.3% over the preceding month,
but were 1.7% smaller in the yearly comparison. March installment sales
of 19 dealers exceeded those in February by 12.4% and March. 1927 by
14.7%. Collections on this class of sales were heavier by 14.7% arid 3.2%
in the respective month-to-month and yearly comparisons.. Total collections Increased 9.3% over February and 1.9% over March a year ago.
A decline of 1.8% between February 29 and March 31 was recorded in
accounts receivable, but an increase of 2.4% was shown over the corresponding date of 1927.
-March sales of 28 chains in the Seventh district
Chain Store Trade.
operating 2,346 stores during the month, gained 12.9% in the aggregate
over February and were 19.6% above a year ago. In the month-to-month
comparison, only men's clothing and shoe chains showed a decline, while
In the yearly, grocery, drug, five-and-ten-cent, shoe, and men's clothing
chains reported increases, and cigars, musical instruments, furniture, and
women's clothing indicated smaller sales. The number of stores in operation during March changed little front the preceding month, and was 19.8%
greater than in March 1927.
Manufacturing Activities in Chicago Federal Reserve
-Continued Expansion in Midwest DistriDistrict
bution of Automobiles.
2721
Twenty-five companies reported stock shoes on hand at the end of the
month equivalent in the aggregate to 77.3% otthe volume of their March
shipments. Approximately four and one-half weeks' operation at the current rate of distribution was indicated by the unfilled orders on the books
of 23 firms.
CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN MARCH
1928 FROM PREVIOUS MONTHS.
Per Cent Change from
Companies Included.
Feb. 1928.
March 1928.
-0.6
+11.2
-3.8
-12.0
--12.9
--11.7
--0.7
--13.9
Production
Shipments
Stock shoes on hand
Unfilled orders
Feb. 1928. Mar. 1927.
30
30
25
23
30
30
25
22
Leather production in the Seventh [Chicago] district continued at nearly
the same rate in March as in the preceding month and remained below a
year ago; sales decreased somewhat from February, but were ahead of the
corresponding period of 1927, according to reports sent direct to this bank
by re, resented\ e tanners. Prices tended to firm.
March sales of packer green hides and calf skins at Chicago showed a
large Increase over the receding month: shipments from the city and purchases by district tanneries also were reported as larger than in February.
Chicago quotations remained easy until the middle of March and then
trended upward.
As to automobile production and distribution the Bank
says:
First-quarter production of passenger automobiles in the United States
exceeded that of the correspondgng period of 1927 by 7.2%, while truck
output showed an agpregate decline of 21.9%. March production of passenger cars for the country totaled 371.408. a gain of 27.7% over the preceding month and of 7.4% over March last year. Truck output in March
aggregated 41,417. or 26.7% more than in February and 14.7% under a
year ago.
Continued expansion in automobile distribution was shown during
March In the Middle West. Sales of new cars, at wholesale and retail, and
those of used cars increased over February. The aggregate of cars sold at
retail was also larger than in March last year, but wholesale distribution
and used car sales declined in this comparison. Stocks of new cars have
increased, while those of used cars showed a decline from the end of February
and were less in number than on March 31 1927, but increased in value.
Twenty-nine dealers re,iorted that deferred payment sales averaged 39.7%
of their retail total sales in March, which compares with a ratio of 46.9 in
February and of 44.5 in March last year.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in March 1928 front previous months.
Per Cent Change pom
February 1928.
New CarsWbalesale--Natnber sold
Value
Retail-Number sold
Value
On hand March 31-Number
Value
Used Carl
Number sold
Salable on nand-Number
Value
March 1927.
Companies
Included.
+4.2
+9.1
+86.1
+65.3
+15.5
+10.0
-26.5
-31.7
+11.5
+9.8
+25.4
+15.3
34
34
83
83
53
63
+40.2
-1.9
-2.4
-2.9
-13.9
+8.5
83
51
51
Business Conditions in San Francisco Federal Reserve
District-Moderate Seasonal Expansion in Industry.
In surveying business conditions in the San Francisco Federal Reserve District Isaac B. Newton, Chairman of the
Board and Federal Reserve Agent of the Federal Reserve
Bank of San Francisco, states that "data now available for
March, 1928, show that a moderate seasonal expansion in
industry took place during that month, and that in at least
two of the more important lines of activity in the district,
lumbering and flour milling, operations were at higher levels
than a year ago. "Similar improvements, as compared with
a year ago," he says, "was lacking in the building and construction industries. Value of building permits issued increased by a normal seasonal amount from February to
March, but failed both in number and value to equal the
figures of March, 1927." Mr. Newton, under date of April
20, also says:
Reports from distribution and trade factors reflect some backwardness in
that field of commercial activity during March,although sales at retail were
slightly greater in value than a year ago. Seasonal increases in sales were
less than has been customary at this time of year, and many firms, both
wholesale and retail, have not been able to equal their last year's sales volume. Exceptions worthy of note are the distinctly larger retail sales reported from Arizona and from Seattle and Salt Lake City. Aggregate
sales of wholesalers during March, 1928, were but slightly larger than in
February. 1928. or March, 1927. Registrations of new automobiles in the
district are increasing, but are not yet equal to new car registrations during
early 1927.
Commodity prices, hi general, remained steady during March. Practically all indexes of commodity prices are now slightly higher than they
were a year ago, a period in which prices were at the lowest levels since the
beginning of 1922.
Banking and Credit -Largely as a result of the seasonal quickening in
general business activity during the opening months of 1928. commercial
loans of reporting member banks expanced to a spring peak in March, since
when such loans have declined slightly. Security loans and investment
holdings of these banks have increased substantially since March 1st, however, and their total 109119 and investments averaged higher during April
than ever before. Discounts at the Federal Reserve Bank of San F an.
cisco recently have been in the largest volume reported since early in 1923.
The Federal Reserve Bank of Chicago reports that March
shipments from shoe factories in the Chicago Reserve District showed a seasonal gain over the preceding month, and
totaled 10.2% larger than current production which remained
The review by Mr. Newton. indicates that "moderately
about oit a level with February. "Conditions in the shoe
manufacturing, tanning and hide industry in the District, heavy rains during the period March 20th to April 20th have
are further reviewed as follows in the Bank's Monthly Busi- provided partial relief from the shortage of rainfall which had
previously threatened agricultural areas of the district, parness Conditions Report May 1:
FINANCIAL CHRONICLE
2722
ticularly in Arizona, California, and Nevada. Crops and
livestock are generally reported to be in good condition."
Automobile Models and Price Changes.
A new convertible cabriolet model on all three Auburn
chassis has been announced by the Auburn Automobile Co.
The new design is a combination of the open and closed
car. The top can be folded back in a few seconds, converting the car into a completely open model, or it can
be raised resulting in a regular coupe. Windows may be
set flush with the doors or left raised while the top is
down, thus providing perfect driving comfort against wind
and weather. A rumble seat is provided, making the car
practically a four-passenger model. The collapsible top
is of extra heavy top material of a dust proof shade.
The Chevrolet Motor Co. (a General Motors Corporation division) announces a new convertible sport cabriolet
with body designed by Fisher, priced at $695 f. o. b., Flint,
Mich. It combines all the closed car advantages of the
sport cabriolet with the open car features of the roadster.
An entirely new six-cylinder motor car is being sponsored
by Walter P. Chrysler and other executives of the Chrysler
Motor Car Co. through the De Soto Motor Corporation.
The new car will be known as the De Soto Six.
Graham Paige Motors Corp. is introducing a coupe and
a cabriolet to its "629" line, both priced at $2,185.
Effective as of May 1, the Studebaker Corporation advanced the price of the Dictator five-passenger sedan $50
to $1,245, and the President seven-passenger eight-cylinder
model $100 to $2,085. Both prices are f. o. b. South Bend.
Lumber Shipments Reach New High For the Year.
Lumber shipments during the week ended April 28 reached
a new high for the year, according to the weekly analysis of
the National Lumber Manufacturers' Association, based on
telegraphic reports remived from 775 of the leading softwood
and hardwood mills of the country. Shipments for the week
totaled 339,905,000 feet, as against 323,194,000 for the week
before, when 746 mills reported. Production amounted to
311,647,000 feet, a decline of approximately 11,000,000 feet
from the preceding week, when a new high was established
for this item. The combined order file for all mills, however, showed a sharp recession, as compared with the unusually high levels recorded within the last six weeks, indicating heavy purchases for spring operations.
The 351 currently reporting softwood mills were responsible for the large increase in shipments, and at the same
time absorbed the decline in production and orders in the
combined figures. All three items, however, are far in
advance of those for the corresponding period of last year.
There were 18 fewer softwood mills reporting for the week
under review than for the preceding week.
The hardwood branch of the industry was on a more even
keel, the 424 reporting units showing a gain of slightly more
than 1,000,000 feet in production and 3,700,000 feet in
orders. Shipments were about steady, compared with the
week before, according to the National Association's report,
which adds:
Unfilled Orders.
The unfilled orders of 216 Southern Pine and West Coast mills at the end
of last week amounted to 735.425.202 feet. as against 757.405.186 feet for
205 mills the previous week. The 101 identical Southern Pine mills in the
group showed unfilled orders of 239.984.206 feet last week as against
245.014,063 feet for the week before. For the 115 West Coast mills the
unfilled orders were 495,440,996 feet, as against 512,391,123 feet for 104
mills a week earlier.
Altogether the 351 reporting softwood mills had shipments 109% and
orders 100% of actual production. For the Southern Pine mills these percentages were respectively 112 and 104; and for the West Coast mills 112
and 99.
Of the reporting mills, the 351 with an established normal production
for the week of 253,398,486 feet, gave actual production 103%. shipments
112% and orders 103% thereof.
The following table compares the lumber movement, as reflected by
the reporting mills of eight softwood, and two hardwood, regional associations, for the three weeks indicated:
Past Week.
Softwood. Hardwood.
Corresponding
Week 1927.
SOfit00011.
Preceding Week 1928
(Rev(sed).
Hardwood. Softwood. Hardwood.
Mills or
141
369
377
306
424
*351
units_ _ _ _
Production_ 260.053.000 51,594,000 189,092,000 12,295,000 272,173,000 50,441,000
222,838,000 21,620,000 267,184,000 56,010,000
Shipments _ 283.954,000 55,951,000
Orders
260.297.000 56.788.000 219.233,000 24.460,000 299,665,000 53,086.000
* A unit is 35,000 feet of daily production capacity.
•
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 115 mills reporting for the week ended April 28 was 1%
below production, and shipments were 13% above production, vbich was
131.054,807 feet, as compared with a normal production for the week of
[Vol.. 126.
111,058,042. Of all new business taken during the week 52% was for
future water delivery, amounting to 66,806.270 feet, of which 50,542,081
feet was for domestic cargo delivery, and 16,264,189 feet export. New
business by rail amounted to 57,086.102 feet, or 44% of the week's new
business. Fifty-three per cent of the week's shipments moved by water.
amounting to 77,931,221 feet, of which 49,777,755 feet moved coastwise and
intercoastal, and 28.153,466 feet export. Rail shipments totaled 64,164,911
feet. or 43% of the week's shipments, and local dellveries 5.473,972 feet.
Unshipped domestic cargo orders totaled 182.909,558 feet. foreign 146,943,041 feet and rail trade 165,588,397 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 101
mills reporting, shipments were 11.55% above production and orders were
3.0% above production and 7.04% below shipments. New business taken
during the week amounted to 66,181,693 feet (previous week. 68,058,312);
shipments, 71,411,550 feet (previous week, 73,129.567); and production.
64,017.439 feet (previous week, 64.559.112). The normal prodtm-lon
(three-year average) of these mills is 67,670,044 feet. Of the 98 mills
reporting running time, 70 operated full time, 7 of the latter overtime.
The rest operated from one to six days.
The Western Pine Manufacturers Association of Portland. Ore, reports
production from 25 mills as 21,789,000 feet, as compared with a normal
production for the week of 22,421.000. Twenty-six mills the week earlier
reported production as 22,218,000 feet. Shipments last week were slightly
less, and new business slightly larger.
The California White and Sugar Pine Manufacturers Association of
San Francisco reports production from 17 mills as 19,804,000 (46% of the
total cut of the California pine region) as compared with a normal figure
for the week of 15,014.000. Twenty-two mills the week before reported
production as 24,334.000 feet. There was a marked decrease in shipments
last week and a nominal increase in orders.
The California Redwood Association of San Francisco reports production
from 13 mills as 5,945,000 feet, compared with a normal figure of 6,928,000.
Fourteen mills the preceding week reported production as 7,508,000 feet.
Shipments were larger last week with new business considerably less.
The Ne th Carolina Pine Association of Norfolk, Va., reports production
,
from 39 mills as 5,972,000 feet, against a normal production for the week
of 7,440,000. Fifty-five mills the previous week reported production as
10,408,000 feet. Shipments and new business were greatly reduced, due
to the fewer number of reporting mills.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 7 mills as 7,747,600 feet, as compared with a normal
figure for the week of 7,796,400. Right mills the week earlier reported
production as 7,357,200 feet. Shipments were sllghtly larger and orders
showed some decrease.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) reports production from 34 mills
as 3,724,000 feet, as compared with a normal production for the week of
15.071,000. Twenty-four mills the week before reported production as
2,768.000 feet. There were increases in shipments and orders last week.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reports production from 52 units as 8,785,000 feet, as
compared with a normal figure for the week of 10.857,000 feet. Twentyfour mills the previous week reported production as 7,680,300 feet. Shipments were larger, and new business slightly below that reported for the
week earlier.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 372 units as 42,809.000 feet, as against a normal production for the week of 73,519.000. Three hundred and fifty-three units the
preceding week reported production as 42,761,000 feet. Shipments were
less last week, with orders somewhat increased.
West Coast Lumbermen's Association Weekly Report.
One hundred fifteen mills reporting to the West Coast
Lumbermen's Association for the week ended April 21 1928
manufactured 127,028,099 feet, sold 149,213,944 feet and
shipped 116,831,316 feet. New business was 22,185,845
feet more than production and shipments 10,196,783 feet
less than production.
COMPARATIVE TABLE SHOWING PRODUCTION. NEW BUSINESS.
SHIPMENTS AND UNFILLED ORDERS.
April 21.
Week Ended—
April 14.
April 7.
March 31.
Number of mills reporting
115
113
112
113
Production (feet)
127,028.099 123.070,070 125,750,622 125,617,068
149,213,944 144,230,288 143,572,064 109,046,885
New business (feet)
Shipments (feet)
116,831.316 132,030,128 138,339,800 112,518,989
Unshipped Business—
Rail (feet)
171,575,639 165,820,788 166,308,189 169,930,676
Domestic cargo (feet)
182,451,076 168,705,926 167,979,174 187,199,529
Export (feet)
158,364,408 144,029,334 131,157,712 123,469,936
Total (feet)
512.391,123 478,556,038 465,444,075 460,600,141
First 16 Weeks of—
1928.
1927.
1926.
1925.
Average number of mills_
113
78
119
104
Production (feet)
1,831,969,384 1,168,168,801 1,536,526,027 1,572,313,123
New business (feet)
1,979,686,535 1,260.059,073 1,855,538,499 1,576,290,853
Shipments (feet)
1,778,838,437 1,187,108.623 1,579,958,478 1,596,016,232
International Cotton Federation Declares Publication of
Monthly Reports of Cotton Condition Detrimental—
Industry Suffering From Heavy Taxation.
The following resolution relative to the cotton crop reports of the U. S. Department of Agriculture was adopted
at a recent meeting of the Committee of the International
Cotton Federation held in Paris:
"This meeting of the International Committee expresses unanimously
the opinion that the publication of the monthly reports on the condition
and production of the United States cotton crop by the Department of
Agriculture in Washington, D. C., has been detrimental to steady trade
and has caused excessive speculation. This meeting therefore respectfully requests the U. S. A. cotton manufacturing interests as well as
the cotton farmers and cotton merhcants concerned to exercise their influence that legislation be modified so that only one condition report
of the crop be issued during the growing season, preferably in October
of each year."
The Secretary was instructed to submit this resolution
to the Cotton Textile Institute in New York and to other
MAY 5 1928.]
FINANCIAL CHRONICLE
2723
interested American organizations. Further matters before the meeting and action taken thereat is indicated as
follows:
The production figures of certain pools in the various districts for the
current week compared with the previous week follow (figures In barrels
of 42 gallons):
-Week Ended-Week Ended
North LouisianaOklahomaA pr.28. Apr.21
Apr.28. Apr.21.
Egyptian Cotton "On Call." The question of the presPurchase of
North Braman
2,950 2,950 Haynesville
6,300
6,350
gambling in Egyptian cotton, due to the system of buying "on call" South Braman
ent
7,300 7,350
1,800 Urania
1.800
was considered and the following resolution was adopted:
Tonkawa
14,250 14,550
Arkansas
8,600 8,600
"This Committee places on record its unanimous disapproval of the Garber.
7,150 8,150
36,700 37,750 Smackover, light___
system of purchasing Egyptian cotton "on call" by spinners, as in a Burbank
57,950 63,800
23.950 24,300 Sma,kover.heavy
restricted market such as the Egyptian, this system is certain to lead to Bristow Slick
9,900 9,900
speculation, such as is being experienced at the present time Cromwell
excessive
Coastal Texas
Wewoka
7,700 7,650
and which is detrimental to the best interests of the industry.
8.300 9.000
Seminole
54,150 55,500 West Columbia
"The Secretary is instructed to watch developments in this direction Bowlegs
6,950 5,700
72,250 73,350 Blue Ridge
and to invite the opinion of each country as to the desirability of Searight
10,000 10,300
15,150 16,350 Pierce Junction
10,500 11,200
further joint action being taken to meet the situation."
Little River
38,450 41.750 Hull
32.000 33,400
Taxation. In view of the fact that the cotton industry in all coun- Earlshoro
93,700 93,450 SPindletoP
Orange County
Panhandle Texas
4,700 4,800
tries is suffering very severely from heavy taxation, both imperial and
Hutchinson County__ 42,100 41,700
local, the Committee adopted the following resolution:
7.400
Carson County
Warmest,
7,600
meeting of the Committee of the International Federation of Gray County
"This
41.450 40,609
19,550 19,000 Salt Creek
950
Master Cotton Spinners' & Manufacturers' Associations, held in Paris Wheeler County
1,000
Montana
West C•ntral resat
an March 31st, 1928, views with grave concern the heavy burden of
9,500 10.0(8)
12.750 12,100 Sunburst
national and local taxation on industry in the affiliated countries which Brown County
Is seriously retarding the recovery of the cotton industry. This CoM Schackelford County - - 9,500 10,000
California
Weal Texasmittee urges the Governments of the countries associated with the In37,000 37,000
18,800 19,100 Banta Fe Springa
Reatan
ternational Cotton Federation to make every effort to ease that burden Pecos County
- 170,000 158.000
50,000 51.930 Long Beach
Counts
and so assist in bringing about the revival in industry so necessary at Crane er Upton Counttes. 74,800 75,300 Huntington Beach
55.500 55.500
the present juncture."
18,500 18.500
Wtnk tex
230,500 212,350 Torrance
iDomingues
State of Trade Reports indicated that the American section in all
East renSral Texas
12,500 12.500
11,800 11,900 Hosecrans
6,500 6,500
countries was suffering from a heavy depression and that also the Corsleana Powell
29,000 29,506
Creek
1,350 Inglewood
1,350
coarser counts if Egyptian cotton spinning were unsatisfactory. Full Nigger
&raincoat Texas73,500 73,500
,Midway-SUMiat
reports on the state of trade are being collected and will be published La1ttsg
13,600 13,450 Ventura Ave
49,000 51.000
Laredo District
38,500 39.006
6,200 6,400 Seal Beach
ia this month's "International Cotton Bulletin."
Frederick Holroyd (England) was in the chair and there
were present the following: John Syz (President), Count
Jean de Hemptinne (Vice-President, representing Belgium),
William Howarth, England, T. Mukai (Japan), Mr.
Johannes Elstier, Mr. Otto Lindenmeyer and Dr. W. Bohm
(Germany), A. KutIller (Austria), J. Gelderman (Golland),
Blikstad (Norway), C. Jenny (Switzerland), A. E.
Hakanson (Sweden), Dr. G. Mylius (Italy), Dr. A. Zucker
(Czecho-Slovakia), H. P. Taveira (Portugal), Santiago
Trias (Spain), P. Schlumberger and R. A. de la Beaumelle
(France), Arno S. Pearse, General Secretary, and John
Pogson, Assistant Secretary. Mr. Laederich, President of
the French Association, also attended shortly after the
opening of the proceedings.
Crude Oil and Gasoline Prices Remain Stable.
Estimated Reports Show Moderate Gain in April Pig
Iron Output.
With nearly all producers estimating the April pig iron
output, data gathered by wire by the "Iron Age" on May 1
show that the month's production made a gain over that of
April amounting to 2815 tons per day or 2.6%. The output
of coke pig iron last month was approximately 3,180,900
gross tons, or 106,030 tons per day for the 30 days. This
compares with an actual production in March of 3,199,674
tons, or 103,215 tons per day. This increasc of 2.6% in April
contrasts with one of 3.2% in March and with one of 8% in
February.
According to these preliminary returns there were six
furnaces blown in and seven shut down-a net loss of one
furnace for the month. The number operating on May 1 was
196, as against 197 on April 1. The Steel Corporation blew
in three furnaces and shut down two during April, while independent steel companies put in two furnaces and shut
down three. One merchant furnace was blown in and two
were blown out in April. There was therefore no loss or gain
in steelmaking furnaces, but a net loss of one merchant fur-
No changes of importance were announced in the prices
of crude oil or gasoline during the week just ended. In
Chicago, wholesale prices on May 4 were reported as follows: Motor grade gasoline, 7c; kerosene, 41-43 water
white, 51
4jc to 5%c; fuel oil, 24-26 gravity, 82%c to 85c.
Late reports on Friday state that the Standard Oil Co. nace.
of New Jersey reduced bunker fuel oll 10 cents a barrel,
Actual data for the April pig iron production will be pubeffective May 5, to $1.25 a barrel at New York harbor, lished next week.
Baltimore, Norfolk and Charleston, S. C., terminals. A
year ago bunker fuel oil was selling for $1.75 a barrel. The Steel Operations Hold to Unchanged Levels-Pig
Iron
aew price of $1.25 is the lowest since May, 1922.
Price Declines.
The sustained volume of demand,in view of developments
in prices and production, is the most impressive feature of
Crude Oil Production Again Increases.
The American Petroleum Institute estimates that the the steel market in the opinion of the "Iron Age" of May
3rd. Steel ingot output
-daily average gross crude oil production in the United States
for the week ended April 28 1928 was 2,403,800 barrels as
oompared with 2,303,750 barrels for the preceding week,
an increase of 10,050 barrels. In comparison with the output of 2,499,950 barrels per day during the corresponding
wook of 1927, current output shows a loss of 96,150 barrels
per day. The recent daily average production east of
California was 1,782,800 barrels, as compared with 1,781,250
barrels, an increase of 1,550 barrels. The following are
estimates of daily average gross production by districts for
the weeks shown:
DAILY AVERAGE PRODUCTION.
Apr. 28 '28. Apr. 21 '28. Apr. 14 '28.
Apr. 3027.
609.650
620,550
624.800
733.000
111,000
111,350
112,350
114,900
70,500
69,250
71,700
130.800
72,650
69,450
65,400
89,900
55,250
54,850
54,250
80.500
387.159
371.800
361,650
103.800
23,600
23.700
23.900
40,800
23,500
23,600
23,550
36,200
46,500
47,750
48.850
47,100
78.500
85,200
85,300
104,000
97.950
100.600
104.150
134,000
16,400
16,450
14,950
17,700
109,000
107,500
106.000
110,500
60,450
58,750
55.050
66,750
11.450
11,900
11,950
15,050
6,650
6,350
6,850
9.650
2,600
2,200
2,100
7,100
621,000
612,500
609,800
658,200
2,403,800
Total
2,393,750
2.382.600
2,499,950
The estimated daily average gross production of the Mid-Continent field
including Oklahoma, Kansas, l'anhandle, North, West Central, West,
East, Central and Southwest Texas, North Louisiana and Arkansas, for
the week ended April 28 was 1,478,300 barrels, as compared with 1.477.500
barrels for the preceding week, an increase of 800 barrels. The MidContinent production excluding Smackover. Arkansas heavy oil was
1.420.350 barrels as compared with 1.413.700 barrels, an increase of 6.650
(fts Barrels.)
Oklahoma
Hansa:.
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North lAndalana
Arkansas
Coastal Texas
Coastal LOulfilarus
Eastern
Wyoming
Monutnit
Colorado
New Mexice
California
barrels.
in the first third of the year probably
established a new four-month record; finished steel prices are
no longer advancing and in some lines are weakening, and
buying is increasingly cautious. Individual tonnages placed
are growing smaller, and at Pittsburgh some mills are dependent on day-to-day releases to complete their rolling
schedules.
Yet the total volume of orders and specifications keeps up
surprisingly well, supporting mill operations at a virtually
unchanged rate. In spite of the fact that buying is at much
shorter range, it is estimated that daily releases for rolling at
Pittsburgh district mills are within 5% of the average for the
first three months of the year, reports the "Age" in its market review from which we add:
Much of this steel represents past commitments, and, while strictly new
orders are on a diminishing scale, the amount of tonnage on which deliveries
are asked-a better gage of consumption-shows little change. In the
East, steel sales in April, including specifications against contracts, ran considerably ahead of the March tonnage. At Chicago there has been a recovery
in now business and aggregate daily bookings are almost on a par with shipments. Ingot output in the Chicago district remains at 95% of capacity.
and in the Greater Pittsburgh district, at 80%.
Pig iron production in April, estimated from telegraphic returns was
3,180,900 tons, or 106,0:30 tons per day, compared with 3,199,674 tons, or
103.215 tons daily, in March. The gain in the daily rate was 2815 tons, or
2.6%. In both 1926 and 1927 April output of pig iron was at the highest
rate of the year, coming one month later than peak production of steel, and
it is likely that this year will follow that precedent.
While this relationship between pig iron and steel production appears to
have been maintained, pig iron contrasts sharply with steel in aggregate
output. Steel furnaces have been breaking records, but the daily rate of pig
iron production last month was the smallest for any April since 1922, in that
respect repeating the performacne of January. February and March. This
decline indicates a larger use of scrap in open-hearth charges.
The automobile industry is placing large specifications for bars, sheets and
strip steel for May shipment, and it, is believed that the seasonal slowing
down in snotor car manulbcture will come at least a month later than lam
2724
FINANCIAL CHRONICLE
[VOL. 126.
year. Two leading automobile builders are reducing production,one of them packers' and general line cans are broad enough to sustain tin plate profor a change in models, but the very slowness with which the Ford organiza- duction at 95%.
Weather conditions have had an adverse effect upon cast iron pipe buytion is getting geared up for large, scale output points to a compensating
ing, especially for municipal work, but May lettings by New York City are
gain in its operations when other companies are expected to curtail.
to be expected to be heavy as usual. April shipments of merchant pipe from
The sensonal decline in farm equipment production also promises
less marked than ordinarily. Tractor plants have such large back orders Mahoning Valley mills exceeded the March total, reflecting spring building
that they will probably not reduce operations at all. Early demand for har- demand and specifications anticipatory of the $2 advance, which now
faces a test.
vesting machinery is unusually heavy.
Formal inquiry from the Erie RR. embraces 1,005 freight and 35 passenIn railroad equipment, the inquiries of the Erie for 1000 freight cars and
35 passenger cars, together with the fact that this road will repair 2485 cars ger cars, 36 locomotives and repairs to 2,485 freight cars. Including 300
refrigerator express for the Pennsylvania, 200 passenger cars and trailers
In its own shops, comprise the most important activity.
Sheet prices have shown further meekness, and are now back to the low for the Chicago Rapid Transit, and 200 flat cars for the Chicago St. Paul
levels of last year. As is frequently the case in a soft market, Valley pro- Minneapolis & Omaha,about 2.900 cars are pending. Both the New York
ducers, in some instances, are quoting prices f.o.b. mill that are as low or Central and Pennsylvania are expected in the freight car market this quarlower than ruling market quotations on a Pittsburgh base. Galvanized ter. The Southern Pacific has closed on 175 tank cars, the Virginian on
1,000 hopper bodies, the Northwestern Refrigerator Line on 500 refrigersheets have declined to 3.60c., or $3 a ton below the last advance.
Hot-rolled strip has also given ground. On material 6 to 12 in. wide ator cars and the Rock Island on 500 underframes. Track fastening sales
reduction of $2 a ton, has become a fairly representa- at Chicago total 4,500 tons, with current rail inquiry 5,000 tons.
1.80c., Pittsburgh, a
The "Iron Trade Review" composite of 14 leading iron and steel products
-in. strip Is selling at 2.05c.. Pittsbrugh, a cut of $1 a
tive price, while 3 to 6
ton. Fender stock, affected by the reduction in automobile body sheets, is is unchanged this week at $35.56, which contrasts with an average of
• now quoted at 4.10c. to 4.15c., as compared with a recent price of 4.20c. $35.67 for April and $36.76 last May.
At Chicago, prices on hot strip in narrow widths have been marked down $2
a ton.
Wire nails are being morefreely sold at $2.55 per keg Pittsburgh or Cleve- Decline in Coal Stocks in Industries—Figures of Proland, a drop of $2 a ton.
duction and Industrial Consumption of Anthracite
English low phosphorus pig iron will soon penetrate to points as far in land
and Bituminous Coal.
as Chicago,the iron to come on boats built in England of a size to go through
the Welland Canal. About 1000 tons of the English iron has been sold at
According to a statement issued May 1 by the National
Milwaukee, and it is being offered in Chicago and other Lake consuming
centers at $26, delivered, duty paid. Except for a decline of 50c. a ton on Association of Purchasing Agents, coal stocks in industries
Valley basic iron, prices fcr pig iron in principal producing districts remain in the United States showed a further decline of approxisteady. The change in the Valley brings basic to the lowest figure since mately 1,600,000 tons on April 1, as compared with March 1
November, 19M.
The British iron and steel trade, according to cabled reports, is agog over 1928 and consumption increased to 383. million tons which
proposals looking to large scale amalgamation under the auspices of a new is nearly 2 million tons increase in March as compared with
finance company of Great Britain and the United States.
February but this was largely due to the increased number
A reduction in Valley basic iron has caused the "Iron Age" composite
price for pig iron to decline to $17.59 from $17.67 last week. The finished of days in the month. Coal stocks are now 41% lower than
steel composite price remains at 2.55c. for a second week, as shown by the a year ago, as it was just a year ago when stocks reached
following tables:
their peak in preparation for the strike of
Pig Iron
Finished Steel.
May 1 1928, $17.59 a Gross Tuu
May 1 1928 2.3550. a Lb.
$17 87
2.3550. One week ago
One week ago
17 67
2.357c. One month ago
One month ago_.
19.13
2.339c. One year Ago
One year ago
15.71
1.689c. 10-year pn-war average
10-year pre-war average
Based on average of basic Iron at Valley
tank plates.
Based on steel bars, beams.
Ptah, wire. open-beartn rails, bias pipe furoace stud foundry irons at Chicago.
and hilu:k sheets. comalttiting 86% of the I Philadelphia. Buffalo. Valley and BP.
mInghain
United 8tates output.
Low.
it ten.
Low.
High.
17.75 Feb. 14 17.54 Jan. 3
1928_2.3645. Feb. 14 2.314e. Jan. 3 1928
10.71 Jan. 4 17 64 Nov 1
1927_2.4530. Jan 4 2.2930. Oct. 25 1927
1926_2.453e. Jan. 5 2.41)30. May Is 1926._ 21.64 Jan. 6 19 46 July 13
7
1.925__2.660c. Jan. 6 2.306e. Aug. 18 1925._ 22.60 Jan. 13 18 96 July 3
1924_2.789e. Jan. 16 3,460e. Oct 14 1024_ 22.88 Feb 26 19.21 Nov
1923_2.824c. Apr 24 2.4460. Jan. 2 1923— 30.86 Mar.20 20.77 Nov 20
Finished steel provides further evidence this week that it
has embarked upon the traiitional second quarter letdown.
Conservative ideas of consumers in regard to fresh buying
now govern their specifying as well, and production is becoming sensitive to both developments. Chicago producers
hold to their 95% ingot rate, but Pittsburgh finds it difficult
to maintain an 80% rate and the national steelmaking average is now scarcely 80% or 5 points below the high of a month
ago, declares the "Iron Trade Review" in its resume of market conditions in the iron and steel industry this week.
Automotive consumption of steel, while more checkered,
continues substantially at the April rate in the aggregate and
it may be late May before this major support will fail the
steel industry. Railroad car buying is a shade brisker and
rolling of track material entails practically capacity operations. But the other two leading outlets for finished steel
are a liability. Only with difficulty does bull ling demand for
steel cling to the seasonal average, despite heavy inquiry,
and oil country demand for line pipe and tank work is inconsequential, observes the "Review" adding:
1927.
We quote as follows the further advices from the T. W.
Harris, Jr., Chairman of the Association's National Committee on coal.
The confidence that there will be plenty of coal available for industries
to take care of all requirements this summer without a runaway market, in
spite of the suspension in the Illinois fields and in the southwest, has been
justified as already in Illinois some mines are in operation. In the southwest mines which a year ago were union are now working non-union. There
does not seem to be any doubt but what there will be plenty of coal available
this year for all requirements and the high stocking of coal is an unnecessary
expenditure. In fact, this stocking of coal is not only detrimental to the
buyer on account of losses due to high inventories, but also on losses in the
stock pile on account of fires and also it is detrimentafto the seller, in that
it creates uneven market with great demand at one season of the year and
much reduced demand at another season, creating uneven production and
great losses through cancellation and coal being shipped on consignment.
Some of the reliable coal companies have expressed their hope that the
coal market will settle down to a steady even market where they can establish permanent customers who will take their coal year in and year out.
thereby allowing them to regulate their production which means so much in
the mining of coal. A five or six day a week production in a coal mine
materially reduces the overhead and gives the operator a better opportunity
to sell at a profit which is absolutely essential if this industry is to be put on
a firm foundation and also it allows the miners to make a living wage even
on a reduced scale by continuous work.
The number of days'supply in industries is as follows:
By-product coke
36 days
Electric utilities and coal-gas plants
57 fays
Railroads----------------------------------------------------------38 days
Steel mills------------------------------------------------------25 dayS
Other industries
36 days
New England—Report of Regional Chairman, K. P. Applegate, Hartford
Electric Light Co., Hartford, Conn.
Bituminous Coal.—Both spot and contract business seem to be better now
than in March. However, business is not brisk by any means. New
River Run of Mine coal seems to be more firm, whereas Nut and Slack New
River coal, which was very weak the middle of March, has a decidedly
better tone and prices have stiffened somewhat. This is undoubtedly due
to the decreasing supply of this grade of coal at the Roads,resulting from the
falling away of the demand from the West for prepared sizes.
Pennsylvania bituminous coals are having a very discouraging time.
start of the second quarter decline finds the iron and steel industry The Interstate Commerce Commission's order granting a 15c. lower rate to
New England points on Pennsylvania coals IS the only encouraging
on a higher plane, considering all factors,than a year ago. That the impetus certain
exhausted with a record March is feature. This reduction, however, is not enough to bring forth any large
of the early months of the year was not
iron output. The April daily amount of orders at this time.
borne out by continued improvement in pig
Anthracite Situation.—The reduction in Pennsylvania Anthracite coal
rate of 103,199 tons by 2.7%.
rate of 105,979 tons bettered the March
of 3,179,385 tons under the prices was not as much as many of the New England dealers expected.
Only the short month kept the April total
to measure up with last April by about This has resulted in many of the dealers still continuing a policy to buy
3,199,175 tons of March. April failed
production has become a better barometer only as they sell.
7%, but in the past year steel
in May is forecast by the net loss
The next few weeks will undoubtedly see a little better demand, but as
than pig iron. A decline in pig iron output
soon as the coal which is now being bought finds its way to dealers' storage
blast April 30 against 196 March 31.
of two active stacks, 194 being in
last week, considering all dis- piles, it is probable that there will be again a slackening in the buying.
Pig iron sales show a moderate gain over
booked, due to coverage by some
tricts. At New Ycrk 15,000 tons has been
third quarter delivery, has been Canada—Report of Regional Chairman, W. O. Henderson, Steel Company of
large melters. About 5000 tons, chiefly for
Canada, Ltd., Montreal, Quebec, Canada.
the lake furnaces staged the
closed at Boston. April shipments from
There is no change to report as far as bituminous coal is concerned.
year. with last week's sales 22,000
fourth consecutive monthly gain this
ample supplies and prices are weak with distressed coal
district has placed 10,000 tons. April Consumers have
tons. A pipemaker in the Pittsburgh
March,although shipments tapered slightly. making its appearance in certain districts.
sales at Chicago topped those of
Stocks of coke have been reduced considerably, due to cold weather in
$16.50 on the basis of a recent
Basic iron in the Maboning valley is 16 to
March, but with the opening of spring, stocks should again' begin to actransaction.
sufficiently at Chicago to make cumulate.
Activity in soft steel bars has revived
but in other districts a
specifications and bookings approximate shipments,
Central Competitive—Report of Regional Chairman, B. L. Verner, Inter-State
Miscellaneous buying of plates is good at Chicago,
Iron ee Steel Company, Chicago, Ill.
distinct lag is evident.
Structurals are easier in all districts, with the
but makers lack tonnage.
The strike in the Indiana and Illinois fields became effective on April 1,
-Minneapolis district the most promising. Prompt deChicago-Milwaukee
by Pittsburgh mills. On heavy and up to this time about 90% of the shaft mines are closed. Practically
liveries can be made on all heavy products
govern, with some intimation of all of the strip mines are operating and a few of the shaft mines are paying
1.85c, Pittsburgh, and 2.00c. Chicago,
steel
the Jacksonville scale and operating in a small way.
for the third quarter.
an effort to raise Pittsburgh to 1.90c
The market continues quiet with some distress coal available in Chicago.
maintain practically capacity
Autobody sheet requirements are such as to
•
grades are more sluggish. The Lake business will open shortly and this will furnish an outlet for liberal
operations in the Mahoning valley, but other
tonnage of southern and eastern coal; however, there are no indications that
on the price structure,
resulting competition for business is weighing heavily
2.75c, Pittsburgh. on there will be any shortage or any particular strength in the market in the
though somirmakers will not meet competition below
on galvanized. SpeciticatiOniSfor n3ar future.
black, 2.00c on blue annealed and 3.65c
MAY 5 1928.]
FINANCIAL CHRONICLE
Western-Report of Regional Chairman, W. M. Lowrye, National Lead Co.,
St. Louis, Mo.
The coal situation is about as reported last month with no material effect
felt from the suspension in the union mines in this district.
Pacific Coast-Report of Regional Chairman, A. D. Smith, Utah Power &
Light Co., Salt Lake City, Utah.
Since our last report the Utah Coal Producers Association which includes
in its membership all but one of the important coal producers of the State,
has issued a notice to the trade that effective April 4th, only the following
-in. lump, 3x8
sizes of coal will be produced: 8
-in. stove, 3
-in, nut, screened
slack and slack. This eliminates 3
-in. lump. While the notice does not so
state, it is understood that the screen openings will be reduced from 1%-in.
to 1%-in., thus increasing the amount of small sized coal in the 3
-in, nut
and it is estimated it will reduce the amount of slack produced approximately
175,000 tons. This should stabilize the slack market. A few days after
this announcement was mailed, most of the producers sent out new price
lists as follows:
$4.50 Screened slack
-in. lump
8
$2.00
3 by 8-in. stove
4.00 Slack
1.00
-in. nut
3
3.00
The above prices include an advance of 50c. per ton in net. It is believed that this rearrangement of sizes will eliminate excess slack from the
market.
It is generally understood in the trade that there will be no so-called
"Summer Storage Prices." For this reason operations during the next
few months will be somewhat lower than in previous years when a certain
amount of coal went into storage, caused by the lower prices effective usually
May 1 to September 1.
Upper Lakes
-Report of Regional Chairman, C.13. Swift zt Co., St. Paul, Minn.
The shipping of coal up the lakes was slow in starting due to the controversy over the change in freight rates from the Pennsylvania and West
Virginia fields to the lower end of the lakes. To date it appears that both
the Pennsylvania and Ohio districts and the West Virginia district will have
a reduction of 20c. per ton in their freight rate to the lower end of the lakes
for this summer although the northern regions are now petitioning the
railroad to make a further reduction of 20c.
Bituminous coal stocks on hand on the Docks at the Head of the Great
Lakes are as follows:
Prepared
ScreenSizes. Run-of
-Pile.
ings.
Total.
Tons.
Tons.
Tons.
Tons.
Stocks on hand March 15
12,402 2,566,528 1,031,330 3,610,260
Reloaded March 1 to April 1
174,844
234,790
263,542
673,176
Balance on hand April 1
1,754 2,061,252
874,078 2,937,084
Railroad obligations April 1
5,724
582,846
172,651
761,221
Commercial obligations April 1
158,176
192,203
499.534
849,913
Seaboard.
There seems to be plenty of coal available with some reduction being
offered from contract prices last year. In Pennsylvania there appears to be
only two mines remaining in the entire State which are operating on the
union basis. There has been no suspension as of April 1 in coal production,
and although the United Mine Workers have made several drives to shut
down the mines which have recently changed from union to non-union,
yet very little effect has been felt from same. Bunker prices are
continuing
on a very low basis.
COMPARATIVE ESTIMATES OF UNITED STATES PRODUCTION AND
CONSUMPTION, AND STOCKS OF ANTHRACITE AND BITUMINOUS COAL IN INDUSTRIES OF THE UNITED
STATES AND CANADA.
United States
Industrial
On Hand in
Production.
Consumption.
Industries.
June
41,999,000
36,690.000
66,510,000
July
38,697.000
33.560,000
62,585,000
August
48,007,000
33,900,000
59,697,000
September
48,592,000
33,195,000
59,179,000
October
51,400,000
35,813,000
60,154,000
November
47,100,000
35,514,000
57,940,000
December
47,309,000
37,225,000
55,725,000
January
49,645,000
37.678,000
52,909,000
February
46,933.000
36,301,000
50,595,000
March
49,452:000
38,268,000
47,388,000
April 1
45,744,000
Further Increase Reported in Bituminous Coal and
Anthracite Output
-Coke Declines.
Increases in output occurred in both bituminous coal and
anthracite in the week of April 21 as compared with the week
preceding. Bituminous rose from 7,415,000 tons in the
week of April 14 to 7,883,000 tons, a gain of 468,000 tons,
reports the United States Bureau of Mines. In the corresponding wee? of 1927 the output was 7,937,000 tons.
Anthracite production increased from 1,596,000 tons in the
week of April 14 to 1,604,000 tons in that of April 21. In
tre corresponding week one year ago the production was
1,662,000. The output of coke in the week of April 21 fell
4,000 tons to 87,000 adds the Bureau's report from ',which
we quote further as follows:
2725
estimated at 7.415,000 net tons. Compared with the output in the preceding week, this is an increase of 257,000 tons, or 3.6%.
The following table apportions the tonnage by States and gives comparable figures for other recent years.
Estimated Weekly Production of Soft Coal by States (Net Tons).
Total Production for Week Ended
-- April
April 14
April 16
April 7
April 17
Average
1928.
1928.
1927.
1923.a
1926.
Alabama
325,000
329,000
316,000
376.000
412.000
Arkansas
17.000
23,000
14,000
24,000
21,000
Colorado
137,000
162,000
166,000
185,000
184,000
Illinois
205,000
223,000
91,000 17111,000 1.471,000
Indiana
150,000
191,000
36,000
413,000
514,000
Iowa
24.000
32,000
11.000
77,000
100,000
Kansas
40,000
37,000
9,000
76.000
79,000
Kentucky-Eastern
712.000
765,000
788,000
991,000
620,000
Western
327,000
337,000
450,000
239,000
188,000
Maryland
45,000
49,000
49,000
49.000
52,000
Michigan
12,000
13,000
11,000
12,000
22.000
Missouri
40,000
51,000
12,000
40,000
59.000
Montana
54,000
60,000
34,000
3.5,000
42.000
New Mexico
49,000
63,000
61,000
50,000
59,000
North Dakota
17,000
17,000
17,000
23,000
16,000
Ohio
451,000
114,000
164.000
172,000
766,000
Oklahoma
.53,000
38,000
24,000
32,000
49.000
Pennsylvania (Bit.)
2,140,000 2,191,000 2,090,000 2,470,000 3.531.000
Tennessee
109,000
99,000
92.000
121,000
107,000
Texas
16,000
20,000
12,000
12,000
20,000
Utah
63.000
75,000
70,000
77.000
70,000
Virginia
249,000
242,000
257,000
195,000
213,000
Washington
39,000
40,000
34,000
37,000
35.000
West Virginia-South_b_ 1,503,000 1,460,000 2,061,000 1,632,000 1,293,000
Northern_c
660,000
670,000
741.000
556,000
775,000
Wyoming
116,000
110,000
90.000
92,000
98,000
Other States
3,000
1.000
6.000
1,000
5,000
Total bituminous
Pennsylvania anthracite
7,415.000 7,158,000
1,596,000 1,503,000
7,937,000 9,227,000 10,836,000
1,762,000 2,072,000 1,974,000
Total all coal
9,011.000 8,661,000 9,699,000 11,299,000 12,810,000
a Average rate maintained during the entire month. b Includes operations on
the N. & W., C. & 0., Virginian, K. & M., and Charleston division of the B. & 0.
c Rest of State, including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended April 21 is
estimated at 1,604,000 net tons. This is an increase of 8,000 tons over the
output in the preceding week. Production in the week of 1927 corresponding with that of April 21 amounted to 1,662,090 tons.
Estimated United States Production of Anthracite (Net Tons).
1928-1927
Cal. Year
Cal. Year
Week.
Week Ended
Week.
to Date.
to Dates
1,503,000 18,272,000
April 7
1,651,000 20,059,000
1,596,000 19,868,000
April 14
1,762,000 21,821,000
1,604,000 21,472,000
April 21_6
1,662,000 23,483,000
a Minus one day's production first week in January to equalize number of days in
the two years. b Subject to revision.
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended April 21 is estimated at 87,000 net tons. This is in comparison with a production of 91,000 tons in the preceding week and 169,000
tons in the corresponding week in 1927.
The accumulative production of beehive coke during 1928 to April 21
amounts to 1,486,000 net tons as against 3,007.000 tons in 1927.
Estimated Production of Beehive Coke (Net Tons).
Week Ended- 1928
1927
April 21 April 14 April 23
to
to
1928.c
1928.b
Date.a
1927.
Date.
Pennsylvania and Ohio
65,000 69,000 136,000 1,0.57.000 2,405.000
West Virginia
9,000
9,000 16,000
206,000
267,000
Ala., Kentucky. Tenn.& Georgia 4,000
3.000
3,000
89,000
74,000
Virginia
5,000
5,000
116,000
7,000
76,000
Colorado and New Mexico
MOO
3,000
4,000
64.000
40,000
Washington and Utah
1,000
2.000
3,000
66.000
33,000
United States total
87,000 91,000 169,000 1,486,000 3,007,000
Daily average
14,500
15,200 28,200
15,500
31,306
a Minus one day's production first week in January to equalize number of days in
the two years. b Subject to revision. c Revised since last report
Further Increase Reported in Bituminous Coal and Anthracite Output-Coke Declines.
The weekly increase in bituminous coal production
shown since the first of April continued into the last week
of the month. Preliminary car loadings reports indicate
the total production for the week of April 28 amounting
to something more than 8,250,000 tons, reports the National
Coal Association on May 1.
Trade in Bituminous Coal and Anthracite During April
Below Expectations.
The monthly survey of the coal industry issued by
"Coal Age" on May 2 for the month of April indicates that
trading in both bituminous coal and anthracite failed to
come up to expectations. The average price of spot soft
coal in April is reported as having been lower, while the
demand for anthracite, although fair, was not heavy
enough to keep the mines working full time, according to
the "Age," which says:
BITUMINOUS COAL.
The total production of soft coal during the week ended April 21, including lignite and coal coked at the mines, is estimated at 7,883.000 net tons.
Compared with the output in the preceding week, this is an increase of
Bituminous coal markets in April were disappointingly dull and spot
468,000 tons, or 6.3%.
prices were weak. The expiration of the truce agreement with the
Production during the week in 1927 corresponding with that of April
21 United Mine Workers in Illinois, Indiana and the
amounted to 7,937.000 tons.
Southwest left the
large industrial consumers apathetic. They had learned a
year ago
Estimated United States Production of Bituminous Coal (Net Tons). Incl. Coal Coked
that the productive capacity of the non-union fields, would tide them
1928
1927
over a crisis. Consumers still have stocks on hand and it seems to be
Cal. Year
Cal. Year
well established that there are mines in Illinois and Indiana ready to
Week.
to Date.
Week.
to Date.a
April 7
7,158,000 136,672,000
8,255,000 178,065,000 go back into production whenever demand warrants.
Daily average
1,256.000
1.649.000
1,376,000
2.148.000
Production of bituminous has taken a sharp drop. Weekly figures on
April 14_13
7,415,000 144.087,000
8.001,000 186,066,000
Daily average
1,236,000
1,621,000
1,334,000
2,093,000 output have run consistently under the totals for the corresponding
7 883,000 151,970,000
April 21.c
7,937,000 194,003,000 weeks in 1927, when the strike tie-up was more general and stocks in
Daily average
1,314,000
1,601,000
1,323.000
2,044,000 the hands of consumers much larger.
a Minus one day's production first week in January to equalize number of days in
The weighted average price of spot bituminous coal in April was
the two years. b Revised since last report. c Subject to revision.
$1.755 per ton, f.o.b. mines, which compares with $1.918 in March. A
The total production of bituminous coa during the present calendar
marked reduction in the higher-priced tonnage from Illinois and Indiana
year to April 21 (approximately 95 working days) amounts to 151,970,000
not tons. Figures for corresponding periods in other recent years are was largely responsible for the decline.
given below:
Anthracite did not move as well as expected. There were plenty of
194,003,000 net tons 1924
1927
162,428,000 net tons small orders in the past month and retail dealers were kept fairly busy,
172,712,000 net tons 1923
1926
'
175,345,000 net tons but consumers were, not inclined to fill up their bins for next winter.
149,428,000 net tons 1922
1925
145,295,000 net tons
As already indicated by the revised figures above, the total production Naturally under these conditions the mines were not called upon to work
f soft coal for the country as a whole during the week ended April 14 la full time.
2726
FINANCIAL CHRONICLE
12d.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
May 2 1928. Apra 25 1928. May 4 1927
3
171,572,000
125,859.000
Borrowings from F. R. Bank—total-- 179,806,000
Secured by U.S. Govt. obligations_ 148,680,000
Reserve banks on May 2, made public by the Federal Re120,135,000
90.200.000
All other
31,126,000
51,437.000
35,659,000
serve Board, and which deals with the results for the twelve
Loans to brokers and dealers (secured
Reserve banks combined, shows increases for the week of
by stooks and bonds):
For own account
1 329,247,000 1,200,217,000
$48,000,000 in holdings of discounted bills, of $24,500,000 in
978,588,000
For account of out-of-town banks_ 1.586,152,000 1,613,640,000 1,182,391,000
member bank reserve deposits, and of $18,000,000 in Federal
For account of others
1,366,258,000 1,330,529,000
758,947,000
Reserve note circulation, and decreases of $2,700,000 in
Total
4 281,6E7,000 4,144,386,000 2,919,926,006
holdings of bills bought in open market, of $12,500,000 in
On demand
3.270,69.5.000 3,169,953,000 2.204,321,000
On time
.
1,010,982,000
Government securities, and of $17,400,000 in cash reserves
974,433,000
716.605,000
Chicago
-43 Banks.
bills and securities were $32,800,000 above the amount Loans and investments—total
Total
2 058,135,000 2.014.942,000 1,885.106,000
held on Apr. 25. After noting these facts, the Federal Re- Loans and discounts—total
1 526,742,000 1,4914736,000 1,436,837,000
serve Board proceeds as follows:
Secured by U. B. Govt. obligations_ 14.389,000
14,133,000
14,705,000
The principal changes in holdings of discounted bills during the week
Secured by stocks and bonds
765,151,000
761,972,000
608,142,000
All other loans and discounts
were increases of $10,800,000 at the Federal Reserve Bank of Philadelphia.
747.202,000
716,631,000
723,990,000
$8.100.000 at Cleveland. $6,600,000 at New York, $6,400,000 at San FranInvestments—total
531,393.000
522,206.000
448,269,000
cisco and $6,300,000 at Kansas City. The System's holdings of bills bought
hi open market declined $2,700.000. of U. S. bonds $400,000, of Treasury
U. B. Government securities
236,725.000
227.801,000
192,367,000
Other bonds, stocks and securities_ 294.668.000
notes $8.700.000 and of certificates of indebtedness $5,400,000.
294,405,000
255,902,000
Federal Reserve note circulation was $18,000,000 higher than a week ago, Reserve with F.
R. Bank
187,263,000
192,125.000
171.648,000
the principal changes being increases of $8,100,000 at the Federal Reserve Cash in vault
17,843,000
16,948.000
20.898,000
Bank of New York,$3,600.000 at San Francisco and $2.500.000 at Boston.
Net demand deposits_
1 280,376,000 1.252,204,000 1,245,871,000
The statement in full, in comparison with the preceding Time deposits--------,700,623,000
690.042.000
581,387,000
8,344.000
8.983.000
9,679,000
week and with the corresponding date last year, will be Government deposits
185,674,000
subsequent pages—namely, pages 2754 to 2755. A Due from banks
157,522,000
found on
177,657,000
Due to banks
379,856,000
367,333.000
352,355,000
summary of changes in the principal assets and liabilities
45,634,000
27.233.000
of the Reserve banks during the week and the year ending Borrowings from F. It. Bank—total__ 33,901,000
Secured by U. S. Govt. obligations_ 28.918.000
38,180,000
21,580.000
May 2 1928 is as follows:
All other •
4,983,000
7.454.000
5.053,000
Increase 1+) or Decrease (—)
During
Year.
Week.
--317,400,000 —6338,200,000 Complete Returns of the Member Banks of the Federal
'rota reserves
—13,800,000
—334,500,000
Gold reserves
Reserve System for the Preceding Week.
Total bills and securities
Rills discounted. total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Govt. securities, total
Bonds
Treasury notes
Certificates of indebtedness
+32.800,000
+48,000,000
+47.500,000
+500.000
+343,500,000
+249.400,000
+201,700,000
+47.700.000
—2.700,000
+118,900,000
—12,500,000
—400.000
—6,700.000
—5.400,000
—24,000,000
—14,700.000
+9,900,000
—19.200,000
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
644, cannot be got ready.
Fedora Reserve notes to circulation
—130,100,000
+18,000,000
In the following will be found the comments of the Federal
Total deposits
+104,200.000 Reserve Board respecting the returns of the entire body
+18,900,000
of
Members'reserve deposits
+115,600,000
+24.500,000
Government deposits
—13,600.000
+6,600,000 reporting member banks of the Federal Reserve System for
the week ending with the close of business April 25:
The Federal Reserve Board's condition statement of 644 reporting
Returns of Member Banks for New York and Chicago
member banks in leading cities as of April 25 shows decrelses for the week
Federal Reserve Districts—Brokers' Loans.
of $41,000,000 in loans and discounts, $2,000,000 in investments. $148.Beginning with the returns for June 29 last, the Federal 000.000 in net demand deposits and $51,000,000 in Government deposits
Reserve Board also began to give out the figures of the and increases of $37,000,000 in time deposits and 876,000.000 in borrowings
at the Federal Reserve banks.
member banks in the New York Federal Reserve District,
Loans on stocks and bonds, including United States Government obligaas well as those in the Chicago Reserve District, on Thurs- tions, were $29.000,000 above the April 18 total at all reporting banks, an
days, simultaneously with the figures for the Reserve banks increase of $79,000,000 being shown for the New York district and decreases
of $17,000,000 each for the Boston and Philadelphia districts. All other
themselves, and for the same week, instead of waiting until loans and dismunts declined $37.000,000 in the New
York district and
following Monday, before which time the statistics cover- 670,000.000 at all reporting banks.
the
Holdings of United States Government securities, which at all reporting
ing the entire body of reporting member banks—now 644
banks were $2,000,000 below the April 18 total. increased $9.000,000 in
cannot be got ready.
the San Francisco district and declined 19,000.000 in the New York
district.
The following is the statement for the New York member
Net demand deposits declined $63,000,000 in the New York district,
banks and that for the Chicago member banks thus issued $22,000,000 in the Philadelphia
district. $21,000,000 in the Boston district,
statement of the member banks, which 119,000,000 in the Chicago district and $148,000,000 at allareporting
in advance of the full
banks.
deposits were $22,000,000 above the total reported a week ago in the
latter will not be available until the coming Monday. The Time
New York district, 17,000.000 in the San Francisco district and $37,000,000
New York statement, of course, also includes the brokers' at all reporting banks. Government deposits declined in all districts,
the
total decline being $51,000,000.
loans of the reporting member banks, which this week for
The principal changes in borrowings from the Federal Reserve banks
increases of $84,000,000 and $22.000,000 in the New York
the fifth successive time rose to a new record figure, the grand comprisedistricts, respectively,
and
Chicago
and a decline of $15.000,000 in the Boston
aggregate of these loans on May 2 being $4,281,657,000, a districts, all reporting banks showing a net increase of 876.000,000.
A summary of the principal assets and liabilities of 644 reporting member
gain of $137,271,000 over last week's total ($3,144,386,000). banks, together with changes during
the week and the year ending April
The present total represents a gain of over $500,000,000 over 25 1928, follows:
the total of $3,778,714,000 reported on March 21, on which
Aprf125 Inc. (+) or Dec.(—) During
1928.
Week.
Year.
date the present upward movement began.
22,338,396,006 --42,868,000+ 1.965,559,000
CONDITION Or WEEKLY REPORTING MEMBER BANKS fa CENTRAL Loans and Investments—total
RESERVE CITIES.
Loans and discounts—total
15,722,013.000 --40.966.000+1.321,640,000
New York
-46 Banks.
Secured by U. S. Govt. obligations_ 138.663,000 —5,557,000
May 2 1928. Ayr. 25 1928. May 4 1927.
—21,203,000
Secured by stocks and bonds
6,727.726,000 +3.5,025,000 +986.061.000
7,551,132,000 7,375.682.000 6,543,122,000
All other loans and discounts
Leans and Investments—total
8,855,624,000 —70,434,000 +356.792,000
5 602.257,000 5,437.409.000 4,662,227,000 Investments—total
Loans and dlscounts—total
6,616.383,000 —1,902.000 +643.919.000
82,480,000
U. S. Government securities
61,951,000
57,224,000
Secured by a. El. Govt. obligations
3.001,841,000
2746,116,000 2,631,045,000 2,186,967,000
Other bonds, stocks and securities 3,614.542,000 —4.2.065,000 +404,272.000
Secured by stocks and bonds
+•153,000 +239,647,000
2,773,661,000 2,741,413,000 2,418,036,000
All other loans and discounts
Reserve with Federal Reserve banks_ 1,803,679.000 +36,886,000
+124,852,000
1,948,875,000 1,938.273,000 1,880,895,000 Cash in vault
1nvestments—total
243,389,000 +2,538,000 —21,419,000
1,063,984.000 1,048,299,000
956,931,000 Net demand deposits
D. S. Government securities
13,742.309.000 —147.623,000 +677,524,
889,974,000
923,964.000 Time deposits
Other bonds, stocks and securities_ 881,891.000
6,877,947,000 +37,175,000 +734.677.
Government deposits
117,100,000 —51,466,000 —48,983.000
781,134,000
797,279,000
741,338,000
Reserve with F. R. Bank
50,694,000
49,227,000
58,243,000 Due from banks
Cash in vault
1,131,946,000 —56.536,000 —12,025.000
Due to banks
8.304,075,000 —120.651,000 +119,775.000
5,694,631,000 5,5.59,005,000 5,171,922,000
Net demand deposits
951,033,000 Borrowings from F. It. banks—total_ 545,007,000 +75,542,000 +258.970,000
0
1,164,53
5.00 1,138.060,000
Tinae deposits
34,761.000
32,325.000
44,8111,000
Government deposits
Secured by U. S. Govt. obligations_ 386,139,000 +70,908.000 +196.683.000
117.105.000
All other
123,639.000
111,197,000
Due from banks
158.888,000 +4,634.000 +62.287.000
• Ayrli 18 figures revised.
1,333,695,000 1.219.859,000 1,167,828.000
Due to banks
MAY.5 1928.]
FINANCIAL CHRONICLE
Summary of Conditions in World's Market According to
Cablegrams and Other Reports to the Department of
Commerce.
The Department of Commerce at Washington releases
for publication to-day (May 5) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
AUSTRALIA.
The bus market is at a standstill at Sydney owing to uncertainty of
the Government's policy with regard to the Victorian Motor Omnibus
Act. At present the Government is refusing to grant additional licenses
and the outcome is uncertain. Opposition to the terms of the Act is
apparently gathering force. Advices from Canberra indicate that the
Ministry favors a film censor board consisting of three men and one
woman, with provisions for an appeal board. A new film duty is
recommended, effective immediately, of two pence per linear foot, to
apply to the general schedule, and not applying to the British preferential. The Federal Government states that it is unable to establish a
quota basis for the showing of films.
BRITISH INDIA.
Practically all cotton mills in Bombay are now closed owing to
strike difficulties and approximately 100,000 workers are idle. At Calcutta 40,000 workers are being affected by strikes at engineering works
and at one jute mill. General business conditions are beginning to be
felt at these two important trade centers, particularly in the bazaars.
BRITISH MALAYA.
The feeling is gradually growing in British Malaya that business
will become readjusted without a general disruption, as a result of conditions in the rubber market. Building materials, automobiles and all
staple lines are in demand, but merchants are buying cautiously for
the present. There have been several failures of rubber firms but the
situation on the whole is relatively satisfactory.
CANADA.
The most optimistic reports upon wholesale trade during the week
ended April 21 are from Montreal, where machinery is a particularly
active line and dry goods, apparel and hardware sales are described as
very satisfactory. In Toronto, Winnipeg and Vancouver the general
trend is fair. Of the smaller centers, Calgary and Saskatoon report the
most encouraging conditions. Collections show improvement in most
of the principal cities. The backward spring has retarded the sale of
new goods but favored the disposal of winter stocks, with the result
that in many cases carryover are smaller than had been expected.
Wholesale firms report a steady How of moderate sized orders for dry
goods, wearing apparel, footwear, drugs, groceries and provisions, floor
coverings, paints, hardware and tools. The same lines together with
farm supplies, are also the most active in the retail trade. The buying
power of Western Canada is expected to increase materially when
weather conditions permit the completion of the threshing of the 1927
wheat crop. Extremely cold weather during April delayed farming
operations and very little field work was possible until recently. The
outlook for 1928 is for a late crop season, but mobsture conditions are
good and farmers are optimistic. Seeding is now under way in the
three Prairie Provinces, with particularly marked activity in Southern
Alberta. An appreciable increase in acerage is predicted in Manitoba.
Industrial activity in Canada as reflected by employment reports has
increased materially in iron and steel products and to a smaller extent in
lumber, food products, building materials, mineral products, non-ferrous
metals and chemicals. Some curtailment is reported in the pulp and
paper, tobacco and textile industries.
CHILE.
The improvement predicted several months ago now appears to be well
under way. Retail sales increased in April, and confidence among wholesalers is apparent. While the turnover has not as yet reached levels,
considered as normal, sales have been extremely heavy in some lines
and most others show a decided improvement over the same time last
year. The Government has announced that its financial operations during 1927 resulted in a surplus of 3,464,000 pesos. This demonstration
of an orderly control over income and expenditure has been a further
stimulating factor in the general improvement. The banking situation
is favorable with money plentiful, and discount rates on commercial
paper are steadily decreasing. Some commercial banks have affected
loans at 6)4%, or only yet% above the Central Bank's established rediscount rate. Having attained its objective of lowering rates, the
Central Bank is now undertaking little public disc*unting. While
some banks are still reluctant to extend their operations beyond their
regular sphere; the advailability of money is steadily forcing them
toward greater expansion.
CHINA.
March was a banner month for exports from Tientsin. March also
witnessed effective and substantial strides toward the rehabilitation
of trade in central China and the upper Yangtze region, with the local
Hankow trade better in practically all lines. Crop prospects are likewise generally good.
CZECHO SLOVAKIA.
Seasonal factors, notably renewed construction activity in large volumes, have given further stimulus to the already high rate of industrial activity. The iron and steel industry is reported to have exceeded
its cartel quota during the first quarter of 1928, while new orders forecast a further excess-quota production in the second quarter. The only
branches of production reporting declines are the brown coal mines, as
is usual at this time of the year, and the linen industries. Otherwise
the industries are uniformly prosperous including the glass, Gablonz
and porcelain branches. Although bank deposits suffered a sharp decline and bank note circulation a sudden increase, the available liquid
assets were found tn be entirely sufficient to meet oil requirements and,
with quarterly purposes, now satisfied, the market remains easy.
DENMARK.
The gradual improvement in industry and trade which has characterized the Danish situation during the last few months continued during
April. The money market is slowly becoming easier. The recent large
foreign loans, settlement of the Landmandsbank, and the purchase of
government bonds by the Bank of Issue are increasing the volume of
available credit and having a favorable influence on the money market.
Deposits showed a marked increase during March and loans and disaounts at the National Bank increased about 10,000,000 crowns. Note.
sirculation expanded slightly during April and the gold cover declined
2727
to 64%, a drop of 2%. The stock exchange market was uneven with a
slightly firmer tendency. The average quotations remained practically
unchanged. The industrial situation improved slightly although it
remains unsatisfactory. Shipping is still depressed with an increase
in idle tonnage. Agricultural production continued at a high level
while bacon production showed a slight decline. The improvement in
building trade and other outdoor works further reduced the number
of unemployed. Commercial activity is gradually improving and prices
are firm.
EGYPT.
With a view to increasing revenues, the Finance Committee in its
report to the Government on the budget suggests the desirability of establishing certain monopolies, specifically mentioning matches and
benzine. A match monopoly is being seriously considered, as its establishment is believed to be confronted with few difficulties and data on
its operation in foreign countries are now being collected. The establishment of a benzine monopoly, however, in view of the large overhead
expense and other difficulties, is regarded less favorably at the present
time.
FRANCE.
Effective April 25 the Autonomous Office for the amortization of the
public debt reduced the interest rate on two year national defense bonds
from 4%% to 4%. This action indicates a continued abundance of
funds and a desire to create conditions favorable to the issuance of the
new loan, announcement of which is expected shortly. Activity on the
stock exchange has been maintained, government issues are strong and
confidence prevails. The continued pressure on the Bank of France
to absorb offers of foreign exchange makes gold purchases probable.
GREECE.
The Greek Government has decided to issue an additional amount
of Drs. 2,500,000,000 of Refuge Indemnification 8% bonds. These bonds
will add a further interest charge of Drs. 200,000,00 to the Greek
budget. The purpose of the issue is to indemnify an additional number
of refugees for property abandoned in Turkey. (Drachma equals
$0.01307.)
IRISH FREE STATE
The Irish Free State budget proposals for the fiscal year ending
March 31, 1929, include the extension of the tariff on automotive imports to commercial vehicles and to all tires, and an increase in the
duty on sugar; the application of the tariff on glass bottles will be
restricted to jam jars and beverage bottles of over five ounces capacity.
JAPAN.
Supplementary budget items presented to the Diet include 16,000,000
yen for coronation purposes and 11,000,000 yen for sew projems. Early
dissolution of the Diet, which was convened in special session on April
20 to pass upon the supplementary budget, appears possible. The Jkpa.
nese Government is ordering the suspension of small weak banks, The
South Manchuria Railway is reducing its industrial property valuation,
including the Anshan iron mine.
MEXICO.
Mexican business has continued more or less steady during April,
with no outstanding changes being noted. During the early part of the
month a tornado caused considerable damage in the Laguna district, the
leading cotton producing region in the Republic. Many of the cotton
plantations will have to be replanted it is said and as a resuk of the
demand the price of cotton seed in this region has advanced from 60 to
70 pesos per ton. Practically all of the large petroleum producers have
accepted the new regulations and it is stated that increased activities
are contemplated in the northern and southern fields of the Tampitm
region. In fact one company has already taken on SOO former ODployees for the purpose of repairing and cleaning pipe lines and !machinery with a view to renewing operations. Petroleum taxes kir
March show a slight increase over February, indicating an increase is
production and exportation of petroleum. The Mexieen Treasury Department announced that the situation of the Natioaal Railways bee improved and that the plan of Sir Henry Thornton vrill not be adopted
at this time, as they have been able to inaugurate measures looking toward decreased costs. The Mexican Goverrument issued a statemest
to the effect that customs receipts during Marsh amounted to 1,980,677
pesos as compared with 7,457,273 pesos in February. According to a
statement published by the Secretary of Industry, Commerce and
Labor, Mexico's total exports ditrisg 10927 amounted to 627,381,780
pesos as compared with 691,753,035 pesos in 1926; a decrease of
slightly more than 9%. It is reported that owing to the large number
of protests received, the promulgation of the new civil code, which was
to have been published on April 25, has been postponed for thirty days.
There is considerable agitation against the promulgation of the code as
now drafted owing to the unfavorable provisions regarding property
rights. It is believed that these provisions would have a very adverse
effect on construction activity which has been exceedingly good during
the past sixty days.
NETHERLAND EAST INDIES.
Business conditions in the native rubber centers of Sumatra and
Borneo are showing the effects of declining rubber prices. Acide front
the uncertain position of native rubber growers, however, general business of the Netherlands East Indies continues fairly good.
NETHERLANDS
General business in the Netherlands continues to improve slowly but
steadily. The trend of commodity prices is upward and stocks are m6derate in spite of heavier imports. The index of retail prices during
March advanced 1 point to 150.
NEW ZEALAND.
Building in all parts of New Iliteland is active. The silo of automobiles is below anticipations but with the easing of money increased business is looked for particularly in new models of popplar American cars
,which have just been released. Sales are being aill-med in some setttions by a shortage of stocks. The timber trade is steady whh Oregon
and redwoods enjoying good demand. Stocks are satisfactory. Rais
in all sections of the country is aiding the outlook considerably and a
general feeling of confidence is noted in all quarters.
NORWAY.
Announcement of gold redemption effective May first, and the final
decision regarding the future of the two largest administrative batiks
were the outstanding features in the financial situation during Aprk..
The exchange and general financial situation was noticeably quieter
during the month with the money market gradually becoming easier
,
TWo loans aggregating $13,000,000 for conversion of older
domestic
loans are expected to be floated in the near future. lipte
circulat'
expanded about 9,000,000 crowns during April while 104E13 and
crta.
2728
FINANCIAL CHRONICLE
counts declined about 13,000,000 crowns during the same period. Quotations on the stock exchange market remained practically unchanged
with the exception of industrial shares which continued to rise. A
slightly better tone was observed in a number of industrial branches
bringing about a gradual reduction in unemployment. Agriculture is
depressed. The fisheries report a moderately satisfactory yield but the
financial returns are low. Inactivity and heavy idle tonnage have prolonged the depression in the shipping industry. Foreign trade during
March increased in volume although the import surplus still remains
high. Exports to the United States showed a satisfactory gain during
March. Business is slightly improving and prices are firm. The
wholesale index was unchanged at 197 during March.
PHILIPPINE ISLANDS
Despite low prices in the abaca market and dullness in the copra
trade, which have prevailed for most of the current year, general business conditions in the Philippines continue fair. Retail buying is active
and well distributed except for certain lines which are temporarily
affected by the pending political elections. Insular and provincial governments are not buying office supplies and equipment. The copra
market of the past week showed increased firmness and arrivals continued light. Three oil mills operated intermittently. The provincial
equivalent or resecado (dried copra) delivered at Manila is now 13.50
pesos per picul of 130 pounds; Hondagua, 13 pesos; and Cebu, 13.75
(one peso equals $0.50). The outlook of the abaca trade is brighter,
with a firmer market and slightly increased prices. Dealers state, however, that the advance in price is speculative and not justified, in view
of continued weakness in foreign markets. Nominal prices are now
quoted at 26 pesos per picul F; I, 23; JUS, 22; JUR, 18.50; and L,
14.50. Abaca production continues heavy.
[VOL. 126.
Since, however, the export of gold from Russia has considerably exceeded
the losses by the bank, it is concluded that part is derived from gold held by
the Finance Commissariat.
At all events, the Commissariat has correspondingly reduced the circulation of Treasury notes.
German Gold Import in 1928 $18,500,000, Mainly
Russian.
Wireless advices from Berlin April 27 to the New York
"Times" stated:
In connection with the rapid increase of gold reserves at the Reichsbank,
much interest has been taken in the statistics of gold exports and imports
during the year to date. In January imports of gold and silver were 5,750,000 marks and exports 2,243,000; in February imports were 29,096,000
marks and exports 2,061,000; in March imports rose to 39,425,000 and exports to 2,360,000. During the three months' period, therefore, the excess
of gold imports into Germany over exports has been 67,607,000 marks.
Much of the gold has come from Russia, whose total export of gold on
the present movement has been 65,000,000 rubles; of which, so far as is
known, 42,000,000 rubles or 84,000,000 marks, came to Germany.
French Consolidation Loan to Be Offered May 7.
With regard to the new French Consolidation loan which
will be placed on the market on Monday next, May 7, copyright advices from Paris April 30 to the "Herald-Tribune"
stated:
SALVADOR
The month's business in Salvador has been characterized by the
usual seasonal and post-holiday inactivity.
Merchants are nevertheless optimistic in view of the continued effort of the Government to pay
salaries, which has contributed to a fairly brisk retail trade. There has
been a marked increase in foodstuffs and automobile importations, all
the latter being high priced models. The very heavy outbound passenger
traffic during the month indicates in a general way the prosperity enjoyed throughout the country. The coffee market continues firm and
the • remaining stock is controlled by a few strong exporters who are
demanding the receiving exceptionally high prices. The 1928-29 coffee
crop indications are excellent with a strong European demand on
future sales bringing the highest prices.
-
The loan will be in the form of 5% long term rentes redeemable in
seventy-five years and the government expects that at least 10,000,000,000 francs ($400,000,000) will be realized for wiping out the short-term
loans which are due to mature this year and next and also for making
a large reduction in the treasury's present debt to the Bank of France.
At the same time it was revealed that the government is active in another financial matter. Notes have been exchanged by France with the
American and British governments relative to payment by France of
this year's war debt obligation. The Premier plans to pay this year as
France did last, although the debt accords have not yet been ratified.
Under this plan it is proposed to pay the United States $11,250,000
next June 15 in accordance with the provisional agreement made last
year. Correspondence with England anticipates payment of approximately $39,000,000 in two installments—September and March, 1929.
Subscriptions to the new issue of May 7 can be made in cash, in national defense bonds or bonds of the Credit National which mature July
Federal Reserve Bank of New York on Gold Movement 1 and also treasury bonds maturing in 1929.
The Premier wants first of all to free the treasury of these maturities
During April—Net Loss to Country Since Septemthis year and next so there will be no obligations coming due to interfere
ber $345,000,000.
with stabilization. Several billions should remain after these bonds
In reviewing the gold movement, the Federal Reserve have been taken up and it will be applied to the debt to Bank of France.
Holders of the short term bonds may turn them in for cash up to June 8
Bank of New York, in its May 1 Monthly Review, says:
or exchange for new long term 5%
The gold export movement continued during April with total shipments bonds remaining out will be replacedbonds. After June 8, all short term
automatically with new bonds.
of about $94,800,000. Imports totaled about $3,800,000, and there was a
It was stated in Associated Press advices from Paris
net release of approximately $45,700,000 from earmark during the month;
so that the net gold loss for the month was about $45,300,000. This makes yesterday (May 4) that the price of the new 5% bonds for
the net.loss to the country about $345,000,000 since the beginning of the
the amortization of part of the floating debt due in 1928export movement in September.
The export movements to Argentina and Brazil and the shipments of ear- 1929 was fixed at 91 by a decree published in the Official
marked geld to France continued during April; further exports to Italy and Journal.
Uruguay were made; and the strength of sterling exchange led to another
Following the endorsement of Premier Poinoare and his
small export of gold to England. The shipment of about 85,000,030 of gold
received in February from Russia and refused by the Assay Office was trans- plans for stabilizing the franc, as witnessed in the French
ferred by the consignors to Germany. The only important import move- elections
on April 29, a Paris cablegram April 30 to the
ment was the receipt of $3,400.000 from Greece.
The destination of the largest shipments from New York during April and "Times" noting that the Premier intended to lose no time
the total amounts sent to those countries since September 1 last are given in in carrying out his programs noted his intention to publish
the following table:
Sept. 1 1927 to a decree May 1 authorizing the new loan, the account
a Apr. 28 1928. a Apr. 28 1928. adding
$3,500,000 $117,090,000
Argentina
An important part of the plan is that, while subscriptions in securities
1,680,000
54,994,000
Brazil
71.741,000
132,540,000 would result in the conversion into long-term bonds to that amount,
France
b5,353,000
b26,881,000 actual cash received by subscription would be used by the
Germany
Government
6,000,000
12.000,000 in
Italy
reducing the advances of the bank to the State and thereby decrease
1,465,000
11,033,00
United Kingdom
3,000.000
11.000,0000 the circulation of banknotes in a corresponding degree.
Uruguay
a April figures preliminary. covering Port of New York only. b Including
Expects 10,000,000,000 Francs.
$6,201,000 previously received from Russia.
It is understood that this will be followed by the fixation of a new
The monthly changes In the country's stock of gold in consequence of exports. imports and earmarking transactions during 1927 and the first four limit for both the circulation of the Bank of France notes and legal
limit for advances from the bank to the State. The price of emission
months of 1928 are given below:
has not yet been fixed, but probably it will be only slightly under par.
GAIN OR LOSS TO GOLD STOCK.
No fixed limit has been set for the size of this loan and probably none
Through
will be until some time after the opening of subscriptions which will be
Through
Imports or
Earmarking.
on May 7. It is quite apparent that, considering the factors involved,
Total.
Ezorts.
Month—
+$44,000,000 +620.000,000 +664,000,000 the Government could easily use subscriptions running into an enormous
1927—January
+3,000,000
+20,000,000
+23,090,000 figure. One hears it said
February
that Premier Poincare expects 90,000,000,000
+11,000,000
+9.000,000
March
—1,000,000
+12,000,000
+11,000,000 francs.
April
—95.000,000
+32,000,000
—63,000,000
May
It was stated in Associated Press cablegrams from Paris
—1,000,000
+13,000,000
+12,000,000
June
+9,000,000
+9,000,000 Aprily 30 that the present French floating debt
July
consists of
—2,000,000
+6,000,000
+4.000,000
August
—9,000,000
—20,000,000 about 24,000,000,000 francs advanced by the Bank of
—11,000,000
September
--25,000,000
--34,000,000
--9,000,000
October
—40,000,000
—93,000,000 France and something over 40,000,000,000 francs in short—53,000,000
November
--8,000,000
--76,000,000 term national defense bonds.
--08,000,000
December
Total
1928—January
February
March
April
+36,000,000 —$160,000,000 —$154,000,000
+$6,000,000
—$8,000,000
—$14,000,000
+3,000.000
—8,000,000
—11,000,000
+36,000,000
—59,000,000
—95,000,000
.45,000,000
—4
,91,000,000 +.46.000,000 —4
Premier Poincare's Reported Move Toward Payment on
U. S. and British Debts.
In addition to the forthcoming French Consolidated
'
—*$211,000,000 +*$91,000.000 -4 $120,000,000
Total, 4 months
* Preliminary.
loan (to which we refer in another item in this issue) it
was stated in Associated Press advices from Paris on April
Soviet Bank Losing Gold. Reserve Now Nearly Down 30 that a partial commercialization of the
reparations debt
to the Legal Minimum.
of Germany to France and the other Allies, is said by
Recent export of gold from Russia has reduced the com- well informed people to be the second step in view at the
bined holdings of gold and exchange at the Soviet Bank to Ministry of Finance. These advices said:
M. Poincare, in his pre-election declarations at Carcassonne,
266 million rubles, or 26% of note circulation, so that they
made it
now barely exceed the legal minimum of 25% according to a clear that he considers this scheme a serious possibility.
By this means, several billion marks of the bonds pledged by
GerBerlin message April 27 to the New York "Times" which many for the payment of the reparation annuities
would become immediately available for sale on the market.
adds:
MAY 5 1928.]
FINANCIAL CHRONICLE
2729
Kalinin
It has been calculated that at leist $500,000,000 worth could be ab- conditions were worse. He said the Kremlin orators, President
declaring
sorbed by American and European financial markets, giving for immedi- of the Executive Committee and M. Frumkin, were wrong in
the peasants' income had increased.
ate use of the French Treasury six and a half billion francs.
Another, Volkof, said there were a lot of loafers among the poorer peasThis sum applied to the interior sinking fund and to payments on
premium on idleness. Less
foreign debts would make the Treasury much easier and open up the ants. To free them from the tax meant a
it Is significant that
perspective of an early declining scale in the interest charge in the courageous speakers disavowed these remarks, but
and Chalof were appointed to the commission to modify
both Volkof
French budget which now amounts to more than 21,000,000,000 francs.
the new law.
A Question About Debt Settlements.
The peasant delegate Shur, from the Ukraine, feared the tax would hit
It is rumored in some quarters that the partial commercialization of the middle peasants, and his colleague, Tsvetkof. from Tver, thought
reparations debt will be in some way linked with the debt the same. Then, the Pravda adds curtly:
the German
"Some orators expressed anxiety lest the new tax lead to systematic
settlements but no one now sems to know how it can, or is likely to be,
dismemberment of the holdings."
done.
The peasant Shu elucidated this when he said: "The system of self
All of this, in the opinion of M. Poincare's immediate collaborators,
is going to take time. In their opinion four years—the regular life of apportionment [by the village Soviet] of local taxes [recently introduced
the new Parliament—will not be too much in which to accomplish the in the villages by the Kremlin as a class measure against the Kulaksl
is leading to similar dismemberment.
work.
If stabilization of exchange is effected at the present rate, it is reSees Breaking up of Farms.
marked, it will necessitate a further increase in the cost of living, home
-apportionment hits
"The moment our farms get a bit stronger, self
prices being still below world prices. 'This evil would have its redeem- their growth. The Soviet power is being reproached that it does not
ing feature, however, in the fact that higher prices would mean increased allow the peasant to grow. Those reproaches come particularly from
revenue. A quicker reduction in the interest charge and earlier relief the farmers who love their work and who strengthen the agricultural econin the way of taxation.
omy. I have seen cases where a peasant holding eight or ten acres, a
Revalorization, it is commented in banking circles, would involve a loss couple of horses and a cow began to dismember it in order to free his son
on the $1,000,000,000 or more worth of foreign exchange which the Gov- from future taxes."
ernment has bought during the past two years at from 25.40 to 35 francs
In other words, practical farming experience does not quite coincide
to the dollar.
with Kremlin theory, which happens elsewhere than in Russia. Neverto a new
It was stated in a Paris cablegram to the New York theless, the fact remains that the Kremlin is now committed individual
socialize agricultural economy and depress the
"Times" that Premier Poincare on April 30 published the attempt to
Kulak.
• substance of letters exchanged among the French, AmerWhen recently the Government confiscated the Kulaks' surplus grain
the penal
ican and British Governments in which, while all rights of under virtue of the elastic "anti-speculation" Article 107 of
code, it gave a quarter of this grain to poor peasants.
the French Parliament with regard to ratification of debt
Now it proposes to beat down the Kulak with taxes and replace him by
accords are,reserved, France agrees to pay on June 15 the State farms worked as units under a manager and collective farms worked
More than 750,000 rubles are being
by the
$11,250,000 to the United States Treasury which would be as co-operatives year to poor peasants. sorts of agricultural enterprise.
finance these two
poured out this
due had the Mellon-Wrenger agreement been ratified, and
to pay to the British Treasury £8,000,000 in two instalments, Sept. 15 and March 15, 1929.
From the "Journal of Commerce" we quote the following
from Washington April 30:
Italian Treasury Situation at End of March.
Romolo Angelone, Commercial Attache of the Royal Italian Embassy, announces on April 28 the receipt of a cable
communication from Count Volpi, the Italian Minister of
No immediate action by the French Government as to ratification of
the Italian Treasury situation at the
the Mellon-Berenger debt agreement is anticipated at the Treasury De- Finance, dealing with
partment, officials said to-day following the termination of the elections, end of March. The advices state:
which have maintained the present regime in office.
Officials indicated that there has been no change in the attitude of this
Government toward war debts or the French debt. Frequent "feelers"
have been put out by the French as to revision of the American pact and
a general rearrangement of the •war debt situation, but officials at the
Treasury take the attitude that so far as this Government is concerned
the matter has been settled finally. Any revision would have to come
through Congress, to which the past has been referred.
France to Pay Great Britain £8,000,000 on War Debt in
Current Year.
London Associated Press advices April 29 were published
as follows in the New York "Times":
A brief announcement by the British Government to-day that France
intends to pay £8,000,000 on its war debt to Britain during the current
year indicates that France is adhering to the debt agreement of 1926.
notwithstanding the fact that it is as yet unratified by the French Senate.
By agreement the total indebtedness was fixed at £647,106,000 and a
scale of annual payments was arranged. In 1926, £4,000,000 was paid
and in the following year the amount of £6,000,000. The 1928 payment will be made in two equal instalments, one on Aug. 15 and the
second on March 15, 1129.
New Russian Soviet Taxes Hit Rich Peasants—Moscow
Congress Adopts Plan Increasing Revenues and
Relieving Poor Farmer—Protests on Behalf of Agriculture, Result in Naming of Commission to Modify Measure.
From its Moscow correspondent, Walter Duranty, the
New York "Times" reported the following wireless message
under date of April 20:
The new peasant tax was last night approved "basically" by the Joint
Central Executive Committee and Council of Nationalists, which constitute
the Congress of the Soviet Union, but a commission of fifty-nine members
was appointed to introduce certain corrections before the measure takes
effect. Thus mildly the Soviet press announces the conclusion of one of
the hottest and most prolonged debates in recent years.
According to a spokesman for the Kremlin, the new tax law, which it is
estimated will bring in 25% more revenue than last year, or 400,000,000
rubles, compared with 320.000,000. would free 35% of the peasantry, the
poorest, from any payment whatever and would reduce the proportion
paid by 53% more, the middle peasants, from half of the whole revenue
to 38%. The remaining 12%, the richer peasants or Kulaks,who last year
paid the other half, will now pay 62%.
If Mr. Garvin. Arthur Ransome or other pundits abroad still imagine
that the Kremlin's internal policy is toward the Right, or toward the Left
only in semblance, these figures may undeceive them.
The project, which will go into effect with only minor modifications
during the fiscal year from Oct. 11928, to Sept. 30 1929, in regard to 85%
of the total population of the Societ Union, has raised class discrimination,
against the Kuliras, to the highest point since the introduction of the Nep,
or new economic policy.
Some Fear Effect of Tax.
But, as stated, the measure did not pass unchallenged. While it may
fairly be supposed that the delegates to the Congress are not chosen—I
should say elected, because the Kremlin observes the forms—in order
to attack the Kremlin's projects, many of them raised such a vigorous
protest that yesterday's "Workers' Gazette" entitles its report of the proceedings "Disputes Over the Peasant Tax."
One peasant delegate, Chalof, said bluntly that it was not true the mass
of the peasants lived better than before the revolution; on the contrary,
On that date the Italia budget showed a real surplus of 23 million
lire, resulting from the difference between receipts amounting to 14.388
million lire and expenses for 14.265 million.
The account kept by the Treasury with the Banca d'Italia, for fiscal
operations, at the end of that month, showed a credit of 181 millions in
favor of the Treasury.
The total Italian internal debt at the end of March, 1928, amounted
to 86.011 millions, due to the reduction of paper circulation to the extent
of 100 millions, and to the reduction of short-term debts of 400 millions.
At the end of March paper circulation reached 17.240 million lire, as
against 17.270 millions at the end of February last.
and Industrial Conditions in Denmark
During February.
The following statement regarding the economic and industrial conditions in Denmark during February, issued by
the National Bank of Copenhagen and the Hanish Statistical Department, was made public April 2.
Economic
The Danish export of agricultural products was in February for most
of the articles larger than during the corresponding month last year, for
bacon even considerably larger. The export of bason is still increasing
and was also in February larger than during the preceding months. The
average weekly exportations were:
Butter, 2,541,500 kilos (February 1927, 2,511,600 kilos).
Eggs, 516.900 scores (521,100 acoree).
Bacon, 5,728.700 kiloe (4,888,100 kilos).
Beet and cattle, 1,477,300 kilos (1,358.700 kilos).
The prices of the exported products were except for the egg prioes,
somewhat lower than in February 1927; the average weekly official notations were:
Butter. 314 kr. per 100 kilo (February 1927, 323 kr.).
Eggs. 1.68 kr. per kilo (1.63 kr.).
Bacon, 1.18 kr. per kilo (1.34 kr).
Beef, 53 ore per kilo on the hoot (54 ore.).
The trade balance with foreign countries in January amounted to 148
mill, kr. for importa and 122 mill. kr. for exports, so that there was
an import surplus of 26 mill. kr. against 12 mill. kr. in January 1927.
The Statistical Department's wholesale index fell one point in February, from 153 to 152. The decrease was found in most of the individual
groups, as there was only a slight increase in a couple of groups, namely,
for textiles and dry goods 1 point, and for hides, leather and footwear
2 points.
The freight rate figure was for February 1928 figured at 99,8 against
101,1 in January; in February 1927 the figure was, due to the English
coal strike, considerably higher, namely, 121,5.
Concerning banking and financial conditions, the following should be
noted: In the three principal private banks there was in February a slight
increase for the outstanding loans as well as for deposits, namely, S and
8 mill. kr. respectively. Aside from this the changes which have occurred
on the three banks' balances are principally due to the closing of the yearly
accounts for 1927. Aside from the reserve of stocks and bonds, which
especially due to the increase in the rate of exchange are figured at 18
mill. kr. more than at the end of January, the fluctuations on the indi.
vidual accounts were, on the whole, small.
In contrast to what was the case in the principal private banks, the
outstanding loans in the National bank went down during the month,
namely, with about 11 mill. kr.; on the other hand the bank increased its
stock of bonds with about 9 mill. kr. by buying, by which the greatest
part of the decrease in the outstanding loans was counter balanced. At
the same time the bank has sold foreign currency for about 9 mill. kr.
while the Ministry of Finance has drawn about 9 mill, kr. of its credits
with the bank.
The above mentioned changes have very nearly counter balanced
each
other and the amount of bills in circulation is also practically un
2730
FINANCIAL CHRONICLE
during the past month, as there at the end of February were $35,7 mill.
kr. and at the end of January 335,8 mill. kr. As the stock of gold Is also
unchanged during the month, the percentage for covering was, as at the
end of January, 58.3.
The transactions on the Copenhagen stock- exchange were, as far as
bonds are concerned, considerably smaller than in January, for stocks
somewhat larger; the average weekly transactions for bonds amounted to
3,5 mill. kr. (January 5, 9 mill. kr.) for stocks 2,5 mill. kr. (January
1,9 mill. kr.) in February 1927 the corresponding figures were 8,2 and
2,8 mill. kr.
In the index for stock exchange quotations there were only slight
changes from January to February, as the bond index in February was
91,6 (January 91,0), the stock index 102,0 (January 102,3), when the
quotations of July 1st 1914 are fixed at 100. Compared to February
1927 all the groups were comparatively high, as the index for banks was
91,0 (February 1927: 85,7), shipping stocks 116,8 (113,6), industrial
stocks 94,2 (92,6) other companies 103,1 (86,0), and the complete index
102,0 (1927: 94,8).
The percentage of unemployed was at the end of February 25,9 and
thus somewhat smaller than in February 1927 when it was 31,1. In
the real industrial professions the percentage was this year 21,7 against
25,5 in 1927.
The Government's revenue frcen consumption taxes was in February
1928 14,9 mill. kr. of which 6,8 mill. kr. were custom revenue taxes
proper. In February 1927 the corresponding figures were 16,8 and 6,5
mill. kr.
Balance Sheets of Swiss Commercial Banks—Increase in
Capital of Five Banks During Year.
In a recent monthly bulletin the Swiss Bank Corporation
iummarizes the balance sheet figures and results of the
eight principal commercial banks in Switzerland. The
group comprises the 4wiss Bank Corporation, the Banque
Commerciale de Mlle, the Banque Fdderale, the Comptoir
d'Escompte de Geneve, the Credit Suisse, Leu & Co.'s Bank,
the Union de Banques Suisses and the Banque Populaire
Suisse—which latter works on co-operative lines. With regard to the showing for the past year the Swiss Bank
Corporation says:
The figures for 1927 show an all-round increase as compared with
last year's returns and touch a level never previously achieved. The
total capital and reserves of the 'eight banks concerned now amounts to
892 million francs as compared with about 794 million francs in 1926
and only 505 million francs in 1913, while deposits, bills payable, etc.,
now amount to 5,375 million francs as compared with 4,750 million
francs in 1926 and 2,047 million francs in 1913. Against this cash and
other assets now amount to 1,315 million francs as compared with 1,149
million francs in 1926 and only 125 million francs in 1913. Bills receivable show a slight decline at 1,038 million francs in 1927 as compared with 1,132 million francs in 1926 but have increased from 434
million francs in 1913. Debtors have increased to 3,128 million francs
in 1927 as compared with 2,625 million francs in 1926. This latter
compares with 1,306 million francs in 1913.
One notable feature of the year has been the increase of capital
which has taken place in the case of five of these banks. The Banque
Fedirale raised its capital in July last from 50 million francs to 79 million francs, the Banque Populaire Suisse from 101,800,000 francs to
116,750,000 francs, Len & Co.'s Bank from 35 million francs to 45
million francs, the Swiss Bank Corporation from 120 million francs to
140 million francs and the Union de Banques Suisses from 70 million
francs to 80 million francs. The writer of the Bulletin points out the
object of these increases was, in general, to create a better ratio between
capital and reserves and deposits. In spite of the great increase which
has taken place in the total of capital and reserves, there is still a
decline in this ratio from 1834% to 1834% while it is worth recording
that in 1915 this figure was 1934% and in 1913 about 25%.
Under the heading of securities there has been a slight falling-off in
1927 as most of the banks have availed themselves of the good market
conditions to realize some part of the securities they held. Thus at the
end of the year the total under this beading was only 180 million francs
as compared with 191 million francs in 1926 and a maximum figure of
233 million francs in 1922. On the other hand the revival of financing
business and the extensive development of trusts, holding companies,
etc., has no doubt been responsible for the increase of the item "permanent participations" from 333/i million to 4854 million francs, while
the great activity which has been in evidence in the capital market
sufficiently explains the total of about SO million francs shown under
the heading of Syndicates, which compares with somewhat over 3334
million francs in 1926.
Turning to the comprehensive figures of the Profit and Loss Accounts
of these institutions, the Bulletin points out that the improvement of
8.18% in the gross profits is principally due to the increase of 854 million francs in the earnings from commissions and of over 7% million
francs in the profits obtained from securities and syndicate participations. The easy conditions of the money market have provided a strong
—perhaps almost too strong—stimulus to the Swiss Stock Exchanges
and this has contributed to the increase which is shown in the Banks'
returns under the heading of commission. The extent of this development is shown by the fact that the Zurich Stock Exchange alone almost
doubled the volume of its business in 1927 as compared with 1926.
The Swiss banks have always tended to a conservative policy in the
matter of dividend distribution. Thus the average dividend paid by the
banks in 1927 works out at PA% as compared with 7.4% in 1926,
774% in 1913. The eight Swiss Banks actually distributed to their
shareholders about 471/2 million francs in 1927 as compared with 4234
million francs in 1926 and 2774 million francs in 1913.
[VoL. 126.
Landwirtschaftliche Zentralbank) farm loan secured 6%
sinking fund gold bonds, series A of 1928. The proceeds of
the issue, as has been the case in three previous issues,
will provide funds for increasing the productivity of German agriculture, a development expected to exert a favorable influence on German national economy and on thepotential balance of payments available to creditor nations. The books on the offering were closed shortly after
they were opened May 2, subscriptions in excess of the'
issue, having, it is stated, been received. The bonds will
be dated April 15, 1928, and will mature April 15, 1938.
The trust indenture will provide for a cumulative sinking
fund of 1%% per annum requiring semi-annual payments
to the trustee, commencing September 5, 1928. Payments
may be made either in bonds of this issue or in cash, and
any cash so paid will be applied to the redemption of bondsat 100% of the principal thereof through drawings by lot.
The bonds will be redeemable in whole or in part on any
interest date prior to maturity, on thirty days' notice. Thebonds, coupon, in denominations of $1,000 and $500, will be
registerable as to principal only. Principal, interest (April
15 and Oct. 15) and sinking fund payable in New York.
City, in gold coin of the United States of America of orequal to the present standard of weight and fineness, without deduction for any present or future taxes or duties
levied by or within the German Reich, at the head oiliCe of
The National City Bank of New York, is trustee. Principal and interest will also be collectible, at the option of theholders, at the city office of The National Bank of New
York, in London, England, in pounds sterling, in each
case at the then current buying rate of the said bank for
sight exchange on New York City. The Reichbank, Berlin,.
is German Supervisory Trustee. Previous financing for
the account of the German Central Bank for Agriculture.
handled by The National City Company and associates consists of $25,000,000 bonds offered at 93 in September, 1925;
$30,000,000 offered at 95 in July, 1927, and $50,000,000'
offered at 95% in October, last year.
Incident to the present offering, Meagre. Mader and
Szagunn, Managing Directors of the Deutsche RentenbankKreditanstalt, state:
The Deutsche Rentenbank-Rreditanstalt acts as a Central
Bank for
German agricultural credit organizations, through which it grants
loans
for the promotion of agricultural production, employing for
that purpose its own resources and the proceeds of domestic and
foreign bor.
rowings. It was organized in 1925 pursuant to the suggestion of
the
Reichsbank Organization Committee appointed under the Dawes Plan,
which committee had recommended that such an institution be
formed,
to which the old Rentenbank should transfer its credit balances.
Itsinitial paid-up capital of $40,476,190 has been augmented until it now
amounts to $79,761,905, and may be further increased by the application of earnings and additional transfers from the Rentenbank until
capital and surplus aggregate $119,047,619. The business operations
of the Central Bank have expanded commensurately until on
March
31, 1928, its total assets aggregated $317,52.4,388, of which
loans secured
by mortgages amounted to $10,919,026.
Issues of bearer bonds are authorized up to six times the
paid-up
capital, but may be increased to eight times with the consent of
the
upper house of the German Parliament.
The Governing Board of the Central Bank consists of
twenty-sevea
members, including eleven appointed by certain leading agricultural'
organizations, eleven by the German Reichsrat, and two by the German
Government, which also exercises certain supervisory functions.
The bonds of this issue will be secured by an equivalent amount of
mortgages (or cash in lieu thereof), constituting direct liens on German agricultural, forestal and horticultural lands to an amount which
together with all existing prior liens (as defined in the Trust Indenture) shall not exceed in the aggregate 40% of their assessed value.
Temporary security of substantially equivalent nature is provided for
a limited period.
The Central Bank for Agriculture covenants that it will not issue
any other bonds or contract any indebtedness in any manner sharing
in the specific security provided for the bonds of this issue.
The Reichsbank will act as Supervisory Trustee in Germany andwill exercise general supervision over bonded agents appointed by it
in conjunction with the German Government to examine and pass
upon the security provided for the bonds and to have the custody of
the deposited securities.
Offering of $8,000,000 Bonds of Department of
Akershus, Norway.
An $8,000,000 loan for the Department of Akershus, Norway, in the form of 35
-year 5% external sinking fund gold
bonds, was offered May 3 by a banking group composed of
Brown Brothers & Co., New York Trust Co. and Halsey,.
Stuart & Co., Inc. The bonds, priced at 971 and interest
4
Offering of $30,000,000 6% Bonds of German Central Bank to yield about 5.17%.
Agriculture—Books Closed.
for
The proceeds of the loan will be used to retire internal
A banking group headed by The National City Company obligations of the Department bearing interest at 6%% as
and including Harris, Forbes & Co.; Lee, Higginson & Co. compared with 5% for the new bonds. The total debt of
and Brown Brothers Co. offered on May 2 at 95% and the Department will not be materially increased by the
interest yielding over 6.62%, $30,000,000 German Central Issue. The new issue will be dated May 1, 1928, and will
Bank for Agriculture (Deutsche Rentenbank-Kredltanslait mature May 1, 1903. They will be redeemable on May 1,
MAY 5 1928.]
FINANCIAL CHRONICLE
1933, and on any interest date thereafter as a whole or in
part on thirty days' notice at par and accrued interest. A
cumulative sinking fund beginning May 1, 1933, will be
provided calculated sufficient to retire the entire issue by
maturity, operating semi-annually, by drawing by lot for
redemption at par and accrued interest. The Department
reserves the right to deliver bonds to the sinking fund at
principal amount of lieu of cash.
The bonds will be in coupon form in the denomination
of $1,000, registerable as to principal. Principal and inter)
est (May 1 and Nov. 1) will be payable in New York City
at the office of Brown Brothers & Co., Fiscal Agents for
the loan, in United States gold coin of or equal to the present standard of weight and fineness, without deduction for
Norwegian taxes. The issue of these bonds has been officially approved by the Norwegian Government. Hroar
Olson, Governor (Fylkesmann) of the Department of
Akershus, in advices to the bankers offering the bonds,
says in part:
Obligati:cm-The Thirty-five Year 5% External Sinking Fund Gold
Bonds will upon issuance constitute the only external obligation of the
Department. They will contain a covenant that if while any of the
bends are outstanding the Department shall create or issue or guarantee
any loan or bonds secured by lien on any of its revenues or assets or
assign or charge any of its revenues or assets as security for any guaranty of any obligation, the present issue of bonds will be secured equally
and ratably with such other` loan or bonds or such guaranty. No loan
of the Department is specifically secured.
Debt
-As of June 30, 1927, the total funded and floating debt of
Akershus was $18,711,000, of which $18,070,000 was funded debt. Since
that time there has been no increase in the funded debt and no appreciable change in the floating debt. Against this debt the Department
owns property valued at approximately $19,000,000. Of this amount
$17,500,000 represents the value of revenue producing electric power
properties which supply light and power in the entire Department including the important industrial areas.
Revenue and Expenditures.
-Actual receipts of the Department, not
including funds borrowed, have exceeded expenditures in each of the
fiscal years ended June 30, 1927, except in one year when there was
five
a deficit of $21,000. Over the entire five-year period such receipts exceeded expenditures by $165,970. The budget of the Department for
the fiscal year ending June 30, 1928, shows receipts equal to expenditures without borrowing. The principal source of income is from taxes
levied by the Department on its rural subdivisions (which comprise the
Population above stated),. This normally acoounts for about 60% of the
total income. Of the remainder about 30% is represented by the Department's share in the general taxes levied by the National Government
Offering of $20,000,000 6% Bonds of Mortgage Bank of
Chile-Books Closed.
Kuhn, Loeb & Co., GuaranIty Company of New York and
The National City Company offered for subscription on
May 1 at 951
,4% and accrued interest to yield over 6.30%
to maturity $20,000,000 principal amount Mortgage Bank
of Chile (Cola de Credito Hipotecario, Chile) guaranteed
sinking fund 6% gold bonds of 1928 due April 30, 1061, unconditionally guaranteed as to principal, interest and sinking fund by endorsement by the Republic of Chila. The
subscription books were closed the day the offering was announced
The bonds will be in coupon bearer form in
denominations of $1,000 and $500 each. Principal and
interest (April 30 and Oct. 31) will be payable at the
option of the holders, in New York City at the office of
Kuhn, Loeb & Co. or of Guaranty Trust Company of New
York, in United States gold coin of or equal to the standard of weight and fineness existing April 30, 1928, or in
Santiago, Chile, at the office of the Cato, by sight
draft
on New York City, without deduction for any taxes, imposts, levies or duties of any nature now or at an
time
hereafter imposed by the Republic of Chile, or by any
state,
province, municipality or other taxing authority thereof
or
therein, and will be paid in time of war as well as
in time
of peace and whether the holder be a citizen or a resident
of a friendly or a h,ostile state, Beginning Oct. 31, 1928,
the Bonds will be redeemable through a cumulative sinking
fund calculated to retire the whole issue by April 30, 1961,
to be applied on each semi-annual interest date to the redemption by lot of bonds at par. The Caja will have
the
right to Increase the amount of any sinking fund instalthe redemption of additional bonds on any interment for
est date, and in any case appropriate reductions will be
made in subsequent sinking fund instalments. This right
is reserved because repayments on the mortgage loans to
be made by the Caja, against which these bonds are to
be issued, can be made by the borrowers either in cash or
In bonds of the Caja in excess of the fixed minimum
amortization payments and the Caja is not permitted by
law to have its bonds outstanding in excess of the mortgage loans against which they are issued. Carlos G. Davila,
Ambassador Extraordinary and Plenipotentiary of the Re-
2731
public of Chile to the United States in advices to the bankers, says in part:
The Caja de Credit° Hipotecario was created for the purpose of
making available credit facilities on reasonable terms for the development and improvement of real property in Chile. The Board of Directors, the President of the Board, the Chief Counsel, the Cashier, the
Controller and the Secretary are appointed by the President of the
Republic.
During its entire existence of over seventy years, the Caja has operated successfully and has never failed to meet its obligations. The
record of its loan collections is very satisfactory. The losses incurred
by the Caja on property foreclosed under its mortgages have not exceeded $40,000 in the aggregate for the last ten years.
The Caja has no capital stock and is not operated for profit It has
power to charge a commission to provide for its expenses and for a
reserve fund, as additional security for its bonds and notes, but having
accumulated a sulEcient reserve, the Caja has now discontinued charging such commission.
On Dec. 31, 1927, the Caja had outstanding various issues of bonds
aggregating $126,846,150 at gold par of exchange and an issue of $10,000,000 of notes. The Caja issues its bonds only against first mortgages registered in its name. On Dec. 31, 1927, the Caja had made
against its outstanding bonds 11,754 mortgage loans, being an average
of less than $11,000 per loan, and these loans aggregated less than
27% of the aggregate appraised improved value of the properties mortgaged as security therefor. Against its notes the Caja had on that
date made 2,572 loans, being an average of less than $5,000 per loan.
All its loans are made on a conservative basis and the risk is greatly
diversified. As further security for its bonds and notes the Caja has
accumulated a reserve fund of approximately $5,028,450 at gold part
of exchange.
The law authorizes the Caja to issue bonds and to make
loans payable in foreign currencies. It is the practice of the mortgage
Caja to
make its mortgage loans, against which bonds payable in a foreign
currency are issued, also payable in the same currency, except in cases
where it has obtained a guaranty of the Republic of Chile for any loss
resulting from exchange fluctuations. This was done in 1912 when
Fcs. 58,823,500 gold bonds were issued (of which there are still Fes.
25,000,000 gold now outstanding) and in 1925 and 1926 when $40,000,000 U. S. Gold Bonds and $10,000,000 Five-Year U. S. Gold Notes
were issued in the United States by you, and is also being done in the
ease of the present issue, against $12,000,000 of which mortgage loans
in Chilean currency will be outstanding.
The mortgage loans against $8,000,000 of the present issue will be
made at the request of the Republic of Chile for construction purposes
at lower interest rates than the Caja is paying on the Bonds and the
Republic has agreed to pay the difference and to guarantee those mortgage loans. The entire present issue of Bonds will also be guaranteed
by endorsement by the Republic of Chile.
The bonds and notes of the Caja are legal investments for savings
banks and trust funds in Chile.
Application will be made to list the bonds on the New
York Sotck Exchange.
Offering of $4,000,000 Ruhr Chemical Corp. Bonds.
An issue of $4,000,000 Ruhr Chemical Corp. 6% sinking
fund mortgage bonds, series A, is being offered at 92% and
interest, to yield over 6.70% by Dillon, Read & Co., International Acceptance Bank, Inc., and J. Henry Schroder
Banking Corp. The bonds are dated April 1, 1928, and will
mature April 1, 1948, and are redeemable as a whole or in
part by lot, on any interest date, on thirty days' notice,
to
and including April 1, 1933, at 105 and interest; thereafter
prior to maturity, at 101 and interest. International
Acceptance Trust Co., New York, American trustee; Deutsche
Kreditsicherung A. G., Berlin, German trustee. The indenture is to provide for a sinking fund of $211,000 per
annum, sufficient to retire the entire issue of Series
A
bonds by maturity, to operate by semi-annual call by lot
(first redemption Oct. 1, 1929) at 100 and interest.
Ruhr Chemical Corp. (Ruhrchemie Aktiengesellschaft)
was organized under the laws of Germany in November,
1927, by important coal and steel companies located in the
Ruhr district. The company's plant, which is now under
construction, is expected to be completed by April 1, 1929,
at a cost of approximately $5,000,000. Upon completion of
this plant the company will be equipped to produce ammonia, nitric acid and fertilizer, utilizing coke oven gas
as a raw material. Manufacturing will be carried on under
certain patented processes, known as the Concordia-Linde
and Casale processes.
Mr. H. A. Brassert, American consulting engineer, estimates the earnings of the company for the first year of
operation, under present market conditions, after allowance for depreciation and for annual payments under the
Dawes plan estimated on the basis of existing assessments,
but before interest and profits taxes, at approximately
$1,200,000, and further estimates that any reduction from
present market prices for the company's products which,
In his opinion, may be anticipated, should be offset within
a reasonably short period by the expected Increase ia the
company's output with the resultant decrease in unit production costs. The maximum annual interest requirement
on the Series A bonds amounts to $240,000.
Further details in connection with the Offering are
given
In our "Investment News Department" on a
subsequent
page of this issue.
2
/
732
FINAN
. R. Grace & Co. Acquire Interest in Banco Internèi
cional of Lima, Peru.
W. R. Grace & Co. have acquired a substantial interest
in the Banco Internacional of Lima, Peru. As a part of
this transaction the shareholders of the Banco Internacional on April 28 at Lima approved the doubling of the
capital stock. The participation taken by W. R. Grace &
Co. in the Banco Internacional which was established in
1897 and which does a general banking business throughout Peru, is in line with the Grace policy of identifying
itself with the chief activities in the South Amercan countres where it does business. To the original shipping and
trading business of the vim on the West Coast of South
Amerca there have been added industrial enterprises such
as sugar estates, nitrate oficinas and cotton and woolen
textile mills. Banking in Peru is hardly a new departure
for the house as many years ago the Graces brought about
the refinancing of the public indebtedness of Peru, a large
operation resulting in formation of the Peruvian Corporation and the completion of the Central Railroad of Peru,
the highest railway in the world, which crosses the summit of the Andes and serves the great mineral district of
Cerro de Pasco.
The Banco Internacional thus far has confined its business to Peru but the participation now taken by W. R.
Grace & Co. indicates an expansion of its business to the
international field. President Leguia is putting the resources and energies of his government behind a program
of irrigation, port improvements, highway and railroad
construction. While a number of large foreign banks do
business in Peru the Banco Internacional is one of the few
important purely Peruvian banks and is closely in touch
with the commercial and industrial enterprises of the
country. Banking is becoming steadily a more important
part of the Grace activities for the Grace National Bank
of New York, which was established in 1924 to take over
the banking business which had grown up incident to the
firm's other activities during many years, is developing in
both the foreign and domestic fields. In London, Grace
Brothers & Co., Ltd., a banking house which is owned by
British interests closely affiliated with W. R. Grace & Co.,
stands in the same relation to South American interests
in London that W. R. Grace & Co. and the Grace National
Bank do in the New York market.
Bonds of Argentine Government Government for
Redemption.
J. P. Morgan & Co. and The National City Bank of New
York as fiscal agents have issued a notice to holders of
Government of the Argentine National external sinking
fund 6% gold bonds, issue of June 1, 1925, due June 1,
1959, to the effect that $246,000 principal amount of the
bonds have been drawn by lot for redemption at par and
accrued interest on June 1, 1928, out of moneys in the sinking fund. Bonds so drawn with interest coupons maturing
on and after that date will be paid upon presentation and
surrender on June 1, 1928, at either the office of J. P.
Morgan & Co., 23 Wall Street, or the head office of The
National City Bank of New York„ 55 Wall Street, after
which date interest on the drawn bonds will cease.
Bonds of Saxon State Mortgage Institution Drawn
for Redemption.
The National City Bank of New York as trustee for
Saxon State Mortgage Institution mortgage collateral sinking fund 7% guaranteed gold bonds, due December 1, 1945,
will be prepared to pay and redeem on June 1, 1928, at
100%, $34,000 aggregate principal amount of these bonds
which have been selected for redemption. Also, as trustee
for Saxon State Mortgage Institution mortgage collateral
/
1
2
sinking fund 6 % guaranteed gold bonds, due Dec. 1,
1946, The National City Bank of New York announced that
It will be prepared to pay and redeem on June 1, 1928, at
100%, $27,000 aggregate principal amount of these bonds
which have been selected for redemption.
CHRONICLE
[Vol.. 126.
6% gold bonds, public works issue, due May 1, 1961, to the
effect that $109,184 in cash is available for the purchase
f,:)r the sinking fund of such bonds as are tendered and
accepted for purchase at prices below par. Tenders of
the bonds with coupons due on and after Nov. 1, 1928,
should be made at a flat price, below par, at the office of
J. P. Morgan & Co. or at the head office of The National
City Bank of New York, 55 Wall Street, New York, prior
to May 31.
' J .P. Morgan & Co. and The National City Bank of New
Yor kas fiscal agents have also issued a notice to holders
of Government of the Argentine Nation external sinking
6% gold bonds due May 1, 1960, to the effect that $106,25g
in cash is available for the purchase for the sinking fund
of such bonds of this issue as are tendered and accepted
for purchases at prices below par. Tenders of the bonds
with coupons due on and after November 1, 1928, should
be made at a flat price, below par, at the office of J. P.
Morgan & Co. or at the head office of The National City
Bank of New York, 55 Wall Street, New York,
prior to
May 31. If tenders so accepted (in both instances) are not
sufficient to exhaust available funds, additional purchases
upon tender, below par, may be made up to July
30.
National Association of Cotton Manufacturers
Urges Inclusion of Cotton Mills in McNary-Haugen Farm
Bill.
The National Association of Cotton Manufacturer
s, at
Its annual meeting at Providence, R. I., on
April 26, unanimously voted to seek amendment of the
McNary-Haugen
relief bill so that cotton manufacturers
may be protected
from unfair competition fro mEurope, as
flour mills and
meat packers are protected under the
bill in its present
form. In stating that the effect of the
bill was emphasized at both the afternoon and evening
sessions, the Providence "Journal" of April 27 said:
At the afternoon session a committee
ter the sentiment of the association at of three was named to regisWashington. At the evening
session George S. Harris, President of the
facturers' Association, made up of Southern American Cotton Manumanufacturers, expressed
the fear that the bill if passed "will tear
our industry into shreds."
Fears Even Disaster.
The matter was brought before the
afternoon session by Robert
Amory, President of the Wauregan Company,
speaking for the board
of governors, who prophesied that certain
features of
into operation, would so seriously affect the cotton the bill, if put
manufacturering
business, as well as other branches of the textile
industry, as to cause
further serious depression, if not actual disaster."
"The present bill," he explained, "provides that
raw cotton may be
exported at world market prices, which means at
current in the domestic market, and that the losses prices below those
on such exports of
cotton would be made up out of equalization fees
of cotton to domestic mills. In effect, this means collected on sales
could secure American cotton at prices less than that foreign mills
that paid for it by
the domestic mils.
"Foreign mills," he pointed out, "therefore
could convert the
American cotton into yarns and cloth and because
such were made
out of cotton obtained at prices oftentimes
paid by the domestic mills, could export these considerably below that
yarns and cloths to the
United States at prices low enough to compete
cloths from American mills, in spite of any tariff.with the yarns and
"Moreover, foreign mills would make yarns and
cheaper American cotton and export them to the cloths out of their
world's markets in
competition with American exports of such
commodities, thus almost
entirely killing our export trade in cotton textiles,
which now amounts
to nearly 600,000,000 square yards a year. The
disastrous effect of
the operations of such a law on the chief consumer
of
has been recognized in the provisions for the protection farm products
of the packers
and the flour mills, their most important customers.
"The flour mills and the packers process and
distribute grain and
animal products. The cotton mills process and
distribute raw cotton,
the product of the cotton farmer. The cotton mills
should therefore
be included in the McNary-Haugen bill now before
Congress. The
board of governors recommends that this association urge
the adoption
of such an amendment and that a committee of three be
bring this situation to the members of the House and the appointed to
Senate."
Committee Named.
The contmittee named included Mr. Amory, William
13. MacColl,
President of the Lorraine Manufacturing Company, Pawtucket
and a
director of the Rhode Island Textile Association, and Philip
I. Dana
of the Dana Warp Mill, Westbrook, Me.
In addition to urging careful watching of the farm relief bill Mr.
Harris last night touched criefly on a number of other problems of the
industry, declaring that the days of competition between the North
and South in the industry are passing and that the two sections face
common problems.
"We in the South are doing the same as you, choking ourselves to
death with competition," he declared, asserting that "deficiteers,"
those who sell at less than cost, are a greater menace to the industry
than profiteers. "To live we have to put a price on our goods that
will permit us to live," he said.
Tenders Asked for Argentine Government Loan of 1927 Proposed Amendment to By-Laws of New York Cotton
Exchange to Establish Control Committe With Reguand 6% Bonds Due 1960.
latory Powers.
P. Morgan & Co. and The National City Bank of New
J.
The Board of Managers of the New York Cotton ExYork as fiscal agents have issued a notice to holders of
Argentine Government Loan 1927, external sinking fund change announced on April 27 a. proposed amendment to
MAY 51928.]
FINANCIAL CHRONICLE
the by-laws establishing a Control Committee with broad
regulatory and inquisitional powers. A meeting of members of the exchange to consider the proposal has been
called for May 9. The Control Committee, as planned,
would consist of three persons, two of whom would be
members of the exchange. The chairman, if a member of
the exchange, could not have a business interest with any
firm or individual in the cotton trade. The proposed committee would have power to:
2733
porary speculator, is patient enough to 'ride' with our
growing country for an extended period, and is not so foolish as to 'sell the United States short.'"
Federal Land Bank of Spokane Reduces Loan Rate
From 53 to 534%.
According to Associated Press advices from Spokane,
the Federal Land Bank of Spokane announced on April 23
/
(1) Fix the maximum limit of cotton contracts to be held by any a reduction in its loaning rate from 53 to 534% per anmember in any one month;
num, effective April 25. The reduction, it is stated, applies
(2) Investigate the dealings of members of the exchange and examine to both twenty and
twenty-five year loans in all parts of
their books and records.
the four Northwestern States—Idaho, Montana, Oregon
Members may be disciplined who fail to comply with
and Washington.
orders of the Control Committee, but the Board of Man
agers reserves the right to modify or revoke action by the
committee.
R. A. Lewis, Jr., Named As Deputy Manager of A. B. A.
Samuel T. Hubbard, Jr., President of the New York
and Secretary of Trust Division.
Cotton Exchange, in comemnting on April 27 upon the
Reuben A. Lewis, Jr., has been appointed Deputy Manproposed amendments, stated that members of the Senate ager of the American
Bankers' Association and Secretary
and House of Representatives had declared unequivocally of the Trust Company Division,
it is announced by F. N.
that legislation covering all cotton exchanges would be Shepherd, Executive
Manager of the Association. Mr.
enacted at this or the next session of Congress. He de- Lewis, who was
born in Birmingham, Alabama, is a forclared that three proposed laws were actually under con- mer newspaper man. He
has contributed articles to magasideration by the Committees on Agriculture of both houses. zines on financial
and economic subjects, and in 1923 he
Mr. Hubbard said:
joined the American Bankers' Association "Journal" as as"These proposed laws contain provisions which, in the opinion of
the board of managers, would seriously interfere with the marketing of sociate editor, from which position he has been transferred
the cotton crop as well as restrict business on all cotton exchanges. to his new work.
Therefore, it is believed that if the New York Cotton Exchange would
adopt a Control Committee which had for its purpose the limitation of
interest to be traded in on the exchange by any one person in any one
month, applicable to all, there could not be a repetition of conditions
which had in the past been complained of in Washington.
"Moreover, such action on the part of the Exchange being in line
with the ideas advanced in Washington and voiced by many associations of cotton producers and merchants, it is hoped that the move of
the New York Cotton Exchange will be favorably received by the
legislative authorities who, in turn, will ameliorate other provisions in
the proposed laws that are regarded as harsh and harmful."
J. G. Grant Elected President Brotherhood Bank & Trust
Co. of Seattle
The Brotherhood Bank and Trust Company of Seattle,
according to the April 26 issue of the "Post-Intelligencer,"
announced election of James G. Grant as President, succeeding W. C. Roope ,who continues as a director and as
Mr. Hubbard pointed out that the language of the pro- Vice-President. Others elected Included: Walter F. Meier,
posed amendment establishing limitations and the Con- Chairman of the Board; William M. Short, Ed Riley, L.
trol Committee, is almost identical with the language con- B. Schwellenbach and R. E. Glover, Vice-Presidents.
tained in two of the bills heretofore introduced in the Glover is also Cashier and George B. Grieve is Assistant
Senate and House covering limitation and control features. Cashier and Trust Officer.
Moody Predicts Rise in Five Years.
Prediction that the prices of investment securities that
look high today will appear absurdly cheap by 1933, just
as the 1923 prices seem now to have been absurdly low, is
made by John Moody, President of Moody's Investors' Service, in an analysis just issued to answer the question:
"What is back of the present securities market?"
Mr. Moody calls attention to the astonishment aroused
by the recent activity, buoyancy and breadth of the Wall
Street market and seeks the reason for persistent purchases by powerful capitalists of standard investment issues in the face of warnings that "prices were dangerously
high."
After asserting that the growth of confidence and
optimism and the upward trend of financial markets since
the deflation which preceded 1923 have been "fully justified," Mr. Moody adds:
"Forecasts made in 1923, which correctly foreshadowed
what has actually happened, would have been looked upon
as fantastic by the average man; and possibly any forecast of the coming five years will be looked upon as fantastic also."
Seven reasons are cited by the head of the Investors'
Service for his conviction that the coming five years ,"may
prove to be simply a continuation of the five years that
have passed. Among these are:
Brokers' Loans on New York Stock Exchange at New
High Record—Close to Five Billion Dollars.
With an increase of $267,608,427 during the month in
outstanding brokers'loans on the New York Stock Exchange,
the April 30 figures, totaling $4,907,782,599 have reached
a new high record. The April 30 figures compare with
$4,640,174,172 on March 31—the highest ever reported up
to that date. Of the April 30 total, 3,738,937,599 represent demand loans and $1,168,845,000 time loans. These
figures were made public by the Stock Exchange on May 3,
after the close of the Exchange. As to their announcement,
we quote the following from the "Times" of May 4 (Friday):
Virtually the entire financial district stood guard by the tickers yesterday afternoon awaiting the flash scheduled for 3.30 p.m., which would
tell how much brokers' loans had expanded last month. For an expansion
was expected, in view of the steady increase of the Federal Reserve Board's
figures for brokers' loans, week by week.
What the traders did not know, but could only guess, was how great an
Increase would be shown by the figures of the Stock Exchange. They
did not require the figures in order to tell how to alter or confirm their
market positions, as the market was closed for the day. But they did
want, and as soon as possible, the information which would permit them
to confer at once, among themselves, as to just what steps need be taken
to-day. The market will be closed to-morrow morning, so that only five
hours of this week remain in which they judgment can be interpreted.
Reserve Figures Follow.
At the appointed time a simultaneous flash appeared on all the tickers:
"Brokers loans up $267,608.427." This was followed almost immediately
by the announcement of the Federal Reserve Board, showing that there
had been an increase in its loans to brokers amounting to $137.271,000 in
the week ended May 2, and that the figure had reached the total, also a
Steady increase in wealth and savings of the American people, creat- record, of 54.281.657.000.
The Federal Reserve figure shows an increase of $302,349.000 for the
ing a plethora of available capital.
Beneficial effect on the capital supply of the modern "hand-to-mouth" four weeks ended May 2, this gain being somewhat larger than that reported by the Stock Exchange. The total figures do not coincide. This
policy of doing business, which accumulates great liquid reserves of is due to the fact that while both seta figures show
of
the same trend, they
cash and credit.
are not
Restoration in values of billions of dollars of stock and bonds which who are identical, since the Reserve member banks loan to many brokers
not members of the Exchange, and the Exchange members borrow
had been deflated during and after the war to the lowest figures of all from several agencies outside of the reserve system.
history.
The higher figure may therefore be taken as more representative of the
Confidence throughout the world in the relative stability of things and amount of bank credit employed as a basis of stock market operations.
conviction that financial panics are past.
The Stock Exchange figures showing a gain exceeding a quarter billion
Stable or slightly declining tendency of wholesale prices, an "insur- dollars in brokers' loans in April followed by a month the announcement
dangers of speculative inflation in business enterprise."
ance against
of a gain of $317,595,258 in March. The total of $4,322,578,914 on
Growing stability of the European nations.
Feb. 29. the low for the year. has thus been surpassed by $585,203.685,
Change in the attitude of the people which has made the United States or more than half a billion dollars in two months.
a nation of investors.
The following is the statement issued by the Exchange on
Concluding, Mr. Moody states: "Thus we have ahead May 3:
Total net
of us a further constructive period for the American in- contracted loans by New York Stock Exchange members on collateral,
for and carried in New York as of the close of business April 30
vestor—the long pull investor, who unlike the mere tem- 1928, aggregated $4,907,782.599.
FINANCIAL CHRONICLE
2734
The detailed tabulation follows:
Demand Loans.
Time Loans.
CO Net borrowings on collateral from New York
$3,201.474.345 $1,044,60,750
banks or trust companies
(2) Nee borrowings on collateral from private bankers, brokora, foreign bank agencies or others
124,239,250
537.463,254
in the City of New York
$3,738,937,599 $1,168,845,000
Combined total of time and demand loans, $4,907,782,599.
The scope of the above compilation Is exactly the same as in the loan
report issued by the Exchange a month ago.
For,. 126.
eliminated. That system, although arousing opposition at first Is now,
generally accepted as desirable.
Beginning to-day the New York Quotation Company, the Stock Exchange's ticker subsidiary, will print at half-hourly Intervals on the bond
ticker the latest market prices on about twenty-five of the leading stocks.
The purpose of this is to keep the stock market community informed concerning prices when the ticker runs so far behind that it is useless for that
purpose. Many firms for some time have been obtaining quotations by
telephone from the floor when the ticker has run behind.
)i'• Reference to the fact that the Exchange was considering
the omission of the volume of transactions from the ticker
The figures of the Stock Exchange since the issuance
1926, follow: tape appeared in these columns April 21, page 2415.
of the monthly figures by it, beginning in Jan.
Demand Loans.
1926—
$2,5I(i.een..549
Jan. 30
2.494,846,264
Feb. 27
2.033.483,760
Mar.31
April 30
—
1 909 869 852
May 28--------........- 1,987,316.403
2,206.6.)s.8.13
June 30
2 282.976.720
July 31
2,363.801.382
Aug. 31
2,419.206.724
Sept.30
2,289.430.450
Oct. 31
2.329.536,550
Nov.30
2.541.682.885
Dec. 31
1927—
2,328,340.338
Jan. 31
2.475.498,129
Feb. 28
2,504,687,674
Mar. 31
2,541.305.897
Apr1130
2,673.993,079
May 31
2,758.968.593
June 30
2.764,511.040
JI119 30
2.745.570.788
Aug. 31
3.107.674.325
1
Sept. 30
023.238,874
Oct. %t..3
3.134,027.003
Nov N)
3.480.779.821
Dec 31
1928—
3.392.873,281
Jan. 31
3,294,378.654
Feb. 29
3.580.425.172
Mar. 31
3.738,937,599
April 30
TUne Loans
V66,213,555
1,040.744.067
968.612,407
865.848,657
780,084.111
700,844,512
714.782.807
778,286.686
799.730.286
821,746,475
799,625.125
751.178,370
7'otal Loans.
$3,513.174,154
3,535.690.321
3,000.096.167
2.835.718.509
2.767.400.514
2.026,298.345
2.996.759.527
3,142.148.068
0,218.937.010
3,111.176.925
3,129.161.675
3.292.860.256
810.446.000
780,961,250
785.093.500
799.903,950
783.875,950
811.998,250
877.184,250
928.320,545
896.953,245
922.898.500
957.809,300
952,127.500
3.138.788.338
3,256.459.379
3.289.781.174
3.341.209.847
3.457.869.029
3.568.966,843
3,641,695.290
3.673.891.333
3,914,627.570
3.946.137.374
4.091.836,303
4.432.907,321
1,027.479.260
1.028.200.260
1.069.749.000
1,168,845,000
4,420,352.541
4,322,578.914
4.640.174.172
4,907,782,599
No Trading on New York Stock Exchange To-day—
Members' Offices to Remain Open—Oeher Exchanges Closed.
Following the action taken two weeks ago, the New York
Stook Exchange and the Curb Exchange will suspend trading
to-day (Saturday May 5) in order to enable clerical forces
of members to dispose of accumulated work incident to the
extraordinary volume of business of recent weeks. As in
the case of the closing of the Exchange on April 21, the announcement of which was given in our issue of that date
page 2416, the resolution adopted by the Governing Committee on May 3, mils upon members to keep their offices
open to-day. The following is the Stock Exchange notice
of May 3
NEW YORK STOCK EXCHANGE.
Committee of Arrangements.
May 3, 1928.
To the Members of the Exchange:
The Governing Committee, at a special meeting held to-day, adopted
the following:
Resolved, That the Exchange be not opened for trading on Saturday. May 5, 1928.
And be It further Resolved. That the offices of members and of the
Exchange remain open for the transaction of their regular office
business rm that day.
,
The Committee -4' rr gementa requests that it be promptly informed
Of any members whose offices are not open In compliance with the second
above resolution, and it will take immediate action in
paragraph of the
the matter.
Specialists must be at the:r offices or see that their clerks have sufficient
information for answering inquiries as to trades.
By order of the
COMMITTEE OF ARRANGEMENTS.
Committee of New York Report That Stock Exchange
Has Decided to Abandon Plan to Omit Figures
of Sales.
While no official announcement has been given out by
. the New York Stock Exchange in the matter, it was stated
in the "Times" of April 25 that no further abbreviation of
the Exchange's ticker reports of stook market transactions
will be attempted at this time. Sales will be printed as at
present sayefhe "Times," from which we also quote the
the following:
This was decided by the Committee of Arrangements at a meeting
yesterday when the plan of omitting all figures on volume or trading was
deed ely abandoned.
Oliver C. Billings, Chairman of the Committee, said that replies to the
questionnaire recently sent out asking for an expression of members' opinion
revealed strong opposition to the suggested change. Although the committee had seriously entertained the idea of eliminating the totals of sales,
ft was decided to yield to the wishes of the membership and continue the
ticker system as a is at present.
Members of the Exchange felt, it was understood, that to omit the
figures on volume of trading would be unfair to traders who rely uron
such figures as one of the essential indices of the market. If the figures
were omitted from the ticker, the stock market community would be
entirely in the dark as to the volume of tradilig in individual stocks wh le
the market was in operation. The plan had been to make public at the
sod ofthe day the figures on the number of shares turned over in the various
Issues.
Mr_ Billings said the Committee had under consideration no other
plan to abbreviate the ticker records. Last December the committee put
iito effect a system under which unnecessary characters In quotations were
New York Stock Exchange Permits Debt Against Seat.
In the absence of any statement by the Exchange, we
quote from the "Evening Post" of April 24 the following:
The venerable rule of the New York Stock Exchange that memberships
cannot be used as collateral has been modified by the subordination agreement in which debts against seats will be permitted under certain circumstances.
The Exchange has approved a new rule allowing a member to sign an
agreement to pay a sum to another using the seat as collateral. This legalizes a contract that in the past has been nothing more than a "gentlemen's agreement" and which has come to be common in cases in which
memberships have been purchased by firms and turned over to employees.
Formerly the firm had no legal claim to the seat In the event the employee
failed to pay.
The new ruling is expected to apply also to certain cases in which memberships have been inherited. In the past beneficiaries could not be found
to pay legally.
It is provided that the contract in which memberships are used for collateral must be filed with the Stock Exchange and the firm with which
the member is affiliated.
Hugh H. Hilson Named as Deputy Commissioner of
Banking in New Jersey,
Edward Maxson, Commissioner of Banking and Insurance of New Jersey, has announced the appointment of
Hugh H. Hilson, of Trenton, as Deputy Commissioner of
the Bureau of Banking, to fill the vacancy caused by the
recent resignation of Joseph F. Hammond. Mr. Hilson
commenced his banking career in 1897 and was appointed
Examiner for the Department or Banking and Insurance in
August 1910 by the then Commissioner, Vivian M. Lewis,
who is now Vice-Chancellor of New Jersey. Mr. Hilson's
practical banking/experienee and intimate knowledge of the
banks in New Jersey qualify him to assume the duties of
this important3office.
National City Bank to Make Loans to Salaried Workers.
The establishment of a Personal Loan Department which
will make personal loans without collateral to salaried
men and women in amounts ranging form $50 to $1,000 at
a discount of 6% was announced on May 3 by The National City Bank of New York. The entry of the bank into
a field heretofore untouched by the large commercial banks
in New York was made known in the announcement by
the bank of the creation of a department which at the
outset will be centralized in the bank's branch at 42nd
Street and Madison Avenue. Coincident with the bank's
announcement attention was directed to a statement issued
by State Attorney General Albert Ottinger lat last month,
in which he said hat because the loan shark had been
driven out of business, it was necessary to meet the problem of how to enable the needy to borrow small sums of
money. After a conference of bank and state officials and
industrial leaders, Mr. Ottinger is reported to have announced his intention to call a series of meetings to enlist
the support of various groups of interests in providing the
necessary facilities. "At the first meeting," said Mr.
Ottinger, "I intend to call upon a representative group of
bankers. Up to now the banks throughout the State, seem
to have taken no part in the making of small loans. I intend to ascertain whether the banks will not lend their
co-operation and funds to remedy the condition." The
plans of the National City Bank for its Personal Loan Department antedate by many weeks, it is said, the statement of Mr. Ottinger.
•
The Bank will require the signature of two responsible
co-makers on the note the borrower gives. The 6% discount will represent the only charge to the borrower, no
service or investigation fee or charge of any kind being
imposed in connection with the application for a loan or its
arrangement. One year will be allowed for the repayment
of a loan. To place the borrower in a position to meet his
obligation when due, the bank provides that deposits be
made weekly, semi-monthly or monthly, in a compound
interest account, in order to accumrflate the required
amount. These deposits, it was explained, will be Inside
regularly similar to deposits in a Christmas Club account.
MAY 5 1928.]
FINANCIAL CHRONICLE
Interest will be paid on thees deposits at the regular rate
of interest in the bank's compound interest department
3% per annutn compounded monthly. This move on the
part of the bank was explained on May 3 by Charles E.
Mitchell, its President, as a logical step in the policy of
the institution to enlarge the facilities which it offers to
people of moderate means. Mr. Mitchell said:
"In its desire to round out a comprehensive banking service to all
classes and to make closer contact with the people of the City of New
York, and specifically, those individuals who were minded to thrift,
The National City Bank some six years ago opened at its Forty-Second
Street and Madison Avenue branch a Compound Interest Department
where deposits of one dollar and upwards would be received with interest thereon compounded monthly.
"The ease of practice of thrift through this department, together with
the introduction which it gave Compound Interest depositors to the
checking, commercial, investment, trust and safety deposit division, were
quickly recognized. The popularity of the service resulted in its extension to all of our branches throughout the city. Our thrift depositors
now number approximately 175,000 in New York City alone.
"Our contact with this great number of small depositors has brought
us to an understanding of their problems, their periodic necessitous
financial requirements, and a realization that to give to them the opportunity of safeguarding their savings by deposit without furnishing on the
other hand a means by which they can, under necessity, borrow on
reasonable terms, constitutes an unbalanced relationship and points to
a lack of comprehensiveness in financial service.
"To provide this we now have inaugurated a plan for the extension
of loan facilities to persons of moderate means who more or less constantly face the emergencies which cannot be met with funds accumulated out of their current income.
"Our contact with people of this class has given to us a confidence in
the integrity and character of the average individual. While it is not
our purpose to encourage any, one to borrow except under the stress of
circumstances, we have faith that loans so made can and will be paid
where incident thereto the spirit of thrift can be kept alive."
Mr. Mitchell further explained that at the outset the
services of this department will be available primarily to
customers of the Bank's Compound Interest Department,
which department accepts initial deposits as small as $1.
He went on to say that it is the intention of the management that as the personal loan department develops, to
make this service available at the other branches of the
bank throughout New York and Brooklyn. The announcement of the bank lists the following purposes for which
applications for iiersonal loans will be considered:
Miscellaneous—consolidating urgent debt; repaying a friend for loan
a
or repaying an unsatisfactory loan.
Family needs—paying an educational fee; meeting insurance premium;
providing emergency clothing; paying cost of sickness;
paying funeral
expenses.
Homeimprovements—remodeiling a house; improving sanitation;
protecting property by painting; installing lighting system; installing
heating system.
Personal emergencies—clearing medical expenses; paying
dental bills;
meeting hospital charges; paying for operation.
Property charges—making up small balance of mortgage;
meeting assessment for paving; paying special or delinquent taxes.
J. C. Mechem of First Trust & Savings Bank, Chicago, on
Need for Standard Fees for Trust Services
In an address on "The Need for Standard Fees for Trust
Services," delivered before the First Southern Trust Conference, Chattanooga, Tenn., April 20, John C. Mechem,
Vice-President, First Trust and Savings Bank, Chicago,
presented the question "how can we expect to prosper—
how can be expect to earn an honest return on our efforts
—if our fee—which includes to begin with only a modest
margin of profit—is cut here and cut there—is shaded to
please this customer and reduced to meet this situation?
It simply can't be done," said Mr. Mechem, who also stated
In part:
It is almost needless to raU attention to the necessity of a fixed fee
as far as competition between trust companies is concerned. We know
only too well that for trust companies in the same locality to compete
for business on a fee basis is community suicide. We must have a
standard fee for similar services and must be confident and secure in
the belief that we are competing only as we should compete on the basis
of reputation enjoyed and service rendered. We are all familiar with
the prospective customer who comes into us with a statement that a
rival trust company has quoted a certain price for a particular service
and who either offers us the business if we meet the rate, or asks us
if we care to bid against the figure. We have no means of knowing
whether what he says is true and for us to attempt to meet or to bid
against such rate is to put it mildly, the height of folly. No business
could be profitably secured by any one if such a condition were to
exist.
For most of us such competition is a thing of the past. For this,
we are under a great debt of gratitude to the various fiduciary associations which have sprung up and are springing up all over the country.
I cannot commend too highly the efforts that have already been made
in this section of the country to form corporate fiduciary associations,
nor can I urge too strongly the desirability of creating such associations where efforts to that end have not yet been inaugurated. I know
that in Birmingham such an association is under consideration;
that
in Atlanta and in New Orleans the Trust Department Committees of the
Clearing Ilouse arc functioning in this capacity, and that
right here
in Chattanooga such an association is under consideration. As far
as
I have any record, however, there are no such organizations in
Florida,
Kentucky, Mississippi, or the Carolinas. The formation of
such organi-
2735
zations, of course, involves labor. The agreement upon a fee suitable
to all members of the association is an enormous tank, but I know the
time is ripe in this section for more organizations of this kind. And,
I predict with conlfidence that those of you who give their efforts to
such projects will find that their time has never been better employed,
nor their efforts crowned with greater rewards. Bear in mind that
while the earlier associations were the outgrowth of competition between rival trust companies in large cities, where all trust companies
were bidding for business under the same conditions there is no reason
why an agreement as to fees should be restricted to the corpsrate limits
of any one city, provided that the various members agreeing to the
rate are so geographically located as to be in substantial competition
and so circumstanced that they are operating on a fair competitive
basis.
What specifically do we mean by a standard fee? Do we mean,
first, that we can establish a rate which will meet all situations either
presently existing or to arise in the future, and secondly, do we mean
that we can today establish a rate which will be effective at sonic indefinite date in the futute?
Clearly the first is impossible. The trust business is so varied—the
diversity of circumstances is so wide that there will always and inevitably be situations which even the most careful?, planned schedule
cannot cover—escrows, special deposits—unusual forms of collateral—
news situations in reorganizations—new forms of service. The utmost
that can be done is to establish a schedule which covers the standard
forms of service leaving to the trust companies the right to use their
discretion in the unusual cases—but continually, with the benefit of
experience, enlarging the schedules to cover more arid more aspects of
the service so as to reduce to a minimum the services for which
standard fees are not provided—to reduce to the lowest possible number the services for which fees are discretionary. A discretionary
fee—in actual practice means a fee below the cost of doing business.
Nor, obviously, can any schedule of fees fix a definite price for service to be performed in the future when the nature and extent of the
service cannot now be known. For such a service, the schedule can
only provide that the trust company shall have the right to charge an
additional fee for unusual services to be rendered in the future, such
fee to be based upon the time and responsibility involved.
Assume, for example, that the prospective maker of a will, who is
wise enough to discuss his situation with a trust company, is a man
of substantial property and in active business. In all probability his
estate will consist of some cash, some listed stocks and bon& with
perhaps a mortgage or two, and some real estate, but in addition, the
substantial portion of his wealth may and very likely will consist of
his
interest in the business in which he is primarily engaged. Ile may be
conducting it as an individual, or it may be in the form of a partnership or a corporation. It is perfectly possible for us to say
that for
acting as Executor we will make a certain charge for our
normal services such as collecting claims, paying debts, taking care
of taxes, etc.
It is perfectly possible for us to say that for acting as trustee
of the
listed stocks and bands, the real estate mortgages—
for the normal services incident to the position—for investing and reinvesting
the principal and distributing the income, we will make
a certain definite
charge and it is perfectly possible for us to say
that our standard
charges for the management and sale of real estate
are such and such,
but how by any chance is it possible for us to
say what our charges
will be in connection with his interest in his
business, his corporation,
or his partnership. How is it possible for us to
tion is going to be at the time of his death and forsee what the situaconsequently how is it
possible for us to say what duties it is going
to be necessary for us to
perform. Obviously, we can do neither
of
can, therefore, quote no fee. The only thing these and obviously, we
that we can do is to say
to him that we will have to meet the
situation when it arrives and
take such steps and perform such services
as the then contingencies require, and that for such services we must
and do reserve the right to
make a then charge based upon the then
services which the then circumstances require. And if our prospective
customer detours at entering into such an arrangement, we can
only suggest in addition that if
he has confidence enough in our
institution to name as in these important capacities, he must also
have confidence enough in our
institution
to trust us to make a reasonable
charge.
Such an arrangement can well cover
great and unusual holdings of real such item as extensive litigation,
estate requiring special development, large amounts of unusual and
ally large blocks of stock requiringunmarketable personalityv unusurefinancing, reorganization or
unusual marketing methods,
liquidation of a business, winding up a
co-partnership, or what is more
common managing a controlling interest in a corporation.
And so we see that our schedule
pared and no matter how frequently no matter how scientifically preand carefully revised must leave
the charge for unsual services
to the discretion of the company and
must specifically provide that
unusual services to be performed in the
future must receive extra compensatio
n depending on the time, effort
and responsibility involved.
And in this connection, let me
digress for a moment if I may, to
dwell upon the importance to
the
services. You will find, I am institution of these charges for extra
sure, as we have found, that a very
substantial proportion of our
time and particularly the time of
the
senior officers. of the department
is spent on this class of service, on
service, not included in the
ordinary scope of our duty—services
necessity for which was not
the
and could not have been foreseen
at the
time our fee arrangement
was
a complexity far in excess made and services of an importance and
of the standard and anticipating
If the trust department
ones.
is to get a fair measure of
return for its
efforts it must be forever on
the alert to make these charge.
indeed that it is safe to go
I think
farther and to say that the question
whether the department secures
of
a modest return or an ample
for its work will depend very
return
largely on the extent to which
such charges for unusual
it makes
services. I realize very well the
involved. I know from many
difficulties
beneficiaries see that there is experiences how hard it is to make the
anything unusual in their
there is anything in their
estate, that
situation
the imposition of the additional so out of the ordinary as to justify
charge. I know, however,
results of conscientious effort along
that the
this
This brings us to the second question line are astounding.
tion which many of us are not facing and I believe it to be a quesas frankly, as bravely,
might—the question whether a fixed fee
as we
day for a service to be performed in themeans a fee which is fixed tofuture. Theoretically, it
not, but practically, I am afraid that it
does
that the prospective maker of a will who does. Suppose, for example,
prosperous manufacturer in the prime of consults a trust company is a
life with a normal
of, let us say, 20 years. After going
expectancy
over his affairs with you
after learning probably for the first
and
time the difference
between an
Executor and a Trustee and after
expressing surprise at the
large 3.
2736
FINANCIAL CHRONICLE
of the Executor's fee, and even after perhaps admitting surprise at
the modest amount of the Trustee's fee, he will in all probability ask
you to write him a letter stating the fees for which you will perform
these functions in the event of his death. It will never occur to him
that there is anything unusual or improper in this request. But suppose the situation were reversed, suppose we asked him to quote a
charge on his product to be delivered at any time within 20 years from
today. He would think we had taken leave of our senses, and yet are not
the two situations analogous? How do we know what rent, sr light,
or heat, or help will cost, five, or ten, or fifteen, or twenty years from
now? We don't. How then can we quote a rate based on those same
factors, and yet to take effect at some unknown period in the future?
We can't in theory, and yet, in fact we do. It's a problem we are all
struggling with and meeting as best we can. Many of the older trust
companies are suffering today—and suffering acutely from handling
trusts on fees quoted 20 years ago—fees far below the present standard.
And yet they are doing the same thing right over again—quoting fees
today for services which may not be rendered for 20 years.
And so I think, its fair to say—that while it shouldn't, a standard
fee probably means a fee quoted today for services to be performed on
a far distant tomorrow.
What else does a standard fee mean? Does it mean a published fee?
It should.
It is not entirely sufficient that a fee should be fixed. In addition,
it should be publicly known. There has been great reticence on the
part of trust companies in the past to giving publicity to their fees.
That was well enough when fees were on a competitive basis. It was
natural enough for trust Company "A" to quote a fee in strict confidence when they were not sure, but that trust Company "B" was
quoting a smaller fee for the same service, and it was natural enough
for a trust company to quote customer "X" a fee in the very strictest
all customers the same fee for the same service there seems no longer
confidence when it was quoting customer "Y" a smaller fee for the
same service. But with all trust companies in a given locality quoting
better off
any reason for this secretiveness. I am sure we will all be
their
when the public knows and understands our fees, appreciates
their
reasonableness and by the very fact of the publicity has faith in
entire
our
uniformity. So we in Chicago are not only publishing customers
inquiring
schedule of fees in book form, distributing to our
particular services, but some trust
pamphlets setting forth fees for
advertisements.
companies are publishing their fees in their newspaper
to make it difficult to
It has been said that this publicity is going
it. I think this
change the fees where subsequent circumstances require
subsequent change in
argument is without force. In the event of a
customer very
fee, what can be more business-like than to say to a
increasing cost of
frankly "Yes, that used to be our charge but the
with every
doing business has obliged us to raise it". This is done
not with ours?
other commodity and every other kind of service. Why
with you the particular
I am not going to make any effort to discuss
this Conference—
fees in vogue in the various localities represented at
of them. I canalthough I have had the privilege of examining many
intelligently
sufficiently familiar with the local situations to pass
not be
upon them.
fair and adeLet me urge in conclusion that you set a fee which is
are in subquate in view of your local costs,—that those of you who
establish and
stantial geographical competition associate yourselves to
that fee, as you
maintain a common and standard fee—that you defend
end that colwould your own good name—against all attacks—to the
the trust comlectively you shall increase the already high standing of
the financial
panies of the south and that individually you may reap
rewards to which you are so justly entitled.
[Vol,. 126.
Your account should not be drawn if it is to pay its own expenses. This
Information is given you that you may understand the position of the banks
in this matter and to give you an opportunity to build up and maintain your
checking account balance at the required amount before April 2d next at
which time the following rule will be put into effect by the member banks:
"That a minimum service charge of 80.50 per month be charged on all
check accounts showing a minimum balance of $50.00 or less, with the following exceptions:
1. Accounts against which no checks have been paid during the month.
2. Accounts of Fiduciaries, the Government, State, County, Municipalities, or accounts under the direction of any Court.
3. Accounts of churches, charitable institutions, schools, lodges and farm
organizations."
If you appreciate the convenience of a checking account and of a service
that keeps your money safe but at the command of your pen, that gives you
a legal receipt for every payment, does your bookkeeping and maintains a
record of every transaction, then we feel you will approve of the action of
the banks and that we will have your cordial co-operation and approval.
Yours for service,
Sullivan County Bankers' Association,
Wm. Vail Dexter, Secretary
Executive Council of Nebraska Bankers' Association
Urges Reduction in Number of Banks by Consolidation or Voluntary Liquidation.
According to the Omaha "Bee" members of the Executive
Council of the Nebraska Bankers' Association, meeting in
Omaha, on April 17 passed resolutions asking that at no
time should a bid for the assets of a closed bank be considered
in the granting of a charter. The "Bee" states:
The bankers urged that no bid for the asset of a failed bank be considered
by the Guarantee Fund commission unless and until the secretary of the
Department of Commerce had signified willingness to issue a charter in the
locality of the closed bank.
Resolutions passed by the committee stated and urged:
1. One of the direct causes in the past contributing to the failure of many
banks was due to the over-banked conditions existing in the State.
2. That no charters for new banks be granted where present banking
facilities are sufficient to take care of the banking needs of the communities.
3. The number of banks now chartered is excessive and urged a reduction
in the number of banks by consolidations or even by voluntary liquidation
where the volume of business is insufficient to maintain the bank on a conservative basis.
Protest Three Bills.
The Executive Council passed a resolution, protesting on behalf of the
banks of the State, three bills offered, or to be offered, in Congress, which
would amend section 5219 in a way that would deprive banks of the protection of that the section now gives thorn. The bills said to be offensive to the
bankers are senate bill 1573, by Senator Peter Norbeck, Chairman of the
Senate Committee on banking and currency, and Senate 13111 1706. by
Senator Arthur Capper. A third bill Is to be introduced in the house, the
bankers said.
Section 5219 of the Federal Statutes, the bankers, in their resolution said,
provided against a constant increase in taxes on shares of bank stock and
protects national banks from unjust and discriminatory taxation by States.
No Action on Bill.
No action was taken by the executive council on the McNary-Haugen
bill, although the bill was discussed at the meeting.
The 1928 convention will be held at Omaha, probably in October.
F. A. Haggart of St. Paul, chairman of the council, presided at the
meeting. C. A. Smith, Tilden, Neb., president of the Nebraska Bankers'
association, attended the meeting. The council is composed of 17 bankers
from all parts of the State.
by
Service Charge on Checking Accounts Adopted
Sullivan County (N. Y.) Bankers' Association.
of the
Beginning April 1, the following banks, members
put into
Sullivan County (New York) Bankers' Association,
month on all
effect a minimum service charge of 50 cents a showing a Federal Reserve Bank of New York Reports Renewal
exceptions),
Recent Weeks of Expansion in Bank Credit Witchecking accounts (with certain
nessed Last Year.
of less than $50:
minimum balance
Nat'l Union Bk.of Monticello, N.Y.
The May Monthly Review of the Federal Reserve Bank
Callicoon National Bank
Co.Tr.Co.,Monticello,N.Y.
First Nat'l Bank of Hankins, N. Y. Sullivan Bk.of Narrowsburg,N.Y. of New York, discussing the course of the money
market in
Nat'l
First Nat'l Bk.aJeffersonville, N.Y. First Fallsburg National Bank
south
p ir sat se
Apruling yh :
National Bank of Liberty
Nat'l Bank,Woodridge,
Sullivan Co. Nat'l Bk., Liberty, N.Y. First
Livingston Manor National Bank
N.Y.
recent weeks there has been a renewal of the rapid expansion
of bank credit which occurred last year. In 1927 the total loans and Investments of all banks, including commercial banks and trust companies,
the charge are:
The accounts which are excepted from paid during the month. private banks, and savings institutions, increased 7%, or more than
been
3%
Accounts against which no checks have State, County, Municipali- billion dollars, to nearly 56 billion dollars. The rate
of Increase in the
Government,
2. Accounts of Fiduciaries, the
loans and investments of reporting banks in leading cities was even more
of any Court.
ties, or accounts under the direction
charitable institutions, schools, lodges and rapid, amounting to nearly 9%. This expansion in bank credit compares
3. Accounts of churches,
with an estimated increase in the total volume of production and trade of
farm organizations.
"is not a charge the country of not more than 23i% during the past year, and an average
yearly growth of about 4% during the past thirty years.
pointed out that the service charge
It is
partially defray expense
The increase since February 21 in the loans and investments of weekly
made for profit, but is a charge to
checking accounts." In reporting banks, which represnet 40% of the total resources of all banks
incurred on small, unprofitable
In
customers whose baL an the United States, has amounted to 800 million dollars, or nearly 4%—
increase in two months about three-fourths as largo as the average
explanation of the action, a letter to
annual increase during the past five years. The seasonal expansion of
minimum said:
ances averaged below the
commercial borrowing accounted for part of the increase, but during the
To Our Patrons—
Association wishes to call your attention last month a renewed increase in security loans has been the principal
The Sullivan County Bankers'
which the deposi- factor. These recent changes in the loans and investments of weekly remember banks, a problem to
to one of the problems of the
any, thought. This is the problem of porting member banks are summarized below.:
tors have naturally given little, if maintain balances so small that the
checking accounts, which
handling
Feb. 21.
account.
April 18.
Change.
banks incur an actual loss on each
convenience of a checking account, for when
You no doubt appreciate the
$8,748,000.000 $9,070,000,000 +S322,000.000
for the amount to be Commercial loans
money you simply draw a check
Loans on stocks and bonds
6,300,000.000 6.693,000,000 +393.000.000
wishing to transmit
time you draw a check on your
5
6, 27,000.000 6.818,000.000 +91.000.000
transmitted. Do you realize that every an expense which is paid by the Investments
creates
bank and every deposit you make
Total
$21.575 nnn (Inn 592 251 Ann AAA -4- twill Ann Ann
itself only from the earnings on your checkbank,for which it can reimburse
ABSORPTION OF RESERVE FUNDS.
ing account balance?
realize the existing condition we will cite
One inportant result of the credit expansion of the past year has been a
In order that you may better
the accounts of one of the member
the figures obtained from an analysis of
carried only $9,307.28, or an rapid absorption of reserve funds. The increase in loans and investments
banks. Of 1443 chocking accounts 742
Could the bank keep this balance of member banks during 1927 was accompanied by an expansion of deposits,
average of about $12.54 per account.
a year it would realize the sum of which increased the reserve requirements of these banks by approximately
of $12.54 continually invested at 6% for
impossibility of furnishing stationery 180 million dollars, as compared with an average annual increase during the
cents. You will readily realize the
75
past 5 years of 110 million. A renewed increase in reserve requirements
and service for less than 7 cents per month.
time it has been ascertained of member banks during recent weeks has accompanied the expansion of
From actual statistics taken over a period of maintenance should carry a loans, and has been a factor in the continued tightening of the money market.
that a checking account in order to pay its own
Other factors during the past month have been a continued loss of gold
drawn against it. From
minimum balance of 8100 if 5 checks per month are
amount below Which and a further reduction in Reserve Bank securities.holdings. All of these
this example you will readily be able to determine the
g 1.
MAY 5 1928.]
FINANCIAL CHRONICLE
factors have had the effect of increasing member bank indebtedness at the
Reserve Banks and of raising money rates.
In most cases, money rates at the end of April are higher than at the
corresponding time of any year since 1923. It will be noted, however,
that the rates on commercial borrowing are lower relative to those of
previous:years:than are rates on security loans, which have been in greatest
demand.
Senate Banking and Currency Committee Approves in
Amended Form La Follette Resolution Respecting
Brokers' Loans.
The Senate Banking and Currency Committee on April
30 ordered a favorable report on the resolution of Senator
La Follette designed to restrict brokers' loans, after it materiall ymodified the resolution. As introduced by Senator
La Follette, the resolution (the text was given in our issue
of Jan. 21, pages 352-354) rested in the preamble that "the
total loans secured by stocks and bonds of the 51 member
banks in the New York Federal Reserve District on Jan.
11, 1928, reached the unprecedented total of $3,819,573,000;
and * * * the largest part of this sum is used for speculation on the New York Stock Exchange, as stated by the
Federal Reserve Board in its Annual Report for 1928."
Following' the preamble, of which the foregoing is only a
portion, the La Follette resolution stated:
Resolved, that it is the sense of the Senate that the Federal Reserve
Board should immediately take steps to restrict the further expansion
of loans by member banks for speculative purposes and as rapidly
is compatible with the financial stability of the Nation require the as
contraction of such loans to the lowest possible amount; and be it further
Resolved, that the Federal Reserve Board be directed to report to
the Congress what legislation, if any, is required to prevent the future
use of the funds and credit of the Federal Reserve System for
speculative purposes.
The Senate Committee eliminated the preamble, the resolution as ordered favorably reported by the Committee
curtailed so as to read as follows:
Resolved that it is the sense of the Senate that the Federal Reserve
Board should admonish all Federal Reserve banks to take steps
to
advise against further expansion of loans by member banks for
purely
speculative purposes.
Resolved, that the Federal Reserve Board be directed to report to
the Congress what legislation, if any, is required to prevent
the future
excessive use of the funds and credit of the Federal Reserve
system
for speculative purposes.
The Washington correspondent of the New York "Journal
of Commerce" in its account (April 30) of the
Com-mittee's
action, said in part:
The vote, 7 to 5, was constituted as follows: For the
resolution,
Chairman Norbeck (S. Dak.), and Senators Glass (Va.), Fletcher
(Fla.), Steiwer (Ore.), Mayfield (Tex.), Frazier (N. Dak.), and Brook.
hart(Iowa); against the resolution, Senators Wagner (N. Y.), Barkley (Ky.), Edge (N. J.), Phipps (Col.), and Sackett (Ky.).
Resolution Tempered.
The phrase "admonish all Federal Reserve Banks" relieves the Board
from the requirement "immediately" to take steps to restrict
the expansion referred to and there is stricken from the resolution the requirement that the contraction of such loans be "to the lowest possible
amount." Further, the word "excessive" is introduced in the resolution to temper the more restrictive phrase "to prevent the future
use"
of such funds for speculative purposes.
• •
•
The Senate Committee heard Governor Roy A. Young of the Board,
who, it is said, went over substantially the same ground as when
appearing before the committee some weeks ago in open session. It
is said that practically all of the committee members were impressed
with what he had to say on the difficulties of the present situation,
but some of these Senators later privately expressed it as their opinion
that the board has been extremely lax in its failure to take cognizance
of the situation when the volume of brokers' loans first began to soar
to the present "dizzy" heights.
Loath to Criticize Board.
It was very noticeable that following the executive session members of the committee were very loath to criticize the Board. It was
evident, however, from what little could be gleaned, that there was a
feeling that the Board had failed to "do its duty," and that otherwise
there would no need for this legislation. It was on this particular feature that the vote of the committee turned.
From some sources the opinion was gained that it was only the fear
of upsetting the market with consequent fatal results to thousands
upon thousands of small speculators and investors that kept some of the
Senators from being more free in their statements on the matter. It
is contended that the Board has been altogether too complacent.
The changes in the original La Follette resolution were adopted at
the suggestion of Senator Carter Glass. He now is at work with the
aid of an expert in banking matters upon something more effective, but
concerning which he declined to make any statement until he could
determine whether or not his efforts are to be successful.
Senator Glass feels that if all banks were in the same category with
the national institutions, with respect to compulsory membership in the
Reserve system, the matter would not be nearly as difficult as it is
proving to be with so many avenues from which funds may be drawn
to continue the speculation now believed to exist with Reserve funds.
If a blanket prohibition against the use of such funds for the purposes
complained of be placed upon the member banks in the Reserve system,
there is nothing to prevent the defection of their business to the State
banks and trust companies, nor the use of private funds to continue
Wall Street gambling. Senator Glass is convinced that it was not the
intention of the Federal Reserve Act that the money should be used
for speculative purposes, but rather that it was enacted to put a stop
to that very thing.
2737
Because of the character of the resolution it is not expected that
any great effort will be made to have it adopted by the Senate in
other than the usual procedure.
Treasury Attitude Set Forth.
Senator Wagner voted against the resolution, but it was said on his
behalf that while he did not like the present market situation he did
not believe that the La Folette resolution was the appropriate remedy.
Treasurer Department officials to-day took the position that curbing
of speculative loans by legislation would be difficult if not imposhible.
They admitted frankly that brokers' loans are above normal because
of the large voume of speculation, but it was felt that the condition
would correct itself automatically.
Brokers' loans are now lower in volume in proportion to listed securities than in 1912, according to Treasury officials. While no effort
was made to mitigate the prevailing belief that brokers' loans are in
unusually high volume, it was pointed out that there has been an even
more rapid increase in the listing of securities in the last few years.
The jump in the volume of securities is particuarly responsible for
the high point which brokers' loans have reached. Officials pointed out
that "there always have and always will exist brokers' loans," and it
was declared that there is "little the Government can do about it."
Little can be accomplished by Federal Reserve banks advising member banks against too great use of credit for speculative purposes, in
the opinion of officials. To some degree the Federal Reserve Act gives
the Board and banks authority over the member banks, but the use of
credit for speculative purposes involves a broad question governing
which it woud be difficult to lay down hard and fast rules.
Prof. Cassel on Excessive Speculation and Federal
Reserve Policy.
In presenting in its issue of April 11 some comments by
Professor Gustav Cassel, on excessive speculation and
Federal Reserve policy, the "London Financial News" says:
In the following article Prof. Cassel (the well-known Swedish economist points out that the recent rise of security prices in Wall Street
was due to a mistaken judgment of the outlook by speculators. He
suggests that some means ought to be found to restrict credits for
speculative purposes, without affecting adversely domestic trade conditions and unsettling the international price level.
Prof. Cassel's views follow:
As a result of the dislocations of the deflation period, the United
States was able to assume the leadership of the international markets.
She has remained up to the present day the determining factor in that
domain, and every currency based on a gold standard has had to adjust
itself to the dollar. This extraordinary situation burdens the Federal
Reserve Board with an exceptional responsibility towards the entire
international economic system. It may well be asked how this task
has been fulfilled, and what can be expected in future from this determining factor in the international monetary situation.
It goes without saying that the central banking authorities of the
United States after the war, like those of every other country, have
made considerable mistakes. They have succeeded, howver, in mastering great difficulties, and in stabilizing the American monetary system.
This success was of great significance for the United States and the
outside world. The stabiization was not, however, complete. There
were considerable movements in the price level. The declining tendency, which lasted two years and ended in 1927, bringing about a
fall of about 10%, is particuarly worth attention. Such a decline is
naturally very harmful to economic life. If it is anticipated it provokes a restriction of the investment of fresh capital in production,
which, again, results in general depression. If the fall of prices is
unexpected then the yield of capital invested will be less satisfactory
than it was anticipated. A considerable part of the initial costs and
the value of shares will have to be written off, and the result may be
a sharp crisis.
Crisis in U. S.
It appears almost as if the United States might witness at present
such a crisis. Certainly there is much talk of an economic crisis that
is manifesting itself in a disquieting increase of unemployment. How
far these pessimistic views can be accepted must wait to be seen. Certain indices, however, such as. for instance, the railway traffic return,
show beyond doubt a decline in economic activity. On the other
hand, other important signs indicate a further expansion. The employment figures of .
the iron and steel industry deserve particular attention in this respect. The purchasing power of the rural population
continues to advance, and the increase of deposits is sufficiently considerable to meet fully any reasonable requirement for fresh capital.
In such circumstances there is no obvious reason why production
should not return to normal channels once again.
The policy of the Federal Reserve Board is of course always of
predominant importance. In August last the too strict credit policy,
which brought about a fall of prices, was relieved. As a consequence,
there was a considerable increase in pricse, which gave rise to hopes
as to future prospects.
Turn in Trend.
At the beginning of the year, however, the Federal Reserve Board
once more changed its policy, and restricted credits. This measure
undoubtedly contributed to the change of the situation to the worse.
If the smallest rise in prices, even if it merely compensates for a
previous fall in prices, should lead to such a reaction, it is only
natural that the public will lose its confidence in the stability of the
price level. The fear of a decline of prices is, in itself, sufficient to
bring about an economic depression.
Why did the Federal Reserve Board bring about this restriction,
which appears to be entirely unjustified from an economic point of
view? The obvious reply to this question is that the Board considered
it necessary to check speculation on the Stock Exchange, which,in an
irresponsible manner, has repeatedly caused unwarranted rises in the
price of securities. It is, indeed, astonishing how the Stock Exchange
could be guilty of such an exaggeratedly false judgment of the situation. The steady fall in prices ought to have made it clear that a decline in the earnings of enterprises and a fall in security prices was
bound to take place. This false judgment must be ascribed to the incorrigible optimism of the Americans.
Reckless Speculation.
In order to form an idea of the extent of speculation on the Stock
Exchange, it is sufficient to remember that the total value of the
shares quoted in the New York Stock Exchange advanced from 35
2738
FINANCIAL CHRONICLE
milliard dollars on Feb. 1, 1926, to nearly 50 milliard dollars on Jan. 1,
1928. This increase was due, in part, to a substantial increase in the
total share capital, but it was Largely the consequence of a strong
rising trend. Much complaint is heard in the United States that, as
a result, too much capital has found its way to the Stock Exchange.
The financial press and the politicians outrival each other in emphasizing the harmful consequences of the diversion of capital from production to speculation.
Such arguments are by no means new, but this example provides
an exceptional chance of proving their fallacy. First of all, Stock
Exchange speculation cannot divert capital, for every buyer of securities has to find his counterpart in the shape of a seller of securities.
Thus, every transaction releases exactly the same amount of capital
as it ties down on the other side. As a mater of course, the New
York Stock Exchange can absorb fresh capital as a result of the issue
of new shares; this only means, however, that the Stock Exchange
provides new means for investment in the country. The popular conception, according to which the Stock Exchange absorbs funds at the
expense of the productive foreces of economic life, is, in reality,
inaccurate.
Ample Resources.
Moreover, economic life in the United States is amply provided with
capital, and does not find it in the least difficult to raise cheap funds
for productive purposes. The excessive speculation is, undoubtedly,
harmful. It is bound to provoke a reaction and to cause losses and
depression. It is, therefore, desirable, from the point of view of the
central banks, to keep it in check. It is, however, highly problematic
how far the discount rate should be employed for that purpose. A
rise has a very pronounced effect upon general economic life, and
especially upon the general level of prices, and produces unintended
consequences. A way should be found of restricting credits for
speculation, without causing stringency on the Money Market. For
instance, a stricter limitation of loanable securities would be, perhaps,
an adequate way.
The restriction of funds for speculation on the New York Stock Exchange is of great international significance. The United States is
largely responsible for the control of the international monetary situation, and the international stability of prices should not be exposed to
wild and entirely unforeseen American Stock Exchange movements.
This is the reply to the question as to what aim the policy of the
Federal Board should pursue.
[Vet. 126.
cross over it one mounts to the clouds. In the enormous volume of
business passing its crest there comes eastbound four tons of freight
for every ton moving west. Upon this transportation we depend for
our foodstuffs, and for the raw materials for our manufacturers. No
more serious question presents itself for the consideration of this Chamber than does this problem of transportation.
I recognize, and recognize painfully, the inadequacy of the preparation that I bring to the discharge of the duties that you are laying
upon me. If I justify myself at all, I shall hope to do so by putting
to your service the fruits of a life-long experience in dealing with what
I consider to be your most pressing concern, the transportation problem
Very fortunately, for guidance in those other important and numerous
matters which ever demand your attention, you and I both can rely
with calm confidence in those experienced officers who head and compose your committees and upon your competent administrative
staff.
Mr. Loree graduated from Rutgers as a civil engineer
in 1877, starting immediately his career as a railroad man
with the Pennsylvania Railroad Co. He made a survey for
the Mexican National Railway while still a young man.
He was engineer in charge of maintenance of way for several years and finally became President of the Baltimore
& Hudson Co. and a director of nearly forty corporations.
Recently he has been active in the organization of a fifth
transcontinental trunk line system. Mr. Loree was elected
a member of the Chamber in 1912.
Favorable Action by Congress on Bill Reducing Postal
Rates on Newspaper Mail Advocated in Resolution
Adopted by American Newspaper Publishers'
Association.
At its annual convention in New York, held at the Waldorf-Astoria, the American Newspaper Publishers' Association adopted, unanimously a resolution urging favorable
action by Congress on the pending bill whiah would reduce
the postal rates on newspaper mail through the restoration
of the rates in effect in 1920. The resolution, offered by
L. F. Loree of Delaware & Hudson Co. Elected President
Louis Wiley, business manager of the New York "Times"
of Chamber of Commerce of the State of New York.
was adapted as follows:
Leonor F. Loree, President of the Delaware & Hudson
IVhereas, since the enactment of the 1917 War Revenue sot,
newspaper
Company and one of the outstanding railroad men of the publishers have been forced to pay war taxes In the guise of increased
postal
rates, ranging from 50 to 000% greater than rates in
country, was on May 3 elected President of the Chamber of
effect prior to the war.
and
Commerce of the State of New York, to succeed William
Whereas, there is now pending in tho United States Senate a
measure
L. DeBost, who held that office for the past two years. reducing these war taxes to the basis of rates in affect during the fiscal year
J. Barstow Smull, Vice-Presidet of J. H. Winchester & of 1920, which rates ranged from 50 to 550% greater than those In effect
prior to the war, and
Co., and one time head of the Emergency Fleet CorporaWhereas, it has been demonstrated that the increases Is rates
authorized
tion, has become Chairman of the Executive Committee by the act of 1917, which have gone into effect since July 1 1920, have desucceeding James Brown, who had held that office for the creased the volume of newspapers transported and distributed through the
mails, to the detriment of the public, the publishers and the
Government.
last two terms.
Be it resolved that the American Newspaper Publishers' Association
In
In an address the Chamber following his election to the annual convention asaembled, expres.see its hope that the Renate will act
favorably upon II. It. 12030 as amended, in so far as It affects publishers
presidency, Mr. Loree said in part:
mailing rates, and the further hope that the
House of Representatives will
For myself personally and as one of a family whose members have concur In such favorable
action. and
been New Yorkers since the middle of the seventeenth century, nothing
Be it further resolved, that in the event of such favorable action members
that I could say could adequately portray to you my appreciation of the of this association should cooperate
with the
high honor put upon me in your selection of me as the President of the restoration of newspapers to the mails, so Postofflce Department in the
that the Government will not
Chamber.
suffer any MRS in revenue incident to a reduction In postage rates, and
Conceroed as tke Chamber is with problems affecting the development
Be it still further resolved, that copies of this resolution be sent to the
of civilization, you will pardon me if I draw attention to some types of President of the United States, the President of the Senate,
the Speaker of
influences of outstanding significance.
the House of Representatives and the Chairmen of the Senate and House
• • •
Postal Committees.
Of an opposite character is another type of influence. Mankind has
The "Times" states that Jerome D. Barnum of the
been raised out of barbarism by the development of power and, at first,
of hand and, later, of machine tools. This development has been enor- Syracuse "Post-Standard," as Chairman of the Postal Commously stimulated by two prime causes, a war or the introduction of a mittee, reported that more progress had been made
during
new industry. When these come together the effect has been greater
the past year than in any similar period in its campaign for
than the sum of their additions. Whitney invented his cotton gin in
1792, introducing the textile trades, and the wars of the French Repub- a restoration of the 1920 postal rates on newspapers. He
lic and the first Napoleon begun in 1793 were brought to a close in outlined the present situation as follows according to
the
1814. Inventive genius flowered with the names of Whitney, Maudslay, "Times."
Fairbairn, Bramah, and a host of others. This experience is now being
"For the first time since the War Revenue act of 1917 was enacted the
repeated. We have had simultaneously the World War, perhaps the
greatest in which mankind has participated, with the introduction of the House of Representatives has actually passed a bill reducing second clam
postage. The Senate Committee on April 18 ordered the house bill
automobile, and the development of electricity as a method of power
transmission, covering wide distances and capable alike of enormous reported with the McKellar amendment for the restoration of the 1920 rates.
concentration and of minute subdivision. Tools of the most intricate This bill as amended will shortly be called up before the Senate and its
passage there seems assured. The Senate amendments are so extensive Is
character and the most exquisite reliability have been brought forth and
scope on other features that It appears certain the House will reject them and
never has there been such a development of machine and hand tools as
order the bill sent to conference. It is impassible to forecast what the remelt
in the last decade. The Same may be said of the development of power,
the conference will be."
whether hydraulic, steam or the explosive force of gasses. These have of
Mr. Barnum's report showed that since the rates were Increased in 1917,
made possible a rapid and large increase in production; so that capital
a distribution business outside of the mails of more than $20.000.000
can be better applied, its accumulation encouraged, its integrity insured: annually has
been built up by other agencies. He said much of this busiso that labor can be encouraged to greater development, and promotion
ness could be put back into the malls If a reasonable bundle rate for news
made possible through unskilled work becoming skilled work; so that dealers were created.
Since 1925. he went on, publishers have diverted
there is permitted the full use of the latent abilities of the race under
more than 54,000.000 worth of business annually from the postal service to
the increased skill of management, with its field and activity expanded
other and cheaper agencies of distribution and transportation and said that
and its control strengthened.
this business would be immediately restored to the malls if a bundlo rate
Significant as are experiences of this character, they lack the endurwere created. lie said it was becoming more and more apparent thait the
ing influences that adhere in other relations. There is, perhaps, no force
bundle rate was a vital requirement for both the publishers and the Postinfluencing civilization comparable with the compelling force of physical
office Department, although the department Is not in favor of it at present.
geography, and to fight geography we have at hand only one weapon— Ile hoped that both Congress and the department
would ultimately approve
transportation
Whether we navigate the blue waters, ride a camel or
It and said his committee would continue its campaign.
an airplane, walk the beaten paths carrying a peddler's pack, or with a
locomotive, manned by its skilled crew, drag over the railed-roads four
thousand tons of freight, transportation and transportation alone, is our John Bassett Moore Resigns as American Judge on Perdependence. Everyone in England is alive to the implications of an
manent Court of International Justice.
island empire; everyone recognizes her dependence upon overseas comIt was made known on April 28 that John Bassett Moore
munications. Few along the Atlantic seaboard and in the piedmont
country draw the parallel of our dependence upon our transportation had resigned as American Judge on the Permanent Court of
relations with the trans-Appalachian region. That mountain range reaches International Justice.
According to Associated Press cablefrom the St. Lawrence River to the Gulf of Mexico, and in it exists no
water break. At the headwaters of the Mohawk it is sufficiently low grams from Geneva, the resignation forwarded to the Secreto have permitted canalization by Governor Clinton; everywhere else to tariat of the League of Nations explains that Mr. Moore will
MAY 5 1928.]
FINANCIAL CHRONICLE
devote his entire time to completing a huge treatise on international law, on which he has spent forty-two years of labor.
The treatise, which will comprise seventy-five volumes, will
deal with the history of arbitration and conciliation since the
earliest times. The same advices state:
Mr. Moore has been a member of the Hague Court of Arbitration since
1913 and a member of the World.Court since 1921. He has written extensively on the question of international law and on American political history.
Mr. Moore was elected to a term of nine years when the Court was organized in September, 1921, and therefore his term would normally expire
Dec. 21 1930. His successor, if named now, will serve only two years, as in
1930 all eleven judges on the Court will be re-elected.
It had been taken for granted that the Court would contain one English
and one American representative, but it is conceivable that a judge from a
British Dominion might be chosen instead of an American. especially if the
United States declines to adhere to the Court.
The further accounts (Associated Press) from Geneva,
April 28, said:
Mr. Moore's resignation has focused attention upon the initiative recently
launched by Senator Frederick H. Gillett of Massachusetts to reopen the
question of American adherence which was dropped after theWorld Court
members failed to accept the conditions which the United States Senate
attached to American membership.
The main difficulty touches on the question of advisory opinions pronounced by the Court. The United States holds that the Court can give
no advisory opinions without American consent on problems in which the
United States either has or claims an interest. In League circles the view
expressed tonight was that the question of American adherence was still in
the stage of negotiation, but that the next move must come from the United
States.
Another current opinion manifested is that an American Judge should be
selected to succeed Mr. Moore, because it is to the interest of the tribunal
to have American jurisprudence represented on a bench whose place in international political life is felt to be constantly becoming more important.
Among the names mentioned in Geneva as a possible successor were
Charles Evans Hughes, Chief Justice Taft, Elihu Root, John W. Davis and
George W. Wickersham. The selection will be made by the next Council
of the League of Nations and the Assembly, both voting separately
Under the constitution of the Court American nominations must be made
by the American group of the old Hague Court of Arbitration, which includes
Mr. Moore, Mr. Root, Judge Gray and Oscar Strauss.
Mr. Moore's election to the post was announced in these
columns Oct. 1 1921, page 1434.
Repeal of Duty on Automobiles, Motorcycles and Tires
Proposed by Representative Hull to Aid Exports
' Threatened by Retilatory Foreign Walls.
Repeal of the duties on automobiles, automobile bodies
and chassis motorcycles and accessories, including tries,
is proposed in a bill introduced in the House by Representative Hull of Tennessee, former Chairman of the
Democratic National Committee, according to a Washington dispatch April 25 to the New York "Times." The dispatch added:
The present tariff act imposes a duty of 25% on automobiles and
motorcycles and 10% on tires.
Mr. Hull said he was impelled to ask that automobiles, motorcycles
and tires be put on the free list by an announcement of the National
Automobile Chamber of Commerce that "the greatest obstacle confronting American exporters of automobiles is the tariff wall being
built up abroad in retaliation, because of the high duties on foreign
automobiles imported into the United States."
"Every sane person now recognizes," said Mr. Hull, "that the United
States is producing more than it can absorb, and that this condition
is true as to the automobile, coal, textiles, iron and steel, and many
other great industries in this country. One inevitable result of such
production and the serious obstruction of the export of our surpluses
by retaliatory foreign tariffs is vast unemployment during the past
twelve months, to the extent of three to four million persons, and the
idleness of proportionate amounts of capital.
"Notwithstanding that the automobile industry of this country is and
for many years has been supreme in virtually every part of the world,
the Fordney act prescribed a tariff of 25% on automobiles and 10%
on tires. A retaliatory provision against all countries prescribing higher
rates against our automobile exports is now in active operation aga.nst
a number of countries, with the result that under this provision of pure
discrimination and retaliation the Treasury collected automobile tariffs
of $156,817 in 1926."
Mr. Hall pointed out that in 1927 this country imported 635 automobiles and chassis valued at $1,219,000, and bodies and parts valued at
$1,146,000. In the same year, he said, the United States exported
297,000 passenger cars, valued at $207,962,000, which with other automobile products, aggregated $388,314,000.
"It must be clear to all persons now," said Mr. Hull, "that the normal progress of this great industry, even in the immediate future, depends upon the speedy development of wide foreign markets.
"The United States, instead of constantly increasing tariffs under
the flexible provision, as has been the case in recent years, must take
the lead in the opposite direction if other countries are to be expected
to pursue a like policy of gradual tariff readjustment downward.
"The adoption of modernized tariff and trade policies heretofore
would have permitted an export trade by this country of eight to ten
billion dollars, instead of less than five billion dollars under the Fordney
tariff and trade policies."
2739
May 1 Vice-President Dawes appointed the following as
members of the committee: Senators Steiwer, of Oregon;
Dale, of Vermont, and McMaster, of South Dakota, Republicans; and Barkley of Kentucky and Bratton, of New
Mexico, Democrats. The resolution, which was introduced
by Senator Robinson of Arkansas (Democrat), is similar
to the Borah resolution adopted in 1924. In submitting
the resolution, Senator Robinson said:
"Mr. President, I desire to present a resolution and ask its reference to the cotnmitee to Audit and Control the Contingent Expenses
of the Senate. The resolution provides for the appointment of a special committee of five members of the Senate to inquire into expenditures in connection with the Presidential campaign. It is believed
that the committee created under similar resolutions previously adopted
by the Senate have served a useful and a wholesome purpose, and
many Senators believe that such a resolution and such a committee
would prove helpful in informing the public and the Senate in connection with this important subject.
"I submit the resolution, which I believe to be in form identical
with that proposed four years ago by the Senator from Idaho (Mr.
Borah) and adopted by the Senate, and ask that it be reported and
referred to the Committee to Audit and Control the Contingent Expenses of the Senate."
Before the adoption of the Robinson it was amended so
as to provide an appropriation of $25,000. The following
text of the resolution as adopted:
Resolved, That a special committee of five be appointed by the presiding officer of the Senate to investigate forthwith and report to the
Senate as soon as possible the campaign expenditures of the various
Presidential candidates in both parties, the names of the persons, firms
or corporations subscribing, the amount contributed, the method of expenditure of said sums, and all facts in relation thereto, not only as
to the subscriptions of money and expenditures thereof, but as to the
use of any other means or influence, including the promise or use of
patronage and the providing of funds for setting up contesting delegations, and all other facts in relation thereto that would not only be of
public interest, but would aid the Congress in any necessary remedial
legislation.
That said Committee is hereby empowered to sit and act at such
time and place as it may deem necessary; to require by subpoena, or
otherwise, the attendance of witnesses the production of books, papers
and documents; to employ stenographers at a cost of not exceeding
$1 per printed page. The chairman of the Committee or any member
thereof, may administer oaths to witnesses. Subpoenas for witnesses
shall be issued under the signature of the chairman of the Committee
or subcommitee thereof. Every person who, having been summoned
as a witness by authority of said Committee or any subcommittee
thereof, willfully makes default, or who, having appeared, refuses to
answer any question pertinent to the investigation heretofore authorized by section 102 of the Revised Statutes of the United States.
The expense thereof shall be paid from the contingent fund of the
Senate on vouchers ordered by said Commitee, signed by the chairman
thereof and approved by the Committee to Audit and Control the Contingent Expenses of the Senate.
The sum of $25,000 is authorized to be appropriated to carry out
the purpose of the resolution.
Following the adoption of the resolution Senator Robinson stated:
"The principle of the resolution which the Senate has just passed
is that the public and the Senate as well as other legislative agencies
are entitled to know what influences are being exerted to secure the
selection of high public offices like the President of the United States.
It is believed thbt publicity concerning that important question will
be helpful in preventing the methods and practices which have prevailed in some previous campaigns and which ought never to occur in
elections in any country, much less in the United States."
President Coolidge Invokes Power Under Railroad Labor
Act to Avert Strike on Kansas City, Mexico & Orient
Railroad.
Action by President Coolidge on April 28 in invoking his
power under the Railroad Labor Act, calling for the appointment of a fact-finding board to report in the matter of
railroad labor disputes, served to avert a strike of 600
employes of the Kansas City, Mexico & Orient R. R. Associated Press advices from Wichita, Kansas, on April 28
stated:
The scheduled strike of four railway brotherhoods on the Kansas
investigaCity, Mexico & Orient Railway has been postponed pendingofficials of
tions by the special board appointed by President Coolidge,
the unions announced tonight.
Union representatives who authorized the statement in behalf of their
organizations are E. H. Kruse, Cleveland, assistant grand chief engineer, Brotherhood of Locomotive Engineers; J. A. Gannon, St. Paul,
Vice-President, Order of Railway Conductors; Fred W. Lewis, St.
Louis, Vice-President Brotherhood of Railroad Trainmen and Enginemen, and S. R. Harvey, Kansas City, Mo., Vice-President, Brotherhood of Railroad Trainmen.
The dispute began with a wage agreement made in 1923, when, on
the plea of Orient officials, the Railway Labor Board granted the road
permission to operate on a wage scale lower than that of other "class
one" railroads.
The Orient, passing through a receivership, contended it was operating at a loss under standard wages. At that time the operators and
union agreed that when the Orient was put on a paying basis standard
wages would be restored.
On Aug. 23, last, the unions asked the standard wage scale, but the
operators refused. Union officials came to Wichita in February and
on April 2 began a canvass of employees to determine whether or not
strike should be called. After extended negotiations on April 26
strike was called for 6 P. M., Sunday, April 29.
U. S. Senate Adopts Resolution Calling for Inquiry Into
Presidential Campaign
Expenditures — Committee
Named to Conduct Investigation,
The Senate on April 30 adopted without debate, a resolution providing for the appointment of a special committee
of five Senators to investigate the campaign expenditures
Union leaders were reported as stating on April 29 tha'
of the various Presidential candidates in both parties. On the strike had been postponed, "but in no sense called off."
FINANCIAL CHRONICLE
2740
According to Associated Press accounts from Washington
April 28 President Coolidge entered the case upon notification by the Board of Mediation that it had been unable
to bring about a settlement. The Board declared the controversy threatened "substantially to interrupt inter-state
commerce in the States of Kansas, Oklahoma and Texas
along the line of said Kansas City, Mexico and Orient Railroad and its connecting carriers." W. T. Kemper, President of the Kansas City, Mexico & Orient Railroad, declared at Wichita April 28 that he was glad President
Coolidge had stepped in to avert the strike of employes
of the road, many of whom have been connected with the
Orient for twenty-five years, and fully half of whom have
been on the road's payroll for ten years. The strike cannot be called, according to law, before the expiration of 30
days, President Kemper pointed out. This period is allotted under the Railroad Labor Act for the fact-finding
board to investigate circumstances. Members of all brotherhoods except the machinists, who recently obtained a wage
increase, are involved in the wage disput. The following
is the proclamation issued by President Coolidge:
A Proclamation.
Whereas, the President, having been duly notified by the Board of
Mediation that a dispute between the Kansas City, Mexico & Orient
Railroad Company, a carrier, and certain of its train-service employees
which has not been heretofore adjusted under the provisions of the
Railway Labor Act, now threatens substantially to interrupt inter-state
ebmmerce in the States of Kansas, Oklahoma and Texas along the line
of said Kansas City, Mexico & Orient Railroad and its connecting
carriers.
Now, therefore, I, Calvin Coolidge, President of the United States,
by virtue of the power vested in me by the Constitution and laws of
the United States, and by virtue of and under the authority in me
vested by Section 10 of the Railway Labor Act, do hereby create a
board to be composed of five persons not pecuniarily or otherwise interested in any organization of railway employees or any carrier, to
investigate such dispute and report their findings to me within thirty
days from this date.
The members of this board shall be compensated for and on account
of such duties in the sum of $100 for each member for every day
actually employed with or upon and on account of travel and duties
incident to such board. The members will be reimbursed for and they
are hereby authorized to make expenditures for necessary expenses of
themselves and of the board including traveling expenses and expenses
actually incurred for subsistance, in conformity with said Act.
All expenditures of the board shall be allowed and paid out of the
appropriation "Emergency Boards" Act approved Feb. 11, 1927, Vol.
44, Stat. L. 1072 on the presentation of itemized vouchers properly
approved by the chairman of the board hereby created.
Done this 28th day of April, in the year of our Lord, one thousand
nine hundred and twenty-eight, and of the Independence of the United
States of America, the one hundred fifty-second.
(Signed.) CALVIN COOLIDGE.
By the President: Frank B. Kellogg, Secretary of State.
[Vol.. 126.
Upon this Wall and Broadway corner, believed by many to be the outstanding site in the United States for the central activities of a great bank
of the country like the American Exchange Irving, which has capital,
surplus and undivided profits of sixty-two millions and total resources of
over seven hundred millions, it is planned to construct a 46-story building
which will be finished late in 1930.
Approximately half of the building, especially designed and equipped,
will be occupied by the Trust Co. Its main entrance will be No. 1 Wall
St. Ample provision will be made for the Trust Co's. general office or
central administrative activities, the business of customers carried on in the
Out of Town and Foreign Offices, now located at the Woolworth Building,
and in addition that of the company's downtown customers.
The Chairman of the Board, Lewis E. Pierson; the President Harry E.
Ward; the Chairman of the Executive Committee, Lewis L. Clarke; and
Vice-Chairman of the Board, Walter H. Bennett and Theodore H. Banks,
will be housed in the new quarters readily accessible to customers. Meetings
of the company's Board of Directors and of its important committees will
be held at the new building.
The balance of the building with entrancesfrom Wall, Broadway and New
Sts. will be available for rental by tenants desiring modern quarters in the
heart of the financial district, surrounded by banking institutions, the large
brokerage and law firms, New York Stock and other Exchanges, the commodity markets, and the headquarters of many of the largest industrial,
shipping and insurance companies.
The trend in N. Y. City, as in London, appears to be in the direction
of a comparatively few great banks, and present indications point conclusively to the location of the headquarters of these banks in the financial
district in close proximity to Wall St. The exhaustive survey, conducted
by Dr. Donald H. Davenport of Columbia for the Regional Plan of New
York and Environs, expresses the conclusion that the financial district is
definitely fixed below Fulton St. and will probably never move.
The Trust Co. will still retain the main banking floor in the Woolworth
Building, where the Woloworth office (the same as the 21 other New York
City banking offices of the company) will continue to serve its New York
City customers, and occupy actually more floor space than when, as the
Irving National Bank, it moved into the newly completed Woolworth
building in 1913.
It had previously been reported that a 36-story building
was planned for the site, an item relative to the report
having appeared in our issue of April 28, page 2595.
Alvin W. K ech, Chairman of the Board of Trustees of
The Equitable Trust Company of this city died suddenly
in his office on May 3. Mr. Krech was sixty-nine years of
age. He was born in Hannibal, Mo., May 15, 1858. He
began his career in 1874 as an accountant in the Holly Flouring Mills in Minneapolis and continued in this line until
1888 when he became a railway contractor. In 1893 he
became affiliated with the Union Pacific Railroad and assisted
in its reorganization. In 1895 he bemme associated with
the Mercantile Trust Company of this city and in 1903 he
was elected President of the Equitable Trust Company.
He resigned the latter post in 1923 to become Chairman of
the Board of the Equitable and was succeeded as President
by Arthur W. Loasby. Mr. Krech was also a director of
the Ann Arbor RR. Co., Denver & Rio Grand Western RR.,
Manhattan Railway Co., Norfolk-Southern!RR. Co.,Raleigh,
Charlotte 4z Southern Railway Co.
,Wabash Railway Co.,Westemn Maryland Railway Co., Western Pacific RR. Corp.,
ITEMS ABOUT BANKS, TRUST COMPANIES &C. Western Pacific RR. Co., and a director in many other
-,
The New York Stock Exchange membership of Jesse corporations.
Wasserman was reported posted for transfer this week to
The oldest member in point of service of one of Wall
Benjamin Manow itch for $395,000. The following were also
reported sold: that of Fielding V. Jackson to Arthur Gold- Street's oldest investment houses, W. Emlen Roosevelt of
berg, that of J. Randolph Grymes, Jr. to Harold M. Reek- Roosevelt & Son, and a cousin of the late President Rooseling, that of James C. Rogerson to Charles Braunmuller, all velt, celebrated on April 30 his fiftieth anniversary as a
for $375,000 each. The membership of J. Dudley Clark, Jr., partner in that firm. Mr. Roosevelt began his career in
was reported transferred to J. Dudley Clark, Jr., for a Wall Street as a bookkeeper and was admitted to partnership in 1878. Roosevelt & Son, founded in 1797, seven years
nominal consideration.
after Alexander Hamilton issued 80 million dollars' worth
Arrangements have been made for the sale of a New York of United States Government bonds, has continued under
Curb Market membership for $95,000, a new high record its original name since that time. Theodore Roosevelt, the
father of the late President Roosevelt, was a partner in
and an increase of $5,000 over the last preceding sale.
the old firm. The Stock Exchange during those days con-
The New York Cotton Exchange membership of Edward sisted of about 25 brokers who gathered each day under
A. Pierce was reported sold this week to Leon H. Reed for a buttonwood tree to trade in a few government and bank
$42,000, a new high record.
securities. The firm's original quarters were in a small
room on Maiden Lane, and
since that time have been
A Chicago Board of Trade membership was reported sold moved only once before the present offices at 30 Pine were
an advance of $2,500 over the last occupied. One of the original
this week for $17,500,
partners was Cornelius Van
preceeding sale and a new high record price.
Schalk Roosevelt, prominent in the early history of New
The purchase by the American Exchange Irving Trust
Co. of New York of the property at Wall St. and Broadway
from the Central Union Trust Company—the acquisition
including the "Chimney Corner" at 1 Wall Street,—is
announced in the following statement issued May 1 by
Lewis E. Pierson, Chairman of the Board, American Exchange:
Amsterdam. Mr. Roosevelt still has the original ledger
used by the firm when It was first organized.
Plans to increase the capital of the Guaranty Trust Company of New York from $30,000,000 to $40,000,000 were approved by the directors on May 2. William C. Potter,
President, in a notice to the stockholders, says:
The Guaranty Trust Company of New York will increase its capital
stock to $40,000,000. The increase of capital stock, being $10,000,000,
The following is summarized from a letter from Mr. Joseph Weissenba
or 100,000 shares, will be offered to stockholders of record at the close
The American Exchange Irving Trust Co. to-day announced that Mr. of business
May 18, 1928, at $300 a share, for subscription and payment
Mr.J. Horace Harding,a director of the company,and acting on its behald,
ratably in the proportion of their respective holdings. The date of the
had purchased the entire plot from the intersection of Wall Street and
issue of the $10,000,000 increase will be June 18, 1928, payment to be
Broadway to New St.,and south along Broadway and New St., for a distance of about 180 feet down to but not including the building known as made on or before that date.
Thus, if the plan is approved, each stockholder of record at the close
66 Broadway. This includes No. 1 Wall St., widely known as the "chimney
of business on May 18, 1928, will be entitled to subscribe for one new
corner," often referred to as the most valuable plot of its size in the world.
MAY 5 1928.]
FINANCIAL CHRONICLE
2741
Stockholders of the Elizabethport Banking Company of
share of stock at the price of $300 a share for each three shares of stock
held by him. The proposed increase will add $10,000,000 to the capital Elizabeth, N. J., on April 19 voted to increase the capital
and $20,000,000 to the surplus of the Company. Accordingly upon the
institution from $250,000 to $500,000. The new stock
increase of the amount of capital stock as planned, your Company will of the
have a capital of $40,000,000 and a surplus fund of $50,000,000. Your (par $100) will be offered to present shareholders at $130
directors consider that this additional capital and surplus can be used to a share. The increased capital will become effective July 2.
advantage in the business of your Company.
No stock certificate will be issued for less than a full share, but non.
Norman C. Ives, for the past nine years a Vice-President
dividend bearing scrip representing interests in fractional parts of shares
Philadelphia, was elected
of stock will be issued, exchangeable for stock certificates (with accumu- of the Sixth National Bank of
lated dividends) when presented in amounts aggregating one share or President of the institution on April 27 to succeed the
multiples of one share.
according to the Philadelphia "Ledger"
The shareholders of the Chemical National Bank of New
York at a special meeting on May 2 ratified an increase
in the capital stock from $5,000,000 to $6,000,000. They
ratified also the organization of a securities company to be
known as the Chemical National Company, Inc., with a
capital of $1,500,000 and surplus of $2,500,000. Each shareholder of record at the close of business May 5, 1928, shall
have the right to acquire at the rate of $500 one additional
share of the capital stock of the bank for each five shares
of such stock then registered in his name. The stock of
the Chemical National Company, Inc., is to be held by
trustees, Percy H. Johnston, Wm. Emlen Roosevelt, and
Robert Walton, directors of the Bank, for the pro rata
benefit of the shareholders of the bank. With the increase
of capital to $6,000,000 the surplus of $17,500,000 will be
Increased to $19,000,000 by the transfer of $1,500,000 from
undivided profits, which makes a total capital and surplus of $25,000,00. It is stated that the regular dividend
of 24% per annum will be maintained. An item regarding the plans to increase the capital appeared in our issue
of April 7, page 2096.
The consolidation of The Bank of Amerika National Association, the Bowery and East River National Bank and
the Commercial Exchange Bank became effective April 30
under the name of The Bank of America N. A. Not only
are all the stockholders of the consolidated banks included
in the group, it is stated, but also many of the 100,000
stockholders of the Bancitaly Corp. and the Bank of Italy
will be added. The announcement relative to the consolidation points out that for the past few years California has
enjoyed the distinction of possessing the bank with the
largest number of shareholders—the Bank of Italy. This
honor is now transferred to New York. It was said at the
bank that it was impossible to announce definitely at this
time the exact number of shareholders of The Bank of
America N. A., due to the volume of purchase orders received. It appears, however, that the total will exceed in
generous measures the other groups of bank stockholders
both in this country and abroad. The Bank of America
N. A. begins business with capital funds of $60,000,000
and has 27 offices located in the five boroughs of Greater
New York. The directors and senior officers were indicated in our issue of April 28, page 2594.
Edward G. Griffin, persona- l counsel to Governor Smith,
has been elected a director of the Trust Company of
North America of New York. Another new director elected
at the special meeting held at the trust company's offices,
93 Liberty Street, is Maxwell E. Erdofy, Vice-President of
the Mortgage Security Corporation of America.
George F. Baker, Jr., Vic- e-Chairman of the board of
the First National Bank of this city, was elected a trustee
of the Mutual Life Insurance Company of this city on
April 25. Mr. Baker succeeds the late Rodman Wanemaker.
The directors of the First National Bank of Rockville
Center, Long Island, have authorized the submission to
stockholders of a proposal to increase the capital stock
from $125,000 to $200,000 at $200 per share. The stock is
selling at about $500 a share at the present time.
The election of G. Albert West and Max F. Roesti as
Assistant Vice-Presidents of the National Shawmut Bank,
Boston, was reported in the Boston "Herald" of April 29.
Mr. West, it is stated, resigned as Second Vice-President of
the Foreman National Bank of Chicago to accept the position and will represent the Shawmut Bank in Chicago,
spending practically all his time there. Mr. Roesti was
formerly a Vice-President of the Italian-American Bank
until a year ago when the institution was merged with the
flank of Italy. He will represent the Shawmut in Europe
and assumed his new duties on May 1,
late Daniel Baird,
of April 28. The Vice-Presidency made vacant by the promotion of Mr. Ives was not filled. Two vacancies exist on
the Board of Directors, caused by the death of Mr. Baird
and by the resignation of J. Frank Adams. The "Ledger"
went on to say:
The Sixth National Bank was organized as such in 1864, but it existed
previously as a savings institution. Resources as of Dec. 31, 1927,
aggregated $8,215,284. Capital amounted to $300,000 and surplus was
$400,000. Individual deposits were $3,481,455 and savings and time
deposits totaled $3,450,147.
On April 20 the Benefici-al Savings Fund Society et.
Philadelphia celebrated the 75th anniversary of its found—
ing, according to the Philadelphia "Ledger" of that date..
The institution, we are told, had its inception at a meeting:
in the rectory of the historical St. Joseph's Church, Willing's Alley, of a group of prominent Philadelphians who were members of the Board of Managers of St. Joseph's •
Hospital, Feb. 14, 1853. On April 20 of the same year It
was incorporated with the proviso in its charter that "de—
posits should at no time exceed $1,000,000. Soon after, be cause of the rapid growth of the institution, this proviso
was repealed. The society began business originally in an
office in 13th Street, below Chestnut Street. At the end
of the first year it reported deposits of more than $60,049.
To-day it has deposits of more than $34,000,000, while its
depositors number 31,566. Its surplus has grown from an
original $988.50, after its first year of business, to more
than $3,000,000. The present officers of the Society are:
Louis E. Pequignot, President; Thomas H. Cullinan, VicePresident; Frank C. McIlhenney, Jr., Vice-President and
Treasurer; Francis P. Burns, Assistant Treasurer; Joseph
P. Costello, Manager, Kensington office, and James Fitz.
The application to convert the Hyde Park Deposit Bank
of Scranton, Pa., into the Hyde Park National Bank of
Scranton, Pa., was approved by the Comptroller of the
Currency on April 3. The change will become
effective
About July 1.
Albert C. Leslie, former P- resident of the defunct
Pittsburgh Deposit & Title Co., Pittsburgh, which closed
its
doors in January, 1927, was sentenced to from
three to
six years in the workhouse and to pay a fine of
$1,500 by
Judge Thomas J. Ford in the Criminal Court at Pittsburgh
on April 10, according to the Pittsburgh "Post
-Gazette" of
the following day. At the same time Judge
Ford sentenced J. C. Umstead, former General Manager
of the
Central Homes Co., an affiliated institution of the
bank,
to not less than four or more than eight months
in the
County jail. Later on the same day, it was stated, on motion of Assistant District Attorney, Harry R. Phillips, before Presiding Judge, Joseph M. Swearingen, charges
against E. E. Reiss, former Secretary and Treasurer of the
failed bank, who was indicted with the others, were nelle
prossed. The previous week, it appears, Leslie pleaded no
defense to embezzling approximately $296,000 from the
bank and to conspiracy in accepting deposits after he
knew the bank to be insolvent. He and Umstead at the
same time, it was said, pleaded "no defense" to conspiracy
to defraud approximately $186,000 in eight mortgage
transactions. Reiss, who was indicted for conspiracy and embezzlement, along with the other two in the same connection, it was stated, did not plead at that time; Leslie and
Umstead practically exonerated him. Frank W. Jackson,
the receiver of the failed bank, it was furthermore
stated,
informed the Court that about $274,000 of the bank's assets had already been converted into cash. He
was reported as saying that this amount would be
augmented
by the conversion of holdings totaling about
$63,000, which
would enable the receivers to pay more than 33
cents on
the dollar. Failure of the Pittsburgh Depopit &
Title Co.
on Jan. 7, 1927, was reported in the
"Chronicle" of Jan.
22, of that year, page 466, and its affairs
referred to in
our issue of Aug. 15, 1927, page MC
.J U.17`11
2742
FINANCIAL CHRONICLE
[VOL. 126.
Adams, whose death occurred recently after serving the institution as President since 1917. The directors also elected
George W. Snyder, Secretary of the company since 1913,
Vice-President, and William C. Kassebaum, Trust Officer
since 1918, Secretary and Trust Officer, to succeed Mr. Snyder in the former capacity. I. Watt Pugh, who is Treasurer and Manager of the real estate department, completes
the personnel of the institution. Announcement was made,
The new building, designed by Frederick Giffin and J. Vernon Wilson, it was said, that the vacancy on the board caused by the
both of Bellevue, was constructed at a cost of $150,000. It is 42 feet death of Mr. Adams would be filled at a later date.
the exterior con-
According to the Pittsburgh "Post-Gazette" of April 25
%he handsome new banking house of the Citizens' Trust Co.
of Bellevue (Pittsburgh), Pa., was to be thrown open to
public inspection on the nights of April 25 and April 26,
when the officers and employees were to be hosts at it reception and exhibit the various features of the building.
An orchestra furnished music each evening. The Pittsburgh paper briefly described the banking house as follows:
high and covers a lot 51x150 feet. The features of
struction are the facade, executed in Georgia marble on Vermont granite base, and the high, wide glazed and polished plate glass windows at
both front and rear. The windows are so arranged that artificial lighting will not be needed in the building except on unusually dark days.
Among the other features of the new bank are a burglar, bomb and
fire-proof safety vault of the latest construction, and a night depository
with a portal on the outside of the building for use after closing hours.
One new development noticed in the building is the absence of jail-like
grills and tellers' cages.
The Citizens' Trust Co. was founded in 1907 as the
Citizens' National Bank, the name being changed last year
when it was decided to extend the scope and usefulness of
the institution in the North boroughs. Its officers are Robert J. Gibson, President; Clarence C. Elste, John R. Longabaugh and Charles C. F. Nettrour, Vice-Presidents; Ansley
D. Smith, Secretary and Treasurer; Leonard R. Meister,
Assistant Treasurer; Edward E. Glass, Assistant Secretary; George T. Sloan, Auditor, and Robert R. Woodburn,
Manager of the safe deposit department.
According to the Cincinnati "Enquirer" of April 28, the
Erie Avenue Bank—Cincinnati's youngest banking institution—was to open its permanent headquarters of 2717 Erie
Avenue and Hyde Park (a Cincinnati suburb). The Erie
Avenue Bank opened for business in July, 1927, of last year
(as noted in the "Chronicle" of Aug. 6, 1928, page 739) in
temporary quarters at 2705 Erie Avenue, with capital of
$50,000 and paid in surplus of $15,000. Since that time the
deposits have past the $200,000 mark, it was said.
The Edon State Bank, Edon, Ohio, has acquired the assets of the Farmers' National Bank of that place, and will
occupy the quarters of the latter, carrying on the business
of both institutions, according to a press dispatch from
Bryan, Ohio, on April 27, printed in the Toledo "Blade"
of the same date. The new organization, it was stated,
will have a combined capital and surplus of $78,000 and
total resources of more than $800,000. The officers are E.
F. Brandon, President; Charles M. Wertz, Vice-President;
A. C. Mauerhan, Cashier, and Orpha T. Meyers, Assistant
Cashier .
On April 23 the Indiana State Banking Department
issued a charter for a new Evansville institution under the
title of the Indiana Trust & Savings Bank with capital of
$100,000, according to the Indianapolis "News" of April 23.
Officers of the new bank, it was said, would be elected
shortly.
Consolidation of the Lincoln National Bank and the
Lincoln Trust Co., Fort Wayne, Ind., was consummated
on April 21 under the title of the Lincoln National Bank
& Trust Co. of Fort Wayne, with capital of $1,000,000.
The enlarged bank has one branch in Fort Wayne.
Charles W. Folds, partner in the investment banking
firm of Hathaway, Smith & Folds, and President of Folds,
Buck & Co., Inc., Chicago, died at his home in that city
on April 24 of heart disease following a long illness. Mr.
Folds, who was 57 years of age, was born in Oshkosh, Wis.,
and received his education in Minneapolis public schools
and the University of Minnesota. He began his business
career in Minneapolis and went to Chicago in 1899 as Manager of the Chicago office of Charles Hathaway & Co.,
brokers. At the time of his death Mr. Folds was a director
of a dozen or more commercial, financial and manufacturing firms in Chicago, Baltimore, Rockford, Ill., and Mishaweak, Ind.
Advices by the Associated Press from Galesburg, Ill., on
April 19, appearing in the St. Louis "Globe-Democrat" of
the following day, reported the election on that day (April
19) of George A. Lawrence and 0. N. Custer, as Chairman
of the Board of Directors and President, respectively of the
Galesburg National Bank & Trust Co., a new institution
formed by the consolidation of the First National Bank
of Galesburg and the Galesburg National Bank.
The Boulevard Bridge Bank of Chicago announces the
appointment of James A. Donovan as manager of its
bond department. Mr. Donovan has been associated with
J. F. Wild, President of the defunct J. F. Wild & Co. the investment house of Whiting & Company.
State Bank of Indianapolis, and three other officials of
The Bank of America, Chicago, announces the election
the bank, namely, J. C. Fisher and W. F. McNairy, VicePresidents, and Otto P. Kern, Secretary and Treasurer, of the following additional directors: Arthur E. Benwere indicted in a report returned in the Criminal Court delari, President, Eagle Picher Lead Co.; Michael J. Colby the Marion County grand jury o nApril 20 for violation lins, General Purchasing Agent, Atchison, Topeka & Santa
of the State banking laws, according to the Indianapolis Fe Railway Co.; Frederick H. Massmann, First Vice-Presi"News" of the same date. The return of the indictments dent, National Tea Co.; Conrad H. Poppenhusen, member
followed a long investigation by the grand jury, and the law firm, Newman, Poppenhusen, Stern & Johnston, and
jury that preceded it, growing out of the failure of the Frank D. Reed, Vice-President and Purchasing Agent) Chiinstitution last year. The specific charge is bank embezzle- cago, Rock Island & Pacific Railway Co.
ment, it was said. "The indictment charges that the bank
On May 1 the National Bank of Commerce of Milwaukee
'then and there was insolvent,' and that the officers and
observed the 25th anniversary of its founding by the formal
directors knowing of its insolvency, 'unlawfully, felonof its completely remodeled and enlarged quarters
iously and fraudulently did receive and take' from the de- opening
which in the Brumder Building at Second, West Water and Wells
positors named in the indictment sums of money
"Sentinel"
were thereby lost to the depositors." Each of the four de- Streets, that city, according to the Milwaukee
bank in addition to the of the same date. The institution's rapid growth since its
Pendants was a director of the
office he held. Mr. Wild, when informed of the indictment, opening for business on May 1, 1903, as the Germania Nawas reported as saying: "The bank was solvent when its tional Bank, is reflected by an increase in resources from
doors were closed and we can prove its solvency by ac- $1,000,000 in 1904 to $14,000,000 to-day. The bank started
countants! audits of the books which we have." Bonds of with ,a capital of $300,000 and in 1919 it was increased to
$1,000 each were fixed by Judge James A. Collins imme- $1,000,000, its present figure. Its first quarters was a small
diately after the indictments were returned, it was said. office in the Northeast corner of the Brumder Building.
Failure of the J. F. Wild & Co. State Bank on July 30, Since then additional space has been taken six times. To1927, was noted in the "Chronicle" of Aug. 6, 1927, page day the bank occupies the entire first floor of the Brumder
are of
739, and its affairs referred to in several subsequent issues. Building, with vaults in the basement. All vaults
"steelcrete" construct:Jon, the type used by the Federal ReIrving W. Lemaux, heretofore Vice-President and a di- serve banks in Chicago and New York. Fifteen well-ventirector of the Security Trust Co. of Indianapolis, was lated coupon rooms have been provided in connection with
elected President of the institution at a special meeting vaults. The personnel of the institution is as follows:
of the directors on April 30, according to the Indianapolis Herman Fehr, President; Alfred G. Schultz and Edwin A.
"News" of that date. Mr. Lemaux, who has been associ- Reddeman, Vice-Presidents; Walter C. George, Cashier;
ated with the institution since 1921, succeeds Reny C. Harry W. Zummach and Milton F. Bahr, Assistant Vice-
MAY 5 1928.]
FINANCIAL CHRONICLE
Murray, B. G. Daily
Presidents, and W. J. Steiner, A. C.
nt Cashiers.
and R. W. Meinicke, Assista
State Bank of
Effective April 21, the Benton County
Citizens' State Bank of that
Sauk Rapids, Minn., and the
organization—the
place were consolidated and the new
pened for business on April 23,
Sauk Rapids State Bank—o
on April 23,
according to a press dispatch from that place
olis "News" of the same date. Offiprinted in the Minneap
es of $600,000, are
cers of the new bank, which has resourc
I. W. Bouck, President; W. G. Schaefer, Viceas follows:
E. Cross, Assistant
President; R. G. Neils, Cashier, and R.
Cashier.
West Line, West
regard
Inregard to the affairs of the Bank of
of which on March 19,
Line, Cass County, Mo. (the closing
s of its
following discovery of a shortage in the account
was noted in the "Chronicle" of
Cashier, M. N. Stark,
from
April 7, page 2099), advices by the Associated Press
in the St. Louis "Globe-Democrat"
Harrison, Mo., printed
statement to the
of April 22, on April 21, reported that a
irregularities of approximately $86,000 have
effect that
was on
been found in the account of the former Cashier
day (April 21) turned over to T. M. Hayes, Prosethat
Excutor of Cass County, by L. J. Mulligan, State Bank
, in charge of the defunct institution. Confessions
aminer
dis.
signed by Stark in the statement, the dispatch said,
close a complete story of bank Wreckage.
ore,
On March 30 the First National Bank of Clarem
was placed in voluntary liquidaOkla. (capital $50,000),
Comtion. The institution was succeeded by the Bank of
place.
merce of the same
The New York "Journal of Commerce" of April 25 stated
the
that according to advices received in Wall Street
l
previous day the directors of the Fourth & First Nationa
le, Tenn. (capital $2,000,000), have voted
Bank of Nashvil
a
to reduce the par value of the bank's stock from $100
$20 a share. The directors also, it was said,
share to
voted to increase the outstanding stock $500,000, the new
stock, par value $20 a share, to be offered to the stockholders at $60 a share, thus providing $1,500,000 of new
money which will be allocated equally between capital,
surplus and undivided profits. Total resources of the
Fourth & First National Bank, together with those of its
wholly owned Nashville Trust Co., it was said, on Feb. 28
stood at $71,662,262. The paper mentioned furthermore
said in part:
2743
h from that
respective stockholders, according to a dispatc
ch." The
on April 25 to the Richmond "Times-Dispat
place
-Waynesbe known as the Citizens'
new organization will
s in the
Bank & Trust Co. and will conduct busines
boro
banking houses of the institutions,
present respective
ce Street,
namely, Main Street, Waynesboro, and Commer
The combined resources of the two banks
Park Station.
h stated. The
will be in excess of $950,000, the dispatc
diof the new bank will include the present
directorate
and the executive officers and staff
rectors of both banks
el of the new bank
of each will be retained. The personn
: Boyd Stombock, President; Charles K.
will be as follows
Lambers, J. L. Witz
Yancey, Active Vice-President; C. M.
Maxwell, Vice-Presidents; James W.
and John Noble
n and Iva 0. Hall,
Wright, Cashier, and W. L. Bowma
Cashiers.
Assistant
Commercial National
The closing by its directors of the
C., on April 19 on the discovery of
Bank of Statesville, N.
by Federal bank exa shortage of $234,000 in its assets
reported in an Associated Press dispatch
aminers, was
•
in the Baltimore
from Statesville on that day, printed
20. The dispatch went on to say that D. N.
"Sun" ofApril
tion, had comAnsley, Cashier and organizer of the institu
the previous day shortly after the Federal
mitted suicide
his books.
examiners had arrived at the bank to go over
of
institution was capitalized at $100,000 with surplus
The
red one of the strongest small
$60,000 and was conside
banks in that section, it was stated.
an NaOrganized with a capital of $500,000, the Americ
ed to begin
tional Bank of Mobile, Alabama, is schedul
surplus of
business about July 1. The bank will have a
$100) being disposed of at $150
$250,000, its stock (par
was preper share. The application to organize the bank
ller in February. Wm. C. Thompson
sented to the Comptro
is S. A.
Is President, while the Vice-President and Cashier
Tonsmeire.
The Commercial National Bank of Lafayette, Louisiana,
of
expects to begin business about June 1 with a capital
and surplus of $20,000. The stock is being placed
$100,000
at $125 per $100 share. The application to organize the
bank was filed with the Comptroller of the Currency in
January. The officers of the institution are: T. J. Evans,
President; L. P. De Blanc, Vice-President; F. Debaillon,
Cashier; W. J. Begnand and H. J. Bieleand, Assistant
Cashiers.
In regard to rumors that the Merchants' National Bank
of Los Angeles has been purchased by the United Security
In his letter to the stockholdets, James E. Caldwell, president of the Bank & Trust Co., with headquarters in San Francisco,
par
Fourth & First National Bank, said the purpose in reducing the
in the San Francisco "Chronicle" of April 28 printed the folvalue of the stock was to enable small investors to become stockholders
that prac- lowing:
the bank. "Bank stocks," he said, "ordinarily sell at a price
tically precludes widespread ownership." He cited leading New York
City Banks, the average asked price for stocks of nineteen national
banks April 11 being $917. The range was from about $200 a share to
nearly $4,000 a share.
It was pointed out that if these banks were to reduce their par so as
bank
to make a ten for one split-up, the average New York city national
stock would sell around $91 a share—at least that would be the theorett
ical price. In actual practice it would probably sell somewha higher,
stock
but regardless of the exact selling price, a lower price for the
e
would certainly bring about a wider distribution. And since telephon
l organizations, etc.,
companies, power companies, railroads, industria
to encourage the small investor, it is the belief
have found it worth while
of the directors of the Fourth & First National that a bank would derive
advantage from a better distribution of stock. A stockholder is likely
to be a depositor, and a business getter who can help a bank in various
ways.
According to advices from Nashville to the "Wall Street
Journal" on April 24 a special meeting of the stockholders
will be held on May 15 to ratify the action of the directors.
Consolidation of the New Farmers' & Merchants' Bank
& Trust Co., two
of Hickman, Ky., and the Hickman Bank
banks in Western Kentucky, under the name
of the oldest
on April 23, according to
of the latter, was consummated
dispatch from Hickman on that date, printed in
a press
The enlarged bank,
the Memphis "Appeal" of April 24.
Hickman Bank & Trust Co., has combined capital, surthe
and combined deplus and undivided profits of $75,000,
e as Presiposits of $600,000. H. L. Amberg, will continu
new bank, while C. B. Travis, heretofore active
dent of the
s' & Merchants' Bank,
Vice-President of the New Farmer
-President. John Pyle will remain as Cashier.
will be Vice
Reports that United Security had purchased Merchants National of
Los Angeles again flew through the San Francisco, New York and Los
Angeles financial district yesterday. And again President Nolan flatly
denied that the bank is sold or will be sold.
Two very decided statements came out yesterday. One said that
Merchants National Bank had been sold to United Security Bank and
Trust and that it was understood that 100,000 shares outstanding would
be exchanged for 80,000 shares of United Security on basis of five
shares for four of the latter. The deal was said to have been closed in
New York.
Another report declared that Bank of America was buying the southern bank and that 80,000 shares of Bank of America would be given in
exchange for 100,000 shares of Merchants.
Merchants National, closing at 223 yesterday, represents the approximate price which it would be worth if the Security deal went through.
228.
On Bank of America share exchange basis price would be around
As the financial districts of the three above mentioned cities had the
t E. J. Nolan
deal signed, sealed and delivered, there came from Presiden
misintera denial so plainly expressed that there could never be any
he said:
pretation of his statement. To the New York News Bureau
and
"Control of the bank rests with officers and directors of the bank
whom are bound by an agreement not to sell their stock at any price."
control of the
Nolan added that those interests of his bank that hold
bank's stock have not even been approached with an offer from anyone
and that no negotiations have been instituted or are under way or contemplated. He branded the rumors as gossip spread for market manipulation and is bringing about unwarranted speculation in the stock.
Someone is certainly off on the wrong foot.
The Los Angeles First National Trust & Savings Bank
of Los Angeles, Cal., on May 1 opened its New York office
at 52 Wall Street under the management of Paul K. Yost,
a Vice-President of the bank. An item regarding the establishment of the bank's New York office appeared in these
columns April 21, page 2428.
—•-•
Purchase of control of the First National Bank of El
rs of the Waynesboro National Bank and the
Directo
to Segundo, Cal., and the El Segundo State Bank, El Segundo,
Citizens' Bank, both of Waynesboro, Va., have agreed
ted institutions), by F. S. Sehumaker, former
date the institutions, subject to the approval of the Cal. (affilia
consoli
2744
FINANCIAL CHRONICLE
President of the Central Bank of Imperial Valley at Calexico, Cal., and Vice-President of the Commercial National
Bank of Phoenix, Ariz., was announced on April 23 by J.
D. D. Gladding and J. E. Howell, the respective Presidents
of the acquired banks ,according to the Los Angeles
"Times" of April 24. The institutions have combined resources of $500,000, it is understood. They will occupy
their present building and the employees of both will be
retained. Mr. Schumaker, it was said, who has had wide
banking experience not only in California and Arizona,
but also in the Northwest, will be President of both banks.
It was furthermore stated that correspondent relations
have been established with the Los Angeles-First National
Trust & Savings Bank, Los Angeles.
Effective April 3, 1928, the First National Bank of Yuba
City, Cal. (capital $50,000), went into voluntary liquidation. The institution was absorbed by the Bank of Italy
National Trust & Savings Bank, headquarters San Francisco.
It is now fifty-five years ago since the Canadian Bank of
Commerce, the head office of which is in Toronto, established a New York Agency, its first quarters being at
50 Wall Street. For more than sixty years the Canadian
Bank of Commerce has occupied an important position in
the development of trade and friendly relations between
Canada and the United States. At present the bank has
nearly 600 branches throughout Canada linked to its New
York Agency and its branches in San Francisco, Seattle
and Portland, Oregon. It also maintains branches in London, Eng., Rio de Jaeiro, Havana, Kingston, Jamaica;
Bridgetown, Barbados; Port of Spain, Trinidad, and Mexico City. The institution's paid-up capital is $20,000,000
with a reserve fund of like amount, and total resources
of /
$560,000,000. Sir Joseph Flavelle is Chairman of the
Board; Sir John Aird, President, and S. H. Logan, General
Manager. The New York Agents are C. J. Stephenson,
J.
Morton and P. H. Nowers.
Calvin Sloan, Manager of the Toronto head office of
the
Royal Bank of Canada, died suddenly on April 27,
following an operation performed three days previous
ly. Mr.
Sloan, who was in his fortieth year, was born in
Toronto
and entered the employ of the Royal Bank of
Canada at
Grand Valley, Ont., as a junior clerk in 1905 and
rose
gradually by successive stages until February,
1925, he
was made Inspector of the head office in
Montreal. In
September of the same year he became Assistan
t Supervisor of the Ontario branches of the Royal Bank.
On Nov.
1, 1927, he was made Manager of the Toronto
Head Office,
In which capacity he was employed up to the
time of his
death.
THE ENGLISH GOLD AND SILVER
MARKETS.
We reprint the following from the weekly circular
[VOL. 126.
of legal complications in France or England impelled the:Soviet:Authoriti
es
to take the remarkable step of transhipping the gold at:sea-12 miles off
Falmouth on Friday last
-to the S.S. "Reiher." The next stage of its
travels was Bremerhaven. Never in the history of the world has treasure
a
intrinsically so valuable found such difficulty in finding's welcome.
The following was the composition of the Indian..Gold Reserve on
March 311928:
In India
Nil
In England:
Cash at the Bank of England
£4,028
Gold
2,152,334
British Treasury Bills-value as on March
10,919,981
Other British and Dominion Government31 1928
Securities-value
on March 31 1928
26.923,657
Total
£40,000.000
The Transvaal gold output for March 1928 amounted
to 877,380 fine
ounces as compared with 816.133 fine ounces
for Feb. 1928, and 860,511
fine ounces for March 1927.
SILVER.
The market has been steady during the week though there has been
hesitation in getting away from 26 WI. To-day,
however, purchases on
both Indian and China account made the tone
more decisive and quotations rose ;id. to 2634cl. On most of the days
recently sellers have been
sluggish so that converging demands from
the East were sure to be accompanied by an advance In prices. America has
not been active in this
market.
The following were the United Kingdom imports and
exports of silver
registered in the week ended the 11th inst.:
ImportsExports
United States of America_ __E64.898 Miscellaneous
£21,557
Other countries
17,118
Total
£82,016
Total
£21.557
INDIAN CURRENCY RETURNS.
(In hics of rupees.)
Mar. 31. Apr. 7.•Apr. 15.
Notes in circulation
18487 18610 it 18554
Silver coin and bullion in India
10638 10561). 10505
Silver coin and bullion out of India
Gold coin and bullion in India
7
2976 L 2976
29- e
Gold coin and bullion out of India
Securities (Indian
3796
3796 E 5796
Securities (British Government)
377 !, 377
377
Bills of Exchange Government)
700
900'
The stock in Shanghai on the 14th inst. consisted of
55,000,000
about
ounces in sycee, 87,100.000 dollars, and 2,720 silver
bars, as compared with
about 53,800.000 ounces in sycee. 85,700,00 dollars, anc113,800 silver bar.;
0
on the 7th inst.
-Bar Silver, Per Oz. Std.
-7r Bar Gold,
QuotationsCash. __
2 Mos. b, Per Oz. Fine.
April 12
25 5-I6d.
84s. 11 d.
264cl.
13
26Iid.
26 d.
14
26 5-16d.
26 16d.
iT s:
is
l
16
263id.
2634d. . a'
84s. 11)4d.
17
2634d.
2634d.
"' r 848. 10 d.
18
2634d.
2634d. ir PV" 84s. 10 d.
Average
26.291d.
26.281d:till:El Ms. 11.1(!.
The silver quotations to-day for cash and
two months' delivery are
respectively 1-16d. and Hd. above those fixed a week
ago.
11 3:
ENGLISH FINANCIAL MARKETS-PER:CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Apr. 28. Apr. 30.
Silver, per oz.._ 26 1-16d, 26 5-16d.
Gold,per fine os 848.11d. 849.11d.
Consols,2ti %_
5634
British, 5%___
101
British, 434%_
9634
French Rentes
(in Paria)_fr..
70.90
French War L'n
(in Paris)_tr. __ _.
91.50
Tues.,
Wed.,
Thurs.,
Fri.,
Maul.
May 2.
May 3.
May 4. .
26 3-16d. 2634d.
2634d.
26 15-16dP
843.10%d. 846.11d. 848.11d. 843.1141
Holiday 5634
5634
5634
Holiday 101
101
10034
Holiday 9634
9634
9634
71.00
69.80
69.95
69.00
90.80
90.00
88.35
88.04
The price of silver in New York on the same days has been:
Sliver in N. Y., per oz. (vis.):
Foreign
5834
5834
5834
5834
5834
6834
THE WEEK ON THE NEW YORK STOCK EXCHA
of
NGE.
Samuel Montagu & Co. of London, written under
Speculative activity in stocks lost none of its buoyancy the
date of
Apr. 18 1928:
present week. The steady upward moveme
nt that has
GOLD.
characterized the trading for the past month or more was
The Bank of England gold reserve against notes amounted
to £156,601,215
on the 11th inst. (as compared with £156.169,815 on the previous
Wednes- again strongly manifest and the daily sales have continued
day), an increase of £2,694,900 since April 29 1925
-when an effective gold well above the
three million mark and yesterday went
standard was resumed.
Gold valued at £1,008,000 was available in the open market yesterday above 4,000,000 shares. Oil shares have b en the predomi
About £165,000 was absorbed for India and the Home and Continent
al nating feature, though motor stocks, industrial issues and
Trade, and about £400,000 was taken for destinations not disclosed. the
so called-specialties have shared to a considerable extent
Nearly all the balance was bought by the Bank of England as will be
seen in the
general advance. The outstanding features of the
below.
The following movements of gold to and from the Bank of England have week were the advance
in the call money rate on Monday to
been announced:
Apr. 12. Apr. 13. Apr. 14. Apr. 16. Apr. 17. Apr. 18. 6 per cent., the high point of the year, and the new record
Received
Nil
Nil
Nil
Nil
£524 000 £284 000 levels for brokers' loans
as shown by the Federal Reserve
Withdrawn_
Nil
Nil
Nil
Nil
1I1
Diu
The above figures show an influx of £788,000 during the week under figures for the week and the Stock Exchange figures for the
review. The receipts on the 17th inst. consisted of £424,000 in South month. The Reserve stateme
nt indicated an increase of
African bar gold, and £100,000 in sovereigns released on account of Poland.
$137,269,000 for the week and the Stock Exchange of $269,The receipt of £264,000 to-day consisted of bar gold from Russia.
The following were the United Kingdom imports and exports of gold 608,427 for the month. At the abbreviated session on
Satregistered in the week ended the 11th instant:
urday last prices whirled upward in the
most boisterous fashIt ImportsExports
ion and within a short time after the opening
Russia(U.8.8. R.)
£19,500 Germany
of the market
£49,600
British West Africa
21.735 Netherlands
34.320 the ticker was from 5 to 10 minutes behind the transactions
British South Afrioa
15,385 Switzerland
68,200 on the
Other countries
floor, and at times it fell back as much as 51 minutes.
1.000 British India
40.000
Other countries
16,977 General motors and
United States Setel common did fairly
Total
Total
£57,620
£209,097 well in the early trading, but were
under pressure in the final
The Government of Norway has decided that the country shall return to
an effective gold standard as from May 1st next, and that the embargo hour and each lost a point.
Specialties were moderately
active, the outstanding feature being Patino Mines which
on the export of gold shall be removed on the same date.
Mystery and Romance have accompanied the wanderings of the Soviet sold up to
41. On Monday the market was under pressure
gold valued at £1,043.000, the parcel specially marked from the
:
time it Railroad
was removed from Roumania to Russia in 1916. Owing to obstacles
stocks were not particularly active except Missouri
placed
in the way of its realization on arrival in the United States of
PaMc which attracted eonsideralbe buying, the common
America. it .
.
was re-shippedion the S.S. "Dresden"gbound for Europe.
Fear, however, going up_to 543,g and the pref.
selling at 1193 4 Motor:shares
/
MAY 5 1928.]
FINANCIAL CHRONICLE
2745
rn Railway reaching a new top
Hudson was in moderate demand, Southe
were inclined to be somewhat sluggish, though
d by Atlantic Coast Line which broke into
active demand at 163, followe
in the
.
6 8
in good demand at 8 / Specialties were in
high ground at 191, though it dipped to 190M
upward, especially Otis Elevator which new hour Amer. Tel. & Tel. hopped to a new peak above 193,
and moved briskly
final
new high
jumped over 10 points to a new high.
followed by Inter. Tel. & Tel. which also reached a
became bouyant on Tuesday, public level. General Motors assumed the leadership of the market
The market once more
specialties
to a new top
utilities, motors, railroad issues and so-called
on Friday with a spectacular jump of 8 points
upward at a rapid pace and many new tops were at 204% and after mid-session United States Steel joined the
swinging
Utilirecorded all along the line. American Water Works, the upswing with a brisk rise to 148, the highest level in more
were
Power & Light and American & Foreign Power
The strength of General Motors stimulated
ties
new high than two weeks.
r hopping
outstanding strong stocks, the latter reaching a
interest in the independent motor stocks, Chrysle Hudson
3
ed with
and Electric Power & Light sold up to 44%,as compar
record high at 74, followed by Hupp,
all moved up- upward to a
maintained a
its previous final at 42. Motor shares nearly
and Studebaker. Public utility stocks
were
Hudson which sold up to 91.
ward under the guidance of
ent place in the trading and gains of 3 to 5 points
most in- promin
line. Southern California Edison breakOil shares were not conspicuously strong and in
the
group recorded all along
were
stances barely held their own. In the specialities
new high ground for the year. Railroad shares
ular advance of 11 ing into
Victor Talking Machine had a spectac
strong and except Rock Island which reachto 97 only moderately
were no noteworthy
points to above 100, though it slipped back at the close
ed its highest in history at 118 there
net gain of about 8 points. Railand reached its final with a
The final tone was good.
there features.
STOCK EXCHANGE
road stocks were again inclined to be sluggish, though
TRANSACTIONS AT THE NEW YORK
DAILY, WEEKLY AND YEARLY.
ons, notably Chicago & Alton issues,
were several excepti
ing
UnUed
the common rising 4 points to 13 and the preferred advanc
State,
Railroad,
Stocks,
States
Municipal &
tie.,
Number of
24. American Tel. & Tel. was conspicuous in
8 points to
Week Ended May 4.
Bonds.
Foreign Bonds.
Bonds.
Shares.
the late trading and moved close to 190, followed by Amer3188,000
51,696,000
$5,713,000
d
' 2,316,550
358.000
2.744,000
ican Can which registered a substantial gain. Railroa Saturday
8,696,000
3,964,930
Monday
394,000
3,025.000
7,167,000
3,764,140
the regular market leaders on Wednes- Tuesday
317,000
shares moved up with
2,531.000
9,263,000
3,770,990
857,000
in all time, fol- Wednesday
2,995,000
12.510,000
3,381,923
day, Southern Railway reaching a new high
178,000
Thursday
2.602.000
8,255,000
4,440,900
lowed by Southern Pacific which broke into new high ground Friday
$2,292,000
_ 21.639.433 551.604.000 315.593.000
feature of the group was Tntal
for 1928. Another conspicuous
Jan. 110 May 4.
Chicago & Alton which was again in sharp demand at inWeek Ended May 4.
New York Stock
1927.
1928.
creasing prices. New Haven advanced 3 points and closed
1927.
1928.
Exchange.
187,180.618
at a new top above 68. Local tractions also attracted
274,946,937
7
No. of shares__ 21,639.433 10,675,59
considerable speculative interest. Brooklyn-Manhattan hop- Stocks. Bonds.
$115,006,300
$65,422,750
points, Interborough Rapid Government bonds__ $2,292,000 $5,910,850 316.583,125 347,155,400
ping to 77 with a gain of 33/2
15,593,000 16,579,000
foreign
ty State and& misc. bonds 51,604,000 50,242,000 1,178,955,325 857,962,550
bonds
Railroad
Transit closing above 59 and Manhattan modified guaran
51,320,124.250
669.489,000 572,732.350 $1,560,961,200
jumping forward 3 points to 62. Motor shares were again
Total bonds
PHILADELPHIA AND
TRANSACTIONS AT THE BOSTON,
in the limelight, Hudson leading in the early trading with a
DAILY
BALTIMORE EXCHANGES.
sharp gain to 93, though most of the advance was lost in
tion had another of its charBaltimore.
the final hour. Radio Corpora
Philadelphia.
Boston.
4
Week Ended
acteristic movements and hopped upwnrd to 1857 with a
BondSales.
Shares. BoruiSales. Shares. Bond Sales. Shares.
May 4 1928.
-point gain above the preceding final.
5
84,000
4,312
19,000
40,613
$40.000
.34,551
65,500
9,609
35,500
53,146
52,000
Motor stocks were conspicuous in the trading during most Saturday
*68,198
Monday
38,700
10,655
40,000
71,405
29,600
*55,284
40,500
9,344
39,400
of the session on Thursday, but oil and steel shares displayed Tuesday y
35,000 104.932
*57,147
Wednesda
41.400
8,553
17,000
78,459
27,000
*57,551
70.500
little or no noteworthy activity. General Motors was the Thursday
13.282
22.000
68.10$
31,000
42,549
motor group and crossed 195. Friday
center of interest in the
55,755 5340,600
172,900
315,280 $214,600 416,660
Total
Chrysler was the strongest of the independent motors and
40,155 5195.200
high ground for the year above 74.Hudson Prey, week revised 264,042 $283,500 278,692 $213,200 1,879; Tuesday,732;
broke into new
Hupp and Graham- * In addition,sales of rights were: Saturday, 456; Monday,
also reached higher levels and both
Wednesday, 2,017; Thursday, 0,000.
10,450; Tuesday.
a In
Paige closed with substantial gains. Public utilities held 16,700:addition, sales of rights were: ,Saturday, 6,200; Monday,
Wednesday, 19,100: Thursday 22,10; Friday. 00.000.
Saturday, 1,972; Monday, 3,827; Tuesdail
lly Columbia Gas which sold above 111
their gains, especia
S In addition, sales of rights were:
, 973; Friday, 371.
and scored a net gain of three points. Railroad stocks were 2,107; Wednesday, 3,094; Thursday
Course of Bank Clearings
furnish them to-day inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
day
until noon to-day. Accordingly, in the above the last
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
complete
present further below, we are able to give final and
28. For
results for the week previous-the week ended April
increase of 12.2%, the 1928 aggregate
that week there is an
,772,973,
of clearings for the whole country being $11,545
,359,851 in the same week of 1927. Outside
against $10,296
1.0%, the
of this city the clearings show an increase of only
17.9%.
bank exchanges at this centre recording a gain of
according to the Federal Reserve
We group the cities now
appears
Per
districts in which they are located and from this it
Clearings-Returns by Telegraph.
Cent.
1927.
1928.
Week Ended May 5.
the New York Reserve District (including this city)
that in
t of
38.046.000,000 53,645.000.000 +42.5 there is a gain of 17.7%, in the Boston Reserv'e Distric
New York
+9.6
876,079,695
960.341,605
In
Chicago
+4.9 1.5% and in the Philadelphia Reserve District of 4.5%.
488.000,000
512,000,000
Philadelphia
506.000.000 +11.5
564,000,000
e District, the clearings show a decrease
Boston
+4.0 the Cleveland Reserv
125,023,821
*130.000,000
Kansas City
+4.3
125.300,000
130,700,000
in the Richmond Reserve District of 9.0% and in the
St. Louis
164,839,000 +15.9 of 1.0%,
191,039,000
San Francisco
157,478.000 +15.4 Atlanta Reserve District of 5.8%, the latter due in part to the
181,797.000
+2.2
Los Angeles
164.997,918
168.666,491
g a decrease
Pittsburgh
146,339,510 +18.7 falling off, at the Florida points, Miami showin
173,747.912
Detroit
+0.1
108,209,804
108,989,491
the Chicago Reserve
Cleveland
-15.4 of 41.1% and Jacksonville of 24.5%. In
104,408,216
88,315,252
Baltimore
52,322,488 +15.2 District have increased 6.5%, and in the Minneapolis Re60,281,954
New Orleans
511,315,878.705 58,663,998,452 +30.6 serve District, 7.3%, but in the St. Louis Reserve District,
Thirteen cities,5 days
1,075,374,386 -10.7
960,845,770
Other cities, 5 days
they show a decrease of 3.3%. In the Kansas City Reserve
512,276,724,475 59,739,372,837 +26.0
total is 2.0% smaller, but in the Dallas Reserve
Total all cities, 5 days
,909 +12.3 District, the
,895
1,651,788
1,855,344
,
All cities, 1 day
District the total is slightly larger (0.7%) while the San
$14,132,069,370 $11,391,161,746 +24.1
mem all cities for week
Francisco Reserve District has a gain of 15.1%.
In the following we furnish a summary by Federal Reserve
by the
Complete and exact details for the week covered
issue of next week. Wa cannot •_ districts:
foregoing will appear in our
Bank clearings this week will again show a substantial
increase over a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ending to-day
(Saturday, May 5) bank exchanges for all the cities of
the United States from which it is possbile to obtain weekly
returns will be 24.1% larger than for the corresponding week
last year. The total stands at $14,132,069,370, against $11,391,161,746 for the same week in 1927. The improvement
follows almost entirely from the expansion at this centre,
where there is a gain for the five days ending Friday of
42.5%. Our comparative summary or the week is as follows:
2746
FINANCIAL CHRONICLE
SUMMARY OF BANK CLEARINGS.
The course of bank clearings at leading cities of the country
for the month of April and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
Inc.or
Dec.
Week End. Apr. 28 1928.
[VOL. 126.
1928.
1927.
1926.
1925.
Federal Reserve Dist,.
$
$
S
%
$
let Boston _ _ _12 cities
.
589,143,410
580,174,204 +1.5
639,797,197
487,459,956
2nd New York_11 "
7,391,009,246 8,281,004,518 +17.7 8,413,212,880 6,474,713,665
3rd Philadelphial0 "
689,698,935
564,392,754 +4.5
573,736,450
576,452,357
4th Cleveland__ 8 "
396,450,561
400,263,680 -1.0
385,835,948
375,648681
5th Richmond _ 6 "
174,766,769
191,924,612 -9.0
208,604,932
196,076,392
6th Atlanta._ _ _13 "
171,836,246
182,433,500 --5.8
211,043,124
208,363,749
7th Chicago_ _ _20 "
1,041,782,755
978,697,604 +6.5 1,014,916,602 1,062,100,528
8th St. Louis.. 8 "
202,781,220
209,766,710 -3.3
211,160,575
198,640,660
0th Minneapolis 7 "
112,252,529
104,580,220 +7.3
110,257,325
115,252,423
10th Kansas City12 "
213,93.3,306
218,234,677 -2.0
213,582,943
205,084,480
11th Dallas
5 "
76,375,096
75,858,984 +0.7
69,974,222
63,847,610
12th San Fran...17 "
585,742,900
509,028,388 +15.1
505,330,534
479,914,632
Total
129 cities 11,545,772,973 10,296,359,851 +12.2 10,457,452,732 10,443.553,103
Outside N.Y.City
4,280,445,566 4,136,509,780 +1.0 4,159,947,347 4,079,677,104
Canada
31 ettle9 417.739 775 370.121.511 4-12.9 294.635.725 277.410.498
BANK CLEARINGS AT LEADING CITIES.
April
Jan. 1 to AprU 30-1927. 1926. 1925, 1928. 1927. 1926. 1925.
$
$
$
$
$
$
$
26,465 25,964 22,849 125,361 103.814 102,610 93,996
3,006 2,862 2,957 12,284 11,630 11,760 11,588
2,195 2,199 1,826 8,957 8,597 8,158 7,341
2,310 2,497 2,447 9,289 9.407 10,019 9,374
611
641
604 2.470 2,481
2,616 2,492
800
737
741 2,981
3,191
3,006 2,918
817
808
744 3,762 3,259 3,304 2,983
468
533
482 1,777
1,848 1,953 1,757
339
322 310 1,327
1,270 1,303 1,205
582
545
563 2,235 2,409 2,230 2,251
553
523
508 2,133 2,076 1,987 1,881
241
327
329
1,283
1,104
1,300 1,366
234
260
227
1,000
995
1,039 1,020
735
730
672 3,034 2,792 2,830 2,540
155
149
142
672
623
589
607
166
178
175
745
676
718
726
73
55
58
266
236
235
233
179
175
164
706
742
720
677
783
740
644 3,410 3,242 2,947 2,569
232
228
225
877
873
911
842
124
134
130
514
494
530
522
140
132
140
578
488
526
548
98
94
69
391
399
373
286
209
217
214
741
825
895
902
83
92
83
362
366
416
390
201
208
183
818
758
687
780
73
74
70
301
284
289
268
72
72
59
324
259
287
238
Total
48,060 41.924 41,496 37,615 188,598 165,138
Other cities
3,696 3,790 3,973 3,782 14,8.55 15,111 164,355 152,189
15,944 15.070
Total all
51,756 45,714 45,489 41,397 203,453
180,249 180,299 167,059
Outside New York_19,716 19,248 19,504 18,548
78,091 76,435 77,689 73,083
(000,000s
1928.
omitted.)
$
New York
32,040
Chicago
3,209
Boston
2,248
Philadelphia
2,397
St. Louis
596
Pittsburgh
733
San Francisco
920
Baltimore
447
Cincinnati
319
Kansas City
548
Cleveland
548
Minneapolis
328
New Orleans
235
Detroit
794
Louisville
160
Omaha
178
Providence
67
Milwaukee
169
Los Angeles
873
Buffalo
228
St. Paul
124
Denver
146
Indianapolis
95
Richmond
189
MemphLs
83
Seattle
212
Salt Lake City....
75
Hartford
99
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of April. For that
month there is an increase for the whole country of 13.2%,
the 1928 aggregate of the clearings being $51,756,050,478,
and the 1927 aggregate $45,713,507,044. While the present
March total is not a new high monthly record it is the largest
total ever reached in the month of March. This distinction
exists almost entirely by reason of the expansion in the clearings at this city; outside of New York City the increase is
only 2.4%, the bank exchanges at this centre showing a gain
for the month of 21.1%. In the New York Federal Reserve
District (including this city) the increase is 20.5%, in the
Boston Reserve District 3.4%, and in the Philadelphia
Reserve District 3.1%. The Cleveland Reserve District has
suffered a decrease of 4.3%, the Richmond Reserve District
of 5.0%, and the Atlanta Reserve District of 4.6%, the
latter due partly to the falling off at the Florida points,
Miami showing a loss of 45.7%, Tampa of 23.9%, and
Our usual monthly detailed statement of transacti
ons on
Jacksonville of 22.6%. In the Chicago Reserve District, the the New
York Stock Exchange is appended. The results
totals are larger by 5.5%, and in the Minneapolis Reserve
for
District by 20.9%,but in the St. Louis Reserve District, the April and the four months of 1928 and 1927 are given below:
clearings have diminished 1.0%. In the Kansas City ReMonth of April.
serve District the totals show a decrease of 0.9%, and in the
Four Months.
Description.
Dallas Reserve District of 5.5%. While on the other hand
1928.
1927.
1928.
1937.
the San Francisco Reserve District enjoys a gain of 7.7%.
Stock, number of shares
80,478.835
April
1928.
Federal Reserve Dist,.
let Boston _ _..14 cities
2nd New York_14 "
3rd PhIladelphlal4 "
4th Cleveland__15 "
5th Richmond _10 "
6th Atlanta_ _ __18 "
7th Chicago.. _29 "
8611 St. Louis_ 10 "
9th Minneapolls13 '•
10th Kansas City16 "
11th Dallas
11 "
12th San Fran_ -28 "
$
2,547,079,597
32.739,125,408
2,580,184,172
1,804,714,750
824,148,363
862,975,058
4,648,928,309
938,136,309
635,880,823
1,172,369,770
478,826,818
2,623,681,101
April
1927.
Inc.or
Dec.
April
1926.
April
1925.
$s
2,461,909,540 T3.4 2,452,621,782
.
27,168,861,667 +20.5 26,652,009,330
2,502,078,812 +3.1 2,689,315,913
1,885,677,768 -4.3 1,784,076,095
867,502,626 -5.0
944,015,762
905,023,519 -4.6 1,138,273,371
4,407,023,715 +5.5 4,248,961,898
947,259,613 -1.0
985,322,076
443.101,511 +20.9
539,048,334
1,163,246,584 -0.9 1,141,109,504
506,856.520 -5.5
499,880,968
2,435,765,169 +7.7 2,393,876,585
s
2,072,071,690
23,464,586,787
2,693,372,023
1,750.292,825
889,505,419
1,004,929,480
4,252,035,098
931,368,742
536,838,765
1,155,775,661
473,655,224
2,172,688,771
Total
192 cities 51,756,050,478 45,713,507,044 +13.2 45,468,511,618 41,397,118,485
Outside N.Y. City
19,718,190,005 19,248,046,393 +2.4 19,504,450,850 18,548,233,880
Canada
31 c1t168 1.798.379.296 1.538.203.565 +16.9 1.467.518.688 1.277.182.364
We append another table showing the clearings by Federal
Reserve districts for the four months back to 1925:
Four Months.
1928.
1927.
Ine.or
Dec.
1928.
1927.
1926.
1925.
No. Shares. No. Shares. No. Shares.
No. Shares.
56,919,395 34,275,410 38,987,885
47,009,070 44,162.496 35,725,989 41,570,543
84,973,869 49,211,663 52,271,691 32,794,458
38,294,393
188,902,334 127,649,569 128,985,565
112,659,392
80 474,835 49.781.211 30 326 714 94 544 907
Month of January
February
March
First quarter
April
The following compilation covers the clearings
by months
since Jan. 1 in 1928 and 1927:
1925.
Clearings, Total AS.
Clearings Outside New York.
Month.
8,310,541,469
1928.
1927.
96,282,584,890
1928.
1927.
10,234,173,803
6,751,436,402 Jan_
3,405,894,188 Feb__ 51,537,529,645 45,198.288,595 +14.0 20,494,049,716 19,636,375,125 +4.3
44,605,291,1
4,050.191,310 Mar__ 55,553,912, 81 40,397.006,347 +10.4 17,781,165,115 17,337,789,024 +24
061 48,940,295,438 +13.4
16,585,819,621
20,100,076,972 20,212,540,589 -0.0
3,877,801,531 1st au- 151 696 732
887 134535590380 +12.8
2,198,046,229
58,375,291,803 57,186,704,738 +2.1
4,676,914,778 Apr.._ 51,756,050,
478 45,713,507,044 +13.2
2,143,845,244
19,716,190,005 19,248,046,393 +2.4
8,541,281,467
Total
192 cities 203,452.783,365 180,249,097,424 +12.9 80,299,722,286 167,068,530,960
Outside N. Y. City
78,091,481,808 76,434,751,131 +2.2 77,689,332,835 73,082,882,357
31 cities
The volume of transactions in share
properties on the
New York Stock Exchange for the four
months of 1925
to 1928 is indicated in the following:
MONTHLY CLEARINGS.
1926.
Federal Reserve Diets.
le
let Boston _ _ _ _14 cities 10,074,273,654 9,597,497,451 +5.0 9,176,153,942
2nd New York_14 " 128,073,613,709 106,471,091,190 +20.4 105,230.527364
2rd Philadelphiai4"
10,017,122,193 10,136,357,508 -1.2 10,729,051,445
4th Cleveland__15 "
7,236,252,248 7,308,268,103 -1.0 7,053.256.908
5th Richmond _10
3,236,812,210 3,405,599,297 -5.0 3,605,378,092
6th Atlanta__ __18
3,582,437,337 3,717,962,053 --3.6 4,731,731.934
7th Chicago_ _29
17,933,575,349 17,068,331,029 +5.1 17,189.760,355
8th St. Louis_ _10
3,893,556,540 3,882,878,56 +0.3 4,058,857,960
9th Minneapolls13
2,117,181,551 1,892,208,466 +11.9 2,128,388,317
10th Kansas City16
4,783,274,016 4,848,197,426 -1.3 4,685,257,188
11th Dallas
11
2,033,433,733 2,188,041,656 -7.1 2,174,612,601
12th San Fran_ _28
10,468,249,825 9,732,674,678 +7.6 9,537,746,380
Canada
49.781,211 269,381.169 177,430,780
Railroad and misc, bonds
5215.265,900
State. foreign, .$0.. bonds... 74,909,500 8197,673,350 $777.639,450 8811,849,550
75,021,200 304.865,625 109,440,750
U.S. Government bonds
14,472,000 23,837.750 63,676,750 331,983,400
Total bonds
$304.647,400 8296.532,300 1146,181,825
81,253273700
7,338,899,249 5,862,352,769 +23.5 5,397,409,649
4,985,496,346
We now add our detailed statement showing
the figures
for each city separately for April and
since Jan. 1 for two
years and for the week ending April 28 for
four years:
CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR
WEEK ENDING APRIL 28.
Month of April.
1928.
1927.
8
$
First Federal Rese rye District- Boston
Me.
-Bangor
2,843,882
3,612,685
Portland
16,104,818
15,069,085
Mass.
-Boston
2,247,627.592 2,195,000,000
Fall River
8,529,064
8,844,721
Holyoke
2,841,049
3,987,540
Lowell
4,968,514
5,394,932
New Bedford
4,647,585
5,481,773
Springfield
25,944,809
25,185,411
Worcester
15,904,330
16,151,680
Conn.
-Hartford.
99,044,989
71,982,253
New Haven
37,443.725
33,911,617
Waterbury
10,868,200
11,099,300
It. 1.
-Providence...
67,102,300
62,832,400
N. 38.
-Manchester
3,208,740
3,356.143
Total(14 cities).- 2,547.079,597 2,461,909,540
Four Months.
Inc. or
Dec.
Week Ended April 28.
1928.
1927.
Inc. or
Dec.
1928,
1927.
Inc. or
Dec.
1926.
8
1 Itt1+1111+4
-1owo-4.wcnvmwwo..
Clearings al
-
$
%
$
8
%
i
11,131,156
63,907,278
8,957,245,938
31,498,694
12,759,013
20,203,376
28,661,684
97,863,325
60.473,827
323,709,538
144,640,685
43,506,800
266,264,300
12,408,040
+3.4 10,074,273,654
14,008,704
61.089.775
8,597,087,210
33,637,294
15,196,743
20,948,232
20,662,073
94,755,407
61,955.155
259,181,751
129,973,887
41,054,400
235,718,800
12.228,020
9,597,497,451
-20.5
+4.8
+4.2
-6.4
-16.7
-3.6
-3.8
+3.1
-2.4
+24.9
-11.3
+6.0
+13.0
+1.5
+5.0
585,265
3.660,785
528,000,000
1,868,536
732,606 -20.1
3,344,286 +9.5
527,000,000 +0.2
1.665,948 +12.2
1925.
8
636,071
3,529,050
488,000.000
1.622.744
635,864
3,491,021
433,000,000
1,998,071
987,074
867,147
5,738.796
3,482,387
19,892,766
8,599,653
1.104,217
1,098.048
5,322,503
3,089,722
15,030,388
7,523,008
-10.6
-21.0
+7.8
+13.4
+32.4
+14.3
894,300
1,239,998
5,185,867
3.440,642
15,088,548
7.368,093
1,123,470
1,338,416
6,419,972
3,720,984
14,573,153
6,881,084
14,798,100
664.901
13.661,200
622,278
+8.3
+6.8
11,815,000
976,886
13,323,000
954,882
589.143.410
580,174,204
+1.5
539,797,197
487,459,926
2747
FINANCIAL CHRONICLE
MAY 5 1928.]
CLEARINGS
-(Continued).
1928.
1927.
Week Ended April 28.
Four Months.
Month of April.
Clearings at
-
Inc. or
Dec.
$
$
Second Federal Re serve District -New York
31,103,994
28,209,722
-Albany
N.Y.
5,563,923
5,187.165
Binghamton
231,678,024
228,228,128
Buffalo
4,832,378
4,668,837
Elmira
6,301,700
5,767,616
Jamestown
32,039,860,473 26,465,460,651
New York
5,867,694
.7,000,000
Niagara Falls
63,138,393
66,403.618
Rochester
29,734,728
28,946,537
Syracuse
16,865,092
15,976,636
-Stamford_ _ _
Conn.
4,062,217
4,132,663
-Montclair_ _ _
N. J.
122,897,960
122,156,704
Newark
174,215,189
175,119,857
Northern N. J
6,793,365
7,013,811
Oranges
1927.
1928.
Inc. or
Dec.
1927.
1928.
Inc. or
Dec.
1925.
1926.
$
111,518,030
105,691.384
-9.3
21,075,558
22,734,493
+7.2
873,273,038
876.894,360
1.5
18,381,342
17,968,290
+3.5
25,076,614
22,579,420
8.5
+21.1 125,361,301.557 103,814,346,293
18,868,889
25,171,940
+ 19.3
235.667,054
243,584,396
+5.2
104,589,234
109,947,248
-2.7
61,248,691
63,293,231
+5.6
14,618,592
1.3
15,083,836
447.335,350
475,056.168
0.6
699.040,841
6.2
707,046,740
26,051,662
27,260,646
+3.2
6,384,165
7,253,802
5.2
996,368
987,571
+7.9
51,048,666
51,399.104
+0.4
1,106,994
996,136
-2.3
1.176,885
1,284,499
-10.0
+20.8 7,265.327,407 6,159,850,071
+33.4
13,189,658
13,394,580
+3.4
5,395,671
6,380,577
+5.1
3,677,934
3,922,061
+3.3
1,103,552
757,380
+3.2
+6.2
37,185,412
39,195,271
+1.2
+4.6
8,758,243
+13.6
7.083,002
983,000
-0.9
1,042,600
47,075,888
48,149,493
+0.7
1,019,469
+ 11.1
1,027,457
1.064,709
1,268,142
+9.1
+17.9 6,297,505,385 6,363.875.999
+1.6
+18.3
+6.6
31.4
11.594,558
5,470,299
3,094,868
970,818
12,245,583
5,439.706
2,608.466
824,601
+5.4
36,006,258
30,818,001
+17.7 6,413,212,880 6,474,713,665
Total(14 cities) _ -- 32,739,125,408 27,168,061,667 +20.5 128.073,613,709 106,471,091.190 +20.4 7,391,009,246 6,281,004,518
Third Federal Res erve District -Philadelphi a-11.4
7.083,525 6,278.238
-Altoona
Pa.
22,375,800 --14.9
19,037,184
Bethlehem
6,208,000 -14.9
5,281,273
Chester
21,992,028 -17.0
19,358,283
Harrisburg
-4.8
13,154.639 12,516,668
Lancaster
3,437.802 -7.5
3,181,651
Lebanon
3,947,106 +4.1
4,508,816
Norristown
2,397,000,000 2.310,000,000 +3.8
Philadelphia
19,593,660 -1.5
19,311,130
Reading
27,010,800 • +3.3
27,910,316
Scranton
18,192,782 +12.0
20,371,566
Wilkes-Barre
9,634,386
9,244,187
York
12,118,435 -16.8
10,080,708
-Camden
N.J.
27.329.849 -4.5
26,104,152
Trenton
541,000,000
4,307,707
5,618,900
4,520,332
2,099,855
5,136,288
7.402,652
576,452,357
+16.9
17.4
+4.5
+2.8
+2.1
+5.0
+ 10.8
-1.7
-0.4
3.6,
6.4
8,846,000
3,636,736
71,124.311
120,502,616
15,056,200
6,400,000 +38.2
24.7
4,829,258 70,034,000 +1.6
114,597,809 +5.2
3.6
15,619,200 -
4,931,000
3,447,015
69,429,885
120,170,917
14,761,700
4,970,000
4,730,246
64,859,356
108,766.517
14,391,000
1,829,864
4,922,441
1,778.535 +2.9
13.8
5,707.402 -
1,884,381
5,724,424
1,941,109
4.509,333
6.3
-6.2
9.4
+19.0
+3.6
+ 15.8
4.5
-1.7
-12.0
3.3
-
20,854,583
90,537.801
741,340,964
44,832,143
41,468,754
38,366,828
1,776,740,932
8,288.320
14,172,651
460,209,234
24,157,268
98,601.275
825,154,000
46,675,697
42,249,696
32,148.904
1.847,737.552
8.190,529
14,611,548
466,072.828
13.7
8.2
-10.2
3.9
-1.9,
+19.3'
-3.8
1-1 2
'
-4.0
-1.3
5.0
-
+6.91
867,502,626
-5.0
3,236,812,210
+5.7
+7.9
-6.0
+ 1.9
+24.0
+1.6
+ 1.0
-22.6
45.7
23.9
+3.5
-21.1
+6.1
8.2
+24.4
-16.7
+24.2
+0.
145,417,410
60,597,488
394,278,883
881.348.908
33,941,755
18,731,160
36.444,685
310,860.244
64,302,000
70,005,652
418.197,170
28,677,204
30,483,390
29,602,000
35,665.263
16,224,977
7,521,612
1,000,137,536
135,207,324
55,762.903
383,173.040
872,970,348
35,603,825
18,704,573
34,466,540
395,846,155
126,022,415
92,707,828
419.093,442
36,491.633
27,597,149
33,797,584
30,351,196
17,576,570
7,133.716
995,445,812
+7.6
+8.7,
+2.0
+1.0
-4.7
+0.1,
+5.71
-21.5
-49.0
24.5
0.2
-21.4
+10Z
12.4
+17.5
-7.7
+5.4
+0.5
4.6
3.582,437,337
3,717,952,053
3.6
905,023,519
+4.7
4,594,748
4,295,426 +7.0
-16.8
19.8
20,231,949 16,226,179
+7.9 3,034,044,150 2,791,912,325 +8.7
+8.3
56.377.088 +9.7
61,831,367
135,341,259
6.8
133,605,014 -2.4
+9.1
32,696,037 +10.5
36,127,203
42,804,224 +10.5
+ 11.8
47,289,551
+2.6
50,276,969 +8.2
54.396.213
-20.3
8.4
102,453.101 93,894,186
-2.7
2.0
399,168,410 391,126,000
-11.6
48,665,038
52,436,500 -7.2
110.592,000 -12.9
-20.8
96,327,567
-1.3
+2.4
65.980.401
67,584,861
705,749,432
5.4
741.648,238 -4.8
16,814,429
-1.1
16,808,375
+0.1
+5.4
47,801.980 +0.7
51,342,517
+4.2
176.797,696 +5.7
186,929,048
173,347.036
+6.1
167,834,252 +3.3
8,068,199
-0.3
8,101,418 0.4
112,950,331
116,866,586
+4.7
+3.5
1.6
22,375,468 22,020,185
-3.4
22,987,143
-10.
18.6
28.228.599 28,675,221 +17.4
33,667,508
+ 11.5
+6.7 12,284.366,58 11,630,185,475 +5.6
23,279,21
3.6
22,439,17
5.4
84,761,078 +9.9
93,176,68
+8.5
61,357,465 2.2
-2.9
59,981,43
49,696,77
2.7
48,371.05
+4.6
_ 4,648,928,309 4,407,023,715
+5.5 17.933,575,349 17,068,331:029
Eighth Federal Re serve District -St. Louis
19.5
25,878,569 20,829,166
_
Ind.-Evaniville
.834,599 -3.3
806,966
Albany
New
610.500,985 2.4
596,141,004
Mo.-St. Louis__ _
154,612,162
+3.8
160,499,822
Ky.-Loulsville
1,453,866
1,496,183
+2.9
Owensboro
10,317,126 -9.7
9,321,266
Paducah
82,888,555 +0.5
83,048,267
_
-Memphis
Tenn.
51,879,661
+0.9
57,554,476
.
Ark.-Little Rock_
1,766,086 +16.9
1,468,391
-Jacksonville_ _
III.
2.2
7,128,004 6,970,768
Quincy
947,259,613
1.0
170.532,393
181,297,476
5.9
165,486,626
171.479.120
1.0
400,263,680 -
385,835.948
375,646,681
1,170,064
4,869,403
43,713,000
987,894 +18.4
8.1
5,301,338 47,385,000 -7.8
1,247,425
8,594,883
51,302,000
1,478.185
7,482.034
48,686,000
.2,300,000
97,873,169
4,2,000,000
+15.0
2,122,970
1,923,215
10.9
109,833,526 -
120,103,927
111,736,C51
1
Sixth Federal Rese rye District
- Atlanta
34,058,409
35,984,452
Tenn.
-Chattanooga _
13,901,772
Knoxville
15,000,000
98,579,773
92,643,237
Nashville
214,270,477
218,363,347
Ga.-Atlanta
8.383,054
8,585.626
Augusta
4,675,926
4,751,933
Columbus
8,914,785
9,007,784
Macon
96,567.939
74,764,208
Fla.
-Jacksonville_
Miami
27,154,717
14,750.000
22,368.000
17,018,552
Tampa
106,047,078
102,313,348
Ala.
-Birmingham_ _ _
9,058,787
7,14$,212
Mobile
6,588,616
6,90,372
Montgomery
7,604,500
6,977,000
-Hattiesburg_ _
Miss.
6.831,250
8,500,000
Jackson
4,113,490
3.427,157
Meridian
1,449,540
1,799,703
Vicksburg
234,951,127
234,455,406
La.
-New Orleans_ _
Seventh Federal R eserve Distric t-Chicago
1,115,833
1,180,249
-Adrian
Mich.
3,905,441
4,692,505
Ann Arbor
793,640,719
735,285,832
Detroit
16,141,394
14,907,816
Flint
33,338,303
35,774,100
Grand Rapids
8.601,398
7.884,899
Jackson
12,464,573
11,148,064
Lansing
13,808,115
14,182,815
-Ft. Wayne_ _ _
Ind.
23,452,286
29,431.095
Gary
95,262.000
97,894,000
Indianapolis
12,615,700
14,275,900
South Bend
21.966,212
27,743,451
Terre Haute
15,835,541
16,051,748
Wis.-Madison
169,237.834
178.882,668
Milwaukee
4,132,848
4,179,302
Oshkosh
12.515,307
11,911,325
Iowa-Cedar Rapids.
44,492,000
46,358,910
Davenport
43,277,294
45,323,015
Des Moines
2,204,929
2,199,122
Iowa City
27,611,274
26,370,676
Sioux City
6,118,441
5,908,429
Waterloo
7.342,713
6.595,061
Ill.-Aurora
8,259,954
9,206,478
Bloomington
3,208.986,958 3.006,346,330
Chicago
5,861,271
5,543,481
Decatur
21,160,298
22,969.364
Peoria
17,951,174
17,422,896
Rockford
12,212,866
12,769,817
Springfield
14.3
7,558,996 -
396,450,561
-6.6,
+28.0
+7.1,
3,405,599,297
543,000,000
4,430,214
5,750,788
3.715.785
1,850,929
573.736,450
Fifth Federal Rese rve District Richmond
W. Va.-Huntington.
5,552,223
5,200,346
Va.-Norfolk
23,546,951
22,097,246
Richmond
209,097,C00
189,457,000
N.C.
-Raleigh
10,649,596
12,679,171
S. 0,
-Charleston.
10,613,047
11,000,000
Columbia
8,719,535
10,094,463
Md.-Baltimore
468,391,977
447,370,875
Frederick
2,427,046
2,386,644
Hagerstown
4,365.88
3,842,731
D.C.
124,139,37
120,019,887
-Washington_ _
938 136 309
532,000,000 +4.7
4,294,373
5,650,511 +18.2
3,813,760 +11.5
1,767.317 +7.0
+4.5
7,308,268,103
Total(10 cities)- -
2,896.728
564,392.754
7,236,252.248
Total (29 cities) _
2,235,246
6,481,743
-4.3
862,975,058
1.0
-
589.08,935
1,804,714,750 1,885,677,768
Total(18 cities) ____
1,915,090
1.2
-
99,258,000
70.622,792
1,269,643,353
2,075,822,277
300,209,500
16.968,649
7.229,775
33,575,765
97,372,706
12,212,440
5,403,858
23,720,608
3,191,263,280
34,188,720
70,776,380
824,148,363
1,431,754
5,516,723
1,657,706
557,000,000
4,188,753
6,679,073
4,251,667
1,890,508
113,665,000
58,369,562
1,326,653,399
2,133,090,366
306,544,00
17,913,350
6,450,803
32,997,760
97,710,919
11,771,381
5,058,537
25,351,499
2,981,057,876
43,775,030
75.802,166
Total(10 cities) _ _
1,678,382
4.440,679
1,498,139
1,895.352
+ 18.9
+0.4
3.1
-0.8
-2.8
+ 18.1
+11.6
2.6
-7.1
1.6
3.5
11.7
-0.3
+ 13.3
4.1
Total(15 cities)
_
1,583,163 +8.0
-0.4
4,447,692 1,361,852 -14.0
+11.8
3.2
-11.6
7.6
+7.4
+1.5
+10.5
1.3
-0.7
+2.8
+7.4
+9.0
-13.3
-4.0
+3.1 10,017,123,193 10,136,357,508
Total(14 cities)____ 2,580,184,172 2,502,078,812
Fourth Federal Re serve District -Cleveland.
26,442,000
31.439,000
Ohio-Akron
19,471,413
19,541,902
Canton
329,268.801
318,941,505
Cincinnati
552.568,066
Cleveland
548,090,867
81,608,800
79,291,300
Columbus
4,583,291
5,411,951
Hamilton
1,855,673
Lorain
1,641,068
8,503,067
8.280,567
Mansfield
25,126,272
23,248,793
Youngstown
3,004,102
2,955,597
Pa.
-Beaver Co
1,341,728
1,295,003
Franklin
5,201,498
5,889,000
Greensburg
799,883,752
733,348.765
Pittsburgh
6,471,083
7,331,060
Ky.-Lexington
19,660,720
18,695,874
W.Va.-Wheeling..
1,709,155
4,431,262
1,171,422
28,447,051
77,702,959
24,602.689
80,877,092
40,426,020
10,951,669
15,383,618
9,407,000,000
72,346,841
110,705,421
68,232,569
31,246,684
48,467.143
119,967.752
25,087,235
75,187,762
21,755,682
74,752,586
43,429,711
11,110,972
16,995,790
9,289,000,000
71,917,961
113,800,659
73,268,077
34,065,887
42,023,378
124,727,493
24,841,133
26.416,864
-6.0
25,233,727
24,770.907
174,766,769
191,924,612
9.0
-
208,604,932
196,076,392
20,597,735
43,580,680
1,746,804
7,551,564 -2.0
2,715,938
22,566.677
-2.1
44,495,762 -10.7
1,956,189 -
6.891,690
2,784,163
20,324,354
57,196,293
1,769,485
6,178,0)0
2,933,095
20,962,690
54,417,026
1,639.409
1,584,072
14,779,160
2,890,030
1.671,741
-24.5
19,572,351 -41.
4,910,000 -
1,570.143
27,045,625
12,476,936
1,360,901
22,273,263
17,757,004
22,642,893
1,393,966
22,166,308 +2:i
24.3
1,841,184 -
24,745,248
1,956,529
23,001.952
1.731.720
1,400,000
1,250,373 +12.0
1,180,000
918,000
329,040
50,692,142
248,523 +32.4
1.5
51,486,890 -
377,298
52,725,310
305,606
54,885,893
7.399,745
.02,800,000
171,836,246
182,433,500
-5.8
211,043,124
208.363.749
220,023
633.959
191,725,427
11.2
247,753 1,014.737 -37.5
169,911,269 +12.8
219.571
.800,600
160,805,531
263,483
561,083
157,929.873
7.683,910
7,882,202
-2.5
7.870,375
7,668,737
3,075,349
3,210,085
2,768,000 +11.1
2,452,232 +30.9
2,386,328
2.607,820
2,535.324
2,531,733
19,923,000
2,730,375
4,530,216
20,401,000 --2.3
2,911,200 -6.2
5,036,054 -10.0
20,798,000
3,227,400
5.401,625
17,102,000
3.035,424
5,194,436
35,510,377
38,168.499
36,195.006
-7.0
38,245,590
2,812,943
2,514,687 +11.5
2,186,415
2.620,556
9,515,528
8,437.396 +12.8
10,644,359
11,362,758
6,081.922
1,350,825
5,686,360 +7.0
1,162,102 +16.2
6,382,260
1,229.765
7,189,970
1,448.922
1,845,327
738,633,216
1,168,755
4,821,157
:3,113.345
2,606,361
1,781,538
3.6
696,747,539 +6.0
1,214,253 -3.7
4,482,482 +7.6
13.0
3,694,926 2,183,975 +19.3
1,437,633
737.435,663
1,285,793
5,224,892
3.656,401
3,071,182
1.449,546
792,375,125
1,359,086
4,945,437
3,549.407
2.782,622
+5.1 1,041,782,755
67,364,248
3,031,751
2,470,229,178
671,580,201
7,403,633
40,588,019
362,324,276
237,771.18
5,901.10
27,362,94
98,377,050
3,249,276
2,480.630,665
622,841,727
7,750,751
38,585,049
366,366,014
231.611,026
6,616,64
26,850,36
-31.5
-6.7
0.4
+7.8
4.5
+5.2
-1.1
+2.7
-10.8
+1.9
3.893,556,540
3,882.878.567
+0.3
978,697.604
+6.5 1,014,916,602 1,062,100,528
7,119,325 -33.8
5,571,393
5,944.218
-5.0
+6.3
+1.8
135,900,000
35,948,465
299,393
133,000,000
28,884,308
358.372
17,432,766
12,225.256
352,328
1,442,742
16,800,000 +3.8
12,533,290 -2.5
416,347 --15.4
1,460,419 --1.2
19.074,334
12,082,215
624,637
1.660,138
17,227,895
11,206,577
584,375
1,434,915
202.781.220
209,766,710 -3.3
211.160.575
198,640,660
4,710,630
132,200,000
34,122.384
295,114
139,100,000
32,087,217
250,112
2748
FINANCIAL CHRONICLE
[VOL. 126.
CLEARINGS--(Concluded).
Month of April.
Clearings at
-
Four Months.
1928.
1927.
Inc. or
Dec.
s
a
%
Ninth Federal Res erve District- -MinneapolisMinn.
-Duluth
30,284.911
29,227,361
+3.6
Minneapolis
241,298,284 +36.1
328,365,596
Rochester
2.414,373
2,652.960 -9.0
St. Paul
124.397,610
124,266,693 +0.1
No. Dak.-Fargo.._
8,301,869
8,331.547 -0.3
Grand Forks
5.347.000
5,825,000 -8.2
Minot
1,517,710
1.194,348 +27.1
S. D.
-Aberdeen_
4,715,328 +16.2
5,488.986
Sioux Falls
7,510.521
6,873,230 +9.3
Mont.
-Billings
2,885.954
2,584.956 +11.3
Great Falls
4,874,265
3,421,420 +42.5
Helena
13,855,000
12,133.421 +14.2
Lewistown
637,028
576.963 +10.4
1928.
1927.
$
Week Ended April 28.
Inc. or.
Dec.
$
%
1928.
1927,
Inc. or
Dec.
1926.
$
a
%
8
111,866.341
1.283.150,804
10.004,009
514,455,010
33.867,296
21,641,000
5,900,415
21,287,229
28,599,020
11,000,685
19,378,555
53,357,750
2,673,437
106,629,986
1,103,598,484
9,348,270
494,525.911
31,674,621
21,827,000
4,645,304
18,151,914
28,565,699
9.936.296
13,836,827
47.224,236
2,243,918
2,117,181,551
1,892,208,466 +11.6
y+ 18.8
+14.8
-5.2
+7.3
-14.1
+39.4
+13.6
-22.8
-5.8
+9.8
7,269,627
9.441,069
88,857,259
744.988,921
35,921,901
63,488,595
148.797,695
23.100,479
2,234,702.360
121,901,628
+7.9
+21.9
+6.0
+ 10.2
-11.5
+17.1
-10.3
-16.8
-7.2
+8.4
-2.2
-4.3
+17.4
+4.2
+4.3
491.059,865
193,320,316
22,267,333
578,377,074
23.779,894
6,735,164
7,744.708
82.884,449
675,962,860
40,603,869
54,201,640
134,852,020
27,771,437
2,408,803,868
112,417.886
666,406
514,656,510
208,054,151
19,852,473
533,134,271
21,855,714
-5.6
-6.2
+12.2
+8.5
+8.8
25,310,578
1.172.369.770 1.183,246,584
-0.9
4,786,274.016
4,848.197,428
-1.3
213.933,306
Eleventh Federal Reserve Distr Ict-DallasTexas
-Austin
7,035.609
6,825,238
Beaumont
8,632,000
9.181,000
Dallas
206,026,628
199.600,686
El Paso
23.616.298
19,726,067
Fort worth
50,301,548
49.767,666
Galveston
33.032,000
18,653.000
Houston
132,047,604
142.234.423
Port Arthur
2,736,770
2.272,968
Texarkana
2,334,609
2.536.095
Wichita Falls
10.399,000
12,970,000
La.
-Shreveport
23,732,010
22,022,119
+3.1
-6.0
-3.1
+19.8
+0.7
-43.5
-7.2
-16.9
+8.6
-19.8
+7.8
+9.4
-0.3
-0.8
+17.3
+7.0
-56.9
-12.
-6.5
+3.8
-18.7
+2.7
506.856,520
-5.5
29,203,807
26,07,054
34.692,000
34,799,000
858,182,591
853,308,477
95,724,897
81,603,378
218,718,828
204,395,372
84,256,000
191,879,000
622,803,719
548,375,318
9,818,610
10,500,222
10,529,848
10.141,058
46,030,000
56,590,000
97.901,834
95,324,376
2,033.433,733 2,188,041,856
14,030,000
817,766,786
220,933,000
23.659,304
19,415,902
7,254,000
590,182,195
26,918,468
301,274,899
10,866,751
61.602,000
21,871,581
87,921,325
60,718,515
135,418,883
3,410,026,000
15,259.037
341,569,422
130,556,779
18,695.291
124,296,141
95,432,327
3,762,101.457
51,763,219
28,559,651
36,340,217
8.539,475
45,277,200
16,481,000
757,535.495
205.646.000
22.993,071
18,702.120
8.696,750
625,965.843
23.056.943
284,168,867
10.740.978
50.541.900
22,235,538
86,537,664
69.280.969
124,089,824
3,242,341,000
14,254.949
332.016,539
125,044.366
21,990,367
136.512,846
110.999,166
3,259,041,664
46,821,791
24,375,631
37,566.408
7,953,989
47,083,000
-14.9
+7.9
+7.4
+2.9
+3.8
-16.6
-5.7
+ 16.7
+6.0
+1.2
+3.8
-1.6
+1.8
-12.4
+9.0
+5.2
+7.0
+2.9
+4.4
-15.0
-8.9
-14.0
+15.4
+10.3
+17.2
-3.3
+7.4
+19.6
9,732,674,678
+7.6
Total(13 cities) _ _ _ _
535,880,823
443,101,511 +20.9
Tenth Federal Re erve District -Kansas CR
Neb.-Fremont
1,897,037
1.597,028
Hastings
2,248,523
1,958,627
Lincoln
19,395,034
20,467,555
Omaha
165,821,726
177,891,427
Kan.
-Kan. City__ _ _
8.303,312
9.667,400
Topeka
18,156.920
13,020.905
Wichita
37.417.800
32,937.481
Mo.-Joplin
5,516.641
7,149,174
Kansas City
548,231.425
581.832,583
St. Joseph
27,222,000
24,781,581
Okla.
-McAlester_
Oklahoma City_ _ _ _
121,320,189
124,028,728
Tulsa
47,477,641
49,619,180
Colo.
-Col. Spgs___
5,730,349
4.882.935
Denver
139,784,281
145,618,910
Pueblo
5.942,582
5,697,400
Total(16 cities) _ _
Total (11 cities)-- -
478.826.818
Twelfth Federal R eserve Distil t
-San Franc isco-Bellingham _ _
Wash.
4,900,000 -18.4
4,000,000
Seattle
211,660,561
200,991,217 +5.3
Spokane
55.209,000
53,600,000 +3.0
Yakima
5,526,876
5,809,431 -5.9
Idaho-Boise
4,522,149
4,943,872 -8.5
Oregon Eugene
1,899,000
2,668,000 -28.8
Portland
151,358,388
173.464,813 -12.8
Utah-Ogden
5,719.747
5,600,139 +2.1
Salt Lake City
75.209.392
72.528,795 +3.7
Nev.-Reno
2.707,433
2,748,372 -1.5
Arizona-Phoenix_ _ _
16.206.000
12,836,000 +26.3
-Bakersfield _ _ _ _
Cal.
5,028,809
5,055,947 -0.5
Berkeley
20.639,849
21,682,274 -48
Fresno
14.803,731
16,691,051 -11.3
Long Beach
34.283,290
31.757,598 +7.8
Los Angeles
873.233.000
782,946,000 + 11.2
Modesto
3,669,136
3,488,225 +5.2
Oakland
87.338.543
85,016.070 +2.7
Pasadena
33.635.888
31,026,210 +8.4
Riverside
4,709,484
5.695,875 -17.3
Sacramento
26.802,619
29,421,406 -8.9
San Diego
23,869,235
25,677.095 -7.0
San Francisco
920,208,645
817,311,146 +12.6
San Jose
13.024.599
10.696.704 +21.8
Santa Barbara
6,966,253
6.220,276 +12.0
Santa Monica
9,253,672
10,043,211 -7.9
Santa Rosa
2,190,502
2,150,742
+1.8
Stockton
10,005,300
10,794.700 -7.3
Total(28 cities)- --- 2,623,681,101 2.435,765,169
+7.7 10.468,249,825
+4.9
+18.3
+7.0
+4.0
+6.9
-0.9
+27.0
+17.3
+0.1
+10.7
+40.0
+13.0
+19.1
-7.1
1925.
8
6,529,533
71,533,537
7.350,518 -11.2
65,199,593 +9.7
5,556,376
68,855,368
6,582,686
73,536,207
27,422.573
1,741,001
25,949,343
1,775.392
+5.7
-1.9
30,092,097
1,647,861
29,116,507
1,739,422
1,127,052
994,109 +13.4
1,247,126
1,269,351
587,833
512,265 +14.8
434,432
512,960
3.311,000
2,799,000 +18.3
2,423,165
2,495,290
+7.3
110,257,325
115.252,03
365,789
468.242
4,127,624
40,111.591
353.423 +3.5
385,210 +21.6
4,636.113 -11.0
37.190.495 +7.9
376,978
555,342
4,294,735
41,641.069
461,602
568,576
4,884,884
39,994,666
2,719,660
7,896,882
2,549,239 +6.7
6,903,843 +15.7
2,302,377
6,861.295
2,731,815
6,923,574
123,919.359
6,386,586
132,828.961 -6.7
5,07.5.944 +25.8
126,021,971
6,431,121
120,211,001
6,467,210
-2.8
23,187,692
21,252,540
1,068,926 +10.
,
a
a
1,208,858 +12.1
838,419
a
1,071.944
400,521
a
1,188,091
213,582,943
205,084,480
112,252,529
104,580,220
26,033.665
1.181,674
a
1.355,321
218.234,677
-2.0
1.556,492
1,475.521
+5.6
1,277,946
1,816,274
52,142.321
49,040.885
+6.1
41,942,885
38,192,007
13,214,300
4,503.000
12,693,256 +4.1
8.212,000 -45.2
13,165,047
9,230,000
9.434,621
9,491,000
4.958,983
4,437,322 +11.8
4,358,344
4,913,708
78,375,096
75,858,984
+0.7
69,074,222
63,847,610
45,714.923
13,267,000
1,115,062
41.457,083 +10.3
11,048,000 +20.1
1,120.282 -0.5
43,214,054
10,829,000
1,060,186
38,012,000
10,224,000
1,060,104
33,029,396
33,421,139
-1.2
35.605,173
36,574,271
17,472,589
14,855,763 +17.6
15.942,140
15,293,723
3,700,571
8.558,241
209,702,000
4,262.719 -13.2
6,934,983 +23.4
168,520,000 +24.4
4,648,274
7,052,747
158,342,000
2,922,049
6,964,051
147,896.000
+6.1
+0.5
18.678.456
5,907,749
20,222,492
5,917,229
6.263,839 +5.6
5.044,424 +5.7
183,028.800 +6.9
2,596,483 +14.2
1,302,525 +15.5
2,079,164 -5.5
7,394,132
5,721,148
182,317,000
2,489.036
1,467,229
2.250,410
7,479,066
4,431.882
175,349,894
2,221,505
1,334,966
1.950,700
19,269,119
6,295,464
6,592,930
5,332,315
206,650,320
2,964,106
1,504,346
1,985.518
18,341,765
6,434,419
2.589,000
2,317,000 +11.7
2,411,800
2,060,700
585,742,900
509,028,388 +15.1
505,330,534
479,914,632
Grand total(192 cities) 51.756.050.47845.713,507,044 + 13.2 203.452,783,365 180,249,097,424 + 12.9 1,545,772,973
10296,359,851 + 12.2 10457,452,732 10,443553,103
+2.4 78,091,481.808 76,434,751,131
+2.2 417.739,775 4,136,509,780
+1.04,150,947.3474,070.677,104
Outside New York __ 19,716,190,005 19,248,046,393
CANADIAN CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING
APRIL 26.
Month of April.
Four Months.
Week Ended April 26.
Clearings at
1928.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St.John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New WestminsterMedicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
8
613.929,191
569,519,476
203,179.782
87,237,156
33.727.739
25,611.069
15.131.920
30,996,218
50,656,715
12,033.812
10,376,413
14.436,315
26,349,112
20,746,498
2,601.674
3,247,741
10,070,191
5,103.791
5,623,746
3,745.374
3,497,246
2,087,392
3,834,970
4,171,453
5,420,560
20,066,454
1,916,754
3,641.793
3,509,323
3.278,097
2,631,321
1927.
$
504,480,586
499.773,737
187,723,404
73,547,657
29.218.267
28,581.634
13,789,088
23,812,061
29,434.134
10.152.188
8.935,980
13,172,655
21,386,657
16,658,214
2,207,754
2,366,184
7,499,326
4,806,093
4,872.599
4,103,872
3,362,621
1.191.258
3,921,340
4,280,045
4,721,181
20,067,454
1.165.579
3,509,099
3.453,499
3,390,977
2.618,424
Inc. or
Dec.
%
+21.7
+14.0
+8.2
-1-18.6
+15.4
-10.4
+9.0
+30.1
+72.1
+18.5
+16.1
+9.8
+23.2
+24.5
+13.3
+37.2
+34.3
+6.2
+15.4
-8.7
+4.0
+75.2
-2.2
-2.5
+14.8
-2.9
+64.4
+3.8
+1.6
-3.3
+0.5
1928.
S
2,455,760,500
2,433,958.852
840,447.028
362,700.828
127,122.815
103,342,372
54,047,092
106,212.577
206,710,551
46,290,842
41,332,465
54,835,224
105,843,466
79,011,351
9,250,325
11,423,871
38,365,006
20,834.232
22,127,489
14,751,092
13,460,335
7,360.502
15,001.628
15,339,448
20,765,593
73.363.134
7,327,098
14,215,118
13,122,719
14,151,839
10.424,057
1927.
3
1.873,904,371
1,932,695.756
731.423.488
284,784,041
107.757.343
103,471,666
49,595,229
90,295,327
125.997,790
41,811,919
34,487,726
50,625,054
82,745,346
63,952,502
8,266,270
8,568,347
28.215.288
19,391,575
18,637,675
14,218,564
12.425,654
4,522,624
14,014,305
15,219,542
17,965,733
72,230,378
5,960,261
13,729,546
11,920,413
13,298,972
10,220,064
Inc. or
Dec.
%
+4.0
+25.0
+14.9
+27.0
+18.0
-0.1
+9.0
+17.6
+64.1
+10.7
+19.8
+8.3
+27.9
+23.5
+11.9
+33.3
+36.0
+7.4
+18.7
+3.7
+8.3
+62.7
+7.0
+0.8
+15.6
+1.6
+22.9
+3.5
+10.1
+6.4
+2.0
1 702 570 9011 1 Alt 201505 +18.9 7.338.899,249 5,862,352.769 +23.5
•Manager of Clearing House refuses to report clearings for week ending Saturday. •Estimated.
Tntn1 (21 /Atlas1
1928.
3
135,647,602
139,030,936
46,204,842
22,151,731
8,037.056
5,333,628
3,383,629
6.018.944
12,330,331
2,959,534
2.543,920
3,351.118
5.770,789
4,960,411
576,946
764,157
2,332,409
1,115,655
1,245,262
831,200
826,927
466,223
863,293
896,105
1,255,322
5,395,027
473,038
801.365
796.211
801,714
624,551
417.730.77w
1927.
3
121,105,874
119,004.819
46.987.992
19,088.089
6.880,497
6,493.531
3,203,859
6,055.971
6,526.751
2,510,503
2.112,718
3,228.763
4,492,425
3,734.614
513,885
535,508
1,793,438
1.001,909
1,204,312
1,228.982
934.506
275.818
980,112
857.498
1,106,767
5,158,754
355,030
860.337
658,905
797,406
572,360
am
2R1 012
Inc. or
Dec.
%
+6.0
+16.8
-1.7
+16.5
+16.8
-17.9
-5.0
-0.8
-11.1
+17.9
+20.4
+3.8
+28.5
+32.8
+12.3
+42.7
+30.1
+11.3
+3.4
-32.3
-11.5
+69.0
-11.9
+4.5
+13.4
+4.6
+33.3
-6.7
+20.8
+0.0
+9.1
4- 19 0
1926.
3
91,165,786
93,220,279
38,759,634
17,559,442
5,018,855
4,832,496
2,580.554
4,612,721
6.528,493
2,399,414
1,944,956
2,331,619
4,464,514
5,883,968
444,573
599,782
1,578,366
892,073
916,774
531,818
784.351
209,350
716,422
627,126
889,311
3,485,270
348.085
737.334
572.559
90.1
els 79A
1925.
8
82,366,210
85,547,467
45,477.458
16,211,481
5.308,786
4,981,608
2.620.483
4,074,616
4,648,474
2,395,367
1,828,016
2,843,178
3,608,269
2,835,199
454,329
417,720
1,235,084
909,947
787,127
695,089
608,758
218,839
661,186
705.444
820,802
3,542,951
253,308
707,574
636,728
277
410 402
2749
FINANCIAL CHRONICLE
MAY 5 1928.]
Friday
THE CURB MARKET.
Trading in the Curb Market this week was again active
though prices moved irregularly. The close to-day was
active and with prices moveing upward. Utility issues were
conspicuous features. Amer. Gas & Elec. Com. sold up
4
from 145 to 1563/b and closed to-day at 1523 . Amer.
Light & Trac. corn. rose from 2113/i to 222 and reacted
finally to 220. Elec. Bond & Share Securities was erratic,
dropping at first from 1173/i to 1083, and recovering to
1233/b to-day, the close being at 123. Electric Investors
4
improved from 563 to 62%, and finished to-day at 62.
Prominent among industrials was Bendix Corp. corn. A,
which s Id up from 83% to 99. Bancitaly after an ealry
advance from 211% to 223, dropped to 213 but recovered
to-day to 218 with the close at 2173/2. Bullard Machine
Tool jumped from 603/2 to 7332. Internat. Shoe corn. advanced from 813I to 84. Melville Shoe corn. from 1773/2
reached 1993/2 and sold finally at 1993/s. United Pie e Dye
Works, corn. ran up from 77 to 95 reacting finally to 905 .
%
Oil stocks were irregular. Vacuum Oil stock was the feature
selling, ex the 100% stock dividend up from 75 to 873/2 and
87 finally. Penn. Mex. Fuel after an advance from 79
to 84 broke to 64 and ends the week at 66.
A complete record of Curb Market transactions for the
week will be found on page 2747.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
*STOCKS (No. Shares).
Week Ended
May 4.
Ind. &
MIscell.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Oil.
343,740
531,275
801,137
786,415
620,150
697,959
Mining.
148,550
286,650
288,380
226.410
228,540
233.490
BONDS (Par Value).
Foreign
Domestic. Government.
Total.
75,342 567,632 $1,305,000
112,600 930,525 2,627,000
98,575 1,188,092 3,022,000
167,810 1,180,635 3,357.000
120,900 969,590 4.412,000
98,310 929,759 3,875,000
$ 308,000
844.000
654,000
807,000
626,000
1,213,000
3,780.676 1,412,020 673.537 5,668,233 $18,598,000 $4,452,000
Total
* In addition, rights were sold as follows: Saturday. $53,000; Monday, 23,500
Tuesday, 26,400; Wednesday, 31,700; Thursday. 6,000; Friday, 25.500.
Federal Income Tax Yield for Nine Months Ended
March 31.
According to compilations made public by the Internal
Revenue Bureau, April 27, the internal revenue collections
during the nine months ended March 31 1928 totaled
$2,076,867,958, of which $1,615,365,221 represented the
yield from the income tax and $461,502,737 the amount
derived from miscellaneous taxes. For the first nine months
of 1927 the receipts aggregated $2,128,057,864
-the income
tax having produced $1,647,256,895 and the miscellaneous
taxes $480,800,969. The sumary of receipts for the last
fiscal year and the nine months of the present fiscal year
follows:
SUMMARY OF INTERNAL REVENUE RECEIPTS.
Fiscal Year 1927.
Quarter Ended
Income Tax.
Total,
$693,702,427.41
682,366,373.54
751,989,063.80
737,625,265.16
$2.219,952,443.72 $645,730,686.19 $2.865,683,129.91
Total (12 months)
Fiscal Year 192$,
Quarter
Income Tax.
Ended
-
Musa. Taxes,
Total.
$517,717,329.53 $162,875,618.66
500,510,139.28 148,342,257.07
597,137,752.17 150,284,861.76
September 30
December 31
March 31
June 30
$680,592,948.19
648,852,396.35
747,422,613.93
$1,615,365,220.98 $461,502,737.49 $2,076,867,958.47
Total (9 months)
'may
Bond, (Concluded)-
United Steel Wks 63411 1947
With warrants
1938
US Radiator 58
U 8 Rubber 6 M % notes '29
634% notes_ _1930
Serial
Serial 634% notes_ _1931
Seem 634% notes_ _ 1932
Serial 634% notes-1933
Serial 634% notes _ _ 1934
Serial 634% notes_ _1935
Serial 634% noten_ _1936
Serial 634% notes_ _1937
Serial6 A % notes _ _1938
Serial 634% note8-1939
Serial 6 M % notes _ _1940
US Smelt & Re!530_1935
Utilities Pow & Lt 15346 '47
1937
Valvoline Oil 7s
Wabash Ry 4348 . _1978
63.48
Warner Bros Pict G- 1928
Warner-Quinian Co tis 1942
Webster Mills 6 XI--1933
Western Power 5346_1957
Westphalia On El Po 66'53
.
Wheeling Steel 4 Ms_ _ 1953
• cena syIO.
onain -
week's Range Sala
Ma
of Prices.
for
Sate
Price. Low. Hugli. Week.
95
9834
-- _
____
_
9934
10234
___
____
____
___
9934
___
10234
100
10534
9534
11234
10434
__ _
103A
92
92%
-
I
Range Mare
Law.
9534 71,000 90
95
9734 9834 18,000 98
8,000 9934
100 100
100 10034 18,000 9834
100 101
7.000 99
9934 9934 7,000 99
10034 10234 2,000 99
9934 9934 3,000 99
9934 9954 8.000 98
9934 9934 8,000 9834
093.4 99% 3,000 9834
9934 9934 2,000 98
9934 9934 10,000 99
10,000 99
100 100
10234 103
25,000 103
9734 101 845,000 92
10534 10534 3,000 10434
9534 9534 14.000 9534
6,500 963.4
11234 114
1023.4 104)4 178,000 98
99
16,000 9534
99
101 105 273,000 9934
9134 92)4 69,000 9134
92% 9331 82,000 93
Os
OR
conn
07 if
Jan.].
Mak.
Jan 96
Apr 9834
Max 102%
Mar 1023.4
Mar 10234
Mar 103
Mar 103
Mar 10234
Mar 103
Mar 10234
Mar 10234
Mar 103
Mar 10334
Mar 110434
Apr 105
Jan 101
Feb 10634
Apr 06
Jan 115
Feb 10434
Jan 9934
Jan 10,5
May 93M
Apr 9334
An.
00
10034 10034 10034 25.000
10,000
____ 10034 101
9734
9734
99
9734 973.4 10,000
9734 9834 28,000
9,000
9834 99
Range Since Jan. 1.
Low.
High.
9734 Jan 10234 Apr
97
Jan 10134 Apr
9731 May
9734 Mar
9734 Jan
9734 May
9854 Apr
9934 Mar
9754 22,000 9434 Jan 973.4 Apr
97
97
10334 10234 10334 34,000 10034 Feb 10334 Mar
____ 101 10234 4,000 9834 Jan 5103)4 Mar
Jan 101% Mar
10034 10034 10134 30,000 98
9334 93% 2,000 9234 Jan 9834 Mar
Jan 9234
Jan 93
Jan 102
Mar 9934
Mar
Jan
Apr
Apr
Jan n90
8934 39,000 86
8934 89
10034 10034 10034 55,000 10034 Feb 10234
Apr 9534
95
9534 47,000 95
95
Jan 95
50,000 91
97
94
97
9934 9933 9941 28,000 98% Jan 100
Feb
Jan
May
Apr
9134 91
____ 91
10034 100
9734 9734
9134 37,000
9135 6,000
100% 12,000
38,000
98
90
9034
9834
96
Jan
10134 101 10134 9,000 10034 Jan 19234 Feb
Jan 9734 Feb
9734 144,000 97
9734 97
Apr
9734 9934 53,000 9234 Jan 101
98
10034 32,000
10034 100
9734
____
9334
933.4
9734
9634
9734
8834
9734
97
9334
9334
9734
9634
9734
88
9734
9834
94
9434
98%
963.4
98
90
16,000
17,000
17,000
38,000
103,000
12,000
24,000
111,900
9634 Jan 10034 Apr
9734
9334
9134
9134
96
9634
9534
8734
Apr 9734 Apr
Jan 9834 Apr
Feb (6)9534 Apr
Feb 9534 Apr
Mar
Feb 99
May 9634 May
Jan 9934 Apr
Jan 90
May
Apr
Feb
Feb 96
Mar 102
9434 9434 9434 13,000 94
101
2000,
___ 10134 102
94
9734
9534
9134
97
Mar 9634 Apr
Mar 9934 Apr
Jan 9854 Mar
Jan n9434 May
Mar
Feb 99
9934 23,000
96
Jan 10034 Apr
1734 12,000
1534 9,000
5,000
16
1534 5,000
14 34 Jan
1433 Feb
14 34 Jan
1434 Jan
96
-___
98
9134
9834
9534
9734
9734
9134
9834
96
9834
9834
9434
99
9934
99
1534
16
____
1634
153.4
16
1534
169,000
268,000
24,000
161,000
183,000
____ 101% 102
__ 10234 10234
____ 9834
101
101
10034 100
9635
97
30
18
1734
1734
Mar
Mar
Mar
Mar
Mar
Feb 102
5,000 100
1,000 10031 Apr 10234 Apr
24,000 9334
99
10134 19,000 100
100A 21,000 99
6,000 953.4
97
Jan 99
May
Feb 10134 Apr
Jan 10134 Mar
Jan 9834 Apr
Feb
8934 9034 192,000 8534 Jan 92
90
18,000 10034 Apr 10234 Apr
10034 1003( 101
9234 9134 9234 283,000 8934 Mar 9334 Apr
ante iisse
RR
An.
Rfl nnn
401.4 on
on
gommercial artdAlisteaaneonsgl,ms
-Al
Breadstuffs figures brought from page 2315.
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Wheat.
Corn.
Oats.
Barley. I
Rye.
bbls.196Ibs.bush.60 lbs.bush. 56 lbs bush. 32 lbs ush.481bs.1bush.68lbs.
Chicago
284,000 1,282,000 1,470,000 160,0001
229,000
18,000
• Minneapolis_ _
930,000
97,000
38,000
414,000 184,000
Duluth
792,000
74,000 117,000
11,000
24,000
Milwaukee_ _ _
28,000
8,000
46,000
68,000
321,000 122,000!
Toledo
41,000
1,000
18,000
20,000
Detroit
2,000
2,000
17,000
18,000
6,000
Indianapolis_
79,000
142,000
388,000
St. Louis_ _
9,000
738,000
450.000
120,000
627,000
37,000
Peoria
193,000
63,000
21,000
489,000
Kansas City._
34,000
699,000
637,000
Omaha
234,000
248,000
586,000
8,000
St. Joseph
221,000
75,000
Wichita
53.000
265,000
1,000
106,000
Sioux City.
150,000
15,000
Total wk.1928
Same wk.1927
Same wk.1928
458,000
442,000
413,000
4,132,000
3,285,000
3.748,000
4,486.000
2,360,000
2,998,000
3,422,000
2,500,000
2,936,000
568,000
548,000
590,000
244,000
423,000
175,000
Since Aug.11927
8,567,000 386,778,000250,231,000135,064,000 8,137,000 33,827,000
1926
8,408,000284.683.000177,441,000115,827,000 16,876,00025.298,000
1925
7.364,000 285.924,000 187,143.000 185.867,000 3,452,00020.558,000
Curb Market Transactions-Concluded from page 2777.
_
Agricul Mtge Bk Rep of Col
20
-year 78 Jan 15 1946
20
-year 78 Jan 16 1947
Akershus (Dept) Norway
Extl s f 5s
1963
Antiogula 7,series D.1945
Baden (Germany) 78..1951
Bank of Prussia Landowners Assn 6% notes_ _1930
Buenos Airea(Prov)7 Ms'47
1936
7s
1952
78
Brazil(WS)634o Oct 15 '57
Cent Bk of German State dc
Prov Banks 68
1951
Sec s f 6s"A"
1952
Danish Cons Munlc 6346'55
1953
534 new
,
Danzig P & Wat'way Bd
Externals f 8 Ms_ _1952
Denm'k (Kingd'm)634,'55
1962
4345
Estonia (Republic) 78_1967
German Cons Munit M '47
Indus Mtg Bk of Finland
1st mtge coil s I 70_1944
Irish Free State 5s_ __ _1960
Medellin (Colombia) 78 '51
Mendoza (Prov) Argentina
1951
7438
Minas Geraes(State) Brazil
1958
Eat 8348
Montevideo (City) 611_1959
Mtge Bk of Bogota 78_1947
New
Mtge Bank of Chile 681931
68 w i
1961
Mtge Bk of Denmark 58'72
Mtge Bk of Jugoslav 78 '67
Mtge Bank of Venetian
Provinces 7s
1952
Newfoundland 78
1952
Norway (Kingdom of) Bx
External 5s
1967
58
1963
Prussia (Free State)6 Ate51
Extl 6s (of'27) Oct 15'52
Rio de Janeiro 6348.-1953
Rio Grande do Sul (State)
Brazil 76(of '27) 1967
Russian Government
1919
6348
634s etfs
1919
1921
53.4,
1921
5348 etre
Saar Basin Con Counties
1935
78
1935
Saarbruecken 78
Santa Fe (City) Argentine
Republic extl 76.__ _1945
Santiago (Chile) 76_1949
Saxon State MtgeInv 78'45
1946
63.4m
Serbs Croats & Slovenes
(King)axe 11130 78 ser B'62
Switzerland Govt 5)4,1929
Vienna (City) ext 66..1952
m__...- ,-...-....
111.2
Receipts at
-I Flour.
Misa. Taxes.
$532,583,856.38 $161,118,571.03
610,089,057.19 172,277,316.35
604.583,981.75 147,405,082.05
572,695,548.40 164,929,716.76
September 30
December 31
March 31
June 30
Foreign Government
Last Week's Range Sales
for
Sale
of Prices.
and Municipalities
Por. Price. Low. High. Week.
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, April 23, follow:
Rye. ,
Receipts at
- Flour. I Wheat. I Corn.
I Barley.
Oats.
Felt
Max
Bushels, I Bushels.
Barrels.
Bushels. I Bushels. Bushels.
Feb
210,000
474,000
11,000
76,000 194,000 159,000
Jan New York
18,000'
96,000
Jan Portland, Me_
10,000
35.000
42.000;
1,000
1,000
12,000
Feb Philadelphia_
53,000
16,000
35,000
28,000
12,000,
15,000
Feb Baltimore_ _ _
57,000
32,000,
60,000
18,000
Jan New Orleans•
5.000
Feb Galveston_
20,000,
19,000
2,000
2,0
65,000,
Jan Montreal _ _ _ _
20.000 120,000
55,000: 1,251,000
21,000,
Fat St.John, N.B.
33,000:
5,000:
3,000
2,000
8.000,
Jan Boston
Jan
89,
222,000 246,000 370,000
Feb Total wk.1928 451,000' 1,918,0001
Fell Since Jan.118 8.112,000, 41,275,000, 60,414,000 6,516,000, 7,615,000 3,904,000
Ma)
256,000
647,000 730,000 944.000
Apt Week 1927... 437,000; 9,071,0001
Me. Since Jan.1'27 7,263,0001 72.633,000 3.808,000 6,004,00011,230,000 5,306,000
Api
• Receipts do not include
5ie,
3 on through bills of lading. grain passing through New Orleans for foreign ports
Apr
3183
The exports from the several eastboard ports for the week
Feb
1\ley ending Saturday, April 28, 1928, are shown in the annexed
1..
statement:
2750
FINANCIAL CHRONICLE
[Vol.. 126.
Khares. Stocks.
$ per sib
$ Per share. Shares. Stocks.
16 Ludlow Mfg. Associates
200 75 United Elec. Coal Co.'s,8% pfd _105
6 Pepperell Mfg. Co
95 50 Rockland Light dr Pow. Co.,
19 Nashua Mfg. Co., pref
91
cony. pref. v.t.c., par $50
9435-9535
New York
51 Pepperell Mfg. Co
96
15 Shawmut Bank Invest. Trust 46
Portland, Me
8 Androscoggin Mills
73 Pew No.30 in Arlington St.Church,
Boston
75 Pepperell Mfg. Co
Boston
96-9634
$25
Philadelphia
2 Asbestos Textile Co.of Mass., lot
4 Lynn Gas & Elec. Co., v.t.c.,
Baltimore
pref
18231
$12 lot
Par $25
New Orleans
33 Newport Elec. Corp., pref. (Iss.
520 North Butte Min. Co..Par $10Galveston
011925)
10031 5 U.S. Bobbin & Shuttle Co., corn- 38
St. John, N.B
25 Dedham & Hyde Park Gas &
555
10 Mass. Bond. & Ins. Co
Halifax
Elec. Light Co., v.t.c., par $25 47 8 spec. units First Peoples' Trust
334
10
100
2
52
15 Hingham Water Co
:
Total week 1928_ 2,682,762 120.000 228,583 144,444 191,000 284,823 99 Florence Stove Co., corn
West Boston Gas Co., v. t. 0.,
50 Charlest'n G.& E. Co., par 525_14235
Same week 1927_
4,170,019 129,000 233,150 161,134 790,040 63/.938
par $25
26935
40-4034 3 U. S. Envelope Co., corn
5 Laconia Car Co., corn
2
Simbroco Stone Co.,
The destination of these exports for the week and since 200 Eastern Util. Asso., com_ _44 ex-div. 40$50; 40 Simbroco Stone pref., Par
Co., corn.
30 Internat, Prod. Corp., corn,
$2 per unit
.._$7 lot
July 1 1927 is as below:
par $10 (40 units)
20 Nicholson File Co
247-250 5 Shawmut Bank Invest. Trust__ 4434
2 units First Peoples Trust
5234 20 Springfield Gas Light Co., v.t.c.,
35-6 Mass. Bond. & Ins_ _ _ _ J3 at 558
Corn.
Wheat.
Flour.
713-4
par $25
Exports for Week
271
15-6 at 550 10 U. S. Envelope Co., corn
6 Samoset Choc. Co., prof
Since
Week
Since
Week
and Since
Week
Since
$11 lot
Bonds.
July 1
6 First National Stores, Inc., 1st ..s $2,000 Middle States 011 Corp. 7% Cent.
July 1 toApr. 28
Apr. 28 July 1
Apr. 28
July 1
Per
pref
1928.
1927.
1927.
1928.
1927.
1928.
10534 & div. notes, Nov. 1 1927 (Aug. 1 1924
3 Laconia Car Co., lot pref
36 flat
65
coupons & subsequent on)
Bushels.
Bushels. Bushels.
Barrels. Barrels. Bushels.
By R. L. Day & Co., Boston:
2,241,895
796,000 68,239,039
United Kingdom_ 101,673 3.360,156
Continent
108,540 4,931,657 1,866,762 138,790,300 109,000 6,541,390 Shares. Stocks.
$ per sh. Share(. Stocks.
$ Per share:
3,000
239,000 1 Engineers National Bank
353,555
20,000
316,000
So.& Cent. Amer_ 2,000
100
10 Plymouth Cordage Co
7634
8,000
730,000 15 Atlantic National Bank
West Indies
422,000
41,000
1.000
330 2 units First Peoples Trust
5234
12 First National Bank
604,163
1,334,003
Other countries__ _ 15,370
49034 10 Sampson & Burnham Co
$531 lot
50 Boston National Bank
160 50 Unit. Elec. Coal Co.,8% 1st P1-105
Total 1928
228,583 9,671,531 2,682.762 208,720,342 120,000 9,752,285 7 First National Bank
49034 10 Reed Prentice Corp., pref. (10
Total 1927
233.150 10.342.000 4.170.019 244.054.820 129.000 4.719.137 8 National Shawmut Bank
380
corn, as bonus)
1635
45 Merchants Nat. Bank, Salem,
6 units First Peoples Trust
5234
par $50
162 6 Champion-Internat. Co., corn...... 9235
Naumkeag Steam Cotton
15334
Heywood Wakefield Co., corn_ 25
National Banks.
-The following information regarding 8 Ludlow Mfg. Associates Co 20134 25 New
5
11
Engl. Power Assn., pref.,..l0231
national banks is from the office of the Comptroller of the 57 Pepperell Mfg. Co
9535 50 Municipal Service Corp., prof 30
16 Androscoggin Mills
7035 100 Brockton Gas Light Co., v.t.o.,
Currency, Treasury Department:
50 Nashua Mfg. Co., prof
9435
par $25
5934
50 Nat. Fab. & Finish. Co., corn.. _ 32 25 Fitchburg Gas dr Elec. Co.,v.t.c.
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
par $50
12734
-The Lake Norden Nat'l Bank, Lake Norden, S. Dak_
$25,000 75 Pepperell Mfg. Co
April 24
95 25 Heywood Wakefield Co., cora
24
Correspondent, F. B. Stiles, Watertown, S. Dak.
10 Thorndtke Co
500 20 Boston Ins. Co
1100
-The Monroe Nat'l Bank of New York, N. Y
April 27
750,000 12 Great Falls Mfg. Co
634 5 Puget Sound P.& L.,6% pref 10435
10 Lancaster Mills, prof
Correspondent, L. E. Katlin, 154 Nassau St., New
1734
47
16 Chace Mills
York, N. Y.
2
102 Dedham & Hyde Park Gas er{ 4731
-The First National Bank of Groveland , Fla
25,000 10 Union Mills, Inc
April 27
2134
Elec. Co., v. t. c., par $25
473(
10 Lancaster Mills, pre:
Correspondent, P. B. Ruggles, Groveland, Fla.
1734 10 Nicholson File Co
250
10 Arlington Mills
40
10 Blackstone Valley Gas dr Elec.
VOLUNTARY LIQUIDATIONS.
30 Pepperell Mfg. Co
9534
Co., 6% prof
15 Arlington Mills
-The First National Bank of Grant County at Canyon
April 23
40
15 Thomson Electric Welding Co.,
City, Ore
$40,000 3 Mass. Bonding & Ins. Co
par $20
560
3534
5 Springfield Gas Light Co.,undep.,
Effective April 4 1928. Linlating Agents, Board of
100 Waverly Reduction Co.,oar $le
par $25
Bank. Absorbed by
Directors of the Liquidat
72
20 Mexico Congo'. Min.& Smelt.
6 special units First Peoples Trust.. 334
Grant County Bank of John ay, Ore.
Co., par 510; 50 Empire Duplex
$50.000 5 C. F. Hovey Co., pref
April 24
-The First National Bank of St.Helena, Calif
10138
Gin Co., par 310; 200 Universal
150 Mass. Utilities Inv. Tr., corn.,
Effective Feb. 9 1928. Liquidating Agent, A. H.
Texas Oil & Gas Co., par 51-.5234 lot
v. t. c
Leydeciter, 631 Market St., San Francisco., Calif.
1134 57 Plymouth Cordage Co
76
2 Quincy Market Cold Storage &
Absorbed by Security Bank & Trust Co. of Bakers25 New Engl. Pow. Moo., pref._ _102X
Warehouse Co., corn
field. Calif.
37
First National Bank of Red Bluff, Calif
150,000 8 Plymouth Cordage Co
April 24
-The
Bonds.
7834
Per Cent.
50 First Nat.Stores, 1st pfd....10534 & div 81.000 Y. D. Service Garage WorEffective March 22 1928. Liquidating Agent, A. H.
8 Towle Mfg Co
Leydecker, 631 Market St., San Francisco, Calif.
9035
cester 6s, July 1960
95
75 Municipal Service Corp., pref
Absorbed by Security Bank & Trust Co. of Bakers2935 $500 Boston Yacht Club 1st mtge.
7 Boston Cooperative Building Co..
field , Calif.
68. May 1936, 100 pleces
10134
April 24
-The Lodi National Bank, Lodi, Calif
400,000
Par $10
954 5500 Elliott Square Co., 1st mtge.
33 State St. Exchange
Effective March 29 1928. Liquidating Agent, A. II.
40
55, March 1935
96
Leydecker, 631 Market St., San Francisco, Calif.
By Adrian H. Muller & Sons, New York:
Absorbed by Security Bank & Trust Co.of Bakersfield,
Calif.
Shares. Stocks.
$ Per oh. Shares. Stocks.
$ per share.
CONSOLIDATIONS.
307 Foster Brother & ChatIllon Co.,
17,646.33 Candelaria Mining Co.
corn
April 23
-The First National Bank of Galesburg, Ill
$150,000
$100 lot 5% 40-yr. Inc. bonds, due Mar. 1
and -The Galesburg National Bank, Galesburg,
8;500 Horn Silver Mines Co., Inc.
_ _
125,000
1949, reg.; $12,795.56 Corralitas
Consolidated to-day under the Act of Nov. 71918,
Ill_(Utah), par $1
$180 lot
Co. 4% 40-yr. Inc. bonds, due
1.320 Boston Mex.Petroleum Co.$30 lot
under the charter of the First National Bank of
Dec. 1 1949, reg.: $600 Hale dr
20Iron Stmb't Co.of N. J., Par $103
Galesburg, No. 241, and under the title of "First
Kilburn Corp. 6% serial notes,
50 Rossiter & Co., Prof.; 25 Rossiter
Galesburg National Bank & Trust Co.," with capital
due 5100 each July 11928 to July
& Co., corn, no par
stock of $325,000.
$100 lot
1 1931, Incl., reg.; 50 Augusta
3,000 roubles Russian Government
pril 28
-The Bank of America National Association, New
Southern RR., Prof.; 50 Augusta
4s;25 Castle Realty Corp.; 10 All
York, N. Y
$6,500,000
Southern RR., corn.; 35 EvansBowery and East River Nat'l Bank of New York, N.Y. 4,000,000
Package Grocery Stores Co., pref.
ville & Ohio Valley By., corn.:
par $10: 150 All Package Grocery
Commercial Exchange Nat'l Bank in New York, N. Y. 1,500,000
100 Friable & Stansfield Knitting
Stores Co., corn., par $10; 100 CoConsolidated to-day under the Act of Nov. 7 1918,
Co., pref.; 15 Hale & Kilburn
lumbia Graphophone Co., corn.,
under the charter and title of "the Bank of America
Corp., corn., v.t.c.: 30 So.& No.
no par; 10 Gen. Heat. Corp. of
National Association," No. 13193, with capital stock
Alabama RR.: 50 Tanana Valley
Amer., par $10; 100 Gen. Heat.
of $25,000,000. The consolidated bank has twentyRR..pref.:25 Tanana Valley RR..
Corp. of Amer., pref., par $10:
one branches all located in the City and State of New
cons.; 15 Columbia Tr. Co., bene54 Pine Lawn Cemetery, land
York.
ficial hit. ctfs
$530 lot
pureh. fund; 25 Roadless Patents
51 Sultepec Elec. Lt. & Pow. Co..
BRANCHES AUTHORIZED UNDER THE ACT OF FEB.251927.
Holding Co., corn., v.t.c.; 143
pref., ctts. of dep.:; 250 Sultepec
-Los Angeles-First National Trust & Savings Bank,
April 26
Sultepec Elec. Lt. & Pow. Co.;
Electric Lt. & Pow. Co., capital
Los Angeles, Calif.
594 Sultepec Elec. Lt.dr Pow.Co.
ctfir. of den
510108
Location of Branch: Vicinity of corner of Vine St.
Bklyn.Tr. Co. ctf. dep.; 150 Suriand Hollywood Boulevard. Los Angeles.
nam Hydraulic Co.,corn., par $10;
Bonds.
Per Cent.
April 27
-The National Bank of North Hudson at Union City,
50 Surinam Hydraulic Co.. pref.,
$1,000 Straus Bldg., Chicago, Ill.,
N. J.
par $10;2,000 White Bear I.and &
lot mtge.6 h s, Jan. 1 1950-$1,010101
Location of Branch: Vicinity of corner of Summit Ave.
Cattle Co., pref., par $1: 1,000
$3,000 11 West 42nd St., Inc., let
and 15th St., Union City.
White Bear Land & Cattle Co.,
mtge, leasehold s.f. 6358, Nov. 1
of America National Association, New
-The Bank
corn., par 51
April 28
5110101
1945
$2,950 lot
York, N. Y.
By Barnes & Lofland, Philadelphia:
Locations of Branches: Vicinity of 131-133 Union St.,
Shares. Stocks.
Borough of Brooklyn; vicinity of 2114th Ave., Borough
$ per oh. Shares. Stocks.
8 Per Share
66 John C. Winston Co., preferred,
of Brooklyn; vicinity of 6325 14th Ave., Borough of
25 William Penn Title & Trust Co..
par $50
Brooklyn; vicinity of 3554-58 White Plains Road,
40
par 350
79
21 Jenkintown Bank & Tr. Co__ _ _470
Borough of Bronx; vicinity of 2254 First Ave., Broough
12 Fidelity-Phila. 'tr. Co
935
50 Associates, Inc. (Del.), no Par:
of Manhattan; vicinity of Myrtle Ave. & Jefferson St.,
5 Wed Phila. Title & Trust Co.,
18 Locust Corp
Borough of Brooklyn; vicinity of S. E. cor. of 6th Ave..
$25 lot
par $50
277
and 47th St., Borough of Manhattan; vicinity of
40 Drovers & Merchants National
20 Glenside Trust Co., par 550
5851
Westchester and Buhre Avenues. Borough of Bronx;
Dank. par $100
183 5 Camden Safe Deposit &Trust Co.,
vicinity of Kings Highway and West 8th St., Borough
5 First National Bank of
par $25
251
_ _606
of East Tremont Ave. and
of Brooklyn; vicinity
10 Phila. National Bank
802 6 North Camden (N. J.) Trust Co_180
Eastern Boulevard, Borough of Manhattan; vicinity
4 Penn National Bank
120 Security Trust Co., Harris770
of Fort Hamilton Parkway and Bay Ridge Ave.,
6 National Bank of Germantown,
burg, Pa
1434
Borough of Brooklyn; vicinity of Roosevelt and
par 550
38234
601 5 Phila. Co. for Guar. Mtges
Albertus Avenues, Corona, Long Island; vicinity of
10 Kensington Nat'l Bank, par $50-280 41 Interstate Rye. Co., no par-- 1734
Borough of Manhattan; vicinity of
316-320 7th Ave.,
1 Nat'l Bank of North Phila
20
308 50 Weisbach Co., common
Avenue U and West 6th St., Borough of Brooklyn;
10 Springfield National Bank
5034 10 Land Title 131dg. Corp., par 850-20114
vicinity of Westchester and Castle Hill Avenues,
50 Union Bank & Trust Co
350 3 Phila. & Suburban Cos. Gas &
Borough of Bronx; vicinity of 1451 Broadway,
10 Bank of No. Amer. & Trust..._496
Elec. Co., 8% pref
134
Borough of Manhattan; vicinity of 105 Hudson St..
10 Bank of No. Amer. & Trust__ _49531 12 Green & Coates Sts. Pass. By.. 7234
Borough of Manhattan. (All located in the City of
10 Mitten M. dr M. Bank dr Trust
12 Frankford & Southwark Pass.
New York, N. Y.)
By
25634
Co., stamped
12035
7 Susquehanna Title & Tr., par $50_ 6334 5 Little Schuylkill Nay. RR.& Coal 45
150 Rickenbacker Motors Co..
5 Susquehanna Title dr Tr., par$50. 62
par 510
82 10
-Among other securities, the following, 16 Susquehanna Title dc Tr., par 5.50 60 1 Smith, Kline & French Co., com_158
Auction Sales.
Manufacturers Title & Trust,
not actually dealt in at the Stock Exchange, were sold at auction 25par $50
Per Cents
Bonds.
4935
20
in New York, Boston, Philadelphia and Buffalo on Wednes- 7 Finance Co. of Pa., 2nd prof_ _ _686 $5.000 Bergner & Engel Brewing
Pa. Co. for Ins. on Lives, &c_ _ _ _983
50
Co., 1st 65 1929
day of this week:
10 Pa. Co. for Ins. on Lives, &c 98234
$ per riOth
Rights.
2 Pa. Co. for Ins. on Lives, &c..._982X
By A. J. Wright & Co., Buffalo:
234
4 Pennsylvania RR
$ per share. 6 Pa. Co. for Ins. on Lives, &c_ _ _98134 50 Bankers Securities Corp., pref.- 335
$ per oh. Shares. Stocks.
Shares. Stocks.
1,000 Gold Hill Mines, par $1---15o. eh. 3 Integrity Trust CO., par $.50__ _717 500 Bankers Securities Corp., pref- 334
2 Buffalo Niagara & Eastern Pow.,
15
26
100 Candy Products Corp.,Par$2.50c. lot 6 Kensington Trust Co., Dar $50..501
50 Commonwealth Casualty Co
pref, par $25
Guarantee Trust & Safe Dep, Co.455
5o.eh.
2434
50 Big Ledge Copper Co., par $5.50c. lot 1,000 Corona Mines, par $I
Par $10, with rights
1 Lancaster Ave. Title & Trust Co.,
100 Commonwealth Casualty Co.,
By Wise, Hobbs & Arnold, Boston:
Par 550
2434
Par $10, with rights
100
$ per share. 5 Manheim Truitt Co., Dar 220- 63
storm stoat.
5 per oh. Shares. Stocks.
100 Commonwealth Casualty Co.,
20 Wharton Title & Turst CO.,
490
24
2 Windham National Bank, W11115 First Nations si Bznk
par $10, with rights
40
Dar 350
In mantic, Conn
10 Arlington Mills
300
55
100 Commonwealth Casualty Co._ 4
8034 5 Fern Rock Trust Co., par so...nog 103 1-3 Commonwealth Casualty Co. 33-4
7 Atlantic National Bank ______--329 34 5 2-10 Indian Orchard Co
Exports from
-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels, Bushels, Bushels.
135,823
426,762
119,583 101,444
18,000
10,000
96,000
9,000
120,000
17,000
1,000
3,000 54,000 129,000
640,000
69,000
14,000
9,000
20,000 51,000
8,000
129,000
20,000
21,000 120,000
55,000
1,251,000
4,000
mg
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.
When
Per
Cent. Payable.
Railroads (Steam).
234
Canadian Pacific, corn. (guar.)
1
Maine Central, corn. (guar.)
134
Preferred (quar.)
N. Y. Chicago & St. Louis, corn.(guar.) 134
133
Prof. series A (guar.)
*434
Northern Securities
Books Closed
Days Inclusive.
June 30 Holders of rec. June
July 2 Holders of rec. June
June I Holders of roe. May
July 2 Holders of rec. May
July 2 Holders of rec. May
July 10 *Holders of rec. June
1
15
15
15
15
22
Public Utilities.
2 Holders of rec. June 12
Am. Wet. Wks. & Elec., $6 1st pf.(gua 21.50 July 1 *Holders of rec. May 15
11.75 June
Baton Rouge Elec. Co., pref. A (guar.). 3
June 1 Holders of rec. May 15a
$3
Blackstone Valley Gas & El., pref
roe. May 1
Cities Serv. Pow.& Lt.. 116 pf.(mthly.). •50o. May 15 *Holders of rec. May 1
•58 1-3c May 15 *Holders of
7% pref. (monthly)
500. May 15 Holders of rec. Apr. 30
East Util. Associates, corn. (guar.)
-- 13( June 15 Holders of rec. May 31
East Kootenay Power, pref. (guar.)
20e. July 2 Holders of roe. June 13
Federal Light &'tr., corn.(guar.)
Holders of rec. June 13
Common (payable in corn. stock)..__. fl5e. July
134 June 1 Holders of roe. May 15
quar.)
Preferred(
50e. June 1 Holders of rec. May 8
Federal Water Service, Cl. A (guar.)
General Gas & Elec., corn. A.(quar.). 3734c. July 1 Holders of rec. June 12
$a July 1 Holders of rec. June 12
$9 preferred (quar.)
$8
$1.75 July 1 Holders of roe. June 12
$7 preferred class A (guar.)
$1.75 July 1 Holders of rec. June 12
$7 preferred class B (guar.)
- 114 June 1 Holders of rec. May 14
Havana Electric Ry.7% pref. (guar.)
134 July 3 Holders of rec. June 15
Jamaica Public Serv., pref. (guar.)
*750. May 15 *Holders of rec. Apr. 30
Pacific Lighting, corn. (quar.)
Pennsylvania.Ohlo P. & L., $8 pi(qua $1.50 Aug. 1 Holders of rec. July 20
134 Aug. 1 Holders of roe. July 20
7% pref. (quar.)
60e June 1 Holders of rec. May 21
7.2% pref. (monthly)
60e July 2 Holders of rec. June 20
7.2% pref. (monthly)
600 Aug. 1 Holders of roe. July 20
pref. (monthly)
7.2%
55e June 1 Holders of rec. May 21
6.6% preferred (monthly)
55e July 2 Holders of rec. June 20
8.6% pref. (monthly)
550 Aug. I Holders of rec. July 20
6.6% pref. (monthly)
Pennsylvania Water Serv., pref. (guar.) $1.50 May 15 Holders of rec. May 4
50e May 3 Holders of rec. May 4a
fiery. Corp.6% pref. (mthly.)..._
Public
21.7 June 3 Holders of rec. June 15
West Penn Elec. Co.,class A (quar.)
134 June 15 Holders of rec. May 25
West Penn. Rys.,6% pref.(qum.)
Miscellaneous.
Name of Company.
134
•134
*134
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
42c. May 20 Holders of roe. May 4
Standard Sanitary Mfg., corn. (quar.)..
*21.25 June 1 *Holders of rec. May 10
Studebaker Corp., corn. (guar.)
13134 June 1 *Holders of rec. May 10
Preferred (guar.)
Ill June 5 'Holders of rec. May 18
Timken Roller Bearing (guar.)
1325e. June 5 *Holders of rec. May 18
Extra
rec.
Transue & Wms.Steel Fors.,corn.(W.) •250. July 10 *Holders of rec. June 30
May 16
$1.25 June 1 Holders of
Tank Car (quar.)
Union
200. May 15 Holders of rec. Apr. 30
(guar.).
United Investors Scour.. B corn.
75e. June 15 Holders of rec. May 31
Preferred (guar.)
750. June 20 Holders of rec. May 31
Vacuum 011 (guar.)
June 1 Holders of rec. May 15
Wesson 011 & Snowdrift, pref. (qua?.).. 134 On dem Holders of coupon No.2
(s)
Wiener Bank-Verein (Vienna)
•21.25 June 30 "Holders of rec. June 14
YOUlIgnOW11 Sheet & Tube,corn.(qu.)...
*IA June 30 *Holders of rec. June 14
Preferred (quar.)
*$1.50 June 1 'Holders of rec. May 15
Zellerbach. pref. (quar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Dais Inclusive.
Railroads (Steam).
June 1 Holders of roe. May 40
Ateh. Topeka & Santa Fe, corn. (qua?.). 234 July 10 ,Holders of rec. June 15a
$3.50
Atlantic Coast Line RR., corn
$1.50 July 10 Holders of roe. June 15a
Common (extra)
234 July 5 Holders of rec. June 150
Augusta & Savannah
M July 5 Holders of rec. June 150
Extra
134 June 1 Holders of rec. Apr. 140
Baltimore & Ohio, corn.(guar.)
June 1 Holders of rec. Apr. 14a
1
Preferred (guar.)
*FM July 1 *Holders of rec. May 31
Bangor & Aroostook, COM. (guar.)
•134 July I *Holders of rec. May 31
Preferred (guar.)
May 15 Holders of rec. May 70
2
Central RR. of N. J.(guar.)
334 July 1 Holders of roe. June 80
Chesapeake & Ohio, pref. "A"
214 June 20 Holders of rec. May 28a
Hudson Co. (guar.)
Delaware &
214 May 24 Holders of rec. May 10
Ga.Sou.& Fla. 1st & 2d Drill
$1.25 June 1 Holders of rec. May 180
Hudson & Manhattan, common
1% June 1 Holders of rec. May 40
Illinois Central. coin.(guar.)
134 May 15 Holders of rec. Apr. 30a
Internat. Rys. of Cent. Amer., pf (qu.)_
July 2 *Holders of rec. June 15
*1
Central, corn. (guar.)
Maine
•114 June 1 *Holders of rec. May 15
Preferred (guar.)
1 Holders of rec. May 150
New Orleans Texas & Meg.(guar.).-- 154 June 19 Holders of rec. May 31a
June
2
Norfolk & Western, corn. (guar.)
19 Holders of reo. Apr. 30a
May
Norfolk & Western, adj. pref. (qua?.).. 1
8714c May 31 Holders of rec. May la
Pennsylvania RR.(guar.)
Apr. 18 to May 7
Pittsburgh & West irginia, COM.(guar.) 134 Apr. 30 Holders of rec. Apr. 120
May 10
$1
Reading Company. corn. (guar.)
(qua?.)... 500. June 14 Holders of rec. May 24a
Reading Company, 1st pref.
134 Aug. 1 Holders of rec. July 14a
St. Louis-San Fran.. pref. (guar.)
134 Nov. 1 Holders of roe. Oct. 15a
Prelerred (guar.)
134 May 25 Apr. 22 to May 21
Wabash, pref. A (guar.)
May 10 *Holders of rec. Apr. 30
*2
Alaska Packers Assn. (guar-)
*50c. June 1 *Holders of rec. May 15
Amer. Multigraph, corn. (guar.)
*50e. July 15 *Holders of rec. June 30
Rolling Mill, COM.(guar.)
Amer.
July 15 *Holders of rec. June 30
Common (payable in coin. stock).- •f5
•114 July 15 *Holders of rec. June 30
6% pref. (guar.)
*50c. July 2 *Holders of rec. June 16
Amer. Stores, corn. (quax.)
June 11 Holders of rec. May 31a
21
Atlas Powder, common (guar.)
"$1.50 May 15 *Holders of rec. May 1
Beacon Mfg., pref. (quar.)
Booth Mfg. Co.Dividend passed
234 May 15 Holders of rec. Apr. 30
Boss Manufacturing, corn. (guar.)
134 May 15 Holders of rec. Apr. 30
Freferred(quar.)
May 15 Holders of rec. May 10
$2
Brookside Mills
62340. June 1 Holders of rec. May 21
Brown Shoe, corn. (guar.)
•114 May 15 *Holders of rec. May 3
Cabot Mfg. (guar.)
I% May 15 Holders of rec. May 7
Casein Co. of Amer., corn. (guar.)
May 15 Holders of rec. May 7
1
Common (extra)
Holders of rec. May 10
Celluloid Co., 1st pf. partic. stk.(qua- $1.7 June
Holders of rec. May 10
$1.75 June
$7 preferred (guar.)
Mc.June 3 *Holders of rec. June 16
Chrysler Corp., corn. (guar.)
*Holders of rec. June 12
*$1.50 July
Coca-Cola Co., corn. (guar.)
May 25 *Holders of rec. May 10
Colorado Fuel & Iron, pref. (guar.). _ _ _ *2
Holders of coupon No. 1
Commers-und Privat Bank (Germany)... 11
Continental Amer. Bankshares, Cl. A___ 25e. May 10 Holders of rec. May 1
June 1 *Holders of rec. May 15
13$1
Cushmans Sons, corn. (guar.)
*I% June 1 *Holders of rec. May 15
Seven per cent preferred (quar.)
June I *Holders of rec. May 15
*2
Eight per cent preferred (quar.)
*50e. June 2 *Holders of rec. May 20
Curtis Publishing, corn.(monthly)
*50c. June 10 *Holders of rec. May 20
Common (extra)
•25c. June 1 'Holders of rec. May 18
Dictaphone Corp., corn. (pour.)
.25c. June 1 *Holders of rec. May 18
3
Common (extra)
*110 June I *Holders of roe. May 18
Cony.(payable in corn. stock)
June 1 *Holders of rec. May 18
•2
Preferred (guar-)
June 1 *Holders of rec. May 15
.21
Drug, Inc.(No. 11)
.13214c May 31 *Holders of roe. May 16
Eltingon Schild Co., Inc., corn.(quar.)_. 3
June I Holders of rec. May 15
4
Financial Service Co., corn
134 June 1 Holders of rec. May 15
Preferred (guar.)
Gt. Atlantic & Pacific Tea, corn.(gu.)- 3175e. June 1 *Holders of rec. May 14
*134 June 1 *Holders of rec. May 14
Preferred (guar.)
Hamilton Watch, pref. (guar.) (No. 1). *1.34
Hartford Times, Inc., panic. pref. (qu.) *75e. May 15 *Holders of rec. May 10
*50c. June 1 *Holders of rec. May 17
Hartman Corp., claw A (guar.)
*50c. June 1 *Holders of rec. May 17
Class B (guar.)
200. May 15 Holders of rec. May 1
Helvetia Copper
•50e. May 25 *Holders of rec. May 19
Homestake Mining (monthly)
*134 May 25 *Holders of rec. May
Hoosac Cotton Mills, pref. (guar.)
Aug. 1 Holders of roe. July 15
31
Holly Sugar, pref. (guar.)
13h334 Aug1 "Holders of rec. July 15
Prof. (accr. accum. eliv.)
SOC. May 31 Holders of rec. May 15
Inter. Combustion Eng., corn. (guar.)._
•13i July I "Holders of rec. June 15
Preferred (guar.)
Keystone Steel & Wire, new corn.(guar.) 1375e. July 15 *Holders of rec. July 5
25c. June 1 *Holders of rec. May 10
Kroger Grocery & Baking, corn.(guar.).
$2.50 June I Holders of rec. May 5
Ludlow Mtg. Associates tQuar.)
41
June 1 *Holders of rec. May 15
May Dept. Stores, coin. (guar.)
*SI
Sept. 1 *Holders of rec. Aug. 15
Common (guar.)
*214 June 1 *Holders of rec. May 3
Merrimack Mfg., corn. (quar.)
Miller Rubber. pref. Dividend omitted.
May 15 "Holders of rec. Apr. 26
Morse Twist Drill (guar.)
134 May 15 Holders of roe. Apr. 30
National Brick. prof. (guar.)
12
4
May 15 *Holders of rec. May 3
Nelld Mfg., corn. (quar.)
Newton Coal, 1st pref.-Dividend passed
75e. June 1 Holders of rec. May 19a
Phillips.Jomes Corp.. com• (guar.)
•131 June 1 *Holders of rec. May 17
Phoenix Hosiery, 1st pref.(guar.)
-Dividend passed
Pierce. Butler & Pierce Mfg.
*40c. June 1 *Holders of rec. May 14
Pillsbury Flour Mills. corn.(guar.)
*Holders of rec. May 14
•144 June
6 yi% preferred (guar.)
Plnes-Winterfront. el. A & B.(guar.).- *75c. June 1 *Holders of rec. May 15
134 June 1 Holders of rec. May 12
Steel, pref. (guar.)
Pittsburgh
134 June 30 Holders of rec. June I
Pressed Steel Car, pref. (quar.)
134 May 1 Holders of roe. Apr. 27
Providence Ice, 2d pref. (guar.)
corn.(qua.(N0.1) 3175e. June 1 *Holders of roe. May 15
Purity Bakeries, new
*Holders of rec. May 15
834-Sc June
6% pf.(qu.)(from Apr.12 to June 1).' .2
May 15 *Holders of rec. May 5
Quissett Mill (guar.)
*Holders of rec. May 15
1)_ •8714e June
Rosy Theatres Corp. Cl. A (au.)(No.
June
*Holders of rec. May 18
Simon (Franklin) Co., pref. (guar.).- •Isi
.
Ltd.(Montreal)..
Simon (H.) & Sons,
of
May 15
Pf.(gu.),(No.1)from Mar.19 to June 1 $1.41 June 1 Holders of rec.
May
rec. May 14
"Holders
*2
Soule Mills (guar.)
'Holders of roe. May 15
•12140 June
Southern Grocery Stores, corn. (quar.) •6214c June
*Holders of rec. May 15
Class A (guar.)
July 1 Holders of roe. July 3
Spalding (A. G.) & Bros., gen.stk.(au) $1.25 June
Holders of roe. May 18
134
First preferred (guar.)
Holders of rec. May 18
June
2
Second preferred (guar.)
June
'Holders of rec. May 15
.
Spear & Co., (1st & 2d pref. (guar.).May 16 00 May 31
750. June
Internat. Sec.. prof. (guar.)._
Standard
•6234c June 15 'Holders of rec. May 15
Standard Oil (Calif.), corn. (quar.)
•400. June 151*Holders of rec. May 19
011(N. Y.) (guar.)
Standard
2751
FINANCIAL CHRONICLE
MAY 5 1928.]
Public Utilities.
25e. May 15 Holders of rec. May la
Amer. Water Wks.& Elec.. corn.(qua
Associated Gas & Elec. 56 pref. (qua?.). 151.50 June 1 Holders of rec. Apr. 30
.12 1.6234 June 1 Holders of rec. Apr. 30
$6.50 preferred (guar.)
Brazilian Tr., L. & Pow., com.(qu.)--- 134 June 1 Holders of rec. Apr. 30
June 1 Holders of rec. May 11(1
2
Brooklyn Edison Co.. COM.(guar.)
Cent & S. W.Utilities, 27 pref.(guar.).- $1.75 May 15 Holders of roe. Apr. Ma
$1.75 May 15 Holders of rec. Apr. 30a
Prior lien pref. (quar.)
Chic. Rapid Transit. pref. A (monthly). 650. June 1 Holders of rec. May 150
600. June 1 Holders of rec. May 15a
Prior preferred B (monthly)
154 June 1 Holders of rec. May 150
Cleveland Elec. III., pref. (quar.)
Coast Cos. Gas & Elec.First and second preferred (quar.).... *21.53 June 25 *Holders of rec. June 14
Columbia Gas & Elec., corn.(guar.).- 21.25 May 15 Holders of rec. Apr. 200
Six per cent pref., ser. A (guar.).- 134 May 15 Holders of rec. Apr. 200
Conn. Ry.& Leg., corn. & pref.(qu.)... 134 May 15 May 1 to May 15
Consolidated Gas of N.Y.,corn.((luar.). 21.25 June 15 Holders of roe. May 84
Consumers Power,6% pref.(guar.).- 134 July 2 Holders of rec. June 15
1.65 July 2 Holders of rec. June 15
8.6% preferred (guar.)
134 July 2 Holders of rec. June 15
7% Preferred (guar.)
50c. June 1 Holders of rec. May 15
6% preferred (monthly)
50c. July 2 Holders of rec. June 15
6% preferred (monthly)
65e. June 1 Holders of rec. May 15
6.6% preferred (monthly)
55c. July 2 Holders of rec. June 15
6.6% preferred (monthly)
Havana Elec.& Utll., 1st pref.(guar.).- $1.50 May 15 Holders of rec. Apr. 20
$1.25 May 15 Holders of rec. Apr. 20
Cumulative preference (quar.)
45e. May 10 Holders of rec. Apr. 30
Illuminating & Pow. Secur., corn. (qua
134 May 15 Holders of rec. Apr. 30
Preferred (quar.)
Kentucky Utilities, junior pref. (guar.). •87340 May 19 *Holders of roe. May 1
Keystone Teleph. of Phila., pref. (guar.) 81 June 1 Holders of rec. May 18
•114 May 15 *Holders of rec. Apr. BO
Los Angeles Gas & Elec.. Pref.(quar.)
Louisville G.& El.(Del.) corn A&B(qua 4334c. June 25 Holders of rec. May 81
May 31
June 1 May 16 to
2
Massachusetts Gas Cos., prof
Middle West Utilities, corn.(guar.).- $1.75 May 15 Holders of rec. Apr. 30
Milwaukee Elec. Ry.& Light
114 June 1 Holders of rec. May 15
7% prof. issue 01 1921 (quar.)
154 June 1 Holders of rec. May 15
6% pref. issue of 1921 (guar.)
May 15 Holders of rec. Apr. 30
Montreal Water & Pow., com.(guar.).- fil
134 May 15 Holders of rec. Apr. 30
Preferred (guar.)
25e. June 1 Holders of rec. May 150
National Power & Light, coin. (guar.).f234 July 2 Holders of rec. June 5a
North American Co., com. (guar.)
75e. July 2 Holders of rec. June 5a
Preferred (quar.)
(guar.)._ $1.50 June 1 Holders of rec. May 15a
North American Edison, Pref.
61.50 June 15 Holders of rec. May 31
North Amer. Util. Sec., 1st pref.(qu.)
$1.75 June 15 Holders of rec. May 31
2nd preferred (guar.)
Northern Ohio Pow. & L.,6% pf. (qu.). 134 July 2 Holders of rec. June 15
134 July 2 Holders of rec. June 15
7% preferred (quar.)
I% May 15 Holders of rec. Apr. 30
Northwest Utilities. 7% prof. (guar.)._
114 June I Holders of roe. May 15
Ohio Edison Co.,6% pret. 'quar.)
1.65 June I Holders of rec. May 15
6.6% preferred (quar.)
134 June 1 Holders of rec. May 15
%
7 Preferred (guar.)
114 June 1 Holders of rec. May 15
5% Preferred (guar.)
50c. June 1 Holders of roe. May 15
6% preferred (monthly)
55c. June 1 Holders of rec. May lb
6.6% preferred (monthly)
Pacific Gas & Elec., 1st pref. (qua?.)... •37340 May 15 *Holders of roe. Apr. 30
(guar.). 1% June I Holders of rec. May 21
Penn-Ohio Edison Co., pr. pref.
Holders of rec. May 12a
Phila. Suburban Water Co., pref. (qu.). 134 June
Holders of rec. June la
87140. July
Radio Corp. of Amer.. pref. A (quar.)
50c. May 15 Holders of rec. Apr. 20a
Southern Calif. Edison, corn.(qu.)
May 15 Holders of rec. Apr. $0
Southern Canada Power, corn. (Ciu.)
1
Southern Cities Utilities, pref. (qu.)
lx May 10 Holders of rec. Apr. 20
50c. May 25 Holders of rec. Apr. 30
Southern Colo. Power, corn. A (guar.)._
50c. May 15 Holders of roe. Apr. 25a
Tampa Electric Co., corn. (guar.)
Tennessee Elec. Pow., 6% 1st pf. (on.). 134 July 2 Holders of rec. June 15
7% first preferred (quar.)
134 July 2 Holders of rec. June 15
7.2% first preferred (quar.)
1.80 July 2 Holders of rec. June 15
8% first preferred (monthly)
50c. June 1 Holders of rec. May 15
6% first preferred (monthly)
50e. July 2 Holders of rec. June 15
7.2% first preferred (monthly)
600. June 1 Holders of ree. May 15
7.2% first preferred (monthly)
600. July 2 Holders of rec. June 15
Utility Shares Corp.. partic. pref.(au).
300. June 1 Holders of rec. May 16
West Penn Elec. Co., 7% pt. (guar.)... 134 May 15 Holders of rec. Apr. 20a
114 May 15 Holders of rec. Apr. 20a
6% Preferred (guar.)
Fire Insurance.
General Reinsurance Corp.(guar.)
Miscellaneous.
Allis-Chalmers Mfg., com. (guar.)
Amalgamated Laundries, pref. (guar.)._
American Can,common (guar.)
Amer. Chicle, cora. (guar.)
Prior preferred (guar.)
Amer. European Securities, Prof. (qu.)
$1.25 May 15 Holders of rec. Apr. 30
81.50 May 15 Holders of rec. Apr. 24a
5.87%5:: June 1 Holde of rec. May 15a
Holders
50e. May 15 Holders of rec. Apr. 30
July
*Holders of rec. June'15
*21.75 July 1 *Holders of rec. June 15
21.50 May 15 Holders of rec. Apr. 30
2752
FINANCIAL CHRONICLE
When
Per
Cent. Payablo.
Books Closed
Days !nebulae.
[VoL. 126.
When
Per
Books Closed.
Name of Company.
Cent. Payable
Days Imitates:
Miscellaneous (Continued).
Miscellaneous (Continued).
American Hardware Corp. (quar.)
July I Holders of reo. June 16a Federal Motor Truck (guar.)
$1
*20o. July
*Holders of reo. June 16
Quarterly
Oct. 1 Holders of reo. Sept. 150
$1
Stock dividend
*254 July
*Holders of rec. June 16
Quarterly
Jan 1'29 Holders of rec. Dec. 15a First Federal Foreign Invest Trust
$1
$1.75 May15 Holders of reo. May 1
Amer. Home Products (monthly)
25e. June 1 Holders of rec. May 140 First National Pictures, 1st pf.
2
July
Holders of reo. June 130
Amer.Lindseed. pref.(quar.)
144 July 2 Holders of rec. June 200
Second preferred A (guar.)
13 July
Holders of reo. July la
Preferred (qua?.)
14( Oct. 1 Holders of rec. Sept. 20a Fisk Rubber, 2d pref.(guar.)
Holders of reo. May 1150
154 June
Preferred (quar.)
14( Jan2'29 Holders of reo. Dec. 210 Fitzsimmons & Connell Dredge & D.(Qu) *50o. June
*Holders of reo. May 21
American Manufacturing, coin. (quar.). 1
July 1 Holders of reo. June 150 Formica Insulation (quar.)
250. July
Holden of rec. June 15a
Common (quar.)
Oct. 1 Holders of reo. Sept. 15
1
Extra
2
10o. July
Holders of reo. June 15a
Common (guar.)
Dec. 31 Holders of reo. Dec. 150
1
Quarterly
250. Oct.
Holders of reo. Sept. 150
Preferred (quar.)
Extra
151 July 1 Holders of reo. June 156
10o. Oct.
Holde.s of reo. Sept. 150
Preferred (qua?.)
1)1 Oct. 1 Holders of rec. Sept. 15a
Quarterly
25e. Jan.1'2 Holders of reo. Dec. 15a
Preferred (quar.)
191 Dec. 31 Holders of rec. Dec. 15a
Extra
10e. Jan.1'29 Holders of reo. Dec. 15a
American Metal, corn. (guar.)
750. June 1 Holders of rec. May 15a Foster & Kleiser Co., com.(qua?.)
•250. May 15 *Holders of rec. May 1
7% preferred (guar.)
134 June 1 Holders of rec. May 15a General Asphalt. pref.(qua?.)
15( June
Holders of rec. May 16a
6% preferred (guar.) (No. 1)
Ili June 1 Holders of rec. May 15a General Cable Corp., class A
$1 .66 2-3 June
Holders of rec. May 10a
Amer. Radiator. corn. (qua?.)
$1.25 June 30 Holders of rec. June 16a General Cigar, pref., (guar.)
15( June
Holders
May
Preferred (qua?.)
151 May 15 Holders of rec. May 7a Gen. Outdoor Advertising. cl. A (qu.)... $1 May 1 Holders of rec. May 210
50
of rec.
Amer. Smelt. & Refg., pref. (quar.)..... 144 June 1 Holders of rec. May 4a
Preferred (guar-)
*114 May 1 *Holders of rec. May 5
Amer. Sumatra Tob., pref.(qua?.)
'134 June I *Holders of rec. May 15
Gillette Safety Razor (quar-)
$1.25 June
Holders of reo. May la
Preferred (guar.)
4 1M Sept. 1 Holders of reo. Aug. 15
.
Gladding. McBean & Co.
Amer. Tobacco, cont. & corn. B (quar.)- $2
June 1 Holders of rec. May 106
Monthly
25c. June
May 20 to May 31
Amparo Mining (guar.)
•1 May 10 *Holders of reo. Apr. 30
Monthly
250. July
June 21 to June 30
Anaconda Copper Mining (qua?.)
75c. May 21 Apr. 15 to May 16
Monthly
25e. Aug.
July 21 to July 31
Angle Steel Stool(guar.)
20e. July 15 Holders of reo. July 5
Monthly
25o. Sept.
Aug. 21 to Aug. 31
Quarterly
200. Oct. 15 Holders of rec. Oct. 5
Monthly
250, Oct.
Sept. 21 to Sept.30
Artloom Corp., pref. (qua?.)
15( June 1 Holders of rec. May 15
Monthly
250, Nov.
Oct. 21 to Oct. 31
Associated Dry Goods, lot pref. (guar.) _
15( June 1 Holders of rec. May 126
Monthly
250. Dec.
Nov 21 to Nov.30
Second preferred (guar.)
IN June 1 Holders of reo. May 12a Glidden Co., pref. (qua?.)
•1M July
*Holders of reo. June 15
Atlantic Gulf & West I. B. S. Lines
Globe Grain & Milling, com. (quar.)..... •$1.50 July
*Holders of rec. June 27
Preferred (guar.)
750. June 30 Holders of rec. Jane 110
First preferred (qua?.)
*$1.75 July
*Holders of roe. June 27
Preferred (guar.)
750. Sept.29 Holders of rec. Sept- 10(5
Second preferred (guar.)
*$2 July
*Holders of reo. June 27
Preferred (quar.)
750. Dec. 31 Holders of rec. Doe. lid Goodrich (B F) Co., coin.(quar.)
$1
June
Holders of reo. May 100
Balaban & Katz, com.(monthly)
250. June 1 Holders of rec. Mayd2la
Preferred (guar-)
14‘ July
Holders of reo. June Scs
Common (monthly)
250. July 1 Holders of reo. June 200 Gorham Mfg., 1st pref. (qua?.)
114 June
Holders of rec. May 15
Preferred (qua?.)
15( July 1 Holders of reo. June 20a Gossard (H. W.) Co.. corn.(monthly) 33 1-50 June
Holders of reo. May 210
Bamberger(L.)& Co.. pref.(Guar.)---- 194 June 1 Holders of rec. May 12a
Common (monthly)
33 1-3c July
Holders of reo. June 200
Preferred(quar.)
191 Sept. 1 Holders of reo. Aug. lba Graton & Knight Co.. pf. (qu.)(No. 1)_
15( May I
Holders of rec. Apr. 160
Preferred (qua?.)
15( Doe. 1 Holders of reo. Nov. 104 Great Lakes Dredge & Dock (quar.)._
2
May 1 Holders of reo. May 7
Bankers Capital Corp., common
$4
July 16 Holders of reo. June 30
Greenfield Tap & Die,6% pref.(qua?.). 15( July
Holders of reo. June 15
Preferred (guar.)
$2
July 16 Holders of rec. June 30
Eight per cent pref. (guar.)
2
July
Holders of reo. June 15
Preferred (guar.)
Oct. 15 Holders of rec. Oct. 1
$2
Gruen Watch, corn. (guar.)
*50e. June
*Holders of rec. May 18
Preferred (guar.)
Jan1519 Holders of rec. Dec. 31
$2
Common (quarterly)
*50c. Sept.
*Holders of reo. Aug. 20
Bastian-Blessing Co.. Prof.(quar.)
Holders of reo. June 200
$1.75 July 1
Common (quarterly)
*50c. Dec.
*Holders of reo. Nov. 19
Preferred (guar.)
$1.75 Oct. 1 Holders of reo. Sept.200
Common (quarterly)
•500. Marl'2 Holders of reo. Feb.15'29
Beacon OIL pref. (guar.)
31.8791 May 15 Holders of reo May I
HammermillPaper,corn.(guar.)
5
.25o. May 1 *Holders of reo. Apr. 30
Belding-Corticelli. Ltd.. pref. (quar.)
134 June 15 Holders of reo. May 31
Harblson-Walker Refr., corn. (qua?.)
15( June
Holders of reo. May 210
Bell Financial Corp., pref
6234e. May 15 Holders of rec. Apr. 23
Preferred (guar.)
154 July 2
Holders of recs. July 10
Bethlehem Steel, 7% pref. (guar.).- •15.‘ July 2 Holders of reo. June 2
Hart, Schaffner & Marx (guar.)
*2
Maya 'Holders of reo. May 15
Blg Lake 011(qua?.)
May 8 Holders of rec. May 2
•10
Hazeltine Corp.(guar.)
250. May 2 Hrlders of reo. May 4
Bloch Brothers Tobacco, own (quar.). 37340. May 15 May 10 to May 14
0
Ilecla Mining (guar.)
15o. June 1 Holders of reo. May 150
Common(guar.)
Aug. 14
37340. Aug. 15 Aug 10 to
Helvetia Copper
200. May 1 Holders of roe. May 1
Common (qua?.)
3751e. Nov.15 Nov. 10 to Noy. 14
Hercules Powder. Prof.(guar.)
15( May
Holders
Preferred (qua?.)
191 June 30 June 25 to June 29
Hibbard,Spencer. Bartlett & CO.(mthlY) 35o May 2 Holders of rec. May 5
of reo. May 18
Preferred (qua?.)
154 Sept.30 Sept. 25 to Sept. 29
Monthly
35c. June 2 Holders of rec. June 22
Preferred (qua?.)
Hobart Mfg., common (qua?.)
1.54 Dec. 81 Dec. 26 to Dec. 80
50c. June
Holders of roe. May 19
Bohack (H.C.) Co.,new no par com.(qu)*62340 Aug. I Holders of rec. July 16
Hollander(A)& Son, Ina.. com.(quar.). 6254c. May 1 Holders
of reo. May Is
Bond & Mortgage Co.(guar.)
May 15 Holders of reo. May 8
5
Hollinger Cons. Gold Mines(monthly)..
10o. May 1 Holders of rec. May 2
Borden Company, com.(quar.)
$1.50 June 1 Hclders of rec. May 150 Home Service, corn. (qua?.)
Brunswick-Balke-Collender. COM.(rm.)
750. May 15 Holders of reo. May 5 a Hood Rubber Products, pref. (quar.).._ *3750 May 2 *Holders of reo. May I
15( June
May 22 to June 1
Buckeye Pipe Line ((mar.)
June 15 Holders of rec. Apr. 23
$1
Horn & Hardart of N. Y., pref.
(quar.)- *15( June
"Holders of reo. May 12
Extra
June 15 Holders of reo. Apr. 23
31
Household Products (guar.)
8750. June
Holders of reo. May 150
-Erie Co., com.(qua?.)
Bucyrus
250. July 2 Holders of rec. June 50 Incorporated Investors(stock
dividend). e2
July 1 Holders of rec. Juno 290
Convertible preferred (qua?.)
6234c July 2 Holders of rec. June 90 Independent 011 & Gas (qua?.)
25o May
Holders of rec. Apr. 230
7% pref. (qua?.)
1.91 July 2 Holders of rec. June ga Incitana Pipe Line (guar.)
$1
May I Holders of rec. Apr. 20
Burns Bros., common A (guar.)
May 15 Holders of rec. May Is
$2
Extra
$1
May 1 Holders of reo. Apr. 20
Burroughs Adding Mach.(guar.)
June 11 Holders of roe. May 25a Illinois Brick (quar.)
750
60e. July I Jul
i to July 15
Butler Bros.(guar.)
50o. May 15 Holders of rec. Apr. 20a
Quarterly
60e. Oct. I Oct. 4 to Oct. 15
California Packing (guar.)
$1 June 15 Holders of rec. May 31a Illinois Pipe Line
*36
June 1 'May 15 to June 6
Campbell, Wyant & Cannon Foundry
Ingersoll-Rand Co.. corn. (guar.)
750. June
Holders of rec. May 70
Co. (qua?.)
*50a June 1 *Holders of reef. May 15
Common (extra)
$1 June
Holders of rec. May 70
Canadian Converters (guar.)
134 May 15 Holders of reo. Apr. 30
Inland Steel (guar.)
62340 June
Holders of rec. May I50
Canfield 011, coin.(guar.)
June 30 Holders of reo. June 20
2
Internat. Harvester, pref.(quar.)
134 June
Holders of reo. May 6a
Common (guar.)
Sept.30 Holders of tee. Sept.20
2
Internat. Paper, common (quar.)
60o May 1 Holders of reo May la
Common (guar.)
Doe. 31 Holders of reo. Dec. 20
2
International Shoe, pref. (monthly).._
500. June
Holders of reo. May 150
Preferred (guar.)
131 June 30 Holders of reo. June 20
(Monthly)
500. July
Holders of rec. June 15a
Preferred (guar.)
151 Sept.30 Holders of roe Sept. 20
(Monthly)
50e. Aug.
Holders of rea. July 140
1Preferred (guar.)
151 Dec. 31 Holders of rec. Dec. 20
(Monthly)
50c. Sept.
Holders of reo. Aug. 1Ba
Caterpillar Tractor (guar.)
*55o. May 25 *Holders of reo. May 15
(Monthly)
50o. Oct.
Holders of rec. Sept. I5a
Central Investors Corp., cl. A (No. 1
-'3751c July 1 Holders of reo. May la
(Monthly)
50e. Nov.
Holders of rec. Oct. I5a
Class A (quar.)
•3754c Oct. I *Holders of reg. May la
(Monthly)
150o. Doe.
Holders of reo. Nov. 15a
Class A (qua?.)
*37SIc Jan2'29 *Holders of reo. May la International Silver, com.(quar.)
IN June
Holders of rec. May 15a
Class B (No. 1)
*7 No July 1 *Holders of reo. May la Interstate Iron .4 Steel, com.(quar.)-$1 July 1 Holders of roe. July 50
Centrifugal Pipe Corp.,(qua?.)
15o. May 15 Holders of reo. May 5
Common (qua?.)
$1 Oct. 1 Holders of rim. Oct. 5a
Century Ribbon Mills, pref. (qua?.)
194 June 1 Holders of reo. May 19a
Common (qua?.)
$1 Jan151 Holders of rec.Jan 5'29a
Chase (A. W.) Co., pref.(qua?.)
2
May 10 Holders of rec. Apr. 30
Preferred (guar.)
11( June
Holders ol reo. May 190
Chicago Mill & Lumber (guar.)
May 15 *Holders of reo. May 7
Intertype Corp., corn. (guar.)
250. May 1 Holders of reo. May la
Chicago Yellow Cab (monthly)
250. June 1 Holders of rect. May 18a Jaeger Machine, corn.
(guar.)
6250 June
Holders of reo. May 18a
Childs Co., corn. (guar.)
600. June 10 Holders of reo. May 25a Jewel Tea, corn. (guar.)
81 July 1 Holders of rec. July 3a
Preferred (guar.)
144 June 10 Holders of rec. May 250
Preferred (guar.)
15( July
Holders of reo June 141
Chile Copper Co. (guar.)
62340 June 30 Holders of rec. June 60 Jones & Laughlin Steel, com.(guar.).- 5
- .1.51 June
*Holders of reo. May 15
Chrysler Corp., pref. (guar.)
2
June 30 Holders of rec. June 16a Joske Bros. (guar.)
•750. May 2 *Holders of rec. May 5
Preferred (qua?.)
Sept.29 Holders of rec. Sept. 17a Kaufmann Dept stores,corn.
2
•2
Apr. 28 *Holders of rec. Apr. 20
Preferred (guar.)
Jan.2'29 Holders of reo. Dec. 170 Keynes Co.. common (extra)(qu.)
2
12910. July 1 Holders of reo. June 200
Cities Service, common (monthly)
•M June 1 *Holders of rec. May 15
Kinney(0 R.) Co., Prof. (quir.)
2
June 1 Holders of reo. May 210
Common (payable in com. stock).
- *IN_ June 1 *Holders of reo. May 15
Kirby Lumber, coin. (qua?.)
1154 June 10 Holden, of rec. May 31
Preferred and pref. B.B.(monthly)-- •M June 1 *Holders of reo. May 15
Common (qua?.)
154 Sept. 10 Holders of roe. Aug. 31
_ Preferred B (monthly)
1,5o. June 1 *Holders of reo. May 15
Common (qua?.)
IM Deo, 10 Holders of reo. Nov.80
City Ice & Fuel (Cleve.) (guar.)
75c. June 1 Holders of reo. May 10a Kruskal & Kruskal, Inc.(qua?.)
3134o. May 15 Holders of reo. May 5a
87340. Aug. I Holders of rec. July 14a Laguna Land & Water(monthly)
City Stores, class A (guar.)
I
May 10 Holders of roe. May Is
500. June 1 Holders of reo. May 150 Landers. Frary & Clark (mthly.)
Cleveland Stone(qua?.)
•750. June 30 *Holders of rec. June 21
Quarterly
500. Sept. 1 Holders of roe. Aug. 15a
Monthly
*75e. Sept.30 *Holders of reo. Sept. 21
•250. May 15 *Holders of reo. May 5
Club Aluminum Uten. (extra)
Monthly
•750. Doe, 31 *Holders of rec. Doe. 22
Congoleum-Nairn, Inc., pref.(qua?.)_ 01,.4 June 1 *Holders of rec. May 100 Land Title Bldg. Corp. (Phila.)
(No. 2.) 33.4 June 80 Holders of reo. June 11
Consolidated Bond & Share pref. (guar.) 151 May 15 Holders of rec. Apr. 15
Lanston Monotype Machine
(guar.).-- *1134 May 31 *Holders of rec. May 21
Continental Can, Inc., corn.(guar.). -- $1.25 May 15 Holders of reo. May 56 Lehigh Coal & Nay. (guar.)
$1
May 31 Holders of reo. Apr. 30
Deo. 31
Crosley Radio (stock dividend)
e4
Lehn & Fink Products, com.
75c. June 1 Holders of rec. May 150
Croaley Radio Corp.(guar.)
25c. July 1 Holders of rec. June 200
stock
(quar.)Mngemt
714e. June 1 Holders of reo. May 15
Quarterly
250. Oct. 1 Holders of reo. Sept. 200 Liggett & Myers Tobacco Co
Quarterly
250. Jan 1'29 Holden of rec. Doe. 200
Common and common B (guar.)
$1
June 1 Holders of reo. May 15
Crucible Steel, corn. (guar.)
154 Apr. 80 Holders of reo. Apr. 160 Lima Locomotive Works, corn.
June 1 Holders of rec.dMay 15
Cuneo Prose, pref. (qua?.)
144 June 15 Holders of reo. June la Lindsay Light, Prof.(guar.) (qua/a-- $1
13.4 May 5 Holders of reo. Apr. 250
Preferred (quar.)
191 Sept. 15 Holders of rec. Sept. la Loew's, Inc., pref. (guar.)
$1.6214 May 15 Holders of reo. Apr. 280
Davis Mills (quar.)
Lord & Taylor, let pref. (quar.)
June 23 *Holders of reo. June 9
'1
114 June 1 Holders of rec. May 170
Decker (Alfred) & Cohn, orms.(quar.)
500. June 15 Holders of reo. June 50 Louisiana Oil Refg., 691% pf. (qu.).__
154 May 15 Holden, of rec. May Is
Preferred (quar.)
ltd June 1 Holders of Ivo. May 19a Mary (R. H.) Co.(guar.)
$1.25 May 15 Holders of rec. Apr. 280
Preferred (Qua?.)
154 Sept. 1 Holders of reo. Aug. 20m Massey-Harris Co., Ltd.. pref.
(rm.)--- 154 May 15 Holders of reo. Apr. 28
Deere & Co., com.(qua?.)
134 July 2 Holders of rec. June 15
McIntyre Porcupine Mines (qua?,)
25c. June 1 Holders of reo. May la
Preferred (guar.)
154 June 1 Holders of rec. May 15
McKesson & Robbins. Inc., com.(qu.)
25c. May 10 May 2 to May 0
Diamond Match (guar.)
June 15 Holders of reo. May 31a
2
Common (extra)
25c. May 10 May 2 to May 9
Dominion Bridge (guar.)
65o. May 15 Holders of reo. Apr. 30
Preferred (quar.)
154 May 10 May 2 to May 9
$1.50 May 15 Holders of rec. May 1
Preferred (extra)
Dow Chemical, corn. (qua?.)
4( May 10 May 2
o May 9
10 May 15 Holders of reo. May I
MoLelituz Stores. class A & B (No.2)
Common (payable in com. stock)_ _ _ _
10o. Oct. 1 Holders of reo. Sept. 200
lg May 15 Holders of rec. Mayi 1
Preferred (qua?.)
MercantileStores Co., com. (guar.).- _ $I
May 15 Holders of reo. Apr. 30
Aug. I Holders of res. June 30
(quar.)___
154
Eastern Bankers Corp.. pref.
Preferred (guar.)
$1.75 May 15 Holden of reo. Apr. 30
IM Nov. 1 Holders of rec. Sept.30
Miami Copper Co. (guar.)
Preferred (qua?.)
37%o. May 15 Holders of rec. May la
Mid-Continent Petrol., pref.
154 Febl'29 Holders of rec. Dec. 31
Preferred (qua?.)
(guar.).- 81.75 June 1 Holders of reo. May 150
East. Theatres,Ltd.(Toronto),com.(gu.) 500 June 1 Holders of rec. Apr. 30
Minneap-Honeywell Regulator, com...... $1.25c Aug. 15 Holders of rec.
Aug. 4
Emporium-Capwell Corp.(guar.)
500. June 24 Holders of rec. June la
Preferred (guar.)
15( May 15 Holders of reo. May 4
-s
75e June 30 Holdo of rec. June 126
Fairbanks. Morse & Co., corn.(guar.)._
Preferred (guar.)
154 Aug. 15 Holders of rec. Aug. 4
Preferred (guar.)
154 June 1 Holders of reo. May I20
Preferred (qua?.)
191 Nov.15 Holders of rect. Nov. 3
200. JI1110 1 Holders of reo. May 2I0 Mohawk Mining (qua?.)
Fair (The). corn.(monthly)
June 1 Holders of reo. Apr. 30
20c. July 2 Holders of rec. June 20a Montgomery Ward & Co.. com.(quar.1_ $1
Common (monthly)
$1
May 15 Holders of reo. May 40
Morris (Philip) & Co., Ltd.. Inc.
Fanny Farmer Candy Shops, Corn. (qu.) 25e. July 1
260. July 16 Holders of reo. July 20
(rm.)Quarterly
Common (qua?.)
250. July 1
250. Oct. 15 Holders of reo. Oct. Is
Quarterly
Common (qua?.)
250. Oct. 1
25o.Ja n.16'29 Hold, of rec. Jan. 2 '294
Common (qua?.)
Murphy (G.C.) Co. Wilma
250. Jan1'29
25o. Juno 1 Holders of r00. May 22
Fashion Park.Inc.,com.(Wlar.)
Quarterly
50e. May 31 Holders of rec. May 170
25o. Sept. 1 Holders of reo. Aug. 22
Common (quar.)
Quarterly
500. Aug. 31 Holders of reo. Aug. 170
250. Dec. 1 Holders of reel. Nov. 21
Holders of reo. Nov. 30s National American Co..Inc.(quar.)..__
Common (qua?.)
50o. Nov.30
500. Aug. 1 Holders of reo. July 160
Firestone Tire & Rubber.7% pref.(qu.)
Quarterly
154 May 15 Holders of reo. Mityl la
500. Nov. 1 Holders of reo. Oct. 15111
Nam* te Company.
FINANCIAL CHRONICLE
MAY 5 1928.1
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive
2753
• From unofficial sources. f The New York Stock Exchange has ruled that sleek
will not be quoted ex-dIvidend on this date and not until further notice. 2 The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. 3 Payable In preferred stock.
d Correction. e Payable In stock. !Payable In common stock. g Payable In
scrip. lt On account of accumulated dividends.
I Associated Gas & Electric dividends payable either In cash or class A stock
as follows: on class A stock at rate of 1-40 share, on $6 pref. 333-100s shares class A
stock; on $6.50 pref. 3 61-100ths share class A stock.
m Payable either In cash or class A stock, at rate of one-fiftieth of a share for each
share held.
n Dividend Is schilling 1.80 per share ctf. of 20 schillings.
U Shulte Retail Stores declared 2% In stock, payable Si% quarterly.
134
§§§
•4,1:1.41¢11o2.-40.0Q
•-•
134
134
134
t•Z •-•
0a
1:000.1,-.005t.4.4,
CAC,
.0-4 •-• Co
Miscellaneous (Concluded).
144 June 1 Holders of rec. May 210
National Belles Hess Co.. pref. (quar.)
$1.50 July 14 Holders of rec. June 29a
National Biscuit, corn. (guar.)
134 May 31 Holders of rec. May 170
Preferred (quar.)
$1.50 May 15 Holders of rec. May 20
National Casket, corn
144 June 30 Holders of rec June 15e
Pref. (guar.)
62140 May 15 Holders of rec May 4a
Nat. Food Products. class A (quar.)
144 June 15 Holders of rec. June to
Lead, pref. A (quar.)
National
'13.4 May 15 *Holders of rec. May 1
National Refining, corn.(quar.)
May 15 Holders of rec. May 5a
$1
National Supply, corn. (guar.)
.87 June 15
National Transit
July 2 Holders of rec. June 19a
Voltam (Herman)Corp.. stook dividend_ el
1 Holders of rec. Sept.18a
el
Oot
Stook dividend
81.75 June 1 Holders of roe. May 15a
Newberry (J. J.) Co.. Pref. (quar.)
50e May 21 Holders of rec May 46
NewiCornella Copper (quar)
Weekly Return of New York City Clearing House.
May 10 Holders of rec. Apr 20
2
New Jersey Zinc (quar.)
50e May 15 Holders of ret. May 1
Beginning with Mar. 31, the New York City Clearing House
Nineteen Hundred Washer (guar.)
UM June 1 Holders of rec. May 26
No. Atlantic Oyster Farms. A (guar.)
Association discontinued giving out all statements previously
15e June 1 Holders of rec. May 10
North Central Texas 011 (guar.)
50c May 15 May 1 to May 14
Ohio Seamless Tube (quar.)
issued and now makes only the barest kind of a report. The
3744e. May 15 Holders of rec. May 3
Steel Prod.. tore. (quar.)
Ontario
144 May 15 Holders of rec. May 3
Preferred (quar.)
new return shows nothing but the deposits, along with
May 15 Holders of rec. Apr. 27a
$1
Oppenheim, Collins & Co.(quar.)
13.4 July 16 Holders of rec. June 30a the capital and surplus. We give it below in full:
Otis Elevator, pref. Mara
13.4 Oct. 15 Holders of rec. Sept 290
Preferred (guar.)
750. July 1 Holders of rec. June 15a STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
Owens Bottle, corn. (quar.)
144 July 1 Holders of rec. June 15a
Preferred (quan)
ASSOCIATION FOR THE WEEK ENDING SATURDAY, APR. 28 1928.
56
290 May 31 Holder of r.c Ma
Packard Motor Car Co.(monthly)
.
Ponder (D.) Grocery Co., pref. A (quar) 87340 June 1 Holders of roe. May 19
15 Holders of rec. May 5
May
$1
Time
'Surplus & No Demand
Penmans, Limited, corn. (guar.)
Deposits
Deposits
3734e May 31 Holders of rec. May 190
Undivided
*Capital.
Perfection Stove (monthly)
Clearing House
373.4e June 30 Holders of rec. June 200
Average.
Profits.
Average.
Monthly
Members.
373.4e July 81 Holders of rec. July 20a
Monthly
$
s
87340 Aug. 31 Holders of reo. Aug 20a
$
$
Monthly
3714c Sept.30 Holders of rec. Sept. 200 Bank of N.Y.& Trust Co---- $6,000,000 $12.864,800 859,526.000
18,441,000
Monthly
37)4e Oct. 31 Holders of rec. Oct. 200 Bank of the Manhattan Co-- 12,500,000 19,258.700 142,671,000
30.759,000
Monthly
37)40 Nov. 30 Holders of rec. Nov. 20a Bank of America Nat. Assoc- 6,500.000 5,398,500 104.480,000
4,434,000
Monthly
3734c Dec. 31 Holders of rec. Dec. 206 National City Bank
75.000,000 70.380.500 a888.848,000 168,164,000
Monthly
5,656,000
5,000.000 19.083.500 131.522,000
)
)14(111 4334e May 15 Holders of rec. Apr. 25
& Co.. Part 1
Pick (Albert). Barth
Chemical National Bank
"25e. May 9 *Holders of rec. May 2
47.911.000
Plymouth 011 (guar.)
National Bank of Commerce. 25.000,000 45.596.000 331.149.000
144 June 30 Holders of rec. June la Chat.Pheniz Nat.Bk.&Tr.Co 13,500,000 14,718.000 170.566,000
45,404,000
Pressed Steel Car, pref. (guar.)
May 15 *Holders of reo. Apr. 25
*2
3,009,000
5.000.000 26.440.500 127.368,000
Procter & Gamble Co., con). Mara
60 Hanover National Bank
50c May 15 Holders of rec. May
30.530,000
11,000,000 17.667,500 179.505,000
Pro-ply-lac-tic Brush, corn. (extra).- - Corn Exchange Bank
13.4 June 15 Holders of rec. May 31
12,637,000
10.000.000 25.257.600127,9.53,000
Preferred (guar.)
National Park Bank
134 JanI5'29 Holders of rec. Dec. 31. Bowery & East River Nat.Bk. 4.000,000 7.2.55,700
24.611,000
49,635.000
Prudence Co., Inc., pref.(guar.)
$1
May 15 Holders of rec. Apr. 284
19,437,000
10,000.000 84.391,300 242.537,000
Pullman, Inc., (guar.)
National Bank
144 May 15 Holders of rec. Apr 300 First Exchange Irving Tr.Co 32,000,000 31,866.200 400.271,000
61,097,000
Pullman Co.(quar.)
Amer.
1 May 11 to June 5
12 Sic June
6,957.000
516,000
1,368.800
1.000.000
Pure 011. coin. (guar.)
Continental Bank
114 May 31 Holders of rec. May la
52,167.000
50,000.000 57,470,000 b597.439.000
Quaker Oats. pref. (qua:.)
National Bank
June 1 Holders of rec. May 150 ChaseAvenue Bank
1
2,250,000
25,608,000
500,000 3,369.000
Republic Iron & Steel, coin. (quar.)_.
Fifth
134 July 2 Holders of rec. June 150
364,000
16.528,000
1,000,000 1,931.900
Preferred (guar.)
Garfield National Bank
20c May 15 Holders of rec. May 1
6,879.000
9,000,000 14.081,600 132,604.000
River Raisin Paper (quar.)
Seaboard National Bank
to June 20
500 June 20 June 1
61,360,000
37,675.000
6.000,000 6,378,800
St. Joseph Lead Mara
State Bank & Trust Co
to June 20
290 June 20 June 1
50.239,000
20,000,000 42,591,000 c348.023,000
Extra
Bankers Trust Co
50e Sept. 20 Sept.
to Sept. 20
4,334,000
58.563.000
Quarterly
5,000,000 6,015.400
U. S. Mtge. di Trust Co
25c Sept.20 Sept.
to Sept.20
2,050.000
40,992.000
10,000.000 21,767,200
Extra
Guarantee & Trust Co
Title
to Dec. 20
5014 Doe. 20 Dec.
89,248,000
Quarterly
30,000,000 37.468,300 d555,016.000
Guaranty Trust Co
to Dee. 20
25e Dee. 20 Dec.
5.053.000
44,318,000
Extra
4,000.000 3.636.800
Fidelity Trust Co
51 June 1 Holders of rec. May 150
3,927,000
20,558.000
3,000.000 3.757.000
Savage Arms, corn. (guar.)
Lawyers Trust Co
•13.1 July
2'Holders of me. June 15
32.554,000
10.000,000 23.775.200 150.487.000
First preferred (quar.)
New York Trust Co
•134 Aug. 15 'Holders of roe. Aug. 1
19,214,000
Second preferred (qua:.)
10,000,000 21.728.300 e119.473,000
L.oan & Trust Co_
Farmers
•114 May 15 'Holders of tee. May 1
35.016.000
Savage Arms Corp..2nd prof.(ialar.)---30,000,000 25,574.100 f334,414,000
Equitable Trust Co
113.4 June 1 *Holders of rec. May 15
6,859,000
28,944,000
1,400,000 3.633,800
Schulte Retail Stores, corn
87 14c June 1 Holders of roe. May 154 Colonial Bank
Schulte Retail Stores. coin.(guar.)
871.4e Sept 1 Holders of too. Aug. 150
Common (quar.)
Clearing Non-Members.
87340Dee. 1 Holders of tee. Nov. 154
3,924,000
9.875.000
Common (guar.)
1,000,000 2,017.800
Grace National Bank
e33 1-3 July 1 'Holders of rec. June 15
5.775,000
3,476.000
739,700
Sheffield Steel (payable In stook)500.000
Mechanics Tr. Co., Bayonne_
Sherwin-Williams Co., corn. ((Mara-- '750 May 1 'Holders of rec. Apr. 30
'1234e May 1 'Holders of rec. Apr. 30
Common (extra)
406,900,000 657,483,500 5,486,981,000 843,819,000
Totals
'13.4 June 1 *Holders of rec. May 15
Preferred (quar.)
75c. July 2 Holders of rec. June 14a
Simmons Company (guar.)
*As per official reports-National, Feb. 28 1928; State. Mar. 2 1928; trust comMay 15 Holders of roe. May la panies. Mex. 2 1928
2
Sinclair Consol. 011, pref. (quar.)
50c. June 15 Holders of rec. May 15a
Skelly 011 (guar.)
Includes deposits In foreign branches:(a) 5272,409,000:(b) 814,540.000;(e) $55,•30c. May 15 *Holders of rec. May 1
Smith (A.0.) Corp., corn.(quar.)
8.50,000: (d) 580.265,000; (e) $1,777,000; (f) $96,581,000.
144 May 15 Holders of rec May 1
Preferred (guar.)
1.3744 May 15 'Holders of rec. Apr. 26
Standard Investing Corp., prof
144 June 1 Holders of rec. May 11
Standard Oil (Ohio), pref. (quer.)
-In the
420. May 20 Holders of rec. May 4
(quar.)__
Boston Clearing House Weekly Returns.
Standard Sanitary Mfg.. corn.
-Warner Speedometer (qua:.)--- $1.50 May 15 Holders of rec. May 50
Stewart
750. July 2 Holders of rec. June 15a following we furnish a summary of all the items in the
(S.) & Co., Inc.(guar.)
Stroock
144 June 1 Holders of rec. May 103
Sun Oil, pref. (guar.)
Boston Clearing House weekly statement for a series of weeks:
•144 June 1 'Holders of rec. May 10
Swan-Finch 011 Corp., pro!. Mara •900. May 15 *Holders of rec. May 4
Thatcher Mfg., pref. (guar.).BOSTON CLEARING HOUSE MEMBERS.
300. June 1 Holders of rec. May 230
Thompson (John R.) Co.(monthly).._.
13.4 May 15 Holders of rec. Apr. 130
Tide Water 011, pref. (quar.)
144 May 15 Holders of rec. Apr. 256
Tobacco Products, class A (guar.)
April 18
Apra 25
Changesfrom
May 1
50c. May 10 Holders of rec. Apr. 180
1928.
Union 011 of Calif. (quay.)
1928.
Previous Week
1928.
6234e May 10 Holders of rec. May 1
Union Storage (guar.)
6234c Aug. 10 Holders of rec. Aug. 1
Quarterly
s
$
$
623.44 Nov. 10 Holders of tee. Nov. 1
Quarterly
83,400,000
83,400,000 Unchanged
Capital
4044. June 1 May 19 to
May 31
United Biscuit, corn. (guar.)
96,607.000
96,607,000 Unchanged
Surplus and profits
40e. May 11 *Holders of rec. May 1
•
United Eng. & Fdy., COM. (guar.)
Loans, dIsc'ts & invest'te- 1,160,054.000 -7,954,000 1.168.008.000
200. May 11 "Holders of rec. May 1
•
Common (extra)
+4,854,000 723.246,000
728,100,000
Individual deposits
•134 May 11 *Holders of rec. May 1
Preferred (quar.)
161,957,000 -2,047,000 164.004,000
Due to banks
United Piece Dye Works,634% pf.(qu.) 144 July 2 Holders of rec. June 206 Time deposits
291.667,000 -2,485,000 294,152,000
13.4 Oct. 1 Holders of rec. Sept. 200
63.4% preferred (guar.)
11,145,000
9.643,000 -1,502,000
United States deposits
134 Jan2'29 Holders of rec. Dec. 200
133.4% preferred (qum.)
33,857,000
41,297,000 +7,440,000
Exchanges for Cl'g House
U.S.Cast Iron Pipe & Fdy.. coin.(Qua - 2M June 15 Holders of rec. June la Due from other banks
91.364,000
89,779,000 -1.585,000
la
234 Sept.15 Holders of reo. Sept.
Common (guar.)
88.154,000
+460,000
88.614,000
234 Dec. 15 Holders of roe. Dec. la Reeve In legal deposit's..
Common (guar.)
9.333,000
-398,000
8,935,000
June 15 Holders of roe. June la Cash In bank
978.000
Preferred (guar.)
-1-615.000
1.503.000
Reeve excess In P.R.Bk_
Sept. 15 Holders of tee. Sept. la
Preferred (guar.)
Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
U.S. Dairy Products. CIA (au.)(NO. 1) $1 MILY 31 Holders of rec. May 15
-The Philadelphia Clearing House
$1 June 1 Holders of reo. May 216
Philadelphia Banks.
U.S. Hoffman Machinery (quar.)
144 July I June 21 to June 30
U.S. Print. & LIth. 2d prof. (gusx.)return for the week ending Apr. 28, with comparative figures
1)4 Oct. 1 Sept 21 to Sept. 30
Second preferred (guar.)
134 Jan 1'29 Dec. 22 to Dec-81
for the two weeks preceding, is given below. Reserve
Second preferred (guar.)
144 June 29 Holders of rec. May:31a
U.S. Steel, corn. (guar.)
for members of the Federal Reserve System
144 May 29 Holders of rec. Apr.'30a requirements
Preferred (quar.)
time deposits, all
750. May 15 Holders of rec. May la are 10% on demand deposits and 3% on
(quar.)
Vanadium Corp.
Vapor Car Heating be kept with the Federal Reserve Bank. "Cash in vaults"
13.4 June 10 Holders of rec. June in to
Preferred (guar.)
companies not
134 Sept. 10 Holders of rec. Sept. la is not a part of legal reserve. For trust
Preferred (guar.)
13.4 Dec. 10 Holders of rec. Dec. 10 members of the Federal Reserve System the reserve required
Preferred (cow.)
Sc. May 15 Holders of rec. Apr. 30a
Venezuelan Petroleum (quar.)
includes "Reserve with
June 1 Holders of rec. May 160 is 10% on demand deposits and
Va.-Carollna Chemical, pr. pf. (guar.).*750 June 1 *Holders of roe. May 15
Wayagamack Pulp di Paver (guar.)
legal depositaries" and "Cash in vaults."
8)4 July 1 June 21 to June 80
Western Grocer Co.. prof.
87)40 July 2 Holders of rec. June 5
West Kentucky Coal, pref. (quar.)
Week Znded Apra 28 1928.
2
June 1 Holders of rec. May 15
Wheatsworth, Inc., pref. (guar.)
April 14
April 25
114 June 1 Holders of rec. May 15
Two Ciphers(0 )
0
White (J. G.)& Co., pref.(guar.)
1928.
1928.
1928.
Trust
Members of
154 June 1 Holders of rec. May 15
omitted.
(J. G.) Engin'g, pref. (quar.)
White
TOWS.
P.R.System Companies.
25c May 10 Holders of roe. Apr. 14
Wilcox Oil& Gas (guar.)
290 May 15
of rec. May 1
62.800,0
Will & Bauman Candle, corn.(qua:.).. $1.25 May 15 Holders
63,300,0
63,300,0
9.500,0
53,800,0
Holders of rec. May 1
Capital
Winter (Benjamin). Inc., pref.(quar.)__
17,914,0 186,231,0 186,231,0 184.415,0
168,317,0
Surplus and profits
Wire Wheel Corp. preferred (quar.)___ 31.75 July 1 Holders of reo. June 20
1,131,944.0 1,125,571.0
81.75 Oct. 1 Holders of too. Sept.20
Loans, disc'ts & Invest. 1,019.736.0 103,107,0 1,122.843,0
Preferred (quar.)
42,665.0
47,155.0
42,300,0
1,020.0
41,280,0
$1.75 Jan.1'29 Holders of roe. Dec. 26
Exch. for Clear. House
Preferred (quar.)
99,050,0 100.403,0
93.998,0
422.0
93,576,0
150. May 15 Holders of rec. May 5
Due from banks
Wolverine Portland Cement (quar.)____
3.273.0 136.240,0 141.607,0 142,170,0
132,967,0
$1.25 June 1 Holders of roe. Apr. 26
Bank deposits
W.) 00 (qua:.).
Woolworth (F.
53,016.0 681,584,0 698.731,0 691,490,0
628,548,0
50c. May 31 Holders of rec. May 150 Individual deposits
Wright Aeronautical Co. (guar.)
29,756.0 233,062,0 230.201.0 224.518.0
203,306.0
25e June 1 Holders of rec. May 20a Time deposits
Wrigley (Wm.) Jr. Co.(monthly)
86,045.0 1,050.866.0 1.070.539.0 1,058,178,0
964,821,0
25e July 2 Holders of rec. June 206 Total dePosIts
Monthly
10.016,0
9,400.0
8,599.0
8.599,0
256 Aug. 1 Holders of rec. July 20a Res. with legal dermaMonthly
72.841,0
71,950,0
71,473.0
71,473,0
May 31
Res. with F. R. Bank.
Cab, Corn. A (mthly)_ 62-3e June 1 May 26 to
12,344,0
12,174,0
12,475,0
Yellow & Checker
2,773,0
9,401,0
1 June 28 to June 30
6 2-30 July
Cash In vault"
95,201,9
Common elm A (monthly)
92,246.0
93,825,0
11,372.0
80,874,0
62-3c Aug. 1 July 28 to July 31
Total res. & cash held82,504,0
Common class A (monthly)
81.253,0
81.812.0
10.458.0
70,795,0
6 2-3c Sept. 1 Aug. 26 to Aug. 31
Reserve required
Common class A (monthly)
6 2-3c Oct. 1 Sept.26 to Sept. 30
Excess reserve and cash
Common class A (monthly)
12,697,0
10,993.0
12,013.0
914,0
10,079,0
6 2-3c,Nov.
Oct. 28 to Oct. 81
In vault
(monthly)
Common class A
Federal Reserve members.
6 2-3e'Dec. 1 Nov. 26 to Nov. 30
• Cash in vault not counted as reserve for
Common class A (monthly)
2754
FINANCIAL CHRONICLE
[VOL. 126.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 3,
of the twelve Reserve banks at the close of business on Wednesday. In the first table we presentand showing the condition
the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the
The second table shows the resources and liabilities separately for each of the twelve banks. corresponding week last year.
Accounts (third table following) gives details regarding transactions in Federal Reserve notes The Federal Reserve Agents'
between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's
latest week appears on page 2726, being the first item in our department of "Current Events and comment upon the returns for ths
Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
THE CLOSE OF BUSINESS MAY 2 1928.
1
tray 2 1928.1,4pr. 25 1928. Apr. 18 1928. Apr. 111928. Apr. 4 1928. Mar.28 1928. Mar.
21 1928. Mar. 14 1928. May 4 1927.
RESOURCES.
$
3
S
$
I
5
Gold with Federal Reserve agents
1,190,083,00011,207,703,000
Gold redemption fund with U.S. Treas. 59,661,000i 59.090,00011,279,070,000 1,287.089,000 1,247.059,000 1.331,263.000 1,393.893.000 1,369.178,000 1,571,158,000
50,671,000
57,383,000
58,841.000
50,652,000
48.560,000
58,576,000
50,456,000
Gold held exclusively agst. F.R.notes 1,249,744,00011,266.793,000 1,329,741,000 1,344,472,000 1,305,900.000
1,381,915,000
Gold settlement fund with
859,878,0001 835.001.0001 773,029,000 750.575,000 794,067.000 714,989,000 1.442,453,000 1,427,754,000 1,621,614,000
R.Board
684,561,000 735,014,000 694,657,000
Gold and gold certificates held by banks.. 599,808,000, 621,479.000 616,668,000 653,750,000 643,562,000
663.059,000 648,757,000 625,649,000 727,632,000
Total gold reserves
2,709,430,000 2,723,273,000 2.719,438.000 2,748,797,000 2,743,529.000 2,759,963,000 2,775,771,000
Reserves other than gold
159,020,0001 162.551,000 165,087 000 163,864,000 164,442.000 170,544,000 170,060.000 2.788.417.000 3,043,903,000
168,300,000 162,728,000
Total reserves
2,868,450,00012,885,824,000 2,884.525.000 2,912,661,000 2,907,971,000 2,930.507,000
2,945,831,000 2,9513.717,000 3,206,631,000
Non-reserve cash
62,790,000
65,499,000
67.115,000
67.323.000
61,504,000
67.786,000
68.045,000
70,013,000
60,430,000
Bill, discounted:
Secured by U. S. Govt. obligation,
510,252,000 462,771,000 391,580.000 391,357,000 350,602,000 322,034.000
Other bills discounted
246,802,000 246,302,000 228,037,000 227,322,000 250,874,000 202,062,000 285.371,000 285,25,000 308,583,000
191,607,000 187,041,000 199,059,000
Total bills diecounted
757,054,000 709,073.000 619,617,000 618.679.000 601,476,000 524,096.000 476,978,000
Bills bought in open market
363,101,000 365,841,000 350,756,000 361,595.000 343,636,000 346,103.000 332,728.000 472,296,000 507,642,000
343.326.000 244,220,000
U. S. Government securities:
Bonds
54,880,000
55,237,000
56,609.000
56,559,000
56,233,000
55,711.000
57,330,000
58,807.000
69,598,000
Treasury notes
100,886.000 107,560.000 123,124,000 151,763,000 163,947.000 163,112.000 171,792,000
90,957,000
Certificates of indebtedness
136,536,000 141.958,000 161.003,000 169,644,000 163.052,000 166,509.000 156,139,000 193,421,000
148,659,000 155,724,000
Total U. S. Government securities_ 292,302,000 304,755,000 340,686,000 378,016,000 383.232.000
38.5,832.000 385,261.000 400,887,000 316,279,000
Other securities (866 note)
990,000
990,000
990,000
990.000
990.000
990,000
500,000
1,000.010
1,800,000
Total bills and securities (see note)__
1,413,447,000 1,380,659,000 1,312,049.000 1,359,280,000 1,329,334,000 1.257,021,000 1,195,467,000
1.217,509,000 1,069.941,000
Gold held abroad
Due from foreign banks (see note)
570,000
570,000
570,000
570,000
570.000
570,000
569,000
579.000
660,000
Unoollected items
697,387,000 633,613,000 755,687,000 660,197,000 674,074,000 595,975,000 676,071,000
744,469,000 676,857,000
Bank premises
59,421,000
59.409,000
59,375,000
59,378,000
59,274,000
59.264,000
59.2134,000
59,265.000
58,614,000
• All other resources
10,122,000
9.677.000
10,396,000
9,452,000
10.131.000
9,826,000
9,222.000
12,159,100
12,954,000
Total resources
5,112,187,000 5,035,251,000 5,088,984,000 5,069,594,000 5,042,858,000 4,920,951,000
4,954,469.000 5,060,702,000 5,086,087,000
LIABILITIES.
F. R. notes In actual circulation
1,590,639,000 1,572,612,000 1,582,014,000 1,588,769,000 1.601.010,000 1.567,052,000
1,565,286,000 1,574.114,01'0 1,720,754,000
Deposits:
Member banks—reserve account
2,441,860,000 2,417,377,0002.392,347,000 2,432,311,000 2,400,808,000 2,357,143,000
2,322.237,000 2,362,424,000 2,326,222,000
Government
20,000,000
33,587.000
6,303.000
19,195,000
9,980,000
24.757.000
14,863,000
18,975,000
13,445,000
Foreign banks (see note)
6.317,000
5,377,000
5,661.000
7.291,000
5.310,000, ,
4,502.000
4,305,000
4,945,000
Other deposits
25,344,000
18,278.000
18.955,000
19,644,000
18,889,000
17.308.000
18,102,000
17,222,100
44,684,000
Total deposits
1,493,521,000 2,474,619,000 2.423,266,000 2.478,441,000 2,434,987.000 2,404,215,000
Deferred availability items
640,996,000 600,791.000 697,397,000 616.919,000 623,648,000 566,358.000 2,359,704,0002,402,926,000 2,389,296,000
Capital paid in
137.605,000 137,613.000 137,606,000 137,145.000 135,731.000 136,150.000 646,319,000 701,004,000 605,250,000
Surplus
233,319,000 233,319,000 233,319,000 233,319,000 233,319,000 233.319,000 136,642,000 136,456,000 128,962,000
233,319,000 233,319,000 228,775,000
All other liabilities
16,107.000
16,297,000
15,382,000
15.001 000
14,163,000
13,857,000
13.199,000
12,883.000
13,050,000
Total liabilities
1,112,187.000 5,035,251.000 5,088,984,0006,069.504,000 5,042,858,000 4,920,951,000
4.954,469,000 5,060.702.000 5,086,087,000
Ratio of gold reserves to deposits ane
F. R. note liabilities combined
66.3%
67.3%
67.9%
67.8%1
68.0%
69.5%
70.7%
70.1%
Ratio of total reserves to deposits and
74.1%
F. R. note liabilittes combined
70.2%
71.3%
72.0%
71.6% 1
72.1%
73.8%
75.1%
74.3%
Contingent liability on bills purchased
78.0%
for foreign correspondents
261,449,000 261,543,000 262,645,000 242.373,000 242.084,000
243.009 243,975,000 239.660.000 148,990,000
Distribution Si' Maturit4co$
$
1-15 days bills bought in open market. 110,901,000 120,797,000 128,163,000 163,852,0001
150,047,000 167,981,000
1-15 days bills discounted
634,766,000 585,962,000 504,323.000 515.987,000 507,860 000 442,928,000 151,818.000 142,960,000 129,307,000
400,982,000 399,259,000 416,986,000
1-15 days U. S. certif. of indebtedness_
5,077,000
4.100,000
5.790,000
3,425,000
940 000
509,000
435,000
10.732,000
1-15 days municipal warrants
16-30 days bills bought in open market _
80,308,000
68,806,000
60,536,000
61,176,000
75,649,000
77,976,000
79,257,000
89,780,000 .59,553,000
16-30 days bills discounted
28,840,000
26,741,000
27,325,000
23,930,000
23,851,000
18.629,000
17,721,000
18,104,000
16-30 days U. S. certif. of Indebtedness.
20,942,000
16-30 days municipal warrants
31-60 days bills bought in open market
99.557,000
83,644,000
68,287,000
58,903,000
57,775,000
58,788,000 64,963,000
75,281.000
31-60 days bills discounted
41,594,000
50,603.000
50,317,000
47,999,000
40,831,000
36,347,000
32,801.000
32,557,000
31.442,000
81-60 days U. S. certif. of Indebtedness_
35,094,000
11,042,000
15,242,000
23,028,000
31-60 days municipal warrants
53,877,000
61-90 days bills bought in open market.
64,146,000
82,147,000
86,713,000
73,968,000
54,808.000
35,457,000
31,771,000
30,661.000
61-90 days bills discounted
10-906-000
27,955.000
31.899,000
28,708,000
27.689,000
23,957,000
20,294,000
16,911,000
15,152,000
19,205,000
61-90 day, U. 8. certif. of Indebtedness_
1,773,000
2,000
1,692,000
5,820,000
61-90 days municipal warrants
Over 90 days bills bought In open market
8,189,000
10,447,000
7,057,000
3,696,000
5,357,000
5,901,000
4,919,000
4,644.000
Over 90 days bills discounted
2,860,000
14,890,000
14,154,000
11,262,000
10.242.000
9,461,000
9.244,000
8.807,000
8,339,000
15,415,000
Over 90 days certif. of indebtedness
120,417,000 122,616,000 132,185,000
162,110,000 164,108,000 149,884,000 137,927.000
Over 90 days municipal warrants
111,847,000
1
1
F. R. notes received from Comptroller__ 2,798,800,000 2,795.282.000 2,802,933,000 2,823,286,000 2,812,162,000
F. R. notes held by F. R. Agent
847,935.000 845,835,000 845,875,000 853,334,000 853,110,000 2,823,560,000 2,840,840,000 2.850.263,000 2,967,460,000
869,300,000 875,450.000 879,465.000 857,388,000
Issued to Federal Reserve Banks
1,950,865,000 1.949,447,000 1,957,058.000 1,969,952,000 1,959,052,000 1,954,260,000
1,965,350,000 1,970,798.000 2,110,072,000
How Secured—
116,241,000 415,242,000 413,841,000 413,841,000 414,140.000
By gold and gold ccrUflcates
414,140.000 414,140,000 414,840,000 409,605,000
106,749,000
Gold redemption fund
91,083.000
99,360,000
95,943,000 100.639.000
99.152.000
91,366.000
88,454,000
92,139,000
667,093,000 701,378 000 765,869,000 777,305,000 732.280,000 817,971.000
Gold fund—Federal Reserve Board
1,076,904,000 1,024,456,000 917,412,000 928,547,000 910,945.000 839,382.000 888.387,000 865,884,000 1,069,414,000
By eligible paper
780,579,000 778,352,000 715,324,000
2.266.987,000 2,232.159.000 2.196,482,000 2,215,636,000 2,158,004,0002,17.645,000
Total
2,174.472,000 2337.844,000 2,286,482,000
NOTE.—Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separately the
amount of balances held abroad and a mounts due
so foreign correspondents. In addition, the caption.'All other earning assets," previously made up of Foreign Intermediate Credit hank
debentures, was changed to
"Other securities." and the caption. "Total earning assets" to "Total bills and securities." The latter term was adopted aa a
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which. more accurate description of the total of
It was stated, are the only item' included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
CLOSE OF BUSINESS MAY 21928.
Two ciphers (00) omitted.
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicaoo. St. Louis.
federal Reserve Bank of—
Minneap. ICan.City. Dallas, San Frau,
—
RESOURCES.
$
$
5
3
5
$
I
3
$
3
S
$
$
Gold with Federal Reserve Agent 1,190,083,0 71,758,0 228,315.0 93.678,0 152,723,0 41,720,0 101,528,0 215,932,0
25,104,0
Gold red'n fund with U.S. Trees
59,661,0 6,061,0
14,822,0 8,854,0 4,226,0 1,869,0 3,901,0 6,383,0 4,288,0 38,920,0 43,327,0 16,290,0 160,788.0
3,158,0 2,371,0 1,234,0 2,994,0
Gold held excl. agst• F.R.not 1,249,744,0 77,819,0 243,137,0 102,532,0 156,949,0 43,589,0 105,429,0 222,315.0
Gold settle't fund with F.R.Boar
859,878,0 83,760,0 363.676,0 46.690,0 57,858.0 10,424,0 10,623,0 147.082,0 29,392.0 42.078,0 45,698.0 17,524,0 163.282,0
Gold and gold certificates
599,808,0 25,168,0 370,890,0 24,971,0 37,426,0 10,726,0 10.344,0 53,926,0 26,583,0 16.858,0 29.928,0 19,874,0 146,522,0
11.868,0 4.786,0 6,225,0 14,116,0 29,362.0
Total gold reserves
2.709,430,0 186,747,0 977,703,0 174,193,0 252,233,0 64,739,0 126,396,0 423,323,0
67,843,0 63,722,0 81,851,0 51,514,0 239,166,0
Reserves other than gold
159,020,0 14,971,0
32,387.0 7,197,0 14.717,0 11,190,0 15,669,0 18,407,0
13,475,0 3.120,0 7,143,0 9,620,0 11,124,0
—
Total reserves
2,868,450,0 201,718,0 1,010,090.0 181,300,0 266,950,0 75.929,0 142,0135,0
441,730,0
Non-reservecash
19,688,0 2,225,0 4,905,0 4,910,0 4,719,0 8.300,0 81.318,0 66,842,0 88,994,0 61,134,0 250,290,0
62,790.0 5.075,0
3,949.0
953.0 1,766,0 2,696,0 3,603.0
Bills discounted:
See. by U. S. Govt. obligations 510,252,0 20,861,0 200,573,0 34,975,0 43,429,0 12,304,0 17,722.0 70,846,0
Other bills discounted
246,802.0 20,024,0
48,682,0 16.002,0 20,919,0 28,455,0 31,430.0 26,300,0 20,063,0 10,523,0 15,230,0 3,594,0 56,132,0
18,131,0 4,236,0 10,486,0 6.301,0 15.836,0
Total bills discounted
757,054,0 90,885.0 249,255,0 54,977,0 64,348,0 40,759,0 49,152,0 97,146,0
Bills bought in open market
84,963,0 34,655,0 36,314.0 16,290.0 20,237,0 47,626,0 38,194,0 14,759,0 25,716,0 9,895,0 71,968,0
41,689,0
363,101,0
3.044,0 18,894,0 16,056,0 16,584,0 26,754,0
U. S. Government securities:
•
Bonds
585,0
54.880,0
1,434,0
707,0
505,0 1,153.0
43,0 20,817,0 7.125,0 4,518,0 10,140,0 7.815,0
38,0
Treasury notes
14,998,0 9,898,0 28,048,0
100 886 0 2,676,0
926,0 3,348,0 5,386,0
Certificates of Indebtedness
36,459,0 16,025,0 10,855,0 3,271,0 3,440,0 19,001.0 11,264.0 4,405,0 3,257,0 4,057,0 12,623.0
136;53 ;0 9,457,0
6
6,238.0 4,733,0 8.749,0 7.779,0 10,529.0
—
Total U. 8. Gov't securities
.OUh,U
L0,SSU.0.
.
•
1
•
•
.
.
l.),000,U
MAY 5 1928.]
FINANCIAL CHRONICLE
RESOURCES (Condo:tapTwo ciphers (OM matfett
Total.
Boston.
Diller securities
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
Another resources
New York.
Phila.
$
5
990.0
$
$
2755
Cleveland. Richmond Atlanta. Chicago. St. Louis. Attnneay. Kan.Ctly.
Dallas. Sas Pram.
$
5
s
s
$
$
$
8
8
990,0
1,413,447.0 95,409,0
570,0
37,0
697,387,0 71.308.0
59,421.0 3,824,0
10,122,0
60,0
387,109,0 116,140,0 140.070,0 62,399.0 76,220,0 189,976,0 65,865,0 48,299.0
63,918,0 46,130.0 121,912,0
217,0
47,0
51,0
25,0
21.0
68,0
21.0
13,0
18.0
17,0
35.0
200,850,0 57,010,0 62,777,0 51,771,0 24,029,0 90,511.0 30,175,0 12,261,0
16,549,0 1,756,0 6,865,0 3,272,0 2,832,0 8,720.0 3,392,0 2,202,0 37.500,0 24,130,0 35,065,0
4,308,0 1824.0 3,377,0
2,505,0
149,0 1,202,0
395,0 1,374,0
838,0
626,0
898,0
564,0
424.0 1,087,0
Total resources
5,112,187,0 377,431,0 1,637,008,0 358,717,0 432,821,0 198,701,0 251.260,0 740,143,0
185,846,0 131,468,0 197,068,0 136,355,0 415,389,0
LIABILITIES.
F. R. notes in actual circulation_ 1,590,639,0 124,615,0 343,753,0 125,448,0 192,370,0 57,620.0 142,250,0
247,909,0 53,251,0 56,621,0 56,742,0 33,013,0 157,047,0
Deposits:
Member bank-reserve awl 2,441,860,0 155.698,0 989,042,0 142,205,0 187,139,0 69,841,0
70.406,0 352,905,0 83,489,0 51,460,0 90,054,0 64,716,0 184,905,0
Government
20,000,0 1,792,0
474,0 1,881,0 1,655,0 1,899,0
1,922,0 4,467,0
657,0 1,055,0
646.0
558,0 2,994,0
Foreign bank
6,317,0
461,0
1,906,0
584,0
639,0
313,0
258,0
854,0
264,0
166,0
221,0
215,0
436,0
Other deposito
25,344,0
114,0
16,549,0
127,0 1,108,0
103,0
185,0 1,038,0
322,0
286,0
645,0
37.0 4,830.0
Totaldeposits
2,493,521,0 158,065,0 1,007,971,0 144.797,0 190,541,0 72.156,0
72,771,0 359.264,0 84,732.0 52,967,0 91,566,0 65,526,0 193,165,0
Deferred availability items
640,996,0 65,997.0 175,607,0 52,126,0 59.825,0 49,331.0 20,338,0
79,325,0 31,192,0 10,821,0 34,804,0
Capital paid In
137,605,0 9,879,0
42,545,0 13,738,0 14,257,0 6,252,0 5,191,0 18,133,0 5,323,0 3,030,0 4,233,0 24,480,0 37,150,0
4,321,0 10,703,0
3urplus
233,319,0 17.893,0
63,007,0 21,662,0 24,021,0 12,324,0 9,996,0 32,778.0 10,397,0 7,039,0
9,046,0 8,527,0 16,629,0
Another liabilities
16,107,0
982,0
4,125,0
946,0 1,807,0 1,018,0
714,0 2,734,0
951,0
990,0
677,0
488.0
675,0
Totalliabilitles
5,112,187,0 377,431,0 1.637,008,0 358,717,0 482,821,0 198,701,0
251,260,0 740,143,0 185,846,0 131,468,0 107.068,0 136,355,0 415,369,0
Memoranda.
Regerre ratio (percent)
70.2
71.4
74.7
67.1
69.7
58.5
66.1
72.8
58.9
61.0
60.0
Contingent liability on bills pur62.0
71.5
chased for foreign correepondls 261,449,0 19,610,0
73,712,0 24,840,0 27,193,0 13,335,0 10,982,0 36,345,0 11,243,0 7,060,0
9,413,0 9,152,0 18.564,0
F. R. notes on hand (notes reed
from F. R. Agent less notes In
niermintinn
:Inn 99A n 90 4Rn n 111 soc n 97 nln n SQStcn 152 271 n 9Q 1S7 n AA
607 n OCLOO A n9n n R zw, n A AQA n icon;
I
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL
RESERVE AGENTS AT CLOSE OF BUSINESS MAY 2 1928.
Federal Reserve Agent at-
Total.
Boston.
New York.
Phila, Cleveland. Richmond Atlanta. Chicago. St. Louis. Mtnnsay.
Kan.Ctly.
$
$
$
$
$
$
$
3
$
740.068,0 175,778,0 260,016,0 101,408,0 232,497,0 427,146,0 81,929,0 79,506,0
101,164,0
284,720,0 22,700,0 39,430.0 25,414.0 62,090,0 132,730,0 19,030,0
16,859,0 36,030,0
455,348,0 153,078,0 220.586,0 75,994,0 170,407,0 294,416,0 62,899.0
62,647,0 65,134,0
Two ciphers (00) omitted.
$
$
1.R.notes reed from Comptroller 2,798,800,0 230,445,0
F.R.notes held by F. R. Agent__ 847,935,0 85,350,0
F. R.notes issued to F. R. Bank 1,950,865.0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificate,.... 416.241.0
Gold redemption fund
106,749,0
Gold fund-F.It. Board
667,093,0
EligIblepaper
1,076,904,0
Tetalcollateral
2 266 987 n
145,095,0
35,300,0
18.458,0
18,000,0
82,569,0
154 327
Dada. San Pro,,
$
$
62,091,0 306,752,0
22.382,0,101,200,0
39,709,01 205.552.0
205.150.0
50.000,0 31,021,0 20,000,0
8,300,0 14,167,0
12,303.0 40,000,0
18,165,0 10,701.0 12,723,0 6,199.0 8,528,0 2,932,0 2,304,0
1.753,0 2,467.0
5,000,0 82,977,0 90,000,0 4,500,0 73,000,0213,000.0 14,500,0 23,000,0 40,890.0 2,987.0 19,532,0
1,000,0 101,256.0
303,311,0 79.118,0 98.687,0 54,042,0 69,132,0 144,644,0 40,318,0 33,597,0
41,534,0 26,361,01 98,591,0
6511 11911 0179 7001 n 9S1 410 n ex 709 n 170 Ran n 200 A70 0 AS 4990 79 x17
n 04 061 0 426.610 250 270 n
n
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving
the
and liabilities of the 644 member banks from which weekly returns are obtained. These principal items of the resources
figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the
statement were given in the statement
Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523.
of
The
of the
for the latest week appears in our department of "Current Events and Discussions,"comment 27211, Reserve Board upon the figures
immediately following which
also give the figures of New York reporting member banks for a week later. on page
we
PRINCIPAL RESOURCES AND LIABILITIES OF ALL
REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
AS AT CLOSE OF
BUSINESS APRIL 25 1928 (In thousands of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas.
San From
S
s
s
$
3
3
3
$
693.124 623,645 3,221,336 720,368 382,048 675,283
443,772 1,970,674
beans and investments-total
$
$
$
$
$
22,338,396 1,587,763 8,605,669 1,225,179 2,184,535
Loans and discounts-total
15,722,013 1,094,624 6.196,313
804,552 1,448,368
521,211
504,169 2,294,696
499,162
249,150
438,407
335,279 1,336,082
5,274
63,601
426.041 3,031,176
663,309 3,101.536
8,406
439,601
356.545
14,608
690,425
773,335
2,846
176,947
341,418
5,055
20,352
126,220 1,009,912
372,894 1,264,432
4,227
202,634
292,301
2,467
70,475
176,208
3,566
126,260
308,581
3,475
86,177
245.627
6,616,383
4,786
371,858
959,438
493.139 2.409,356
420,627
736,167
171.913
124.476
926,640
221,206
132,898
U. S. Government securities_ - _ - 3,001,841
Other bonds, stocks and securities 3,614,542
236,876
108,493
634,592
190.948 1,154,674
302,191 1,254,682
115,451
305,176
326,621
409,546
75,837
96,076
61,509
62,967
380,365
546,275
86,304
134,902
68,388
64,510
110,000
126,876
77,149
31,344
354,595
279,997
82,467
13,914
134,225
29,286
40,235
12,116
41.253
10,758
268,794
39,546
49,480
6,989
26,155
5.512
53,925
11,907
31,945
8,523
115,561
22.347
365,346
248,777
4,064
331,288 1,832,439
239,235 1,263,703
8,771
14,552
401,641
248.069
2,944
218,146
133,687
1,410
500,452
177.603
2,769
Secured by U.S. Gov't oblige's
138,663
Secured by stocks and bonds.
6,727,726
All other loans and discounts.... 8,855,624
Investmentstotal
Reserve balances with F. R. Bank._
cash in vault
Net demand deposits
'rime deposits
Government deposits
Due from banks
Due to banks
1,803,679
243,389
104,947
18,154
849,692
64,337
13,742,309
6,877,917
117,100
964.238 6,175,484
505,710 1.672.613
8,624
38,682
764,736 1,059,263
296,849 961,991
6,463
8,475
1.131,946
3,304,075
59,879 160,925
152,665 1.282,572
56.473
182.304
94,179
228,789
49,112
99,641
67,102
111,279
232,741
511,463
50,167
120,678
42.624
93.834
112,822
208,867
58,642
98,933
Borrowings from F. R. Bank-total
Secured by U.S. Gov't obliga'ns_
All other
292,283 836.993
121,183 1,008,527
4,958
15,388
147.280
213,050
545,007
26,474
207,468
22,607
45,585
19,810
30,595
77.784
21,939
11.530
14,376
386,139
158,868
6,695
17,613
8.861
60,144
151,911
55,557
15,880
6,727
29,100
16,485
5,203
14,607
14,236
16,359
57,430
20,354
16,019
5,920
10,320
1.210
644
7,895
6,481
2,857
3,838
57,675
2.469
36
80
49
71
nn
29
.19
90
94
04
di
50
Number of reporting banks
Condition of the Federal Reserve Bank of New
York.
The following shows the condition
of the Federal Reserve
comparison with the previous week and the corresponding dateBank of New York at the close of business May 2 1928, in
last year:
Resources
Gold with Federal Reserve Agent
Gold redernp. fund with 13.8. Treasury_
May 2 1928. Apr. 25 1928. May 4 1927.
228,315,000
14,822,000
228,393.000
16,294,000
352,192,000
13,958,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates hold by bank.
243,137,000
363,676,000
370,890.000
244,687,000
314,345.000
387.244,000
366,150,000
245,434,000
476.641,000
Total gold reserves
Reserves other than gold
977.703,000
32,387,000
916,276,000 1,088,225,000
32,966,000
32,216,000
1,010,090,000
Total reserves
19,688,000
Non-reserve cash
Bills discountedSecured by U.S. Govt. obligations.... 200,573,000
48,682,000
Other bills discounted
979,242,000 1,120,441,000
19,762,000
13,967,000
173,310,000
69,307,000
119,484,000
44,664,000
Total bills discounted
13111s bought in open market
U.S. Government securities
Hoods
Treasury notes
Certificates of indebtedness
249,255,000
81,963,000
242,617,000
95,264.000
164,148,000
62,435,000
1,434,000
14,998,000
36,459,000
1,434,000
14,742,000
38.459,000
7,317,000
12,937,000
34,309,000
Total U.S. Government securities__
52,891,000
54.635,000
54,563,000
Total bill,and securities (See Note)._
337,109,000
392,516,000
281,146,000
Resourca (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
May 2 1928. Ayr, 25 1928. May 4 1927'
s
$
$
217,000
200,850,000
16,549,000
2,505,000
217,000
173,644,000
16,548,000
1.896,000
660,000
177,822,000
16,276,000
3,144,000
Total resources
1,637,008,000 1.583,825,000 1,613,456,000
Lta5tItti 5
Fail Reserve notes in actual circulation
Deposits-Member bank, reserve acct.. 343,753,000 335,683.000 411,237,000
Government
989,042,000 971.935.000 917,971,008
Foreign bank (Be, Note)
474,000
3,970,000
2,258.000
Other deposits
1,906,000
714,000
1,611.000
16,549,000
8,881,000
37,706,000
Total deposits
Deferred availability items
1,007,971.000 985,500,000 959,546,000
Capital paid in
175,607,000 152.881,000 139,243,000
Surplus
42,545,000
42,545,000
38,761,000
All other liabilities
63,007,000
63,007.000
61,614,000
4,125,000
4,209,000
3,055,000
Total liabilities
Ratio of total reserves to deposit and
Fedl Reeve note liabilities combined..
Contingent liability on bills purchased
for foreign correspondence
1,637,008,000 1,583,825,000 1,613,456,008
74.7%
74.1%
73,712,000
72,730,000
81,7%
42,851,00
-Beginning with the statement of Oct. 7 1925, two new Items were added
G
NOTE.
in order to show separately the amount of balances held abroad
and amoun1S due to
foreign correspondents. In addition, the caption "All other earning assets." previously made up of Federal Intermediate
Credit bank debentures. was
caption "Total earning assets" to "Total bills and securities."
uritles," and the
..other
The latter term was adopted as more accurate
changed to
a
description of
discount acceptances and securities acquired under the Provisions of Sections 13 and 14 of the Federal Reserve Act, which,
the total of tilt
it was stated, are the only items ;ncluded therein. .
[Vol.,. 126.
FINANCIAL CHRONICLE
2756
New York City Banks and Trust Companies.
(All prices dollars per share.)
Vaulters' IJi azettto
Wall Street, Friday Night, May 4 1928.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is guven this week on page 2744.
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 May 4.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
I
Highest.
Lowest.
Highest.
per share.; per share.
Par. Shares $ per share. It per share.
Railroads—
Apr
M 231
Apr 3 223
30231
Apr
10 231
Albany&Susquehannal00
Apr 28 334 Feb 331 Apr
Atch Top & $ Fe Rts_ _ _ 6,600 3% Apr 28 3% Apr 28 58
Apr
Feb 82
May 1 81
79
100
Boston &Maine
Apr
Feb 86
Apr 30 79 Apr 30 60
1: 79
Buff Roth de Pitts_ _ _100
Apr
60 64K Apr 28 69 Apr 30 6231 Jan 69
Canada Southern__.100
Jan
Feb 96
Apr 30 94
Apr 30 96
80 96
100
Car Ci &0
May
Feb 15
May 2 6
Chic & Alton ctfs_ _100 700 735 Apr 28 15
Apr
Apr 315
May 1 300
May 1 300
100300
C C Cde St Louls100
Apr
Mar 120
May 3 109
May 3119
10 119
100
Preferred
Jan 8134 May
May 4 81% May 3 78
30 80
Chic Ind & St L pref..100
Mar
10 60 May 4 60 May 4 60 May 6.5
Het & Mack prat- - _100
Feb
Mar 13
100 10H May 1 log May 1 10
*
Havana Elea Ry
Mar 6935 May
100 200 66H Apr 28 69h May 3 64
Preferred
Apr
Feb 410
May 1 345
May 1 399
20 390
100
Hocking Valley
Apr
Apr 30 8134 Jan 86
Apr 30 85
60 84
III Cent leased line__ _100
Apr
Jan 82
Apr 30 80
160 81H May 3 82
RR secured stk ctf_ 100
Mar 5% Mar
100 700 5 Apr 30 534 May 3 2
Central
Iowa
1335 May 2 334 Feb 635 May
Minneap & St Louls_10040,800 4 May 1 194
Jan
May 4 12534 Mar 200
May 1
Nash Chatt & St L _10 240 187
4,100 7 Apr 301 8 May 2 335 Feb 831 Apr
Nat Rys of Mex 1st pf100
Ap 14735 Apr
147H Apr 3 125
New On Tex & Mex_100 5,600 34% Apr 28 10
Apr
12
May 3 731 M
May 3
100 200 10
N Y State Rys
Apr 2534 Apr
May 1 22
May 1 25
10 25
Pacific Coast 2nd pf.100
70
Jan
M
May 4 48
May 4 48
101 48
100
1st preferred
235 Apr
1398001 231 May 2 235 Apr 28 131 Ap 108
Penn RR Rts
Feb
Ap
107 Apr 30 107
80 107 Apr 30
Pitts CC & St Louls.100
Apr
1016431 May 2 16435May 2 16131 Feb 167
PlttsFtW&CblpLJOO
234 Mar
Apr 30 2 Apr 8 134M
St Louis San Fran rights_ 23,200 131May 24 13834 Apr 28 100
Jan 15934 Jan
So Ry M & 0 ctfs-100 770 128
Indus. & Miscel'.
Am Metal pref(6)__ _100 2,000 114%
10 107
Am Wholesale prat_ _100
30 9131
Barnet Leather pref_100
90 11835
Brown Shoe pref._ _ _100
Bucyrus-Erie pref(7) 100 200 117
700 931
Christie-Brown rights_ _ _
40 145
100
City Investing
_ _100 400 9835
Cons Cigar pf(6
Continental Can rights__ 21,500 1
Container Corp Cl A._20 28,100 3135
*54,100 16
Class B
200 10031
Crown W'mette 1st pf_*
17,200 12
Curtiss Aero rights
50 114
Cushman's Sons prat _ _•
Cutler-Hammer Mfg_100 2.7001 5635
Apr 30 116
May 2 107
May 3 9135
Apr 2811834
May 3,117
May 41 934
May 3 145
May 240055
May 4 135
May 4 36
May 4 1934
May 110031
Apr 28 1835
Apr 30 115
May 1 5835
Apr 11635
May 3 112
Apr 110
May 2 104
May 3 91H May 10535
M 120
Apr 28 117
May 3 110% M 117
Ap 10
May 1 9
Mar 150
May 3 140
Apr 28 9835 May 102%
May 1%
May 4 1
Apr 3 21% Mar 36
1934
Apr 30 10H M
Apr 28 96H Jan 10134
May 4 6%, Apr 18H
May 1 112H Feb11635
Apr 30 56H May 60
Apr
Feb
Mar
Jan
Apr
Apr
Apr
Apr
May
Apr
Apr
Mar
May
Mar
Apr
32.800 86
Drug Inc
130 2634
De Beers Cons Mines _
Debenham Securities _ 2,600 47
10 45
Durham Hosiery pref 100
Eisenlohr Bros pref_ _100 31 95
170 14
Elk Horn Coal pref_ _ _50
Emerson Brant clB _ _ _ _* 800 734
DUI Phen Fir Ins new_10 9,000 89
100 106
First Nat Pic 1st pf_ _100
20 11235
Franklin Simon pref_100
May 1 9132
Apr 30 27
May 2 4835
May 4 45
May 4 9634
May 1 15%
May 3 gh
May 1 91
May 2 106
May 1 11235
May 3 80
May 2 26H
May 4 47
May 4 45
May 2 8834
May 2 14
Apr 28 2%
May 4 89
May 2 10534
May 1 111
Mar 9134
Ap 27H
May 4934
Apr 46H
Jan 10034
Ap 19
9
Ap
Apr 9134
Jan 109
Jan 113
May
Mar
Apr
Jan
Feb
Feb
Apr
Apr
Feb
Feb
General Gas & El cl B__• 600 4655
Gen Ry Signal pref100 160 11034
Graham-Paige etfs____* 4.4001 3155
2010831
Gulf States St 1st pf_100
901 29
Hackensack Water pf_25
20 27
25
Preferred A
35
43.000
Cement Rts
Int
100 122
,
John-Manvil. pref_ _100
Jones Bros Tea etfs____Y 2,000 31
Keith-Albee-Orpheum _* 5,900 16
100 4,400 80%
Preferred
•30,900 2031
Keivinator Cory
Apr 30 4934
May 3114
May 1 38%
Apr 3010831
May 2 2931
May 3 27
35
Apr 28
May 4 122
May 3 34
May 4 1735
May 1 87%
May 3 21H
May 3 37
May 4 105
May 3 3131
May 1 104
Apr 28 2634
May 3 25H
May 1
34
May 4 119H
May 1 2935
Apr 28 16
Apr 28 8031
Apr 30 1535
4931
J
Ap 11534
May 3634
Jan 110
Jan 30
Jan 28
%
Apt
Feb 122
AprI 34H
Mayi 21
May 99
Mail 2235
May
Feb
May
Apr
Jan
Feb
Apr
Apr
Apr
Mar
Mar
Apr
Lehigh Port! Cement_50 2,000 5174
• 6,400 106%
Loew's preferred
10 120
Manhat Shirt pref_100
10 119
Supply pref100
National
Norwalk Tire & R p1100 170 3434
30 112
100
Outlet Co pref
60 122%
Pac Telep & Teleg pf.100
10 108
Pennick & Ford pref _100
Coke_ _50 3001 12H
Penns Coa I &
4.5
Phillips Jones Corp— __• 3.3001 90H
100
1901
Preferred
30 178
10
Pullman Co old
May 1 53
Apr 28 110%
May 3 120
May 4 119
May 4 3634
Apr 30113
May 2125K
May 4 108
Apr 28 12H
May 3 49%
May 1 96
May 2 182
May 1 51%
Apr 30 9974
May 3 120
May 4 115
Apr 30 33%
May 2 112
May 11115
May 4103K
May 3 10
May 4 38
May 4 85
May 4 165
AprI 54
M 11031
May1122
Apr'119
'
Jan 45
Apr,1143.4
Jan'125 H
Jan 115
Feb 14H
Apr 5334
Apr 96
Apr 182
Mar
Apr
Feb
Jan
Jan
Apr
May
Mar
Jan
Jan
May
May
May 3 44
May 4 110
Apr 28 72H
May 1 184
Apr 28 231
Apr 30109K
May 2 2334
May 1 2634
May 3 112
May 4 104
Apr 28 2
May 3 40%
May 4 110
Apr 28 61H
May 4 16535
May 4 134
Apr 30 10434
May 2 2335
May 1 19
May 3 107H
May 4 103H
Apr 28 135
Feb 45
Feb 110
Feb 74
Mari184
ADr235
Jan 111
Mayi 2531
Mar 27%
Apr 114H
Apr 10634
Jan 235
Jan
Feb
Apr
Apr
May
Mar
Jan
Apr
Apr
Apr
Mar
May 3695
May 2687
Apr 30 753
Apr 28558
Apr 28860
Apr 30 550
Apr 28 560
May 3 600
May 4 410
Apr 30 642
II 44
Rand Mines
10(110
Rem Typew let pref_100
10 7235
Rels(Robt)&Co18tDf-100
30183
Reynolds Tob ci A-__2O
Southern Cal Edis Rte.- 50.0001 2
10(109K
100
The Fair prof
Tub Div ctfs pref.__.1OI 2001 2335
Paperboard .10016001 25
United
10(112
Va Elea & Pr pref(7)_1
20(104
100
Preferred (6)
1
1001 2
wells Fargo & Co
Bank, Trust & Insurance Co. Stocks.
Bank of Commerce __100
Bank of Manhattan_100
Corn Exchange Bank 100
Equit Tr Co of N Y-_100
National Park Bank _100
• No par value.
460680
220678
270710
330,505
306835
Feb 695
Feb 700
Mar 753
Jan 558
Jan 860
Companies.
New York City Realty and Surety
Bid
Alliance RIO' --Amer surety.1 830
Bond & M G.. 465
Lawyers mum 375
Lawyers Tithe
& Guarantee 400
Ask
340
475
385
408
(All prices dollars per share.)
1 Bid Ask
Mtge Bond_ _1 187 197 Realty ABSOCei
(Sklyn)corn
N Y Title ds
1st prat_ -Mortgage_ _ 710 720
2d pref____
U 8 Casualty_ 425
Westchester
Title de Tr_
Bid
Ask
315
290
675
475
245
740
63
710
1040
ioo
570
755
2516
iia
Banks—N.Y Bid
1100
Harriman_
Manhattans... 685
National City 9890
Rights ---- 96
850
Park
220
Penn Exch
Port Morris_ 675
775
Public
850
Seaboard
275
Seventh
900
State'
315
Trade'
United Cap
Nat Bk &Tr 45 5
220
Brooklyn.
200
Dewey •
515
First
Globe Exch..... 309
Mechanics'.. 540
505
Municipal*
515
Nassau
900
People's
Ask
1150
695
900
100
865
230
750
785
865
285
910
465
250
530
550
515
530
100
4211
*State banks.
C New stock.
x Ex-dividend
Ex-stock dividend.
y Ex-rights. 1
Trust Co., Bid Ask
New York.
Am Ex Iry Tr 574 578
Bank of N Y
& Trust Co 846 860
Bankers Trust 1150 1175
Bronx Co Tr_ 400
Central Union 1740 1780
650
County
540 iLo
Empire
Equitable Tr_ 565 575
L & Tr. 885 900
Farm
Fidelity Trust 500 510
565 600
Fulton
Guaranty Tr- 915 925
Interstate... _ 345 355
Lawyers Trust -Manufacturers 885 0456
Murray Hill_ 390 410
Mutual(West310
chester)
850 860
N Y Trust
Times Square_ 263 270
Title Gu dt 'Tr 875 890
U S Mtg & 'Tr 585 600
United States3500 900
Weetchest1Tr 1000 100
Brooklyn.
Brooklyn_ _ 1270 300
Kings Co.....2800
Midwood_ _ _ _ 290 5i&
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
June 15 1928_ 335%
Dee. 15 1928_ 354%
7.,
Mar. 15 1929..... 3353
Bid.
Asked.
Maturity.
Int.
Rate.
993ln 993•32 Sept. 15 1930-32 334%
0
991321 99 .2 Mar. 15 1930-32 335%
991%, 9920,, Dec. 15 1930-32 31407.
Bid,
Asked.
991382 991l es
ogn„ ggiin
poss„ 0012,,
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. Apr. 28 Apr. 30 May 1. May 2. May 3. May 4.
High 101.2a 1013121 1019se 101Yes 101922 10111ss
First Liberty Loan
335% bonds of 1923-47— Low_ 10113s2 1011,2 1013es 1013se 1013s2 101322
,2 101321 101212 101322
Close 10133se 101312 1013
(First 334)
17
16
20
50
4
1
Total sales In $1,000 units_
----------------{
Converted 4% bonds of Higl;
Close
---____
Total sales in $1,000 units_ _
,
1121 10214
102
Converted 414% bondsrigh
of 1932-47 (First 43413) Low_ 1023s2 102312
Close 10210e2 1021042
83
37
Total sales in $1,000 units_ _
Second converted 434% High
----- _bonds of 1932-47 (First( Low_
Second 43(s)
------Total sales in 81.000 untis.__
{High 10010se 1003e:
Third Liberty Loan
,
,
434% bonds of 1928— LOW- 100 ss 100 st
Close 1003s2 100022
(Third 43(5)
16
17
Total sates in $1,000 units...
High 10223se 10230e2
Fourth Liberty Loan
434% bonds of 1933-38._ Low_ 102"s2 102"s1
,,
Close 10233 102291,
(Fourth 43(5)
63
45
Total sales in 31,000 units_
[High 115',,1154,1
Treasury
115322
w_ 115
434s, 1947-52
Close 1151,2 1151,2
4
11
Total sales in $1,000 units_ _
110322
High 110
{
Low_ 10931:2 1103,2
45, 1944-1954
,
110 n
ChM 110
2
50
Total sales in 81.000 units._
High
---------__
Low_
3319. 1948-1958
--_---Close
___
Total sales in $1,000 units_ . _.....
4,, 10214,,
{High 102
Low. 102.es 102312
331s, 1943-1947
Close 1024,, 102"st
'7
is
Total salsa in II Win usu.
---------10241,1 10241, 102":2 1021•11
,
1024,, 1024,, 10211,, 102",
1021e2 102322 102102 10212ss
5
2
11
30
--.---_
------51
10013
,
100 :s
1003s2
41
10239,2
12
1022,
102141,
150
1151,1
1153se
115les
2
110
109",,
110
60
1071:I
1071,1
1074,,
60
1024,,
1023
:2
102',,
R
---_
1001e2
,
100 31
1003te
6
1022.12
102"ts
102i:se
290
11411,,
114",,
114",,
27
110
110
110
26
-----—__
____
10271,
1027,,
102l,,
X
-100822
100•81
100111
42
102ght
1021122
012
102•
72
,2
1152
115rss
11571,
16
— ----5 —
4
107,11, 1071
107%, 10712,1
10710,, 1071*u
10
170
10212,, 10211,2
0
10241, 102 ,,
10211,, 1021sts
a
AI
---1008,2
,
100 ss
100•22
3
1022s,,
102"s2
102yes
31
1151012
1151.32
11508,
55
11042
,
110 22
110'31
Note.—The above table, includes only sales of coupon
bonds. Transactions in registered bonds were:
,1
102141 to 102 0
1011•22 to 101",, 1634th 4345
2 1st 4345
081
114•
13 3d 434s
10048, to 1004,, I
4 Treas. 4345
11430ss to
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange Were 4.87 7 16@
4.87 13-16 for checks and 4.87 13-16@4.88 3-16 for cables. Commercial on
banks, sight, 4.8734@4.87 11-16, sixty days, 4.83 34 ®4.84 ; ninety
'
,
days, 4.82@4.82 7-16, and documents for payment 4.8334 @4.84Si• Cot
ton for payment, 4.87, and grain for payment, 4.87.
To-day's (Friday's) actual rates for Paris bankers francs were 3.9334@
for
3.9334 for short. Amsterdam bankers' guilders were 40.30@40.33
short.
a, Exchange at Paris on London, 124.02 francs; week's range, 124.02 franca
high and 124.02 franca low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling. Actual—
4.88 3-16
4.87 13-16
Apr High for the week
4.87 13-16
4.87 7-16
Low for the week
Apr
Paris Bankers' Francs—
May
3.9334
3.9334
May High for the week
3.9334
3.9334
Apr Low for the week
Amsterdam Bankers' Guilders—
40.3434
40.33
High for the week
40.30
40.2634
Low for the week
Germany Bankers' Marks—
23.9234
23.9234
High fcr the week
23.91
23.89
Low for the week
Ask
335 845
97
9434
625
Banks—N.Y.1 Bid
5307
America
Amer Union*. 248
Bronx Boro..._ 650
9500
Bronx Nat
BryantPark*. 225
Cent Mere Bk
& Trust Co_ 465
238
Central
734
Chase
61
Rights
Chath Phenix
Nat Bk &Tr 695
Chelsea Exch• 360
Chemical..._y1000
Colonial'.___.. 1100
Commerce... 695
Continental*. 540
745
Corn Each
Cosmopolit'n• 460
Fifth Avenue 2l40
4500
First
750
Garfield
325
Grace
1380
Hanover
The Curb Market.—The review of the Curb Market is
given this week on page 2749.
the
A complete record of Curb Market transactions for
week will be found on page 2774.
•le
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sales
STOCKS
for
NEW YORK STOCK
Illonaay.
Tuesaay,
Wednesday, Thursday,
Friday,
the
EXCHANGE
Apr. 30.
May 1.
May 2.
May 3.
May 4.
Week.
S per share $ per share $ per share $ per share $ per share $ per share
Railroads.
Par
4
1943 1954 19314 1954 1935 1954 19412 19614 19518 1965 x1934 19512 Shares
8
8
18,300 Atch Topeka & Santa Fe__100
1073 1073 •10738 1077 1073 1074 1073 108
4
4
8
4
8
1075, 1075 10758 1073
8
4 2.400 Preferred
100
•185 186
1847 186 •18514 18512 18512 18512 185 191
8
1883 190
4
4,800 Atlantic Coast Line RR__ 100
1164 11714 11618 1163 11618 117
4
116 1167 116 117
8
1163 1164 19,700 Baltimore & Ohio
8
100
*8314 83% 837 83 8 83 4 833
8
7
3
4 83
83 4 833 833
3
4
4 833 833
8
8 1,400 Preferred
100
7312 7312 73
*7412 7512 7312 74
73
73
72
7212 7212 1.600 Bangor & Aroostook
50
113 1133 114 114
4
1133 1133 11314 11484 11312 11312 .1131* 114
8
8
164 Preferred
100
7214 7414 723 74
4
7212 74
74
77
74
773
74 126,700 Bkhz-Manh Traa v t o_No Par
3
93 4 9438 9312 944 *9212 9412 9412 944 9418 9534 72
8 9412 941
4,100 Preferred v t o
No par
1712 1712 1714 1712 1714 1712 173 187
8 183 1914
8
4
19
193
8 6.800 Brunswick Term & Ry Sec_ 100
*54
57
54
54
*38
53 4 484 5018 51
,
*4912 531
300 Buffalo & Susq pref
100
21318 2145 21212 21412 21318 2143 21312 21412 21312 51
8
4
2157 21312 215
8
25,900 Canadian Pacific
100
350 355
350 356
358 358 *350 358
35512 36014 360 365
3,900 Central RR of New Jersey_100
19812 201 12 19614 190
19712 1983 19714 198
4
19812 202
20112 2031 12,000 Chesapeake & Ohio
100
9
93
8
9
93
8
912 13
14
183
4 12
144
12 8 143 138,200 Chicago & Alton
,
8
100
1514 153
1538 1618 1612 244 20
4
263
8 16
18
204
2014 203,500 Preferred
100
.40
42
*41
42
42
42
423 434 4312 4714 45
4
46
5,800 Chic & East Illinois RR
100
*70
7112 71
71
7112 724 72
734 74
7612 753 765
4
8 7,400 Preferred
100
133 1414
4
133 1414 14
4
1514
1514 163
8 15
16
15
153 37,100 Chicago Great Weetern
4
100
2812 29 8 284 297
,
8 29
313
4 3114 324 303 32
8
30
303 46,300 Preferred
4
100
39
393
8 3814 3914 373 384 3712 3818 3713 377
8
8 3714 385 56,800 Chicago Milw St Paul &Pacifi
8
493 497
8
8 494 497
8 4918 493
4 491g 4912 483 493
4
8 4918 5014 120,000 Preferred new
9118 933
8 9014 92
913 9414 9212 933
8
4 924 931 1
923 93
8
47,800 Chicago & North Western_100
•14814 150 *14814 150 •14814 14914 14914 150 *14812
14812 150
300 Preferred
100
116 11612 11414 11612 11512 11614 1153 1164 116 150
4
117
117 1183 23,300 Chicago Rock Isl dr Paciflo_100
8
111 111
111 111 *110 112 *110 112 *110 111
11012 11012
400 7% preferred
100
1023 103
4
103 103
103 103
103 10314 103 103
103 1033
1,300 6% preferred
4
100
120 120 *1193 1203 12012 12012 12214 124
4
4
124 126
1257 12578
8
900 Colorado & Southern
100
*7912 813 *7912 8134 7912 7912 80
4
80
.80
82
81
81
50 First preferred
*7712 70
100
*7712 79
*77
79
*77
79
77
77
7712 7712
250 Second preferred
100
737 73 8 723 7312 723 733
8
7
4
4
4 73
734 7312
4 73
731* 3,500 Consol RR of Cuba pref
100
21618 2184 21612 22218 216 21812 21512 21712 21412 733
21914 21514 218
34,300 Delaware & Hudson
100
144 14514 143 145
144 146
142 143
143 144
144 145
6,900 Delaware Lack & Western_ 50
6414 653
4 64
65
6414 65
6412 6512 6412 65
6412 65
3,400 Deny & Rio Gr West pref t00
2
414 43
4
414
4
43
8
438 5
44 514 *43
8 43
4 6.700 Duluth So Shore & AtI
100
612 612
614 614
612 7
712 912
9
912
9
914 9,100 Preferred
100
5914 593
4 58 8 593
,
4 59
594 5914 613
4 603 613
4
4 604 6118 36,700 Erie
100
*58
587
8 58 8 59
,
5814 587
e 583 595
4
8 59
5312 583 59
8
4,200 First preferred
100
*5512 577 *5512 5712 *56
8
5712 *57
*5512
58
5712 5712
100 Second preferred
100
10314 10412 10338 10412 1031z 1043 1033 1043 103 8 58
8
8
8
,
8
26,600 Great Northern preferred 100
100 10138 101 1017 101 1013 10118 1014 10012 1043 10414 105
8
8
10012 1003 101
4
6.300 Pref certificates
100
227 2314 223 2314 2234 23
8
4
2214 227
8 2212 23
23
2314 14,800 Iron Ore PropertiesNo par
5712 57 8 5712 5912 59
,
59
583 59
4
58
584 5612 5612 2,400 Gulf Mobile & Northern 100
10812 10812 108 10812 108 109 *1073 108
4
108 108 *1077 108
8
600 Preferred
100
6714 6812 6212 68
6518 694 6618 674 6518 663
4 6518 66
24,600 Hudson & Manhattan__ 100
*9014 93
*90
93
904 904 *9014 9312 *9014 9312 9014
200 Preferred
9014
100
1423 14314 14212 14234 143 144
4
14312 14312 14312 14412
100
•140 145
139 139 *141 145 *141 145 *140 145 x14212 1424 3,100 Illinois Central
*140 145
100 Preferred
100
434 45
4412 454 *4614 463
4 4614 4718 46
4614 4538 46
3,800 Int Rye of Cent America 100
•7612 _
_ •76
_ _ _ _ *80 ____ 80
82
*80
82
80
82
300 Preferred
100
557 58
8
5718 5914 56
5912 5718 603
8 5818 62
5112 5818 137,000 Interboro Rapid Tran v t 0_100
*587 59
8
574 593
s 5778 58
577 583
8
4 58
583
4 58
583 10,400 Kansas City Southern
4
100
77
77
763 767
8
8 7618 763
4 763 77
4
763 77
4
•7612 77
1.100 Preferred
100
103 1033 1013 10418 1033 104
4
4
8
10338 1043 10312 1043 103 1043
8
8
8 6,700 Lehigh Valley
50
•14814 154
154 15414 154 154
15312 15312 154 155
154 154
1,500 Louisville & Nashville
100
887 887
8
8 89
89
*85
88
*86
88
90
94
94
96
900 Manhattan Elevated guar_100
58
593
4 584 60% 584 6014 59
627
8 59
64
553 60
4
82,900 Modified guaranty
100
5
5
*412 5
*5
512
413 5
512 614
612 714 2,400 Market Street Rallway
100
1021
25
*21
25
*21
25
*21
25
21
2912 2612 261
700 Preferred
100
*48
51
60
50
497 497
8
8 50
50
50
524 527 543
8
4.300 Prior preferred
100
•10
15
*10
15
•10
15
*10
15
1212 1534
1618 161
300 Second preferred
100
045
461
45
4518 46
467
8 46
467 *46
4
47
*4512 47
1,700 Minn St Paul & S S Marle_100
*79
83
*79
83
*79
83
80
80
*79
82
*80
84
100 Preferred
100
06714 68
68
68
674 673 * 8 68
8 673
673 68
2
*67
4 68
270 Leased lines
100
37% 381
3712 38
378 39
374 383
4 3734 383
8 3712 381 17.800 Mo-Kan-Texas RR____No par
1054 1057 10512 1057 1053 1053 10512 106
8
8
4
1053 1057 10514 1061
8
8
5,200 Preferred
100
524 531
5212 5418 543 5712 57
8
5812 568 593
4 59% 61 128,700 Missouri Pacific
100
1147 117
2
1154 120
119 12112 118 1203g 1174 120
11918 120
53,600 Preferred
100
43
8 47
44 43
4
412 5
412 47
8
43
8 43
4
43
8 43 13,100 Na* Rye of Mexico 2d pref_100
18514 1863 184 18618 184 18541 1843 1853 184 186
4
8
8
18334 1853 57.200 New York Central
8
100
136 136
133 135
136 137
136 137
13812 1381 136 1374 2,500 N Y Chic & St Louis
Co__ A00
10912 10912 10914 10912 10914 1093 10912 1093 *10934 110
4
4
1094 1093
4 1,700 Preferred
100
280 538
210 300
250 280
299 3393 325 380
4
325 389
3,770 N Y & Harlem
8
647 654 6412 6512 6414 6514 647 683
50
8
8 6614 68
6614 6718 100,500 NYNH& Hartford
100
1163 11684 1163 1163 1164 1163 11672 1167 1167 117
4
4
4
4
8
8
11612 117
2,400 Preferred
334 35
334 353
8 3518 367
81 3512 39
3612 383
8 357g 3714 59.500 N Y Ontario & Western_10
*10
0
103
4
93 103
4
934 9341
4
912 11
10
13
1014 107
8 5,600 NY Railways pref ctfii_No Par
*47
•4712 48
48
*4612 483 *4512 483 *45
4i
4812 *45
4
481
Norfolk Southern
19012 1913 19014 191
100
192 192
4
18912 19114 190 191
1907 1915
8
8 3,900 Norfolk & Western
100
*88
39
89
90
*88
90
*88
90
88
88
*88
90
200 Preferred
4
100
10112 1023 10118 10212 101 1023 1013 102
8
8
101 1017 1013 1017 14,900 Northern Pacific
8
8
100
987 9918 9858 993
8
8 984 9918 98
993
3 9812 993
8 99
993
8 6,600
Certificates
*20
24
100
*20
22
*20
22
*20
22
*20
22
.20
22
Pacific Coast
100
6912 7012 z685 6938 6818 684 673
7014 71
8
4 684 673 681 48,100 Pennsylvania
4
50
35
034
35
35
35
37
36
363
4 36
36
*30
36
2,700 Peoria & Eastern
140 140 •138 140 *136 1393 *138 142
100
•138 142
4
*13812 140
800 Pere Marquette
9912 991 •9912 100
100
*99 100
*9912 993 100 100
4
•993 100
4
300 Prior preferred
100
99
99
*9814 991- *9814 99
*9814 99
*9814 99
99
1,400 Preferred
100
149 1505 148 148
147 15014 149 1493 149 1503 14614 99
8
4
4
1461
1,000 Pittsburgh & West Vs
100
11014 1113 1094 111
11012 11312 11112 1123 112 1133 11012 11338
4
4
4
27,900 Reading
50
45
,
4
434 43 8 *433 45
4512 453 453
4
4 45
45
45
45
1,000 First preferred
50
4 5214 594 541z 5914 5412 55
481s 483
4 484 513
53
54
11,300 Second preferred
50
*61
69
68
*62
067
68
*60
67
*62
67
*62
67
Rutland RR pref
100
8
11812 11854 118 1187 1175, 11812 118 12114 12018 12054 120 121
23,300 St Louis-San
100
101 10112 •100 10112 *100 101
10014 10014 10014 10012 •99 10012 1,000 Preferred Franclaco
A
100
8512 863
4 863 883
4 8378 8611 854 873
4
8 861g 88
86
87
12,700 St Louis Southweetern
100
*91
92
*92
92
1,91
93
924 9278 92
9218 *92
93
300 Preferred
100
1914
1818 183
184 1914 18
8 187 1914 1915 20
8
/ 1912 193 10,800 Seaboard Air Line
1
4
4
100
26
26
25
26
2458 25
2612 264 2612 2758 27
274 3,600 Preferred
100
4
8
123 12312 1213 12314 1223 1233 12314 12614 12475 12614 1255 12618 46,400 Southern
4
8
Pacific Co
100
15312 1543 15314 1553 1553 1593 15812 16038 1583 16378 163 164 8
8
8
8
4
4
, 38,800 Southern Railway
100
8
10118 102
10118 10118 1007 101
10214 10214 •10154 102 •10114 1013
8
1,700 Preferred
100
140 14112 1393 14184 13712 140
4
4
14112 1423 1393 142
4
138 143% 11,300 Tessa & Pacific
100
4212 4112 423
8 42% 45
4314 41
42
43
4618 413 4312 38.300 Third Avenue
4
100
45
45
*45 50
45
45
.47
50
47
47
473 4912 1,200 Twin City Rapid Transit100
3
•10412 105 *10412 105 *10412 105 *10412 105 •10412 105
104 10412
100 Preferred
100
8
4
200 2017 1973 20012 19814 1994 19914 1993 1997 2024 20014 20214 13,800 Union Pacific
8
4
1130
08538 87
8
4
8658 867 •863 867
8 867 864 8674 867 *863 87
8
8
4
400 Preferred
100
817 84
8
84
82
85
83
837
83
8 833 8714 8612 88
4
57,700 Wabash100
98
99
99
99
*98
9912 98
99
•9812 991 *9812 9912 1,200 Preferred A
100
99
9658 9658 *96 100
•96
99
•96
*96 100
*95
99
100 Preferred B
100
51
2
4812 4914 483 5318 514 54
53
513 53% 5114 534 95,700 Western Maryland
4
100
8
50 4 503
3
4 5014 5412 543 5412 5014 5112 53
53
*51
5212 3,100 Second preferred
100
Saturday,
Apr. 28.
•IMO and asked Priem s Ex-dividend. a Ex-dlv & sx-rights.
PER SHARE
Range Stnee Jan. 1.
Os basis of 100
-share lots
Lowest
Highest
per chars
$ per share
18238 Mar 2 197:8 Apr 27
10212 Jan 5 10812 Apr 9
167 Mar 2 191 May 3
109 Feb 7 1197 Apr 12
8
80 Feb 10 85 Apr 4
69 Jan 5 844 Jan 11
11014 Feb 20 116 Jan 10
534 Jan 17 7734May 3
82 Jan 4 953
tMaY 3
144 Jan 5 2014 Feb 16
4812May 2 553 Apr 26
4
198 Feb 7 2167 Mar 17
8
2974 Feb 17 365 May 4
1857 Feb 20 20514 Jan 6
8
5 8 Jan 30 1834May 2
5
8Slay 2
772 Feb 20 263
37 Feb 28 4714May 3
6218 Feb 24 764May 4
8May 2
94 Feb 8 163
2012 Feb 20 3218May 2
2214 Mar 5 4012 Apr 26
37 Mar 2 5138 Apr 26
7914 Feb 20 9414May 1
140 Feb 15 150 May 2
106 Feb 18 11738 Mar 29
10614 Feb 9 111 Apr 27
100 Feb 24 10314May 2
106 Feb 21 126 May 3
75 Jan 14 85 Apr 10
7218 Jan 3 80 Mar 30
69 Apr 12 75 Feb 16
16314 Feb 10 226 Apr 26
129 Feb 20 150 Apr 9
5012 Feb 20 653 Apr 28
4
314 Apr 16
63 Jan 5
4
5 Feb 20
912May 2
4948 Feb 7 6612 Jan 4
54 Feb 20 637 Jan 7
8
5212 Feb 17 62 Jan 6
934 Feb 6 105 May 4
914 Feb 7 1017 Apr 30
8
2118 Apr 13 25 Jan 24
4514 Feb 7 6012 Apr 9
10312Mar 29 109 May 1
51 Jan 3 7312 Apr 24
83 Jan 16 934 Apr 26
131114 Jan 11 14434 Jan 27
13018 Jan 13 144 Jan 27
3612Mar 16 4714May 2
697 Jan 3 82 Slay 3
8
29 Jan 5 62 May 3
4914 Feb 7 6318 Jan 7
70 Feb 8 77 Apr 20
8418 Feb 20 116 Apr 26
14514 Mar 9 155 Jan 11
76 Jan 9 96 Slay 4
40 Jan 10 64 May 3
418 Apr 3
711May 4
21 Aprn 17 2912Slay 3
45 Mar 27 5434Slay 4
1234 Apr 19
16185lay 4
42 Feb 8 523 Jan 6
2
75 Feb 7 84 Jan 11
67 Mar 20 7112 Jan 9
3318 Feb 8 4112 Jan 3
104 Apr 19 109 Feb 3
417 Feb 7 61 May 4
105 Feb 20 12112Slay 1
2 Feb 17
512 Apr 26
156 Feb 16 189 Apr27
128 Jan 10 1417 Apr 12
8
108 Feb 23 110 Jan 4
168 Jan 3 505 Apr 26
593 Jan 16 684May 2
8
11314 Feb 29 117 May 3
24 Feb 20 39 May 2
514 Jan 24
13 Slay 3
41 Feb 21 494 Jan 11
1773 Mar 2 19238 Apr 27
4
7912 Apr 26 89 Apr 28
923 Feb 7 1023 Apr 28
8
4
905 Feb 20 994 Apr 27
8
20 Feb 18 28 Jan 12
63 Feb 9 7212 Apr 27
25 Mar 12 37 May 1
1247 Feb 9 146 Apr 11
8
99 Jan 18 10134 Mar 28
9512 Mar 6 10034 Mar 30
12114 Feb 20 161 Apr 9
9414 Feb 7 115 Apr 9
4218 Mar 1
46 Apr 9,
44 Jan 26 597
8Slay
50 Feb 21
7034 Apr 26
109 Feb 7 122 Mar 23
9912 Apr 5 102 Jan 4
6712 Feb
Aa r 26
j pn 3
90 Apr 17 88
9634
11% Mar
19 Mar
12
1174 Feb
128, aay 2
3 4Sla nn 33
30
6
13912 Feb 8 1643
851ay 4
9812 Mar 14 10214 Jan 17
9912 Jan 3 145 Apr 27
2818 Jan 10 4618May 3
44 Mar 23 54 Feb 15
10218 Apr 11 107 Feb 10
18612 Feb 6 20338 Apr 27
83 Mar 13 8714 Jan 20
51 Feb 18 927 Apr 26
8
884 Feb 7 9912 Apr II
87 Feb 4 99 Apr 26
3184 Feb 8 54 May 1
3312 Feb 8 5412 Apr 30
PER SHARE
Range for Previous
Year 1927.
Lowest
Highest
$ per share $ per share
16114 Jan 200 Aug
993 Jan 1064 Dec
2
1.74% Apr 20512 Aug
10812 Jan 125
001
7314 Jan 83 June
44
Jan 1034 Mal
1014 Jan 122 Ault
53 Aug 7072 Jan
784 Oct 88
Jan
74 Oct 193 Del
4
Apr 58 June
40
- -285
Jan 348 June
1513 Jan 21812 001
4
43 Jan
4
10 8 June
,
18 8 July
712 Jan
,
3012 Jan
51 July
43
Jan 84% 001
812 Jan 2212May
44% June
-1- Jan 1934 Deo
3712 Dec
7838 Jan 974 dent
1244 Jan 150
Gel
684 Jan 116 July
10234 Jan 11134 Dec
9514 Jan 104 Nov
84
Jan 1374 July
70
Jan 78 Dec
68
Jan 75
Oct
65 Aug
77 May
17118 Jan 230 June
13018 Oct 173 Mar
414 Jan 673
4June
2 8 Apr
,
77 Dro
8
4 Mar
1114 Dre
3912 Jan 693 Ser t
4
523 Jan 6614 Aug
8
49
Jan
6412 Avg
794 Jan 1037 Sept
8
854 Mar 101 Sept
18 July
283 Sett
4
3518 Jan
8
763 Jtly
105
Jan 1124 h PO
4134 Jan 657 May
2
78
Jan
9012 May
12118 Jan 1394 Oo
12072 Jan 140
Oa
23
Apr 424 00
62
Apr 744 Oa
304 Aug 5218 Feb
4114 Jan 704 July
64% Jan
734 Dec
8812 Oct 13712 June
12838 Jan 15918 Oat
7814 Dec 90
Feb
414 Dec 547 Feb
8
43 Nov
2
6% Juns
18
Feb 254 June
4158 Feb 59 4 Aug
3
1112 Oct 1712 June
27
Jan 54312 Dec
50
Apr 8812 Dec
5814 Mar 71 Noy
3112 Jan 564 June
95 4 Jan 10912 Dec
3
37% Jan 62
Ain
9018 Jan 118 8 Nov
,
118 Aug
34 Oct
13714 Jan 1714 ()i
8110 June 244318 May
102 Mar 110 Dec
187 Dec 185
Apr
41 8 Jan 6314 Dee
,
11032 Oct 11482 Nov
2314 Jan 413 Sept
4
44 Dec 15 4 Jan
3
3718 Jan 6412 June
156
Jan 202 Nov
83 June 90 July
Jan 10218 Dee
78
84 July 997 Dec
2
1514 Feb 311 Dee
4
564 Jan 88
Oct
Jan 463 July
20
4
1144 Jan 14012 May
Jan 9534 Dec
93
893 Jan 9712 Dee
4
1224 Jan 174 May
Jan 1233 June
94
4
404 Jan 6312 Dee
434 Jan
50 Feb
43 Jan 69 May
1003 Jan 1171 June
4
4
96
Jan 104 July
61
Jan 93 June
2
767 Jai% 94 4 Dee
3
2818 Mar 6114 Feb
3212 Apr 454 July
106% Jan 12675 Dee
119
Jan 149 Dec
04 Star 10118 Dec
537 Jan 1037, Nov
2
284 Aug 41
Feb
45 Nov 6514 Feb
99
Apr 106 May
15912 Jan 1973 Dee
4
77 Mar BA Dec
4012 Jan
81 June
76
Jan 101 Jun_
65
Jan 98 Jtinl
133 Jan 6738 Jun
4
23
Jan 674
Jun
New York Stock Record-Continued-Page 2
2758
For sales during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Monday, I Tuesday, I Wednesday, Thursday,
May 3.
May 2.
Apr. 30.
May 1.
Saturday,
Apr. 28.
I $ per share
$ Per share
3512
35
6114 6112
Friday,
May 4.
Sales
for
the
Week.
Lowest
per share $ per share Shares
35
36% 5,200 Western Pacific new
355s 36
2,100 Preferred new
61
61
61'8 61
$ per share $ per share
8
3412 3518 35
4 357 3612
363
*
4
604 603
603 613
4
60.78 6112
PER SHARE
Range Since Jan. 1.
-share tote
On basis of 100
STOCKS
NEW YORK STOCK
EXCHANGE
100
100
per share
2814 Feb 7
574 Feb 9
Highest
per share
374 Jan 13
624 Jan 6
PER SHARE
Range for Prerions
Year 1927
Lowest
Highest
per share $ per state
254 Apr 4712 June
Apr 764 Feb
55
Industrial & Miscellaneous.
8,000 Abitibi Pow&Paper new No par 72 Feb 20 85 Apr 62
6214 Mar Ilia; Nov
No par 95 Feb 21 11112 Apr 13
300 Abraham & Straus
120 Preferred
100 11012 Mar 8 113 Jan 10 109 Aug 11311 Feb
Jan 210 Nov
100 195 Jan 4 378 Apr 17 124
2,000 Adams Express
4
943 Nov 964 Dee
200 Preferred
100 93 Jan 16 9912 Mar 28
4
752 Oot 153 Feb
100 1112 Feb 8 4238 Apr 26
32,700 Advance Rumely
4
4
224 Oct 453 Nov
100 3414 Jan 17 643 Apr 26
10,300 Advance Rumely pref
618 Sept
4
21 June
1
4
23 Jan 17
3
5 4 Mar 20
47,900 Ahumada Lead
31,700 Air Reduction, Inc newNo par 6012 Apr 10 72 Apr 28
713 June 1334 Mat
No par
8
143 Jan 24
8
95 Mar 16
32.500 Ajax Rubber, Inc
214 Feb
8
47 Apr 27
1 June
1 Jan 5
22,300 Alaska Juneau Gold MM__ 10
18 Apr 32 Sept
23 Mar 15 3114 Jan 26
17,700 Albany Pert Wrap Pap_No par
Preferred
4
100 9813 Jan 17 1113 Mar 14
96 June 102 Sept
Jan 1694 Sent
8
16112 1634 1161 16212 16314 1657 26,500 Allied Chemical & Dye_No par 146 Feb 18 16617 Apr 14 131
4
163 165 I 1603 1643* 16114 163
8May 4 120 Mar 124 Aug
_100 122 Mar 17 1275
210 Allied Chemical & Dye pref.
8
12412 1275
•124 12412'124 12412 •124 12412 123% 124 *1234 124
4
Jan 1183 Deo
88
100 1151e Feb 18 1293 Apr 27
4
12512 1263 12412 1275
8 6.400 Allis-Chalmers Mfg
4
126 127
4
4'
126 1263 1243 12614 126 127
241s Feb
114 Nov
1113 Jan 3 1634 Apr 19
8
8
1518 153 *1514 1512 145 1512 4,400 Amalgamated Leather_No par
1414 15 I 1412 1412 1434 15
69 Mar 2 90 Apr 19
68 Dec 108 Feb
100 Preferred
86
4
883 883 *80
90
*80
4
90
*80
90
*80
90
*82
4
No par 271e Feb 20 383 Mar 31
1
3
275 Apr 375 Feb
344 357 43,200 Amerada Corp
36
8
4 35
363
4 36
3
4 36
363
4
363 3712 35 4 373
84 Apr 214 Gee
8
1918 1912 1918 1912 194 193 - 4,100 Amer Agricultural Chem._100 15'8 Feb 20 214 Jan 9
19% 194 1918 193* 194 1914
8
2814 Apr 7234 Dec
100 553 Feb 20 744 Apr 5
69% 3,900 Preferred
8 69% 7012 69
8
4
704 7012 684 70
683 693
4 693 695
41
10 744 Jan 17 12912May 4
Jan 98 Nov
125 12912 12,400 Amer Bank Note
12012 122
114 117
11012 112
10312 10414 10934 115
E.0 61 Feb 10 667/1 Jan 3
584 Jan 65 Sept
90 Preferred
*64
64
6412 *64
6412
84
64 64
65
65 .64
64
1477 Feb 15 1712 Jan 11
154 Oct 234 Mar
900 American Beet Sugar_.No par
1512 1512 154 1512 1512 1512
15
*1514 1512 154 154 15
100 36 Feb 17 42 May 4
35 Dec 6013 Jan
700 Preferre1
42
42
42
4012 .41
40
40
*38
40
40
40
*39
8
153 Feb 18 29I4May 3
Jan 264 Oot
13
55.100 Amer Bosch Magneto_ _No par
8 2414 243* 24% 2614 2614 2914 2814 29
241s 244 2414 247
4
3513 May 46 July
4412 444 4412 7,900 Am Brake Shoe & F newNo par 413 Mar 5 494 Jan 27
4414 44
4414 44% 44
444 4412 43% 44
Preferred
100 12413 Jan 4 127 Mar 20 11714 Feb 128 Mar
4
4
4
*12412 128 *125 128 •125 .128 *125 1253 *125 1253 *125 1253
,
10 8 Apr 27
18 Jan 31
54 Aug 3917 Jan
1612 26,800 Amer Br wn BoverlEI_No par
1212 14
1218 12
1218 12% 12
4 1212 13
114 123
100 4014 Apr 27 65 May 4
40 Aug 98 Feb
475 Preferted
5212 65
45
45
*4518 47
45
4212 443
44
44
4 45
4353 Mar 774 Deo
25 7017 Jan 18 9114May 4
911 1 423,900 American Can
3 863 883
4 89
4
8 8314 8714 8612 883
845
8
8412 853 z83
Jan 1413 Dec
100 1363 Jan 10 147 Apr 30 126
500 Preferred
4
4
14614 14614 •14618 147 *146 14612 14618 14618
14614 147
•14638 147
4
1043 10512 2,700 American Car & FdY...-No par 103 Apr 24 11112 Jan 3
95 July 111 Dee
4
105 1053 10412 105
8
4
1043 1054 1057 106
105 105
100 130 8 Feb 20 13712 Mar 31 1244 Oet 1341 June
500 Preferred_
3
4
136 137 *136 13712 136 136
137 137
*13612 13712 137 137
200 American Chain pref
9812 Dec 103 Sent
100 9914 Mar 7 102 Apr 23
102 102 •101 10112
*101 102 i*101 102 *101 102 •101 102
1.700 American Chicle
No par 69 Jan 12 845 Apr 11
8
Jan 7454 Nov
36
80
80
80
4
4 80
*7912 807
s 793 793
80
,
4
813 82 4 79
10
No par 107 Jan 5 11012 afar 8
Jan 110 Dee
90
•11012 11114 •11012 11114 •11012 11114 *11012 11114 10012 11012 •11012 11114 72,500 Prior preferred
Amer Druggists Syndicate_ 10 11 Feb 18 1512 Apr 10
1312 134
1512 Nov
94 Apr
13
143* 1318 135*
1212 1414
4 1212 123
1212 123
4
600 Amer Encaustic Tiling_No par 63 Jan 4 75 Apr 25
70
69
383* Aug 5712 Nov
70 •694 70
70
70
70
,
7014 70 4 *68
70
6,500 American Express
100 189 Jan 10 197 Apr 28 127
Jan 183 Nov
192 19414 187 19112 188 18914 188 18812 188 191
3
195 4 197
8
8May 1
8
s
187 Feb 31 Dec
,
8 365* 3812 364 38 2 3612 383 102,400 Amer & Fern Power...No par 225 Feb 28 387
387
8 35
3314 353
4
313 33
No par 10514 Mar 16 1095
8NIay 3
8 1,600 Preferred
864 Feb 1094 Deo
10914 10912 10912 1095* *109 1095
4
1083 109
4
109 109 *1083 109
No par 81 Feb 24 903 Apr 27
4
4
4 9412 943 11,400 2d preferred
9412 954 9412 943
,
9514 9412 9812 9512 96 4
94
73, Apr
800 American Hide & Leather.100 103 Jan 3 155 Feb 1
8
4
123 123
4
1314
4
013
127s Oct
4
13
1314 123 1312 '
8 1318 1318
8
127 127
100 503 Apr 23 673 Feb 1
1,000 Preferred
53
4
7
48 Mar 664 July
4 525* 525* *52
52% 534 *5212 523
53
5414 5414 53
71, 31,600 Amer Home Products_ _No par 59 Feb18 7138Nlay 2
304 Jan 71 Nov
4
6812 694 69
66% 674 6712 713
8 6618 67
6612 667
22,500 American Ice New
8
393 40
No par 28 Jan 10 41 Apr 27
4
253 Oct 32 Aug
394 40
40
4 39
404 3918 4014 39
4014 403
500 Preferred
100 90 Jan 7 9914 Apr 28
9912
Jan 964 May
84
4
,
9914 9914 9812 98 2 9914 9914 *9812 9912 983 9914 *98
4
8
37 Mar 724 Dee
4
4 915 9412 9112 9212 914 9212 9034 915* 9114 947 16.000 Amer Internet Corp._ _No par 71 Jan 6 1013 Mar 31
9318 943
7% 13,200 Amer La France & Foam tie 10
7
614 Jan 12
Jan
758May 4
10
4 June
612 7
818 612
6
8
64 614
614 614
200 Preferred
694 691 4
100 56 Jan 10 74 NIar 27
6018 Dec 904 Jan
*6914 74
74
*69
6812 6812 •684 73
*684 74
8
204 Apr 724 Nov
100 563 Jan 13 1113 Mar 14
4
8 9818 1003 37,200 American Linseed
4
973
944 954 9514 973g 9012 987
9618 9814 95
400 Preferred
100 8612 Jan 13 10712May 4
465s Mar 9212 Noy
2
10618 10818 108 106 •10612 10712 •108 10712,•106 107, 1074 10712
9914 Oct 116 May
8
4
8
10878 10914 10814 1093 1073 10814 107 1074' 107 1073 10712 10712 3,200 American Locomotive.No par 10417 Apr 23 115 Jan 31
Preferred
100 12512 Jan 26 134 Mar 24 11913 Feb 127 July
*128 131 *128 13112 •128 129 •12612 129 *1233 129 *126 129
400 Amer Machine & Fdy_.No par 15214 Feb 24 180 Mar 26
160 164
7314 Jan 18813 Dec
1643 1643 •158 164 •157 163 •157 163
161 161
4
4
11112alar 1 116 Jan 13
10 Preferred ex-warrants
8
8
1145 1145
8
*11314 115 *11314 115 *11314 115 •1133 115 *11412 115
39 Mar 13 4918May 3
39,900 Amer Metal Co Ltd__.No par
4712 49's 4812 49
36's Nov 4934 Dec
47% 49
48
445 4512 45
4414 4512
100 11012 Jan 11 126 Apr 30 108
180 Preferred
Jan 11312 Dec
____ 126 128 *126 127
126
12518 12518 126 128 *126 127
23 25 Feb 7
2013 Dec 434 June
18 Feb
No par
700 American Piano
18
. 18
181
181s *18
18
1818
*184 184 18
*1818 19
150 Preferred
84 Nov 11014 Mar
100 5914 Apr 16 90 Jan 3
7312 73 2 *7312 75
,
7112 75
70
70
70
70
*6814 70
3
Jan 733 Oct
54
8
855 8712 61,100 Am Power & Light_ _ __No par 6214 Jan 11 8712May 4
86
85
8514 8612 853* 87
7
82 8 8512 8414 87
25 13018 Jan 18 1524 Mar 30 1104 Jan 1474 gaps
11,600 American Radiator
4
1473 150
8
14912 15114 148 1493 148 149
8
148 1493 14912 150
8713 Apr 11614 Nov
4
4 3,500 Amer Railway Express__ 100 1104 Jan 4 1383 Feb 21
129 1293
130 130
132
130 130 •130
4
133 1343 *130 133
3518 Jan 8212 Dee
7812 814 141,500 American Republics. __No par 5114 Feb 7 85 Apr 12
83
7514 75
744 754 74
79
18 7814 76
77
42 July 644 Nov
6312 1,300 American Salty Rasor_No par 56 Jan 10 6614 Apr 10
82
64
634 634 64
63
*62
64
64
6312 64
No par 384 Feb 18 434 afar 30
8
2,100 Am Seating v t o
387 Oct 51 July
* 42
8
423* 4214 424 411, 4214 4112 42
424 423 423
42
578 Apr 25
212 Oct
34 Jan 3
63 Jan
4
4
4 5,000 Amer Ship & Comm_..No par
4 53
53
4
53 53
512 534
3
512 5 4
538 512
514 512
20 American Shipbuilding__ __100 100 Apr 19 119 Jan 6
4
Jan 1233 Nov
80
*10214 106 *10214 106
10112 102
4
•102 1043 *102 106 *102 106
1911. 191% 19212 51,200 Amer Smelting & Refining-100 169 Feb 27 1923 Mar 30 1325s Jan 18834 Dee
4
8
8
8
4
18712 1873 1853 18812 18712 1897 1905 19212 1893
100 1314 Jan 9 142 Apr 20 1194 Mar 133 Dee
900 Preferred
140
1415* 1413* 14114 14114 14114 14114 141 14114 14112 14112 140 17214
3
100 141 Jan 5 17412 Apr 13 1193 Jan 1464 Nov
600 American Snuff
17112
*170 1714 170 170 •167 170 *170 171 *17014 171
100 102 Jan 5 114173Iay 3, 9413 Jan 10813 Oct
60 Preferred
8
•1134 ____ *11312 ____ 1135 1133* *11412 ____ 11412 11412
8
,
,
4
4 633 644 63 8 65 4 37,300 Amer steel FoundrIes__No par 534 Feb 18 703 Jan 111 4113 Apr 724 Dee
3
6412 65
68
65
6412 66
6218 63
100 112 afar 27 120 Feb 29 11014 July 115
Jan
310 Preferred
8
8
8
8
8
1124 1127 11214 1127 1127 1127 113 113 *11212 1127 11278 113
100 55 Feb 18 7814 Jan 12
6514 Nov 9554 May
3 7212 7412 32,000 Amer Sugar Refining
717
70
4
693 71
70
69
70
69
*6912 70
100 100 Feb 17 11014 Jan 28 104 Nov 118'n May
200 Preferred
10712 10712
108
107 107 *10612 108 *107 108 *107 108 *107
No par 4753 Feb 27 6212 Jan 7
5,000 Am Burn Tob v t e
4112 Jan 684 Oot
585* 5718 58
58
60
8 59
6018 6112 594 604 594 597
.100 25 Mar 2 32 Jan 17
Apr 363 Aug
26
4
300 Amor Telegraph & Cable.
26
2612 26
*26
26
26
27
*28
26
4 26
263
•26
100 17612 Feb 20 198 May 4 14914 Jan 18513 Oct
39,600 Amer Telep & Teleg
4 194 196
8
4
4
187 1873 187 1885* 1873 19018 190 1905* 1897 1933 15812 160
63,000 American Tobacco corn_ _ 50 15318 Apr 24 17(1 Jan 3 120
Jan 189 Nov
155'2 15618 156 1577
8
8
s,
4
1573 15912 15718 1587 1573 1577
60 15118 Apr 21 177 Jan 3 11914 Jan 186 Nov
4
8
1557 1584 159 1603 14,400 Common Class B
8
1557 157
4
15714 15912 15712 1583 157 158
100 11718 Mar 19 126 Apr 20 1104 Jan 120 Deg
800 Preferred
125 125 *125 12518 *125 1251 125 125
125 125
*125 12514
1
7
4
500 American Type Founders_ _100 1163 Feb 10 1261 Jan 3 1197 Nov 146 Feb
1184 1184 *118 11914 11814 11814 *117 118
,
11814 118 4 118 118
100 10753 Jan 7 115 Mar 31 10714 Feb 116 Sept
160 Preferred
111 112
112 1124.111 112
8
41111 11112 1114 1117 •111 114
40 Aug 7213 Sept
5212 Feb 27 7034May 4
4
703 89,600 Am Wtr Wks & Elo newNo pa
694 69
4 66
6812 683
8 70
864 z667
62
814 62
2
997 Oct10313 Dee
10117 Jan 10 106 Apr 13
700 1st preferred
10412 10412
10412 10412 104 104
10412 10412'104 108
334 Jai5
100 204 Jan 3 244 Feb 14
164 Jun
105 105
4
2218 2212 2212 2278 223 224 4,200 American Woolen
2212 2218 228 2214 23
100 497 Jan 3 6214 Feb 14
*22
7
464 June 8613 Jan
1,900 Preferred
4
4
8
5312 533 5418 523 54,
54% 5312
94 May 2414 Oct
13 alar 29
1912 Feb 9
2.300 Am Writing Paper ctts..No Par
4
544 5 4 534 544 54
15
15
1512 1512
15
3
154 15 4 15
8
5
4Mar 1
3
8 15 8 157
25 4 Apr 5714 Aug
5
15 8 157
1,10(3 Preferred certificates_ _ _ _100 41 Jan 5 485
45
4512 54412 45
4612 46% 4512 48
47
*45
54 Sept1014 Feb
47
25
47
63* Jan 10 3034 Apr 10
2612 10.600 Amer Zinc, Lead &Smelt
4 24
2414 24
8 2412 254 2414 243
Oct5114 Feb
35
25 40 Jan 16 98 Apr 11
3
25 4 254 257
2512
8614 8614 8818 8814 4,300 Preferred
87
87
87
87
8
4114 June 604 Deo
8
8818 8812 8712 897
72 266,200 Anaconda Copper Mining_ _50 54 Jan 18 727 Apr 9
694 7012 70
71
70
38 Mar 63 Dee
714 7212 6912 7212 694 705* 694 72
7412 7512 13,300 Archer. Dan'le, MIdFcl_No par 5514 Feb 20 75171slay 4
7212 75
70
67
67
Jan 11312 Dee
100 112 4 Feb 20 11514 Mar 16 106
67
40 Preferred
,
67
67
'
11312 1134'11312 115 4 11312 115
115
Oct964 Feb
8
79
3,300 Armour & Co (Del) pref...100 865 Jan 3 93 May 4
8 927 93
027
*11312 1154 11514 11514 *11312 913
8
4 9218 924 9212
4
4 913
1
157 Jan
814 May
9112 913
1114 Jan 16 1617May 3
40,100 Armour of Illinois Class A..25
92
92
4
1612 153 1614
8 15
183
15
144 15
1514
91s Jan
15
5 De
25
638 Jan 10 1217May 3
151s
15
4
123 171,800 Class 13
8
113 1212 12
10s 1014 12
8 10
103
Apr 864 Jan
60
100 6718 Jan 12 86 May 4
8,900 Preferred
1018 10% 10
86
8 84%
8 844 857
845
8 83
823
8 82
Apr 5513 Nov
21
4
4618 2,700 Arnold Constable Corp_No par 41 Mar 14 613 Apr 2
8 8112 817
8014 823
464 46
*48
3
45 4 48
4612 4512 46
Jan 32 June
22
.
4
8 1,800 Art Metal Construction _ _.10 2512 Jan 10 343 Apr 19
335
2 46
46,
46
4 33
4 3314 3314 334 333
4
4
403 Dec 543 Jan
4 3312 333
333
No par 3934 Apr 10 444 Mar 30
900 Artloom Corp
3312
34
40
40
*33
*3912 40
404 394 40
*40
41
100 10914 Mar 6 114 Mar 19 10912 Nov 11411 Nov
50 Preferred
*40
41
*40
114 *1104 114 4111012 114
*1104
3912 Feb 534 Nov
No par 4114 Mar 1 483 Jan 23
4
9.900 Aesoo Dry Goods
8 48
11014 •11014 114 *11012 114
453
11014
46
,
4
443 4512 45 8 45': 4512
45 4514 4412 45
974 Mar 112 Deo
8
100 108 Feb 18 1137 Apr 3
200 let preferred
11312 •113 11312
11314 11314 11312 11312 .11212
2d preferred
100 112 Jan 3 11912 Jan 27 105 Mar 114 Deo
*112 113 *112 113
116 1'114 116 *114 116
•114
35
Oct 504 Feb
1,290 Associated 011
26 3717 Feb 18 4617N1ay 2
44
44
118 *114 118 •114 118
*114
45
44
3
303 Mar 4312 Nov
4318 4512
414 43
42
8
4618 473 29,000 Atl G & W 188 Line._No pat 3718 Feb 18 4758May 2
41
81 4512 47% 4512 47
4
293 Mar 6153 Nov
100 38 Feb 27 56 Mar 12
8 4414 473
5
43 8 447
4
4
5
43 8 44
5212 513 523 12,100 Preferred
52
8
Dec 1314 Aug
4,
7
3
100 95 4 Feb 9 139 8May 1 104
.
4
1343 1361 69,200 Atlantic Refining
4812 484 494 5012 50452 81 13312 13778 1334 135
4
Preferred
100 11517 Apr 18 11814 Jan 3 11512 Feb 119 Aug
132 1394 1363 1397 I•11512 117 1'1164 117 *11612 1173
8
132 133
5612 Mar 70 June
No par 83 Jan 3 101 Mar 23
200 Atlas Powder
844 843
11712 *11512 117 *11512 117
•11512
8412
85 1 *84
*82
Jan 107 July
98
85
100 1024 Jan 20 109 Feb 6
85
100 Preferred
87
*85
108% 108%
87
*86
8
4
1084 1083 1087 109
124 Apr
714 June
814 Jan 5 167e Feb 3
No par
8.000 Atlas Tack
109 109 *10812 109
144 151
*108 109
414 Mar 1014 Jan
8
67 Apr 12
1412 1412 16% 1512 16%
44 Jan 3
14
2,800 Austin, NIcholakCo vteNo par
1312 1312
1318 133
512 512
54 5%
4
812 53
2312 Dec 61
512 5412
Jan
100 26 Jan 5 39 Jan 21
300 Preferred
*3018 33
512 512
3
30
3
5 4 54
30
33
33
7214 Dec 8034 Noy
30
70 afar 23 7412 Jan 24
30
1,700 Austrian Credit Anstalt
35
*28
35
*28
4 7012 7012 704 711 21,900 Autosales Corp
3
s
43 Mar
Deo
4alay 1
11
612 Jan 18 143
par
5 70's *704 703* 70 4 703
No
70
1312 141
*7014 72
8
1412 133 141s
28 May 4214 Dec
3
4 14
50 30 Jan 26 373 Feb 1
1,910 Preferred
8 1414 143
143
14
357
5
13 8 1418
5 35
3514 355
36
43 Nov 464 Nov
9,100 Autoetr Sat Rasor A__ _No par 434 Jan 10 5217May 1
511
8 354 304 3512 3612 36
3514 353
5114 51
8 51
517
3
51
200 Baldwin Locomotive Wks_100 242 Feb 10 285 Mar 31 14312 Jan 265 4 Sent
493 494 493 504 5112 521.'
4
260 *260 265
260
Jai 12514 July
1.260 265
Preferred
100 118 Feb 23 1244 Apr 11 116
264 264 -1
*260 270 *260 270
125
•12212
4
125 11•122 125 *122 125 *109 111
.100 10812 Apr 25 1117s Jan 6 1063 Mar 1104 Dee
Ban5berger (L) A Co pref.
•122 124 *122 124 *122
111'
594 Feb
Jan
40
No par 2558 Apr 13 524 Feb 1
3 '109 11141'109
4
•1094 11014 *10914 1103 •1094 110 4 1
4 3212 321 10,600 Barnett Leather
373
34
3
20 4 Oct3511 Feb
39 I 374 39
25 2114 Mar 30 264 Apr 30
274 3012 3314 36
27
,
25 8 251 109,063 Ramsdell Corp clans A
2012 Oct3211 Feb
14 2714 Apr 30
254 2818 25% 254
2814
25 22 Feb
264 26
8 26
8
255 265
900 Class B
4
31243 253
26
*25
27
2512 263
,
4 27 4 2714 264 264 *25
*78
*105
*111
370
4
983
32
4
543
418
8
697
10
4
2614
8
823
80
83
80
8212 8012 81
4
4
4
1073 *105 1093 1073 1073 *105 1073
4
4
11112 *111 11112 11112 11112 11112 11112
351 355
37314; 352 375 *356 368
4
983 *9712 983 *9712 984 *9712 983
4'
4
4
343 3714
81 284 32
347
37
34
8 5714 59
543
587
4' 524 58% 55
44 412
4141
44 44
44 414
8
8
685 697
72 1 6814 707
4
8 683 70
4
8 1012 103
103
1012
94 1014 10
414
4
418 412
412
4
412
2712
27
4
263
4
4 263 2714 263 27
8
825
8112 82 2 82
,
4
4
4
1073 1073 *105 1073
111 111, 11112 11112
2
357 357
351 355
4
*9712 983 •9712 983
4
3478
3412 364 34
5518 56
4
563 57
4 514
43
5
43*
8
675 69'4 684 6918
10
10%
1012 104
34 414
4 4
33
* 284 294
8
275 287
4512 4612,
Rid and asked prices; no sales on this day, 5 Ee•dIVIdelneL •=4411"
New York Stock Record-Continued-Page 3
2759
For sales during the week of stocks not recorded here, see third page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Apr. 28.
Monday,
Apr. 30.
Tuesday,
May 1.
Wednesday, Thursday,
May 3.
May 2.
Friday,
May 4.
Sales
for
the
week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
$ per share 9 per share 5 Per +bars
$ per share $ per share $ Per share 5 per share $ per share $ per share Shares Indus. SC Miseel.(Con.) Par $ per share
4913 Jan 109 Dec
No par 10114 Jan 18 14012 Mar 1
3,100 Bayuk Cigars, Inc
4
126 12612 12614 12912 1273 12912 12812 12912 127 127
126 127
8
Jan 110 Aug
100 1073 Jan 10 1103 Mar 28 101
320 First preferred
108 10814 108 10812 10818 10818
108 108
108 10814 108 108
1814 June
14
Oct
1214 Mar 16 2014 Apr 25
No par
40,000 Beacon 011
173 18
8
1814 1918 1812 1914 1712 1812 1712 1812 1712 18
5014 Apr 7414 Nov
8
20 715 Jan 17 8312 Feb 9
Beech Nut Packing
*79
80
*80
81
79
80
783 SO
81
79
7914 2,000
4
8012
2714 Jan
1512 July
1818 Jan 20 22 Jan 12
1914 1914 1912 191s 193
1914 19
19
1938 19
8 2,700 Belding Hem'way Co__No par
8 1918 193
8514 Feb 18 92 Slay 4
1,500 Belgian Nat Rye part pref____
4
92
90
9112 92
8
*893 90
8
90
10
895 89% *893 00
52
8
- 3 Aug 11 Nov
49 3
4
No par 533 Jan 19 717 Apr 27
8 6812 69.
694 703
4 16
6814 68% 16,500 Best & Co
684 6614 6718 6712 687
4333 Jan 6612 Sept
100 5518 Jan 20 698 Apr 14
72,600 Bethlehem Steel Corp
8 6012 6112 6018 603
61
6112 6018 61% 604 605
4 6014 64
4
8
12112 12112 1203 121 *121 12212 1,300 Beth steel Corp pf (7%) _100 119 Mar 6 125 Apr 13 1043 Jan 120 Dec
12112 12112 121 12112 121 121
8
34 June 527 Nov
37
377 *3712 377
8
37
37
*3512 37
38
38
3812 38
1,700 Bloomingdale Bros ..__No par 35 Mar 2 44% Jan A
100 10912 Jan 11 11112 Apr 5 10913 Jan 114 Nov
*10912 111 *10912 111 *10912 111 *10912 111 *10912 111 *10912 111
1,100 Preferred
44
Jan 95 Dee
100 8712 Apr 30 9612 Jan 20
pref
*873 91
8
88
89
91
875 87% 8712 87% *88
8
230 Blumenthal & Co
*875 91
8
8
5318 Jan 693 Dee
3
No par 6614 Jan 3 78 4 Jan 27
7012 71
8
6918 7112 6.400 Bon Amt. class A
70
7014 6918 7012 703 72
*6914 70
411 Sept
83* Apr
712 Jan 9
514 Jan 4
No par
612 68
612 73
2
63
8 6%
*6
612
63* 612 12,600 Booth Fisheries
68 758
31 Sept 5714 May
100 4114 Mar 14 49 Jan 11
45
4612 46
*39
48
49
539
*40
49
47
*38
300 lot preferred
47
50 159 Feb 20 187 Jan 11 16712 Dec 169 Dec
1653 16534 164 165
4
16712 171
4
1647 17212 17018 1713 168 170
8
10,900 Borden Co
18 May 3012 Sept
*19
Botany Cons Mills clues A__50 1818 Jan 28 23 Jan 4
*19
20 .19
*19
20
*19
20
20
2012 *19
20
3
1912 Sept 363 Feb
2912 298 2912 298 2912 32
293 303* 29% 30% 2912 30
4
57,800 Briggs Slanufacturing_No par 214 Feb 4 33 Apr 12
2 De,
12 Apr
114 Feb 1
118 Jan 10
100
3% *3
312 312 *3
314 314
*3
312
1,000 British Empire Steel
3
3
312
712 Dec
1
Apr
214 Jan 5 12 Feb 1
100
7
7
*653 77
*65
8 712
7
7
2d preferred
12
112 6%
700
612 6
Dee
4
100 2063 Jan 10 26814 Apr 13 14813 Feb 225
259 2633 260 26414 259 262
4
259 259
25912 261
260 26212 7,900 Brooklyn Edison, Inc
89% Apr 15713 Dec
15712 1575 15612 1563 15612 15612 156 1563 156 156
No par 145 Feb 20 19914 Apr 14
4
4
15612 15814 4,500 Bklyn Union Gaa
3013 Feb 604 Dec
Jan 10 5512 Apr 5
5112 5112 5112 5158 5112 52
505 513* 513 52% 52
8
No par 47
525
8
4,500 Brown Shoe Inc
257 July 3872 Jan
3
4138 4178 4114 4214 41
4178 4112 438
4218 4438 4412 438 15,200 Brunsw-Balke-Collan*r_No par 2712 Feb 20 48 Mar 30
4
36
363
4 3518 363
10 2412 Feb 18 373 Apr 16,
8 3514 363* 3514 358 35% 358 351 4 353
4 8,000 Bucyrus-Erie Co
4313 448 44
8
4312
10 333 Feb 17 453 Apr 16
4434 433 443
4 4412 443
4 4418 443 12,200 Preferred
4
4
4 4412 443
4
8512June 1258 Jan
109 109
10912 11014 r107 1087 *106 107 *104 107
8
900 Burns Bros new clAeomNo par 9312 Feb 17 11014 Apr 30, -105 105
28
2912 2814 30
2814 29
278 283
8.700 New class B com____No par 15% Mar 8 30 Apr 30; 1614 Mar 3434 Jan
4 28
283 30
4
28
Jan
90 June 100
1003 1003 1027 1027 1025 1023* 1023* 1023* 10238 1025 *10212 1027
4
4
100 973 Feb 21 10312 Apr 23
8
4
190 Preferred
8
112 16312 160 160
160 160
1,900 Burroughs Add Mach_No par 139 Jan 14 165 Feb 3 z90 Mar 145 Dec
160 160 *160 162
160 160
294 Jan 69 Nol
62
6312 61
*
6214 593 63
62
63
4
617 627
8 6114 6212 3,510 Bush Terrain& new__No par 5812 Apr 5 6714 Apr 13
9114 Jan 11173 Dec
112 112
11118 11212 11112 1115 11114 11112 11112 11112 11112 112
100 10714 Jan 4 11212 Apr 30
8
690 Debenture
*117 1183 117 117 *117 1183 117 117
4
100 11418 Feb 15 119 Feb 4 10353 Feb 120 Aug
117 117
4
11712 1183
90 Bush Term Bldg& pref
4
5 Ma)
/
1
4
3 4 Ma
1
6
618
712 Feb 28
6
6 13
418 Jan 19
53
4 6
6
6
5
53
4 6
65
8 53
4 6,000 Butte Copper & Zino
Oct 614 Feb
44
5912 60
59
100 45 Feb 7 634 Mar 29
5912 583 583
5812 59
5712 5812 3,400 Butterick Co
4
4 5812 59
113* Jan
7% Nov
1012 1012 1018 10'2 1018 103* 1018 105* 1018 1014
9 Jan 11 123* Feb 10
10
3,100 Butte & Superior !Mining
10
10
Jan 9212 Jun
66
*7412 7512 7214 7514 *73
7614 Apr 18
No par 65 Mar 1
73
74
74
7314 7314
7512 *73
900 By-Products Coke
4
42 Jan 1023 Dec
1015 104
8
11712 Jan 27
No par 9013 Janl
10112 1045o 10113 10212 10114 1025 101 10112 10012 10158 11,600 Byers & Co(AM)
4May 11212 Dec
11012 1105 *110% 1107s 1105 1105 *1105 111 *1105 111
8
111 111
100 10858 Apr 13 11212 Jan 14 1053
8
8
8
50 Preferred
8
6014 Apr 79 Dec
4
77
78
7814 79
75
7718 75% 763
14,100 California Packing _ ___No par 7153 Mar 3 793 Apr 13
8 75
4
75
4 7612 793
31
3112 3114 317
25 2514 Mar 16 3212 May 1
32
307 3212 32
*3112 3212 31% 32
11,300 California Petroleum
- , Jar
25
114 Sept
334 4's
4
43
184 Mar 8
412 55*
4
10
58 Apr 30
4
45
8
372 418
37
g
413 76,300 Callahan Zino-Lead
6112 June 1231* Dec
1003 1023 101 10312 9918 1008 995 1033 21,100 Calumet Arizona MinIng
4
4
9914 10012 9934 102
10 89 Feb18 12014 Jan 3
4
4
1414 July 243 Del
2112 217
Jan 10 237 Feb 3
8 215* 2178 2112 2178 2134 22
25 2018
213* 22
22
235 35.900 Calumet & Hecia
8
Jan 6018 Atli
6912 7014 70
547 Jan 5 76 Slay 4i 36
8
703
4 693 7012 7014 73
4
73
8
737
8 737 76
36,600 Canada Dry Ginger Ale.No par
/
1
Jan 2834 Ocl
29814 302
295 299
100 247 Jan 21 306 Mar 22 132
292 29612 294 29612 29512 30212 29912 305
Thresh Machine
6.400 Case
*129 1203 •129 134 *129 134 •12612 134 *12612 134 *12612 134
4
Case Thresh Mach pref _ _ _100 128 Jan 30 13512/Mar 30 ill Feb 129 Del
Apr 33 Api
24
327 3312 3358 365* 35" 37
,
3552 363
4 3414 36% 344 3514 116,200 Central Alloy Steel ....No par 28'sMar27 37 Slay 1
163 Ant
4
1012 Jan
8
1234 1234 *12
13
13
1312 1312 1312 13
900 Century Ribbon 511112No par Ills Feb 18 175 Apr 4
8
*13
133
13
4
Jan 883 Dec
70
*803 83
4
100 8014 Feb 21 87 Mar 12
*803 83
4
*803 83
4
*803 823 .803 823
4
4
4
4 823 8214
10 Preferred
4
58 June 7212 Dec
4
8 6758 6878 6718 677
18
6812 6734 6912 673 685
5812 Jan 3 7112 Apr 12
Cerro de Paso Copper_No par
8 673 693 14,000
4
8
3
42
Jan 55 4 Mal
645 Apr 28
s
5412 Jau
6114 645
8 6118 62
6034 6218 605* 62
613* 62
603 615* 52,900 Certain-Teed Products_No par
4
8
*120
_ *120
*
100 119 Jan 26 1207 Mar 1 106 Feb 11834 Dec
1st preferred
65 Dec 7878 Atli
73 -- 74
7312 *72 -No par 7112 Apr 5 77 Jan 12
•72 74
7212 7212 *723 7312 723 723
4
400 Certo Corp
4
4
14 Mai
412 Nov
914May 4
512 Feb 29
6% 68
6% 67
8
67
8 67
8
63
758 914 14,800 ChandlerCievelandMotNo par
4 63
67
8 71
4
/
4
2614 Mal
13 Jun
1614 1614
14 Mar 13 1838 Apr 12
16
16
155 16
8
No par
1512 1618
1618 1614
1612 183 11,200 Preferred
8
64niJunc 86% Oa
8
77
8
773
4 7512 77
No par 725 Mar 7 817 Jan 6
76
77
7618 77
7618 777
8 77
7778 8,000 Chesapeake Corp
*129 131 *126 132
126 126
127 127
131 131
1,100 Chicago Pneumatic Tool_100 125 Feb 20 141 14 Jan 30 12012 Jan 13714 Ma'
133 134
Ocr
38 July 47
35
35
35
35
34
35
3318 3418 *3312 35
280 Chicago Yellow Cab.._ No par 3014 Mar 24 43 Jan 14
347 347
4858 Mar 65% Ant
38
38
3818 3914 3812 39
No par 37 Apr 19 5212 Jan 7
3814 4314 4412 49
46
497 47,670 Childs Co
8
3318 June 4438 De,
4134 4312 4212 438 424 435* 423 435
25 3732 Mar 5 43581May 2
4
8 4234 43
423 4314 66,300 Chile Copper
4
8
34% Jan 907 De,
*90 102
100 100
*90 100
*95 100
*95 100
100 Christie-Brown tern ctfeNo par 86 Jan 4 131 Jan 23
*95 100
3818 Jan 6311 De
7218 7314 70% 723
4
No par 543 Jan 16 75121May 4
4 708 7312 7212 73% 723 7472 7412 7512 451,400 Chrysler Corp
4
*11612 117 *11612 117
8
No par 11358 Jan 9 117 Mar 12 1023 Apr 116 De
11612 11612 *116 117 *116 117
11612 11612
200 Preferred
*535* 54
464 Mar 54 De
*533 ____
4
/
4
533 533 *5312 ____ *5312 54
4
No par 511 Jan 19 54 Mar 12
4
*335 54
8
100 City Stores class A
01
9112 91
4112 Apr 6412 De
No par 62 Jan 5 9378 Mar 27
92
92
92
91
92
91
913
4 91
1,900 Class B
91
10012 1015* 9712 09
51 June 8413 00
4
7712 Jan 10 1093 Apr 5
Peabody & Co No par
987 10014 9812 92
2,800 Cluett
99
*9712 99
99
*120 121
4
120 120 *120 122 *12014 122 *12014 122 *12014 122
100 11818 Mar 21 1243 Mar 19 11114 Jan 12514 No'
10 Preferred
169 160
No par 127 Feb 20 165 Apr 17 c9612 Apr 19912 AD
160 16438 160 1623 160 1623 160 1603 16012 1613* 22.000 Coca Cola Co
8
4
4
8
87
90
8714 89
86 Aug 1133 De
79 Mar 2 11134 Jan 3
863 90
4
87
8934 865 88
24,400 Collins & Aikman new_No par
8
8612 89
*104 106 *10512 10558 106 105 *10414 10512 10314 104 *10412 10512
4
100 101 Mar 15 109 Jan 3 10213 Sept 1093 De
500 Preferred
74
2
7412 7212 74
425 Jan 963 Jul
8
Colorado Fuel & Iron
100 6612 Feb 27 8412 Jan 31
7212 7614 755 773* 743 76
8
4
75
763 18,600
4
667 Jan 1014 No
8
8612 Apr 20 984 Jan 24
3,000 Colurnblan Carbon vi eNo pa
9112 *90
913
4 91
91 12 *90
91
9112 91
903
4 9012 91
10318 10414 1033 104% 101 10412 10434 10718 1087* 111
8274 Feb 9834 Ma
4
111 11412 144,900 Colum Gas & Elec new _No par 8913 Mar 15 11412May 4
10834 1083 1083 109
9912 Jan 11018 De
4
100 10718 Feb 28 11018 Jan 3
4
109 109
1087 1087 109 109
8
8
1.400 Preferred new
10812 10858
82 82
8058 8458 84
4
4858 May 783 Oc
8611 853 867
4
8 8418 8
8612 45,800 Commonwealth Power_No par 6214 Jan 11 8672May 2
612 85
294 303
303 3214 3214 3318 33
4
14 June 241k De
Commerclal Credit____No par 21 Feb 20 3538May 4
3314 3214 324 32
355* 21,000
__ *2412 25
24% Sea
17 Jun
2614Slay 3
23 Feb
2
2518 2518 2518 2514 2514 2614 253 26
80 Preferred
4
*25•25 2512 25
25
187 June 25 De
1
4May 4
25 23 Feb 7 253
25
2512 2512 2512 25
25
210 Preferred B
2514 2534
92
9218 9212 9212 92
69 July 8958 De
9212 92
9212 9212 93
510 let preferred (63.4%).,...._100 8734 Feb 2 96 Mar 16
92114 93
7252 725
8 717 71% 7012 7012 70
4114 May 62 De
701n 70
553 Mar 1 74 Apr 17
4
4,300 Comm Invest Truat_No par
7018 697 70
•104 106 *104 105
100 99 Jan 27 101 Feb 17
9412 Sept102 De
7% preferred
_ ___ _._
_ *10518
- - *10518
9712 *9612 - .9713
•- *9612 --*9612 9712 *9612 07
97
97
97
/
1
9714
863 July 984 De
2
100 945* Mar 6 97 Feb 15
400 Preferred (614)
168 168
17012 17512 17114 173
168 17312 1701• 176
171 17412 7,899 Commercial Solvents__ No par 15312 Feb 18 18012 Mar 28 145 Nov203 Bel
5538 6714 56
567
8 55
493 497
4
g 501 53
567
8 5412 55
48 Jan 14 571451ay 1
39 Aug 53 De
8,400 Conde Nast Publicallo par
294 3014 2912 3014 293 297
2
8 287 293
4
8
4 28
1714 Jan 293 De
287
8 2814 287 59,300 Congoleum-Nairn IneNo par 23% Feb 8 3112 Apr 17
8
74
75
733 7518 *74
4
74
7412 74
74
75
47 Mar 88% De
7334 7412 3,200 Congress CigarNo par 67 Feb 18 817 Jan 3
8
88
8918 8834 8978 88
90
8912 9012 88
8912 88
7414 Oct863* Jul
884 6,100 Consolidated Clgar__No par 7912 Jan 20 9512 Apr 17
*105 10712 *105 10712 *10514 10712 *105 1074 106 10714 *105 107
697 Aug10614 Au
s
100 98 Jan 24 10714 Apr 19
200 Preferred
14
178
13
4 2
17
11
134
12 Oct2 Fe
138
1
15
s 2
112
2 Mar22
% Jan 21
134 16,900 Consolidated Distrib'ersNo par
8
4
1645 1673 1633 16712 16314 1657 16378 1663* 16334 16534 164 170 239,500 Consolidated Gas(NY)No par 11938 Jan 10 170 May 4
8
4
3
94 Mar 125 4 De
104 10414 10438 10458 10413 10418 104 10438 104 10414 104 10414
93 Mar 103 De
No par 10118 Feb 16 105 Mar 28
2,200 Preferred
414 412
414 43*
414 434
44 412
718 Jut
43
4 514
3% Ma
5
514 60,200 Consolidated Textile_ _No pa
55* Mar 28
3% Feb 9
31
3112 32
3134 3034 31
3112 33
31
32
8
3312 Apr 747 Ja
3018 31
10,500 Continental Baking clANo par 2612 Apr 10 5312 Jan 13
47
518 512
47
43
4 5
514
43
4 5
43
4
4 Stay 1014 Ja
6 Jan 13
334 Apr 10
No par
4 2 47 24,200 Class B
,
3
8012 803
80
80
4
4 8012 8012 7912 793
80
79
4
72 Apr 973 No
78
78
3,200 Preferred
100 73 Apr 10 9612 Jae 20
8
109 10912 108 110% 10812 1117 11114 11238 11012 1117s 011034 113
688 Apr 867 De
4
8
41,400 Continental Can, Ino_No par 8014 Jan 10 1147 Apr 16
4
Jan 128 Jul
4
4
4
127 127 *1243 127 *12434 127 *1243 1253 *1243 12514 12512 12512
30 Preferred
123 Jan 5 128 Mar 26 120
100
4
9112 923; 34,600 Continental ins temp ars_ 1(1 75 Feb 15 9312 Apr 27
74% Dec 933 De
8
9014 913
4 88% 9012 885 8912 8818 915* 9018 92
3
8
87 Nov13 4 Ja
1214 1212 1213 1212 1214 1212 1214 1212 1214 1212 1218 1212 4:1,000 Continental Motors___No par
1314 Apr 12
10 Mar 13
4673 Jan 68 No
7912 7734 783
4
8 7712 787
7812 789 773 787
8
778
17,200 Corn Products ItellnIng____25 6433 Jan 3 827 Apr 13
4 773 79
4
Jan 14214 De
1463 1463 *14618 147 *146 147 *146 147
8
8
*14614 147
146 146
4
200 Preferred
100 13812 Jan 16 1463 Apr 10 128
Jan 123 De
4
56
16518 1687 166 1753 17412 1777 167 168
8
1661s 172
s
1483 159
4
14,600 Coty, Inc
No par 123 Jan 3 177781May 2
853 88
8
3,000 Crucible Steel of America_ _100 835* Feb IS 93 Feb 7
8612 865* 853 86
86
7612 Oct 9634 Me
8612 86
8618 8612 86
Jan 115 Set
11612 11612 *115 117 *115 117 *115 117
100 Preferred
*115 117 *115 117
100 11212Mar 16 117 Apr 7 103
8 24
4
1812 Aug 34% Jo
2414 6,600 Cuba Co
2312 2312 22% 2312 223 2314 235* 248 2312 245
No par 22 Apr 4 2812 Jan 23
47 Oct 10
73
67
8 7
14 Ja
714
714 712
6% 68
714
8.500 Cuba Cane Sugar
758
68 714
712May 12
512 Feb 16
No par
3
28
8
8 2814 29
8 265 287
2.512 265
283 Nov 50 4 Ja
8
8
285* 2833 293 34.260 Preferred
*2512 26
8
100 24 Feb 18 323 Jan 12
211
8 215k 223
8
4 2133 223 21,700 Cuban-ArnerIcan Sugar_ 10 191 Feb 18 233 Jan 3
187 Nov 2812 Ja
8
2012 2012 2012 2012 2058 2112 21
4
0712 Nov 107 At
100 Preferred
4
4
100 101 12 Feb 16 108 Feb 1
*1023 10412 *1023 10412 *1023 10412 010234 10412 10312 10312 *103 105
4
1112 1012 1012 *1012 11
18
Ja
300 CubanDom'can SugnewNo par
10% Nov
*1012 1112 1012 1012 1012 1012 *11
1012 Mar 9 12 Jan 4
4313 Apr SA Se
6712 6812 6712 69
65
68
27,900 Cudahy Packing new
6412 6518 635* 85
50 54 Jan 3 7232 Feb 14
64
64
973
4 9718 108 105,500 Curtis Aer dr Mot Co No par
4 95
1
4513 Nov 69 4 Di
4 9718 1013
53 s Feb 27 108 May 4
87
907
8 885* 9918 99 1013
___ ___ __
_ •143
Preferred
100 1174 Jan 5 14318 Apr 18 Ill Nov 118 Di
•143 144 *143 144 *143 144 *143 145
Apr 152 01
700 Cushman's Sons
4
4 18312 18312
No par 1443 Jan 13 18414 Apr 26 103
4
*177 18414 18312 184 *178 18014 1833 1833 *143- _- *1834 185
120 Cushman's Sons pref (7)_ _100 114 Jan 11 125 Jan 20 107 Apr 125 DI
120 120
3120 122
*11012 12012 119 11914 *11912 12011 11912 11912'
543
8 2,600 Cuyainel Fruit
5312 5412 53
53
Apr 5512 01
53 8 53
3
30
No par
5312 553
4
51 Jan 3 553 Jan 20
534 *53
52
264 Apr 48% Di
/
1
82.100 Davison Chemical v t &No par 3438 Feb 18 5638May 1
525 34
8
53
5214 5514 52
5414 565
49
4912 49% 53
810 Deere & Co prof
1233 125
4
100 11512 Feb 1 126 Apt 11 10512 Jan 12512 Ne
125 125
125 125
12112 12118 122 12312 12312 125
100 16612 Jan 11 1944 Feb 3 133% Jan 17012 DI
190 1903 190 19112 2.500 Detroit Edison
2
4
18912 1893 189 19018 189 101
188 188
52
5312 5114 5112 2,600 Devoe & Reynolds A__No par
54
3613 Aug 427 Di
g
40 Jan 3 61 Apr 16
*5212 5312 53
5312 55
545 55
8
20 1st preferred
s
Jan 11412 D.
100 103 Jan 9 1153 Jan 18 101
9
4
4
4
1143 1143 1143 *11412 1147 11412 11412 *11412 1147
4
4
•11212 1143 *113
100 1343 Jan 18 161 Feb 2 115 Feb 1473 Bel
830 Diamond Match
130 152
4
2
14912 149% 14914 1493 147 152
4
149 150
149% 150
17 Feb 18 2418 Jan 4
8 1914 1912 10
134 Oct 2712 it
1914 27,400 Dodge Bros Class A____No par
191
s 19
1914 19% 19% 193
195 20
8
No par 8818 Feb 18 757 Jan 4
5812 Oct 85 Ft
7013 701e 7034 12,700 Preferred coati
7012 70
8
7014 697 7018 70
70,8 70
70
7 June
10
107
8 1012 103
1312 Jan 8
812 Apr 23
No ear
4 1014 1012 17,500 Dome Mines, Ltd
94 10
1414 DI
8
93 10
8
912 95
4914 Aug 175: sei
645 64% 3,900 Dunhill International_No par 55% Jan 9 76 mar 29
8
8
sr 6533 6512 6514 6534 65 653
4 65 6512 645 65
82 4 O
2
1053 10334
4
8
4
1,200 Duquesne Light let Pref.-100 1043 Apr 12 11612 Mar 3 11414 Mar 11 75* Ni
10518 10518 1053 10512 *10332
•105 10512 105 105
No par 183 Feb 20 185 May 4 126
29.400 Eastman Kodak Co
- - .72 17914 185
17012 1727 172%1773 17718 17912 17814 179
170 170
100 125 Mar 7 134 Apr 3 11914 Jan 13112 0
Preferred
10
_ •130
- *130
_ *130
_ _ *130
130 130
35 8 3512 - - -32 19,500 Eaton Axle & Spring_ No par 26 Jan 11 3738 Apr 19
36
2114 Oct 293 Jai
3612 3312 -- -7
363
355 35% •I308
4
3518 3i18 3614 -- - 4 36 --4
3893 395
4
9.800 El duPontdeNem new _No par 310 Jan 10 395 Mar 26 168
4
Jan 34372 0
37712 38612 343 3843 383 3854 3843 388
384 388
100 115 Mar 9 1214 Apr 9 10512 Feb 118 D
12014 1204 12018 12012 12012 12012'120 120'2 120 12013 2,803 6% non-vot deb
120 120
•13141 awl asked prioeta no ialeil OD th18 days • Et-dividend, 01
8 4z-warraate.
New York Stock Record-Continued-Page 4
2760
For sales during the week of stocks not recorded here. see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Apr. 28.
Monday,
Apr. 30.
Tuesday, !Wednesday, Thursday.
May 1.
May 3.
May 2.
Friday,
May 4.
Per share $ Per share
per share $ per share
per share
Per share
1714 1714 17114 1812 19
2214 1914 224 20
2013 2018 21%
17112 17412 17434 1823 187 195
18914 19234 187% 191
4
1883 190
4
1458 14% 1532 16% 1514 15 s 1514 154 1434 15% 1434 15%
7
4138 424 4118 4212 413 443
4
4378 424 433
4
4 4312 444 43
*10914 10912 10914 10934 10934 1093 10978 110
10958 1091 10934 110
4
4
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
Shares Indus. & Miscel.(Con.) Par $ per share
$ per share
per shore 8 per share
15,600 Eleenlohr & Bros
25 1218 Jan 3 23 Apr 12
105* Nov 1822 Feb
44,300 Electric Autolite
No par 98 Jan 3 195 May 1
6313 Jan 102 Dec
24,800 Electric Boat
No par 1218 Mar 2 1658 Apr 19
1313 Mar 2218 Aug
98.900 Electric Pow & LS
No par 2834 Jan 10 443
4May 1
1813 Jan 3234 Dee
1,500 Preferred
No par 10612 Jan 10 110,x Mar 8
96 Jan 109 Nov
Electric Refrigeration_ _No par 1113 Feb 6 1711 Mai 19
554 Nov 37% Jan
82 833
s 821. S33 -giTs - 125; 815 82's - 29:500 Eleo Storage Battery _No par 69 Feb 20 8378 Apr 10
,
ii- -figs 83
/
1
4
63 May 79 Jan
/
1
4
*7
8
612 612 *1352 8
613 8
*
011 94
713 713 1.400 Elk Horn Coal Corp__ _No par
63 Apr 17
7 Dee 1634 May
4
9 Jan 1
14% 1412 14
1312 13
1414 13
1312 1212 123 •1014 1212 2,200 Emerson-Brant Class A.No par
4
514 Feb21 1458 Apr 27
3 Oct 13 Apr
*
31
32
3114 3114 *31
30 Emporium Corp
32
32
*31
31
*3118 32
31
No par 3014 Apr 2 33 Mar 1
30 July 8713 Mar
8213 8213 8234 83
8213 83
8258 83
823 823
4
4 8258 83% 3,600 Endicott-Johnson Corp- 50 7514 Jan 10 85 Apr 17
644 Jan 8114 Dee
*12413 125 *124 125 *12413 12478 12412 12412 *12414 1241: *12414 12412
200 Preferred
100 1214 Jan 27 125 Apr 12 1168* Jan 125 Sept
4012 41
4013 41
4114 4234 42
43
43% 45 24.200 Engineers Public Eleev --No par 33 Feb 18 45 May 4
4034 407
2154 Jan 3958 Oat
11034 1103 *11034 11078 11034 11034 1103 1103 1103 1103 11034 1101
4
4
4
4 2,300 Preferred
4
4
No par 107 Jan 2' 11034 Apr 18
5
93 4 Jan 108% Dee
...... Erie Steam Shovel
5 33% Feb 20 3838 Jan 23 2454 Jan 3578 Dec
11214 113 11314 111- 11514 11713 117 11714 117 h177
11134 113
Equitable Office Bldg__No par 9018 Jan 7 11778May 4
3,200
8438 Sept 9312 Dee
7678 7718 76
7514 78/ 7.100 Eureka Vacuum Clean_No par 69 Feb 20 79 Jan 3 50 Aug 7778 Nov
1
4
774 7511 7513 743 7512 7412 75
*1938 21
2212 1,400 Exchange Buffet Corp_No par 20 Jan 30 2212May 4
*19
/ 21
1
4
*20
21
21
21
•20
*1958 21
15% Jan 23 Dee
5214 523
4 50 4 522 5034 513
1
5,700 Fairbanks Morse
5012 50 50
5134 49
4 50
No par 3212 Jan 5 54 Apr 19
304 Nov 481k Mae
*10913 110
110 110 *1091 112 *1091 112 •10912 112
111 11212
80 Preferred
100 104 Jan 9 11212May 4 107 Due 119 Ma
12658 1273s 12638 129
12714 12878 12714 12814 127% 129% 12818 1293 36,100 Famous Players-Lasky_No par 1114 Jan 16 13034 Apr 25
4
92 July 11634 Dec
55 55 4 55 8 557
1
3
15 42 Jan 10 5634May 2
583
4 5614 56% 5612 5614 9,900 Federal Light & Trao
8 5558 5632 56
8713 Jan 47 May
1073 10734 10713 10713 10713 10712 10734 10834 108 108
4
106 1083
350 Preferred
4
No par 98 Jan 6 109 Apr 19
9113 Feb 100 Aug
*118 130 1'121 123 *115 120 *116 120 120 120 •120 123
100 Federal Mining & SmelVg_100 120 Apr 17 140 Feb 7
60 Feb 187 June
*9413 96 *95 96 *95
Preferred
98 *95
9813 95
96
*95
100 9114 Jan 3 96 Feb 10
9612
7513 Jan 97 Mar
22
22
2134 22
2134 22
2134 22
4,200 Federal Motor Track__No par 1712 Mar 21 234 Apr 16
2154 22
2158 22
17 Dec 3073 Jan
22514 22512 22312 22312 *220 225 *220 226 225 225 *221 225
400 Fidel Phen Fire Ins of NY. 25 18312 Jan 11 226 Apr27
93 Feb 230 Dec
/
1
4
*13
14 I *13
14
14
13
1412 1212 1318
13
360 Fifth Ave Bus
No par 1114 Jan 9 15 Jan 18
1414 13
10 Nov 1478 May
295 30
8
2912 2912 293 a°
30
293 30
4
33
3213 3312 24,600 First Nat'l Stores
No par 28 Apr 4 337 Feb 14
4
8
1914 May 80 Feb
1618 163
8 16% 1634 16
16% 1572 163
3 15% 16% 157 1618 21,300 Fisk Rubber
No par 1413 Mar 14 173 Jan 4
8
4
1434 Oct 20 Apr
82 82
*8114 84 *82
83 •82% 83
82
82
8212 84
700 let preferred stamped__ _100 82 Mar 1 9112 Jan 10 81 Jan 100 Sept
90 90
*8814 92 *90
92 *90
92 *90 92 *90
300 1st preferred cony
92
100 90 Apr 28 9734 Jan 5
94% July 102 Sept
74
7514 74
7412 74
75 8 74% 74% 74% 74% 74
3
7512 47.000 Fleischman Co new___ _No par 66 Feb 20 78% Apr 14
4618 Feb 711s Dec
4814 4814 *4713 49
4712 4712 4713 4713 *48
49
48
400 Foundation Co
48
No par 42 Mar 5 53 Apr 18
35 Nov 8858 Apr
83 83
82 8212 8134 8258 82
8214 83
8274 82
8234 14,200 Fox Film Class A
No par 7612 Mar 15 8814 Jan 24
50 June 8511 Deo
79
8138 7738 8118 787 7934 7934 82
8012 84
8
8112 833 77,600 Freeport Texas Co
4
No par 6558 Feb 20 10914 Jan 11
344 Jan 10613 Dec
10912 10913 10914 1094 1083 10914 10914 10914 10914 10914 *1082 10912
900 Fuller Co prior pref, _No par 10318 Mar 17 1097 Apr 23
4
8
17% 1818 1818 183
18
18
18
17% 18
18
8 1814 1812 3.700 Gabriel Snubber A
No par 15 Mar 23 2812 Jan 5
22 Dec 59 Aug
14
1318 135 13 4 1312 1314 14
,
1412 14
1414 14
143 14,000 Gardner Motor
4
No par 11% Jan 17 1634 Feb 2
84 Jan 1513 Dee
7318 74
7358 74
723 7312 7334 747
4
7213 73% 7213 7312 6,500 Gen Amer Tank Car...No par 6078 Feb 20 75 Apr 18
48 Jan 64 e Dee
5
*111 112 *111 112
11018 110% *110 112 111 111 *111 112
200 Preferred
100 110 Jan 9 11112 Apr 10 106 Mar 11212 Sept
/
1
4
7
883 90 66,800 General Asphalt
883 91
4
905 9318 8913 924
4
8914 90,
8
2 9114 94
/
1
4
100 7114 Feb 20 947 Apr 30
8
05 Aug 963 Mal
4
135 135
13813 13813 *134 13612 *13413 137
2,500 Preferred
136 14112 *138 141
100 114 Feb 20 14112 Apr30 10714 Aug 14478 Mar
139 139
140 General Baking pref---No Par 134 Jan 26 140 Feb 7 11812 Apr 140 Oct
138 2 138 2 13912 140 *13913 141
,
140 140 *13912 141
,
34
,
3512 30 2 34
2914 31
2812 31
2812 2914 17.100 General Cable
2918 30
No par 21 Feb 4 3512 Apr 28
774 784 7812 774 7418 77
7358 75
/
1
18,300 Claw A
7312 744 7314 74
No par 56 Feb 9 8078 Mar 20
5518 Dec a; Des
6812 687
r a
87% 6814 8,400 General Cigar.Cigar nc new-No Par 67 Jan 19 753 Feb 2
4 6814 683
/ 88
1
4
67
4 6838 6918 6734 68
8
62 Jan 747 Dec
a
*11534 130 *120 130 *120 130 •120 130 •120 130 •120 130
Preferred
100 126 Mar 19 130 Apr 27 118 Jan 186 Sept
1
567 587
8
8 55 56 4 5512 56
4
55 4 554 55% 553 35514 553
3
,
4 3,000 Oen Outdoor Adv A_No par 551s Apr 9 587 Jan 8
2
5454 Apr 5978 Nov
4018 4012 3858 40
4178 4134 4212 16.000 Trust certificates__ _.No par 383 Apr 30 52 Jan 7 87 Jan 5873 Nov
40
3918 40
39
3912
8
/
1
4
18413 168
164 18612 105,800 General Electrio New.
183% 16612 1627s 16412 16414 1863 163 185
4
.No par 124 Feb 27 17412 Apr 16
81 Jan 146% Sept
1113 1112 1113 115
8 11% 11% 1112 113
4 1112 114 11,100 General Electric special_-__10 1114 Jan 23 115
4 1112 113
4May 2
11 June 11% Jan
44
4432 4412 4838 4513 473
4778 4712 4718 14,100 General Gas & Elea A_ _No par 3514 Jan 18 4818 Apr 30
4 47% 477s 47
34 Apr 4713
*118 130 *118 130 *118 130 *118 130 •118 130 *118 130
Gen Gas& Eleo pf A (7) No par 1081 Jan 4 11312 Mar 2 100 Jan 110% Feb
/
4
Oet
101354 140 *135 140 *135 140 *135 140 •135 140 •135 140
Preferred A (8)
No par 12214 Mar 22 144 Apr 18 11814 Mar 12358 Nov
*11214 11314 11314 11314 114 114 *113 114
114 11418 •114 114%
200 Preferred B (7)
No par 105 Jan 17 114 May 1
/
1
4
98 Jan
18958 1923 18714 19114 18812 1913 19012 1933 19212 19612 198 205 874,900 General Motors Corp new._25 130 Jan 10 205 May 4 11314 Aug 105% Dee
4
4
4
141
Oct
12614 12612 128 12612 12618 126% 12612 12812 12614 12612 12614 12614 2,600 7% preferred
100 12312 Jan 26 1271 Apr 12 11813 Mar 12554 Dee
/
4
,
944 95% 9113 944 92 4 9413 92
94
9114 923
4 9218 9312 25,500 Gen Ry Signal new.__ _No par 8618 Apr 23 12358 Jan 3 8218 Jan 15314 Sent
6434 6538 6413 65
64% 843
5,800 General Refractories_ No par 641412lay 4 82 Jan 3
643 6514 6414 65
s
4 64% 65
38 Jan 81 Dec
10934 11014 11015 1114 10912 11014 1083 110
8
4
10914 1093 1087 11018 17,100 Gillette Safety Razor_ _No par 9812 Jan 16 11218 Apr 13
4
951g Nov 109% Oct
4478 4478 45 45
44
4418 4712 45
4414 44% 45
/ 464 7,700 Gimbel Bros
1
4
No par 3418 Mar 6 4918 Apr 17
/
1
35% Dec 59 Bent
*Ms 98
97 97
•96% 9713 *963 97
100 Preferred
*9612 9712
*964 97
/
1
4
100 87 Mar 6 98 Jan 12
91 Nov 10813 July
2412 2478 243 247
8
2414 2412 2418 2413 24% 2412 2414 2412 10,200 Glidden Co
No par 2032 Jan 27 253 Apr 25
4
14%May 22 Mar
100 100 1003410034 100 10012 100% 100% 100 100
99 100
520 Prior preferred
100 95 Jan 4 10114 Apr 13
86 Aug 101 June
9112 9214 9018 92% 8912 9134 90
9212 92
24,500 Gold Dust Corp•
90
93 s
7
10.
90 4
3
--No Par 71 Jan 18 10538 Feb 15
42 Mar 7882 Dee
8714 884 8734 92
9234 9612 9118 934 90% 91% 907 9338 107,400 Goodrich Co (B F).
--No par 7814 Mar 7 9938 Jan 4
8
4244 Jan 96% Dee
1•11414 115 *11458 115
115 11534 *114 115 •114 115% *114 115
/ /
1
4
1
4
900 Preferred
100 10913 Feb 17 11538May 1
95 Jan 1111 Dec
5534 56
55
5612 5512 57% 544 5612 544 5512 5414 5558 28,400 Goodyear T & RUb----Ne pa; 501,8 Mar 15 724 Jan 4
pa
/
1
6858 Aug 69% Dec
*9513 95 4 *9513 96
pref
3
9512 9534! 9512 9512 95% 9512 9512 9553
No
92 Mar 18 9912 Jan 13
/
1
4
9212 Nov 9878 Dec
89% 8918 89% 9078 8934 90
8913 897
0
0 1stP
8978 8918 90% 4 5 ° Gotham fElilk Hosiery No par 78 Jan 4 9378 Apr 14
1,6°
89
57 Jan 853 Dec
/
1
4
*8912 89% 893 89
4
/ 885 8912 883 8834 89% 9012 8934 90% 2,400 New
1
4
8
4
No par 7812 Jan 5 93 Apr 14
58 Jan 8513 Dec
/
4
*124 1271 *124 1274 *122 126 *122 126 •122 128 •122 126
/
1
Preferred New
100 115 Jan 16 130 Apr 12 104 Jan 122 Sept
/
1
4
*11012 112 •110% ___I 11012 11034 *11013 112 *11012 112 •11012 11112
50 Preferred ex-warrants_100 109 Jan 3 1111854er 27
118$ 12 s 111 12
1134 1134 118 113
8
No par
4 1014 1114 •1014 1112 2,200 Gould Coupler A
7 Apr 18 121 Feb 2
/
1
4
/
4
4 Oct -. NoV
114
2 3534 37% 3612 3713 94.400 Graharn-Palge Motors_No par 1654 Feb 18 3978 Apr 12
33% 3413 3314 3434 3314 34141 341 381
48
4812 48
484 475 4811 483 493
8
4
4 4813 49% 4858 4914 29,300 Granby Cons M Sm & Pr_100 39% Feb 18 5114 Apr 10
811. Jan 46 jai
3112 32141 3113 34
32
32
3314 334 33
3358 19,100 Great Western SugarnewNo par 31 Jan 26 38 Jan 7
3312 33
351g Dec 445 Sept
117 117 1'117 11712 117 11713 11714 11712 11712 11713
117 117
260 Preferred
100 11212 Feb 20 120 Jan 3 11813 Feb 123 Sept
120 124
118 12212 117 12012 11812 122
18,400 Greene Cananea Copper_ 100 113 Feb 18 16412 Jan 4
11914 1214 11818 121
2914 Jan 1511$ Dee
7
738
8
734'
738
71
7
8
814 814 4,000 Guantanamo sugar__.No par
713 814
7 Feb 23
938 Jan 4
7 Oct 111* May
*103 105
103 103 *103 10358 *103 10538 10314 10314 103 103
90 Preferred
100 103 Apr 18 107 Jan 7
9578 Jan 106 Dee
8412 6712 644 66 I 8814 872
8514 68
673
3 6612 8712 5,300 Gulf States Steel
4 87
100 51 Jan 9 68 Apr 27
40 Oct 84 Feb
•
24% 2413 2413 24% 2414 247
248 244 244 243
2434 243
290 Hackensack Water
4
4
25 23 Jan 5 30 Jan 31
22 Aug 27
63 6313 *63 64
*8313 68
63 63
280 Hanna let pref clue A__ _ ..100 6212 Apr 13 7954 Jan 19 66 Jan 7218 July
631 64 I *6313 68
Dec
28 *26
27
26
*26
*25
*2513 27
27
27
263 263
200 Hartman Corp class A _No par 24 Jan 5 27% Feb 3
4
4
2213 Oct 2714 Mu
2112 2238 22
8
2212 2218 224 2,500 Class B
2212 21% 2218 213 22
22
No par 191 Jan 4 2578 Jan 27
/
4
1813 Dec 29% Apr
*11212 114
11213 114 *112% 114 *11213 114 •11212 114 •11213 114
Helms(0 NV)
25 112 Jan 17 11811 Feb 20
7613 Jan 125 001
132 132 •132
20 Preferred
*132 -___ *132 __- •132 ____ *13114
100 121 Jan 3 132 May 3
Jan
5914 5958 59% 6112 7,000 Hershey Chocolate. _ __No par 3034 Jan 31 64 Apr 26 11814 Dec 130 July
59 60
4 604 81
6014 613
6112 82
4014 Dee
3474
3
8
5s 80
8034 80 801s 795 80 4 8014 80
80
807
s 7.800 Preferred
8014 81
No par 7014 Feb 6 82 Apr 16
7014 Dec 7512 Dee
10412 10413 *104 1045 *104 1045
300 Prior preferred
8
104 *104 105
8
104
104 104
100 10112 Jan 3 105 Apr 14
9953 Dec 103 Dee
24
*23
24
900 Hoe(R)& Co
25 •2312 2412 244 2414 *23
2314 24% 25
No par 20 Apr 18 3078 Jan 20
22 Jan 4178 July
33
1.200 Hollander & Son (A)__ _No par 2912 Jan 10 367 Apr 13
3414 r3414 3414 334 333
4 334 3314 33
/
1
3334 333
4 34
8
311 June 40114 Doi
/
4
73 4
73 •71
71
200 Homestake Mining
*71
73
71
71
73
73
100 67 Jan 4 75 Apr 11
73
*71
60 Jan 75 Oct
/
4
8818 671 671s 4,600 Househ Proa.Inc.tem cifNopar 641 Feb 21 6912 Jan 28
/
4
6618 687
s 88% 674 66% 66% 136% 88% 67
4314 Jan 7038 Nov
146 147
13,200 Houston 011 of Tex tern otts100 127 Feb27 161 Apr 9
148 15113 144 147
152 154
4
1514 15114 15214 1553
6018 Jan 176 Oat
553 5714 47,300 Howe Sound
4
No par 40% Feb 18 5714May 4
533 533
8
5 5234 5338 5234 534 5313 554 5.555 57
3454 July 4424 Dec
8
903 93% 905 9214 0113 9314 206,900 Hudson Motor Car...
91
.No par 75 Jan 18 904 Mar 18
87
85 4 86
3
/ 8518 87
1
4
/
1
4858 Jan 91% Aug
54
5618 191,900 Hupp Motor Car Corp
4
5213 513 5212 5113 54
10 29 Jan 16 61 Mar 28
5234 51
8 49
5178 521
16 0.31 364 Dee
58,500 Independent 011 & Gas_No par 2154 Feb 20 3178 Apr 30
s 2812 29
3014 3178 29% 3013 2812 2038 2818 287
29% 30
1753 May 3234 Feb
67
3,700 Indian Motocyole
6514 674 85
No par 3812 Feb 14 70 Apr 27
68 1 67 67
68
70
67
68
66
13 Mar 47 Dee
50 Preferred
100 10014 Jan 3 115 Apr 12
113 114 *106 ____ •107 ____ 1•10712 120 *108 119 •108 120
92 Jan 10254 flee
1714 173
4 1718 174 56.000 Indian Refining
,
10
1612 1912 1712 1834 17 2 18
9 Feb 18 1914 Apr 30
7% May 121* Sept
15
165
8
56,100 Certificates
1612 1614 17
10
4
81 Jan 16 1812 Apr 30
/
4
1614 1812 183 1812 161$ 1714 16
134 15
714 June 12 Sept
4,400 Preferred
126 127
125 126
100 101 Jan 4 127 May 4
123 12512 125 125
11512 11512 120 125
99 let 112 Mar
98
800 Ingersoll Rand new...
98 *9614 9713 97
__No par 90 Feb 18 98 Apr 19
*9614 98 1 *9614
98
9734 971
8718 Nov 9613 Apr
4 98
11,000 Inland Steel
No par 46 Mar 3 83 Jan 3 41 Feb 62% Dee
561 5513 564 5514 56
/
4
56
5534 56
56
55
55 4 56
3
Preferred
100 11512 Jan 6 118
Oct
Jan
-. 12 -21% 2214 15,600 Inspiration Cons Copper.. 20 18 Feb 25 24 Feb 18 111 June 118 Jan
22
.
3
4 2
2284 -221- - - - 23- -22- - 2513
1211
Apr 10
-ii- - "ii"
8
8
135 137 176,00 Intercont'l Rubber..._No par 111 Apr 12 2154 Jan 4
1414 1312 1414 1312 14
/
4
13
13
11 Nov 25 Nov
1312 1214 13
6,300 Internal Agrloul
No par
13 Feb 24 20 Apr 27
els Apr 16% Dec
18% 1914 183 1918 184 18531 1734 1812 178$ 1818 1713 18
*
4,0001 Prior preferred
733
71
74
72
75
100 4858 Mar 2
4 75
763
75
79 Apr 26 33 Mar 6612 May
75
74% 747g 75
8
127 1287 128 1315, 6,600 Int Business Maohlnes_No par 114 Jan 16 14734 Feb 3 5318 Jan 119% Dee
12714 128 I 127 128
12634 12734 127 129
701z 7134 15,500 International Cement_No par 56 Jan
714 70% 71
,
7278 Mar 21 45% Jan 6558 May
8
69% 697
8 69% 697 6914 707, 70 2
4001 Preferred
100 1081 Jan
8
8
/
4
11078 Apr 26 100 Oct 113 Dec
11013 11812 110% 11012 *11012 111 ; 1107 1107 •11012 111 *11012 111 177,100 Inter Comb
Eng Corp_ _No par 4514 Feb 20 55% Jan 3 AO's Oct 64 Mar
514 521$ 511s 527
4955 5034 493 503
8
8 497 5314 51% 54
Preferred
2001
100 103 Mar 21 10512 Jan 3 101
4
Oct 1051 flee
•1037g 1041g •
103% 10412 104 10414 *10414 105 •10414 105 *10414 105
8
252 2543 250 253 i 251 253 I 25212 25474 251 2527 25278 2571 12,400 International Harvester.._100 22434 Feb 1 260 Mar 31 13558 Jan 25518 Dec
8
8001 Preferred
100 13614 Mar
147 May 1 126% Jan 139 Dee
8
146% 1463 14634 147 1.14614 147 *14618 147 2145 145
*1464 148
45, 5
6,700,Int Mercantile Marine__100
412 412
412 4%
34Mar 2
458 452
854 Ma,
3% Oct
Ms Jan 9
412 45,
412 413
411 14,000; Preferred
100 3414 Feb 20 44% Jan 17 3213 Oct 55 8 May
8' 3934 4038 3912 4038 40
397
5
,
3918 394 39 4 3974 39
8
10934 1123 11118 1121 55,500'InteniatIonal Match pref _ _35 9318 Jan
9818 Dee
120 Mar 16 62 Ma
110 11212 10812 112 I 108% 11034 109 111
92 96.400Internationa Nickel (The).25 73% Feb 24 993 Jan 27 3814 Jan 8913 Dec
8
895 9112 90
4
4
9018 91% 8814 9012 883 9012 8918 917
7514
76% 80 29.100 International Paper_.No par 6718 Jan 1
,
76 4
2 76
8012 Apr 16 a39% May 8113 Noy
x7514 7714
77% 79
7612 78
Preferred (6%)
4
100 100 Apr 11 107 Apr 12 8514 July 106 Dee
4
_
*9814 . _ _ *9814 Iowa *9814 1063 *9814 1063 *9814 1063
*9814 _ _
5,800 Preferred (7%)
10714
100 103 Feb 24 108 Jan 14 96% Jan 112% Dec
/
1
4
107 107
/
1
107 1074 1071s 10714 10718 10718 *551 1071
107 107
150 International Salt
58
100 4911 Mar 2
8884 Jan 12 63 Sept 75 Dee
55
58 1 *5513 58 •551 58
56
56
55
55
400 International 8 Ivor
100 156 May
196 Jan 24 13513 Mar 192 Nov
152 152
146 149 *155 156 *151 156 15152 156
149 149
101 Preferrcl
128 128 *128 129
100 126 Mar 22 181 Jan 27 109 Mar 128 Oet
•128 129 •128 129 *128 129 •128 129
100 13913 Feb 20 178 May 4 12214 Jan 15878 Sept
16012 163
16114 16478 164 1653 166 16712 1664 16838 168 178 59,700 Internal Telep & Teleg_
4
1
•Bld and asked ort sec ne =lee on this day. a Ex-dividend
,
a Ex-rights
2761
New York Stock Record-Continued-Page 5
For sales during the week or stocks not recorded here, See fifth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Apr. 28.
Monday,
Apr. 30.
Tuesday,
May 1.
Wednesday,I Thursday,
May 2.
May 3.
Friday,
May 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Per share $ per share $ per share $ per share Shares Indus. & Miscel.(Con.) Par
$ per share
Per share
*3312 34
347 134
8
347
8 34
34
333 333
No par
34
4
3418 2,200 Intertype Corp
4 34
1
8 5414 5414 5312 54
4
533 54
4
900 Island Creek Coal
*533 55 2 543 5512 5312 537
4
,
87
87
No par
857 8712 87 87
87
90
90
91% 5,800 Jewel Tea, Inc
88
8
*87
Preferred
100
*120 124 *120 124 *120 124 *120 124 *120 124 *120 124
126 1293 12714 12812 1263 12814 128 129
4
12512 128
4
No par
12712 128
23,700 Johns-Slanville
8
4
8
8
8
12212 12258 1225 1223 1227 1227 12214 12214 12212 123
240 Jones dr Laugh Steel pref__
*1225 123
32
3212 3114 3114 3118 3118 *3112 3212 1,800 Jones Bros Tea. Inc _ _ _ _No par
3212 323
4 3158 33
8
1118 12
No par
1214 13
1114 1112 1012 11,
2 105 1118 1012 1034
13,200 Jordan Motor Car
1133 1133 1133 1137 *1133 1143 *11334 1143
4
4
4
8
4
4
113 1133 4.113% 114
84
4
4
190 Kan City P&L 1st pf BN0 Dar
74
743
4 74
7412 7312 737
8 73
733
4 7318 7312 5,100 Kayser (J) Co v I c
No par
75
74
2234 24
2234 237
213 23
4
25
22
8 2212 227
22
8 2112 2214 15,700 Kelly-Springfield Tire
65
66
67
68 68
100
65
*65
70
*65
68
70
*65
400 8% preferred
6814 *68
100
6512 65 2 67
69
*65
69
69
69
,
*65
*66
1,100 6% Preferred
3118 3118 32
3112 31714 3012 3012 31
32
*3112 313
4 31
3,300 Kelsey Hayes Wheel_ ...No par
*1044 1094 *1044 1094 *105 10914 *105 10914 *10512 10914 *10512 10914
Preferred
100
877 89% 8712 8814 875 88% 72,900 Kennecott Copper
8
8
No par
85% 8614 857 863
8
4 8614 88
*43
46
46
47
46
464 4514 4514 45
46
45
800,KInney Co
No par
*45
9614 9618 9612 96
9618 96
96
9614 96%
100
9618 961s 96
480 Preferred
65 8 6612 65% 668
,
8 6618 667
8 6618 67
71
65% 66
68
41,200 Kraft Cheese
25
8
7114 7112 7114 7112 71
715* 707 7112E70118 7112 705 71% 7,800 Kresge (S S) Co new
8
10
100
*11512 -- -- *11512 -- •11512 ____ *11512 ____ 11512 11512 *11512
10 Preferred
1978 20
2018 2018 2012 205
20
8 21
20
223
4 3,000 Kresge Dept Stores -.No Par
227
8 22
se3i2 67
*6312 6714 67 67
6714 6714 67
67
*65
70
100
300 Preferred
102 102 *101 103
101 10114 *10114 102
*102 10312 *10212 103
No par
300 Kress Co new
8 7614 765
8
8 76
765
8 76
7618 76% 763 767
793
8 8014 83
65,200 Kroger Grocery & Bkg_No par
*215 240 *215 240
*210 240 *240 240 *210 240
Laclede Gas L (St Louis) _100
___- ---4
*101 107 *105 107 *105 107 *105 1063 105 105
1063 1063
4
100
50 Preferred
4
4 3718 377
8 365 3714 365 363 21,100 Lego 011 & Transport_No par
36
367
8 3718 3918 3712 383
8
8
8
8
8
1153 1168 1147 117
8
1155 11638 1145 11512 115 1177 11612 118
8
8
No par
34,900 Lambert Co
2118 203 2412 22% 2412 223 24
4
2218 23% 92,000 Lee Rubber & Tire
205 213
No par
8
8 20
8 51
513
503 503 5210 513 53
4
5118 517
4 50
52
52% 21.500 Lehn .4 Fink
No par
3012 3012 30% 30% 3012 3012 3012 305
8 303 3114 3112 3314 4,000 Life Savers
No par
99
977 9918 963 9784 94
8
4
95
99
94 100
100 103
7,900 Liggett & Myers Tobacco__25
8
4 975 993
4 9518 978 933 9512 9418 98
4
983 993
4
9812 100 2 87,200 Series B
25
,
8
•1463 14714 *1463 14612 1463 1468 *14614 14612 14614 14 4 14614 14614
8
100
300 Preferred
6,
6012 593 6012 593 598 60
4
60
60
*5954 62
No par
59% 59% 2,300 Lima Lee Wks
4 7214 737
76
7312 743
70
723
8 7314 755* 74
74
745 24,200 Ltuuld Carbonic certlfs_No par
8
8
768
8 74
758
8 7314 748 7312 7478 133,900 Loew's Incorporated_ No par
7318 74% 733 7512 75
7
714
No par
7
712
7
73
s
71 8
/
4
73
2 73
4
738 73 38,500 Loft Incorporated
4
8
29
2812 2812 2812 2812 2812 2812 283 2812 28
31
35
1,900 Long Bell Lumber A__ _No par
8
5612 55
5712 58% 555 5718 54
557
8 545 557
8
8 55
553 22,000 Loose-Wiles Biscuit new ____25
4
12014 122
1213 12134 *120 12112 *120 12112 *120 12112
4
*12112 125
100
50 1st preferred
333 347
3438 3212 333
4
8 3112 33
3418 35
8 33
32% 3378 85,900 Lorillard
11012 109 109
107 10884 106 106
*10712
106 107
lb°
107 107
1,100 Preferred
1914 177 193
8
8
18
4 177 1918 173 1812 17% 18
1718 17% 151,300 Louisiana 011 temp etfs_Nc. par
204
95
93
4 9512 96
94
*94
9434 93% 94
100
*9212 933
26() Preferred
36% 36
3684 3614 363
3614 36% 36
4 36
363
4 36
36% 8,700 Louisville 0& El A__ ._No par
563 59
4
564 5812 55
58
5612 58
55
563
8 5512 57
21,200 Ludlum Steel _____ _ __No par
51
52
52
*5112 52
52
52
51
5214 5212 *5234 53
Oes_No par
700 MacAndrews &
119% 11912 11912 120
11812 11812 11912 11912 119 119
100
120 12212 3.800 Mackay Comps'oes
763 767
4
4
76% 77
8 763 77
7612 763
100
7614 7654 763 7634 3,500 Preferred
s
8612 853 8614 867 898
8
8
86
8 883 901
8
8814 89% 8814 89% 48,700 Mack Trucks, Inc
No par
*303 345 *310 346 *303 340 *303 340 *304 340
342 342
No par
100 Macy Co
31
31% 3114 317
8
8 318 32% 323 338 3158 3314 3214 33
No par
42,800 Madist_n Sa Garden
48% 48% 4812 4984 4812 493 495 503
8
4 4912 5018 4914 50
No par
12,800 Magma Copper
247 248 247 253
•25
2512 2434 25
8
2552 2612 26
2712 25,000 Mallinson (H It) & Co-No Par
*9714 99
97
97
96'z 961
97
9714 963 963 *9614 9612 2,200 Preferred
100
8
8
40
*35
*35
40
*35
40
•35
40
*35
100
40
34% 34%
100 Maned Sugar
70
*62
70
693 693
*62
70
70
100
*6514 70
*70
72
400 Preferred
3718 3718 3712 3612 37
*3612 373 *3612 373 *36
4
No par
4
3612 3612
600 Mandel Bros
523 523
53
53
8
8 52
534 533 547
No par
8 5414 563
8 .55
55% 12,200 Manh Elee Supply
3S5g 39
3814 3914 3818 395* 39
25
39
39
413
8 40% 41% 14,700 Manhattan Shirt
19
2512 22
23
2114 223
8 1884 21
1912 203
4 1984 2018 18,500 Maracaibo Oil Expl_ ....No par
423 43 4 43
4
3
4418 4218 4314 415* 423* 4112 4218 4118 4114 79,000 Marland 011
No par
541s 5412 543 553
1512 5514 553
8
No par
4 55
5518 55% 54% 55% 5,400 Marlin-Rockwell
1612 17%
163 167
4
1634 168
1678 178
8
4 1684 17
1684 17
3,600 MartIn-Parry Corp__ _No par
12812 131
13012 131
8
12912 1291 12812 1293 12818 13012 12814 12914 2,700 Mathieson Alkali WorksNo par
*129
*130
129 129 *127 128 *127 128 *127 128
100
10 Preferred
81
80
81
81
7812 803
25
80
80
8012 803
2,500 May Dept Stores new
4
80 801
3714 38
37% 39% 3758 385
No par
8 37% 39
3818 38% 38
385 44,700 Maytag Co
8
*6514 68
65
66
65
65% *65
No par
658 *65
4
66
65 65
1,200 McCall Corp
8712 90
88
897
8 87
8712 89% 89% 8612 8612 863 87
4
520 McCrory Stores class A.No par
9512 9812 9312 96
92
94% 93
No par
933
4 9118 94
*9218 94
7,200, Class B
*10912 110, 110 110
110 110
110 11018 109% 110
8
110 11014
100
1,900 Preferred
*2512 2612 *2512 26
*25 2 2612
,
253 2512 *2512 2612 *2514 26
8
200 McIntyre Porcupine Mines_ _5
8
8
*257 26
8
257 257 *255 26
8
26
26
26
2614 26
26
800 Metro-Goldwyn Pictures p1_27
34
33
32
343
4 33% 35
32
33% 2812 33
32
327 198,300 Mexican Seaboard 011__No par
8
1914 1912 2185 1912 194 1912 19
1918 193
8
8
1912 19
5
19
6,500 Miami Copper
317 3314 3212 3314 3212 33
8
3218 32% 3112 3218 3114 317 49,100 Mid-Contlnent Petro_ _No par
8
*113
*109 -- *109 115 *109 115 *113
*113
Mid-Cont Petrol pre!
100
47
8 518
43
4 5
4% 4%
47
8 5
45
8 5
IC
47
8 5
- -3:615 Middle States 011 Corp
51
312 312 6,100 Certificates
8
35
8 33
4
314 312
35
8 33
84
3,
2 3
10
3
% 3%
215 215
21212 214
216 2173 *212 218
*215 220
4
218 225
1,900 Midland Steel Prod pref_ _ _100
4
19% 20
20
20
2012 193 2118 1912 20
20
1914 1912 4,200 Miller Rubber ette
No par
8
8
16514 1653 165% 1653 16512 16614 1653 16614 16612 175
170 172
1
20,500 Montana Power
100
8
14014 14214 13814 1415 138% 140% 138% 140% 138 1387 113812 13914 37,800 Monte Ward A Co III Corp _ _10
8
77
8
8 14
812
8
8%
818 812
814 85
8
812 914 29,100 Moon Motors
No par
312 312
3% 312
314 33
s
314 314
314
312
3% 312 15,800 Mother Lode Coalition _No par
9
8
9
*812 9
9
87
8 9
9
9
2,600 Motion Picture
8% 8%
No pa
17
1612 17
183
8 18
1612 1612 1612 163
183
2 1712 184 7,700 Motor Meter A
No pa
3514 3512 3514 35 2 3518 357
36
3614 3512 3614 3512 357
,
8 6,700 Motor Wheel
No pa
853 85% 853 883
4
857
8 857 86
8514 857
4
* 8712 89
85
4,900 Mullins Mfg Co
No pa
109 109 *108 11012 *108 11012 *108 11012
109 109 *108 109
30 Preferred
100
4 538 54
5314 54
8 53% 5314 53 533
5312 553
537 547
8
4 4.400 Siunslugwear Inc
No pa
3612 345 3812 3714 3812 373 42
8 36
4
363 3718 361 367
4
59,800 Murray Body new
No pa
4
8712 883
8712 8814 88
8518 86% 853 88
86
863
4
89
34,500 Nash Motors Co
No pa
1712 1712 1914
8 17
173 183
18
1512 1512 153 167
1914 80,500 National Acme stamped____1
7118 70
7114 71
71
7112 7218 8012 8518 95
71
71
7,40( Nat Belles Hess
No pa
1083 10914 109% 1103
1087 1087 109 109
8
8
4
109 109
•107 109
4 1,100 Preferred
100
8
9,000 National Biscuit
167 16712 167 16718 166 1671 16684 17012 1695 17112 169 170
2
200 Preferred
*14718 15014 *14714 15014 *14714 15014 •147 150 •147 150'4 147 147
100
us
5818 59
8 5712 5812 5712 5818 5712 5814 57% 58% 33,000 Nat Cash Register A w INo pa
803 817
4
8 8012 8112 81% 8312 55,300 Nat Dairy Prod
8114 817
8 80% 8212 80% 82
No pa
28
27
27
9,700 Nat Department Stores No pa
2414 2412 2412 2612 2612 2812 27
24
24
9812 101
9912 102
101 10112 101% 10112 6.800 lst preferred
99 100
98
100
95
4 4014 4212 4112 42,
383 403
4
* 38% 39% 4018 403
8 6,600 Nat Distill Prod etre_ _ No pa
43
42
57
*5514 58
57% 57% 1,000 Preferred temp etirsNo pa
58
56
5714 57
5914 58
*58
8
323 337
8 323 327
2912 33
5,800 Nat Enam & Stamping _
3118 325
100
31% 31% 3118 32
94
95
93
*93
94
*93
98
700 Preferred
9312 9312 93
03
100
93
130 130 *12834 130
8
8
2,000 National Lead
100
131 12 1334 132% 133% 1297 1297 130 132
147 147 *147 14712.147 14712 *147 148
400 Preferred A
100
•147 148 *147 148
12012 12012 •120
121 *120 12114 *120
_
300 Preferred 11
120 120
100
120 120
3412 34% 353
:3 4
4 34% 35% 35 - 3- 329,700 National Pr & Lt Ott,.
.No 90
31% 3238 31% 32% 32
3114 297 3012 19,400 National Radiator_ __No pa
3112 33
3112 3214 30
8
34
32
2918 34
91
89
8934 87
88
85
3,700 Preferred
87
No pa
91
9212 89
9014 93
103 1033 10212 10314 103 103
8
4
3,600 National Supply
8
ao
102 103% 1037 10414 1037 104
3434 347
4
345 3493
4 2,220 National Surety
100
346 34912 343 3443 34112 345
34712 250
262 273
No pa
263 26412 257 262
26934 2693
4 5,100 National Tea Co
262 269% 26512 270
22
22% 22% 2214 227
4
8 223 23 163,100 Nevada Consol Copper_No pa
20% 214 21
20% 21
4514 45% 454 46% 4578 4614 6,100 N Y Alr Brake
Nova,
4
4
4512 45% 45, 453
453 46
4
5514 58
57
5512 56
100
*5512 57
5812 5812 1,500 New York Dock
5512 5614 *56
92
Preferred
92
*89
92
*89
100
089
92
92
*89
*88
92
*88
4
560 N Y Steam pre/ (6)____No pa
10318 104% 103 10414 10312 10414 10314 10414 103% 10412 10418 1043
11418 11418 11414 1143 114% 1143
4
11414 115
200 First preferred (7).. No pa
4
113
113% 113
113
'2
281s 2818 2818 8,600 Niagara Falls Power pf aew_25
4
4 27% 2818 28
s 27% 27% 273 273
273 277
4
8
10
8
71% 703 7112 705 7112 70% 72% 72% 7534 112,600 North American Co
70
705
8 70
50
5412 5412 5412 5412 54% 54% *5412 55
600 Preferred
*5414 65
55
55
4
8
10314 10384 103% 103% 1033 103% 1037 1037
8 1,200,No Amer Edison prat_ _No pa
104 104
104 104
54
54
54
54
54
190'Northwestern Telegraph__ _50
5312 53% 53% 54
*53
533
4 53
3
3
•27
8 3
23
4 2%
1,200 Norwalk Tire & Rubber ____10
*27
8 3
3
3
3
3
*912 912 *812 912
Nunnally Co (The) ____No pa
,
*812 912 *812 912 4.812 912 *312 9 2
11,151d and &eked pekes: so mates an this day, s Ez-ellvtdend.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
per share
31 Jan 17
51 Feb 17
4
773 Mar 1
120 Jan 18
11214Mar 8
1203 Jan 4
4
255 Mar 31
8
812 Jan 16
11112 Jan 28
625 Jan 5
8
15 Feb 17
5514 Feb 17
58 Feb 17
2212 Jan 10
106 Mar 8
801s Feb 20
3812 Jan 16
8718 Mar 22
5312 Mar 31
6058 Feb 24
11258 Apr 11
1312 Jan 18
5.134 Feb 1
87 Feb 20
7314 Mar 27
200 Jan 10
100 Jan 5
273 Feb 20
8
7912 Jan 10
1714 Jan 3
38 Jan 17
3018 Apr 23
91 May 2
4May 2
938
13514 Jan 30
53 Mar 19
6312 Feb 29
57 Jan 10
584 Feb 9
26 Jan 3
4918 Jan 10
11912 Mar 21
31121).lay 3
101 May 2
93 Feb 21
8
80 Feb 21
28 Feb 7
255 Jan 11
8
46 Jan 6
10812 Mar 2
6814 Jan 13
83 Apr 17
235 Jan 10
2214 Jan 9
433 Feb 27
4
16 Jan 20
8718 Jan 30
3112 Feb 10
65 Mar 22
36 Mar 2
50 Jan 11
313 Feb 18
4
1212 Feb 20
33 Feb 17
454 Mar 6
1218 Mar 12
119 Feb 20
115 Jan 12
78 Feb 17
30 Mar 12
56 Feb 3
77 Feb 18
8012 Star 14
109 Feb 8
253
8Nlay 2
2518 Jan 6
45 Jan 19
8
173 Jan 5
4
258 Feb 20
10314 Feb 20
233 Jan 3
112 Jan 3
199 Feb 18
1914May 4
10214 Jan 10
117 Jan 19
53 Feb 6
8
25* Jan 27
5 Mar 29
13 Mar 22
2512 Jan 12
72' Feb 17
1043 Jan 17
4
463 Mar 5
4
2112 Feb 1
8014 Feb 20
,
7 4 Jan 4
41 Jan 3
9014 Jan 3
16214 Jan 19
13712 Feb 29
4714 Jan 16
6412 Jan 6
2178 Jan 6
91 Jan 10
3514 Feb 28
55 Feb 28
2314 Mar 26
90'8 Mar 28
123 Mar 1
139 Jan 3
11212 Mar 20
215 Jan 16
8
29 Apr 25
85 May 4
90 Feb 21
298 Feb 7
160 Jan 17
173 Jan 18
4
4212 Mar 10
62 Feb 18
87 Apr 16
9914 Jan 3
102 Jan 30
2712 Apr 17
585a Jan 5
5314 Jan 3
10212 Feb 15
50 Jan 5
212 Mar 15
8 Mar 8
Highest
PER 811 ARE
Range for Pres!~
Year 1927
Lowest
Highest
Per share $ per _____
$ per share
1912 Jan
3812 Jan 20
3912 June
5714 Apr 19
4812 Mar 87 Sept
8May 4
918
5312 Jan
86 Dee
12418 Apr 1? 11112 July 125 2 Mar
,
13312 Apr 5
1233 Feb 9
4
Feb17
123
Oct
40% Jan 10
105 Jan 343 Dec
8
8
14% Jan 3
1212 Jul} 2212 Jan
114 Apr 26
7612 Mar 30
49 -Apr - - 3- 8 4 Be;
i
273 Jan 3
8
91 Jan 3214 Nov
/
4
35 Feb 102 Sept
84 Jan 6
44
Jan 9712 Sept
80 Jan 26
19
Oct 27 July
337 Apr 20
8
11018 Jan 5 103 July 110 Dec
8938May 2
60
Feb 903 Dee
8
4984 June 45
Jan
52 Jan 19
100 Apr 11
56 June 93 Dec
49 June 827 Feb
2
74 Jan 9
457 Jan 7714 Bent
2
75 Mar 29
118 Apr 27 11018 Feb 118 July
10 June 18 Dec
2714 Feb 29
80
45 Nov
Jan
69 Feb 29
Jan 105 2 Sept
,
11412 Mar 29
59
83 May 4
,K1213
-260 Feb 2 173'i Jan
96
12412 Jan 26
Jan 130 May
3918 Apr 17
2012 Jan 371 Nov
4
Jan 88 2 Oot
120 Apr 11
66
,
1812 Dee
2412May 1
Jan
7
3238 Apr 43 Nov
53% Apr 12
2014 Sept 34 4 Dec
,
36 A Feb 7
12212 Jan 3 *8712 Feb 128 Sept
001
12312 Jan 3 *8658 Feb 128
147 Apr 11 12434 Jan 140 Deo
49
Oct 76% Apr
6514 Jan 3
45 4 Sept 783 Dee
8
4
77% Jan 13
2
8May 1
687 Jan 037 Mar
2
763
Oct
7/2 Jan
5
8 May 2
2512 Dec 63 Mar
35% Feb 3
59 Apr 26 :3512 July 5714 Dee
Jan 123 Nov
123 Jae 6 118
2312 May 4712 July
467 Apr 19
8
114 mar .3 107 June 11812 Jan
10
Oct 12 Aug
193 Apr 30
4
8514 Dec 97 Feb
96 Apr 30
37% Apr 25
2338 Jan 3012 Dee
20
Oct 3314 Mat
59 Apr 27
57% Apr 14
43 Nov 5814 Dee
134 Mar 20 105 June 134 Aug
81 Mar 19
67 Aug 74 Aug
4
8814 Jan 1181 May
1077 Jan 8
8
Jan 24312 Nov
350 Apr 11 124
3338May 2
2012 Aug 281 Oct
2
2912 Feb 5814 Dee
5612 Jan 4
1112 Apr 201 Dec
4
28% Apr 12
1017 Mar 15
8
4
863 July 95 Dec
41 Jan 14
27 Nov 48 Feb
Oct 80 4 Doe
1
88 RA0 17
48
4012 Jan 24
3918 Dec 49 Aura
14
61 Mar 17
Oct 132 Aug
43
2414 Jan 35 4 Dee
1
425* Apr 16
2512 Apr 28
12
Oct 223 Jan
4
4412 Apr 17
31 Jun
5812 Jan
5778 Apr 18
27
Jan 557 Nov
8
193 Apr 20
8
1512 Dec 2414 Feb
1377 Apr 12
8
Jan 13214 Dee
82
130 Apr 27 103
Jan 120 Dec
85 Jan 3
1s
683 Jun
4
903 Nov
2
4014 Apr 25
233 la
8
354 Dee
/
1
697 Apr 19
8
90 Aor 28
66 Mar 00 nee
9812 Apr 28
5612 Mar 963 Dee
4
111 Jan 10
97 Mar 11812 Sept
2812 Mar 16
2412 Mar 283 Oct
4
27 Feb 9
243 Jan
4
2814 Feb
35 May 1
3 Aug
9 4 Feb
,
197 Apr 10
8
1318 June 20 4 Dec
3
3314 Apr 28
2512 Oct 3932 Jan
109 Apr 19
97
Apr 106 Feb
5% Apr 12
13 Jan
8
3 4 June
1
118 Jan
4 Apr 12
21 June
4
290 Jan 4 106
Apr 315 Dee
1712 Nov
27 Jan 3
3814 Apr
175 May 3
8112 Jan 10912 Oct
15312 Mar 28
603 Feb 123% Dec
8
11 Apr 13
6 June
1212 Jan
112 Oct
3% Feb 23
63 Jan
2
Sept 1032 Mar
9 Apr 27
17 Nov 8814 Apr
2314 Jan 12
37% Apr 23
2034 Jan 27 1 Ms,
1
9414 Apr 13
10
Jan 7914 Dec
Jan 110'4 Dee
110% Jan 9
80
4May 4
35 4 May 53 Nov
1
553
42 May 4
164 Oct 43 Feb
2
6014 Apr 1017 Dee
1013 Jan 3
8
1914Slay 2
5 Feb
712 Cles
31 ,Sept 484 Dee
,
95 Slay 4
8514 Sept 97
Apr
110 4May 4
8
4
182 Jan 27
943 Jan 187 Dec
Jan 142 Dec
150 Apr 11 130
62 Apr 13
397 Jan 5112 Dee
4
5914 May 8874 Aug
8312May 4
2812May 2
2014 June 2732 Mar
,
8912 July 94 4 Jan
102 Slay 2
Feb 00
17
Oct
5812 Jan 9
43 Mar 6914 June
71% Jan 9
1918 Apr 353 June
3712 Apr 12
2
6918 Apr 917 July
2
98 Slay 4
136 Jan 31 895 May 202ts May
147 Mar 29 11312 June 1393 Dee
4
,
12118 Mar 30 10472 June 115 4 Dec
1
4May 2
1914 June 28 4 Sept
358
363 Nov 3912 Nov
4
403 Jan 9
8
9812 Jan 17
96 Nov 98 Dee
110 Apr 19
76 May 9772 Dee
355 Jan 3 0218 July 873 Dec
Apr 180 Dee
273 Apr 27 108
2312 Feb 6
123 June 2032 Dec
4
3914 Cot 50 June
5012 Feb 10
Jai
34
851 Nov
2
8414 Jan 4
721s Feb 9312 Nov
95 Jan 4
105 Apr 13
9312 Feb 10212 Oct
115 Apr 19 105
Jan 11412 Oct
283 Feb 17
4
273 Jan 293 May
4
2
7534May 4
45 8 Jan 6412 Oct
3
Jan
5518 Apr 26
50
55 Aug
1057 Feb 7
8
963 Jan 106
8
Ord
54 Apr 18
471 Jan 58 Sept
4
4 Jan 3
17 June
8
611 Feb
93 Mar 9
4
83 Dec 13
4
Jam
New York Stock Record-Continued--Page 6
2762
For sales during the week ot stocks not recorded here, see sixth page preceding
HIGH AND LOW SALE' PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Apr. 28.
Monday,
Apr. 30.
Tuesday,
May 1.
Wednesday, Thursday,
May 3.
May 2.
Friday,
May 4.
Sales
for
the
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share 3 Per share 5 Per share S Per share $ Per share $ per share Shares Indus. & Miscel.(Cos.) Par
31
312
32
32
31% 32
3212 32
3134 32 4 32
3212 5,700 011 Well Supply
26
,
103 103
10312 105 •103 105
270 Preferred
106 1061 1
106 106
105 106
100
1214 12% 124 1212 12
1214 12% 6,200 Omnibus Corp
1214 1218 12% 123 13
8
No par
*9412 9514 9412 96
94
9312 9312 1,10(1 Preferred A
94
94
100
9414 49312 94
*72
73
72
72
300 Oppenhelm Collins dc CoNo par
714 713
*7218 7414 7212 7212 •7214 74
Orpheurn Circuit, Inc
I
*:::: W2
200 Preferred
-654 - - 4 i5i- 93 -56iz - - 4 :: - .
/W
100
96
96
17212 17412 175 IfT41- 178% 17914 1797s 1823 179 18214 18014 183
11,000 Otis Elevator
-2
4
50
124 124 *124 125 •124 125
90 Preferred
124 124 •124 125
124 124
100
18
1812 1818 18%
1812 187 82.900 Otis Steel
1812 193
s
4
No loo
par
4 183 19% 18% 19
*9214 92% 92
6,700 Otis Steel prior pref
9214 93
937
s 0318 9314 9318 94
8 9314 933
*84
Outlet Co
89
89
*84
89
89
*84
89
*84
89
*84
No par
*84
8512 8512 86% 8618 85% 867
25
8 8718 8718 1,900 Owens Bottle
8 86% 86% 86% 867
20 Preferred
*115 11514 *115 11514 •I15 11514 11514 11514 *11512 117 *11512 117
100
4
483 50
5212 533 54,500 Pacific Gas - Else new
4
513 53
8
25
53
524 5312 51% 53
52
158
15
8
17
8
13
8
17
No pa
4 214
17
8
13
4 2
13
4 2
l7s 209,100 PacifIc Oil
1,690 Pacific Telep & Teleg
15312 1545 1513 15412 15412 1543 154% 157
157 1591 1
15518 159
4
100
4
69% 70,
4
7014 713 92,200 Packard Motor Car
10
8 683 70% 6812 69% 6918 693
3
4 6918 71
52
5212 5212 5012 51% 50% 50 4 5014 5078 4,300 Pan-Amer Petr & Trans_ _ 60
523
3
4 52% 533
51% 5312 507 5238 51
523 5312 53% 54% 5318 54
4
60
517 100,300 Class B
8
4
8
27% 283
8 2738 277
8 263 27% 2612 2718 25% 274 25,000 Pan-Am West Petrol B_No pa
8 2712 283
2018 21% 194 20% 20% 205
8 183 2014 19
19% 184 1812 18.100 Panhandle Prod 4, ret_No pa
2,100 Preferred
94
9414 9414 94
93
90
95
85
10
95
85
•80
93
64% 65% 6414 65 s 6412 664 64
623 65
4
66% 27,1011 Park & Tilford tern ctfs_No pa
3
64N 65
8
105 1114
8
1118 123
103 11
8
10% 11
8 127 13% 12% 1318 144,800 Park Utah C
3% 31
318 314
3% 312
3% 312 6,700 Pathe Exchange
No par
314 312
3,
4 3%
*13
13
13
13
13
1,600 Pattie Exchange A new_No pat
13
13
131
13
13
131
13
39% 42
3614 41
37
39
3812 39% 37
3614 37
39% 133,900 Patin() Mines & Enterpr____20
*2414 2412 2312 237
8
22% 223
8 225 23% 2212 223
8 4,000 Peerless Motor Car
4 2212 227
50
333
3212 33
3318 3334 32% 333
8 3212 32% 33
3212 32% 4,500 Penick & Ford
No par
29% 31
2714 29
273 29
4
283 30
4
2912 303 23,500 Penn-Dixie Cement___ No par
8
207 31
s
Preferred
*9512 97
*9512 97
*9512 97
*9512 97
*9512 97
100
17712 17712 *17412 177
172% 173% 17212 173
5.100 People's 0 L & C (Chle) 100
173 179
176 176
•150 165 *160 165 •155 160
165 16612 168 170
174% 174% 2,600 Philadelphia Co (PIttst)___50
*46% 48
*4618 48
48
48
*4818 48
30 5% preferred
•464 48
*4618 48
50
5612 561
563 565
8
563 563
8 564 563
50
4
*5612 57
4 5614 564 1,200 6% preferred
3218 3112 3214 7,300 PhIIa & Read C & LNo par
323 327
s
3212 313 323
8 32
8 3212 327
8 32
Certificates of Int ____No par
_
17l
1714 183* _6,100 Phillip Morris & Co. Ltd_ _ _ 10
4
177 -17T2 -178i1- -152 - - -518 8 1712 18%
No par
43% 44% 4318 43% 42% 43% 4218 423
423 44
4
4 4218 4234 61,700 Phillips Petroleum
3,400 Phoerlx Hosiery
29
34
5
2818 284 2812. 3012 *29% 3012 30% 3112 30
*28
100
330 Preferred
9918 99
*9914 100
99,
4
99 4 *98% 98% 99
,
994 09,
4 99
8 1212 133 25,200 Pierce-Arrow Mot Car_No Par
4
8 134 137
4
1314 1114 1212 113 123
1314 137
8 13
6,000 Preferred
4312 45
4412 4518 4212 433
100
4518 46
45
45
4 415 43
212 3
258 2%
2% 3% 162,100 Pierce 011 Corporation
2% 3
25
4
412
212 3%
234 2314 231 1 24
3,000 Preferred
100
25
253 *2311 24
s
28% 2914 254 28
45
8 5
43
43
4 5, 53,300 Pierce Petrol'm tern ctfriNo par
4
5% 512
514 5 8
,
53
4 64
514
4
3978 38% 395
39
8 38% 3912 3812 3914 3812 4012 7,900 Pillsbury Flour Mills _No par
38% 39
100
113 115
1,000 Preferred
113 113
115 115
11318 11318 113 113
11318 114
100
4612 46% 467 46% 45
8
467
8 45% 46% 4634 4712 4614 4614 5,100 Pittsburgh Coal of Pa
100
8214 8214 82
82
82
81
500 Preferred
82
*8112 8212 *8112 8212 81
100
92 .88
100 Pittsburgh Steel prof
92
92
•90
•85
*85
92
90
90
*8814 90
*28
30
100
*28
30
200 Pitts Terminal Coal
*28
30
30
303 *29
*28
8
30
30
100
20 Preferred
7612 7612 .7612 77
*7612 77
*76
77
*7612 77
78
*77
500 Porto Rican-Am Tob el A.100
645 64% 6412 6412 *6412 6512 6312 6312 *6314 631
8
65
65
3,400 Class B
No par
8
2614 2614 2618 264 263 261
264 2618 26
2614 25% 26
No par
8
1243 1263 1233 1247 12418 124% 122N 12514 123% 124% 124 1243 32,300 Postum Co. Inc
8
s
4
4
2412 24% *233 25
400 Pressed Steel Car new_No par
4 24
8 2434 243
24
*2318 247
*2412 25
4
100
8112 •80
100 Preferred
82
811
*80
8112 *80
*80
8112 813 813 .80
4
4
8
2412 26% 2514 267
8 2518 257
8 2418 25% 237 2412 23% 24% 19.400 Producers & Refiners Corp 50
43% 4418 •4312 45
45
4612 467 467
*44% 45
50
980 Preferred
45
8
8 44
50 Pro-phy-lac-tic Brush_ _No par
86
*85
88
873 *85
85
*85
4
88
86
*85
873 *85
4
4
5712 5614 57% 5714 57% 573 59% 59
56% 57 4 56
,
623 188,200 PubServCorp of NJ newNo par
4
11114 112
•11114 112
100
112 113 x113 115
2,000 6% preferred
11112 1117 11112 112
8
•125 12812 •12.5 126 *12518 12612 *1253 126
100
1253 1253 127 127
4
200 7% preferred
4
4
414714
14718 14718 *14518 148 *14518 148
100
preferred
147 148
500 8%
148 150
8
400 Pub Serv Elec & Gas pfd 100
*1093 11012 109% 109% *1095 110 *1095 110 •I095 110
110 110
8
8
8
x8514 897
8538 86
8 89% 91% 8918 913
8 88% 90% 88% 897 94,800 Pullman Company new No par
29
*29
30
50
29
29% 30% 3012 307
4 3018 32% 6,200 Punta Alegre Sugar
8 3018 303
2414 2512 25% 2614 2534 2614 2512 2618 2514 25% 2518 251 41,200 Pure 011 (The)
25
100
11212 113
440 8% preferred
•11212 113
4
112% 1135 11318 1137 11318 1133 113% 1137
8
8
5,300 Purity Bakeries new
8218 834 8318 83 8 82% 83 4 83 837
7
4
3
8 833 8378 8314 837
Class 13
No par
113 113 113 11338 1-13-1 114 114 *114 116 115 115
510 Preferred new
;
18012 183
179 18178 180 1857 17812 1817 182 187 120,000 Radio Corp of Amer_ _ No par
176 182
8
8
2,000 Preferred
5614 56
50
56
56
4 5612 57
56% 56
563 5612 56% 563
s
26
10
26% 2718 26% 265
261s 26% 26% 27
26
8 2,100 Real Silk Hosiery
265 27
8
93
710 Preferred
91% •90
92
93
*90
93
100
917
9312 9214 93
8 92
1012 1012 10% 3,300 Reis(Robt)& Co
10% 107
*103 11, *1012 11
No par
4
1012 10
8 10
4
8
8 2912 30% 30% 32% 184,601 Remington-Rand
8
8
26% 2712 273 27% 277 29% 287 303
No par
93% 945
94
94
*93% 94
94
100
8 1.500 First preferred
94
93% 94
94
*93
*92
300 Second preferred
94
95% 95% •96 100
100
90%
9712 99
*92
9518 *92
26% 27
16.800 lieu Motor Car
27
27
27
27% 27
10
4
2712 263 27,
2 2634 27
593 5912 5918 60% 8.200 Republic Iron & Steel
e
59
100
5912 5912 60
5912 60
5912 60
300 Preferred
100
10712 108 *106 107 *108 107 *105 107 *105 107
108 108
1114 12% 47,20 Reynolds Spring
4 1118 11%
8
1114 113
8 113 11%
No pa
1112 1118 115
11
8
54,900 Reynolds(RJ) Tot) Class B 25
8
132 1327 132 132% 130% 1317 130 13012 129% 13112 1313 133
8
8 43% 44% 45% 4613 98,500 Richfield 011 of California_ _25
3
4 433 445
4514 43 4 443
4254 443
4 44
228 233
11,400 Rossla Insurance Co
217 2233 225 230
4
21412 216
21412 21714 214 216
25
5214 527
.523 531
8
8
54
8 5218 52% 52% 5212 18,800 Royal Dutch Co(NY shares).
543
527 54
4 4014 4013 11,900 St Joseph Lead
3914 40
10
4018 4112 4012 413
3918 3918 3938 397
733 74
13,50 Savage Arms CorporatIon_100
79
7814 77
76
74
74
74
74
745 745
2% 23
4 3.600 Seneca Copper
212 2%
No pa
4
23
4
23
8 23
23* 23
4
23
23
4 23
8 1,900 Shubert Theatre Corp No pa
8
4
8
63 8 633 6418 637 63% 633 633
5
8 623 6338 63
633* 635
27,000 Schulte Itetall Stores__ _No pa
624 62% 62% 63
6212 63
6212 63
623* 6338 6212 63
30 Preferred
100
•122 12214 122 122 *122 12214 *122 12214 *122 1221 1 12214 12238,
4
123 123
4
4 123 123
4
No pa
4 2,600 Seagrave Corp
1318 123 12N
123 13% 1212
4
13
13
10012 10 13 10018 10012 100% 10212 45,100 Sears, Roebuck &Co new Nova
8
8 993 10278 1004 101
102 1027
10412 10614 104 10912 51,70 Shatuck (F GI
No pa
99 107
927
8 9312 993
9014 9014 91
500 Shell Transport & Trading _.£
47
4 47
4618 *4618 4612 4614 464 •4638 473 *4614 463
46
2914 29% 29% 297 110,200 Shell Union 011
8
No pa
2912 30
2912 30
31
8
8 29
285 287
25,800 Simms Petroleum
2212 23
2312 22% 23
1
4 23
8
2312 2414 233 233
23 8 237
3
27,00 Simmons Co
694 71
8
No pa
6812 675 69
8
4 675 683* 68
67 8 683
7
69
68
287 226,900 Sinclair Cons 011 Corp_No pa
8
2812 294 2818 28% 28
2812 30
293 30
4
2912 303
4
200 Preferred
4
8
100
8
•10912 1097 10912 100% *107 109 *108 1087 *108 1083 10812 10812
8
31% 325 47,300 Skelly 011 Co
25
4 313* 3312 31% 32
333
34
33
33
32
323
500 Sloss-Sheffield Steel & Iron 100
117 1173
116 116
4
*115 122
*118 124 *118 123 *115 122
187 1854 1712 1818 25,700 Snider Packing
8
No par
4
4
184 193* 173 185
8 183 20
1812 193
3,500 Preferred
52
*47
49
*47
49
No par
5014 5112 49
4 4912 53
5112 523
41% 83,40 So Porto Rico Bug new_No par
4014 425s 41
411z 423* 4218 43
41
417
41% 42
10
Preferred
13712 13712 *137% 140
100
138 138 *13712 140 •138 140
138 138
5314 79,000 Southern Calif Edison
49
5212 51
46
4918 477 4838 483 493
45% 46
25
3 47
63,10 Southern Dailies el A_No par
46
4714 4718 54
43
47
4212 44
46
4714 42
28,000 Claes 13
26
22
2212 22
22
203 2112 21
2014 22
205 24
8
No par
4( Spalding Bros 1s1 pref __ _ _100
115 *115 11612 *115 11612 *115 11612 11514 1151 1
115
•115 116
17
1,96 Spear & Co
1512 16
1712 1512 17
157 1614
•15
16
16
16
No par
*13712 8812
88
210 Preferred
88
86% 87 87
*8612 86% 85
87
87
100
385 4012 3918 39% 106.601 Spicer Mfg Co
8
8 403* 413
8
3612 3818 387 39% 4012 413
No par
111 111 •11012 - - - *11012
•110% 111 •ii0t2 111 •11012 111
100 Preferred
100
30
3112
*31
32
32
32
700 Stand Comm Tobacco_No par
*31
*31
32
32
32
*31
7112 7312 116,900 Standard Gaa & El Co_No par
7114 72
67 8 687
7
8 6814 694 6912 7012 69% 711
71
*7012 707
901
8 7012 7012
70
7012 71
Preferred
7014 71
70
70
50
116 11117 11612 121
9,400 Standard Milling
8
115 11512 115 116
8
115 1163 1153 116
4
100
4
140 Preferred
•10812 109% •10812 10912 10812 10812 107 107 •105 1093 108 108
100
s
6112 62% 613 61% 6114 617 123,000 Standard CEI of Cal newNopar
6214 63
8
61
627
8 6212 63%
4514 46
453 46, 428,400 Standard 01101 New Jersey _25
4512 467
8
463 477
8
8
4714 49
4514 47
8
8
4 387 39% 901.70 Standard Oil of New York _ _26
354 3912 307 4112 3918 4012 3814 3914 3812 393
43
412 47
43
4 5
412 4%
8
2,50 Stand Plate Glass Co._No par
412 47
434
412 412
18
187
9
8 19% 19%
Preferred
187 *18
8
187
187 *17
8
100
*17
187 •17
8
Sterling Products
No par
947 x93
9414
.
6 8 92i
-5i4 92 - 9l' 92 4 Silz 921* 92'g - 117- 6511 68 68 69 12- 666 Stewart-Warn Sp Corp_No par
12.800 Stromberg Carburetor_No par
633* 6612
6014 65
5812 61
59
*57
•Bid and asked Priem; no sales On this 6ay
a Er-rights, s
b Ex-dividend and ex rIghteli
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
per share
30 Apr 12
100 Apr 27
1112 Mar 27
90 Jan 11
7112 Feb 21
20 Mar 13
9012May 3
14714 Feb 20
11914 Jan 24
1012 Jan 18
8214 Jan 10
82 Feb 21
7412 Jan 3
1143 Jan 3
4
4312 Feb 28
114 Jan 3
148 Mar 10
5614 Feb 18
3814 Feb 20
373 Feb 20
4
1814 Feb 15
1112 Feb 11
70 Feb 21
34 Mar 10
93 Jan 3
4
2 Feb 8
8% Feb 9
2374 Jan 3
1614 Jan 27
223 Jan 7
4
2254 Jan 11
94 Jan 5
1513 Jan 0
4
145 Mar 24
4512 Mar 15
52 Jan 3
2814 Feb 9
27 Mar 13
15 Mar I
3514 Feb 20
28 Jan 12
96 Jan 9
1012 Feb 18
394 Feb 16
12 Mar 3
1814 Feb 20
312 Feb 16
3234 Feb 18
108 Jan 5
4114 Feb 8
81 May 1
8712 Mar 15
26 Feb 10
7612May 2
8218 Feb 24
237 Feb 24
s
118 Feb 20
22 Feb 18
77 Apr 11
16 Feb 17
41 Feb 20
6912 Jen
414 Jan
1033 Jan
4
118 Jan 21
134 Jan
108 Mar
7912 Feb 21
284 Feb 1
19 Feb 1
108 Mar 1
75% Apr 14
9814 Jan
10934 Apr 1
8514 Feb 20
5412 Jae
247 Jan 17
4
84 Feb 7
512 Feb 23
2318 Jan 20
93 Jan 1
93 Apr 19
2212 Jan 21
56 Feb 17
106 Jan 3
814 Feb 18
128 Apr 24
2312 Feb 17
163 Jan 10
4454 Jan 20
37 Mar 16
60% Jan 12
2 Jan 18
5912 Mar 5
497 Feb 18
8
11012 Jan 31
10 Feb 18
8218 Jan 16
8012 Feb 17
30 Jan 24
%
234 Feb 8
1818 Feb 20
5818 Nar 2
173 Feb 20
8
10212 Jan 4
25 Feb 15
116 May 3
1254 Jan 6
44 Jan 5
3212 Fob 18
133 Feb 1
per share
3 per share
3114 Jan
41 Jan 11
4
11012 Jan 11 1023 Mar
11 Mar
14% Apr 9
Jan
81
96% Mar 8
6812 Feb
8812 Jan 7
23% Dec
2412 Jan 9
102 Jan 5 10234 Nov
18412 Apr 30 :103 Feb
12512 Apr 5 108 Feb
714 Feb
1934May 1
614 Feb
94 May 4
4
523 Jan
91 Jar 8
73 Dec
95% Apr 18
117 Mar 16 107
Jan
31 Feb
4May 4
533
I May
24 Apr 27
15914May 4 124 Mar
72 Apr 9
331 Apr
4
53% Apr 3
404 Dec
545 Apr 30
8
404 Dec
283 Apr 28
8
165 Oct
4
8
Apr
21% Apr 28
95 May 1
54 Sept
Jan
66%May 4
20
144 Jan 5
6
Jan
412 Jan 6
334 Dec
1g14 Dec
1812 Jan 14
42 Apr 30
1814 Aug
2574 Mar 18
20 Apr
37 Apr 17
1911 Sept
31 May 2
2112 Dec
91 Sept
905 Apr 25
8
18912 Feb 2 126
Jan
1743
4May 4
8514 Jan
4814 Jan 16
40
Jan
67 Mar 29
Jan
50
393 Jan 3
4
3714 June
371 June
38 Jan 12
2234 Apr 13
Pt Sept
4454 Apr 30
3614 Oct
37 Feb 23
351e Dec
10314 Feb 14 103 Jan
91, Oct
1554 Jan 3
5312 Jan 3
373 Oct
4
54 Apr 27
14 Mar
3012 Apr 26
134 Mar
654 Apt 27
24 Mar
,
413 Apr 12
3074 Nov
1174 Jan 9 104 Aug
6312 Jan 4
323 Mar
4
88 Jan 12
7054 Mar
96 Feb 9
94 Dec
3674 Mar 20
3012 Apr
82 Mar 13
74
Apr
797 Jan 8
4
65 Aug
35 Jan 3
15 Aug
12952 Jan 24
925 Mar
2
267 Jan 3
4
364 Feb
88 Jan 4
7612 Feb
2674 Apr 30
163 Jan
4
467
8May 1
3674 Jan
91 Feb 17
55 Feb
0234May 4
32
Jan
115 May 4
9814 Feb
127 May 4 10811 Jan
150 May 4 125
Jan
11012 Apr 25 102
Jan
913
4May 1
3
73 4 Aug
347 Jan 3
4
27
Oct
274 Jan 5
25
Oct
11374May 2 1113 Jan
s
8574 Apr Ill
171 Apt 12 -4718- Ian
4
115 May 4,
19612 Apr 2' 41's Apr
5774 Jan
49 May
3014 Jan 26
2012 Nov
9412 Feb 21
80 June
124 Apr 9
5 s July
3
33 Jan 28
2012 Nov
96 Feb 28
874 Nov
100 Jan 24
90
Oct
293 Apr 14
4
2512 Dec
691 Feb 7
,
63
Oct
112 Feb 6
985s Jan
127
4May 4
4 Feb
161 14 It 3
9814 Feb
4612May 4
253 Dec
4
233 May:4
74
Jan
5434 Apr 27
444 July
4334 Jan 4
36 May
79 May 4
4312 Oct
1 June
318 Jan 3
89% Jan 9
55 Aug
67% Apr 14
Jan
47
129 API 11 11614 Jan
144 Jan 3
83 Sep
4
11012 Mar 27
51
Jan
10912May 4
663 Jan
8
47 May 4
413 Oct
2
31 Apr 30
2454 Oct
26 Mar 30
1414 July
73 Apr 4
334 Jan
Oct
3014 Apr 30
15
Jan
97
10912 Apr 26
2414 Jun
34 Apt 30
134 Feb ft 11014 Nov
1154 Jun
20 Apr 30
44 Nov
60 Jan 11
43 May 2
334 Au
138 Apr 18 1184 Ma
4312 Jan 5
2412 Jan 25
9 Jan 23
109 Jan 7
12 Jan 16
79 Feb 25
2312 Jan 12
110 Apr 11
293t Apt 24
57% Jan 12
65 Jan 3
100 Jan 5
10018 Jan 3
53 Feb 20
37% Feb 18
28% Feb 17
214 Jan 3
10 Jan 18
13414 Feb 28
7714 Feb 18
44 Jan 3
5414May 4
51 May 4
30 Apr 23
120 Apr 3
20 Feb 29
9238 Feb 20
4May 2
413
III% Jan 12
3712 Mar 6
41%111y 4
733
71 Apr 13
127 Apr 20
112 Apr 23
637 Apr 30
4
49 Apr 30
4112 Apr 30
77 Feb 23
4
40 Feb 23
150 Jan 26
95 Apr 13
69 May 4
Highest
per shaft
387 Dec
4
110 June
1714 June
991 May
4
823 Dec
35 Apr
10812 June
1553 Oct
4
12414 Aug
1212 June
91 Nov
99 Deo
854 Dec
120 Nov
60 Dee
14 Jan
162 Dec
62 Dee
657 Jan
4
4
663 Jan
4
377 Jan
4
187 Jan
83 Nov
4652 Oct
1012 Dec
12 June
434 June
277 Feb
4
Jan
32
274 May
3954 JaD
100 May
168% Nov
1534 Dee
51 Dec
5314 Bap,
0173e Mar
47 Mar
4114 Jan
6014 Feb
527 Aug
4
107% July
2354 Mar
1024 Jan
114 June
24 Jtule
514 June
3712 Aug
Oct
IOU
7412 June
98 Sept
Jan
101
55 June
844 Deo
9112 Jan
527 I)eo
4
12614 Dec
7814 Dec
9212 May
337 May
4
50 Feb
71 Sept
4874 Sept
105 Nov
12014 Nor
13514
11012
84%
46%
3312
1154
Nov
Dee
fled
Jan
Mat
Dee
- 5 Nov
68-7161-- Nov
57
ADC
49 Mar
99 Dec
9 June
4714 Deo
1024 Apr
110 Apr
267 Dee
4
757 Mar
4
106 May
13 Del
162 Dec
285 Deo
8
Oct
194
544 Feb
437 Mar
4
7214 Mar
4
33 Jan
7474 Nov
57 BMA
123 Atli
15% Dee
9112 Dee
10112 Oct
477 Feb
4
313 Feb
4
26% Dee
64% Dee
22% Jan
10412 1)60
3734 Feb
13414 Apr
104 July
5214 J1117
4254 Mall
137 Nov
311Ig Jan 45 Dee
15 May 45% Jan
Jan
3
0 4 Oct 20
Jan 1124 NOV
103
16 DOO
85 May
4
73 Feb 88 Dee
g
204 Jan 287 may
104 Feb 1114 Nov
64 -Stin Wild,la;
Nita Nov
674 Jan
7014 Jan 10418 Dee
Jan 103 Dee
84
3
5034 Apr 60 4 Jan
3518 Apr 41% Feb
293 June 344 Jan
4
43 June
s
2 Mar
4
10 Mar 157 June
9014 Jan 14312 Nov
5414 Mar 8714 Nov
2618 June 80 Sent
New York Stock Record-Continued-Page 7
2763
For sales during the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday, I Monday, I Tuesday,
Apr. 28.
Apr. 30.
May 1.
Wednesday, Thursday,
May 2.
May 3.
Frtday,
May 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rElf all AKE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
$ per share $ per share 5 per share $ per share $ per share $ per share Shares Indus.
& MIscel.(Con.) Par I per share
$ per share
6618 67
668
4 6618 .67
6512 6658 66
6618 66% 6612 683 122,700 Studeb'rCorp(The) newNo par
4
57 Jan 10 6112 Mar 27
•12414 12014 12514 12514 *12414 12514 12514 12514 12514 12514 12514
12514
70 Preferred
100 12112 Feb 25 12612 Feb 10
412 412
412 47
43
4 43
4
43
4 43
4
412 434
412 45
8 6,200 Submarine Boat
No pat
3 Feb 14
614 Mar 21
4438 4412 4412 45% 45
45% 453 48
4
463 473
4
4 4712 48
17,100 Sun Oil
No par 3112 Jan 9 48 May 2
*108 111 .10818 110 .108 110
109 109 *10912 110 *10818 109
200 Preferred
100 100 Jan 6 10912 Apr 26
412 48
45
8 48
5
414 43
7
4
4'4
44
4
434
4
57 105,000 Superior 011
3
212 Feb 17
No par
57,May 4
*20
*20
22
22
*18
21
*19
21
.1812 21
*1812 21
Superior Steel
100 18 Jan 18 237 Feb 6
2
173 1818 175 18
4
8
17
1712 1612 17
1634 17%
1612 1612 5,100 Sweets Co of America
50 115 Feb 8 1812 Apr 2r
8
612 64 *6
*812 678
612 .812 67
65
8 6% 68
41 Jan 6
67 Feb 3
65
8 1,800 Symington temp etre__ _No par
185 193
8
8 18
1914 173 1814
4
17
183
4 17%. 1712 1712 177 11.900 Class A temp ctfs____No par
3
1214 Jan 13 1938 Apr 27
•163 167
4
8 164 167
8
17
173 .17
1712 17
17% 17
17
1.500 Telautograph Corp__ _No par
1514 Jan 28 173 Apr 14
127 13
13
1314
13
1312 *133 1418
4
1414 1412 1414 1412 56,500 Tenn Copp & C
1012 Jan 18 1412May 3
No par
613 6212 82
8
63% 623 648 631* 643
4
8 6314 64
6318 637 307.000 Texas Corporation
25 50 Feb 17 617
8May 1
733 741
4
4 73 4 743
3
9 7318 733
4 73% 75% 733 753
8
8 7312 745 98,300 Texas Gulf Sulphur new No par 88% Feb 18 8058 Jan 4
8
157 163
8
4 1612 1712 157 1678 155 1614
8
8
1512 1578 153 1614 95,400 Texas Pacific Coal & 011
8
10 1218 Mar 1
1712 Apr 30
293 303
4
4 2814 3018 285 2912 2812 2914 2818 287
a
2814 3012 138,900 Texas Pao Land Trust new__1 207 Feb 20 303 Apr 27
8
4
3012 35
2812 31
33
3812 36
3758 3414 363
8 3414 363* 29,500 Thatcher Mfg
No par
22 Jan 5 3812May 1
8
4912 4912 495 51
513 53
4
50
5112 51% .5118 x52
52
2,400 Preferred
No par 47 Apr 13 53 May 1
3712 3814 38
3812 38
384 38
383
4 39
39
38
3812 3,300 The Fair
No par 34 Jan 3 4034 Apr 3
61
*603 64
61
4
*603 61
4
61
81
6012 61
61
61
900 Thompson (J It) Co
25 69 Jan 31 84 Apr 10
197 2014 20
8
203
4 197 203
8 197 2018 1914 20
8
1914 20
75,600 Tidewater Assoc Oil___No par
143 Feb 20 204 Apr 30
.
893
89
884 89
807 90
898 8912 893 90
8
8912 8912 11,700 Preferred
100 817 Mar 15 90 May 2
8
26
26
2614 27
263 2612 2612 267
8
8 2618 263
8 2131* 2612 8,400 Tide Water 011
100 1958Mar 7 27 Apr 30
*93
9512 9314 9314 .9312 95
935 933 *933 94
8
4
4
933 941
4
600 Preferred
100 87 Jan 4 9412May 4
127 127
127 12834 12714 12812 12718 12812 12712 1277 127
8
1317 11,500 Timken Roller Bearing_No par 1125
8Mar 3 134 Jan 4
11314 11618 1127 11558 11314 11412 114 1158 113 1153 11312 115
8
8
67,300 Tobacco Products Corp 100 10218 Feb 7 11818 Apr 16
120 1207 11938 1193 11914 12014 11812 11812 *11814 119
11812 121
8
8
3,000 Class A
100 113 Feb 7 128 Feb 14
912 97
8
93* 10
912 93
4
83
4 058
, 9 235,300 TranecTI OD temettnewNo par
812 91s
85
718 Feb 21
1018 Jan 12
5412 58
5434 55
548 55
54
547
8 533 5334 53
4
4,600 Transue & Williams St'i No par 455 Jan 3 2912 Feb 7
55
68% 693
4 70
7314 7314 743
4 727 737
8
8 7112 7278 7158 741 61,100 Under. Elliott Fisher Co.No pal 85 Feb 17 743
4May 1
.121 130 *124 130 *120 130 *124 130 .120 130 *120 130
Preferred
100 119 Mar 1 126 Apr 13
43
44
443 448 *44
4
448
433 44
4
*4112 4312 4312 433
4 1,100 Union Bag & Paper Corp_ _100 3612 Feb 20 493 Feb 1
4
15418 155
15212 1547 153 154
15318 15412 153 1543 15212 155
8
22,300 Union Carbide & Carb_No par 138% Feb18 16214 Apr 12
545 55
543 553
4
4 543 5514 543 558 537 5412 5312 5334 17,900 Union 011 California
4
4
25 4234 Feb 11 57 Apr 16
.120 12412 124 1247 12412 12412 .12212 124 *12212 125
8
123 12613 1.100 Union Tank Car neW--100 11918 Feb 23 12612May 4
.35
3512 3412 35
3514 3512 3612 377
375 373 .3612 3712 1,600 United Biscuit
8
4
No par 3412 Apr 30 424 Jan 26
•110 127 *110 123 ''110 123 *112 123 *122
4
_ *111 123
Preferred
100 11214 Mar 22 118 Jan 23
30
* 30
303
303
8 30
3014 30% 3014 30 3018 30
3018 15,100 United Cigar Stores new-___10 2912 Apr 23 345 Feb 10
8
11212 1127 *11212 1127 11212 11212 112 11218 111 111
113 113
8
8
800 Preferred
100 10612 Feb 18 11418Apr 5
100 190 Jan 5 210 Mar 17
let Preferred
50 59 Feb 28 8012 Jan 4
.6112 643
4 6112 6112 *6112 643 *6112 843 *62
4
4
643 *62
4
20 United Dyewood prof
84%
100 454 Jan 20 6712Mar 12
1395 141
140 141
141 141
14012 14112 141 146
144 145
9 600 United Fruit
No par 136 Feb 11 146 Apr 19
80
80
80
80
707 797
8
8 797 797
8 793 80
8
8012 2.200 Universal Leaf Tobacco Na par 71 Feb 18 8512 Apr 5
4
80
97 97
•96 100
9614 97
96
9612 9414 96
54% 964
350 Universal Pictures lot pfd_100 9414May 3 100 Feb 24
2414 2414 2434 25
2412 2478 2412 247
8 2412 243
4 2412 243
3,000 Universal Pipe & Itad No pa
2218 Feb 18 28 Apr 13
*96 100
*96 100
*96 100
96
96
.98 100 .96 100
100 Preferred
100 88 Jan 5 102 Jan 12
267 269
263 264
266 267
264 264
265 270 *268 270
2,700 US Cast Iron Pipe & Fdy_100 19018 Feb 27 300 Apr 9
*132 13212 13112 13112 131 131
13114 13114 1303 13112 13114 13114
4
700 Preferred
100 115 Mar 10 137 Mar 19
1618 1618 167 1714
167 17%
*
1614 167
8 16
167
8 16
1612 4,200 U 13 Distrib Corp new__No par
15 Apr 4 2014 Jan 4
•83
84
8312 8312 817 843 .8112 8212 8112 83
8
4
84
84
1,000 Preferred
100 79 Apr 5 903 Jan 16
8
3
52
52
53
52
52
5318 52
52% 523 5314 513 523
8
4
4 5,800 US Hoff Mach Corp vtcNo par 4918 Jan 3 58% Jan 23
11618 11614 115 11612 1157 1167 11512 1167 115% 117
8
8
8
116 1167
8 6,700 U S Industrial Alcohol
100 10254 Jan 16 12214 Mar 19
1205 121
•12012 123
1207 1207 *12012 121 *12012 121 *12012 121
8
8
300 Preferred
100 119 Jan 13 121 Mar 20
45 4 465
8 4414 4814 4412 4512 44
3
4514 4518 484 487 50
*
55,600 U S Leather
No par
22 Jan 18 5012 Apr 25
6133 67
*
6612 67
6612 87
665 6714 67
8
69
68
8912 11.400 Class A
No par 52 Jan 5 72 Apr 25
10812 10858 10812 10812 *10812 1097 10812 10312 *109
•10812 109
8
1097
8
400 Prior preferred
100 10514 Jan 4 10918 Apr 25
88
884 87% 8812 87% 91
9118 9212 91% 92
9214 9312 39,600 US Realty & Impt new.No par 6114 Feb 4 9312May 4
4312 44
4312 443
4 4414 453
4 4418 45
4334 4438 437 4458 27.600 United States Rubber
8
100 40 Mar 7 6314 Jan 4
7914 80
7918 80
8014 80% 8018 805
* 80
803
8 79% 8014 6,700 let Preferred
100 7714 Apr 12 1093* Jan 13
427 427
8
8 43
44
4414 4514 4514 46
45
4512 453 45% 7.900 US Smelting, Ref dr Min_50 3912 Feb 20 46 May 2
8
*53
*5212 5312 .5312 54
54
5414 5514 5514 5514 55
1,900 Preferred
55%
50 51 Jan 28 5514May 2
1454 14612 1443* 1453 1445 14618 1455 14678 14514 14614 146 14814
4
8
1373 Mar 2 154 Apr 12
8
*14634 14718 x14514 1457 1447 1455 1447 14512 1447 1447 145 14518 174,100 United States Steel Corp new
8
8
8
3,400 Preferred
100 138% Jan 5 14714 Apr 25,
•967 10212 .99 10212 .99 100
8
99
99 .96% 102
97
97
200 U S Tobacco
No pa
9014 Mar 6 105 Apr 161
1367 1363 *13612 140 *13612 140 .13612 140
4
8
1363 1363 *1361*
4
4
60 Preferred
100 12712 Jan 14 13634 Apr 28
•14014 1493 .14014 1493 .142 14934 .142 1493 1493 1493 *144 140
4
4
4
4
4
1493
20 Utah Copper
4
10 139 Jan 17 158 Jan 6
3259 3318 325 3358 33
373
8
37
39
3718 3812 373 383 172,900 Utilities Pow & Lt A__No par
4
2812 Feb 20 39 May 2
8212 8358 8214 8314 283
8412 8212 8414 825 833
*
4 8314 84% 16,800 Vanadium Corp
No par 60 Jan 18 96 Mar 15
*97 12
.918 1112 .918 1112 *912 111
.918 1112 *9% 1112
Van Amite
75 Jan 7 13 Mar 13
No par
*50
5212 .50
511 .50
5112 50
5234 .50
523 *50
4
523
60 1st preferred
4
100 437 Jan 6 543 Apr 10
4
6812 695
8 6812 6918 69 69
6812 69
6814 6812 684 6914 3,300 Vick Chemical
No par
58 Jan 17 7112 Apr 26
92
9318 88
90 100i
921
9412 981
9514 963
8 974 99 136,600 Victor Talk hiachine No par 525 Jan 3 10012hiay
8
1
18012 18212 182 182
18214 19014
_ •185 20014 19312 195
1,000
preferred
par 1088
3
4
10912 10912 10914 10914 10912 110
10918 ifii
no 110 11018 11012 1,700 6% prior preferred No 100 10112 Jan 6 195 May 28
7%
11112Mar
Jan
147 15
147 151
15
151
1514 153
8 151 4 1514
1514 154 5,400 Virg-Caro Chem
No par
134 Jan 11 163 Feb 10
4
.50
5012 5012 5012 50
501
50
8
50'2 497 50
49% 497
1,700 6% preferred
100 445 Jan 18 5134 Apr 9
8
.97
9712 .97
971 *9614 97
97
97
.97
98 .97
98
200 7% preferred
100 8812 Jan 16 97 Apr 27
*31
33
35
*31
*31
35
*31
35 .31
35
*31
35
Virginia Iron Coal & Coke_100 317 Apr 25 38 Jan 17
8
57
56
*56
56
67
57
58
68
*58
09
*58
59
30 Preferred
100 56 Apr 19 6258 Jan 13
2018 20
20
20'z 194 197
1978 201
194 2018 193 2018 6,400 VIvaudou(V)_
4
No par
18 Mar 24 253 Jan 4
8
881 .85
.8312 8812 .85
881 .85
881 .85
8812 *85
881
.
Preferred
100 83 Apr 26 100 Jan 28
321 •3012 32
3018 32% 31
3012 30'2 31
31
3018 3018
190 Vulcan Detinning
100 25 Jan 7 438 Jan 11
*90
91
91
*90
90
90
88
88
*89
90
*89
90
20 Preferred
100 7812 Mar 28 97 Jan 12
2812 2612 261 .26
2812 *26
*26
281 *26
2812 .26
10 Class A
2812
100 225 Jan 10 38 Jan 11
8
8 24
241
8
243 245
24% 243
8 2412 255
8 2434 2512 245 2514 30,700 Waldorf System
8
No par
1912 Jan 3 27 Apr 9
1738 •I612 17
1712 17
•17
16
17
1614 1614
16
1612 3,200 Walworth Co Ws
No par
16 Feb 17
18% Jan24
*106 108 *106 108 *103 108
106 106 *106 108 *106 108
10 Ward Baking Class ANo par 106 Apr 16 123 Feb 2
8
* 227 2314 23
235
217 227
8 2312 2414 233 243* 2314 24
4
15.500 Class 13
No par
2159 Apr 10 295 Jan 13
92
•90
91
8
9014 9014 *90
90
90
9014 9012 9118 9134
1,400
No par 90 May 2 9712 Jan 19
3418 3312 3484 335 34
3312 338 3334 3514 343 3512 15,400 Preferred (100)
34
8
Warner Bros Pictures A____10 22 Jan 5 37 Apr 23
314 317
8 3218 333* 317 323
315 323
8 3118 32
314 323 38,200 Warner Quinlan
8
No par 28 Feb 17 3312 Apr 17
176 176
17712 179
18014 18112 175 181
17612 1793 178 184
4
4,400 Warren Bros
No par 1504 Jan 4 19212 Apr 11
67
57
58
*5514 58
.5514 56
*57
56
56
*5512 57
140 1st preferred
50 50 Jan 6 61 Apr 16
22
2214 22
215* 2152 21
2112 21
22 2 2212 22
,
21
2,400 Warren Fndry & Pipe__No par
18 Feb 20 2518 Apr 14
653 654 65
8
% 65
% 65
661
6512 6412 677 *6714 68
65
8
1,400 Weber & Hellbr, new e_No par 80 Feb 29 883 Jan 23
4
102 10212 *102 1021 *102 1025 *102 1028 •12014 10212
102 102
8
300 Preferred
100 100 Mar 6 103 Jan 3
16314 103 163 16314 16318 164
8
1637 164
8
164 185
18418 165
3,300 Western Union
4
503
4 497 5012 493 5038 31,500 Wetnghse AR Telegraph_100 163 Mar 29 17712 Jan 3
6012 504 503 5112 5018 5112 50
8
4
Brake New/Vopa
5 Ja:.27
46% Jan 4 57
106 1083 1055 1067 10612 108 210,200
4
8
10314 1067 10414 10912 10714 110
8
Westinghouse Elec dr hlfg50 8818 Jan 5 112 Mar 31
10818 109
107 107
106 106 *10312 107
10512 10512 108 108
550 lot preferred
4
60
31
1678 171
17
17
4
1812 175 183
175*
173 173
4
8 18
183 10,600 Weston Elea Instruml_No par 953 Jan 5 110 Mar 24
8
1212 Jan 6 18% Apr
3318 3312 .3312 337 *3312 3378
3312 337
*3312 334 3312 3312 .
400 Class A
No par 303 Jan 3 3414 Feb 21
4
1094 1094 10912 10912 110 1101 110 11012 .10612 11018 11012 11012
201 West Penn Eleo CIA vtf No par 10612 Jan 3 112
Apr 9
113 11314 113 11312 *11318 11312 11314 1133*
8
8
1127 1127 11214 113
500 Preferred
100 10914 Feb 2 11514 Apr 9
8
10210 1033* 1023 1027 10212 103
10212 1027 1023 1027
103 103
4
8
410 Preferred (6)
100 10018 Mar 3 10412 Apr 10
11512 115% 11512 11512 11514 11512 11512 1163 11514 1163 1154 1163
8
8
8
170 West Penn Power pref
100 114 Apr 9 117 Mar 29
110 110
110 111
110 110
1093 110
11018 11018 110 110
4
230 6% preferred
100 1083
4
3
744 7114 7114 73 4 7378 70
72
4 74
6718 73
743
74
1,900 West Dairy Prod Cl A_ _No par 5312 Apr 9 113 Jan 5
Jan 6 78 Apr 11
42% 4114 42
4112 413
428 42
4 4018 4114 5,300 Class B
4218 424 42
No par 208 Jan 5 49 Apr 12
25 4 2412 2554 243 253 27,500 white Eagle
26% 25
25
2412 243 26
8
4
2
4
233
011 &Retg_No par 2018 Feb 21 21.383.1ay 1
3812 3712 3718 38
363 3714 3612 3612 37
4
363 37
4
3712 8,600 White Motor
50 3014 Feb 21
4138 Jan 4
37I, 3712 37
383 383 .37
39
4
38% 39
38
38
38
3.100 White Rock Min Sp ctf _No par
38
337
8 375 3818 3712 3758 3712 375
3712 383
4 38
3812 3,000 White Sewing Machlne_No par 344 Jan 19 40 Apr 13
364 Feb 18 45 Mar 7
5312 5312 *53
5314 5314 53
64
45312 54
53
*5314 5317
300 White Sewing Mach pt_No par 53 Feb 21
55 Jan 5
242 252; 111,700 willys-Overland
4
3 2612 2538 2614 245 2534 2459 25
2612 25
26
(The)__ ____E. 173 Jan 16 285 Apr 9
4
8
*9812 9914 0812 083. .0814 x99%
*9812 98
99
9918 99
99
500 Preferred
100 928 Jan 3 100 Apr 9
15
147
14
14
153
8 1412 154 143 147
4
1414 1414 14
8 7,800 Wilson & Co Inc, new_No par
1112 Jan 3 18 Feb 14
30
314 31
2814 285
8 Ws 30
313
4 307 3112 14,900 Class A
29
8
29
No par 22 Jan 3 3414 Feb 14
7018 748
6912 701
7112 72
.13812 70
72
70
72
*69
5,100 Preferred
100 66 Jan 3 773 Feb 11
4
18714 18812 1873 18912 18812 1893 187 18812 1865 1873 187 1887 27,600 Woolworth (F W) Co
8
8
8
8
25 17512 Feb 20 194 Jan 3
3418 3314 3314 33
3412 3314 34's 33
33
3312 3,800 Worthington P & M
4
333 34
100 28 Jan 5 353 Apr26
4
577 *5612 58
*56
58
58 .54
5814 58
400 Preferred A
5814 584 58
100 4614 Jan 19 5814 Apr 28
50
50
50
50
*49
*48
50
*49
50
50
200 Preferred B
.4512 50
100 41 Jan 4 51 Apr
4
147 15812 83,500 Wright Aeronautical__ No par 69 Feb 27 15812May 26
144 14912 14112 1508 145% 1493 14514 14912 14212 146
4
73
7312 73
4 7314 74
7312 72
4
73
2,000 Wrigley(Wm Jr)
7414 7412 743 743
No par 693 Jan 27 7912 Mar 22
4
.77
7 80
78
7912
77
77
79
77
*77
1.400 Yale & Towne
81
80
79
25 6812 Mar 26 8412 Apr 25
38
363
4 357 363
4 36
364 355 3612 3518 357
8
35% 3714 91,200 Yellow Truck & Coach CI B_10 2752 Feb28 3738 Apr 19
9312 9312 9312 9312 *9312 96
*3312 9712 *9312 95
933 934
4
300 Preferred
100 875 Jan 9 96 Apr 20
,
87% 883
88
4 88
88
89
8712 8734 8712 8738 8712 871
4,100 Youngstown Sheet & T _No par 854 Mar 8 1067
s Jan 26
•Bld Red asked Pecos: no sales on thli dal.
aKi-right,
Ex-dividend, • No par value,
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
$ per share I per hare
49 June 6312 Sept
118 Feb 12512 Nov
212 Feb
818 May
30 Mar 347a Jan
99 Aug 1015 Dec
8
318 Dec
64 Feb
18
Oct 28 May
7 Apr 14 Del
218 Sept
6
Jan
8
Oct 1534 Nov
1112 Mar 1714 Nov
818 June 1314 Jan
45
Apr 68
Jan
49
Jan 81% Sept
12 Apr 187 June
2
1512 Jan 40 June
1612 Aug 2312 Sept
43 Aug 5012 Nov
2414 Jan 36 Aug
47
Jan 65 4 Dee
3
1538 Oct 1918 June
85
Oct 903 June
4
19 July 2918 Jan
85 Nov
9018 Sept
78
Jan 14212 Aug
925 Oct 11758 Dee
108
Apr 1237 Des
8
33 Apr 10 Nov
5s
10 May 50 Dec
45
Jan 70 Del
120
Jan 125 Dee
3812 Jan 734 June
9918 Jan 15412 Nov
395 June 5612 Jan
8
94
Jan 12712 Dee
3918 Dec 4014 Des
- - -3 32 8 Dec 3818 Jul;
104 July 109 June
159
Jan 20012 Nov
5812 Jan 61 Dec
3614 July 49
Jan
11311 Jan 150 Sept
6018 Nov
7412 Dee
9634 Dec 10338 Apr
2418 Sept 3714 Mar
813 Jan 98 Dec
4
19012 Aug 246 May
112 Mar 125 Nov
1414 May 225 July
4
81 May 9814 Sept
44
Oct 633 May
8
69 Mar 11112 Dec
1074 Apr 121 Dee
14 July 2511 Nov
273 June 564 Dee
4
89 July 10612 Nos
54
Apr 697 Dec
3714 June 6718 Fell
85 4 June 11138 Apt
3
333 Jan 487 Dec
8
455 Jan 54 Dee
8
1113* Jan 16012 Sept
129
Jan 14114 Dec
67
Jan 9712 De(
123
Jan 127 Not
111 Feb 182 Dec
27
Jan
34 May
37
Jan 6718 De(
53 Sept14 Fet
/
1
4
4214 Dee 64 Fet
48
Jan 835 Juno
8
32 July 545 De(
8
87
Oct 1113* De(
9614 Oct 10212 Del
74 May
1512 Sept
2618 Apr 465 Del
73 June 91 Not
36 Dec 51
Jot
6212 Dec 7612 Aug
2014 Dec 3914Jura
95 Dec 11812 Juno
164 Jan 80 Aug
90
Jan 125 Aug
16
Jan 593 Auf
4
1814 Dec 25 Fel
17 Dec 2412 Apt
8912 Apr 1183 Oco
4
1712 June 33 8 Fel
3
84 Apr 10014 Not
18% Dec 4511 Jas
24 June 3412 De(
Jan 180 Not
85
43 Aug 71
Del
18
Oct 27 Jun(
6514 Dec 7512 Aug
1014 Nov 10359 Atli
1444 Jan 176 Dee
Oct 5012 Bev
40
4
675 Jan 943 De(
8
82 Mar 1037 De(
2
11 Sept 184 Fet
30 July 3434 Arn
974 Jan 111 Aug
102
Jan 112 Sep
101 Dec 1018 Dee
111
Jan 118 Mal
10012 Jan 111 De(
5318 Dec 57 Noi
2414 Dec 28% Nor
20 Dec 2712 Fel
3014 Nov
583* Fel
Jan 4112 Sept
26
214 Mar 534 Am
46 Feb
Jas
59
1312 Oct 244 Mai
87 June 98 Auf
10 May 175 Feb
8
1674 May 327 Fel
8
68
Apr 84 4 Fet
3
1174 Jan 19811 Del
204 Jan 46 JUDI
44 Dec 8112 Jum
37
Oct 544 JUDI
2412 Apr 943 Dee
4
507 Jan 723 Da
8
4
7014 Jan 8413 Aug
25
Jan 40 Aug
834 Aug 995 Jul]
8
8012 Oct 100% Del
2764
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jas. 1 1909 Ike &aims method of quoting bonds was alumni and prices or now
BONDS
W. Y. STOCK EXCHANGE
Week Ended May 4.
Prize
Friday.
May 4.
Week's
Range or
Last Sale,
Range
Sines
Jan. 1.
and tatereel"-ezesyt for income awl defaalled Doses
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
Price
Friday.
May 4.
Week's
Ranee or
Lan Sale.
Ranee
dined
Jan. 1.
Hick
Ask Law
Mob No. Low
BM
HOB
Htok No, Low
Ask Low
Bid
U. S. Government.
1
98 101
8
993
8
Flanisly Mull Loan 834a A__1954 Au 9914 995 9938
IItirt Liberty Loan
98 101
8
9912
External 6 yce aeries B____1954 AO 9913 Sale 99%
J D 10112u Sale 101744 101"44 118 101%4 101"4,
314% 011932-1947
4
19914 124 1153 11911
10144 1011144 French Republic ext 734a __1941 JO 11914 Sale 11878
101234 101 434 Apr'28
Cony 4%1)11932-47
J D 101
10912 171 106 1091s
External is of 1924
1949 JD 10838 Sale 108
Cony 4 % of 1932-47
J D 1021032 Sale 102334 1021334 168 10111441031344
1
1073 124 10638 1074
4
10244 102144 German Republic ext'l 78_1949 AO 107% Sale 107
102334 Apr'28
1013544
&loony 4Yi% 011932-47
J D
8 102 104
Gras(Municipality)Ss__ 1954 MN 10312 104 10312 104
Third Liberty Loan
4
01 Brit & Irel(UK of) 6 Yie_1937 FA 1053 Sale 10512 10614 159 1054 106h
11M % of 1928
M S 100334 Sale 100733 10131344 154 too7.,
4
8 11812 34 1168 119
10-year cony 634a
1929 FA 118% Sale 1183
fourth Liberty Loan
5 (8813 9012n
4
883
4% fund loan E op 1960..1990 MN 884 Sale 8812
A 0 1021544 Sale 102233110215n 611 102,333104
434% of 1933-1938
10 098% 9871
1
99
5% War loan E option '29_1947 -JO 99 Sale 9834
0 115734 Sale 114323411510u 116 11430 41163n
Treasury 441e
1947-1952 A
441111314 Greater Prague(City) 7348.-1952 MN 10518 Sale 10518 10518 80 :0434 10914
Treasury 48
1944-1954J D 1101341101131 109244110734 143 1095
96% 1130%
MN 99% 100
9912 15
9913
Treasury 3348
1946-1956 M S 107144 Sale 107144 1071332 210 10627441081314 Greek Government a f see 7s 1964
8
877 92
8
8812 85
Sinking fund sec 68
1968 PA 88 Sale 877
Treasury 314a
1943-1947 J D 1021344 Sale 102144 1021534 90 10154411031541
4
993 10184
4
8
1015
1952 40 101 102 101
Haiti (Republic) a 1 85
State and City Securities.
9812 36
9514 9918
1946 AO 9812 Sale 9734
4
NY City-434s Corp stock_1960 M S 10012 1003 10012 Apr'28 --_- 1004 10112 Hamburg (State) 88
10518 13 10314 10514
105 1057 105
3
Apr'28 _-_- 10412 10512 Heidelberg (Germany) ext 73050 J
434e Corporate 8tock_1964 M S 103% 105 10412
4
11
983 101
J
$
$
8 101
4348 Corporate stock___1966 A 0 103% 105 10538 Mar'28 _--- 1053 1053 Hungarian Muni° Loan 7348 1945 J J 10012 Sale 1003
9711
94
4
963 292
Externals f 7s
96% Sale 9612
105 105
Sept 1 1946 J
Ois Corporate stock_1972 A 0 10414 105% 105 Mar'28 ___
9814 101
1003 253
4
4
109% 1093 Hungarian Land M Inst 734s '6l MN 100 1003 100
$
4
4348 Corporate stock____1971 .1 D 10918 110 1093 Feo 28
108% 11018 Hungary (Kingd of) a 1 7%0_1944 FA 10214 10312 10212 10212 14 102 10311
8
4
8
J 1085 1093 1093 Apr'28
OM Corporate stock_July1967
9713 100's
2
10012 67
3
_ 1093 109 4 Italy (KIngdom of) ext'l 78..1951 Jo 100 Sale 9934
8
_1965 J D 1083 10918 10912 Apr'28
430 Corporate stock
9514 99%
99% 112
98% Sale 983
4
8
6 10812 1093 Italian Cred Consortium 78 A1937 M
10812 10812
440 Corporate stock ____1963 M S 10814
94 100
9812 75
4
EMI sec s f 731 aer B
10034 1003
1947 MS 9812 Sale 98
4
1003 Jan'28
N
1956 M
48 registered
9514 10114
10018 Sale 9934 10014 167
4
5 :00% 1013 Italian Public Utility ext 79_1952 J
1959 M N 10014 100% 10038 10012
4% Corporate stock
4
915 943
4
:0034 1013 Japanese Govt E loan 4a.._.1931 '.8 94 Sale 9312
13
94
4
8
4% Corporate stock
1958 M N 10012 1007 10112 Apr'28
2 10114 10514
1954 FA 1043 Sale 104
10412
8
3
-year a f 8345
30
100 4 10134
10114 Apr'28
s
4% Corporate stock
1957 M N 10014 1007
1011s
47
3
4 100 8 Leipzig (Germany) a f 78-1947 FA 10014 Sale 10014
10112
99
993
4
993
4
1936 M N 993 Sale 9934
41 registered
9811 102
8
1014 39
_ 10814 1087 Lower Austria (Prov) 7 yis_ .1950 3D 101 10114 10114
414% Corporate stock
1957 MN 10712 108% 10828 Apr'28
9914 10115
7
4
,
-year 68_1934 MN 100% Sale loo38 100%
3 108 1083 Lyons(CIO of) 15
108
1957 M N 10712 -- 108
434% Corporate stock.
994 10112
8 15
92% 9318 Marseilles(City of) 15yr 68..1934 MN 100% Sale 100% 1007
92% Mar'28
334% Corporate st_May 1954 MN 9214
3314 87%
3612 37% 37% Apr'28
9312 Mexican Irrigat Asatng 434s 1943
93
93 Mar'28
344% Corporate et_ _Nov 1954 MN 921c 494 494
4934 Jan'28
10514 10514 Mexico(U Et) extl 5s 01 1899 £'45 QJ 52 __
1054 Apr'28
New York State Canal 4e_ _.1960 --4
433
35
5
424 Sale 4218
43
Assenting 5801 1899
1945
Foreign Gov't & Municipals
3814 43%
304 31
42%
8 59
435
90% 95
Assenting Ext large
93% 50
1947 FA 9312 Sale 9318
Aglio Mtge Bank a 1 68
4
223 32
2834 Sale 28%
30% 184
Assenting 48 of 1904
9412 10038
98% 11
Antioquia (Dept) Col 78 A_ _1945 J J 9814 Sale 9814
s
327
25
3212 83
30% Sale 2978
Assenting 45 of 1910 large
94% 99
9812 15
External at 78 ser B
1945 J, 9812 Sale 98
2212 31
2918 Sale 2918
4
30% 58
Assenting 4e of 1910 email_ _
983
94
9812 18
4
4
External If 78 series C__ _ _1945 J J 973 Sale 973
374 467
8
9334 99%
45 Sale 4412
4514 26
Trees 6s of'13 assent (large)'33
11
9814
Ext a f 7e let set
1957 AO 984 Sale 97%
3394 4514
9312 95 2
41%
4512 37
Small
,
9814 26
9113 95%
2nd series trust rct8__1957 AO 9712 Sale 9713
9914 10012 Milan (City. Italy) ext'l 6341 '62 A 0 9512 Sale 94%
95% 322
Argentine Clove Pub Wks 613_1960 *0 10014 Sale 1004 10012 76
10412
5 1023 1044
10418
3
Montevideo (City of) 7s____1952 J 13 1044
Argentine Nation (Govt of)
11 10572 109
99% 100% Netherlands Os(flag prices)__1972 M S 106% Sale 10638 107
10012 133
Sink fund 6.01 June 1925_1959 JO 10018 Sale 100
1954 A 0 1024 Sale 1017g
-year external 614
10214 31 101% 1034
9912 1004
30
10012 102
En,'a t 8e of Oct 1925_ __ _1959 *0 10014 Sale 100
F A
94% 96
74
96
8
1967 MS 10012 Sale 10014 .1007 221 10013 10114 New So Wales (State) ext 58 1957 A 0 954 Sale 9514
Sink fund 68 series A
9412 96
9512 Sale 9514
Apr 1958
8 95
957
9912 10073
External a f fa
100% 41
8
External 68 aerial B_ _Dec 1958 JO 1003 Sale 100
1
4
9912 1993 Norway 20
1943 F A 10278 Sale 1023
8 103
67 102 1031
-year esti 135
3
MN 100.8 Sale 10018 10012 72
Billef 6e of May 1928--1960
1944 F A 10313 Sale 102%
32 102 1041s
103
20-3 ear external 65
9938 10012
132
10012
External 168(State Ry).1960 MS 10014 Sale 100
8
53 1011 10314
103
1952 A 0 10212 Sale 10218
30 year external 65
8
993 10012
10012 92
EMI 88 Sanitary Works_ _1961 FA 100 Sale 100
s
D 101 Sale 101
9938 101
1965
1013
40 year'IVO
4 44 10012 1023
8
1003 111
Exti 69 pub wks(May '27)1961 MN 10018 Sale 100
9614 9714 Nuremberg (City) ext1 fle....1952 F A 92% Salo 9234
8312 60
9213 93%
106
8
97
8
Public Works esti 5 AIL _ _1962 FA 967 Sale 967
8
10112 11 10034 103
915 93% Oslo (City) 30-year s f 60_ _1955 M N 10114 Sale 101
9214 151
1945 MS 91% Sale 9134
Argentine Treasury fet £
99 103
1948 F A 10012 Sale 10012 10031
8
Sinking fund 534a
974 99
87
99
J 98% Sale 9812
Australia 30-yr 5a _ _ _July 15 1955
1953 1 D 104 10414 103%
99
16 103 10411
104
97
Panama (Rep) extl 534s
4
983 238
External 58 of 1927__ Sept 1957 M S 98% Sale 98%
196lJ D 103% Sale 103% 1037
8
8 27 102 104
Esti sec e f 6Se
10414 63 103 1043
ID 104 Sale 10314
1943
Aastrian (Govt) a f 78
954 9811
41
98
964 9912 Pernambuco (State of) toot) 78'47 M S 97% Sale 9712
9818 Sale 9818
9813 22
Bavaria (Free State) 634a.1945 FA
1091s 11011
110 10912 Apr'28
Peru(Rep of) ext18e (of'24)_1944 A 0
8 53 114 116
1155
Belgium 25-yr ext a 1 734s 6.19 JD 115% Sale 11518
45
10911 11014
not, 11018 Mar'28
1944 A 0
4
Est' Sa (per of 1928)
111% 59 109 1113
11153 Sale 11118
1941 FA
-year s f 8e
20
s
1940 MN lin% Sale 10714
8 10 10614 1077
1073
EMI sink Id 71-4s
62 10314 10914
1949 MS 108 Sale 10758 108
-year external 634s
25
1
8
8
10738 13 10618 1075
EMI a (sec 7145 (of 1926).1956 M S 107 1073 10678
987 10112
10118 140
101 Sale 10034
External ltle
1955
10412 76 1027 1047e
s
1959 MS 1043 Sale 104
8
EMI s f sec is
10614 109
108% 282
D 10814 Sale 10814
External 30
1955
-year aI 7s
90% 94
1900J D 93 Sale 93
Nat Lean extl a 1 fle
9312 179
1063
4 84 10414 10814
Stabilisation loan 79
1956 MN 106% Sale 106
8012 87
8
4
87
48
Bergen (Norway)I f 8s
1945 MN 113 Sale 11234 11314 11 1123 113% Poland (Rep of) gold 68._...1940 A 0 863 Sale 8612
8912 917
e
8
8
915 168
98% 102
Stabilization loan a 1 731_1947 A 0 913 Sale 9114
19
4
-year sinking fund 68.__1949 AO 1003 102 10078 101
16
9811 1013
4
1950 J J 10112 Salo 10118
10134 80
Extlsinkfdg8s
97 100
4
32
4 100
Berlin (Germany) flyis
1950 *0 993 Sale 993
109
11 10412 109
8
Sale 10612 10712 14 103% 1087 Porto Alegre (City of) 83_1901 J D 108 10812 109
Bogota (City) ext'l a f 88_1945 *0 106%
J J 10312 1033 10312 104
5 101% 1044
Ertl guar sink Id
4
8 83 10312 103
Bolivia (Republic of) 8s
1947 MN 107 Sale 10612 1073
11411 12 1133 116 8
7
8
3
93 4 9812 Queensland (State) sill SI 7e 1941 A 0 11312 Sale 11338
9814 94
Esti sec 78 tern
1958 J, 9712 Sale 97%
1947 F A 10713 10814 10738
5 106 10818
-year external es
10814
99% 10112
25
3
Bordeaux (City of) 15-yr 68_1934 MN 1004 Sale 0038 100 4 58
3 ,
108
-1it F
5 10511 10814
4
1131$ Sale 1213 11318 80 107 1133 Rlo Grande do Sul esti 818194%‘ O 10718 108 107
1941 .1
Brut/(U Sot)external 8s
9918 /00
9912
99% Sale 9912
92
EMI s 733 of 1926
4 93
993
167
99
External a f 634a of 1928_ _1957 *0 9834 Sale 9812
,
8
109
4
971 9912 11110 de Janeiro 25-yr f 8._ 1946 A 0 10812 Sale 108
54 1053 110 4
142
99
EMI f CYO of 1927
1957 *0 9812 Sale 9812
10512 1104
1947 A 0
1097 Apr'28
97 103
26-yr eat' 89
8
110
JO 10212 Sale 0214 103
713 (Central Railway)
1952
,
10712 10812 0812 108%
104 108% Rome (City) cut'834a
1952 A 0 96 Sale 9514
96
9112 96 4
146
6
.1952 *0
734e (coffee secur) £(flat)
8 106
Rotterdam (City) int'65_1964 M N 106 Sale 1053
9 104 106
8 18 10118 103
Bremen (State of) esti 733._1935 MS 102% Sale 0214 1027
8318 9114
94
1953 J J 94 Sale 93%
95% Saarbruecken (City) 6s
9414 18
9512 43
1957 MS 9514 Sale 9514
Brisbane(City) sf58
11918
8518 89% Sao Paulo(City)a I 86._Mar 1952 MN 11912 11934 11814
14 11214 120
8812 Sale 8814
4
883 158
Budapest(City)extl a 16s_ __1962 J
Esti s f 6Yys of 1927
1957 M N 100 Sale 9912 100
4
23
0684 100,
7 100 10214
4
1 101% Sale 0012 1013
Buenos Aires(City) esti 63481955
s
9613 101
San Paulo (State) extl e I 88_1936 J J 107 Sale 10611 107
14 106 1083
D 100 10018 9912 1004 36
Buenos Aires (Prov) exit 78_1957
.1 1093 Sale 10812 1093
1950 .1
4
External sec a f 88
964 101
04
4 28 10615 10
Ext1 a f 79 of 1926
1958 MN 100 Sale 00 Apr'28
9512 97
8
34 10034 104
External all. Water L'n_1958 34 S 1033 Sale 1023
4 104
9614 193
55 S 96 Sale 96
1961
Ref esti s f 631
4
893 93% Santa Fe(Prov,Arg Rep)76_1942 M S 100 Sale 9912 100
94% 10013
11
93% 33
Bulgaria (Kingdom) a f 78..1967 '.8 93% Sale 93
8
J 10618 Salo 105% 10614 47 1035 10811
98 102
Seine, Dept of(France) ext' 78'42
10112 10114 0118
10112 33
(Colombia)7 Yis'46 1
Clads° Dept of
9715 1011s
8 59
1013
8
10112 Sale 10118
25 101 10212 Serbs, Croats & Slovenes 88_1962 M N 1013 Sale 101
1011
1931 AO
Canada (Dominion of) be
9818 10114
M N 1.0012 Sale 100%
8
2 31
1003
8 1014 22 10012 10214 Solssons(City of) out'
1929 FA 1007 Sale 1007
10
-year 534s
4
94os 97
Styria (Prov) extl is
97
1946 F A
9612 Sale 96
6
1952 MN 10714 Sale 10634 10714 40 1063 109
8
4
1939 1 D 103 Sale 103
8 10118
15 10212 105
8 1003 1017 Sweden 20-year (is
10314
1936 FA 10118 Sale 007
8
External loan 11545
10414 52 1035 10511
10912
1954 IQ N 103% Sale 103%
2 105 10913
1954 J J 10912 Sale 09
Carlsbad (City) a f Ss
s
Swiss Confed'n 20-yr af8a..1940 J
9814 103
11214 20 1113 113%
112 Sale Ill's
Cauca Val (Dept) ColoM 7548'46 A0 10212 Sale 10238 102% 18
8
9912 10114 Switzerland Govt ext 5%9_1946 A 0 1034 Sale 102% 10312 42 1025 1054
1003
4 44
Cent Agri° BO(Germany)751950 MS 10014 Sale 00
764 84
9113 9312 Tokyo City 55 loan of 1912..1952 55 S 815 Sale 81%
Jr .1 9212 Sale 9112
4 50
8314 100
923
8
_ _
Farm Loans(Os lot
874 95
91
933
Extl a 1 5 Yie guar
4
92
1961 A 0 9418 Sale 933
288
9412 43
4
Farm Loan a f Mint ctf w I 1960 A 0 91% Sale 91
9712 9913
8
Sale
8
983 140
11012 33 1087 Illh TrondhJein (City) 1st 54e 1957 M N 984 Sale 9814
Chile (Republic) °ills 1 89_1941 FA 11014 Sale 1014
994
Upper Austria (Prov) 78--1945 J D 98% Salo 983
02% 10313 74 100% 104
97
8
9812 15
MN 103
1942
-year external a f 75
20
2 108 11114 Uruguay (Republic) ext1 88.1946 Ir A 109 Sale 08% 10914 15 10814 11011
101g
11018
1948 MN 95% 96
-year external a f 8a
25
9612 100
91% 973
8
External s f fie
4
205
99% 23
97
1960 MN 98% Sale 9812
*0 95% Sale 953
External sinking fund 138_1960
91% 97
94 100
Yokohama 'City) extl 65-1901 J D 9918 Sale 99
96% 175
9914 128
1961 FA 96 Sale 9534
External a 168
93% 97
Rallroed
96% 262
J 96 Sale 96
1961
Ry ref act' f 69
4
9812 Sale 9812
1068 10838
95% 99% Ala Gt Sou let eons A 58....1943 I D 10612 107
08% Feb'28
9912 92
Chile Mtge Bk Oi4a June 30 1957 J D
10014 100%
4
983 10018 Ala Mid 1st guar gold 58_1928 M N 100
4
10018 163
993 Sale 99
0014 Mar'28
St 6345 of 1926._June 30 1961 JD 2812 Sale 2634
8814 91
4
251/ 2914 Alb & Sum' 1st guar 3)46_1946 A 0 883 168 8812 Apr'28
2812 11
8
3
D
Chinese(Hukuang fty) 54.__1951
3
95 s
4
993 101% Alleg & West 1st g gu 411
92
1998 A 0 9312 95
4 10012 15
10018 10012 993
95% Feb'28
Christiania (Oslo) 30-yr s f 661954 MS 98
934 99
8
9614 993 Alleg Val gen guar g ots
1942 M S 934 Sale 9314
5
6
4
97
98% 9818
983
Cologne(City) Germany6301950 M
s
813 8411
913 954 Ann Arbor lat g 4s
e
8318 18
9514 178
95 Sale 95
July 1995 Q
843 831s
83
8
1961 J J
("Colombia (Republic) 6e
9512 Ateh Top & 8 Fe
96% 99
95
115
97
-Gen g 48.1995 A 0 965 Sale 96%
9514 67
8
1961 A0 95 Sale 95
External a f 6s
Ws
9312
95
91
A 0
Registered
95% Apr'28
9314 54
9212 Sale 9212
Colombia Mtge Bank 8348_1947 A0 97 Sale 9613
9112 9411
94% 98
Apr'28
Adjustment gold 431_ _July 1995 Nov
g
Wi 9118
9714 16
Sinking fund 79 of 1928_ _1946 MN 963 Sale 9618
4
943 98
Nov 881x ---- 8914 Dee'27
9738 48
4
Registered
FA
Sinking fund 7801 1927- _1947
94
8
92
997 202
927g 23
Stamped
68
July 1995 M N 92% Salo 92
-year al 5yy 5_1944 J J 100 10014 99% 10014 63
Copenhagen 26
9213 94
95% 101
Cony gold ols of 1909
1955 ,1
94 Apr'28
99
9112
1952 3D 10014 Sale 9812
External 58
Cony 45 0( 1905
9212 18
9112 94
96 101
D 9112 Eitile 9112
30
100
1955
4
FA 993 Sale 99
COedoba (City) esti a f 78_ 1957
9812 100
Cony g 48 issue of 1910_ _1960
24
D ____ 927 933 Jan'27
4
8
4
993 Sale 9912 100
External a f 79 Nov 15 1937 MN 100 Sale 0014
I
Eitel Okla Div let g 48._ _1928 M
98% 1014
10
101
99% Feb'28
-We - A
Cordoba (Prov) Argentina?' 1942 J J 9912 Sale 9813
9314 9414
Apr'28
Rocky Mtn Div tat 4a....1965 J J 913 931 94
9413 99%
20
99
Carta Rica (Repub) ext1 75_1951 MN 1013
9311 98
8
997 102%
5
Trans
13
102
-Con Short L let 41.1958.8 J 954 Sale 9514
9514
4
- 02
1944 MS
Cuba be of 1904
6 102 1044
10218
Cal-ArLs lat & ref 4 yie A..1962 M
5 10012 103
103
102 103 102
103 Sale 03
External 56 of 1914 set A.1949 FA 97 Sale 97
107 1071s
96 10014 All Knox,& Nor 1st g Sa...1946J D 10412
103 Mar'28
9714 114
External loan 434e set C-1949 PA 103% Sale 0234 10314 10 101% 1047 AU & Char' A L let A 4Hs_ _1944
4
9914 1003
8
I 100 4 -- 1003 Apr'28
4
3
J J
1953
swum fund 53431
2 10414 10711
tat 30
2
9313 993
1044
99% 21
-year 56 series B
- 8
1944 J J 105 1067- 10418
99 Sale 99
-Col) 78 '46 JD
Candlnamaras (Dept
9311
91
1
8
4
927
Atlantic City 1st coos 48.....1951 J
92% 94
92%
11012 Sale 11012 11112 50 1083 112
Ceechesloyakis(Rep of)88.J951 *0 1103 Sale 11034
831
s
953 9
All Coaat Line let cons 4.July'52 M
9714 33
111
6 10813 112
96% Sale 9614
4
1952 *0
Sinking fund 88 ser B
1
s
973 978
Registered
105 106
97% Feb'28
105 Mar'28
M
External f 7 6 aeries A _ 1945 *0 11114 1114 11114
1 1014 104
1013
4
General unified 434s
2 11018 11112
1964.1 D 10134 Sale 1013
4
11114
FA
Danish Cons Municip 88 A1946
6
L
11114 11134 11112 11112 5 11018 11134 Ail & N coil gold 4s____Oet 1952 MN 9318 Salo 9318 94 19 79 9534
1948 FA
85
Series B s 88
8
811e
& Day let 4s
19483
80 Salo 80
1054 Sale 10434 10518 33 104% 1063
1942 1
-year exti 6s.
Denmark 20
723e 76
2
'1
74
2d 4s
99
74
75
97
19483 .1 74
9812 111
9814 Sale 9818
ash 923
s
4
Deutsche Bk Am part elf 631.1932 M
92
99 100 8 Atl & Yad let g guar 4s
92
94
17
7
1949 A 0 92
100
10013
10014 Sale
10214 102111
Dominican Rep Cust Ad 534842 MS 100 Sale 983
105 10212 Feb'28
97% 100 3 Austin & N W 1st gu g 58-1941 J J
4 100% 16
3
..0
A
1940
9514 98
let Der 5148 of 1926
65
97
Bait & Ohio 1st g 48„.._July 1948 A 0 95% Sale 9614
4
983 99
4 12
983
4
4
983 Sale 983
984
95
2nd series sink fund 534a.1940 AO 102 Sale 1013
95 Mar'28
Registered
2 1004 102%
July 1948 Q J
4 102
9954 101
Dresden (City) external 75..1945 MN 103 10314 103
10018 115
20
3
-year sone 434i
1933 M 8 100 Sale 99%
10314 31 103 105 3
19014 1001s
Dutch East Indies ext.169-1947'.8 10314 Sale 103
1004 Feb'28
M Et
:
30 103 1051
Registered
10312
1962 M
123 mos 105
110-year external ea
Refund & gen
24 10212 30414
series A __Ian .1 II 1027 Sale 10212 103
1953 MS 10212 Sale 10212 103
-year external 5348
80
107% 30 :064 110
let g 5s
1948 A 0 107 Salo 107
3 10212 10413
1953 MN 103 Sale 10212 10212
44 111012 112
-year external 534s
80
4 Sale 11012 ill
Ref & gen 88 laded 0
1103
19953
11312 10 10712 114
1 112 Sale 112
7
9514 974
El Salvador (Repub)
964
PLEA W Va Sys re! 431_1941 UN
9614 9612 964
954 10012
99% 34
9914 Sale 99
4
/Inland (Republic) esti 68_1945 M
105% 28 1033 10718
4
Southw Div let 5a
1950 J J 1013 Sale 1044
9913 10212
4 15
8 1013
101 Sale 1005
External sink fund 78____1950 M
4
873 9111
88% 23
8718 Sale 8712
Tol & Clu Dly lat ref 4s A 1959 J
9814 101%
34
100
100 Sale 99%
1024 1051$
External s 18 zie
1966 M
Ref & gen 58 series D
2000 M 0 103 Sale 10212 10314 43
102
3
927 98
95
Sale 94%
EMI lent fund 514s
1958'A 9414
On the basis of 85 to the L sterling.
New York Bond Record-Continued-Page 2
BONDS
1‘. T STOCK EXCHANGE
Week Ended May 4.
Price
Friday.
May 4.
Ravage or
Laid Sale.
4
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
2765
Price
Friday,
May 4.
Week's
Range or
Last Sale.
flange
Since
Jan, 1.
Bid
Ask Low
High No. Low
High
Rid
Ask Low
Mob No. Low
Bangor & Aroostook let 5e__1943 J J 10414
Hilib
1045
8 1045
8
2 1023 104 8 Clearfield & Mari let gu 514_1943 1
4
,
1007
8
9912 Jan'27
Con ref 4s
1951 J J 904 Sale 9014
915
8
2
87
933 Cleve On Ch & St L gen 40_1993
4
D 96% Sale 9638
9638
4
Battle Crk & stur 1st gu 38-1989 3 D 68
-195 8 V7 2
73 6812 Feb'28 - - _ _
6812 72
20
-year deb 494s
1931 3 3 100% Sale 100 Fe(1018
1,
lb 2
,
Beech Creek 1st gu g 4e___ _1936 3 J
100 100%
9714
9712
4
97
General 55 Series B
98
1993
D 112
10014 116
Registered
J
---- -- 97
Apr'28 - - _ _
97
Ref & Impt 65 series A_.1920 3 J 10114 Sale 10118
97
10138
6 101 103
2d guar g be
1938J J 100
97
Jan'28
97
Ref & !rapt 8s ser C
97
1941 ▪ J 106 108 10512 Apr'28
10512 108%
Beech Crk Ext let g 3;58_1951 A 0 8214
8512 Aug'27
Ref & impt be ser D
1983 J J 103% Sale 103% 10334
18 103% 10512
Big Sandy let 4e
1944 J D
043 Apr'28
4
-538 -- -95
Cairo Div let gold 45
1939 • ,) 96% Sale 963
4
Bost & N Y Air Line let 45 1955 F A 8714 88
963
96% 96 4
4
3
88 Apr'28
8412 88
Cm W & M Div let g 45_1991 33 9212 Sale 9212
9212
6
Burns & W let gu gold 4e_ 1938 J J 97
91% 9312
9818 977 Apr'28
97% 977
8
St L Div let coil tr g g 4e 1990 MN
9212 Sale 9218
9212
1
Buffalo R & P gen gold 55_1937 M S 10318 10412 1043
917 945
8
8
8
2 103 10658
104 8
,
Registered
SI N
86
9118 Dec'27
Consol 4 he
1957 M N 95 Sale 9414
9618 14
924 9814
Spr & Col Div let g 4e___1940 NI S 98 " - 964
6i
4
963
4
Burl C R & Nor let Es
95 971,
1934 A 0 103 10314 102 Apr'28
102 10312
W W Val Div let g 45____1940 J
0 ,2 A pr 7
01
9614 2
6
9
,7
98
Canada Sou cone gu A 59_1982 A 0 1083 ____ 10834
4
10812 110 4
1083
4
Ref & Inapt 494s ser E____1977 33 995 g;1-e3
8
80
Canadian Nat 4 hs_Sept lb 1954 M 8 100 Sale 995
551- 1001;
4 -8 10014 54
995 10214 CCC&I gen cons g 6s____1934
8
1073 Sale 1073
4
4 107% 10818
4 1073
5
-year gold 4he_Feb 15 1930 F A 100 Sale 100
4
1003
8
9934 101
8
°ley tor & W con let g 55__1933 AO 103
____ 10318 Apr'28
30
102% 104%
-year gold 4 he
1957 J J 993 10014 993
4
4 1005
8 52
99% 10215 Cleve & Mahon Val g 5e._ 1938 J J 101%
10018 Apr'27
Canadian Nortn deb s I 75_1940
D 1155 116 1155
8
8 116
10 11512 117
Cl & Nfar let gu g
_ _ _ 1935 MN
100 Nov'27
9914
$5
1946 J J 12213 Sale 1123
-years deb 6).4s
8 12212 12 121 123
Cleve & P gen gu She ser B_1942 A0 101 led% 1013 Nlar'28
4
10-yrgold 4 he__ _Feb 15 1935 F A 100 Sale 997
10134 10
-14
100
7
9914 10314
Series A 434e
1942 33 101
1024 Nov'27
Canadian Par Sky 4% deb stock__ J J 90 Sale 8934
903
4 78
895 92
8
Series C 394s
1948 MN
904 Apr'28
9014
Col tr 4 hs
9014 90'o
1946 NI S 9912 Sale 9912 100
99% 10114
23
Series D 394s
1950 FA 895
895 Mar'28
8
8 _
Cub & Shaw let gold 4s__1932 M S
8958 89%
9912 9814 Apr'28
9814 9814 Cleve Sbor Line let gu 49-45.1961 A0 10318 gale 10318 -1031s
2 1023 10615
Caro Cent let cons g 49
4
1949 J J 84
8912 85 Mar'28 - - - 80
905 Cleve Union Term 5945
8
1972 A0 109% 109% 10938 110
4 109% 11012
Caro Clinch & 0 let 30-yr be 1938 J
105 10512 105 Apr'28 -- 1023 10512
4
let f 5a ser B
1973 AO 106 Sale , No06 7 58 106 10712
10612 13 2
2
1st & con g 63 series A _
1952 J D 1083 10912 1083
%
4
4 1083
3 108 10912 Coal River Sky let gu 4s
4
1945 3D 933 _ _ _ _
8
cart & Atl let gu g 4e
19813 D 9313 9414 943 Apr'28
94% 95
Colorado & South let g 4e.__1929 FA 9912 993 995
951. 10114;
Cent Branch U P let g 4s.._1948 J D 8712 88
8
4
99% 10
8712
8712 10
8712 90
Refunding & eaten 454e. _1935
N 9812 Sale 98%
Central of Ga let g bs_Noy 1945 F A 108
9814 100
98% 12
_ 1055
1053
4 10 105% 1084 Col & 11 V istextg4s
1948 • 0 96 Sale 96
Copilot gold be
96
96
8
96%
1945 M N 1058 1o614 1055
8 1055s
7 105 8 10714 Col & Tol let ext 4s
5
1955 FA
955 9718 9478
Registered
8
414% 9515
11
95
F A 104% ____ 10414
10212 10414 Conn di Possum RI, let 45 1943 A0
90
10-year secured fie _June 1929 .1 D 101 Sale 1005 Feb'28
90
1
90
90
8 101
12 100% 10214 Consol Ry deb 4e
1930 FA
9612 Apr'28
Ref & gen 515e series B___1959 A 0 10812 Sale 108
9612 98
9612 9618
5 107
10812
Non-cony 4e
1954 J J
79 Sale 79
Ref & gen 514 series C
79
1959 A 0 10418 1067g 1033 Mar'28 -- -- 103% 108%
821e
79
4
10418
Non-cony deb 4e_ __J&J 1955 J J 78% 8118 9114 Aan228
Chatt Div pur money g 45_1951 J D 95
78
8 12 j pr:,
8611
95% Mar'28 - - 95% 9512
Non.conv deb 4s_ ___A&O 1955 AO
Mac & Nor Div let g 5s_1946 J J 107
8115
80
____ 10712 Oct'27 -Non-cony debenture 45
1956
Mid Ga & Atl die 5e
8018 Apr'28 813 82
763 8314
4
8
19473 J 10318 __-- 10318 Apr'28 8
- 1531- 103
-15 Cuba Nor Ry let 5555
1942 3D 973 Sale 9713
Mobile Division be
4
71
9612 984
98
1946 J 3 107
____ 1067 Mar'28 - - -8
10614 1087 Cuba RR let 50
8
-year be g
1952 3
Cent New Eng let gu 45
97% 100
993
9938 100
100
34
1961 J J 85
8634
8678 12
86
1st ref The ser A
885
8
Central Ohio reorg 4 he
1936 3D 109 1094 109
109%
1930 M S 100 10014 100
2 10814 110
100
2 100 1003
let Hen & ref 68 ser B
4
1936 J o 19
Central RR of Ga coil g 5s 1937• N 101
10
0 Apei 29 12
,18
9912 101
00 10_1_ 101
11
r.
101
Apr'28
10018 10154 Day & Mich let cone 4 he 1931 J J
Central of N J gen gold 55
90% 10012
1937 3 J 116 1 -17 11618
11642
11618 11918 Del & Hudson let & ref 413_1943
Registered
N
9418 96%
94% Sale 945
8
955
39
1937
J 115 118 11618 Apr'28 -- 1161 8 118% 30-year cony be
1935 A0 10218 Sale 10212 10212
General 45
1987 J J 9858 993 9678
1 100 10218
4
97
2
96% 99
15
-year 594s
1937 MN 10412 105 10412 105
Cent Pac let ref gu g 45
8
1949 F A
15 1043 107
943 Sale 9414
8
947
8 41
9418 9612
10
-year secured 7s
1930 3D 105 Sale 10438 105
Registered
17 104 107
F A
94
Jan'28 - - - _
94
D RR & Bdge 1st gu 4e g__ _1936 FA
94
Mtge guar gold 3h s _ _Aug 1929 3 1)
963 Apr'27
4
99
994 Den & KG let cons g 4s
1936• J 97,4 S_a_l_e_ 9
Through St L let gu 48_1954 A 0 -65- -66(4 99 Apr'28 -,
378
-31 4
9714 90 -6]; V4
94
3
9418 943 94% Apr'28 - _
4
04
Consol gold 4155
9514
1936
Guaranteed g Is
964 9814
'
3
1000 F A 10414 Sale
Improvement gold bs
:
1928
Charleston di Savn'h let 75_1938 3 J 11314 ___ 10312 104% 43 10314 1051
8
8
99% 1004
D 997 Sale 997
997
2
8
Den & R G West gen 50_ Aug 1955 MN
Cbee & Ohio fund & Impt 55_1929 J J 100 gale 1193 Aug'27 - 9614 Sale 9512
964 349
8914 97
100
10018 16 100 10l3 Des MA Ft D let fiu 4e_
1935
let consol gold be
29 Apr'28
49
2714 31
30
1039 M N 10718
107
10714 27 10614 1073
Temporary ctfe of deposit____
4
Registered
32 32
32
26
31
32
1939 M N
5
106 Apr'28
105 8 106
,
Des Plaines
General gold 43.e
_
1992 M S
MS 99 ____ 10214
10058 10158 37 10018 105 Det & Nine_ Vol let gen 4;0_1947 3D 8180 Feb'28 3 10214 10214
let lien g 4s
.1995
Registered
80
12
82
81
M
1003 1023 102 Apr'28 - - _ - 100 10214
8
8
Gold 4e
1995 3D 75 1010-year cony 4 he
70
76
Apr'28
1930 F A 10014 Sale 100
10012 77
99% 10118 Detroit River Tunnel 494s._1961
Craig Valley let be
8
8 103
8
N 1025 10312 1025
1940 .1
.1
3 1013 103
1941 3
Potts Creek Branch 1st 48_1946 J J 10118 ____ 10118 Apr'28 -- 101 102% Dul MIssabe & Nor gen 55.
104
____ 1037s July'27
9238 ---- 9312
91% 9312 Dui & Iron Range let 5e .,...1937 AD 103
R & A Div 1st con g 4s
10284 iU3i
10 78 Aan228
10
3 j pr: 8
2
1989 J J 943 ---- 943 Mar'28 8
943
8
94% 945
4
8
Registered
20 consol gold 48
1027 102
8
1989 .1 .1
A0
8
925
8
9112 923 Dul Sou Shore & All g be_ 1937 ▪ 3
5
4
Warm Springs V let g bs 1941 51 18 925 Sale 925
8514 90
863 Apr'28
4
____
10212 10218 East fly Man Nor Div let 48_48 A0
Masan Corp cony be May 15 1947 M N 101 Sale 10212 Mar'28 ____ 95 Mar'28
95
96
_
100
9934
10038 336
98% 1003 East T Va & Ga Div g bs-.1930 J J :1; .i'
8
ChM & Alton RR ref g 35_1949 A 0
1003 1044
4
0
53
038
4
723 Sale 72
723
71% 74
4 20
Cone 1st gold 55
1956 MN
Cif dep stpd Oct 1927 Int _____
1 4 199 4 1101'4
i- -13;- 10'18
8
04 4
6 1097 11015
6
72 Apr'28
72
7318 Elgin Jollet & East let g 5e 1941 MN 1054
Railway first lien 33-e....1950 3
1034
9 %
_10514
10 10314 10618
71
7312 70
7214 85
587 7214 El Paso & S W 1st be
8
Ctfe dep Jan '23 & sub coup __
1965 A0 11040938 110
Sale1100493,44 Mar'28
109 109 4
3
---- 70
59
704 17
703 Erie let consol gold 7s ext 1930 St S
4
Chic Burl & Q-III Div 3-0_1949 3- .1 71
1
-7 104 10615
8912 Sale 8912
895
8
881 9118
2
4
1st cons g 45 prior
1996 • J _894 .;91_e_ 89 8
Registered
J J
wii4 0
932
91
89
,
893
4
8
8938 Feb'28
893 9014
8
-_
Registered
Illinois Division le
1997 J J
86
88
1949 J .3 9658 Sale 96
Jan'28
86
96
983
let consol gen lien g 4e
4
1996 ▪ J
General 48
83%
1958 M S 9614 Sale 96
843
833 86%
3
4 86
9712 39
96
10
Registered
953 983
let & ref 4 he ser B
8
4
1996 33
86
1977 F A 1015 102 10134
82
Jan'28
874
8
10214
19 101% 1027
8
Penn coil trust gold 4s_
151 & ref be series A
1951 FA inai, 16E- 104
1971 F A
10215 104
Apr'28
1085
8
5 10618 11014
50-year cony 4e series A 1953 A0 8612 8712 8618
Chicago & East III let 65_1934 A 0 10814 Sale 10814
8618 8911
8612
3
10718 Apr'28 1067 10718
8
Series B
o & E III Ry (new co) con 55_1951 PA N
1953 A0 8612 873 863
4
865 8911
8
87
12
9012 Sale 8818
91
85
287
93
Gen cony 4s series D
Chia & Erie let gold bs
1053 A0 86
1982 M N
8812 88
8612 8812
88 12 10
111
3 11012 11214
Ref & impt be
Chicago Great West let 4s 1959 M S 110% 112 111
1067
N 977 Sale 9718
8
97
98
99%
351
7112 Sale 71
66
718 139
7212
Erie & Jersey 151 f 6s
Chic Ind & Loulev-Ref 68_1947 J J
1955 J
1135 11412 11338 1133
8
8
2
1 113 1147
1177 __-_ 11718 Apr'28
8
116% 11814
Genesee River let a f 55_1957 1 J 1133 11412 1137g
Refunding gold 55
1947 J
4
11414
11 112% 115
10518 -_-_ 106 Apr'28
106 106
Erie & Pitts gu a 394s B
Refunding 4s Series C
1940• 1 92
1947 3 3 925 _ _ _
__ _. 102
Jan'28 ___- 102 102
8
9114 May'27
Series C 394s
General be A
1940 .1 1 91
1966 ad N 106 Sale 1057
___ 91
Apr'28
903 94
4
106
2 10538 fa; Eel RR eatl e f 75
General 68 B
1954 SI N 104 Sale 1033
May 1966 J ./ 10914 Sale 10914
4 1044 99 100% 104%
1093
4
8 10914 11112 Fla Cent & Penn let ext g 55_1930 33 993 -_ 10218
Chic Ind & Sou 50
-year 45__1956 3
4
Mar'28
_ 10218 10215
047 957 94%
8
8
9514 14
947 9612
8
Consol geld 5s
Chic LB rt East let 4 he____1969
J J
10212
1 1024 102%
1 10212 10212 Florida East Coast let 4 hs_1959 3D 10212 -___ 10212
CM es Puget Sd 1st gu 4s___1949 J J 10212 Sale 10212 10212
9912
__ 9958 Apr'28
9914 10115
75 Mar'28
7012 75
let & ref be series A
Oh M & St P gen g 4sSer A_e1989 J J
1974 NI S 8835 Sale 88
8314 9115
89
100
9112 9218 923
4
93
9158 9315 Fonda Johns & Glov 494s_1952
8
Registered
0 ./
MN
47 Sale 47
4518 52
4712 14
903 Apr'28 - _
4
9 4 91% Fort St U D Co Ist g 4 he
General gold 3 ha ser 13_81989 J J
0,
1941
9812 993
4
8012 8138 8118
8118 :7:1
: 80% 813 Ft WA Den C let g 53.45... _1981 33 973e ___ 9934 Apr'28
4
Oen 49s series C_Nlay 19893 J 102
8 10718 10814
103 102
10214 32 10018 10414 Ft Worth & Rio Or let g 4s1928 Jo 1063 107 10712 Apr'28
Registered
9912 993 9978 Apr'28
9914 997
100 Apr'28
8
_ 100 10012 Frem Elk & Mo Vol 1st 8e_1933 AO 10614 109 4 107 Apr'28
Gen & ref ser A 4 he_ _Jan 2014 A 0
1064 10712
7314 Mar'28
723 74% G 11 &SA M&P lst 5s___ _1931
8
Gen ref cony ear 11 be Jan 2014 FA
MN 1004 101 10034 101
18 10034 1024
7018 75
2d
15t tier 6s
1934 J J
1931
8
We" 17334 "g18 34 102 8 104 Gale extens 58 guar let 5s_ 1933 J J 1003 Dm lows Iowa 13 100% 101%
0
,
Holm & Ilend
Debenture 494a
1932 3 D
Sale
A0
987 100
8
99
8
53
75 Mar'28
_
71
75
Ga & Ala fly let cons be_Oct 1945
Del suture 45
1925 .1 I)
058
io9o958 10034 5 98 1013
8
71% Feb'28
71
733 Ga Caro & Nor let gu g 5s_ _1929 J J 121
4
25-year debenture 4e
1934 J J
J
99
97 100%
4
993 985 Apr'28
8
Feb'28 - 7214
7018 73% Georgia Midland let 35
Chic NIllw St P & Pac 55._ _1975 FA
1946 A0 7715 78% 79 Apr'28
79
77
9738 gaY0 97%
9712 522
9518 981 Gr R & I ext lst gu g 4 he__ _1941
:
Cony ad) be
Jan 1 2000 AO 7718 Sale 76
10038 1014 101 Mar'28
10014 101
7818 2589
617 793 Grand Trunk of Can deb 78_1940 J
s
4
Chia & N'weet gen g 35SO-1987 SI I. 8312 Sale 8338
A0 116 Sale 11514
21 115 117
116
84% 15
83
86
15
-year e f 138
Roil:Awed
1936
0
Sale
803 ---- 84 Mar'28 -- _ _
4
84
845 Grays Point Term let be___ _1947 M S 108 ____ 10758 10818 12 107% 109%
8
General 45
1987 M N 945 Sale 9413
9934 Feb'28
98% 99%
Jo 9918
05
94% 08
23
Great Nor gen 7s series A.... _1936 3 .1 1143 Sale 111141128
jr 93
Registered
4
4
68 11412 116
951 94 Apr'28
94
__
94
Registered
Eltpd 45 non-p Fed in tax '87 NI N
11418 114%
945 9512 943
Apr'28
8
J
116
4
943
4
943 9634
4
4
let & ref 4 Os series A __196I •
Gen 435a stpd Fed inc tax 1987 M N 1084 110 10318
101 26 100 1024
J ioi gife 10014
Apr'28
103 113
General byte series H
Oen be stod Fed Inc tax_ _1987 M N 114
1952
8
' 11118 1115 110
4
3
____ 1144 1144
11114 19 110 1151
3 112 117
General be series C
1,1 N 10912 113 113 Mar'28
Registered
1973• J 1065 108 10658 1063
8
5
3 106 8 :09
4
113 113
General 494e series D_ _1976
Oinking fund 68
1879-1929 AO 1015 ____ 1023 Mar'28
993 10114
8
993
4 100
9
J J 10018 101
8
8
102% 1025
8
General 494s series E_ __ _1977 Ji 993 Sale 993
Slaking fund be
A0 ____ 10018 1013
1879-1939
4
983 101%
4
8 100
27
8 Apr'28
1003 101% Green Bay & West deb etre A_
4
, filnkIng fund deb 55
1933 MN 102 10212 102
86%
86
Feb 85% 88 86 5mar'28 - _
1025
8
3 102 10318
Debentures ctfe B
Registered
MN 10112 ____ 10218 Mar'28
23
2512 27
Fel
2512
2914
7
2512
10218 10218 Greenbrier fly let gu 4e 10
-year secured 75 g
1940 MN 953 ____ 957
1930 3D 1044 Salo 10418
953 9578
4
8
8
1
95%
1045
8 37 10318 :0612 Gulf Mob & Nor let 5hs
-year secured 6155 g
15
1936 M
1950 A0 10612 Sale 10612 10612
8
1077 1133 1133
9 10612 1074
4
4 1133
11212
4
let NI be eerie% C
1950 A0 10112 10212 103 Mar'28
let ref g 5e
May2037 ▪ D 111 112 11114 Apr'28 - 2 11118 11414
103 104
114
Gulf & SI 1st ref & tare 55_51952
let & ref 4355
,
May 2037 3D 1015 102 10112 102
1077
10712 1084
8--- 1077 Apr'28
8
8
12 10112 10412 Hocking Vol let cone g 4945.1999 J
Chic RI & P Railway gen 45_1988
'3 923 Sale 9234
▪ j 1045 2
8 1051 10412 105
25 104 107%
4
93
92% 96
20
Registered
1999 33
Regt8tered
.• 1
10415 10411
10418 Feb'28
921 Apr'28 - - - 91% 9218 Housatonic fly cons g 5e
1937 MN
Refunding gold its
1934 AO 957 Sale 9512
-_ 10118
8
10112 1 10118 10158
96
9512 963
85
& T C let g Int guar
4
1937
AO
Registered
10318 104%
95 Mar'28 - _
95
95
Waco & N W div let 65 1930 33 104 105 10438 Apr'28
Secured 4 Sis serlee A
1952 M S 955 Sale 95
10312 10318
8
06
162
95
973 Houston Belt & Term let 55_1937 MN ____ 105 10318 Mar'28
4
Ch St L& NO Menu DI,de_1951 3D 9218 ____ 9212 Mar'28 - _
10134 10212
Apr'28
92
923 Houston E & W Tex 1st g 59_1933 J J 100 102 102
4
Ch St L & P let cons g be...1932 AO 10214 1033 1027 Feb'28 - - _ _ 102% 103 8
MN
___ 1007 Mar'28
1007 100
8
s
72
8
8
,
let guar 55 red
1933 MN 1004Registered
AO 1015
1007 102 1007 Apr'28
8
10078 10212
8
8
1015 Apr'28
8
101% 1015 Hud & Nianhat be series A_ _1957
8
Chic, tit P 51 & 0 cons 6s___1930 J I) 10214 1024 10214
12
1023
4
6 10214 1033
Adjustment Income 5e Feb 1957 FA 10218 Sale 10112 10212 63 100 10212
8
Cone 85 reduced to 3 he_1930 3D 98
94
9112 9512
94
98 Apr'28
98
98
Illinois Central let gold 4s_ _1951 A0 94 Sale 9318
Debenture fei
J J 99_ 9712 Apr'28
97
1930 MS 10118 Sale 100
14 9914
10018
7 100 1001
, let gold 33.45
1951
89
6418 90
Stamped
9012 8412 Apr'28
10018 ____ 100
100 100
Jan'28 Extended 1st gold 310_1951 • J 89 A0
Okla T 11 & So East let be1960 J D 10118 10112 10114
91
9112 Jan'27
-1-10112 45 10114 1035
1st gold 3s sterling
8
1951 MS 7614 ___ 96 Mar'28
Inc ffU 55
Dec 1 1960 MS 97% Sale 9634
9718 12
Collateral trust gold 4e
9818 98%
1952 * 0 933 Sale 9334
4
Oble Un Elta'n 1st gu 415s A 1963 J J 103 Sale 103
1
94
9314
9614
10312 137 10114 10312
let refunding 48
1955 M N
9612 Sale 953
let 55 series B
9514 8812
9714 39
1963 J
10514 10612 10514 Apr'28
10418 106
Purchased Linea 33.55
1952• .1
Guaranteed g be
1944 Jo 10215 1047s 1043
8712 901
.
4 105
4 10318 105
Registered
33 8713 88
85 A rr 28
8 11
7
let 6945 series C
:2
8
85 55
1963 .1 3 1177 11812 1173
8
4 1177
Collateral trust gold 415_1953 NI N 92
8
2 117 11914
9212
ChM & West Ind gen g Os. p1932 QSi 1043 10538 10518
2
9114 94
4
Registered
3 10214 103
10558
MN
92 Nov'27
1
Consol 50-year 45
4
1952 3 1 9114 Sale 9118
9112 16
Refunding Se
9118 9318
1955 MN 109" 1163- 1103
4
let ref 515s see A
4
1103
6
1962 MS 1047 Sale 1047
4
SI 11 7-- 8
6
8
16
-year secured 63.4s g--.1936 J J 11218 1123 113
1047
8 41 104% 10578
4
Choc Okla & Gulf cons 5e
113
2 1123 1144
1952 M
8
8
1047 105 10534 1053
107%
1 105%
40
-year 40a
Aug 1 1966 P A 1013 Sale 10114
4
4
Cin fl it D 2d gold 4 ha
102
111 101 102%
1937 1 .1
9934 100
991 Mar'28
994
99
_Cairo Bridge gold 415
1950 3D 9212 ____ 9718 Jan'28
0 I St L C let g 4a___ Aug 1936 J 1
9712 9712
8
9758 Sale 975
Litchfield Div let gold 33.1951 1 .1 79
1 9758 984
97 8
,
Registered
81 12 7912 Apr'28
Aug 1936
7912 7912
9718
974 9714
9714 Feb'28
LOULIV Div & TerM g
Lob & Nor gu 49 g
863
4
1942 M Is 947 953 933 Feb'28
867
8
3%4.1953 3i 864 88
2
4
934 1
8 % 8314
6
7814
79
Apr'28
79
8012
1 Due Feb. 5 Due May p DUO Des,
New York Bond Record-Continued-Page 3
2766
BONDS
134 Y. STOCK EXCHANGE
Week Ended May 5.
al
tt
Pries
Friday,
May 4.
Week's
Range Of
Last Sale.
Range
Since
11
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
if
sok
Price
Friday.
May 4.
Week's
Range or
Last Sale.
12
2
,
Range
Since
Jan, 1.
Au Low
Bid
High No, Low High
High Nat RR of Max (conducted)High No. Low
All Low
BM
Illinois Cent(Concluded)
28 Apr'26
at conaol 4a
80 90
79 81 80 Mar'28
81 LOUIS Div & Term g 3a_1951 J
9l 357
157 231
Assent cash war rot No 19 n A 0 1512 Bale 1318
5
4 o1
8
8914 893
Apr'28 ---8
901 8914
1951• J 87
Gold 314s
86% Nov'27
. Naugatuck RR 1st g 4s
1954 iiis
_
88 Oct'27
Springfield Div let g 330_1951 '.3
z -1
iiiif 102;
1945 1 J 9834 102 10212 Apr'28
Ws 1114 New England cons 58
8
let g 48-1951 FA "55- i•fix 927 Mar'28
Western Lines
92
90 93
go
1945 1 J 8912 93 93 Mar'28
Cense' guar is
92 Apr'28 _
P A
Registered
9028100
100 Apr'28
N J June RR guar 1st
1986 F A
III Central & Chia St L & N 0
997
9918 102
997
48_1 10614 10814 N 0.8 NE lit ref & Imp449.A.52 J .1 99 101
4
Joint let ref Si series A__1963 J D 10614 1063 10612 10612
3
90 4 954
New Orleans Term lit 46_1953 I .1 9312 Sale 9312
9312 10
984 101
99% 64
1983 J D 9955 Sale 9914
1s1 & ref 434o ser
9938 102
10012 9928 100
33
8 10614 10812 NO Texas & Mex n-si 'n2 58_1935 A o
8
1951 ▪ D 1087 ---- 10614 10612
Gold Si
9912 101%
10028 23
1954 A 0 10018 Sale 100
1st fie series B
Jan'27 _
8412
D 833
1951
4
Gold 34a
15166 F A 10334 104 10378 1037
e
4 10312 105
lst 58 series C
4
Ind Bloom & West let ext 43_1940 * 0 933 ..__ 9318 Sept'27
981s 994
8 26
987
181 4348 aeries D
-5474 V/1966 F A 9812 98% 98%
974 9614 Apr'28 _
1950 J J 95
Ind III dc Iowa let g 4s
ma 9112
1954* 0 10434 105 10412 10514 18 10412 1051i
let 54s series A
90% Feb'28
1956 J J
Ind & Louisville let gu 4s
100 100
N & C Bdge gen guar 4348_1945 J J 973 ---- 100 Jan'28
4
10212 105
103 Apr'28
Ind Union Ry gen 53 eer A._1965 ▪ J
101 101
10412 10412 N Y B & M B lat con g 55_1935 A 0 101 ____ 101 Apr'28
10412 Feb'28
1965 J J 10234
Gen & red &aeries 13
6 1071s 10958.
10712 18 10618 10812 NY Cent RR cony deb es-1935 MN 10734 Sale 10734 10812
ins & OH Nor let 6s eer A1952 J .4 107 sale 107
MN
107 Apr'28
107 107
Registered
994
90
9314 229
APrl 93 Sale 9234
Adjustment 6a ser A July 1952
4 69
951
14 971s
94
1998 F A 9514 Sale 9514
Consol 4s series A
7712 7712
7712 Feb'28
Stamped
1044
9812 10178
Ref dr impt 434s series A.2013 A 0 10218 Sale 10134 10212 111
7
4
983
J 9812 99 9812
1956
lit 55 series B
2013 A 0 1083 Sale 10734 10834 65 10734 1104
s
Ref &!mot Si series C
9958 102
13
Sale 9938 100
1956 J J 100
1st g 53 series C
J 8434 Sale 8434
844 8758
86
8118 8512 N Y Cent & Bud Ely M 334s 971'
40
8
8512
tot Rya Cent Amer lit 5e_1972 M N 85% Sale 85
82
1997.3 J
82
1
Registered
854
82
9454 972
4
96% 14
1941 M N 9658 Sale 96%
let coil tr 6% notea
1934 M N i9734 Sale 973
Debenture gold 48
8 41
971
9914
9758 994
91
9914 86
1947 FA 98 Sale 9712
lit lien & ref 634a
M N
52
974 984
Registered
38
29
49
50 48
1938 .33) 49
Iowa Central let gold 5a
973
974 AP9
1942.3 J 98
4
-year debenture 40
20
8
e2:
49
9734 99
38
44
49
48 Sale 46
Certificates of deposit......
Lake Shore coil gold 330_1998 F A 8335 847 8388 '8388 17
8
834 881
4
1014 183
4 98
183
4
183 Sale 16
1951
Refunding gold 48
8178 8274
1998 F A 82 83 8212 Mar'28
Registered
96%
95
95% 10
& Clear let 48_1959 J D 95% 98 9558
James Frank
84
2 84 87
Mich Cent coil gold 8Hs_ _1998 F A 84 86 84
- _May'27
03
1938 J J 103
KaA&GRIstgug 5s
1998 F A 8212 843g 834 Apr'28
Registered
5
.8318 834
7
-90 8 9618
94 91% Apr'28 1990 * 0 885s Kan & M lat CI 46
98
1937 A o 9718 Sale 9718
7
N Y Chic At St L let g 4s
9918 101
974 984
cons g es
1928 MN 997s100 9978 Apr'28
K C Ft S &
1 100 8 97
5944 10312
1937 A o 9618 --.- 984 Feb'28
Registered
984 984
951s
8
K C Ft S & M Ry ref g 41_1936 A 0 9518 953 9418
99
1931 M N 99 Sale 9812
4
-year debenture 45
25
9711 100
4
4
1929 A 0 1003 Sale 0034 1003
K C & MR & B latgu 5a
1931 M N 10212 103 1024 10212 13 10178 1034
24 es series A B C
4
7518 193
7712 10
7712 76
Kansas City Sou lit gold 38_1950 * 0 77
8 40 1087a 107 4
Refunding BM series A_1974 A 0 1074 Sale 10738 1075
5
8
0 10111 1034
10212
Apr 1960 J J 10212 Sale 02
Ref & impt Si
3
9338 95 4
Refunding 5345 series B-1975 J J 10712 Sale 10712 1075s 48 1064 10786
9438 19
Sale 94
Kansas City Term let 4s____1960• J 94
4 18 10078 1021
4
9314 9812 N Y Connect let gu 44s A-1953 F A 10118 10112 1011s 1013
9314 Apr'28 ---Kentucky Central gold 4s___1987 J J 9314 _
let guar Ss series B
1953 F A 10434 10514 10434 Apr'28
14
9612
10011 105
91
4
953
Kentucky & Ind Term 430_1961 J .1 94 - - 95 Apr'28 _--924 Apr'28
9212 921•
9018 9612 NY & Erie let ext gold 48_1947 M N 92
9018 Apr'28
1961 J J 9612 9812
Stamped
1004 Apr'28
1933 M 13 100
9838 983
8d ext gold 434s
8
10014 10014
9838 Apr'28
1981 J J 100
Plain
4
1003 Mar'28
1930 A 0 10034
10034 1003
4
58 10334 10514 I,, 4th ext gold Si
1041
1937 J 3 10412 Sale 104
Lake Erie & West let g 15s
_
9914 Mar'28
1928 J D
4
9914 991
_
10331 10334 Mar'28 _- 102 10418' 5th ext gold 45
1941 J J
28 gold Si
8388 8718 N Y & Greenw L ell g fa
9914- 1946 M N 100 10134 100 Mar'28
100 100
Lake Shr & Mich S g 3lis 1997 .33) 8312 86 8434 Mar'28
8618 11
N Y & Harlem gold 3Hs__ -2000 M N 88 ____ 8618
8618 874
85 86
8538 Apr'28
81
1997 3D
Registered
M N 821s ____ 8518 Apr'28
8518 854
Registered
1
98 8 100
9914 57
8
1928 M S 995 Sale 99%
Debenture gold 46
N Y Lack & W lat & ref bs __1973 MN 10314 ____ 80 July'27
9834 100
9912 44
1931 MN 99 9912 991s
-year gold de
25
_ 10518 Apr'28
9934 994
1973 MN 105
First & ref 4)48
1051. 309
9934 Apr'28
- _--MN
Registered
106 106 Feb'27
1930 M S
5
10614 1073 N Y L E & W lat 78 est
8
Leh Val Harbor Term 5s___-1954 F A 1075 --- 10738 Apr'28
1932 F A 10114 10112 1011/ Apr'28
'loafs 1011,
7 101 102% N Y &Jersey lit Si
4
10134 1013
4
1013
Leh yid N Y lst gu 4lis--1340 I
___ 90 Mar'27
4
903 9312 N Y & N E Bost Term 45_1939 A 0
9112
Lehigh Val (Pa) cone g 48-2003 MN 9114 Sale 91 Jan'28 40
85 8812 8812 Apr'28
90 91
1947 M S 9312NYNH dcHn-cdeb 4s
"ii" 'W91
MN
Registered
6 10018 10258
Non-conv debenture 348_1947 M 13 8112 8134 8114 Apr'28
m nu
2003 M N lOI Sale 10114 10158
General cons 414s
Non-conv debenture 346_1954 A 0 774 79 78
7914
1 109 11114
8
5
,
Trie 81 4
N 11038 Sale 11038 1103
Lehigh Val RR gen Si series_2003
3
85
4
1955 J J 85
853 8434
Non-cony debenture 4s
845, 884
3 10512 10618
A 0 105 106 10512 1054
Leh V Term Ry let gu g 15a 1941
_ 1034 10318
Non-conv debenture 4s.. _1956 M N 8518 8718 85
8528 25
85 884
A 0 1034 105 10378 Feb'28
Registered
Cony debenture 334s
1958.3 .1 7714 Sale 7714
7718
924 924
9
7718 SO
Lab & NY let guar gold 48._1945 M S 934 95 9212 3828'28
19483 .1 11712 Sale 116
Cony debenture fts
11734 82 1154 118
111 11558
Lax & East let 50-yr 88 gu._ 1965 A 0 11138 112 11138 Apr'28
114
1 ./ 114 Sale 113
5 113 115
Registered
9218 9813
Little Miami gen 46 See A__1962 MN 94 97 95 Apr'28 ____
1940 A 0 105 10518 105
Collateral trust 6s
10514 20 105 NW*
4 10812 10912
1935 A 0 10812 _ 10812 10812
Lang Dock consol g 6s
_ 1094 Dec'27
A 0
Registered
4
10112 Apr'28 ---- 1003 102
Long lad lit con gold 5eJuly 1931 Q J 10112
8014 1114
1957 M N
Sale 8138
Debenture 45
8214 32
4
9818 993
4
993
let cones! gold 4a____July 1931 Q J 9812 - - 9934 Mar'28 -__
1st & ref 44s ser of 1927_1967 J D 93 Sale 9212
9213 9454
9458 9612
1
934 248
9614
1938 .1 D 9814 98 9614
General gold dif
Harlem R & Pt Ches let 4419154 M N 9212 9312 9234 Apr'28
9218 935
8
1932 I D 9712 9718 9614 Sept'27
Gold is
7918 15
9258 9312 N Y 0& W ref 1st g 4a_June 1992 MS 79 Sale 7818
4
7878 305
1949 MS 93 9358 93 Apr'28
United gold 48
71312
(
_ii _ 73 Apg8
Reg 85.000 only June 1992 M S
784 784
100 4 10 100 10012
1934• D 100 Sale 100
Debenture gold Si
1955 l D
General 45
7412 8058
994 10112
1
s _.
8
1937 M N 10014 1003 1004 1003 .2_
110-year p m deb 56
4
92 95
9212 943 NY Providence dr Boston 481942 A 0 8714 ____ 9312 Apr'28
S 031294 94 Apr'28
1949
Guar refunding gold M
91
8 14
933 Jan312 92
'8
A0
Registered
10118 102
8918 89 4
8
4
Nor Sh B let con gu 5s_Oct'32 Q J 1003 10114 102 Apr'28
9318 9414 N Y & Putnam lat con gu 48 1933 A o 93
934 904
Lou &Jeff Bdge Co gu g 4s 1945 M S 933 9412 9414 Apr'28
5
8812
N Y Susq & West lit ref 5e19373 J 8812 89 8812
8818 924
1 105 106
Louisville & Nashville 58_1937 MN 10528.... 10512 10512
8018 Apr'28
81
24 gold 4384
1937 F A 80
8018 834
9658 9914
4 11
973
3
1940 J J 973 9734 97%
Unified gold 48
4
7538
1940 F A 743 7618 7458
8
General gold Se
1014 10258
7218 804
1931 M N 10112 102 10112 Apr'28
Collateral trust gold Ea
1943 MN 10214 Sale 10214 10214
Terminal let gold 521
4
997s 1021
5
24 103 10512
N 1034 Sale 10334 104
1930
-year secured 7s
10
897
8 88
e
4 50 1084 11012 NY W'ches & B let ser I 4348'48 J J 897 Sale 8812
8813 98
lit refund 534s series A._2003 A 0 10814 Sale 1084 1083
1960 A o 10212 Sale 1017s 10212 29 100 108
4 10818 109 Nord Ry ext'l if 6348
4
8
A 0 108 1083 10812 1083
2003
lit & ref Si serle5 B
5
9478 96
96
4
954 OT
let & ref 434e aeries C_..2003 A 0 103 10328 10214 10214 20 102 1043 Norfolk South 1st & ref A 58_1981 F A 94
102 1033 Norfolk & South let gold 56_1941 M N 1024 ___ 1025s Feb'28
8
4
1025 103
10134 103 102 Apr'28
1930 J
N 0 & M 1st gold 6a
1024 10214 Norfolk & West gen gold 68_1931 MN 10412 Sale 10412 10412
1 104% 1051s
10214 Apr'28
„• I 10134 103
1930
24 gold 8s
Improvement & ext 611_1934 F A 1084 ___ 1094 Dec'27
9612
7 95
95%
Paducah & Mem Div 4a 1946 FA 95 98 95
New River let gold 6a
1932 A 0 10634 ____ 1064 Feb'28
3
0
- 6;
folift 1 --1
8818 70 4
6234 04,
_
7034 Apr'28 ___6
St Louie Div 2d gold 3s 1980 M S 7034
N Se W Ry lit cons g 419-1996 A o 9634 Sale 96
963
1
1 1014 102 8
4
5 95% 98%
8 10238
8
Mob & Monte 1st g 4343._1945 M S 1023 10234 1023
1996 A o ____ 9718 9618 Apr'28
Registered
95% 961s
9218
South Ry joint Monon 46_1952 J J 9218 Sale 924
3 ()A 9812
Div'l lit lien & gen g 48.19443 J 96% Sale 955
961g 30
9458 96%
9534
9534
AtIKnoxv & Cm Dlv 4s 1955 MN 9512
1823 Mar'28
1929 M S
10-yr cony es
4
4
1004 1003
178% 190111
Loulsv Cm & Lox Div g 448'31 M N 10014 101 10034 Apr'28
1941 J 0 9534 Sale 95
7 95
Pocah C & C joint 40
9534
10312 10312
97%
1934 ▪ J 10212 - - 10312 Jan'28 lit Si
Mahon Coal RR
7934 North Cent gen & ref fa A 1974 M S 10738 ____ 10628 Sept'27
74
76 Apr'28 _-_Manila RR (South Lines) 43_1939 MN 7612
Gen & ref 43.4e paled A
8
7934 8234
1975 M S 103% ___ 1015 Jan'28
82 79% Apr'28
1E4 ftifi
1959 MN 79
let da
i
15,
.10312 Apr'28
90 41
8! 2 10:
10018 1890872 82
Stamped
101 10*16
Manitoba 13 W Colonisa'n 5a 1934 J D 100 101 10038 Mar'28
North Ohio let guar g 5s_ --1647 A0 98 99 98
1965
98
5
98 103
Man B & N W lat 3346_ _ 1941 • .1 88 91 88 Mar'28
North Pacific prior lien 4a__1997 Q
951s Sale 9518
9558 29
944 974
Cent Del& Bay City 8e-'31• M 10114 10212 10112 Mar'28
Idloh
Q
Regletered
93% 96 9414 Apr'28
4
4
1003 1014
3
Q 81 100 4 1013 10034 Apr'28
9414 97
Registered
Gaol lien gold 38.
Jan 2047 Q F 7014 7012 7018
71
7018 721
21
9
1940 I J 9612 .._. 9755 Jan'28
Mien Air Line la
Registered
Jan 2047 Q F 6728 70 8812 Apr'28
3
8818
8818 89 4
3
7
8812 691
1984 MN 8818 Sale 88%
lit gold 334.
Ref & impt 4384 series A.-2047 J
100
9938
3
10154 Sale 10154 102
9934
13 10134 105
1
1929 * 0 992899 4 9938
-year debenture 48
20
9714 9934
Ref & impt 6s series B----2047
11578 Sale 11588 116
14
42 11538 117
1940 * 0 99 100 98% Apr'28
Mid of N J 1st ext 5a
Ref & impt Si seriee •-.2047 3.3 100 10058
Apr'28
10812 10814 10812 15 108 1091s
L S & West imp g 58..1929 F A 99 10014 100 Feb'28
Ref & impt Si series D._2047
9914 9914
10754 Sale 1073
4 10814 16 1074 109 4
3
Nor let ext 4148(1880) 1934 JD 9712 99 9914
MU &
6
9758 9912 Nor Pao Term Co 1st g 6s__1933 33 1095411038 Mar'28
97%
10978 110%
1934 J 13 9712 9912 97%
Cons ext 434s (1884)
064 974 Nor Ry of Calif guar 1 58-1938 A0 105 fide 105
105
5 105 108
1947 M 8 9514 9612 9514 Apr'28
MU Spar & N W lst gu 4a
North Wisconsin let 611
61
42
1930 33 102 10212 10258 10258 10 10212 1024
Sale
5912 46
Minn de St Louie let cons 58_1934 M N 5912 Sale 58
40
_ 1937
15
57 02& L Cham 1st gu 4s g.__1948 13 8812 874 884
57
8612
5418
4
861s 884
MN 544
Temp Ms of deposit
4
233 Ohio Connecting Ry let 4a...1943
9538 Nov'27
14
_
23% 156
refunding gold 4e___1949 M S 2212 Sale 1934
lit &
1112 1812 Ohio River RR lit g 58
Riii4104
1930 3D 103 10312 104 Apr'28
96- 1812 71
Q F 183 Sale 17
s
Ref & ext 50-yr ee ser A _ _1962
General gold 5e
2 96
01
* 0 19512 10612 10418 Jan'28
104% 1044
91 Sale 90%
91% 45 904 924
M St P&SSM con g4s lot gu'38 .1 3 90289118 5812 Dec'27
Oregon RR & Na,con g 421-1646 D
9538 Apr'28
19 6•
95 96
Registered
9754 10012 Ore Short Line hit cons g 58_1946 I, 1083 10912 10828 108%
9912 15
7 10814 11091
Sale 9734
9918
1938 J
lit cons 54
Guar stpd cons 58
21
I, 10818 Sale 10835 10818
9914 101
1 1084 1114
4
1938 J J 89 893 9914 100
to Int
lit cone be gu aa
Guar refunding 4s
13 101 10318
1929 ID 9938 Sale 99%
9912 24
102
991s 100
Sale
-year coil trust 8346-.1931 M S 102 Sale 10112 10314 21 101 10314 Oregon-Wash let & ref 4E-1961
10
I
' 9134 Sale 9134
923
91% 9411
30
10214
1946 J J 10212
let & ref 68 series A
98 Pacific Coast Co lit a 5a----1948 J D 75 84 8312
94
26
8312 884
7
84
95
95 Sale 9418
1949 M
95
-year 5348
Pao RR of Mo let ext g 46-1938 FA
95% 9514
1941 M N 9518 964 98% Oct'27
lst Chicago Term e f 48
2d extended gold 5s
9912
102 10112 Apr'28
102% 102%.
98 1938 3,
1
9818
9818
lit 58_1949 J J 9918
Mississippi Central
6
go
0284 Paducah & Ills lat a f 4346-1955 3,
10052 1014
91
5
90 8 91 90%
Mo Kan & Tex lit gold 421_1990 J D
4
59 102 1043 Paris-Lyons-Med RR esti 85 1958 P A l0 0
38F
0182
i695i8
3e 14
AP1 032 1 0
96 1004
3
5
8 Sale 1027
Mo-K-T RR pr lien M eer A.1962 J 3 1027 Sale 8958 10312 18
Sinking fund external 74-1958 MS 1043 Sale 1043
8912 9212
4
105
33 101% 105
89%
1962 J I 8928
97
-year 41 series B
0012 Paris
40
-Orleans RR s f 7s__ -1954 MS 1034 Sale 10314 103511 40 101 1041s
9812 77
97
1978 J J 9812 0514 10512
Prior lien 4348 ser D
96 Bale 96
External sinking fund 5348 1968 M
9534 965
4 65
963
4
10612 121 10418 10918
3
105 4 Sale
Cum adjust bs ser A Jan_1901 A 0 10212 10314 103
1 10114 1041s
1034 10 1014 10373 Faulista Ry let & ref if 7e 1942 MS 10318 Sale 10318 10318
1965 F A
& ref 58 ser A
Ado Pao
98 Apr'28
794 834 Pennsylvania RR cons1 M__1943 MN 9714
141
3
97 s 9914
81
•S 81 Sale 80
1975
General 88
1948 MN 973s _98 98
Censol gold is
98
10012 10258
1
96/4 100
1
1977 M S 10112 Sale 100 4 10112 119
lit & ref fa tier F
M stall stpd dollar_May 1 1948 MN 9814 99 10412 Apr'28
1
934 944
96% 99
95
97 95
95
Consolidated s f 4384 ....AM P A 10412 Sale 10412 10514 -.
Mo Pan ad Ts ext at 4% July 1938 MN 10312 ---- 103 Feb'28
28 10438 107
103 103
1945 J J
5a
Mob & Bir prior lien g
General 43.4s series A____1968 3D 10218 1027s 10218 103
1 85
46 10218 1047
s
9928 100
100 Apr'28
J J 1004
SiGeneralseries B
9 I
Small
11118 Sale 1105
8 lll3 115 110% 115
s
2 92% 964
92%
4
9318 923 92%
1945
lit m gold fa
* 0 10414 Sale 10418 1043s 68 10418 105%
-year secured 7s
10
88
84
• J 8438 87 84 Mar'28 --- 1945
9712 8814
16
Small
96
1930 FA 112 Sale 11134 1125, 97 11134 1123
-year secured 6345
3
4
4
993 Apr'28
FA 11134 ____ 112 Apr'28
Mobile & Ohio gen gold 4.8_1938
112 112
Registered
s
3 10414 1053
4
4 1043
164- 1043
- 4
P
Montgomery Div lit g 56_1947 IA
46 104 1064
-year secured gold 5..1964 MN 10434 Sale 10412 105
40
4
9734 993
9914 30
Sale 98
1977 MS 99
___ 93 Jan'28
Ref & impt 448
93
93
974 Pa Co gu 334s coil tr A re_1937 MS
97
97 Apr'28
8914
891g 91
90 Apr'28
Mob & Mar let gu gold 421_1991 MS 9413 97 1124 Apr'28 -- __ 11214 1124
Guar 31.0 coll trust Der B _1941 FA 934
911
90
1937 I J 11112
Mont C let gu es
Guar 3584 trust ctfs C____1942 ID 89.... 90 Apr'28
8914 904
Jan'28 ____ 1048.4 104114
4
1937 I J 1043 - -- 10434
lit guar gold 5s
Guar 3 411 trust etre D.___1944 ID 8934 0012 90 Apr'28
8938 90 8
3
88
81
8
8414
4
_2000 J D 833 8412 37'
9915
Morris & Essex let gu 84s99 100
Guar 15 -year gold 48-1931 AO 983. 9918 99
-25
9434 984
9512 44
Nash Chatt & St L 41Ser A.1978 F A 9514 Sale 95 Mar'28 __- Imps 104%
9358 9514
Guar 45 ear E trust Ws -1952 MN 9412 95 954 Apr'28
1937 F A 10314 10614 104
N Fla & 13 1st gu 138
7 10014 102
ref 4141 A'77 * 0 10014 10012 10014 10014
30 Sept'24- .... . _ Pa Ohio & Del 1st & cons 413_1940 * 0 883 9014 9114 Apr'28
Nat Ry of Max pr lien 4)46_1957 13
_
8
92
89
151 8
16% 38 -1234 - -1 Peoria & Eastern let April 1990 Apr.
17 Sale 1612
5012 135
Assent cash war rot No 4 on
8 Sale 4734
8712 50%
. Income 4a
8712 Aug'25
1977 AO ---Guar 70
-year if 48
4
3 10715 10811
44 Till II Peoria & Pekin Lin lit 5)46_1974 P A 10
22 2118
2118
Assent cash war rot No Son
8 105
6 10418 1051,
. Pere Marquette lit ear•51.1956 ii 105 Sale 1045
Salei _ _ 3812 July'25 ---:
.1:: -Nat RR Max pr 1 414. 044_1926
5 9114 961s
9512
..195S 33 9512 Sale 951
1st 418 serial B
2314 55 -iris z34
2214 Sale 2214
Aslant cash war ret No 4 on
2767
New York Bond Record-Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended May 4.
h
z
•-• a.
Prize
Friday.
May 4
Week's
Range or
Last Bak.
g
si
Range
Since
Jaa. 1.
BONDS.
24. Y.STOCK EXCHANGE.
Week Ended May 4.
S3
Price
Friday.
May 4.
Week's
Range or
Last Sale.
4
Range
Since
Joel.
Bid
Ask Low
High No, Low
Mel
Ask Low
Bid
High N. Low
High
804 78
70
747
8
9
74
98 100
Teter & Del let cons g 5o.,__1928 1 D 87
Mita Bait & Wash lot g 4/1_1943 MN 974 100 100 Apr'28 --_
45
46
7
32
48
1952 A 0 4512 48
114 Apr'28 1974 F A 113
Mt refunding g 4e
114 114
General 5e series B
9711 51
98 8 99
5
414 19
40
42
Jnion Pacific lot RR & Id at 4/1'47 J J 9718 Bale 97
Philippine Ry 1st 30-yr s f 4s 1937 J J 41 Sale 41
3 .1 96
9712 9814 Apr'28 --- 9814 974
Registered
8
Pine Creek registered 15t 811_1932 I D 10538 ____ 106 Apr'28 ____ 1057 108
98
12
1940 A 0 102
June 2008 M 13 9512 Sale 9512
9514 98 4
1001 Mar'28 lot Hen & ref 48
3
/
4
10018 102
P CC& St Lau 440A
167
9914 10114
1987 J J 10014 Sale 9978 101
102
1942 A 0 1013
102
2 1014 10212
Gold 4445
Series B AM ffllAr
4
4
5 1124 116 4
1
June 2008 M El 11214 1123 11214 11214
let lien & ref 56
1942 MN 1013 Sale 1013
Series C 4445 guar
4
4
4 102
3 1018 10218
10018
6 100 1004
1928 J J 10018 10014 100
99
1945 M N 97
974 Mar'28 10
-year secured 65
Series D 40 guar
974 99
9912 Mar'28 iiii
97 Mar'28 ____
974 9912
97
9712 17 NJ RR & Can gen 46.._ _1944 M S 9712 99
Series E 3445 guar gold-1949 F A
9
9
i83
4 8 mar 2
8
7
3
1933 J 1 9711 _ _ 984 Nov:2 -___
9714 Apr'28 1953 J D 97
Utab & Nor 1st ext 45
Series F 4s guar gold
ii- IS
-97
2
97
Vandalla cone g 4s series A 1955 F A
1957 M N
97
97
Series 0 48 guar
__ 9712 Apr'28 ---1957 M N Elz
97 99
: 1s
1
974 Mar'28 _
97
9718
Con a f 4s series B
1980 F A 97
Belles H con guar 48
ti;je 23
23
7
174 2112
Icons guar 4448.---1963 F A 100 1043 10512 Feb'28 ---- 1044 10512 Vera Cruz & P assent 4448_1934
4
Series
,
iirgln ut Mid 5e series F.-1931 ii-ii iliiii____ 1014 Jan'28 ---- 1011 1014
Series.' cons guar 4345......_1984 M N 100 104 10412 Apr'28 ---- 1044 105
4
- 1033 Mar'28 ____ 1031 103 4
4
4
1938 M N
3
112
8 1111 11412
8
General Si
General M 5a series A____1970 J D 112 113 112
11k14 10714 Jan'28 ____ 1074 1074
J D --------1131. Jan'28 ___ 11388 11338 Va & Southw'n let gu 191-__2003 1 3 ____ .
1
Registered
- 99
99 8 Apr'28 ---5
1958 A 0
994 103 4
8
112
113
28 11158 11518
let cons 50
-year 5a
Gen mtge guar be series B..1975 A 0
)
51 10714 1094
A o ioi4 1 - 1134 Jan'28 ___ - 1134 11312 Virginian Ry let 5s aeries A-1982 MN it G Sale 10714 108
Registered
--_:: 106 May'27 ....-10514
8 10434 1081
1939 MN 10514 Sale 105
2
Wabash let gold 5/1
Plate McK & Y lit an 6s..,__1932J J
103
4 1024 1041
1939 F A 103 Sale 103
1
19843 1 10818
1005 Apr'28 _
8
RA fol
. 2d gold 55
2d guar 85
17 1054 1074
1975 M 5 10612 Sale 10614 107
104 Mar'28 _
10314 105
1940 A 0 10212
Ref of 5445 series A
Pitts Sh & L E let g 58
21 102 103
4
197/3 F A 10218 10278 10218 1023
1943 J J 1024
- 10012 Apr'27 _
lot consol gold 58
Ref & gen 58 series B
1943 MN 9818 -__ 95 Oct'27 ------------Debenture B Ile registered-1939 J J 100 ---- 8314 Feb'27 ---Flits Vs & Char lit
ita
89
1 -Ws li
89
.
99 984 Apr'28 ---Flits Y & Ash 1st 48 tier A -.1948 J D 9812 lat lien 50-yr g term 48-1954 J .1
9612 9714
8
1
lot gen 5s series B
.1982 F A 1073 ---- 10814 Apr'28 __-- 10814 1084
4
Bet & Chi ext let g 58----1941 J J 10418 ____ 1045 Feb'28 ---- 1044 104 4
97 8 ii3
5
914 934
1974 1 D 1013
Des Moines Div let g 49__1939 3 3 825 --4 92 8 Apr'28 ____
1st gen 58 series C
87 Apr'28 ---87 88 4
3
4
2
Providence Elecur deb 4s__ _1957 IS N 805
8
-- 803
4
803
Omaha Div let g 344e_ -1941 A 0
8012 8034
4
9414
1941 M 5 933 Sale 9384
8
9814 9
512
Providence Term 1st 48
1958 M 8 90 1212 89 Dec'27 Tol & Chic Diva 4s
83 Mar'28 ---83
83
Reading Co Jersey Cen coil 45_•51 A 0 96 Sale 95 4
3
98
18
953 97
Warren lst ref gu g 3448....-2000 F A __-- 83
4
894 9112 905 Mar'28 ---8
903 90 2
8
5
1948 Q IN
Gen & ref 444e aerles A_1997 1 J 10214 Bale 10218 103
27 10218 104 4 Wash Cent let gold 4e
8
89
8914 8914 Apr'28 -8815 91
1945 F A
8214 854 8212 Nov'27.
1948 MN
Rich dr Mock let g 4a
Wash Term 1st gu 3448
9133 - ___ 89 Apr' ---8
2
884 89
1945 F A
Richm Term Ry 1st gu EG__ _1952 J J 10414 __ 10414 M'28 ____ 10414 1041ar
2
let 40
-year guar 4s
997 Sale 997
8
5
____ _ _ ty min w & N w let au 50_1930 F A
8
997
99 4 101
8
- 4
Rio Grande Juno let an 58._1939 J D 99 1003- 102 Dec'27 ____
8514 109 1003 1034
847 8714
8
8
1952 A 0 845 Sale 845
47
8
5
5
Itlo Grande Sou let gold 41..1940 J J
418 5
West Maryland 1st g 48
10138 37
101
712 Apr'28 ___
Guar 48 (Jan 1922 coup on)'40 J
5
718
let & ref 5445 series A....._1977 3 J
9
102 102
102
1 102 104
95
9412 Apr'28 ____
Rio Grande West 1st gold 45-1939 J J 9212 -1937 1 J 10158 8a
94
12 954 West N Y & Pa lst g EN
/
1
92
93
6
92
1943 A C 924 93
94 8
8
let con ds colt trust 48 A__1949 A 0 89 895 8858
lit
8
8958 35
88
904
Gen gold 45
20
9113 19313
99 4 01
8
1948 M 9 100 10014 1004 1007
RI Ark & Louis 1st 4348.-1934 M S 98 Sale 98
9658 9918 Western Pao 1st ser A 5e
9
98
18
92 Sale 92
921
8512 883 8434 Apr'28 _
8
2381 3 J
Rut
-Canada lst gu g 4.
1949 J
845 847 West Shore 1st 4. guar
8
8
1
91
93
91
9514 9812 96 Apr'28 _
2361 1 3 91 Sale 91
Rutland lit con g 434e
1941 J
9018 ____ 9018
9018
It Joe & Grand Ial let g 4-9 _1947 J
1
8 4 9
9
9
5
92
638 Wheeling & Lake ErleI::: 100 1004
.
00
00
19913 3 J 1003 --- 10018 Sept'27 ------------Wheeling Div let gold 58_1928 J .1 100 ______ 110000
4
Ilt Lawr & Adir 1st a 5e
Apr'28
93
00
1996 A 0 10714
: ri A, 193
1911 F t
:
30
_ 108
Jan'28 _
Sd gold tls
u u golee55
impteerid 13
97
9
97 8
:
4
9614 984
1931 J J 98 Bale 98
& Cairo guar g 4s
98
2
Refunding 434s series A-1986 M S 97 . 7 97
St L
98
98 s
7
100 102 1014 Mar'28 ---- 10112 102
8
1013
4 51 101 10214
Aextfu.nnd41
St L Ir Mt & 8 gen con a 58_1931 A 0 1013 Sale 101
93 Apr'28 ---93
94
1931 A 0 --------10114 Dec'28 _
Stamped guar 58
_
RR 1st consol 41
8
744 794
1929 3 J 99 Sale 987
1942 J D 7512 7818 747 Apr'28 ---9878 3 - 14 Wilk & East let au g 58
0
Unified & ref gold 41
8
9918 61
1939 J 13 1035
4- 1033 Feb'28 ---- 10438 1044
8
R1v & G Div 1st g 45
1933 M N 98 Sale 98
Ms 31
958 9734 Will & SF 1st gold 5a
4
4
923 928
4
4
4
4
4
8
St L M Bridge Ter all g 5s-1930 A 0 10012 1013 1007 Apr'28 ____ 1003 1018 Winston-Salem 8 B let 48-1960 J J 92 li 923 Mar'28 ---3
934
8712 ... _ 3
_
971 9218
8 4 93 3
,
2
-San Fran pr I 48A
1950 J J 9114 Sale 905
St 1,
8
9112 111
4 WM Cent 50-yr let gen 4s _ __1949 .1 .1 8712 Sale 8712
90
9712 93
7
Con M 4145 series A
1978 M 8 97 Sale 97
971 182
/
4
Sup & Dul div & term lot 45'38 M N 99314 Mar'28
8
923
8
1
92
924
4445_1943 J J 924 93 923
Prior lien 5s series B
19503 3 103 Sale 10258 10318 50 10214 10412 Wor & Con East lst
Prior lien fle series C
1928 3 J 100 10014 100
INDUSTRIALS
10012
3 100 10112
1
90
96
8
1942 J J 1023 Sale 1023
8 1024 451 1014 3034 Adams Express coil tr g 48-1948 M 5 92 Sale 9234 Apr'28
Prior lien 544s series D
7 107 109 8
108
314 1084 6
.
5
8
Cum adjust ser A 8e__Juty 1955 A 0 1013 Sale 10114
10112 951 100 10178 Ajax Rubber 18t 15-yr if 88.1936.1 D 107, 14 107
1
6
34 10
Income series A 8s_July 1980 Oct. 10112 Sale 10114 1014 275
9918 10218 Alaska Gold M deb 85 A____1925 M El
10
6.4 360 8
7
318 10
112 12
19213 M 5 103 8613 1600 Ap 142 ___.
88_1931 J J 10114 10314 100
series B
Cony deb 88
3 100 105
St Louis & San Fr Ry gen
100
64 100 2 102 4
1
8
1931 3 J 10112 Sale 10112 1015
General gold 5a
8
3 lows 10312 Allis-Chalmers Mfg deb 5,1_1937 IS N
6
4
93
987
5
St L Pear & NW let an 5e 1948 J J 10812 Sale 1085
8 1081
/
2
•
3 10712 117
9 4 91
8
.8 Alpine-Montan Steel let 78_1955 M 13 9813 983
85 tila e 85
F A 108 sale 108 18742 40 1044 10812
08
St Louis Sou let gu g 4e_. _ _1931 M S --------9758 Apr'28 ____
904 9214 Am Agri° Chem 1st ref s f 7448'41
11
St LB W let g 45 bond ctfs_1989 M N 91 Sale 91
Amer Beet Sug cony deb 88_1935 F A
911
8 21
104
28 179 1044
0
3 9
9
/
1
12g g 45 inc bond ctfe_Nov 1989 J J 854 881 8514
845 974 American Chain deb a f 68_1933 A 0 103 Sale 103
8
8514
1
8
5 100 1024
Como!gold 48
1932 J D 9712 Sale 9712
974 35
973 99
8
Am Cot 011 debenture Es-1931 MN 1005 Sale 10014 Apr'28
95
/ 97
1
4
9812 45
1942 A 0 9614 Sale 954
let terminal & unifying 58.1952 1 J 1007 Sale 1007
8
8 10112 21 10012 10.31/1 Am Cyanamid deb 58
4
1939 A 0 10412 1043 1044 10412 11 1044 1054
St Paul & K C13111, let 440_1941 F A 9534 Sale 9514
Am Mach & Fdy 8 165
95 4
3
5
9514 98
4
4
St Paul & Duluth 1st 53
7
1931 F A 101 10212 10212 Nov'27 -- _ _
Am Republic Corp deb 6e-1937 A 0 1013 102 10218 Mar'28 ---- 1018 102 s
4
44 101 102 4
let 000s01 gold 45
1968 1 D 945 Sale 945
8
1st 30-yr 58 see A '47 A 0 1013 Sale 10158 102
3
8
945
8
-iii8 VS
-1.-4 Am Sm & R
4
10914 23 10713 109 8
1947 A 0 1083 Sale 108
3
St Paul E Or Trunk 1st 4445_1947 1 .1 10014 103 10014 Nov'27 ___1
let M fie series B
_
38 105 109
5 1
02
:
08
St Paul Minn & Man 000 41.1933 3 3 98
99 98 Apr'28 ____ -iiii4 ---- Amer Sugar Ref 15-yr 88_1937 J .1 10514 Sale 10414 1043
. 94
8
8
9958 119
Nu 300
let consol g 85
19333 1 107 1081 107 Apr'28 ____ 107 11112 Am Telep & Teleg coil tr 4519293 J 993 Sale 9914
99
9
9758 1004
1938 M 5 9812 Sale 9812
Registered
J J 10612 1081 10834 Mar'28
Convertible 4s
4
10133 1083
4
8
99 4 1021
1933 M 8 1023 ___ 10214 Apr'28 ---8
68 reduced to gold 444s___1933 3 J 10012 1011 10012
4
10012
2 10014 10114
20
-year cosy 8340
4 105 8 79 10412 106
3
1948 J D 10518 Sale 1043
3 .1 99 1011 9912 Jan'28
Registered
-year ooll tr be
9912 9912
30
10438 Feb'28 --- 10488 104 e
.1 D --8
Mont ext let gold 48
981 98 Apr'28
1937 3 D 97
Registered
974 9812
1980 J .1 1074 Sale 10712 108
13
J D 914
Registered
9512 June'27
35-yr s I deb 5s
1091
90 10812 110
1943 MN 10912 Sale 109
Pacific ext guar 4s (sterling)'40 I J 9312 943 94 Apr'28 ____
-year 9 I 6)4s
Fi- -- 79178
20
4 10512 52 105 106
St Paul Un Deli let & ref 58_1972 3 J 109 Sale 109
1940 A 0 105 Sale 1043
Found deb tte
1093
8
6 10811 109 8 Am Type
3
8
II A & Ar Pam let gu g 4s_ _ _1943 1 J 925 Sale 9258
8
9338
2
3
924 94 4 Am Wat Wks & El col It 5e-1934 A 0 1007 Sale 10012 10114 19 100 1011,
1975 MN 10712 1077 10714 108
8
10 105 4 109 8
Santa Fe Pres & Phen 1st 58_1942 M S 10418 ___ 103 Apr'28 ____ 1024 104
8
Deb a 68 ser A
8
1947 J 3 897 Sale 8784
8
90
89
874 9814
Say FM & West let g 6s...1934 A 0 1074_ 109 Jan'28 ____ 109 109
Am Writ Pap let g 86
04 228 1_9_1 1 0 105
5
534
4
lit gold 58
16412 10212 Nov'27------------Anaconda Cop Min lot 85_1953 F A 1053 Sale 105 54 , .
0
1934 A 0 10218 .
5 06
54
42
Scioto V & NE lst gu g 48_1989 MN 944 975 975 Apr'28 ____
8
8
Registered
s 98
1938 F A lii1.2 Sale 124
1295 984 1104 137
8
Seaboard Air Line 1st a 45_1950 A 0 85 Sale 85
851
12
-year cony deb Te
79
8511
15
4
Gold 4s stamped
1950 A 0 8012 Sale 8012
8138 48
7718 8378 Andes Cop Mtn cony deb 75_1943 J 3 1373 Sale 13514 140 1009 120 140
Oct 1949 F A 5778 Sale 58
4 10312 85
Adjustment 58
9614 103 2
587 291
5
46
824 Anglo-Chilean s f deb 78---1945 MN 103 Sale 1023
9558 11
Refunding 4s
8
945
8
1959 A 0 68
8714 8512
937 96 4
8
3
67
82
7212 Antilla(Comp Asuc)740_1939 J J 945 95
60
1945 M S 873 Sale 873
1st & eons lis series A
4
4
88'4 91
3
771s 96 4 Ark & Mem Bridge & Ter 5s.1984 M 8 10318 10412 10318 Apr'28 ____ 1021,10314
M
4
91
Registered
85 Mar'28____
923 102
4
Armour & Co let real eel 4348'39 1 D 923 Sale 9214
534
7858 85
All & Birm 30-yr let g 45_41933 M S. ii . 8 93 Apr'28 ____
8 ii -2 91 -5
94
190
8712 94
Armour & Co of Del 5Ile__ _1943 J J 9312 Sale 92's
883 95
4
Seaboard All Fla let gu 68 A.1935 F A 845 Sale 82
8
1034
5 102 1034
85
84
7112 947 Associated 0118% gold notes 1935 M S 10212 10314 103
8
Series 13
1935 F A 824 Sale 824
1947.5 D 10414 _ _ 10314 Jan'28 ---- 1034 1031
823
4
4
8
72
945 Atlanta Gm L let 5s
8
Seaboard & Roan 1st Se extd_1931 J J 99 100 100 Apr'28 ___ 100 10058 Atlantic Fruit 78 etre dep_ _1934 J D 11
19
- 20 Nov'27 -- ---. -NO Car & Ga let ext 540-1929 M N 10012 1013 10012 Apr'28 ____ 10012 10178
4
1218 ____ 15 Mar'28 - r„.
._
15
15
Stamped ctfs of deposit.1 D
1936 F A 10312 105 105
El & N Ala cons au g 58
Jan'28 __
8
72 4 8144
3
105 105
Atl Gulf & W I 88 L col tr 55_1959 J J 815 Sale 8014
813 183
4
Gen cons guar 60-yr 5s
1983 A 0 11458 ____ 11434 Feb'28 ____ 1144 115
19 1003 103 4
5
Atlantic Rein deb be
1937 .1 J 10214 Sale 10214 103
1
1074 12 107 108 s
So Pac coil 48(Cent Pao coil) k'49 J D 94 Sale 9312
Baldw Loco Works 1st 5s_ _1940 M N 10718 Sale 107
1
94
10
9314 95
J D 883 92 88 Mar'28 ____
8
Registered
8
88
88
Baragua (Comp Az) 740_1937 J J 10812 1087 107 Apr'28 __- 10314 107
June 192966 8 995 Sale 994
cony 45
8
522
9912 106
20
-year
995 128
8
9918 100
Barnsdall Corp Ils with warr-1940 J D 1053 Sale 10412 108
4
9014 9318
934 74
lot 049(Oregon Lines) A.1977 M 8 10214 103 10258 1025
8
1 10258 103
00
Deo 61(w iliovaw 6e
4 0 4 aeldibg emi tnout y arrant)_1940 5 D 93 Sale 9238
4
1934 J 13 10112 1013 10212 Apr'28 _ _
9918 18
961 99 4
, 8
-year cony 55
8
30
4
1938 J 3 984 Sale 987
1944 M N ____ ____ 10014 Apr'28 ____ 100 10312 Bell Tele° of Pa 58 Series B_-1948 J J 10714 Sale 10714 1081±
9 106 4 1091s
3
110-year gold 55
1968 M 5 9914 Sale 9858
22 108 8 118
7
Gold 4)45
17
984 10012
/
1
3.19 0 j O 19142 Sale 11114 112
1981 A D
5
993
4 53
let & ref 58 series C
27
944 98
1
971
1950 A 0 9314 94 94
8
Sale 987
Ban Fran Terml let 4a
94
3
94
86
Berlin City Elec Co deb 834
A 0 874 93
94
97 s
1
893 Mar'28 ___ _
Registered
4
3
91
34 21
Berlin Elec El & Unda 8445_1958 A 0 91314 Sale 95 4
89 4 90
3
17 102 104 s
8
8 104
___ 108
108
So Pao of Cal let con ffU g 58_1937 M N 108
3 105 108
97
4 971, Beth Steel lit Es ref 56 guar A '42 M N 1034 Sale 1035
1015
8 2
98 9714 Apr'28 ___ _
0 1004 103
5
So'Pao Coast bet gu g 45____1937 .1 J 974 30-yr pm & Imp of 55_ _1938 3 .1 1015 Sale 101
10514 125 1044 1054
1955 J J 953 Sale 9558
4
964 64
Elo Pao RR let ref de
954 984
Cons 30-year 85 series A__1948 F A 10514 Sale 105
J 3
8 1037 110 10218 105
98 Apr'28 _ _ _ _
Registered
98
81Cons 30-3 ear 534)is B1953 F A 1034 Sale 1027
ug & 8166 d e6 65 ser
98
,
4
981
Southern Ry 1st cone g 58-1994 J J liii4 fi;1e- 11314 114
28 1124 11912
1950 M S 9818 Sale 9818
3 J 11112 ___ 11518 Apr'28 ____ 110 11518 Booth Fisheries deb s f 8a_1928 A 0 --------973 Feb'27 ---4
Registered
27
81
4
navel & gen 48 series A___1956 A 0 903 Sale 9012
91
128
Botany Cons Mille 6445__1934 A 0 8012 Sale 80
9012 93
2 -596 1-98105
1958 A 0 1177 Sale 1175
1 :1 164
0
6
8
8 11812 23 11512 121
4 1033
12
Develop & gen es
Bowman-Blit Hotels 7 s.___1934 M El 104 10514 1033
26
791
1958 A 0 12512 Sale 12514 1254 37 125;4 1/ 4 B'way & 7th Av lst con 55_1943 J D 794 Sale 77
Deyel & gen 13348
10 3 3
7
5
9512
8
1998 J J 1107 112 11012 Apr'28 __
9512 95
Mem Div 1st g 58
Brooklyn City RR let 5e____1941 J J 94
11 1 5 18069611
4
6 14
0
8
1951 J J 9238 94 933 Feb'28 ____
Bkiyn Edison Inc gen 5s A__1949 J J 10514 Sale 10514 108
4
St Louis Div let g 48
9214 94
3
_ 985 Dec'27 ____
___ _ _
8
_ 1053 Mar'28 ---- 105 s 1054
8
J J
East Tenn reorg lien g 511-1938 M S 10414
Registered
8
12 102 s 10414
193866 S 9314 951 965
8
985
8
8 103
5 -964 9 5
- 8
6
General 13s series B
1930 J J 1G2i4 1Iii 1021
Mob & Ohlo coil tr 40
964 100 4
8
4
8
89
20
884 90
4 1003 803
Bklyn-Man R T sec 6,1
1988 J .1 10014 Sale 993
13p9kane Internal let g 58_1955 5 J 89 Sale 877
5412 78
7
7118
Bklyn Qu Co & Sub CAM gtd 55'41 MN 69
737 8918
8
Staten Island Ry 1st 434s_ _1943 J D --------88 Nov'25 ____
., 79
J
931, 974 Apr'28 ____ ..1321 .8_7_2
..
.
, .
95 Apr'28 _ _ _ _ -ii- -911-2
1
let 5a stamped
Sunbury & Lewiston let 48_1938 3 J
8
8812 Nov'213 -997 997 Brooklyn R Tr 1st cony a 48_2002 3
s
8
1941 .11
Superior Short Line let ise__eino m s 9978 _ _ 997 Apr'28 ____
1011
8
3-yr 7% secured notes
1921 3 J 105 ____ 13612 Nov'27 --Term Man of St L lat a ‘448_1939 A 0 10012 . - 1017 Apr'28 __ 1004 1024
38 -ii2 2 9ili
.1-1944 F A 10518
1057
8 1054
99
3 105 4 107
8
Bkiyn Un El let g 4-55
1950 F A 9858 Sale 98
let cone gold 58
934 109:11
99824 994
34
3
9812 18
1953 1 J 9212 927 9212 Apr'28 _
928 94
4
Stamped guar 4-5e
1950 F A 98 Sale 98
Gen refunds f g 41
8 113 1064 111
8 1095
8
5
12 Maya Un Gas let cone g 58_1945 M N 1095 Sale 1095
1st
& Ft Blot 540 A 1950 F A 10578 Sale 10558 10812 20 105 8 107
T
__ 10312 Apr'28 ____ 103 10312
1 1174 1194
1s8 lien & ref 6s series A..1947 M N 11914 Sale 11914 11914
19433 J 103
Tex & N (l eon gold 55
132 261 288
11314 14 1104 115
2000 3 D 11318 114 113
Cony deb 5345
284 288
D 286 Sale
J
Texas & Pao lit gold EN
02s, 002
_
__ _ --_ Buff & Sum] Iron 1st s f 55_1932 Jj
. . 933 Feb'28 ._ ._._ 6.
. 9 4 Ar. 28
. 383
96
2d Inc 5s(Mar'28 op on)Deo2000 Ma 100 ____ 100 Aug'27 __ _
8
104
1977 A 0 1033 Sale 10318
85 1021, 1044 Bush Terminal let 45
1952 A 0
(len & ref 58 series B
1955 1 J 983 ____ 983
4
1931 1 J 100 1007 100
10014
Consol 55
4
2 100 10112
984
La Div B L 1st g 53
13 103 106
8
8 104
8
10
8
5 1064 10914 Bush Term Bldgs 58 to tax-ex '80 A 0 1033 Sale 1033
Tex Pae-Mo Pao Ter 5448-1984 M S 1073 1081 108
5 102 10311
_
103 Mar'28 ____ 10218 103
By-Prod Coke let 5348 A. 1945 M N 102 10338 10312 1034
Tot & Ohio Cent let gu 58.._1935 J J 1021
8
8 1047
8
7 10314 104 8
1011
Cal Cli & E Corp unit & ref 58.1937 MN 1047 ____ 1047
Di, lit a Gs
1935 A 0 98 a- . 103 Apr'28 ____ 103 103
7
Western
1013
8 36
19353 D 1005 1041 10012 A9
8
8
95 4 103
8
General gold 58
8.28 ---- 1004 1015 Cal Petroleum cony deb 8 f 581939 F A 101 Sale 100
12
19
15 Nov'27
Cony deb if 5)45
1938 MN 14 10314 54 100 104 4
024 Sale 1028
__
1
Peoria & West lit 48_1917 J J
Toledo
100
5 100 10114
95 ____-__- 94981i Camaguey Snail if g 78_1942 A 0 100 Sale100
19
Tel St L & W 50-yr g 44____1950 A 0 95 Sale 95
/
4
8
1003 ____ 1004 Mar'28 ____ 100 1003 Canada 55 L lint & gen 68_1941 A 0 1021 1027 1024 10218 14 1011s 10814
8
4
Tol WV &0gu 434s A • 1931 J
1943 J D 105 ____ 105
105
9 104 4 10614
8-.1933 J J 10012 ____ 10012 Apr'28 ____ 10018 1034 Cent DIM Tel lit 30-yr 5e
3
lot guar 434s series
8
Cent Foundry ldt 5 f 6s_May1931 F A 9918 994 99 Apr'28 --1942 54 S 96 ____ 957 Jan'2 ___
i
lit guar is series C
1941 MN 123 124 123
944
123
1 -Iiiis Ai; Central Steel 1st g a f Rs
& Buff iota 48.-1946 J D 944 Sale 944
Tor Ham
d Due May. I Duo June, k Due August,
a 1,
. .....
2768
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
New York Bond Record-Continued-Page 5
k
Price
Friday,
May 4.
Week's
Range or
Last Sate.
12
4:1Q
High NO.
Ask Low
Bid
9
10414
Cespedes Sugar Co let 6 f 7125'39 M S 10412 Sale 104
66 68 Jan'28
Chic City & Conn Rye 5sJan1927 A 0 65
1035 Apr'28
8
Ch 0 L & Coke let gu g 55-1937 I J 103
30
88
1927 F A 86 Sale 85
Chicago Rye let 58
9718 256
Chile Copper Co deb 55
1947 J J 97 Sale 9612
89 90 Apr'28
Clearfield Bit Coal let 45
1940 .11 J 87
5
10118
Colo F & I Co gen f 5s__ _1943 F A 10118 Sale 101
1
98
98
Col Indus let & coil 56 gu
1934 F A 9738 98
1014 147
Columbia C1 & E deb 56_ _ _1952 M N 101 Sale 100
4
1932 J J 1003 101 10014 Apr'28
Columbus Gas let gold 5s
37
97
Columbus Ry P & I. lot 4348.1957 J J 9612 Sale 9614
22
87
87 8714 8658
Commercial Cable let g 48_ _2397 Q
11
Commercial Credit e f 68-1934 M N 9914 100 9934 100
961
3
9612 9612
Col tr f 64% notes
1935
J 96
2
4
4
Computing-Tab-Rea s f Be_ _1941 J J 10512 1053 054 1053
Conn Ry & L let& ref g 446 1951.7 J 102 103 0212 Apr'28
5
10178 Sale 0118 1011
s
Stamped guar 44s
1951.7
Consolidated Hydro-Elee Works
26
of Upper Wuertemberg 78_1958 I J 100 Sale 9934 100
8012 77
Cona Coal of Md 1st & ref 58_1950 0 80 Sale 79
129
Consol Gas(NY)deb 5 As 1945 F A 10634 Sale l003e 107
__ 1024 Feb'28
1023
4
Consumers Gas of Chic gu fis 1936
28
Consumers Power let 56--1952 M N 105 Sale 10434 105
10134 29
Container Corp let Be.
1946 J D 101 Sale 101
97
5
Cont Pap & Bag Mille 6%a_ _1944 F A 97 9712 97
8
Copenhagen Telep ext 6s__ _1950 A 0 1007 10214 10034 1003, 13
Corn Prod Refit 1st 25
-ire I 56'34 MN 10134 ____ 102 Apr'28
100
31
Crown Cork & Seal s f 68_ _ _1947 J D 9914 Sale 99
4
4 31
Crown-Willamette Pap Be__ _1961 I J 1023 Sale 10212 1023
90 103
Cuba Cane Sugar cony 7e
1930 I J 8934 Sale 88
9218 50
Cony deben stamped 8%19301 J 924 Sale 914
10658 24
Cuban Am Sugar let coil 88_1931 M S 10658 Sale 106
Cuban Dons Sug let 7 As_ _1944 M N 101 Sale 10014 10158 37
10418 Sale 104
10418 30
Cumb T & T let & gen 58_ 1937 1
10012 18
1940 A 0 100 Sale 100
Cuyamel Fruit let s f(le A
76 Dec'27
_
Denver Cone Tramw let 5a._1933 A 0
102
3
Den Gaa & EL 1st &ref g 53'51 MN 10238 frii 102
8
Stamped as to Pa tax
1951 51 N 10212 103 10238 103
7 Sale 623
13
637
4
Dry Corp(DO)1st e I 78_ _1942 M S 63
14
1023 103 10278 103
4
Detroit Edison let coil tr 56_1933 J
10512
6
let & ref 58 series A_July 1940 M S 105 Sale 105
8
1949 A 0 1063 Sale 10614 10634 21
Gen & ref 58 series A
B_July 1940 M S 10812 Sale 10734 10811 17
let & ref 68 series
e
1955 3 D 10614 1067 107 Apr'28 -Gen & ref 5a ser B
1063 Sale 10614 10658 71
8
j
SeriesCF
5
06 Sale 96
96
Del United let cons g 448_996322
8812 120
88 Sale 874
Dolire Bros deb Be
86
10
19 M N
42
40
Dold (Jacob) Pack let 03_16 MN 86 Sale 8512
8 101
13
100 --- 997
Dominion Iren & Steel 55._1939 M
2
9658
1942 .1 J 984 9712 965s
Donner Steel let ref 78
1064 50
Duke-Price Pow let Be err A '66 M N 10612 Sale 106
53
Duquesne Light let 445 A 1967 A 0 10212 Sale 10212 103
4 10414
10312 104 1033
7
East Cuba Sug 15-yr ef g 7348'37 M
9812 9834 984 Apr'28 -Ed El Ill Bkn let con g 48_ 1939 J
Ed Elea Ill 1st cons g 58.._ _1995 .1 J 11712 ____ 11678 Apr'28 --99
67
99 Sale 98
Bloc Pow Corp (Germany)6348'50 M
9512
5
953 9612 9512
4
Elk Horn Coal let & ref 6%8.1931 J
86
86
2
Deb 7% notes (with warrls'31 J D 86 Sale 10113
10114 10112
Apr'28
KuulVb1 Gas Light 1st con 501932 M
4
Federal Light & Tr let 5s__ _1942 M S 9914 Sale 9934 101
4
let lien s f 58 stamped---1942 M El 991 10038 100 Apr'28
105 --__
1942 M 8 105 10518 105
let lien 65 stamped
6
19543 D 10318 10412 10312 10438
30
-year deb 68 ser B
9634
3
1939.7 D 9612 Sale 9612
Federated Metals s f 75
1946
J 10938 Sale 10814 110 229
Flat deb 7s (with warr)
97
96
Without stock purch warrants..... 964 Sale 9614
11912 Sale 11912 120
17
1941 fk
Fisk Rubber 1st f 85
Ft Smith Lt & Tr let g 51_.A936 M 8 10112 103 10114 10112 18
41
Framerie Ind & Deb 20-yr 7348'42
.1 10812 Sale 10814 109
2
4
Francisco Sugar let 51 730_1942 51 N 1093 Sale 10934 10934
8
Freon n Nat Mail SS Linea 75 1949 J D 1027 103 10213 10234 26
Gas.t El ef Berg Co cons g 581949 I D 1074 ---- 106 Fe.:28
1939 A 0 1103 Sale 111
4
11314 118
Gen Asphalt cons Be
945 Apr'28
8
1942 F A 644 _
Gen Electric deb g 34s
10514 Sale 105
10514 28
Gen Elsa (Germany)78 Jan 15'45.7
119
12018
7
S f deb 6%a with ware_ __ _1940 .1 D 119
4
4 10158 48
Without warete attach'd '40 J D 1003 Sale 1008
1937 F A 104 Sale l033g 10418 138
Gin Mot Accept deb 65
Nu% 37
4
1940 F A 1013 Sale 1Ol1
Genl Petrol let e f 5e
19
Gen Refr let s f g ser A _ _1952 F A 10538 Sale 10538 106
7
Steel & I sec 78_ _1945 A 0 10112 102 10112 10218
Good Hope
21
Goodrich (B F) Co let 048_1947 J I 108 Sale 10738 108
0734 Mar'28
Registered
101113- 93
9334 191
Goodyear Tire & Rub let 55.1957 MN
15
Gotham Silk Hosiery deb 65-1936 3 D 1024 103 10284 103
80
15
Coupler 1st e f Bs__ -1940 F A 80 Sale 7912
Gould
Granby Cons MS& Peon Bs A'28 MN 100 ---- 0014 Dec'27
1928 SIN 100 ---- 10014 Dec'27 - _
Stamped
10012 42
Ot Cone El Power(Japan)71_1944 F A 10018 Sale 00
8
9734 53
195433 J 975 Sale 9714
let gen I 6 Ms
8 10
Falls Power islet 56-1940 M N 10614 10612 10538 1057
Great
3
97
Gulf States Steel deb 540_1942 I D 99 4 Sale 9934 100
9212 9112 Apr'28
Hackensack Water let 45._1952 J J 92
9518 ____ 904 Nov'27 -1930 M
Hartford St Ry let 4e
89
5
1952 F A 89 Sale 89
Havana Elsa consul g 58
74 Sale 74
747
7
Deb 545 series of 102&....1951 M
15
96
Hoe(R)& Co lst 48 ser A.1934 A 0 9538 Sale 9558
4 102
25
4
Holland-Amer Line Be (11a1)_1947 MN 1013 Sale 1013
95 816
8
Hudson Coal let 8158 ser A1962 J D 923 Sale 9238
1
Hudson Co Gas let g 5s...._1940 MN 10712 Sale 1074 1074
10212 52
548_1932 J J 1024 Sale 102
Humble Oil & Refining
66
1937 A 0 101 Sale 10034 101
Deb gold 58
1054 18
Illinois Bell Telephone 56-1956 J D 10512 Sale 105
99
20
1940 A 0 99 Sale 9858
Illinois Steel deb 648
9
10212
1946 A 0 102 Sale 102
Reeder Steel Corp I f 76
984 34
66_1941 M N 98 Sale 9612
Indiana Limestone let if
_
1936 MN 1004 ---- 100 Apr'28
Ind Nat Gas A,01156
105
8
1952 MN 105 Sale 105
Indiana Steel let 51
0011 May'27
8
Ingersoll-Rand 151 51 Dee 31 1936 J J 1027
0338 Apr'28 -1945 M N
Inland Steel deb 5345
gide 101 10114 10
Inspiration Con Copper648.1931 M 8
11 Apr'27
Interboro Metrop coil 4tie_ -1958 A 0
88 4.
, 0
,44
Interboro Rap Tran let 58-1966 J J 8412 Bale 834
83
8612 xt20
1 J 8412 Sale
Stamped
83 Apr'28
Registered
8212
1932 A 0 88 Eita;" 101
90
i
10
-year 65
10314 ‘
468
4
-year cony 7% notes_ 1932 M S 1023 Sale
10
9538
7
5s-1932 M N 9212 95 95
lot Agile Corp let 20-Yr
10
84
Stamped extended to 1942.......M N 84 Sale 83 4 10012 434
1947 M N 1004 Sale 998
Internat Match deb 58
105
Inter Mercan Marines I68 1941 A 0 105 8 Sale 1014 10538 20
10214 25
International Paper 58 Ser A.1947 J J 1047 sale
102 Sale 10434 10518 .69
1955 5 8
11
Ftef f (is ser A
9614
9658 x82
jut Telep & Teleg deb g 445 1952 J .1 9612 Sale
11
lumens Works Os(flat price)_1947 .1 .1 107 Sale 1061z 107
100 105 10478 105
4
44
Hawse City Pow & Lt 5s1952 M
1023 -- 10518 Apr'28 -4
1957 J
1s1 gold 4148 series D
8 18
Kansas Gas & Electric 66-1952 M S 10578 Sale 10534 1057
11912 73
Kayser (Julius) & Co deb 545'47 M S 117 Sale 117
9912 32
9812 Sale 9812
Keith (B F) Corp let 68___ _1946 M
1(shy-Spring!Tire8% note5_1931 MN 10834 10912 10834 10912 17
s
Keyston Telen Co 16t 56-1935 J J 9612 977 9718 Apr'28 -4
Kings County El & P g 66-1937 A 0 1053 -- 10738 Mar'28 ---4
1997 A 0 1333 ---- 135 Apr'28 -Purchase money Be
914
3
Kings County Pier 1st g 48-1949 F A 90 9112 9112
3
90
904 90
Stamped guar 48
1949 F A 90
107
1
Kings County Lighting 5s1954 I .1 107 ---- 107
11912 11914 11912 Apr'28
First & ref 6346
19543
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
Es
k
k
Price
Friday,
May 4.
Week's
Range or
Last Sale
r°1
Rang
Sines
Jas. 1,
Law
Hig,
100 105
69
68
10314 10458
84
88
9412 9734
8714 90
101 10178
955 984
8
9912 1014
9 % 00
7
%
lifil
Ask Low
High Ng. Low
High
Kinney(GR)& Co 714% notes'36 J 13 10612 Sale 106
10612
3 105 1084
Kresge Found'n coil tr 60_1936 3 D 10518 Sale 105
10514 13 104 1054
Lackawanna Steel 1st 58 A__1950 M 8 102 10358 104
104
2 102 105
14
Lac Gas L of St L ref&ext 66_1934 A 0 102 10314 1024 10212
3 1014 10411
Coll & ref 534s series C---1953 F A 10514 Sale 10514 106
20 10412 106
Lebigh C & Nay s I 430 A__1954 J I 1007 10134 101
8
101
2 10034 1014
Lehigh Valley Coal let a 5s-1933 J J 10114 Sale 10114 10114
1 10114 10211
J 1 __-- ____ 10112 Feb'28 --- 10012 101
letl re ed red to 4%_1933 1 J 974 -___ 9512 Aug'27 -- --_- a R re s t u
a igt eu lot
yf
1934 F A 19114 ____ 10114 10114
2 10114 ler
let & ref s 1 58
9512 100
1944 F A 101 ___ 101
1 101 10134
101
7738 883
4
1st & ref s f Is
1954 F A 9712 Sale 9712
9712 6
97 1014
98 10118
1st & ref a f Is
1964 F A 9678 98 9614 Apr'28 --944 1001
8
93
9812
let & ref s 1 58
1974 F A 9412 964 9612
9612
3
944 9934
105 10612 Lox Ave & P F let gu g 55_ _1993 M 5 374 Sale 374
374
1
85 374
100 103
Liggett de Myers Tobacco 76_1944 A 0 12538 12512 123
12612 19 12134 12513
9912 1017
s
58
1951 F A 1035 Sale 10338 10414 20 10318 105 8
8
3
Liquid Carbonic Corp 65._1941 F A ____ 128 122
13078 91 113 1311
97 10012 Loew's Inc deb 65 with warr_1941 A 0 112 Sale 111
113
69 106 113
824
78
Without stock pur warrants. A 0 10134 Sale 10112 10212 75
9912 10212
10558 107
Lorillard(P)Co 7e
1944 A 0 11612 Sale 11618 117
17 11314 1184
1024 1025
8
58
1951 F A 9012 Sale 9012
9314 47
9012 981
4
10412 1055
8
Deb 534s
1937.7 J 9438 Sale 9134
9412 196
913 974
4
9834 10214 Louisville Gas & Elea (111) 56-'52 M N 10518 Sale 10538 106
30 10378 10638
79
9718 Louisville Ry let cons be__ _1930
.1 96 Sale 96
,. 96
1
96 984
100 10134 Lower Austrian Hydro EleoPow
102 10218
let s f645
1944 F A 904 Sale 90
91
67
8888 914
99 10012 McCrory Stores Corp deb 5348'41
D 102 Sale 10012 102
29 10012 1024
1
10218 10312 Manati Sugar let a f 734s_ _1942 A 0 10714 108 107
109
8 105 1094
Nis 93
Manhat Ry(NY)cone g 48_1990 A 0 76 Sale 724
7718 182 684 771.
97
2445
87
20131 D 67 6818 6734 Apr'28 --60 573
4
1057 108
8
Manila Elsa Ry & Lt if 5s_ _1953 M 8 10258 ____ 10234 Apr'28
994 10318
100 10138 Mira Tr Co We of panic in
A I Namm & Son let 65..1943 D 10914 10512 105 Apr'28 --- 10418 106
103 10412
Market St Ry 7s ser A April 1940 Q J 10014 Sale 100
9811 101
10014 30
99 1004
. _ Meridional El 1st 78
1957 A 0 99 Sale 99
100
29
99 1003
6
iiii gi Metr Ed 1st & ref 56 err C-1953 J J 104 105 1044 105
6 1034 105
10018 103
Metr West Side El(Chic) 441-1938 F A 82 83 8258
83
1 8958 84/4
5012 65
Miag Mill Mach 75 with war_1956 I D 9912 Sale 9858 100
14
9612 102
10154 10354
Without warrants
D 94 Sale 93
94
8
8912 98
10338 10634 Mid-Cent Petrol 1st 846-1940 M S 10512 Sale 1054 106
30 10454 10614
10434 10634 Midvale Steel &0cony 5f 551936 M S 102 Sale 10118 102
47 10014 10258
10734 10938 Milw El Ry & Lt ref & est 445'31 J J 9934 10014 100
10014 33
993 1003
4
4
10538 107
General & ref 5s err A--...19511 D 1043 Sale 1043
4
4 10434
5 1023 10638
4
10534 10714
1st & ref 5.9 ser D
D 10238 102%10238 103
24 102 1031
4
96
9714 Montana Power 1st fa A......CL .1 J
10418 Sale 10413 10412
2 10234 1004
8714 9218
Deb 55 ser A
1962 1 D 1024 Sale 102
10212 48
994 1043
4
8078 88
Montecatini Min & Agrio85 101
Deb 78 with warrants
1937 1 3 11338 Sale 11338 116
124 10054 116
.8 J 9938 Sale 99
94
9912
Without warrants
100
51
9418 10112
10534 10678 Montreal Tram 1st & ref 58_ -1941 J .1 101 Sale 101
10118
9 100 1024
10014 104
Gen & ref a 158 aeries A__ 101 A 0 0934 .1_1 10 15 A0r:2: -.....:
95
5
0 9 34 1.
0 0! 4 Apr 2
041% 10114
9
0 97
0s
102 10538
Series 13
9758 99
Morris dr Co let e f 446_ _ _1939 J J 87 88 874
88 .._
gg :p
:i
11458 11718 Mortgage
-Bond Co es err 2_1966 A 0 83
r
9734 8212 Jan'28
10-25-year 58 series 3
1932 J I 984 99 994 Apr'28-_0;
954 99
2
94 99
Murray Body 1st 6348
1934 1 D 964 Sale 954
951z
Mutual Fuel Gas let gu g Is 1947 m N 105 1057!
M N 04 _._
86
91
19318 10697
0858 9958
90
'842
101 1024 Mut Un Tel gtd 68 ext at 5% 1941
0578 Feb'28 ---- 10214 103
3
l05
NamM (Al)& Son-See Mfrs Tr
9834 101
NassaU Elec guar gold 48.-1951 J J 6334 Sale 6214
65
101
56
65
9838 100 8 Nat Dairy Prod deb 5Sis. _ _1948 F A 9914 Sale 9834
5
9912 69
9838 993
4
1004 1054 Nat Enam & Stampg let 58.1929 1 D 101
____ 101
101
156 101 1044
101 105
1947 F A 93 Sale 89
93
12
Nat Radiator deb 645
89 101
954 99
-year deb 56-1930 1
Nat Starch 20
rei
003 Apr'28 ---.5
04 4
1004 110
N 10014 Sale 10414
j 05
National Tube let 5 f 58-.1952
1OA MSt
0
°
9314 98
Newark Consol Gas cons 58.1948.7 D 10712 108 071
4 107114 31 10738 108
2
11612 120
NOW England Tel& Tel 58 A 1952 3 D 10912 Sale 10912 10912 14 10134 10118
064 1
6
8912 10112
86
1st g 4%s serles13
N 10338 Sale 0312 104
10534 110
100 Sale 9934 10012 15
New Onl Pub Serv let 58 A-13 12
(
5
9834 1015
5
10838 1104
First & ref 58 aeries B____1956 1 D 10012 Sale 9958 10012 35
99 10115
101 10314 N Y Air Brake 1st cony 68-1928 M N --------8913 Apr'28 ---- 100 1014
106 106
NY Dock 50
-year lct g 48-1951 F A 88 893 894
4
893
4 12
8818 90
109 117
N Y Edison 1st & ref tl 34e A_1941 A 0 11714 Sale 117
11712 12 116 119
9412 96
let lien & ref 58 err D
1944 A 0 1053 Sale 105
4
10534 18 104 106
102 1054 NY Gas El Lt H az Pr g 65.-1948 .1 D 10958 Sale 10958 11012 13 10958 111%
118 121
Registered
100 Apr'28 ---- 110 110
997 1014
4
9712
8
6712 688
4
Purchase money gold 411_1949 F A 9712 98 9712
10234 1043 NYLE&W Cdc RR 548_1942 MN --------102
4
10il2 1024 N Y L E& W Dock & Imp 58 19431 J ____ _
io54 f61;
3
10412 1075 NY & Q El L & P bit g 54.....1930 F A 10112 fogi 101t8 10118
8
1 10034 1011e
1004 10218 N Y Rys 1st R E & ref 46-1942 1 .1
6234 Apr'28 ---6234 6234
1074 10812
6
0 mar:2 ii ___
4 Ap 2
Certificates of deposit
8
60 60
10734 10734
30
-year ad1 Inc 58.
2 15
---Jan 1942 .
A 0
4 Mar'28 --24 4
9214 96
Certificates of deposit
102 103 N Y Rye Corp Inc Os-Jan 1965 "ri; 29h Sale 2758
32 1251
1213 0
358 4
2
74 8218
Prior lien Os series AJ J 94 Sale 924
-1965
9412 124
753 9412
1
N Y & Richm Gas 1st 6s A_1951 M N 1077 108 1077
108
3 10614 109
e
N Y State Rye 1st cons 4346_1962 MN 517 Sale 5118
5218 35
5011 WA
-eV 11118
lst cone 6345 series 13
1962 MN 6934 70 68
6918
9
9254 98
NY Steam 1st 25-yrOsser A.1947 M N 10812 Sale 1084 10812 23 108
65
1054 1064 NY Telep let & gen if 4%6_1939 M N 10212 Sale 102
10238 36 1014 119 !
0
3
0
4 2
903 101
9614 9
30
-year deben 8f 68.--Feb 1949 F A 1105 Sale 11012 111
8
27 11018 1114
5
8
20
-year refunding gold 65_1941 A 0 109 Sale 10838 109
44 1084 109
N Y Trap Rock let Bs
14 1002e
1946
10212 Sale 102i8 103
"ii- -9-8-- Niagara Falls Power let 64-1932 J D 10434 Sale 10412 10438 11 10334 1044
J J
71
783
4
Ref & gen Gs
Jan 1932 A 0 10412 Sale 1054 10512 11 1044 1001
4
95 9914 Slag Lock &0Pr let 66 A_ _1955 A 0 1024 Sale 10213
10312 27 10212 1044
1013 10412 Nor Amer Cons deb BM A_.1940 M S 903 Sale 87
4
4
92
90
804 98
864 95
No Am Edison deb Ss err A.1957 M 8 10214 Sale 10214 10234 52 102 103 8
7
107 109
Nor Ohio Trac & Light Os....l947 rd S 1064 1063 108 4 10638
4
,
2 10218 10712
10134 103 Norn States Pow 26-yr 58 A.1941 A 0 10314 Sale 10314 104
18
15 103 104
100 1014
let & ref 5-yr 68 series B_1941 A 0 107 Sale 1055
4 107
12 105 107
105 105/ North W T let Id g 44egtd_1934 J .1 993 ---- 993
1
4
4
2
9934
9934 100
985 1014 Norweg-Hydro El Nit 5%8_1957 53 N 934 Bale 934
8
94
30
934 9414
9871 1024 Ohio Public Service 7346 A__1946 A 0 1144 Sale 11412 115
13 11418 1164
964 1014
1st is ref 76 series B
1947 F A 11511( 11618 1153
4
36 115 118
994 1001s Ohio River Ediens let 64-1948 J J 1067 Sale 1087s 116
8
10114 14 10638 108
1043 1054 Old Ben Coal 151 5.
4
1944 F A 924 9314 0212
21
87 91%
93
Ontario Power N F 1st 58_ _1943 F A 10314 104 10314 104
5 10314
ifii1 4 1641; Ontario Transmission 1st 56_1945 M N 1045s 105 1041 Apr'28 -__ 1038s14 10612
7 1
11:
04
807614 10006
38
10034 102
Oriental Devel guar Se
1953 M S 1023 Sale 10218 103
4
85
_ Otis Steel let M 68 err A__ 1941 M 8 10012 Sale 10018
r
10012
-Nis 1614 Pacific Gas & El gen & ref 58_1942 J J 1044 Sale 10334 10414 21 103 10414
7418 8612I Pao Pow & Lt 1st & ref 20-yr 58'30 F A 10014 10034 10012 1003
4 27 10012 101%
7634 83
Pacific Tel & Tel let 56
1937 I J 1031 Sale 0372
8
23 1034 105
70 90
Ref mtge Is aeries A
1952 M N 1074 dale 063
4 10712 95 1064 108
9134 10314 Pan-Amer P & T cony if 68_1934 M N 10412 Sale 04
105
80 10234 105
90
9514
let lien cony 10-yr 76
1930 F A 10418 Sale 0418 10458 23 10318 1057
s
79
84
Pan-Am Pet Co(of Cal)coav 68'40 J D 964 Sale 98
0852 32
9158 97
995 10012 Paramount-Bway let 5%5_1951 J .7 1023 Sale 023s 103 126 10112 104
4
4
105 1064 Paramount-Fam's-Lasky 68_1947 J D 101 Sale 10014 101
145
9834 10114
1004 10258 Park-Lox let leasehold 634...l953 J J 1003 Sale 100
4
101
43
8612 101
103 4 1054 Pat & Passaic0& El cons 58.1949 M 8 10712 --_- 0712 10712 ---- 107 1071S
3
9514 9818 Paths Exch deb 78 with war_1937 M N 65 Sale 63
814
67
55
50
Penn-Dixie Cement 68 A _ __ _1941 M 5 101 Sale 100
104 107
101
47
98 102
1034 10512 Peon Gas & C 1st cons g 68_1943 A 0 115% Sale 11512 11534
5 1184 115 4
5
10138 10618
Refunding gold Si
1947 M S 1074 Sale004758 lO758
r2
1 105 108
Registered
10514 1064
M 5 ___- _ _
.
.
Apr'28.
Philadelphia Co con tr 6s A-1944 F A 103'2 Sale 0312 103% --ai
10514 122
Secured 58 aeries A
101
19871 D 10014 Bale 00
10012 102
98 101%
10614 1094 Phila Elsa Co let 430
1967 MN 102 Sale 102
10212 44 100 1044
Mhz& Reading C & I ref 58_1973 J J 96
96 8 99
3
97 96
9634 12
94 1024
10412 1073 Phillips Petrol deb 534s
8
1939 J D 9412 Sale 934
9434 43
93 9484
Plerce-Arrow Mot Car deb 88.'43 M 8 9212 Sale 92
13014 13.5
93
t)
9012 9738
8314 9112 Pierce 011 deb 8 f 5.__Dec 15 1931 J D 1044 106 10411 Apr'28 .-.- 1044 106
834 9012 Pillsbury Fl Mills 20-yr 68..1943 A 0 105 Sale l0384 10334
6 1037 1064
8
10414 10738 Pirelli Co(Italy) cony 78
1952 M N 10838 10834 10818 109
30
9914 10912
119 120 Pleasant Yal Coal 1st g e f 56_1928 .1 J 9912 9934 9958 Feb'28 ____
993* 100
I'
.
38 ;,,..47
:. ::::
, 8
:)
98,2
1.4 NI,
13
MAY 5 1928.1
FINANCIAL CHRONICLE
New York Bond Record-Concluded-Page 6
BONDS
26. Y. STOCK EXCHANGE
Week Ended May 4.
t
t
Price
Friday,
May 4.
Week's
Range or
Last Sate.
1987 MN
tit Joe Ry Lt & Pr let 5IL
St Joseph Stk Yds let 4)48 1930 J
811.Rock Mt & P 5e stmpd_1955 J 3
Et Paul City Cable eons 58_1937 J J
San Antonio Pub Berv let 66_1952 J
oaxon Pub Wks(Germany)78'45 F A
Gen ref guar 6)0
1951 MN
Mule° Co guar 640
1948.7 J
Guar a f 640series B
1948 A 0
@heti Union Oils f deb 156--1947 MN
Shinyetsu El Pow lit 6446_1952 J D
iihubert Theatre 68 June 15 1942 3 D
Siemens & Halske s f 76
1935 1 .1
Deb s 630
1951 M
f 640 allot ctfs 50% pd_1951 M
Sierra & Ban Fran Power 56-1949 F A
9118141 Elea Corp e I 674i_._1946 F A
Bileslan-Am Ely col tr 75.....1941 F A
S
imms Petrol 0% notm _ _ _1929 M N
Sinclair Cons 011 15
-year 7s-1937 M
lst lion col Be ser 1)
1930 M
lit lien 63.4e series B
1938 1 D
Sinclair Crude 011540 ser A_1938 J
Sinclair Pipe Line elSa
1949 A 0
Skelly 011 deb 534.
1939 IN
italith (A 0)Corp 1st 6)46_1933 M N
South Porto Rico Sugar 7e_1941 J D
South Bell Tel & Tel let if 581941 3
Southern Colo Power 68 A._1947 J J
11'west Bell Tel let & ref 56_1954 F A
Spring Val Water let g 58_1943 MN
Standard Milling lit Si
1930 MN
lot & ref 5Hs
1945 M El
Stand Oil of N deb 5s Dec 15'49 F A
Stand 011 of N Y deb 4448._ _1951 J D
Stevens Hotel let Si Ger A
1945.7 J
Sugar Estates (Oriente) 7s._1942 M
Superior Oil liti f 7a
1929 F A
gyracuse LIghUng let g 58_1951 J D
Tenn Coal Iron & RR gen 56_1951 .7 J
rennCoDp&Chemdeb6j.1941 A 0
Tennessee Elea Pow let 68_1947 J D
Third Ave 1st ref es
19603 .1
Ad)inc Si tax-ex N Y Jan 1960 A 0
Third Ave Ry 1st g 56
1937.7 J
Tobo Elea Pow lit 71
1955 M
0% gold notes-.July 16 1929 .7 J
Tokyo Elec Light 6% notes_1928 F A
Toledo Tr L & P 544% notes 1930 J
Trenton 0& El lat g 58
1949M S
Trumbull Steel lit if as
_1940 MN
Twenty-third St Ity ref Si_ 1962 J .1
Tyrol Hydro-Eleo Pow 740_1955 MN
10612 Sale 106
5
10612
111 Sale 10838 III
48
107% Sale 10714 1073
8 52
72 Sale 6912
72% 541
6912 Bale 674
71
936
10011
- 1004 Apr'28
10012 Sale 100
100% 31
99 4 Sale 99% 100
,
79
lop Sale 100
10018 27
100% 10112 100
100
10712
10712 Apr'28
10212 Sale 10114 10212 19
644 67 68
68
2
10112 Sale 10114 10114
2
fnigawa El Pow 8178
1945 M S
Undered of London 4)0_1933 J J
1948 M
Income 68
Colon Eleo LI & Pr(Mo)5a-1932 MS
1933 M N
Ref & ext 56
Co E LAP (111) 1st g 540ser A'54 3 .7
,
Union Met Ry (Chic)5s.-1945 A 0
Union 011 lit lien e I Si
1931 J J
80-yr 68 serial A......May 1942 F A
let lien if 58 sorbs C Feb 1935 A 0
United 131scult of Am deb 111.1942 MN
United Drug rots 25-yr 54_1953 M
United Rye St L lst if 46--1934 J
1937 MN
United 55 Co 15-yr 66
Un Steel Works Corp 644s A_1951 J D
J D
With stock par warrants
Series C without warranta_ J D
J D
With stock pur warrs
United Steel Wk4 of Burbach
Each-Dudelange if 78--1951 A 0
100% Sale 100
10034 14
953 963 9534 Apr'28 _
4
4
1141 -- 12512 Apr'28 _
/
4
10212 Sale 10212 10238
1025 Sale 10238 10238
8
10312 Bale 103
10312
9312
93 94 9312
102 103 102
102
112 Sale 112
11218
99% Sale _9 3
2
9 4 102
10214 Sale 10134 10214 3
99 Sale 99
9952 31
84 35
8414 8478 84
10018
100% Sale 100
9514 9
95
9412 2
44
953
4 1
953 Sale 9412
4
65
944 953 95
4
3
933 944 94
4
94
105
0 Rubber 1st & ref 5a ser A 1947
Registered
10-yr 714% secured notes.1930 F A
IJ S Steel Corp1Coupon Apr 1963 MN
id 10-60-yr belroglat-Apr 1963 MN
D
Universal Pipe & Rad deb Oa 1936
Utah Lt & Tree 1st & ref 58-1944 A 0
1944 F A
Utah Power & Lt lit Si
Utioa Elea L & P lit s f g 56_1950 J J
cjjjcaGai&Eiecref&eitSll9S7J J
Vertientee Sugar lit ref 78-1942 J D
1963.7
Victor Fuel lots f Si
Fa Iron Coal A Coke lst g 581949 M S
1934.7 J
pa By Pow 1st & ref 14
Walworth deb OM (with war)'35 A 0
lit sink fund Miseries A ___1945 A 0
W...Sugar Refin let 78-1941 J D
Warner Sugar Corp lit 78_1939 3 J
WaabWaterpowerifSi_._.l9303 J
Westehes Ltft g 511 stmpd gtd 1950 J D
1944 MN
West Ky Coal title
West Penn Power sor A 58-1946 M S
1963 21 8
let 58 series E
1953 A 0
let 5Hs series F
lot sec 51 seriee G
1:273 13
Wilt Va C & C let 68
1944a
Western Electric deb LW
92
- 9534
jai, gale 10218
10912 Sale 10878
10814
95
0514 96
9812 Sale 9812
102 Sale 1017s
1073 - - 10758
4
108
1083
8
101 Sale 100
61
563 55
4
9014
9014 91
1003 Sale 10038
8
9412 943 9412
4
94 Bale 94
107 Sale 10634
91 Bale 91
10478
1047
s
10738 Cos 109
10414 104% 104
107 107% 10418
10512 106 107
106 Sale 108
6
1043 Bale 10414
5512 Sale 5512
10434 Sale 10414
Sale 1043
4
9214 Sale
105
3
BONDS
.
i
.'
N. Y. STOCK EXCHANGE i t
Week Ended May 4.
...a,
Price
Prides
May 4.
Week'.
Range or
Last Sale,
13
4
No.
_
9
15
_
7
18
_
5
1
80
36
_
3
15
15
110
15
310
2
40
18
31
12
35
62
a
1
7
2
10
12
38
26
4
17
81
79
37
2
10
55
9
10
33
38
109
89
70
137
62
20
11
18
16
7
4
11
12
98
130
40
16
1
2
027 106
s
Dec'27
103
99
109 4 282
3
Apr'28
951
25
99
25
1023
4 42
1
1073
4
108
1
101
28
Apr'28
2
9014
10034 11
9412
5
9412 14
10718 20
9178 65
Apr'28
Apr'28
Apr'28
10412
3
10712
9
106
1
105
44
58
42
105
51
Rasas
Map
Jas, 1.
BM
Ask Low
High No. Low
High
Western Union ooll tr cur 56_1938 J .1 105 ____ 105
105
2 103 10513
Fund & real est g 440-1950 M N 101 10214 101
101
2 101 10818
15
-year 6346
1936 F A 11178 Sale 111
11218 13 111 11284
1951 .7 D 10413 Sale 10418 10434 42 104
25
-year gold Si
14
Low
High Wes'house E & M 20-yr g 58_1946 M 5 10412 Sale 10430 104% 62 10418 105
105
94
95,
. Westphalia Un El Pow 610_1950 J D 100 Sale 100
100
3 974 1004
7
10412 10634 Wheeling Steel Corp lit 540 1948 1 J 103% Sale 103
10334 33 10030 104 4
1
105 106
White:Eagle 011 & Ref deb 5%11'37
10278 1053
4
With stock purch warrants__ M 5 98 Sale 9612
98% 100 9313 08 8
7
101% 102
White Sew Niach fis (with warr36 1 .1 126 130 126 Apr'28 ____ 125 13130
98 99
Without warrants
10214 103 102
10212 11 10034 101
98 10134 Wickwire Spen St'l lit 78_ _1935 J ..1 29
2934 32 Apr'28 ____ 28
87
1s
Wickwire Sp Elt'l (20 75 Jan 1935 MN 2712 Sale 25
2712 26 25
31
10284 504'S Willya-Overland if 6448--1933 M S 103 Sale 10214 103
14 10112 103
107 108
Wilson A Co lit 25-yr a f 63_1941 A 0 10312 Sale 102% 104
11 101 105%
100 105
WinobesterRepeatArma 7401941 A 0 1064 Sale 1064 1071
8 106 108%
9434 9934
nolat Rhoot Ar Tilhe. AR_ _ _197R J .1 101 Sale 10014 101
129 MM. inn.
114 115
11018 11218
104% 108
10414 105%
104 107
All bon prices are 'and Interest" except where marked' 1".
9812 10113
Standard 011 Stocks Par lltd Ask
97 101
Railroad Equipments
Bid I Ask
4
9314 9734 Anglo-Amer Oil vot stock_ 21 *107 1 20 Atlantic Coast Line (1s
5.00 4.75
21 .1914, 20
103 10518
Non-voting stook
Equlpment640
4.40 4.80
100 15444'135% Baltimore & Ohio Ba
Atlantic Refining
103 105
5.00 4.7'.
100 11611117
108% 11313
Preferred
Equipment 440 A Si
4.30 4.35
55 Buff Roch & Pitts equip Si.. 4.70 4.50
99% 101% Borne &maser Co
25 •51
Buckeye Pipe Line Co
101% 104
50 7212 7314 Canadian Pacific 4)0 & Si. 4.50 4.25
10012 10234 Chesebrough Mfg Cons_25 .150 158 Central RR of NJ 68
5.00 4.75
4
Continental Oil•t o
10 •183 19 Chesapeake & Ohio 61
9212 94
5.00 4.75
95% 973
Equipment6 Hs
4 Cumberland Pipe Line_ _100 103 10412
4.50 4.30
85
Eureka Pipe Line Co___ _100 81
88
55
Equipment 5s
4.30 4.20
812 10 Chicago Burl & Quincy 68._ 5.00 4.75
Galena Signal 011 com___100
111 114
100 46 49 Chicago & North West 13e
Preferred old
106% 10812
4:40 4:3
5 0 47
5 ,
5
100 3318 36
Preferred new
90% 904
U la
Humble Oil & Refining _25 .8058 S072 Clit RP rgeT448 & 58_ _ 4.40 4.25
208
10
100
984 984 19111018 MO Line
Equipment Ba
5.00 4.75
.67 6714 Colorado & Southern 68....._ 5.00 4.80
Imperial Oil
77 -Yi
; Indiana Pipe Line Co_ _ _50 85 88 Delaware & Hudson Si
7
5.00 4.75
97 9813 International Petroleum_ _ t .42 4214 Erie 440& 511
4.60 4.33
29 4
109 10934 National Transit Co_12.60 . 3 3014
Equipment68
6.00 4.83
99% 10318 New York Transit Co__ _100 58 59 Great Northern 68
5.00 4.75
Northern Pipe Line Co.100 119 12112
95 8 98
Equipment 54I
3
4.35 4.23
25 *6518 6514 Hocking Valley 5fi
102% 1054 Ohio Oil
4.40 430
10234 105
25 *6518 67
Penn Met Fuel Co
Equipment68
5.00 4.75
8
9814 10012 Prairie Oil& Gas
25 *5314 533 Illinois Central 440 A 56_ 4.25 4.12
95
100 214 215
Prairie Pipe Line
8612
Equipment60
5.00 4.73
91% 947
100 177 185
s Solar Refining
Equipment 78 A 6448
4.40 4.80
102 104
Southern Pipe Line Co_ _ -50 *3212 33 Kanawha & Michigan 138
5.00 4.78
4
106 10812 South Penn 011
25 *5014 503 Kansas City Southern 5448_ 4.90 4.60
104% 1073
4 Southwest Pa Pipe Lines.100 95 100 Louisville & Nashville 68_ 5.00 4.75
4
Standard 011 (California)._ t *613 62
101% 105
Equipment6 Hs
4.40 4.30
Standard Oil (Indiana)_ 25 .803 8012 Michigan Central Si & Si__
93 96
8
4.50 4.30
4
98 101% Standard Oil (Kansaa)._ _25 *233 2412 MinnSt P.& SS M 440& 56 4.70 4.50
.132 133
101 10812 Standard 011 (Kentucky)-25
Equipment 840 & 7s
4.75 4.60
4
100 10414 Standard 011(Neb)
25 14418 443 Missouri Pacific Si & 8448_ 5.10 4.80
971 99 4 Standard Oil of New Jer-25 *4430 44% Mobile & Ohio 56
4
3
4.50 4.30
9514 10212 Standard 011 01 New York.215 *39 3918 New York Central 4448 & Si 4.30 4.15
97% 9934 Standard 011 (Ohio)
25 78 7812
Equipment Bs
5.00 4.75
120 12212
94
Preferred
Equipment 7s
9734
100
4.40 4.30
19 Norfolk & Western 440._ 4.25 4.16
94
95% Swan & Finch
25 *18
•25 35 Northern Pacific 71
10112 102%
Preferred
4.40 4.30
1083 11014 Union Tank Car Co
8
100 126 128 Pacific Fruit Express Ti...... 4.40 4.80
4
25 .87 873 Pennsylvania RR eq Si & 66 4.80 4.30
10413 10512 Vacuum Oil(New)
ubile Utilities
10558 107%
Pitts') & Lake Erie 6He_ _ _ _
. 4.35
10434 1061
4 American Gas & Electrio-t 149 151 Reading Co 414S & 58
4.30 4.15
*110 111 St Louis & San Francisco 56_
100% 10212
11% preferred
4.45 430
MAN 10912 110 Seaboard Air Line 5448 & 66 5.25 4.80
100% 10113
Deb tle 2014
102% 104% Amer Ligbt & Tato oom-100 218 220 Southern Pacific Co 474i_
Preferred
103 104
100 11614 11912
Equipment78
96% 9813 Amer Pow A Light pref_ -100 106 10712 Southern Ry 41is & 5a
1. 11 1
41 5
.5 2
4
:55
100 1024
Deb fis 2016
M&S 109 10912
Equipment66
5.00
100 10114 Amer Public Util com___100 60 65 Toledo & Ohio Central(Ie.__ 5.00 4.75
4.75
101% 10418
7% prior preferred_ _100 100 102 Union Pacific 76
4.40 4.30
Partin preferred
100 9510 9612
106% 110
Tobacco Stocks
4
Associated Elec 540'46A&O 1043
American Cigar oom_ _ _100 154 158
10314 106% Associated Gas & Elea cem.t .23 i&
Preferred
102
10118 111
•55
Original preferred
British-Amer Tobao ord_r°21 •28 ii*97 97
59
107 10814
36 preferred
Bearer
El *28 29
66
*99 101 Consol cigar pref.
72%
5634 preferred
100 102
•
103 105 Imperial Tob of0 B &
55% 71
$7 preferred
Ire131
99% 10113 Rail. Utli. Asse. corn
44 4413 Int Cigar Machinery new100 95 ,2S¼
98 100%
15 1512 Johnson Tin Foil & Met_100 60 99
°inv. lit p1'
70
98 100
Conew'Ith Pr Corp pre:_100 103
100 312 7 13112
19 8 2
9918 1004 Elec Bond & Share pref.100
111 Mcon sCo
2 UnnaeiTAba(Mo Co Corn_
ellas o
100 101% Elea Bond & Share Beene__ t gio
86 91
107% 10713 Lehigh Power Securitles_t *35 131 Young (J 5) Co
710
7
100 111 115
101 103% Mississippi Riv Pow prat.100 112 113
Preferred
100 104 111
5618 6812
First mtge 56 1951_ _J&J Isg: let12 Caracasudiar
1
,
. ugarStecks
987 101%
8
Deb Si 1947
MAN
50 *
National Pow A Light pref-1
110
9812 101% North States Pow com_100 *114069 150 Fant Ao Sugarugar 99m-29
Cejard guirre8
i00•8 15°
*15
14
0 6
0
95% 5%
19 2
7% Preferred
0
100 109 112 Fedeefe Sod Ref corn_ _100 20 25
prralrr ugar
101 12512 Nor Texas Elec Co oom_100
100 35 40
6412 5612 Godchaux Sugars,Inc
10214 103
Preferred
100
t •8 10
10214 103
Ohio Pub Sem% 7% pref _100 11234 1133
4
Preferred
100
102% 10414 Pacific Gas & El let pref25 *29 2912 Holly Sugar Corp corn..,..? .40 42
38
92 94% Power Securities com
*11
13
Preferred
101% 102
Second preferred
*82 67 National Sugar Refining _100 •148 150
2
189 87 9
10878 11218
Coll trust Si 1949___J&D 97 98 New Niquero Sugar
100 45 50
0913 102
Incomee June 1949__F&A 9512 9712 Savannah Sugar
*122 126
10014 10213 Puget:Sound Pow & Lt6%pf 104 105
114 116
Preferred
99 10014
5% preferred
--- 95 Sugar Estates Oriente pf_100 45 1401
18
oomt
1 1
84
8513
let & ref 5448 1949....J&D 10312 10412 Vertientee Sugar pf
100 65
75
96 100% South Cal Edison 8% pf....25
049 Rubb Stine (Clete'd f otat' )
. s
921s 964 Stand GA E 7% pr pf _ _100 111- 115 Falls Rubber corn
-f .10
12
93% 9718 Tenn Eleo Power let pref 7% 109 110
Preferred
25 10
15
93
96
Toledo Edison 6% pf
105 106 Firestone Tire & Rub oom.10 *173 180
94 973
s
100 10912 111
6% preferred
7% Pre/
100 __ _ _
Western Pow Corp pref..100 106 108
7% preferred
100 10712 109
10213 105
Water Bonds.
GepeIT:re & Rub(tom--25 *170 185
referr d
m
Arkan Wet lit 58'56 A.A&O 100 111
100 101
90% 9613 Birm WW let 5401:54.A&O 104
Goody'r T & R of Can pi.100
109
198
let M Si 1954 Der
---_J&D 10112 10212 India Tire & Rubber
1.5158 10534 City W(Chatt)510'54AJAD 10234 1034 Mason Tire &
Rubber com-1 *341235
7 -------108% 109 4
lit M Si 1954
3
J&D 100 ---Preferred
100
108 10812 City of New Castle Water
Miller Rubber preferred_100 70
891 9512
4
Si Dec 2 1941
J&D 1 96 98 Mohawk Rubber
.18200
97 10012 Clinton WW let 56'39.F&A 9712 9812
Preferred
101 103% Com'w'th Wat lit 51411A'47 10212 1_03_1! Selperling Tire
re
'40 - .49
E6
& Rubber
10612 10734 Connelly W 580ct2'39AA 01 95
100 10312 1043
4
E St L & jot Wat 58'42.J&J 98 _--- Indus. & Miceli
10613 112
9912 101
lit M Si 1942
J&J 103
Allied Int Invest pref
t *.z108 112
5112 55
Huntington lit Sc '54 M&S 103
A meran Haridzare
& wi z
25 .74 77
90
91%
Si
1954 98
Babcock
1
1 8
100 :2 li5
5iti 42
Mid States WW 68'36 MAN 103
100% 102
Bliss(E W)Co
9413 9614 MonmConW lit5e5BAJ&D 964 971--2
Preferred
94
9618 Monm Val Wt 540'50..J&J 101 102 Childs Company pref_100 109 114
10534 1077
s Muncie WW 58 Oct2'39 A01 96 __- Hercules Powder
100 220 235
8412 92% St Joseph Water 581941 A&O 9312 9912
Preferred
100 123 122
104 105
Shenango ValWat 58'58A&O 9612 ---- Internet Sliver 7% pref _100 127
107 10918 So Pitts Wit 1815, 1960 J&J 9912 ____ Phelps Dodge Corp
100 125 1E1(012 10434
let M Si 1955
FAA 9912 ---- Royal Baking Pow com-100 229 240
103 105
W W 65 '49 A J&D
Ter
Preferred
105 108
1st M 5.1965 ser 13_ _ F&D
Singer Manufacturing
100 1?5 411
9 1 5
-105le 10618 Wichita Wit let 68'49 _MAS
Singer Mfg Ltd
11 •614
104 105
lit M Si 1956 ear B F&A 984 - 5512 60
•Per share. t No Dett value. II Bads. I Purchaser also Dave accrued
103 105
divta550,
n Nominal s 10-diviciana
Ex-r ghce
r Canadian quotation. a Sale Prim.
Range
Since
Jan. 1.
Bid
Ask Low
Mob
9912 9934 9434 Apr'28
10412 10638 10412 10514
10344 104 10518 Mar'28
104 Sale 10312 104
103
--- 102 Apr'28
99 9914 983
8
99
10118 ---- 983
8 10112
9614 Oct'27
104
104
10414
10713 Bale 10712 10713
10112 Sale 10114 102
9718
9610 Sale 9612
1115
8
_ 114 Feb'28
-1112
110 1 - 11018 111
4
1047 1043 10518 Mar'28
s
- 10430 1047
8
l05'l Sale loco
100% Sale 9914 1001a
0012
_ 100
10012
4
973 Sale 9312
9734
10412 Sale 10412 10412
104 Sale 104
10438
110 11112 11012 11114
00 Sale lop% 10012
12
103 10330 10230 103
101 Sale 10012 10114
931
4
92 Sale 9212
9712
9714 98 9712
50 Sale 50
50
11111 112 11112 112
10714 10712 10712 1074
9018 Apr'28
9814 ---- 9814
9814
9912 ___ 9812 Dec'27
7812 Bale 7811 57812
973 ____ 9812 Apr'28
4
109'4 Sale 10914 10938
102 Sale 10114 102
06 4 Sate 961
,
4
97%
104 104 10334 104
10330 Bale 10312 104
98% Bale 9818
9878
9614 Bale 9
5
9612
917 Sale 917
9312
10318 1033 103
4
10314
107 Bale 10612 107
106 Sale 105
10630
19418 sale 104
10414
0412 Sale 9411
0514
10112 Sale 10012 10112
1053 1063 10612 10712
4
4
103 Sale 1027s 10314
99 Sale 9812
6012
10118 Bale 101
10114
9914
983 Sale 9814
4
963
8
9614 Sale 9534
944 947 9412
8
943
4
10112 Sale 1014 102
10830 109 10812 10834
1044 Sale 10614 10613
10512 Sate 10514 10513
10614 Sale 10434 1047,
9930 1013 10211 10212
4
101
10114
103 Sale 103
10312
10314 Sale 10314 10312
98 Bale 9712
9814
10012 Sale 10012 101
10014
100 Sale 100
3
101 10338 10418 100
10912 ____ 110 Apr'28
Penh Con Collieriee let s f 58257 .7
Port Arthur Can & Dk Si A.1953 FA
lit M Si Darien B
1953 FA
Portland Elm) Pow lit Si B_1947 MN
Portland Gen Elec lit 5a-1935 J J
Portland Ry lit & ref Se.._.-1930 MN
Portland Ry L & P let ref 58_1942 FA
FA
Registered
lit lien & ref 68 series B___1947 MN
lit lien & ref 7Hs series A_1946 MN
Porto Rican Am Tob cony Si 1942 3.7
Preeeed Steel Car cony g 56__1933 J
Prod & Ref if Si(with war)_1931 • D
J D
Without warrants attached
Pub eery Eleo & Gas let 6401959 AO
1965 J
lit & ref Si
Ponta Alegre Sugar deb 78_ _1937 ii
Pure 011 8 f 544% notea
1937 FA
Remington Arms Si
1937 MN
Rem Rand deb Site with warr'47 MN
Repub I & S 10-20-yr 5.18 f...1940 AG
Ref & gen 5)48 eeries A --1953• ./
Reinelbe Union 78 with war 1946 .7.7
Without stk parch warla-1946
Rhine-Main-Danube 76 A -1950 MS
Rhine-Westphalla Elec Pow 78'50 MN
Direct mtge10.
1952 MN
Rime Steel let f 78
1955 P A
Robbins & Myers let if 78..1942 3D
Rochester Gas & El 76 tier B-1946 ▪ B
Gen mtge 540 series C-1948 MS
Boob & Pitts C & 1 p m 58-1946 MN
2769
Quotations of Sundry Securities
BOSTON STOCK EXCHANGE-Stock Record see
2770
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Ayr. 28.
Monday,
Ayr. 30.
Tuesday,
May 1.
Wednesday, Thursday,
May 2.
May 3.
Friday,
May 4.
$ PET share $ per share 5 Per share $ per share 5 per share 3 per share
192 19312
•
193 19312 19312 19312 19312 194
19312 19312 11312 194
12 9312
94
93
94
/ 93
1
4
9214 9212 93
94
95
9412 94
102 102
102 102
/
1
4
•x103
*2102
1
4
i 103
103 105 /
11614 11612 11614 11614
118 118
11612 11612 *11614
11512 116
10712 1077 10712 10712 106 106
8
106 10612 106 10614
79
80
79
80
8012 80
81
82
80
80
8114 79
*x75
77 77 •x78/
1
4
75
*275
a
94
92
/ 9212 *92 • - - ;55- - 1
4
- 92 92
'94
96
*92
*143
•143
*140 145 *143
*145
•145
_ •130 137 •130 137
*135 137 *135 Ili- *130 137 •135
•178
_
_ *178
*178
_ •178
*178
*178
•79 80
81
8012 +80
*
79
80
81
82 •
*80
*76
*76
80
$76
80
•76
80
*77
113 113
112 112
112 112
112 113
113 113
84512 8612 8412 8412 *8312 85
8412 8412
/ 85
1
4
84
143 143
140 140
140 140 *__ __ 136
*136 144
114 115 *114 117 •115 117
114 114
*114 117
166 166
*170 175 •
170 175 *168 175 i5165 168
$10712 10912 10712 10712 *10712 ---- 10712 10712 *10712 ---'
18212
180
180 180
*182
*182
3912 40
3912 3912 *3912 40
41
41
*39
39
3912 41 •
83
8312 8312 83
*
82
83
85
83
85 •83
*---- 85
•78
SO
77
78
8012 80
/ *
1 78
4
81
62 62
62
62
62 62
62
62
6312 62
*62
6314
6412 6412 64
64
6312 6312 6314 6312 6314 6314
6412 64
8
8
8
4
8 6133 6818 653 673
3
64 4 65 8 6412 65 4 643 683
3
64 4 66
3
5
106 106 *10612 ---- •10612 -- ---*106
$106
_
.137 140
•137 140 *137 140 3
*137
*137
13814 f$14
1139 139
139 140
+13912 -- 140 140 •
*139 _
/ 6817
1
4
677 6812 67
8
8
2
/ 683 69
1
4
8
69 8 70 8 697 70 8 2987 69
5
7
3
119 119 •119 121
*119 120 *119 121 *119 121
318
2034
50
8
18718 18718 1867
26
257
8 24
318 318
4
*---- 203
318 *3
312
/ 314
1
4
314 314 *318
20
21
4 2034 21
20 4 *2018 203
3
*4918 50
50
50
50
/
1
4
3
1881s 18712 19012 189 4 1903 189 194
4
243 2512
4
24
25
25
2512 24
19312 19534
25
2514
91
92
"1412 1412 "Li" Id"
1914 *1822 1914 *1812 1914
9112 9114 92
91
9212 92 92
92
92
92
.35 *AO
.35 +.10 .35
.35 •.10
•.15
.35 •.15
_ *y12812 129 *y12812 130 •y128 13012 128 129
/
1
4
125
3
.4% 5
*47
8 5
47
8 5
43
4 43
4
5
5
214 *X2
1
4
218
212
2
2 /
2
/ 2
1
4
/
1
4
1
4
21s 212 /
11312 117
11312 11412 113 11412 113 114
114 11614
5014 4912 4912
50
50
5012 50
5014 5014 *50
10412 10412 101 101
*10312 10412 *103 105 *103 105
*1512 1612
16
16
16
1612 16
16
1612 16
278 27O
279 281
276 283
280 284
283 284
•36
•36
__
38
*36
*35
38
•
36
38
36
3812 3812 3712 383
4
36
37
38
3812 40
2314 2314 *23 ____ 2712 2712
22
*
21
*21
22
33
33
/
1
*732
3212 3214 3214 *3214 • 3212 324 33
110 11018 11012 11118 10912 10912 *71091411014 109 10911
/
4
4
ili____ 1134 •__ _ _ 113 •---- 113 *---- 1154*. 111
4
8
3312 3312 337
33
331 33
/
4
34
3312 33 4 33
3
94
•94
____ 94
94
*94
94
94 94
1112 1212
9
1014 1014 11
9
9
*9
912
8s
812
____
812 812
8
____ /
1
4
8
/
1
4
8
8
140 144
133 139
140 143
135 139
142 146
85
85
82
83
82
8112 82
82
81
82
/
1
100 1004 100 10012 10112 10112
/
1
4
*10012 10112 101 101
518 512
41
8 5
412 43
8
412 412
42
3
*412
29
29
29
29
2912 29
2834 2914 2812 29
4
*107 10712 106 1063 107 107 *10612 1063 *10612 1063
4
*21101±____ 11013 10012 11012 1103 11012 111 *711012
4
.30 '
5.20 .30
5.20
. .20
3
.30 *.20
5.20
.30 .
.30 .
*4 ____
*4
4
4
147 148
14612 14514 146
14612 147
146 148
146
3218
32
33
32
32
33
33
*3212 3312 33
*15
20
20
•15
20
*15
*15
16
*15
20
1612 16
16
16
16
16 •
*1512 16
1612 v16
*17
8
*14 _
/
1
*17
8
*178
*17
8
131 131
131 132
•131 133
131 13112 131 131
13212 133
13012 13012 130 131
/
1
4
13012 13012 13012 133
10912 10912 10912 10912 110 11012 110 11012 *110 111
•18,
2 2
14 11 *112 2
/
1
/
4
*112 2
*IN
22
21
*20 4 2112 21
3
20 4
2112 • 3 21
2112 22
1312 1312 1314 13 4 133 14
1412 1512 1512 16
4
3
73
/ 74
1
4
74
4
73
7214 7312 73
7312 723 73
3112
3112 * 3 3112 31
*303 3112 3112 3112 31
4
30 4
963 963
4
1
4
97
98
*x97
98 /
9814 *9814 9912
4 98
19 4 243
3
4
19
1914 20
/ 20
1
4
197
19 8 20
3
3 18
8 24
2412 2414 2512 247g 2518
2412 2412 2418 243
+78
80
80
•78
80
80
80
*
78
80
80
99
*98
*
96
99
96
99
96
9614 *
*
98
99
_•
•104
104
104 104 *104
___
• _ 106
*18
17
177 +1834 1712 *16 I
8
*1612 1712 17
177 180
177 18112 176 177
180 180
180 181
58
5512 5512 5512
*5514 5812 55
5512 5512 *55
*5912 _*5912 -- *5912
5912 5912 *5912
1173
4
1
4
173
1
41712 19 / 4 19 / 4 19
•163 19 /
4
• / 19
16
1
4
-Nis III;
/
4
4
41
$484 50
/
1
2112 22
1634 17
/
1
4
./ 2
514
1
1
.75
*5
/ 7
1
4
13
s
*114
55
*54
*1054 10512
/
1
14 4 15
3
/
1
4
2
/ 2
1
4
112 112
114
'
1.90
11
/
4
*1
•.30
.35
.70
$.55
4
5914 593
/
4
*273 281
4
.20
+.10
•10
20
62
62
414 414
2
'4 2'X..
*1
112
10
1012
15
1512
4
17
193
26
2714
•214 2 4
3
.50
•.35
$.15
.35
418
4
112 112
112
*al
•.14
.25
314 34
20
2012
218 212
11312 114
50
50
155 - -1
15 4
279 283
-51 If"
28
2818
32
/ 33
1
4
10912 10912
10
10
3312 3312
12 "fi"
g
612
141 143
85
8512
100 10112
5
/ 514
1
4
31
/
1
4
29
iiois
14812 1481
/
4
32
32
131 131
1331z 135
110 111
22
15'2 16
7312 74
31
3112
-2712
25
253
2
16
179
56
----
16l
182
56
---
Sales
for
the
Week.
STOCKS
BOSTON STOCK
=CHANGE
Railroads.
Par.
Shares
100
157 Boston & Albany
100
729 Boston Elevated
100
90 Preferred
100
143 lot preferred
100
149 td preferred
100
2,544 Boston & Maine corn
15 Preferred unstamped_ _100
113 Ser A 1st pref unstamped 100
Ser B 1st pref unatamped 100
_
Ser C lot pref unstamped 100
------ Ber D let pref unstamped 100
Common stamped
100
Preferred stamped
100
---525 Prior preferred stamped-100
335 Ser A let pref stamped_100
62 Ser B let pref stamped_100
85 Ser C let pref ,tamped_ 100
35 Ser D let pref stamped_ _100
34 Neg receipts 55% paid
10 Boston & Providence
100
343 East Mass Street By CO-100
90 let preferred
100
400 Preferred B
100
285 Adjustment
100
360 Maine Central
100
6,210 NYNH& Hartford
100
6 Northern New Hampshire_100
Norwich & Worcester pref 100
---ini Old Colony
100
3,047 Pennsylvania RR
50
5 Vermont & Masaachusetts_100
PER SHARE
Range Mace Jan. 1.
-share lots
On basis of 100
PER SHARE
Rasge for Previous
Year 1927
Lowest
Highest
Lowest
per share
183 Feb 8
9012 Apr 26
100 Feb 1
114 Jan 3
105 Mar 28
55 Jan 3
6012 Feb 10
80 Jan 3
130 Jan 9
114 Jan 4
15212 Jan 3
601 Jan 5
/
4
611 Jan 26
/
4
110 Jan 6
6912 Jan 4
10612 Jan 3
98 Jan 3
135 Jan 4
10434 Jan 4
176 Jan 4
29 Jan 5
72 Jan 4
69 Mar 15
53 Feb 24
59 Feb 15
59 Jan 16
/
1
4
103 Jan 12
132 Jan 25
135 Jan 3
627 Feb 9
8
114 Jan 17
Miscellaneous.
3 Mar 19
295 Amer Pneumatic Service_ __25
855 Preferred
50 20 Mar 26
25 let preferred
50 4812 Feb 2
3,715 Amer Telephone & Teleg-100 176 Feb 21
/
1
4
18 Apr 13
8,225 Amoskeag Mfg
Assoc Gaa .14 Mee ol A_No par
- 1,E00 Atlas Tack Corp
No par
912 Jan 12
220 Beacon 011 corn tr ctfs_No par
143 Feb 20
8
694 Bigelow-Hartf Carpet No par 91 Jan 6
Coldak Corp.. clam A T C___ .05 Mar 28
35 Dominion Stores, Ltd ..No pa 10512 Jan 17
212 Jan 11
300 East Boston Land
10
225 Eastern Manufacturing
11 Jan 31
/
4
6
7,544 Eastern SS Lines. Inc
5 86 Feb 18
/
1
4
580 Preferred
No par 47 Jan 6
20 let preferred
100 101 May 3
760 Economy Groc'y StoreaNc par 1112 Jan 3
951 Edison Electric Ilium
100 252 Feb 20
Federal Water Berv corn
331 Mar 28
/
4
- 1,015 Galveston-Houston Elec_100 31 Feb 24
120 General Pub Serv com_No par 1612 Jan 18
158 Gilchrist Co
/
1
No par 7314 Apr 16
530 Ghetto Safety Razor-- /Vo Par 99 Jan 10
5 Greenfield Tap & Die
25
912 Mar 22
880 Hood Rubber
No par 3218 Mar 28
65 Kidder, Peab Accep A pref_100 94 Apr 24
1,183 Libby, M.:Neill & Libby ____10
9 Jan 7
190 Loew's Theatres
714 Jan 4
25
8,271 Massachusetts Gas Coe_100 109 Feb 8
338 Preferred
100 78 Jan 4
/
1
4
661 Mergenthaler Linotype-No par 99 Apr 2
1,973 National Leather
3 Jan 6
/
1
4
10
918 Nelson (Herman) Corp
5 2572 Apr 2
32 New Eng Pub Serv $7 pt No par 102 Jan 3
85 Prior preferred
NO par 104 Jan 3
New Eng South MWANo par .10 Jan 3
4 Jan 4
Preferred
100
1,221 New Eng Telep & Teleg
100:137 Mar 9
1,282 Pacific Mills
100 32 Apr 10
100 15 Apr 20
------ Plant(Thos GI), lot prel
10 15 Mar 27
28 Reece Button Hole
11 Feb 24
/
4
10
------ Reece Folding Macbine
485 Swed-Amer Inv part pref-100 126 Jan 3
1,093 Swift & Co
100 12434 Jan 6
205 Torrington Co
25 90 Feb 7
10 Tower Manufacturing
5 .90 Mar 19
18 Mar 20
1,725 Traveller Shoe Co T 0
5 11 Apr 12
2,505 Union Twist Drill
2,961 United Shoe Mach Corp_25 63 Jan 21
14
491 Preferred
/
4
25 291 Mar 22
35 US & Foreign Sec let pref.- 95 Jan 3
15,570 Veneinela Holding Corp
8 Jan 14
1,480 WaldorlSys,Ino,new eh No par 1912 Jan 3
35 Walth Watch cl B com_No par 60 Jan 5
100 88 Jan 3
30 Preferred trust etto
100 104 Jan 5
10 Prior preferred
4
160 Walworth Company
20 153 Mar 19
60 152 Jan 4
859 Warren Bros
aa 50 Jan 3
130 1st preferred
60 5212 Jan 11
5 2d preferred
WIII dr Baumer Candle com___ 18 Feb 23
Mining.
2,965 Arisona Commercial
4
5
4
414
414
/
1
4
44 4
/
1
414 458
414 5
50 Blngham Minas
10
4
49__ ...
49
*4814 50
*4814 51
*48
51
25
28"1/
1
/
1
/
1
/
1
2112 2218 214 214 214 2212 2112 214 213 -- 2 6,340 Calumet & Heels
9,695 Copper Range Co
25
19
18
19
1912 18
18
1714 173
4 1718 18
218 218 4,045 East Butte Copper MinIng_10
218 214
218 214 *214 212
2
212
25
13
4
112 112 1,845 Hancock Consolidated
134 *114
4
134
13
112
114
114
135IHardy Coal Co
1
712 --,
*6
*512 7
512 6
6
6
1 8 1,720 Helvetia
25
13 - 8 -- -38 .13
112
112
112
112
112
4
*13
8 13
5851Is15nd Creek Coal
53
1
4 53
5312 533
5312 54
54
54
54
55
101 Preferred
1
4
10514 10512 *10514 10512 *10514 10512'10514 10512 10512 1053
1512 3,770,Isle Royale Copper
35
1512 15
153
4 15
15
1512 1514 1512 15
414 4,290,Keweenaw Copper
4
35
2 5
33
312 312
314 312
312
2
/
1
4
1,697iLake Copper Co
178
2
112 2
25
13
4 2
134
114
13
4
13
4
165 La Salle Connor
25
.90 .90 -___
114
.95 *.80
114 .95
•.90
1 2 1,101 Mason Valley Mine'
11 11 •
/
4
/
4
112 •114 -- -18
11 114
/
4
114
14 13
/
1
25
.50 .50 --------1,805 Mass Consolidated
.75
.40 .35
.60 .50
.35
.75 .75 1,775 Mayflower-Old Colony
25
.70 .70
.70
.70 .70
.60 .60
.60
/ 1,479 Mohawk
1
4
58
25
5912 57
56
/
4
5812 571 58
5812 5912 58
370 New Cornelia Copper
2812
a
2814 2838 2812 2814 2812 *2812 29 *728
28
____
____
400 New Dominion Copper
_
.30 .12
.12 *.15
•.10
8611 2.011
New River Company__
*10 -in20
*10
20
*10
•56
59
65 Preferred
60
*56
*56
59
60 60
•56
60
250 Nipiseing Mines
412
/
4
414 414 *414 412 *414 412 *41 412 *414
5
8 6,979 North Butte Mining
212
231. 23
218
/
1
4
10
28 2
3
/
1
4
214 2
214 212
364 011bway Mining
112
112
112
114
11 *1
/
4
'
51
25
112
1
1
l012 nig upz 1034 *1038 11 1.610 Old Dominion Co
25
10 4 1114 1114 1114
3
6,830 P'd Cr'k Pocahontas Co No par
16
16
17
16
165a
1712 17
1514 15 4 16
3
2312 223 24
4
26,989 QuIn137
8 21
26
22
2412 23
26
2314 243
2612 2712 2712 2712 1,348 St Mary's Mineral Land
28
27
25
2614 27
263 28
4
------ Seneca Mining
No par
23
4
*214 23
4 *214 2 4 *214 2N .214
3
1,440 Shannon
.65 •.50
.60 *.45 .60
10
.40
.60 .60
550 Superior & Boston Copper_ _10
.35 .35
.25 .25 --.20 •.25
.35
.20
.20 .20
414 43
2 2,043 Utah-Apex Mining
418 414
5
414 414
414 414
418 414
v tah M
112 112 1,211 Uictoriaetal & Tunnel
11 112
/
4
1
112 112
112 112
112 112
-----25
112 *al
112 •al
*al
112 *al
112
125 Winona
25
.50 •.20 .30
.15 $.25
•.20
.25 .15
•Bid and Wad Pikes no Wee on 1131s day. 11 Amassment paid,
41,711.„.
B
314 Mar 21
49 May 3
2014 Jan 10
141 Mar 14
/
4
vs Feb 4
.80 Mar 26
5 Feb 20
.66 Jan 21
50 Feb 18
105 Feb 14
71172 Feb 28
1% Jan 17
1 Feb 24
.75 Jan 31
114 Jan 19
.20 Mar 30
.50 Jan 25
4614 Jan 31
25 Feb 29
/
1
4
.10 Mar 10
418 Feb 14
2414 Feb 14
51 Apr 12
195NMay 4
257 Apr 28
8
16 May 2
2018 Apr 25
9612 Feb 4
.40 Jan 19
13014 Apr 12
53 Mar 2
4
23 Jan 20
4
117 Apr 30
61 Apr 26
108 Apr 13
17 Apr 10
28412 Apr 26
36 Feb 3
40 Apr 3
/
1
4
28I8May 4
35 Jan 21
/
1
4
112 Apr 13
13 Jan 13
4312 Jan 3
9514 Jan 16
1212May 3
83
4May 3
148 Apr 26
8512May 4
112 Jan 10
512May 3
3138May 4
10912 Feb 7
111 May 2
55 Mar 9
4 13 Feb 29
150 Apr 13
4018 Jan 3
23 Jan 11
161 Apr 20
/
4
11 Apr 4
/
4
135 Feb 20
135 May 4
111 May 4
312 Jan 5
264 Apr 18
/
1
16 May 4
7514 Apr 13
3112 Jan 19
101 Jan 31
2912May 4
2714 Apr 10
90 Mar 27
93 Apr 18
10812 Mar 5
18 Jan 24
19212 Apr 11
80 Apr 14
60 Apr 27
18 Feb 23
6 Jan 3
56 Jan 4
2378 Feb 7
211 Jan 20
/
4
212 Apr 30
13
4May 1
12 Jan 14
134 Apr 18
57 Apr 20
106 Apr 20
/
1
4
1684May 2
5 May 3
2 May 2
1 Jan 5
2 Jan T
.75 May 2
.75 Jan 11
85 Apr 6
29 Jan 8
/
1
4
.15 Mar 12
"W "Al2
Apr 20
5 Jan 3
/
1
4
.90 Jan 6
2
/
1
4May 1
II2May 4
.60 Feb 24
/
1
4
9 Mar 8 12 Jan 3
12 Jan 8 1712May 1
1218 Apr 18 26 May 1
/
4
2114 Mar 27 811 Jan 7
214 Apr 24
3 Jan 3
.25 Mar 8 .65 Mar 9
.15 Mar 12 .35 Jan 30
4 Mar 7
514 Jan 4
1 Feb 9
13 Feb 25
4
15 Feb 1
4
.95 Apr 12
.10 Feb 7 .80 Jan 0
Ex-dock dividend. I New Mock, •Ex-dividend.
Highest
5 per share
$ per share $ per shwa
Jan 188 May
194 May 1 171
99 Mar 7 81 May 9812 Dec
9812 Apr 10312 June
107 Apr 30
12014 Jan 18 109 Mar 120 Nov
Jan 110 Sept
11014 Jan 24 101
5118 Mar 70 July
83 Apr 27
/
1
4
Jan 69 July
50
78 Apr 27
788 Jan 87 June
4
96 Apr 16
Oct 139 May
118
155 Apr 18
135 Mar 12
97 Sept 116 May
190 Apr 18 15212 Dec 165 Apr
6114 Jan 5 6114 Nov 64 Nov
80 Apr 26
5512 Jan 73 May
11412 Feb 23 10412 Ma7 113 May
64 Feb 78 Jan
87 Mar 30
Jan 118 May
90
145 Apr 20
90
Jan 105 May
Apr 13
131
Apr 23 124 Jan 14412May
172
10912 Apr 23 103 Sept 108 Oct
182
Jan 20 176 Dec 212 00$
25 Feb 63% Sep
43 Apr 15
Oct
88 Apr 12
64 Feb 81
Oet
8012 Apr 28
60 Mar 78
42 Apr 5913 Sent
6512 Apr 5
4712 Jan 74 Mar
65 Jan 12
/
1
411 Jan 634 Dee
/
4
683
8May 2
107 Apr 17
9212 Jan 106 Nov
Jan 14612 Nov
13712 Jan 6 127
141 Apr24 122
Jan 13612 001
723 Apr 27
8
63 July 0818 001
121 Apr 12 107
Jan 121 Nov
Illz-righta.
534 July
214 Jan
1513 Jan 2612 Sept
47 July 50 Apr
/
1
14912 Jan 1854 Oct
19 Nov 2712 Nov
/
1
4
883 Jan 5014 Dee
4
7
/ Oct 12 AM
1
4
1512 Aug 2012 Jan
77 Feb 06 Nov
5 Jan
.01 Dec
Jan 10812 Dec
87
3114 Feb
114 June
112 Dec
7 4 Mar
0
45 Jan 94 Dee
35 Feb 4814 Dee
873 Feb 106 Dee
4
10 June 15 Sent
217 Feb 287 May
/
1
27 Apr 364 001
2212 Apr 38 Nov
114 Jan 1712 OM
/
1
3414 June 38 Mar
8414 Mar 109% Oct
/
1
4
7 Oct 18 Nov
32 July 47 Jan
/
1
4
94 Apr 9534 Jolly
7 Aug 111 Bent
4
Jan
Jan 10
8
84 Mar 124 NoV
70
Jan 8172 Nov
Oct
10312 Nov 116
2 Mar
/
1
4
43 Jan
2
2312 Feb 33 Dee
91
Jan 1021± Dec
9714 Jan 106 Dec
.10 Dec
3 Feb
/
1
4
2 Apr
8 Feb
/
1
4
11512 Jan 140 Aug
3512 Mar 44 Sept
15 June 4258 Jan
:
21414 Sept161 Feb
158 Jan
1 Mar
10512 Jan 132 001
115 Jan 13012 Sent
68 Jan 96 De0
2 8 Dec
7
9 2 Jan
3
16 Aug 211 Nov
/
4
912 Sept1412 Jan
60
Jan 77 Nov
/
4
28
Jan 311 Nov
83 MAY 95 Dee
412 July 11 AM
19 Oct2712 Feb
/
4
4012 Jan 611 Dee
Jan 86 Deo
61
bOOl2June 118 May
1718 Dec 2444 Apr
4
851s Jan 1793 Nov
44
Jan 70 Deo
Jan 72 Dee
45
1812 Nov
14
Jan
5 July
30
Jan
1418 Jun
111 May
/
4
lia Oct
.15 Apr
6 Dec
.82 00
47 Feb
10414 Sep
9 July
1 Jul
.80 Jan
.50 Mar
Oct
.70
.05 Sept
.28 May
5
34 8 June
181 June
/
4
.08 Dec
15 Nov
66 Nov
5 Aug
.60 June
Oct
.40
912 Oct
Jan
11
1814 July
1812 June
1 July
.15 May
.15 Mar
4% July
Oct
.76
.50 July
.03 Mar
104 Jan
/
1
6114 Deo
2438 Dee
2114 Dee
21 Jan
4
1 July
18% Sept
.88 Jan
67 Sent
107 API
16 Dee
3% Feb
Dee
1 Nov
214 Dee
.85 Jan
1% Jan
52 Dee
3014 Dec
.06 Feb
19% May
75 Feb
101s Feb
Itel Jan
4
11 Jan
16 Apr
1814 Aue
1914 Apr
82 Dee
/
1
4
3 Jan
.63 Dec
.50 Sept
7% Feb
2 Feb
3 Aug
.70 June
Ex-dividend and rights.
FINANCIAL CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Trarisactions in bonds at Boston
Stock Exchange, Apr. 28 to May 4, both inclusive:
9534
Jan
983.4
102
90
70
77
904
9634
10131
10014
100
10234
933-5
9214
923-4
Jan
Feb
May
Jan
Jan
Feb
Jan
Mar
Jan
Apr
Apr
Feb
May
Jan
100
103%
90
79
88
984
964
1034
10114
101
103 34
95
9234
94
Apr
Jan
May
Apr
Apr
Apr
Jan
Jan
Feb
Apr
Feb
Mar
May
Jan
100
Mar 100
101% Mar 103
10051 Jan 103
105
Jar 128
Mar
Jun
Mar
Mar
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, \pr. 28 to May 4, both
inclusive, compiled from official sales lists:
IAA, Inl
17 AAA
Baltimore Stock Exchange.
-Record
Baltimore Stock Exchange, April 23 to
clusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
Week.
of Prices.
Par, Price. 1.4t1). high. Shares.
Arundel Corp
• 41)
Allan Coast L (Conn)_ _ _25
Bait & Commercial 11k.100 150
Baltimore Trust Co
50 216
Baltimore Tube
100
Preferred
100 40
Beneath (1) & Sons com_ •
Preferred
25
Black & Decker corn
• 3234
Preferred
25
463.4
1903-4
150
172
10
39
4134
2634
32
264
49
19014
150
225
10
40
46
263-4
3434
261-4
7,004
11
20
3,143
460
330
227
125
4,312
55
g7.1iT4nggrA4r4g
" , grg4
44g
r
X
..40./.01110.00o..0M0=A
09 34 9934
'P.PP.m . ,
r!o.
°51EgEeEee '
Xgr.
'AAA,
• No par value.
1018
r
4
334 634 17,300
24 235 64,400
IlondsAdr Bag & Paper 6e_ _1962 1004 100 10034 $9.000
Elea & Peoples tr ctta
5 624 62
6254 29.500
Inter-State Itys coll 4s
504 6031
4,000
Keystone TeleP 18 5s97
4
97
2,000
Lake Sup Corp 5e_ _ _ .1
50
50
50
9,000
Stamped 56
29
31
30,000
Lehigh Coal & Na,Como'434*
1954
10131 1014 2,000
peoples Pass tr ate 48.1043
66
66
3,000
NAM Elec (Pa) 1st 43.'I8 '67
10218 1024 2.000
lot 50
1966
1074 1084 10,600
lot lien & ref 548_1947 107
107 34 107 34 8,000
lot lien & ref 54s_ _1963
1064 1064 6,000
Phila Elec Pow Co 5 350 '72 106
108 10854 20,500
United Itys & 13(112104s'49
78
78
8.00
High.
rrrrX
Rights
Fire Association
pommyIvaida Hit
Low.
1434 Jan 20
Feb
74
Feb 8631 Apr
340
64
Jan 7434 Feb
11534 Jan 118
Mar
450
10
Apr 14
Feb
42
Mar 433-4 Mar
2718 Jan 3818 Apr
54
Mar 61
Apr
134 Feb 14
Rights
Jan
818 Apr 10
New Amsterdam Can
May
211
1% 234 12,248
134 Apr
214 May
6954 Jan 83
Apr
10
Bonds
Feb
May
644 Feb 85
Baltimore City bonds:
Apr
30
4s School Ilouse Loan '61
Mar 42
Jan
102 102
5200 1014 M
10814 Feb
52
4s Conduit Loan _1958
Feb 64
Mar
102 102
700 10134 Mar 1023-4 Jan
107
Apr 110
4s Water Loan
1958
Mai
102 102
1,000 10134 Apr 103
Jan
8418 Feb 103
45 New Eng House.1057
API
102 102
700 102
Jan 10334 Feb
3
33.4* Consolidated_ _1930
Jan
7
Jar
993-4 903-4
300 993.4 May 0934 Slay
12
Black & Decker 64s_ _1937 122
Jan 21
Jar
121
127 114,50(1 1064 Jan 127
Apr
3
Commercial Credit 65_1934
Jan
914 A pi
993.4 99% 12,000 98
Jan 101
Feb
10.518 Feb 12534 Jar
53.45
1935 96
96
96
11.000 94
Jo
96
Apr
20
Jan 3714 Ma) Consul G. E L & P
224 Jan 2418 May
lot ref 68 ser A
1940
106 34 106% 9,000 1054 M
108
Jan
27 34 Jan 5031 Ap
Consul Coal ref 4 34e_ _1934
9334 9334
1,000 9334 Ma
94
Apr
Elkhorn Coal Corp 6345 31
83-4 Apr 224 Jar
955i 954 9531
9,000 95
Jan 9814 Jan
57
MCI Electric Ry lot 55.1931
Feb 584 Ap
1.000 9934 Jan 9934 Jan
204 Mar 2934 Ap
Lord Balt Hotel 63.48.1945
101
101
1.00 100
Jan 1014 Mar
18
Penns W & P 434s. _ _1968
Jan 2734 Ap
9934 9935 10.000 9934 Ap
99 34 Apr
7934 Jan 82
Silica Gel 6 348
1932
Ma
105 105
10.000 101
M
1054 Apr
63
Un Porto Rican Sugar
Feb 72
Ap
92
Jan 1094 Jar
6 % notes
1937 103
102 34 1033-4
9,000 99
Feb 10334 Apr
90
Mar 94 34 Ap
United Ry & E lot 48.1949 71
71
71
22,000 71
Ap
75
Jan
5534 Jan 7218 Ma)
Income 4s
1949 504 5034 51
37,000 50
Jan 65
Jan
22
Jan 274 Ada
Funding 58
1936 76
76
763.4 17,200 74 34 M
S434 Jan
51
May 61
lot 65
1949
Ap
943.4 943.4 5.000 934 A
98
50
Jan
Wash Balt he Annan 5s 1941 8754 87
Jan
5234 Ma
87°' 80 non PAU
90
Jan
58
Mar 63
Fel
• No par value.
104 Mar
15
Fel
1074 Mar 1134 Ma)
Cincinnati Stock Exchange.
2818 BlaT 3734 Jar
-Record of traneactions
18
Mar 254 Ma)
4011 May 904 Ma) at Cincinnati Stock Exchange, Apr. 28 to May 4,
both
103
Jan 1104 Ma
inclusive, compiled from official sales lists:
4035 May 54 34 Ma
1
Jan
2
Jar
Priaok
134 Jan
44 Jai
so...,
Last Week's Range for
374 Jan 4034 Fel
Range Since Jan. 1.
Sale
2254 Feb 228
of Prices.
Week,
Mn:
StocksPar, Price. Low. High, Shares.
1144 Jan 14634 Ma:
Low.
High.
1534 Feb2634 Ap
Amer Laund Mach com_25 102
374 Jan 604 Ma;
102 104
924 100
V
May
Amer Products pre(
•
53
Jan 99
28 34 29
Ma:
265 26 34 Jam
V
Amer Roiling Mill com..25 101
1094 Jan 18234 Ap
10014 103
2,419 994 1.1
Amer Thermos Rot "A"_•
27 34 Feb34
164 174
Ja
200 11
Feb
Preferred
35
50
Feb3934 Jim
45
49
490 43
Jan
52
May 574 Jaii Baldwin common
100 36
35
38
1,108 35
May
New preferred
42
100
Jan 45
109 109
Ap
26 108 34 Mar
Buckeye Incubator
• 2031
19
2534
3,843 1954 May
Burger Bros
•
14
144
120 13
Jan
Preferred
34 May
50 56
10
Ap
56
56
25 35
Apr
Carey (Philip) common 100
134 Apr
234 Ma
266 266
10 250
Jan
Preferred
100 126
126 126
115 1244 Jan
Central Brass
•
233-4 2334
25 234 M
Champ Coated Paper
9934 Apr 10034 Fe
Preferred new
60
100 108
Jan 63
108 110
Fe
10 100
Feb
Churngold Corporation_ _•
50
Jan 52
4634 44 34 48
Ja
93 42
Mar
Cln Car Co
964 Jan 97
50 3234
31
la
3234
2,909 2934 Feb
CM Gas & Electric_ _100 100
15
Jan 50
345 100 100%
At
902 9734 Feb
C N & C Lt & Tr com_ _100
14
Jan 31
10834 10734 10834
Ma
607 9754 Feb
Preferred
100
814 8114
66 75
Jan
Cin
look• Mar 101 34 Ma Cln Street Ity
50 5431
5334 643.4
688 4534 Jan
& Sub Tel
65
Jan 6634 At
50
1243.4 128
284 1163-4 Jan
Gin Postal Term pref _ _ 100 128
1024 May 106
115
/
87
87
26 87
May
City Ice & Fuel
10734 May 1094 At
• 47 34 463-4 4754
420 3644
•
Coca Cola "A"
106
Jan 1074 Ms
•
36 34
354 803.4
295 3414 Mar
Col Ity Pr let pref
106
100
Mar 107 34 Ja
10934 10934
10 10754 Jan
Croeley Radio
1054 Jan 10634 Fe
35
34
35
6,134 25
Feb
Cooper Corp (new)_ .... _100 69
644 Jan 80
Fe
69
6934
400 62
Mar
New preferred
Inn, VA.. In11,
A.
100
1044 105
28 9734 Feb
Crown Overall pre_ -100
1054 1053.4
15 102
DOW Drug COM111011_ _100
Jan
40
585 36
Mar
Eagle Picher Lead corn _ .20 164 384 40
16
17
2,043 153.4 Mar
of transactions at
Preferred
100
104 104
10 102
Apr
May 4, both in- Early & Daniel common _• 80
77
80
708 58
Mar
Preferred
100
10954 110
10 10934 May
Fay & Egan common_ 100
15
16
40 15
Ap
Fenton United com _ _ _ .100
100 34 1004
1 90
Jan
Fifth-Third-Union Yr..100
3654 366
Range Since Jan. 1.
60 360
Apr
First National
100
386 387 34
65 36034 Feb
Flelachman preferred _ _100 128
128 128
Low.
18 123
High.
Jan,
Formica Insulation
• 2134 2134 23
432 204 Mar
French Bros
-Bauer pf _100
98
46
Jan 49
9834
70 90
May Gallaher Drug pref new_20
Jan
104 104
190
Mar 212
5 101
Jan Gibson Art corn
Feb
• 5034
146
493.4 504
Mar 150
766 43
May Green Watch,corn
Jan
•
49
49
12 47
15834 Mar 225
May
Apr
Preferred
100 115
115 115
934 Apr
30 114 34 Feb
11
Feb Hatfield-Reliance, corn _ _•
.
32
153.4 1534
Jan 42
15 15 34 Feb
Apr Hobart Mfg
• 5234
5234 5634
33
Mar 46
437 443-4 Jan
May Jaeger Machine
• 36
323.4 36
264 Feb 2734 Jan Kahn lot pref_.
175 294 M ay
100
104 108
24
101 100
Jan 34 34 Apr
Participating
Jan
40 42
42
42
2534 Apr 27
170 40
Mar Kemper-Thomas, coin_ _20
Jan
55
55
'51
Ad
A....
at
rrrr
1518
827
86 31
1,850
714 9.174
117
300
10
100
43
275
354 1,700
60
95
334
1,930
10
100
83
560
104
50
79
4,300
31
15
5934
200
108
10
101
3,150
5
720
15
100
03.4 11,900
12018 125
7.700
32
3734
1.800
24
2418
1,300
48 34 4934
900
834
83-4
5
5818 6854
100
28
28
100
264 27 34 7,200
81
814
465
6718 71
7.200
974 100
819
94
9434
299
6734 76
2,720
264 274 3,700
51
604
592
504 51
1,334
60
61
927
1018 11
950
1134 11334
1,000
31
324
291
2318 254 3,721
4034 4034
100
109 109
30
40 34 45
19,811
1 1,t 134 4,100
4
434 5.200
3954 394
706
228 228
15
1344 14634 161,601
244 26
13,325
55
0034
1,085
9134 99
5,300
1824 18214
100
30
304
80
364 38
192
52
53
47
4334 434
215
7834
89
27
0.0....4,10Ofn..MOW00
154
84
6934
1164
10
4211
344
GO
33.4
10
82
1034
774
31
5834
108
99
334
15
83.4
195
48
3214
2634
21
XXX
Almar Stores
• 154
Alliance Insurance
10 86 34
American Stores
• 7134
Bell Tel Co of Pa prof _ _100 1164
Bornot Inc
Cambria Iron
50 43
Camden Fire Insurance
Consol Traction of N J.100
Cramp Ship & Eng_ _ _100
.
334
Crystal Oil Ref
Electric Storage Batt., 100
)
Fairin't Pk Trans Co e
• 1034
Fire AhsociatIon
10 7718
Giant Portland Cement_50
Horn .1:11ard't(NY)corn •
Preferred
100
Insurance Cool N A_ .._ _10 994
Keystone Telephone_ _60
Preferred
50 15
Lake Superior Corp_ _ _100
.
834
Lehigh Coal 414. Nay
50 123
Lehigh Pow Sec Corp corn •
Lit Brothers
10 2418
Manufacturers Gas Co_ .. _
484
Mark (Louis) Shoes Inc. •
Minehill & Schuyl Hav_ _60
Northeastern Pow Co
•
North Ohio Pow Co
Penn Cent LA Penni pf_ • 81
penneylvania RR
&)
pennaylvania Salt Mfg_ _50 100
Villa Dairy Prod pref
94
phiJa Electric of Pa
25 724
Mlle Elec Pow recta. _ _ _25 274
?hills Rapid Transit. _.50 51
.
7% preferred
60
phiindelphia Traction_ _50 61
phila & Western Ry_ _50
Reading Company
60
Reliance Ins Co
32
Shreve El Dorado Pipe L 25 25
Scott Paper Co com
Preferred
100
Stanley Cool America...,
• 414
-Belmont Devel _ _ _1
T000
.
11444
Tonopah Mining
1
Union Traction
50
United Cots of NJ
100 228
United Gas Impt
50 146
United Lt & Pr -A" oora.•
• 6034
US Dairy Prod clam A.,
Victor Talking Mach corn.
6% cumul pref
•
Victory Inn Co
West Jersey &Sea Sh RIt50
Westmoreland Coal
SO
York Rye pref
60
Range Since Jan. 1.
99
.02
X
Stocks-
r riaag
sates
Last Week's Range for
Sale
of Price:.
Week.
Par. Price, Low. High. Shares.
2834
120
319
49
Jan
236
Jan
1174 Jan
64
Jan
34
May
2534 Apr
26 34 May
9335 Apr
93
Apr
10594 May
113
Jan
3334 Aar)
300 'Pay
144 May
2
854 May
128
Apr
820
May
114 May
2035 Feb
104 Feb
10354 Mar
Jan
.02
25
Mar
2034 Mar
195
May
48 Slay
3334 Jan
27
Jan
214 Jan
84
Mar
85
Jan
9614 Mar
286
Jan
703.4 Mar
904 Mar
90
Apr
2834 Apr
40
Mar
20
Mar
60
Apr
61
Apr
34235 Jan
2034 Jan
460
May
174 Jan
18
Feb
554 Jan
X
1.000
4,000
3,000
9,000
High.
Mar
J
A
May
Mar
Jan
Feb
J
Jan
Feb
M
A
May
Ap
NI
Jan
Feb
May
Jan
M
Jan
J
Jan
Ai
May
A
M
1
Feb
J
Jan
Jan
A
Feb
Jan
J •
114
May
Mar
51
Mar
Jan
M
Jan
Feb
Ap
J
rr
100
10211
1024
126
Low.
90
Low.
444
217
113
50
214
23
23
884
6734
10034
110
27 34
300
6
224
108
27534
11934
1134
934
953-4
.02
20
1834
174
454
3034
25
174
70
70
95
280
71
88
68
17
304
17 34
3034
404
316
13
34834
0
16
5231
r
591,000
5,000
8,000
5,000
2,000
27.000
11.000
1,000
1,000
4.000
12,000
2,000
3,000
2,000
6,000
7,000
130
215
33
35
6,902
819
1.030
849
3.296
168
10
1957
77
935
5,000
70
1,914
125
5
10
498
150
10
3
2,553
1051
798
169
395
95
160
48
14
2,165
36
3,183
1.715
14
405
500
374
40
437
1,760
5
15
20
rX
934
78
100
10214
90
79
863.4
984
9635
103
102
100
1024
9434
923.4
94
235
114
504
34
25
2534
934
8834
105
1114
30%
300
45
45
230 236
114 114 34
50
5034
2934 34
25
2534
26
2634
9234 934
88
93
105 10534
11134 1114
3034 3134
300 300
1434 144
2634 2834
120 125
28434 320
1034 1034
183.4 18 34
113
10
98
993-4
.02
.02
21
21
1854 1834
187 195
46
48
3018 3234
263-4 2631
2034 21
8035 823.4
75
75
96
96
280 281
734 79
90
90
803-4 90
2634 2734
304 32
194 20
5734 58
383-4 5934
335 340
144 1434
4003.4 460
15
15
15
15
55
5531
X
Amoskeag Mfg 6s_ _ . 1998 93
93
AUG W ISSL5s____195
70
78
Brit &Hung Ilk Ltd7348 '62
100
Chic Jt Ry & U 53 Y 56_1940
1023-4
Commander Larabee 7s_'36
90
E Mass St RR 4 35eserA '48 79
7734
laser B
194S 8636 85
1948
85 ser D
9834
(Iraton & Knight5 Me _1447
9634
1937
Hood Rubber 78
103
Italian Super Power 68 1963
102
1931
Mass Gas 442
100
New Eng Tel&TelOs ..1932 1024 10234
1934
New River 5s
943.4
Ruhr Chemical Corp6s1948
9234
Saarbruechen Mtg 13k6e '47
94
Mtge
San Fran Bay Tell
1952
6 340
100
1944
Svrift & Co 5s
1024
Western Tel & Tel 5s_ _19432
102%
Whitonights, Inc 6 48_1932
123
Range Since Jan. 1.
Central Fire Ins
10
Century 'Ernst
50
Cbes & Po Tel of 13alt pf 100
Citizens National Bank_ 10
Commercial Credit
•
Preferred
25
Preferred B
25
lot preferred_ _100
63.4%
Consul Gas, EL & Pow_ _•
5% preferred
6% preferred ser D 100
Consolidation Coal_ ..,100
Continental Trust
100
Dellun Tire & Rubber_ •
Eastern Rolling Mill
•
Equitable Trust Co
25
Fidelity & Deposit
50
Finance Co of Amer A._ _•
Finance Service corn A._10
Preferred
10
Houston Oil pref v t Ws 100
Lorraine Pete
Mfrs Finance 1st pref
25
26 preferred
25
Maryland Casualty Co_ _25
Nierch & Miners Transp_ _•
Merchants Nat Bank_ ..10
Nionon W Penn P S pf _ _25
Mortgage Security tom_ _•
lot preferred
50
2nd preferred
100
Mt V-Woodb Mills Old.100
Nat Bank of Baltimore_ 100
New Amsterd'm Can Co_10
Northern Central Ry_ ..50
Penna Water & Power_ _ _•
Silica Gel Corp Corn t •
Stand Gas Equip pf w w 100
Sun Mortgage Co
Un Porto Rican Suit corn.
•
Preferred
Union Trust Co
50
United Rys& Electric _50
U 13 Fidelity & Guar_ _ _ _50
Wash Halt & Annap_ _50
Preferred
50
W Md Dairy Inc pr pfd_50
Range Pince Jan. 1.
•
Bonds
-
Friday
Last Week's Range Saks
Sale
of Prices.
for
Price. Low, High. Week.
2771
I' rsuay
OtIMA
Last Weer, Rant
, for
Bale
Of Prices.
Vest,
Stocks (ConeLded) Par. Prise. Low. High. Snares.
,C.O.NiMWO.O.WOM-44.0MOOM..C.-40
MAY 5 1928.]
Base.
Friday
Week's Range for
Lou
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Kodel Radio"A"
* 44% 37% 46
20 4433 4433 4433
Preferred
Kroger. corn
10 8134 7534 77
Lunkenhelmer
• 33
2734 29
Nash(A)
100 10634 106 107
19
McLaren Cons,"A"
19
*
11033 111
Mead Pulp spec pref_ _ _100 111
73
Common
73
•
39
100
38
Meteor Motor
42% 4434
National Pump
10 44
100 11333 11333 113%
Ohlo Bell Tel. prof
Paragon Refining,corn_ _25
Preferred
100
Procter dc Gamble. com _20
100
8% preferred
100
6% preferred
100
Pure 0116% pref
8% pref
100
Putman Candy. prof.. 100
100
Queen City Pete
Rapid Elec
*
Ftollman, pref
100
&word National
10
U S Playing Card
El S Print & Litho,com _ 100
100
Preferred
*
U El Shoe.com
100
U S Shoe, pref
100
Vulcan Last, corn
100
Preferred
Whitaker Paper, com____*
Inn
1434
13
124 124%
278 300
197 197
115 11534
99%
9934 99
131 115
114
99
99
98
100% 100 100%
51
51
5334
102 102
254
254 254
121% 121% 123
75
7434 75
101 101
7% 8
58
58
58
108 111
109
110 11034
5233 5234
110 110
1334
292
197
Range Since Jon. 1.
935 26
13 26
389 70
1,633 2534
83 100
215 16%
114 10643
27 65
79 26
522 37
257 110
2,476
114
1,695
56
125
107
30
18
341
160
45
10
170
47
3
100
10
790
23
13
c
High.
Low.
Feb 5534 Jan
Mar
Feb 51)
Jan 8134 May
May
Feb 33
Apr 11734 Max
Feb 2034 Apr
Feb 11133 Apr
Jan
Mar 82
Jan 4034 Apr
Apr
Jan 48
Apr
Jan 115
Apr
May
Jan
Apr
Feb
Jan
Mar
Apr
Apr
Feb
Mar
Jan
Feb
Feb
Feb
Feb
Mar
Jan
10531 Jan
5233 May
1334
125
300
200
11534
10034
115
99
100
59
103
254
132
8334
102
934
62
135
110
85
Apr
Apr
May
Feb
May
Apr
May
Mar
Apr
Apr
Apr
May
Jan
Jan
Apr
Apr
Apr
May
Apr
Mar
11Q
110.1
Ms,
9%
106
249
192
111
96%
111
96
100
3434
99
241
117
64
9633
5%
45
60
Tnn
•No par value.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, April 28 to May 4, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
of Prices . Week.
Sale
Par. Price. Low. High. Shares.
Amer Multlgraph corn__ _. 30
Airway Elec Power_ _ _100
Akron Rubber Reclam_ _ _*
Bess Limest & Cem com_ * 36
ko
Bond Stores "A"
*
Buckeye Incubator com_
Byers Machine "A"
3734
Clark (F G) Co
Central Alloy Steel com_ *
Preferred
100
• 47%
City Ice & Fuel com
* 116
Cleo Cliffs Iron corn
Cleo Elec Ilium pref_ _ _100 114%
Cleo Railway common_100 102%
Cleve Securities P L pfd _10
* 77
Cleo Stone common
Clay Union Stkyds corn 100
Cleo Worsted Mills com100 22
30
105%
2434
36
3
134
2634
3734
37
3% 334
3434 36%
11034 11033
4531 47%
116 116
114% 115
102 104%
234 233
77
77
27
22
22
2934
105%
2434
36
234
1%
155
175
Dow Chemical common_
Preferred
100 104% 104% 104u
Elec Control & Mfg corn_ _* 63
6134 63
Fed. Knit Mills corn._...' 38% 3834 3834
'
Firestone Tire Sr R com _10 177
177 177
110% 110%
6% preferred
100
_ 108%
7% preferred
100
34
34
Foote Burt
175 180
General Tire & P. corn_ _25
10034 10033
Preferred
100
9933 100
Glidden prior prat
100
142 143
Grasselli Chemical com _100
10933 110
Preferred
100
91
91
Great Lakes Tow com.._100
110 110
Preferred
100
42
42
Greif Bros Coop'ge com_ *
14
14
* 14
Harbauer common
27
35
India Tire & Rubb com * 35
interlake Steamship corn.* 12834 12814 128%
32% 38
* 37
Jaeger Machine com
27
fordan Motor pref
100
42%
ECaynee common
Lake Erie Bolt dr N com_ •
34
Lemur common
43
VIcKee(AG)& Co
4434
.
detrop Pay Brick com_ _
lo I 71
Willer Rubber prof_
dohawk Rubber corn _ _ _ _* 125
100 85
Preferred
42
dyers Pump
rational Acme common_10 1934
0
qational Refining com- 25
gational Tile common _ _ .* 33%
fineteen Hund Wash corn •
for Ohio P & L 6% pt_100
)hlo Bell Telep pref.._ _100 113%
• 96
)hio Brads "B"
/hi° Seamless Tube corn.'
61
'ackard Electria
38
'acker Corp
'aragort Refining corn_ _25 1334
100
Preferred
dolman Bros common..' 283
cher IlIrst common
41
elby Shoe
elberling Rubber corn.._' 4933
100 104
Preferred
herwin-Wms common_ _25 6934
100
Preferred
parks-Withington pt.A00
land Textile Prod corn 100 15
100
"A" preferred
100 3434
"B" preferred
7
teams Motor common..*
teel & Tubes common _ _25 90
Rights
ening-Belle Vernon oom_. 51
hompson Prod com_ _ _100 36
rumbull Steel pret_ - _ _100
Mon Metal Mfg corn_ * 48
icio
.
Mon Trust
'Oilman-Seaver-Morgan
100
Preferred
rhlte Motor Secur pref 100 103%
oungst Sh de Tube pf _100 107
Bonds
-
In', inn
38
21
3134
42%
4334
71
118
85
40
1534
3534
33
4335
21
3424
44
4533
82
132
86
4234
1934
3634
3334
29
99% 99%
11334 114
9534 97
40
40
61
59
38
36
1334 1434
130 130
273 287
2734 2734
42
41
50
45
104 105
69% 70
108 108
105 105
15
14
70
7034
34% 35
6% 7
90
85
5% 5%
5034 5131
37
35
98
4634 48
____ 301
89
89
103% 103%
107 10933
Inn
Inn
Range Since Jan. 1.
Low.
High.
1,158
170
255
10
525
885
20
615
150
682
145
1,173
53
71
1,077
90
20
95
250
26%
10134
17
3531
1
1%
Apr
Jan 30
Jan 10534 Mar
Apr 29
Jan
Mar 3731 Jan
3
Apr
Jan
1% Mar
Jan
34
2%
2834
109%
3634
104
112%
102
1%
70
27
2135
Apr
Jan
Mar
Jan
Feb
Jan
Jan
May
Feb
Feb
Apr
Feb
40
331
3634
112
47%
120
115
109
334
79
2734
30
Jan
May
May
Mar
May
Mar
May
Mar
Apr
Mar
Apr
Mar
35
28
382
867
40
64
158
45
32
95
67
25
97
10
10
18
35
2,238
150
4,192
139
112%
104%
5424
32
170
109
108%
25
165
100
96
129%
105%
88
108
3934
12%
18
123
2834
20
Jan
May
Jan
Jan
Mar
Jan
Feb
Feb
Mar
Apr
Jan
Feb
Feb
Feb
Jan
Apr
Apr
Feb
Feb
Jan
Jan
175
107
63
3834
232
112
111%
34
190
103
100
143
111
91
110
43
14
45
128%
38
50
may
Feb
May
May
Jan
Mar
Jan
May
Jan
Mar
Apr
May
Apr
May
Mar
Feb
Jan
Apr
May
May
Mar
2,960
217
3,280
930
1,222
864
1,802
149
3,791
4,533
94
725
220
25
150
316
20
326
1,575
4,530
20
850
70
2,630
5,292
132
357
100
25
337
835
470
983
920
546
2,961
2,020
108
362
12
3134 Mar
17
Jan
27
Mar
42% Apr
3134 Jan
71
May
2931 Jan
55
Jan
33
Feb
7% Jan
35
Apr
33
Feb
2834 Jan
93
Jan
11034 Jan
9034 Jan
38
Mar
47
Jan
32% Feb
933 Jan
106% Feb
Feb
256
26
Feb
May
41
3334 Feb
Feb
103
6534 Feb
107
Feb
105
May
Jan
13
6034 Jan
3034 Jan
3
Mar
53
Jan
3
Mar
45
Feb
22
Feb
8934 Jan
45
Mar
Jan
285
4334 May
21
Apr
35
Mar
44
May
4534 May
98
Jan
140
Apr
8934 Apr
4334 Apr
1934 May
39
Jan
3534 Jan
3034 Feb
100
Feb
11431 Apr
100% Mar
42
Jan
61
May
38
May
1434 May
132
Apr
290
Jan
2734 Apr
47
Apr
50
May
105% Jan
70
May
109% Mar
105% Feb
Mar
16
71
Apr
May
35
8
Apr
9134 Apr
Apr
6
5434 Apr
May
37
108% Feb
48
Jan
Apr
301
Jan
Feb 89
100 87
Mar
66 103% Jan 105
Feb 10935 May
248 106
$4000 100
May 101
Feb
•No par value.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Apr. 28 to May. 4, both inclusive,
compiled from official sales lists:
[Vor.. 126.
FINANCIAL CHRONICLE
2772
Stocks-
Sales
Friday
Lan Week's Range for
Week.
Sate
of Prices.
Par, Price, Low. High. Shares.
Acme Steel Co
25 9033
Adams Royalty Co corn..' 27
AllAmerica Radio cl A_.5 19
Amer Colortype common.* 26
Am Fur Mart Bldg pf_ _100
Amer Multlgraph corn...'
Amer Nat Gas Corp
21
Amer Pub Sera pref_ _ _100
Am Pub Utll Co pr pref 100
Participating pref._.100 9634
Amer Shipbuilding_ _100
Amer States Secur Corp A° 12%
Class B
• 1634
Warrants
6
Armour & Co (Del) pref100 93%
Armour dr Co pref
100 86
Comc1Byto
25 1234
Associated Investment Co*
Auburn Auto Co com____* 137
Balaban & Katz v t c_ _25
Bastian-Blessing Co(com)* 3834
Baxter Laundries Inc A._* 2834
Beatrice Creamery com_50 6934
Beaver Board v t c
Bandit Corp class A_ _ __10 9633
Borg dr Beck common__ _10 106
Brach & Sons(E J) cont..* 2034
Butler Brothers
20 2134
CampbellWyant&CanFdy• 52
Castle & Co (A M)
10 53
Celotex Co common
•
100
Preferred
Cent D Pa Corp "A" pf__* 24
Cent Gas & El 634% prof.'
7% Preferred
Central Ill Pub Ser pref__* 9934
Cent Ind Power pret__100
Ctrs of deposit
100
Central Pub Ser (Del)_ *
Cent States P & L pref..
100
Central S W Util corn..._* 91
Prior lien pref
110
Preferred
10334
Chic City & Con Ry pt sh_*
Participation pref
• 17
Chic Jeff Fuse & El com_ _•
Chic N S & Milw com_ _100
Prior lien pre
100
Preferred
100
Chic Rap Tr pr pref A _ _100
Chic Rys part ctf ser 2_100
Chicago Towel cony pfd.._* 102
Chickasha Cotton Oil__ AO 4931
Club Aluminum Uten Co.* 37
Coleman Lamp & Stove_ _• 64
Commonwealth Edison _100 185
Consol Film Ind Inc pfd. _* 2431
Consumers Co corn
5 14
Preferred
100 9434
V t c pur warr
•
Crane Co corn
25 46
Preferred
100 121
Cutler-Ham Mfg com_ ..l0 58
89
91
27
2831
1834 20
2534 26
99 100
3034 3034
2
034 2134
100 10033
101% 10234
9634 97
104 105
10
13
1534 1624
3% 6
9333
92
8134 86
10% 1233
3734 3724
133% 137%
73% 74%
38
39%
28
31%
69% 7033
434 434
81
9833
91 107
2035 2224
2134 22
47% 53
51
5334
63
65
87
87
2334 24
100 100
104% 10434
99 100
100 100%
99
9934
17
18
100 100
84
91
109 110
103 104%
1% 1%
16
1734
3734
37
23
23
99 100
60
60
101 102
224 2%
100 102
49
51
3634 3724
63
64
182% 185%
24
2424
14
14%
94
95
7% 8
453 46%
12034 121
57
5834
Range Since Jan. 1.
High.
Apr
Jan 96
645 83
Jan 28% Apr
2,375 21
May
Jan 20
10,275
2
925 23% Feb 2624 Apr
Feb
320 97% Mar 101
30 27% Feb 3034 Apr
750 1834 Jan 26% Apr
Mar
250 9734 Mar 101
60 95% Jan 10234 May
Apr
54 8734 Jan 97
52 103
Feb 11734 Jan
May
4
Jan 13
38,450
4% Jan 16% Apr
5,810
6
May
53,100
5'6 Jan
195 87
Jan 93% May
Feb
3,305 66% Jan 87
7
Jan 1234 May
760
50 36
Jan 39% Jan
4,945 114
Feb 14134 Mar
Mar
1,110 5924 Jan 82
16,550 24
Feb 39% Apr
Apr
25,925 24
Apr 32
1,520 68% Apr 71
Mar
5% Feb
150
2% Jan
25,800 51
Feb 9835 May
May
56,800 66
Jan 107
390 1624 Jan 2224 May
Apr 23% Feb
3,050 20
May
15,825 3824 Jan 53
3,100 4224 Feb 5334 May
175 49
Mar
Feb 69
65 80
Apr
Feb 88
325 23% Apr 25% Jan
210 95
May
Feb 100
40 94% Feb 104% May
258 97,24 Jan 10014 Apr
75 95
Jan 100% May
112 94
Jan 9924 May
170 1513 Apr 18
May
485 99
Mar
Feb 101
3,115 76
Jan 91
May
450 103% Feb 110
Apr
828 9934 Jan 10534 Jan
20
1% Apr
2
Feb
2,845 1233 Apr 2224 Jan
140 30
Mar
Feb 40
25 20
Jan
Mar 44
259 97
Mar 100
Apr
140 60
Jan
Mar 65
145 10034 Jan 10233 Jan
Feb
100
2
334 Mar
305 95% Feb 102
Apr
7,290 4734 Apr 51
Apr
7,825 35
Jan
Feb 39
7,450 63
May 64
May
1,492 165
Feb
Jan 189
1,485 22
Apr
Feb 26
6,900
7% Jan 16% Apr
480 87
Jan 98% Apr
1,025
3% Feb 1033 Apr
1,131 45
Mar 4734 Jan
Jan 121
36 119
Mar
1,725 4834 Mar 59% Apr
Decker (Alf) Cohen,Inc_ _* 30
30
5,835 25
3134
Feb 33
Apr
110 110
Preferred
100
30 110
May 110
May
Eddy Paper Corp(The)- -• 39
3331 4235 3,205 30
Feb 4234 May
El Household Utll Corp_10 2414 21% 25
10,215 13% Jan 25
May
Elec Research Lab,Inc_ _ _• 11
8
14% 3,525
14y, Apr
2% Jan
Empire G & F Co 7% pf100 105
103 105
2,015 99
Feb 105
May
8% preferred
100 11224 112% 11231
30 108% Feb 113
Apr
Evans dr Co, Inc, el A _ _5 85
81% 85
225 55
Jan 85
May
Class "II"
5
50 55
83
Jan 85
8335
Apr
Fair Co(The) prat
109 10935
35 107
100 109
Jan 110
Mar
Foote Bros(G & M) Co_ _5 2734 27
2934 7,985 18% Jan 29% May
Galesburg Coulter-Disc. _* 6334 63
6533 7,675 4733 Jan 6534 May
General Box Corp corn_ *
6
6
100
234 Feb
7% Apr
6
6
Godchaux Sug, Inc Cl "B".
0
460
3
Jan
Apr
9
Gossard Co(H W)corn_ _.* 6034 5934 62
6,540 43
Jan 62
Apr
Great Lakes D & D__ _100 305
305 309
80 245
Jan 330
Feb
565 39
Greif Bros Coop-ge A corn* 4234 41% 4234
Apr 4333 Feb
Grigsby-Grunow Co, corn.* 79
78
Mar 8024 May
8034 8,760 54
4434 45
Hartford Times part Pt.- -* 45
110 3924 Feb 4634 Apr
Hart,Schaffner & Marx 100 171
165 172
Jan 181
810 134
Apr
Hannay Motor Co
14% 22
• 22
14,850 12
Feb 22
May
Preferred
• 4934 45
4933 1,995 42% Feb 49% May
Hubbard, Spencer, Bartlett & Co corn
60
25
60
150 60
Apr 70
Jan
Illinois Brick Co
25 41% 41
41%
975 39
Apr
Feb 44
Indep Pneu Tool v t c_
54
5434
*
375 4734 Feb 5414 May
Inland Wire & Cable comb° 46
42
46
7,450 2668331 jJMaraa
46
May
Kalamazoo Stove corn__
135
128 135
6,235
134
Apr
Kellogg Switchb'd corn...10 11
833 1224 2,600
13% Jan
Preferred
84
100 84
84
40 75
Mar 96
Jan
Kentucky Util Jr cum pf 50 54
5334 54
570 50% Feb 54
Apr
KeystoneSt&WIre com100o
293 315
445 100
Jan 300
Apr
Common
• 57
53
58
6,680 53
May 58
May
Kraft-Phen Ch Co corn. _25 6931 6534 71
4,675 6024 Feb 71
Jan
Kuplielmer & Co(B) Inc.5
55
57
95 45
Apr
Mar 57
Class"B" preferred_ _100
110 110
15 110
May
May 110
Laclede G dr E pr lien_.100
100 100
100 100
Apr
Apr 100
La Salle Ext Unto com_10
334 3%
260
3
Mar
4
Jan
Libby, McNeil & LIbby_10 1234
9% 1234 38,905
8% Aa r 12% May
2
j pp
Lindsay Light corn
10
3% 4
600
4% Apr
Lion 011 Refg Co, com_ _ _• 3134 26
3134 70,125 26
Apr 31% May
McCord Radiator Mfg A...
0
44
44%
550 40
Feb 4434 air
McQuay-Norris Mfg
• 48
45
49
2,825 23% Jan 50
Apr
Marvel Carburetor (Ind)10 104% 89 10524 38,550 61% Jan 10524 May
Meadow Mfg Co coin_
19%
1934 2
034 5,445 10% Jan 22% Apr
Preferred
53
50
53%
110 4433 Jan 55
Mar
Mer & Mfrs Sec Co pr p1100 96
96
94
350 9134 Jan 96
Mar
Part preferred
25
20
Mar
20
150 15% Jan 20
Middle West Utilities_ _ • 156% 148 159
8,790 123% Jan 159
May
Rights
334 4% 24,100
434 May
434
110r, Feb
Preferred
100 120% 120 121
1,060 116% Jan 124% Feb
6% cum preferred
• 100
9
920 9333 Jan 100
Feb
831 100
6% cum pr lien pfd _ _ _• 10635 106 108
May
350 99
Mar 108
Prior lien preferred_ _100 127% 12634 127%
432 125
Mar 129% Feb
Midland Steel Prod corn.* 90
90
90
85 86
Feb 110% Jan
Midland Utll 6% pr lien100 9534 94% 9533
Mar
305 94% Jan 97
7% prior lien
100
105% 106%
Apr 10624 May
241 104
Preferred 6% A
100
9033 9024
105 89% Mar 9234 Mar
Preferred 7% A
100 103% 103 103%
Jan 10534 Apr
115 103
MInneap Honeywell Reg * 38
Apr
Feb 38
363-5 3834 3,915 30
Preferred
May
100
105 110
325 9734 Jan 110
Miss Val Util prior lien pt.* 95
94
95
40 94
Jan 9634 Jan
Monighan Mfg Corp "A" * 28
26
2933 6,050 24% Apr 2934 May
Monsanto Chemical Wks.* 56
57
Apr
56
57
825
Morgan Lithograph corn.* 8434 82
Ja
8634 12,820 7331 j n 87% Apr
3
8
Mosser Leather Corp corn •
Feb 37% Mar
3634 37
70 23
Nat Carbon prat
60 136% Apr 139% Apr
100
13634 13634
Nat Elec Power A part_
Jan 32% Feb
31% 30% 31% 2,095
7% preferred
Jan 10533 Feb
n
50 104
2
100
104 104
National Leather corn..10
5% May
534
3
335
43,4 5% 39,025 37 x%
National Standard corn...* 5234 52
Mar
Jan 55
54
4,870
Neve Drug Stores corn_ _ _* 32
29
3334 18,700 2634 Apr 3333 Apr
• 4234 4035 43
May
r 43
Convertible "A"
313i
6,630 40
Noblitt-SparksIndInc.corn• 41
Apr 43
May
36
43
11,350
Apr
North American Car corn.' 44
Jan 48
48
15,175
40
Northwest Eng Co corn _ _* 39
JanJaa nn 40 IMaY
6,445 20
32%2029
3734 40
Nor West Util pr In prof 100
105
Feb
20
103% 10334
7% preferred
Jan
65 9933 Jan 103
101 102
100
•
FINANCIAL CHRONICLE
MAY 5 1928.]
-
97
9954
98
85
84
8331
63
43
100
106
10634
10031
100
Mar
Apr
May
Feb
Feb
May
May
Feb
Apr
Apr
Jan
Jan
Feb
6731 9754
10031 10034
107 107
2,000 0731 Mar
5,000 9934 Mar
2.000 100
Jan
XX
X
X
X
X
00
May
Jan
Jan
Apr
Apr
Mar
X
5.000 100
100
4,000 81
82
8131 10,000 7934
3.000 104
104
102
1,000 102
100
1,000 100
Paraffine Cos Inc com____
Piggly Wiggly West Sts A
Pign Whistle pref
•
Richfield Oil
Roos Bros com
Preferred
S J Lt & Pow prior pref.__
6% prior preferred
B F Schlesinger A com
Preferred
Shell Union 011com
Sherman & Clay prior pref.
Sierra Pacific Elec pref...,....
Southern Pacific
Sperry Flour Co corn
Preferred
Spring Valley Water
Standard Oil of California.
Standard 011 of N Y
Telephone Investm't Corp_
Union Oil Associates
Union Oil of Calif
Union Sugar corn
Wells Fargo Bk & UnionTr
West American Finance pf
Yellow & Checker Cab_ _
Zellerbach Corporation
6%
1926
AO>
1097
0
• No par value. a Six no-par shares issued in exchange for each share of 8100
par value.
10454 10234 106
12,850
25
2454 2531 3,215
460
1734 1631 1754
4831 44
4634 59,585
3531 36
36
298
95
102 102
35
11834 118 11831
105 105
5
25
1,385
2434 25
98
490
9731 99
2934 2834 2931 19,445
9731 98
70
25
96
96
96
12154 125
110
555
7051 7054 72
50
102 102
107
2,071
106 120
62
6154 03234 28,947
50
3931 3951 3934
5
31
31
5454 5454 5734 12,164
5334 5334 5534 26,450
1.440
1151 14
13
350
345 350
350
651 634 1,125
63-4
456
52
52
5331
4634 4451 4631 13.477
120
• 35
11851 120
19,1
117 19n
1911
Range Since Jan. 1.
Low.
High.
843,4 Jan 10934
2231 Apr 3151
1434 Apr 1734
2351 Feb 4654
31
Feb 3731
98
Jan 10334
11331 Jan 11834
100
Jan 106
2151 Jan 2734
92 ,, Jan 9851
24
Feb 2931
9551 Jan 99
95
Jan 9614
11851 Feb 125
6054 Mar 85
9951 Jan 10454
105
Jan 120
53
Feb 6234
2931 Feb 3934
30
Feb 31
4134 Feb 5731
4234 Feb 5731
731 Mar 16
295
Feb 350
534 Mar
8
51
Apr 5854
4234 Apr 5451
Jan 145
117
111“ An,'144
Apr
Feb
May
May
Max
Apr
May
Apr
Mar
Max
May
Max
Mar
May
Apr
Max
May
Apr
May
Feb
Apx
Apr
Apr
May
Feb
Max
Feb
Feb
VAT
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, April 28 to May 4, both
inclusive, compiled from official sales lists:
Stocks-
4m,,,X›...,
X> 4.4.4m4 X4 mv ,
100
82
8154
104
102
100
8,000 9534 Feb
1,000 10831 Jan
000000
00.A.0.4.0
9551 9751
121 121
54,000
2,000
10,000
1,000
6,000
16,000
12,000
2,000
6,000
5.000
3,000
3,000
7,000
X
9831
9931
98
85
8431
8431
63
4454
100
10831
10651
10031
101
A
98
9931
98
85
8431
8331
63
4431
100
106
10634
10031
10031
A
Ma
Jan
Ma
Jan
Jan
Jan
Feb
Apr
Mar
Feb
A
490 121
12531
6931 44,575 32
405 66
149
50
631
9
210
554
6
735 33
40
540 6931
7431
29,975 12
24
3431 3,005 3031
7,840 3534
8631
JZA
12431
63
13831
9
6
36
7334
1331
3351
81
g
Jan
Jan
Jan
Ma
Jan
Fe
Ma
Fe
Jan
AAA
45 95
100
75 .53
58
25
60 14
7454 2,410 69
100 122
125
100 1951
2931
831
1431 6,700
240 10031
110
13,200
5
25
gA
100
57
25
71
125
2931
1051
110
1831
g
Mar
Mar
Jan
Jan
Jan
Jan
Feb
May
Jan
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Jan
May
May
Apr
Feb
Feb
Jan
Jan
Jan
Feb
Feb
May
May
Apr
Apr
1,010
140
785
18,625
870
210
45
65
5,040
120
116
6,920
4,125
350
850
25
440
7,500
000
72,420
365
7,900
210
4,980
24,295
275
2.405
3,280
800
5,540
36,625
I+
1+
WoP.M.4,1, 1+0,01.2 1,,o+$+0N0W00
.0000000 WOOCCAWNWN
004
,
A A
AA
X
X
1031
28
20
5451
15931
15931
110
118
3831
262
111
3054
8251
79
25
101
8934
60
9931
3031
49
7734
9
12434
26
13
593,4
2931
334
9431
3234
1531 17
32
3231
22
2231
9751 102
179 18031
179 180
113 113
118 119
7751
62
285 290
12751 128
3331 37
100 10234
95
94
2.531 2651
10331 10334
9431 9531
60
63
9931 9934
3931 50
8.534 90
9134 9431
9
931
130 136
2734 3034
13
1831
6031 61
2934 3134
331 634
9454 9551
3334 3834
p.gM.4m44>>.gM.4>4.4..14mM.> 4
,.$*:*...Pmcp.u.c.-0.s.vp.o.s20.12,0vEmEzaav‘va
High.
Low.
00
1+0
Novadel Process Co corn •
•
Preferred
Penn Gas & Elec "A" cora* 2231
Pines Winterfront A com_5 102
Pub Sery of Nor m com_.• 18034
Common
100 180
100
6% preferred
100
7% preferred
Q
-R-S Music Co corn_ _ _ .* 77
•
Quaker Oats Co coin
100 12731
Preferred
Sawa= Electric Co_..' 37
Sears, Roebuck, corn_ ___• 102
Shaffer Oil& Rfg pref 100 9431
So Colo Pr Elec A corn _25 26
So'w G & El Co 7% pf _ 1 i i
Southwest Lt dr Pow pref.• 9554
Spiegel May Stern com_.• 6231
100 9931
651% cum pref
Standard Dredge cony pf_• 49
25 90
Steel & Tubes Inc
-Warner Speedom • 9331
Stewart
Studebaker Mall Ord comb
Swift & Company
100 134
Swift International
15 3031
Tenn Prod Corp corn. _• 18
Thompson (J R) com25 61
Twelfth St Stores pf "A"_• 3034
Warrants
634
20 Wacker Drive Bldg pf_* 9551
Units Corp of Amer pref__* 3734
United Light & Power
Class "A" preferred •
Class"B"preferred_ _ _ _. 57
Common class A new •
U S Gypsum
20 71
Preferred
100
ULU Pow & Lt cl B v t o__•
Wahl Co common
• 1254
Walgreen Co 651% pf_ _100110
Corn stk purch
. _* 25
Ward (Montgomery) drCo
wars'Class A
*
Warner Gear"A"conv pf 25 6931
Waukesha Motor Co corn _•
Williams 011-0
-Mat com_*
9
Wolverine Portland Cem 10
Woodworth Inc pref
•
Wrigley(Wm Jr) Co corn _•
Yates
-Amer Mach part pf * 2034
Yellow Cab Co Inc (Chic) * 3454
Zenith Radio Corp com..* 85
Bonds
Bloomington Limest 6s '42
Boise Water Wks 5S1s 1948
Chic Artific Ice 1st 63_1938 98
Chicago City Ry 58._ _1927
Chicago Rys bs
1927
1st M ett of dep 58 _ _1927
be series A
1927 63
be series B
1927
Chic Unit Art Thea 6516'48 100
Commonw Edison 58_ _1943
1st M 58 series A __1953
1st M430 series D _1957
Foreman T &S.5%% A 1937
Great Lakes Util Corp
1st 551s
1942
nous° G Co s f g(351s 1931 121
Great Lakes Paper Co Ltd
6s"A"
1950
Metr W Side El lst 43.1938 82
Extension gold 43_1938 8131
St Anne Paper 651s A _1946
Swift & Co 1st s f g 58_1944
Texas Water Util 6s A _1948
United Pub UM Co
1st 5345 "B"
1947
Vicksburg Ddge & Ter 68'58
Willoushhy Tout Ms.ns.4R
Range Since Jan. L.
.....
o+W
IWO+00000W+
00/+00 00000000MW1+WON,
WO
W000010.0002W0.04
..40.4.
qo+CTOOMWW .4
10
for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
000004.001)00000
p+o+M000040W00=
' Week's Range
ill'
2773
HOW
Friday
Last Veel's Rasps for
Via.
of Prices.
Sate
Stocks (Concluded) Par. Price. Low. High. Mares.
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Amer Win GI Mach,com100
Arkansas Nat Gas,corn _10
Armstrong Cork Co
Blaw-Knox Co
25
Carnegie Metals Co
10
Colonial Trust Co
100
Columbia Gas dr Elec,com •
Preferred
100
Consolidated Ice, corn _50
10
Devonian Oil
Dixie Gas dr Utilities, corn•
Preferred
100
Exchange Nat Bank_ _ _ .50
First National Bank __ A00
Barb-Walk Ref.corn _100
Independent Brew, pref _50
Jones& Lau'g'n St, pref 100
Lone Star Gas
25
May Drug Stores Corp_ _ _*
Nat Fireproofing, pref .50
Pittsburgh Brewing pref_50
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass _100
Pitts Screw & Bolt Corp._•
Pitts Steel Foundry,com _•
Salt Creek Consol Oil __10
Stand Sanitary,com wl _ ..•
Union Steel Casting,com _•
United Engine dr Fdy,com •
Waverly Oil Wks,class A _•
Webster Hall,coin
•
Westinghouse Air Br, new •
West Penn Rye. pref_ _ _1(10
Witherow Steel, pref_ _ _100
Worthington Ball Bear,com
Zoller(William) Co, pf 100
83,4
64
2551
112
431
951
353
43.4
1223,4
5234
2631
73;
58
3834
10331
9914
Rights
Lone Star Gas
Low.
200 16
22
22
834 85-4 6.191
734
475 5931
6151 65
267 91
9934 101
8,625 163-4
25
27
255 255
9 250
105 105
50 9054
68 108
111 112
100
431 451
43,4
600
9
7
10
14
1434
365
9
50 8034
88
88
90
10 90
90
100 345
350 353
50 178
208 208
454 431
4
225
130 12034
12234 12234
4854 5354 28,560 4831
1,060 20
2431 26
250 1934
2134 22
20
73,4 734
731
50
354 334
33.4
223 225
264 210
58
5931 2,810 4851
3434 3434
25 27
351
634 63-4
654
3534 383.4 10,670 33
37
3931
800 29
4631 4751
300 4554
50 3034
3034 3034
2
2
500
2
50
51
450 4634
10351 10334
20 10131
72
10 68
7231
11
11
25
8
9851 100
70 95
75,4
Bondsindpnandant AnnainctRA.
55
Range Since Jan. 1.
67
8
9.915
67
'Loon
High.
Feb 2534
Feb
931
Apr 67
Jan 105
Jan 2751
Feb 258
Feb 105
Feb 112
Mar
5
Mar 10
Jan
15
Feb 95
Jan 92
Feb 360
Jan 208
Mar
43,4
Jan 123
Apr 58
Jan 26
Jan 24
Apr
9
Jan
4
Jan 234
Feb 5951
Jan 35
May
73,4
Mar 3831
Mar 393,4
Apr 61
Apr 43
May
234
Jan 5634
Jan 10334
Jan 733,4
Apr11
Jan 100
751 Mar
67
An
Mar
Feb
Mar
Feb
Mar
Jan
May
May
-Jan
Jan
Apr
Apr
Apr
Jan
May
Apr
Mar
Apr
May
Mar
Max
Jan
Feb
May
Api
Jar
Ma)
Mai
Jar
Feb
Fet
Jar
Mai
Aim
Api
Mai
854 API
70
Ise
San Francisco Stock Exchange.
-Record of transac- • No par value.
tions at San Francisco Stock Exchange, Apr. 28 to May 4,
St. Louis Stock Exchange.
-Record of transactions
both inclusive, compiled from official sales lists:
at St. Louis Stock Exchange, April 28 to May 4, both
inclusive, compiled from official sales lists:
mies
Friday
Stocks-
Last Week's Range for
Week.
of Prices.
Sale
Par, Price. Low. High. Shares.
American Company
17131
Anglo Calif Trust Co
Anglo & London P Nat Bk. 245
Atlas Diesel En A
5931
Bancitaly Corporation_
21834
Bank of California N A
425
Bank of Italy NT & S A
307
Calamba Sugar pref
California Copper
531
Calif Cotton Mills com
127
California Ink
5054
Calif-Oregon Power pref.
California Packing Corp__
7751
California Petroleum cam. 3131
Caterpillar Tractor
7654
Coast Co Gas & El lat___-___..
Crocker First Nat Bank- 410
Dairy Dale A
2631
B
2331
East Bay Water A pref.._
9831
Emporium Corp
3131
Fageol Motors com
631
Preferred
Fireman's Fund Insurance_ 122
15
Foster & Kielser corn
Gt Western Pr A 6% pref_. 10254
10534
Preferred
Hawaiian Com & Bug Ltd_
2851
Hale Bros Stores Inc
5054
Hawaiian Pineapple
43
Home Fire & Marine Ins._
42
Honolulu Cons 011
.
2531
Hunt Bros Pack A corn _ _ _
Hutchinson Sugar PlantatIllinois Pacific Glass A__ _ 5531
1431
Langendorf Baking A
LA Gas & Elec pref
2.25
Magnavox Co
2531
Magnin (I) com
Nor Amer Investment com
Preferred
3951
North American 011
5254
.
Pacific Gas & Elec coin_ _ _
2851
1st preferred
Sac Lighting Corp,corn- 8734
1055,4
6% preferred
Paelbe 011
158
Sac Tel dr Tel corn
124
Prafarrod
144 17231
45534 456
226 249
58
62
21154 22034
385 440
292 31131
99
99
534 6
127 133
50
52
11031 11051
7554 7831
3051 3131
7231 7631
100 101
400 425
263,4 27
2334 25
98
9834
3131 3231
531 7
7
731
121 123
1451 1534
10234 10251
10551 10531
52
53
2834 29
4931 51
4334
43
3834 43
2451 26
1234 13
52
5734
1434 1534
11034 11234
2.10 2.30
2534 255,4
109 109
10234 10234
3834 3951
49
5334
2834 29
8431 8831
10534 106
1.6234 2.25
154 159
12331 124
77,852
25
___
6:391
64,142
1,606
40,553
5
1.590
680
2,670
145
9.646
270
54,816
50
165
2,315
2.210
260
470
26,744
1.215
485
4,650
305
306
240
635
540
260
29,283
5,570
60
17,210
1,535
190
52,915
160
125
90
5,200
18.293
4,172
27,481
55
405
585
120
Range Since Jan. 1.
Low.
i
High.
130
Jan 17231 May
400
JanI 470
Apr
225
Marl 256
Jan
31
Apr
JanI 76
Janl 2203.4 Apr
13734
26931 Fell 450
Apr
260
JanI 31134 May
9131 JanI 100
Apr
2
Marl
854 Apr
75
JauI 14331 Mar
30
JanI 52
Apr
10831 JanI 11234 Mar
71
SiI 7931 Apr
2354 ' 131 May
.3
53
7-% Apr
98
Jan 12
Jan
365
Feb 450
Mar
23
Jan 29
Nfar
1754 Jan 2934 :\''iar
9551 Jan 9854 A.pr
31
Apr 3434 Jkin
.
2
Jan
7
Mt,.
5
Jan
8
l'ilrf
110
Feb 127
Jt-i
14
Jan
19
Jill
9854 Jan 10334 Apr
10334 Jan 10631 Ms
5154 Jan 56
M.r
27
Feb 31
Jan
41
Jan 5234 A i‘r
4154 Feb 4931 Jan
35
Feb 43 Slay
23
Mar 2851 Apr
1231 Apr
1551 Mar
4531 Jan 58
Apr
1251 Jan
1654 Mar
10534 Jan 11231 Apr
30
Jan
2.40 Apr
22
Jan 28
Apr
10.5
Jan 100
Mar
99
Jan 10234 Mar
3631 Jan 43
Apr
4331 Mar 5334 May
21334 Jan 2951 Apr
7231 Feb 8834 May
10034 Jan 10651 Feb
1
Jan
2.25 Apr
148
Mar 159
May
11334 Jan 125
Mar
Stocks-
Friday
Sales
Last Week's Range for
Salo
of Prices.
Week.
Far. Price. Low. High, Shares.
Banks
Boatmen's Bank
100
First National Bank__ _100 320
Lafayette-So Side Bk_ _100
Nat Bank of Comm__ _ _100 190
171
171
320 $25
335 335
17234 190
Trust Co Stocks
Frank-Amer Trust__ _100
Mercantile Trust
100
St Louis Union Trust_ _100
210
540
475
Street Ry Stocks
St Louis Pub Serv corn_ - _•
Preferred
•
Miscellaneous Stocks
Aloe corn
20 37
Preferred
100
Best Clymer Co
*
Boyd-Welsh Shoe
* 40
Brown Shoe.com
100 5134
Preferred
100
Burkart corn
• 16
Preferred
• 24
Cergain-teed Productsldt preferred
100
Coca-Cola Bet sec
1 36
Champion ShoeMach pf100
E L Bruce com
•
Preferred
1''
Ely & Walker D G,com _25
2d preferred
100 90
Elder common
•
100 85
Fred bledart Mfg com,.* 2934
Fulton Iron Works com_* 1634
Globe-Democrat pref_ _100
Hamilton Brown Shoe25
Huttlg S & D corn
• 2551
Preferred
100
Hydr Press Brick com_100
Preferred
100
Independ Packing com _ _ _• 1851
International Shoe com....* 84
Preferred
100
Johansen Shoe
• 3614
....... .._..........
"'
210
545
475
2531 2531
83
81
37
10431
24
3954
51
118
1534
2334
37
10434
2434
4()
5151
119
16
24
11931 11951
3254 36
10051 101
4931 50
100 100
3
034 3034
90
9034
34
38
83
90
2934 32
1651 1634
118 118
24
26
22
2534
95
99
431 451
75
76
1834 1854
8254 8434
111 112
36
37
15
10
10
2,296
Range Since Jan. 1.
Low.
168
320
325
157
35 200
26 540
10 460
13
193
High.
172
345
335
190
Feb
Feb
Apr
May
Apr 210
Apr 570
Mar 475
May
Jan
May
Mar
May
Feb
Apr
20
Jan
7831 Apr
2734 Apr
May
83
1,165 333,4 Mar 37
May
20 10254 Apr 10451 May
370 2251 Jan 27
Apr
65 3831 Jan 4234 Feb
20 4751 Mar 5534 Apr
Apr 12034 Jan
30 117
438 123,4 Mar 1731 Jan
Mar 243.4 Apr
250 19
5
735
15
257
15
450
123
772
615
210
1.365
15
153
755
304
30
90
495
1,772
44
175
11831
21
100
45
98
30
90
2354
72
29
1134
11334
20
20
95
334
7451
1654
62
10934
34
Jan121
Jan 36
Feb 107
Jan 50
Jan 10034
Mar 33
May 94
Jan38
Jan 90
Jan 37
Jan 1651
Feb 118
Jan 30
Feb 27
May 99
Apr
5
Apr81
Jan 20
Jan 87
Jan 113
Mar 37
prl 5534
Jan
May
Mar
May
Mar
Jan
Jan
May
May
Apr
May
May
Jan
Feb
May
Feb
jab
Feb
Aim
Mai
Am
Jan
eZ,714
FINANCIAL CHRONICLn
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Pat. Price. Low. High. Shares.
Laclede-Christy CIPr,o_10
Preferred
100
Laclede Steel Co
100
Landis Shoe Mehy
26
Mo-11k3Stores,corn
Mo Portland Cement __ _25
SO% paid
25
Nat Candy,corn
•
40
100
198
43
2134
5034 4135
434
22
21
40
Pedigo-Weber Shoe
•
35
Polar Wave I & F A
3736 3
531
Rice-StLx D Gde,corn_ _ _• 23
23
Scruggs-NatDG,eona _..25
1734 7736
Scruggs-VI/DC.1st p14.100
3734
Scullin Steel, pro!
• 43
16%
Securities Inv,corn
33
Sheffield Steel,corn
79
Sieloff Packing,corn
1631
Skouras Bros,"A"
•
42
So Acid &Sulphur, corn •
44
SoutIrwesternBellTelpfd100 11936 119
Range Since Jan. 1.
Low.
ugh.
400 40
5 100
1 180
55 43
5 17
2,015 38
147 38
1,000 1835
May 40
May 100
Jan 200
May 46
Jan 23
Mar 62
Feb 45
Feb 234
May
May
Apr
Apr
Apr
May
Apr
Jan
370 35
3736
3734
945 32
2334
825 20
7735
38.5 16
46
10 7734
1735 14,388 31
33
150 30
79
5 33
16 31
40 1635
1,165 37
45
45
70 43
11934
99 11731
Apr 39
Mar 3831
Mar 234
Apr 20
May 85
Jan 46
Apr 33
Jan 80
Apr
1834
Apr 45
Apr 474
Jan 121
Apr
Apr
Mar
Jan
Mar
Apr
Apr
Apr
Jan
May
Jan
Mar
40
100
198
4331
2136
52
45
22
(\rm.. 126.
Friday
Sala
Last Week's Range for
of Prices.
Sale
Weak.
Stocks (Concluded) Par. Price. Low. High. Shares
St L Amusement"A"
•
29
St. L Car, corn
10 31
31
Stitt Baer & Fuller
• 31
30
Wagner Electric, com__ _.• 8414 76 34
WagnerElectrleCorp,pf 100 104
104
New Title Ins Corp
25
29
32
31
85
105
25
I
High.
20
16
27
37
9634
25
May
Jan
Mar 33
Feb 85
Jan 105
May 25
1,500
192
304
11
Marl
Marl
1234
34d. 358.
12
lag
Street Ry. Bonds
E St L dr Sub Co 53 _1932
City & Sub Pub Serv,4334
United Railways,48 _ _1931
8431
9434 9435 2,000
9235 9234 10,000
84
8414 15,000
1004 100%
1004 100 36
Low.
10
170
377
5,751
114
4
Mining Stocks
Granite BI-afetallic
_ 10
Cons Lead & Zinc Co,"A"•
Miscellaneous BondsElnioch Telephone, Os 1928
St Louis Car,6s
1935
• No par value.
Range Macs Jas. 1.
Peb
94
9134 Feb
84
May
Jan
May
Apr
May
Ma)
May
3.41
15
May
Jan
94.4 Ala
,
93
Alir
8534 Jan
2.000 10034 Msyj 1003
2.000 10031 Jan 101
Apr
Arr
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (Apr. 2S) and ending the present Friday (May 4) It is compiled entirely from the daily
.
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered:
Friday
Sales
Last Week's Range for
Sale
of Prices.
lVeek.
Par. Price. Low. High. Shares.
Week Ended May 4.
Stocks-
Range since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
Acetol Products, Inc. A • 21
2234 274
5,100 2234 May 31% Feb
Acme Steel. cum
25 90
Jan 11115 Apr
90
500 83
88
Aeolian Co 7% pref.. _100
89
75 8635 Feb 904 Feb
89
Aero Supply Mfg cl A. •
100 14
Jar, 2034 Apr
1934 1931
Class 13
14% 15
200
851 Jan
1834 Apr
Ala Gt Southern RR ord 50
178 181
Jan 182
Apr
600 162
Preference
50
Apr
210 162
178 185
Jan 185
Alles & Fisher Inc corn. •
Apr 34
Jan
200 27
27% 2731
Alliance Ins (Filth')
10 8534 84
100 7,334 Jan 8615 Apr
85%
Allison Drug Store ol A• 193.4
1931 19%
Mar 21% Jan
1,600 15
Class B
Mar 154 Jan
100 10
83.4
934
Alpha Portl Cement corn.. 443.4
41
2,200 374 Mar 4421 Apr
4411
Aluminum Co, cum
• 148
145 15031 3,600 120
Jan 150% Apr
Preferred
100
900 105% Jan 10931 Apr
109% 109%
American Arch Co
100
Mar 70
Jan
57
100 52
57
Amer Bakeries, class A. •
Jan 58
Jan
500 49
55
5635
Am Brown Boveri El Corp
Founders' shares
44 Feb
534 1035 20,600
• 1034
1034 May
Amer Chain cum
Mar 45
Jan
40%
200 39
40
Amer Cigar, corn
100
325 132
156 156%
Mar 1623.4 Apr
Amer ColortYPe rom
• 2614 25°1 264 1,700 2331 Feb 263-4 Slay
Am Cyanamid corn c2 B20 4935 48% 5035 15,400 384 Mar 503-4 Apr
Preferred
1
9915 99% 9935
A nr
300 95% Jan 101
Amer Dept Stores Corp.• 2034
Slay
14,500 134 Jan 21
1934 21
American Hawaiian EIS _1(1 2035 20% 2134
1,700 1535 Jan 2334 Apr
Amer Rayon Products...• 14
1334 144 5,700 13
Mar
173-4 Jan
Amer Rolling Mill. corn _25 101
100% 10335 9,600 05
Jan
Jan 114
Am Solvents& Chem. v t o• 2434 224 24% 10,400 11% Jan 24% May
Cony panic preferred _ _• 3535 3334 3515 2,000 254 Mat 3031 Apr
American Thread pref. .6
34 Jan
Vie Jan
200
335
335
Amsterdam Trading Co
American shares
100 37
3915 3935
Apr 434 Jan
Anglo-Chile Nitrate Corp.• 3434
3135 3734 16,700 2634 Feb 314 Apr
Armstrong Ccrk, new com• 64
May
6235 66
Apr 66
425 60
Arundel Corp
4834 47
200 4634 Apr 4835 Mar
Atlantic Fruit & Sugar
• 87c
1
Jan
76c 95c 11,100 72e
Jan
Atlas Ply wood
• 80
Apr
704 8035
2,400 :8334 Jan 83
Atlas Portland Cernent
• 13734 1344 138
Feb 4734 Apr
9.300 38
Auburn Automobile. cum _• 4535 41
Mar
Feb 143
4533
800 115
Axton-Fisher Tob corn A 1
1,300 494 May 51% Apr
4934 4935
Babcock & Wilcox Co_ 100 1. 434 121
1
15
.
124
350 1174 Mar 12434 Jan
•
Bahia Corp.com
124 17
May
17
Feb
42,700
6
Preferred
25 1535
1535 17
May
17
935 Feb
3,800
Bancitaly Corm/rat/0u _ _26 21734 21135 223
Apr
Jan 223
83,100 136
Barker Bros Corp cora. • 3931 394 39°4
...
500 3934 Apr 414 Mar
Cony64% pre(
1
10535 10334 10534
400 1024 Mar 10535 May
Bastian-Bier/eine Co
3835 3934
Mar 3915 Apr
600 28
Baxter Laundries corn A _25
30
Apr 33
Apr
1,100 23
31%
Belding-Hail Electrice. cm• 50e
500 550
Apr
1,400 450 Feb 60c
Bendix Corp corn clam A 10 99
83% 99
2,000 5334 Jar, 09
May
Benson It Hedges coal-. 2134 203-3 21% 1.300 1934 Feb 24
Mat
Cum cony preference. •
314 Jan
284 28%
1,500 27 34 Apr
Bird Grocery Stores
* 2034
2034 2434 10,300 2034 Feb 29
Slay
•
Bliss(E W)it Co atm_
29
29
100 1634 Max
2434 Apr
Blumenthal(S)& Co corn.• 354 30
Mar
35% 1,200 26 34 Mar 37
315 Mar
Blyn Shoes. Inn, corn. _10
300
4
434 laa
331
309 323
Bohack (LI C) corn. _100 323
May
90 230
Jan 323
Bolin Aluminum & firms.• $034 764 82% 24,800 8334 Jan 82% Slay
9635
400 6834 Jan 984 May
Borg & Beck
92
54 Mar
Bridgeport Mach, com--•
2
Oct
234
660
335
335
2935 30
400 27 34 Apr 3i34 Jan
• 2935
Brill Corp. class A
700 1134 Mar
1536
15
Class B
1634 Jan
25
Jan 3154 Mar
2534
600 14
Brillo Mfg.corn
• 2534
2835 2834
1,300 254 Star 2034 Jan
Class A
27
100 654 May 6933 Apr
27
Bristol & Myers
27
Brit-Am Tob Am deP recta- 654 654 69% 7,400 284 Apr ash Apr
British Celanese
2935 3236 86.000 22 34 Apr 333.4 Apr
31
Amer deposit receipts_ _ _
May
Jan 57
Brockway Mot Trk corn • 5654 1.434 57
10.700 43
May
115
Preferred
1,300 105% Mar 117
1
11314 117
May
23
34
Jan
1.000 20
Budd (E ()) Mfg corn_ ..• 224 20
734 Slay
Jan
3,000 43
• 7334
Bullard Mach Tool
6034 7335
Jan
21
100 204 Apr 24
Butler Broe
21
Bursa Clark, Inc. com
164
1,800 1434 May 20% Mn,
1434 1634
Camp. Wyant & Cannon
Jan 5234 May
• 52% 4735 5214 14,200 39
Foundry
200 sax Feb 504 Apr
.
Canadian Indu8 Alcohol •
46% 4635
50
Jan
May
2,660 30
50
40
Carnation Milk Prod coni26 50
Jan 228
Mar
90 156
195 204
Casein Co.of America_100 204
Feb
Mar 17
4
4% 3,800
434
Case Plow Wka, el bi v t e •
Jan 7734 Apr
73
2.800 53
• 76
76%
Caterpillar Tractor
3,600 31% Apr 374 Apr
Cavan-Dobbs. Inc. corn_ • 3434 3434 3734
64% pf. with corn. 811
Apr
Apr 109
760 102
10734 losx
100
pur. Warr
6.800 7034 Mar 10034 Jan
as 93
Celanese Corp of Am,00m• 92
1.700 15734 May 1854 Jan
100 15731 157% 163
First preferred
Apr 112
Feb
1,700 105
10833
10835 107
New preferred
Feb
Jan 122
200 100
•
105 105%
Celluloid Co. corn
Feb
100 12435 Apr 132
12435 1244
First preferred
Feb 6
0% Apr
600 /9
6435 67
Celotex Co,common.... • 67
Feb 8735 Jan
150 80
854
85
100
7% preferred
Slay
11631 Feb 151
1,650
143 151
50 148
Cent Aguirre Sugar
Apr
124 Jan
104 1031 35,90 0 10
• 1034
Centrifugal Pipe Corp..
Mar
8,700 204 Mar 31
29%
26
Checker Cab Mfg can't .• 274
Apr
500 494 Apr 51
Chickasha Cot 0.1 Co..10 ...... 4934 504
Jan
6335 May
.211 6335 60% 6335 35,100 54
Cities Service,common_
May
Jan 103
2,900 94%
1033 10t54 102% 103
Preferred
I/35 Apr
8% Jan
800
Preferred B
lb
93-3
93-4
Apr
300 884 Jan 97
Preferred 1311
97
97
100
100 25% Apr 303-3 A pr
Bankers shares
304 30%
•
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High char es
Range Since Jan. 1.
Low.
High.
Chic NippleMfg el B
111
13.1
134
100
5
054 Feb
Feb
Childs Co prat
100 115
11014 115
280 1104 May 1244 Feb
.14 Ice & Fuel (Cleve)-.•
,
46
47
500 3636 Jan
47
May
Clark Lighter cony A _.• 3435
3435 3635
4,900 324 Feb 37
Apr
(lob Aluminum IJtensil..
3631
3831 37% 3,200 343.4 Feb
383.1 Jan
Cohn-Hall-Marx Co
•
33)5 34°4
500 233.4 Jan
3534 Mar
Colombian Syndicate
11 1;
pis 234 101.700
135 Mar
234 May
Columbia Graphoph Ltd
Ain
p rots for ord stk.. 77
704 77 188,100 3435 Jan 77
May
Cons . Dairy Products_ _ • 40
3131 41 31 29.400 21
Jan 41,4 May
Control Film Indus.
164
1.400 15% May
1534 1631
1935 Feb
ouru panic pre(
$2
• 2435
2334 24% 5,700 224 Feb 26
Apr
°wino'Laundries
• 1731
1731 1834
3,000 z14/
4 Jan 20
Apr
Cons Het Stores Inc, corn _• 29
29
1,900 284 Apr 30% Apr
292.1
Consolidation Coal com_ •
31
32
200 2715 Jan
32
Apr
Copeland Products Inc
-Class A with warrants..• 1534
15
2,000
1531
71.‘ Jan
17
Apr
Courtaulde. Ltd
£1
4434 4435
300 36
Feb 45
May
Courtauids Ltd-Amer DeP
rct for ord reg £1
224 2135 224
400 21)4 May 2214 May
Crow Milner & Co. corn •
5134 5135
100 34'-, tau 5434 Mar
Cuneo Press corn
10
47
47
47
500 40
Feb 491.1 Jan
64% prof with warr _100
10135 101%
100 1004 Mar 10234 Feb
Curtiss Aaron! Ext Corp_ • 394 314 3931 15,700 31
Mar 3031 May
Curtis Publishing com
18035 113331
•
75 1764 Feb 189
Jan
Daveita, Inc
• 38
35
30
400 30
Mar 51
Jan
Davenport Hosiery Co__ •
13
13
100
10
14
1834 Jan
Deere de Co, common .100 350
335 36134
1,150 22035 Jan 37534 Apt
De Forest Radio. v 1c.•
43-4
34 4% 4,700
134 Jan
5
Jan
Vol tr tel ctf of dep___.•
4
235 4
2,900
1
Jun
4
Jan
Detroit Creamery
37
10
38
200 34
Mar 3834 Mar
Dinkier Hotel class A with
much warrants
214 24
24
400 1935 Apr 24
May
Distillers Co Ltd
Amer deposit reefs
1815 1835
100 1714 Apr 1834 Apr
Dixon (Jost Crucible....100 190
190 193
70 1734 Jun 190
Apr
Goehler Die-Casting
• 32
3034 32
4.600 1114 Feb 34-1 Apr
Dominion Bridge
• 8731 82
8734
200 6814 Feb 8711 MAY
Dominion Stores. Ltd_ .•
127 34 12931
300 1044 Jan 130
Apr
Dubiller Condenser Corp.•
4
331 434
215 30
7,100
515 Apr
Dunlop Rubber
Amer dep recta
8
1,400
834
73.4
834 Apr
Dupont Motors
•
2
2%
1,200 50o
Jan
4
Apr
Durant Motors. Ina. _ _ _
934 1034
1034
4,000
934 Mar
12% Jan
Duz Coal A y tc
5
•
5
535
600
43-3 Apr
5)4 Jan
Class A
5
5
5
300
5
May
Jan
Eastern Rolling Mills
27
•
27
900 22
Feb 2835 Apr
Educational Pictures Inc
Pr with cm pur war..100 01
91
91
ICC 91
May 97
Mar
El tingou Soblid Co.cum_ _• 3934
3634 3934 8,100 35
Jan 3931 May
63.4% cony 1st pre(_100 115
10431 115
4,600 93414 Apr 115
May
Electric House Utilities
21
21
100 16
Mar '22
Mar
Evan. Auto Loading ol A_
84
80
85
2.800 5534 Jan 85
Apr
Glass B common
5 8334 SI
88
5,600 583.4 Feb 86
May
ragout Motors Co corn _10
411 634 16,100
631
14 Jan
63.1 May
Fajardo Sugar
1
158 15934
110 1504 Feb 16554 Apr
Fandango Corp
•
835
835 9% 1,300
8)4 May
Apr
10
Fansteel Products Ina_
14
14
1434
700 12
Feb 35
Jan
Fashion Park. Inc. corn. •
38% 39
200 37
Feb 4154 Jan
Vedder, Mfg Inc class A_.• 3635 294 3715 24,500 2731
Feb 3715 May
Sire Assoc of Phila
10
78
80
200 65
Feb 84
Apr
Iremen'e Fund Ins. _100 123
122% 123
200 11434 Fon 12854 Jan
VIreatone T & It corn...14) 178
178 182
825 166
Mar 238
Jan
7% preferred
100
10834 11035
250 106
Feb 112
Jan
Florsheim Shoe Co cora A • 583.4
56
5034
1.700 56
Apr 58% Apr
6% preferred
100
102 102
800 102
Apr 10336 Apr
Foote Bros Geoz& Mach cm
2715
100 19
Jan 27% May
Ford Motor Coot Can _100 580
505 580
320 510
Jan 608
Mar
Forban Co elms A
•
28
2834
500 23
Jan 29
Jar/
Foundation Co
Foreign sharea clam A__
16
16
1715
2,000 le
Jan
194 Arm
Fox Theatres elms A oom •
22% 24 104,500 17 14 Mar 24
Apr
Franklin (II 11) Mfg c.om •
1415 15
400 1334 Mar 1634 Mar
Preferred
100
87
87
75 8515 Apr 89
Mar
Yreed-Elsernan Radio
•
231 24
14 Feb
600
234 Apr
French Line. _..600 francs
Amer sh8 rep corn 13 stk.
08
69
600 68
May 7135 Mar
Freshman (Chas) Co
635
6
815 14,900
53( Feb
1031 Jan
Fulton Sylawn Co
• 35
32
35
1.400 2734 Mar 4414 Feb
Galesburg Coulter Disc_ •
Gamest/ell Co common...'
Garod Corp
•
Geueral Amer Investors_•
General Baking new
e(erred
P,
•
()eel Bronze Corp com
•
General Cable warrants...
General fart/Proofing corn _•
General Ice Cream Corp _•
Goal Laundry Mach corn •
LllIi'fst
C) Co. com___•
Preference
•
CO Spring & Bumper oom•
Glen Alden Coal
•
Oobel (Adolf) Ins com„ •
Gold Seal Electrical CO •
Gorham Mfg common. •
Grand(F & W)5-10-25c St.
aramov T)Co of Del com•
Greenfield Tap & me_ _ _ •
75
75c
5034
03-4
83
5034
----6831
2315
2031
4835
1034
16331
10934
934
69
115
11'-t
6335 6415
600 473-4
74
75
300 62
65c 750
3,300 450
5835 60
2,600 564
84 935 96,800
654
803-4 8311 18,600 7534
4835 5035
4,600 3534
15
10
400 12
104 105
400 100
68
6831 2,500 5834
2211 2334 2,700 20
1634 204 2,900 1444
760 46%
4634 49
9
104 3,100
733
1,700 15115
16034 16415
108 11231
5.500 65
94 11
1,900
8
200 50
593-4 60
6715 70
2,400 46
11435 115
200 III
11'4 1134
9
100
Jan
Feb
Apr
Feb
Apr
Apr
Jan
Apr
Feb
Jan
Jan
Mar
May
Apr
Mar
Jan
Mar
Feb
Jan
Apr
Mar
67
75
135
68%
93.4
84
1.034
18
109
70
25
2035
50
124
169
11231
17
62
7034
125
1234
Mar
May
Apr
Jan
May
Feb
May
API*
Apr
Apr
Mar
Slay
Mar
Mar
Jan
Apr
Jan
Apr
Apr
Jan
Jan
11Ay 5 1928.]
2775
FINANCIAL CHRONICLE
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluaed) Par. Price Low. High. Shares.
Range Since Jan. 1.
Law.
High.
5434 57
• 57
1,300 5134 Jan 5731 Feb
100 12
Mar 1631 Jan Pratt & Lambert
•
123( 124
'Greif (L) & Bros corn
274 300
325 247
100 974 Feb 106
Mar Procter & Gamble coin_.20 292
Feb 300
103 103
May
100
Preferred X
7% 8
300
131 2
200
1
Mar
631 Mar
934 Jan
2 May Pyrene Manufacturing_ _10
'Griffith (D W)class A_ •
280 280
•
10 280 May 313
500 754 Apr 78% Apr Quaker Oats corn
•
Apr
7834 7835
Grigsby Grunow Co
127% 1283(
20 109
Preferred
•
934 Jan 1831 May
Jan 132
Ara
Hall(CM)Lamp Co..- - • 1835 1734 1834 12,900
63
2531 1,900 23% Mar 30
-R-S Music
70
300 3834 Jan 70
May
25
Jai. 4)
Ball(WF) Printing_ _-10 25
1
734 831 15,800
935 Apr Realty Associates corn.... 33434 330 335
Apr
514 Feb
27014 Jan 343
Happiness Candy St ol
131 14
300 50c Feb
1534 5,700
5 1 3-16
131 Ara
x12431 11
834 Feb 15% May Repeal Inc
Hazeltine Corp
100
141( 1434
Republic Motor Trk V to.'
234 231
200 124 Apr 15
Jan
13(36
Jan
3
(Richard) wartsHellman
•
275 28431
4 270
Apr 288
18
20
900 124 Apr 20
Jan
•
May Richman Bros Co
HenneY Motor corn
2335 2535 2,1
1951 M
10 192
228 228
Jan 237
Mar Richmond Radiator. com •
2754 Jan
Hercules Powder corn..100
124 124
85
100
10 11835 Feb
• 3831 38% 4034 1,
Apr 6054 Air
7% Pre:
Preferred
800 2334 May 24 May
1134 1235
500
•
434 Feb 13% Apr Riverside Fdy dr Mach _ _ ------ 234 24
Hayden Chemical Co
50
50
1
38
A
2334
400 2131 Mar 25
5231 Jan
23
Apr Rolls-Royce of Amer pf 100 50
Hires(Chas E)el A corn_ •
244 245
22231 Apr 287
Jan
600 40
Apr 4434 Mar Royal Bak Powd com_100 245
• 4231 424 4235
Holland Furnace Co
100 11234 10934 11051 11.250 8154 Jan 1164 May
33
Mar 48
Mar Raberold Co
Hood Rubber
16931 161
Jan 170
Mar
100 5234 Mar 64
75 135
58
68
58
Mar Safety Car Heat es Ltg_100 161
Horn Sr Hardart com____
•
Apr
Mar 20% Jae Safe-T-Stat Co common..' 32
29
33
91,600 1831 Mar 33
200 16
1634 1634
HUyler's of Del corn
140 310
• 550
550 565
Jan 565
Apr
200 10011 Mar 10231 Jan Safeway Stores corn
100
10054 10134
7% preferred
1, I
May 37
Apr
Old fifth warrants
35
35
37
35
• 3234 3234 3734 17,100 25% Jan V% Apr
Hygrade Food Prod oom.
17,7 I 1 50
Jan 8934 Apr
600 24% Feb 2731 Apr St Regis Parer Co
• 8734 863( 89
Imp Tob of G B & Ire_51 2634 2634 2634
:
12 • 215
Jan 34.5
May
Apt 1 Sanitary GroceryIns....' 335
320% 345
Industrial Rayon class .1.• 2331 2234 2434 11,100 17% Mar 25
May
75 11034 Jan 130
Apr Schiff Co 7% cony pref _100
130 130
9934 1024 3,700 83% Feb 104
Insur Co of North Amer.10 100
17
Jan 2934 Mew
4
2431
3134 3135 3171
700 3134 May 31% May schtilte Real Estate Co_ •
Insurance Securities
1834 Mar 22
Feb
Apr Schulte-United 5o& $1 St.' 1934 1831 194
7
84
1,400 69
Feb 87
International Shoe corn
8134 84
Preferred part paid-100
8834 Apr 10034 Feb
Feb 47
Mar
4534 4331 4634 2,100 87
884 8834
Interstate Dept.Stores _ _
1
Apr 2934 Feb
200 1083( Feb 1144 Mar Scotten-Dillon Co
10
28
28
28
7% cum pref with warr_ 111
11034111
Feb 39
Apr
•
200 29
Jan 35
May Scullin Steel pref
38
300 33
•
Jaeger Mach
3334 35
40
600 37
Apr 40
May Seeman Bros common- •
46
49
1
Jan 49 May
38
23
Johansen Bros Shoe coin •
Apr 4334 May WWII= Rubb Co corn..• 4935 4434 50% 7
434 6,000 38
3334 Feb 50% May
Kaynee Co common__10 4235 38
17
Ketner-Willlams StPg17
100 164 Feb 17
Mar Selfridge Prey Stores Ltd
*
Ordinary
44 Jan
9
9
9
9 May 10
4
414
500
4
May
100
Mar
gl
Kellogg Switchb & Sup new
60,000 15% Jan 2034 May Serve! Inc (new oo) t a_.• 1034
•
931 1134 47,200
43( Jan 11% May
iramsley, Millbourn & Co• 1931 1834 20
300 29
Feb 3534 Mar
Preferred v t c
100 40
40
4234 Apr
3134 3134
Kinnear Stores Co aim_ •
800 4034 AD
50
2361
21
1 67 2
'
1
2
0
3
Feb 2534 Jan
A
• 4134 4034 4134
4434 Mar Sharon Steel Hoop
Knott Corporation
• 61
54
61
8.1
Kruskal & Kruskal Ino • z1834 18
18
700 1334 Jan 184 Feb nheatfer(W A) Pea
4034 Jail 6034 Air
Mar 68% Apr
Lackawanna Securities_ • 5134 5134 52
1,000 50)4 Fe
6834 6834
554 Jan Sherwin-Wm,Co corn _ _25
I
2554
6517X Feb 29
Apr
834 931 2,4it
34 Jan
2774 13_ 5
834
94 Feb Silica Gel Corp.com•to.. 27
Lake Superior Corp._ _100
Apr
• 16
Jan 54
1531 16
700 1531 May 25% Feb Sliver (Isaac) 41, Bros corn.' 52
5035 52
1.000 39
Land Co of Florida
Singer Manufacturing_ _100 490
130 428
Jan (7)47934 Are
480 490
Landover Holding Corp-c
I
Jan
1
1% Apr 19% Jan Smith (A 0) Corp cam_ •
SO 13f
85
85
Class A stamped
334 331
Apr 103
Apr
834 9
4034 1,600 8731 Jan 42
8% A
Lefcourt Realty prat
Aix Snla Viscosa Ltd 200 Lire
4034 40
Deo Ma Chase Nat Bk.
735 Feb 10
May
_50 123
121 12434 5,400 10534 Mar 126
Jan
931 10
300
Lehigh Coal & Nay
3431 3,900 2734 Mar 89
Jan Southern Asbestos Co_ -• 3134 274 3314 20.300 234 Jan 3514 May
.
Lehigh Val Coal rigs new_ 3334 33
Mar 664 Jai Southern Colst Co
Lehigh Val Coal Sale& _ _50 6034 604 6334
950 50
2034 20
2034 8,900 29 May 2084 May
374 Feb
•
H Mar Sou Groe Sto cony ol A _• 354 35
3854 1
33
800 1434 Jan
LeMur Co ooin
3434
3134M
Southern Stores Corp cl A• 3734 3834 3734 1,800 34
Jan 40
mar
Leonard Fitzpatrick &
Mar 43
Apr
40
300 37
Jan ipalding(A G)& Bros corn• 165
166 165
10 fllUS
Jan 175
Mueller Stores. corn. •
39
13
934 13
3,600
9
Jan
Libby, McNeil & LIbby_10 1134
May Swing ChaUant &Co Inc.* 2934 2934 3034 1,100 2714 Mar 3354 Mar
215 Feb
635 Apr
1251413034
900 109
Mar 137
Apr Span & Gen Corp, Ltd._11
534
Libby Owens Sheet Glass 25 128
534 541 9,100
2431 2434
Jan 99% Apr
10
200 23% Mar 264 Apr Sparks-WIthington Co...' 8934 843.4 8934 7,500 80
Lit Bros Corp
May 49% May
Lunkenbeimer Co corn_ _ _• 27
27
27
300 25% Feb 274 Feb Stand Dredg cony pref
4914 42
4934 1,090 42
Apr
4
70
78
5,300 45% Apr 78
Apr Stand Motor Constr._.100
24 234
800 606 Jan
Marton Steam Shovel_ _.• 73
254
5014 5434 2,400 3831 Feb 5834 Ara Stand Sanitary Mfg new__• x3834 3531 39
26,700 33
Mar 39 May
Marmon Motor Car oom.•
Jan
10 10431 8831 106
4.200 62
Jan 100
•
41
Apr 84
Marvel Carburetor
4331 1,500 42
May Stanley Goof Amer
Apr
125 17534 Mar 19331 May Stetson (John B)Co,00111* 108
Maryland Casualty
25 19334 1983119335
108 115
102% Mat 125
1231 May
45
4531
200 39
Mar 4634 Apr Stinnes(Hugo) Corp
1234 6,500
814 A
Massey-Harris Corp com.•
• 1131 11
200 2434 Mar 35
27
27
200 204 Feb 29% Apr Stromb)r-Carlson Tel Mfg'
31
31
Jan
Mavis Corporation
Feb 474 l gr
1734 1834 8,500 15
Jan 2034 Apr Stroock (8)& Co
A
i,
Mavis Bottling Co of Am.' 18
• 4331 4334 444 1,400 88
Jan 26
Jan Stutz Motor Car
1834 2,100 1431 Mar 19
May Drug Stores Corp...' 2515 2331 2534 1,600 20
• 1734 17
Maytag w I
5034 60
504 2,100 50 May 5131 May Superheater Co
Apr 178
160 160
25 165
Jan
•
MoCord Rad & Mfg v t c.• 1814 1831 1834
Jan
400 184 Apr 22% Feb Swedish-Amer In pref _100 132
131 132
100 12734 Jan 134
McKeesport Tin Plate__ • 6414 6334 6434 4,300 60
Jan 64% Apr Swift & Co
13034 137
4
125
Jan 137
100 134
May
Mead Johnson dr Co com.• 6874 6731 72
10,700 53% Feb 72
May Swift International
15 3031
2754 3051 17,400 2534 Jan 3434 Feb
Meadows Mfg corn
•
1931 2034
300 144 Feb 22% Apr Sync Wash Mach B coax.* 21
21
224
400 1431 Jan 25% Mar
Melvliiet4boeC000m.._.' 1994 17734 19934 2,250 111
Jan 199;4 May Tenn Products Corp pm.* 20
17
22
1,400 /4
Mar 22 May
Prof without warrants__ 112
110 112
300 108
Sept 114% Dec Thompson Prod Inc el A • 3631 3534 3634 1,711 33
Apr 37)4 Apr
Feb 122
Mengel Company. ...Inn 11934 112 122
Apr Tietz (Leonhard) warr_ _ _ 580
10,250 49
530 590
1.3 286
Jan 590
May
Mercantile Stores Co...100 120
400 97
Jan 120
113 120
Feb Timken-Detroit Axle. 10 1734 1631 18
1,500 1134 Feb 2034 Apr
•
134 Mar
Mesabi Iron
314 Jan Tbibman Realty & Constr• 45
231 231
800
43
46
8,3
33
Jazz 46% Mar
Metropol Chain Storee62
Jan 63
FeO Tobacco Prod Exports...'
59
62
5,200 54
334 374
435 Feb
334
300
34 Jan
Met 5 dr 50c Stores cl A
1035
554 Mar 1031 May Todd Shipyards Corp_
•
634 1031
500
Jan
4334 4434
4134 Apr 51
Class B
400
44 Jan
•
634
531 631
7
Mar Trans-Lux Piet Screen
Preferred
100 7134 6834 7134 1,450 44
Jan 7134 May
Class A common
•
334 334 10,200
3%
334 Apr
7
APr .
.11
Midland Steel Prod
•
Apr 112
3334 363( 18.
88
92
600 85
Jan Theo Products Corp corn.' 36
2834 Jan 35% May
MInneapolle-HoneywollTruscon Steel corn
10 39
38
39
900 3331 Jan 4034 Air
Regulation common_ ....• 3931 37% 394
700 30
Feb 3811 Apr 'rubble Artificial Silk cl B.* 608
592 609
520 450
Feb 62831 Apr
Moore Drop Forg ci A_ •
4434 4534
200 3534 Mar 45% May Tulip Cup Corp corn....'
6
6
100
6
Apr
631 Feb
Motor Products
84
86
May Tung-Sol Lamp Wks corn • 1134 11
75
1,800 54% Apr 86
1134
900 10% Feb 12% Apr
Murphy (03 C) corn
• 67
300 6234 Jan 73
Feb
6431 67
Class A
•
700 19% Fe
2131 2234
Apr
23
•
431 Apr 10% Jan United Biscuit Co el A__•
Nat Baking. corn
400
6
634
5434 55
600 54% Ma
86
Jan
Nat Dairy Prod pre/ A_
10734 10731 10734
100 107% May 107% May
Claes 13
1431 1534
• 1531
500 134 Feb 2134 Jan
Nat. Food Products ei B_.* 133.4 1134 1334 4,700
Jan 13% May United El Coal Coe y t e...• 49
6
4534 4934 5,000 26% Feb 49% May
National Leather
534
434 534 1,300
331 Jan
1
5% May Unit Piece Dye Wks cam _• 90% 77
95
5,600 52% Feb 95
May
• 3334 31
Apr 3934 Jan
Nat Mfrs & Stores
3434 1,500 31
614% preferred
100
108 108
100 10514 Feb 112% Aor
Nat Sugar Reg
Feb 152
100 149
145 150
650 119
Apr United Profit-Sharing corn*
9% 934
400
9
Mar 1234
5
Nat Theatres Supply corn •
731
200
Jan
634 7%
7% May United Shoe Mach com.25 7734 73
500 63% Jan 7734 May
773(
Nat Trade Journal 100_ 4, 34
3134 34
3,600 31
Apr 344 Fen US Dairy Prod class A...* 60
5134 6034 3,800 40
Jan 60% May
Nebel(Oscar) Co corn.,...' 2334 23
Apr 23% Apr I) & Foreign Sec corn.... 31
23% 1,100 18
2434 32
14,900 2034 Mar 32
May
8731 80
Nelsner Bros new
Apr 89
Apr
8734 1,000 73
6% preferred
9731 99
600 97
Apr 100% Feb
Preferred
100 12934 123 129%
450 11031 Jan 129% May U S Freight
• 7834 78% 82
9,700 7034 Feb 84% Jan
Nelson (Herman) Corp _5 32
29
32
1,000 28
Apr 32
May
11 Gypsum COMMOD__ _20 7035 70% 74
350 70
Mar 92
Jan
Neptune Meter cl A ____•
223( 2214
100 23
AD
25
Feb
Preferred
100
127 127
10 127
Apr 127
Apr
Apr 4334 May U 13 L Battery corn
Neve Drug Stores cony A..• 4234 40% 4335 4,100 40
• 13434 129 137
8,500 6714 Jan 138
Apr
Common
2834 34
5,600 26
Apr 34
• 31
May
7% pref class B
10 1034 1034 1034
600 10
Jan 104 Mar
Newberry (J J) Co corn_ •
133 133
50 133
Apr 145
Apr 1:1 S Radiator corn
•
40
100 40 May 48
Jan
40
Preferred
100
50 106% Jan 108% Feb U 8 Rubber Reclaiming..'
108 108
200 12
Feb 1611 Jan
13% 1331
NewMex&ArlaLand...1
934
934 10
600
8% Mar 11% Apr Universal Pictures
/00 2034 Apr 24% Jan
21
21
-42
48% 2.800 25 Mar 48% May Van Camp Pack pref___50
New Orl Gt Nor RR...1 i I
74 Mar 1131 May
a
11
1134
300
138 138
25 114
Newport Co prior con3.1
Jan 149'a Feb Virginian Ry v t c
Apr 175
Apr
175 167
100 172
167 172
55
55
200 55
Apr 5534 Apr Wabasso Cotton
N Y Hamburg Corp....50
Apr 114
May
•
1
108
112 114
33
33
Apr 85
200
N Y Merchandise Co....'
3334
Jan Wagner Electric
May 85
May
600 76
76
85
1734
200 12% Mar 18
Niagara Shares Corp
• 1731 17
Apr Waits & Bond Inc el A...* 2754 26
Apr
2734 3,500 2431 Jan 29
50
55
1,900 30% Jan 6531 Apr
Nichols & Shepard Co....* 52
Class B
• 18
Mar 1831 May
1731 18% 2,900 15
3435
164 Feb 36% Apr Walgreen Co corn
Stock purch warrants......... 32
39
Mar 50 May
• 484 41% 50
24.
24,300 28
Jan 54
Niles Remont-Pond corn • 51
4634 54
Apr
16% APT 2534 May
Warrants
24% 1935 2534 9,7
50 100 May 100
100
Preferred
100 100
May Warner Bros Pictures...* 24% 24% 2534 8,7
13% Jan 2831 Apr
Noma Electric Corp com • 224 21% 22% 2,500 2134 Apr 221 May Warner Gear Co.el"A"
;
68
6331 6834 1,310 3134 Jan 6834 May
6
11% 12
1,200
Jan 13
North Amer Cement
•
Feb Watson (Jno Warren) Co.' 1234
835 Apr 20
Jan
8% 1334 20,.11
37% 3934 13,100 2934 Feb x3914 Feb Wesson Oil& SD own•
Northwest Engineering-• 39
Feb 7734 May
to' 76% 7134 7731 27.110 67
Nevadel Process Corpoom• 1634 16
164 1,400 114 Feb 17
Apr
Preferred
1 01 102
Jan 108
May
108 108
89
Jan 10034 Mar Western Auto Supply cl A• 63% 6134 6434 2. tl 6834 Mar 66% Apr
125
Ohio Brass class"B"
• 9634 9634 9634
7
Mar
'
100
834 Mar
Ovingtou Bros part pref
73.4 734
Warrants
1131 Apr 1734 Apr
3 tO
15% 14% 16
(1)8531 Feb 95% Jan Wbeatsworth Inc corn__ __• 4535 434 4531 1
Palmolive Peet Co corn. •
88% a9
344 Jan 45% May
100 108% Apr 109
May Wheeling Steel com _ _ _100 47
Preferred
100
109 109
1,100 34
Feb 47
May
36
47
Jan 4934 May Whitenights Inc corn
500 88
Parke Davis & Co
• 4934 4834 4934
May 3134 May
700 30
• 3135 30
3131
Jan 55 May William 011 -Mat Htg__.
56
200 49
52
-0
7
Jan 10
Fender (1)3 Grocery ol A.* 55
100
Apr
934 934
934
Class B
41
53
800 3334 Jan 53 May Winter (Beni) Inc corn '1334 1231 1334 2.
• 53
Apr
12
Mar 16
Mar 105W Jan Wire Wheel Corp corn now- 3434 3231 34% 23.3 I 20% Mar 3
80:103
Penney(JO)Co ol A p1100 1034 103 103%
04 Apr
Jan 10031 May Woodworth Inc corn
250 92
Pennsylvania Salt Mfg.-50 10031 100 10034
• 3734 3231 3834 13, I I 2634 Jazz 3834 May
Mar Worth Ins cony class A_• 2034 1934 20%
1,1100 4434 Mar 68
I
184 Apr 2334 Mar
Peoples Drug Stores
• 5634 5631 59
Jan 106
Feb Yates Amer Mach part pi_
80 100
12
Apr 17
Pepperell Mfg
Apr
100
97 101
17
1
17
Jan 12234 Jan Yellow Taxi of NY
200 119
• 19
25 _
Perfection Stove
119 1194
1731 19
600 124 Mar 20
Jan
Feb 132% Apr Young(L A)Sp & WI corn• 4131 41% 43
150 117
31% Mar 444 Apr
Phelps Dodge Corp
_100
124% 12735
Mar
43.4 Mar 10
1,000
Cony. prof
• 4135 4131 42%
;II 36% Mar 44% Apr
Philip Morris Inc nom__ __•
534
5% 6
Jan Zonite Products Corp com• x4431 42% 46% 9,300 4131 Apr 4811 Apr
1
934 Mar 14
Class A
25
931
934 934
Pick (Albert). Barth & Co
Jan 1134 Jan
Rights
100 10
Common vet tr ctfs_ .1
1031 1031
76e
131 3,000 76c Ap
Prat due A (Panto rif).• 2034 20% 2054 1,200 194 Apr 2211 Jan Continental Can
1% May
831 Feb 1931 Feb Electric Bond dr Share.... 144
9% Apr 14% may
93( 1434 82.oil
100
Pickwick Corp own
10
1034 1034
235 Apr
23
331 4,000
36,500 18% Feb 3534 May Flat
331
Flares Cilevernor Co
2731 35%
• 35
334 May
1934 22
1
1134 Feb 22
!lee, Wiggly Orp corn.' 3031 2834 33% 42,700 23% Mar 33% May Loewe Inc
May
7% 10
7,8 •
734 Apr 10
10
Lone Star Gas
Piggly-Wiggly Western
May
Feb Middle West Utilities
2.1st
1% Feb
331 435
200 2334 Jan 31
434 Apr
Stores Co class A
• 26
2431 26
100
May White Sewing Mach deb rts
9
9
Pines Winterfront Cool Al10134 97% 102
9
Feb 124 Jan
2,200 6654 Jan 102
Pitney Bowes Postage
734 Apr 1011 Jan
Meter Co
500
734 74
Public Utilities
Apr Amer & Foreign Pow war?- 1834 1434 18% 55
FUR & L 15 RR corn_ _50 180
Mar 185
1,850 144
170 180
834 Feb 18% May
Feb , Part pd allot Ws 40% pd
Pitteb Plate Glass
20 210
Feb 234
100
225 225
Apr 108% may
97% 103%
67
Plymouth Cordage_ __100
May 80
Apr Amer Gas & Elea ewer...* 15251 145 156% 12
20 75
117% Jan 1
75
80
66% miry
Potrero Sugar
731 Apr 14% Jan
100
1.1 I I 106% Jab 111
•
834
13)1 834
•
10931111
Preferred
mar
ati
85
2776
FINANCIAL CHRONICLE
Friday
Sale
Last Week's Ranee for
Bak
ofPrices.
Week.
Public Utilities(Cond.) Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Former Standard 011
Subsidiaries
(Concluded)
[Vol.. 126.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High. Shares.
Range Since Jan. I.
Low.
High.
Amer Lt& Trao com..._100 220
2,030 170
211% 222
Jan 222 May Penn-Mex Fuel
25 86
64
84
14,400 29
Feb 84
May
Amer Nat Gas corn v t o__• 21
s2034 21% 5,000 184 Jan 21% Apr Prairie 011 & Gas
25 534 5234 58
41,400 47% Feb 56
Apr
Am Pow & Light pref-100 108
107% 108
1,800 104
Feb 10935 Jan Prairie Pipe Line
100 215
210 217
2,500 184
Jan 223
Mar
Class A pref
88
8331 8631 2,900 83% May 8831 May Southern Pipe Line
50 33
32% 33
800 21
Jan 3334 Jan
Amer Pub TRU prior p5.100 10331 10334 10334
25 98
Apr 103% Apr South Penn Oil
25 5034 50% 53
6,200 3634 Jan 53
Apr
Amer States Sec corn cl A_• 13
10% n1331 50,600
735 Mar n1331 May Bo West Pa Pipe Linee_100 99
96
99
250 70
Jan 104
Apr
Corn class B
• 1634 1531 184 5,100
7% Mar 164 Apr Standard 011(Indiana)._25 8031 80
83% 63,000 70% Feb 83% Apr
Warrants
1% Apr
6
374 631 124,600
31 May Standard 011 (Kansas)
-25 2334 23% 24% 4,300 15
Jan 2734 Apr
Amer Superpower Corp A • 39
15,700 37
x3f”I 56
,
Jan 56
Apr Standard 011(Kentucky)25 13231 131 13434 11,100 12234 Feb 13634 Apr
Class B common
• 13974 z39i5 56,1 12,800 87% Jan 6634 Apr Standard 011(Neb)
25 44% 44% 4534
800 394 Feb 4534 Apr
First preferred
• 104
1,300 101% Jan 104
103 104
Mar Standard Oil(0)corn.._25 7835 7634 79% 2,400 71
Mar 79% May
Arkansas Pow es Lt pref 100
107% 108
110 107%
111
Preferred
Feb
100
12234 125
40 100
Jan 125
May
Aram Gas & Elea ol A _ _ _.• 49% 4831 49% 2,300 4831 Mar
Apr 6134 Mar Swan-Finch 011Corp._ _25
1854 19
150 16
Apr
Feb 19
Bell Telep Co635 wet-100
115% 115%
20 114
Apr 119
Mar Vacuum OH
26
151% 152% 1.000 13634 Feb 15334 Apr
Brooklyn City RR
8
7% 934 79,400
100
5
Jan
New
9)4 May
87
75
87% 93,900 75
Apr 8714 May
Buff Niag & East Pr corn.* 45% 41% 4634 20,500 80% Jan 464 May
New class A w
45% 38% 45,1 25,100 31 . Jan 45% May
Other 011 Stocks.
Preferred
25 28,1 2631 2634 1,800 28
Jan 2634 Feb Amer Contr Oil Fields....5 93c
85c 960 31,800 750 Apr
134 Jan
Central Pub Say cl A
2434 23% 24% 3,000 194 Jan 24% Mar Amer Maracaibo Co
•
634
431 631 48,700
334 Feb
6% may
Cent&SWUt1I
400 80
90
100 8931 86
Jan 90
Mar Argo 011 Corp
10
3
3
331
234 Feb
700
44 Jan
Central States Elec com_-* 8231 65
8231 1,000 30
Jan 824 May Arkansas Nat Gas
10
8
200
Mar
8%
9% Jan
7% preferred
11731 11731
100 1044 Jan 1194 Apr Atlantic Lobos 011 corn.....'
100
3
3
5
8,000
134 Jan
5
Apr
Cities Fiery Pr & Lt 86 P1-• 10034 100% 100% 1,000 915% Jan n101% Apr
Preferred
•
7
9% 1,800
334 Feb
94 Apr
7% preferred
100 108% 108% 10834
300 1054 Jan 109
Apr Barnsdall Corp stock purch
Columbus Elec & Pow corn'
475 66
77
79,1
Jan 794 May
warrants (deb rights)-6
5% 634 4,800
4
Mar
634 May
Coirty'lth Edison Co 100
182% 184%
410 167
Jan 188
Feb Brit-Amer 011 Coupon...
40
38
40
500 32% Feb
40 May
Com'wealth Power Corp
Carib Syndicate new corn..
224 2031 2331 16,400 1834 Jan 2334 Jan
Preferred
100 103% 103% 10334 1,200 102% Jan 104% Jan Consol Royalty Oil
731 831
1
500 634 Apr
834 May
Con Gas E LA P Bait corn' 88
874 92% 3,100 67% Jan 9251 May Creole Syndicate
• 16
1534 18
89,800 10% Jan 18% Apr
Cont'l G & E 7%pr pf_100
108% 108%
50 10614 Mar 10834 Jan Crown Cent Petrol Corp._'
134 134 5,900 760 Mar
1%
131 Jan
Duke Power
142 142
100 142
50 135
Jan 145
Jan Crystal 011Refcorn
•
934 10% 1,800
7
Apr 10,1 Apr
Eastern States Pr corn B.* 24
21
24
4,100 1131 Jan 24
May Darby Petrol Corp
• 2235 21
23
35,800
834 Jan 23
Apr
East'n Util Assn,corn
44
700 44 May 45
4434
Mar Derby 011 & Ref pref__ •
10
10
200
734 Feb 10
Apr
Cony. preferred
1531 15
154
700 15
Mar 16
Apr Gibson 011 Corporation 1
131
1% 2
73,300
1% Mar
2
Jan
Elea Bond & Sh pref_100 11035 110% 110
1,700 108% Jan 1114 Apr Gulf Oil Corp of Penna._25 12631 12434 130
%
18,300 101% Feb 130
Apr
Elec Bond & Sh Secur____* 123
10831 123
33,700 76
Jan 12734 Apr Houston Gulf Gas
• 1834 1734 1935 7.000 11% Feb 22% Apr
Elec Invest without war_
62
584 8231 24,800 40% Jan 6235 May Intercontinental Petrol_10
2
1% 234 7,400
134 Jan
Elec Pow & Lt 2d pref A_ •
2% Mar
1034 10431
800 z102
Jan 108
Apr International Petroleum • 42% 4131 43% 8,900 35
Feb 4834 Apr
Option warrant;
2334 21% 23% 8,800 1331 Jan 23% May Kirby Petroleum
•
13.4 3
6,200
131 Jan
3 May
Empire Gas & E 8% p5_100
112% 112%
600 110% Feb 1134 Apr Leonard Oil Developm1_25
7%
734 854 19.400 • 534 Mar
831 Apr
7% preferred
100 10431 10234 104$g
800 9931 Feb 10431 May Lion Oil Refg
• 3134 26
32% 19,900 20
Feb 3254 may
Empire Pow Corp part stk• 35
334 35
2,400 30
Feb 35 14 Jac Lone Star Gas Corp
493/ 57
15,100 4834 Apr 57 May
Federal Water Sery el A• 40% 37% 4234 21,300 2734 Jan 42% May Magdalena Syndicate_ 25 53
_1
1% 114 31,500 910 Mar
131
1% Apr
Florida Pow & Lt $7 pref..* 107% 107% 1074
125 104% Jan 108% Apr Margay 011
•
42
44%
600 37% Apr 4834 Jan
Gav.&Houst El Co,oom100
38
100 31% Mar 38
38
Apt Mariam'01105 Max
331
1
3% 4
2,300
13‘ Jan
411 Mar
General Pub Say coca.... 28
2131 284 15,400 16% Jan 28% May Mexico-Ohio 011
•
534
454 631 12,100
431 Apr
8
Mar
7% preferred
•
124 124
25 115
Jan 121
May Mexico 011 Corp
460 54c 21,200 23o Mar 590 Mar
10 49e
Internat Rys
3334 33% 3334
200
Mountain A. Gulf 011_ _ 1 920
.
90c 920
7,100 ao
134 Mar
lnternat (411 class A
52
6.300 4431 Apr 52 May Mountain Prod Corp_10 23% 2331 2531 23,500 2331
• 494 48
May 28% Jan
Class B
1134 1636 11,500
• 16
3,1 Feb 1834 May Nat Fuel Gas new
• 27% 26% 29
4,300 2454 Mar 3034 Apr
Partic pref
•
99 10034
300 97
Jan 10031 Feb New Bradford 011
531
5
53.1 4,300
44 Mar
5% Jan
K C Pub Serv com v t c__*
14% 1435
100 134 Mar 1531 Jan New England Fuel Oil_ •
436 44
100
4
Mar
534 Apr
Lehigh Power Securities..' 37% 3234 40
3,900 19% Jan 40
May New York 011
25
1534 1535
100 1134 Jan 1534 Apr
Long Island Ltg com____• 250
24931 250
50 176
Jan 250
May North Amer 011
394 3934
100 3931 May 3934 May
7% preferred
109% 111
100
310 109% May 1124 Feb North Cent Tex 011
•
12% 13
300 10% Jan 13
Apr
Marconl Wirel T of Can_ _1
731
7
3
736 82,000
Feb
40
40
834 Mar Northwest 011
1
70
5,000
30 Feb
7c Apr
Marconi Wirel Tel Lond_21 164 1534 16% 11,100
9% Jan 17% Apr Pandem 011 Corporation.*
34 431 2,800
35'
2% Mar
6
Jan
Maas Gas Cos corn...100
1384 145
250 11031 Mar 14631 Apr Pantepeo 011 of Venezuela* 14
13% 14% 46,100
834 Feb 1531 Apr
Mass Ltg Co6% prof
11231 11234
10 111% Jan 11234 May Pennock Oil Corp
•
8
7
1,300
5% Feb
75( Apr
8% preferred
132 132
10 13131 Feb 132 May Red Bank 011
25
11
14%
500
9
Mar 14% Apr
Middle West Util
167
1,200 123
15134 167
Jan 167 May Setter Foster 011 corp...'
834 11
8%
42,900
4% Feb 11
$6 preferred
Alm
•
99 100%
450 94
Jan 100% May Richfield Oil of Calif p5_25
24
24
400 22
Apr 8134 Apr
Mohawk & Hud Pow oom • 4731 40
Warrants
4731 37,000 294 Jan 47% May
16
144 17
1,400 884 Apr 17 May
1st preferred
•
109 109%
50 105
Jan 109% May Ryan Consul Petrol
8
631 9% 23,000
•
414 Jan
9% Apr
2nd preferred
• 107% 106 10715
175 105
Jan 108
Jan Bait Creek Consol 011....10
654 631 3,000
631
631
7
Warrants
Jan
16% 15% 17
1,700
Jan 17
Apr Salt Creek Producers. _10 28% 2831 3034 14,800 2831 May
May 85
Mohawk Valley Co
Jan
• 59
5331 5935 18,100 46
Jan 5934 May Savoy MCorp
5
234 2%
231
100
1
Feb
Montreal L H pf new
234 May
118 118
100 118 May 118 May Teton Oil & Land
1
434
4
4% 60,000
3
Mar
Municipal Service
414 May
• 20% 18
20% 25,100 134 Jan 2031 May Tid-Osage Oil vot ertock_ • 22
2134 22% 12,100 13
Feb 2274 May
Nat Elec Power class A...* 3031 30% 3031
Non-voting stock
300 27% Jan 8234 Feb
• 21% 2031 2134 12,100 1334 Feb 2131 Apr
Nor Pow & Light pref_
•
1094 110%
400 108% Mar 111
Feb Venezuelan-Me:011
• 43
41
4235 2,400 18
Jan 4234 Apr
Nat Pub Sera (Tom class A • 2531 2535 26
2,300 22
Venezuela Petroleum.. _5
Jan 2734 Mar
574
531 63
8,300
,
1
434 Feb
New Bedf Gas& El Lt __25 112
634 Jan
112 112
100 102
Mar 112
Mar Wilcox(H F) 011 & Gits_• 21% 2171 25
1,700 1834 Feb 25
New Eng Pow Assn cam_ _* 83
Apr
83
83
10 72
Feb 984 Apr Woodly Petrol Corp
8%
8
834 2,000
3% Apr
N Y Telep 8%% prat_100 11431 114% 1144
8% Apr
525 11334 Jan nasi Mar "Y"Oil& Gas
431
25
4
435
700
2% Feb
Nor-Am Util Ser, corn....'
5
Apr
10
900
10%
7
Jan 10% Apr
1st preferred
• 9431 944 95
300 92
&fining Stocks.
Jan 954 Apr
Northeast Power corn
• 273.4 .27
2831 19,930 194 Jan 30
Apr Arizona Globe Copper---1
40
40
Sc
8.000
So Jan
Northern Ohio Power Co.* 28
6340 Jan
28% 28
16,700 18
Jan 30
Apr Beaver Consol
1
134 151
500
1
Nor States P Corp com_100 151
Feb
2
Jan
14531 151
4,000 v123
Jan 151
May Bunker Hill & Sullivan_ _10
137 13951
400 13531 Apr 160
Preferred
100 110
Jan
109% 110
350 108% Feb 11031 Mar Carnegie Metals
10 25
25
284 8,900 17
Pacific Gas & El 15t Pf--25 2931 29
Jan
Apr
30
1.500 2634 Jan 30
Apr Central American Mines_
431 44 1,500 600 Jan 27% Apr
43'
Penn-Ohio Ed corn
414
404 4131 1,000 3231 Jan 4334 Apr Chief Como'Mining
• 41
1
434
4
43.4 3,100
8% Mar
7% prior prof
4% Feb
100 10835 108 108%
150 10634 Fab 109
Jan Consol copper Mines_ _1 13
11
1334 55,700
5
Jan 1334 May
$6 preferred
100 9934 9834 100
460 9334 Feb 100
May Cons Nay & Utah Copper.3
60
50
60
2,000
40 Apr
Option warrants
Pc Feb
19
18% 19
900 11
Jan 1954 Apr Copper Range Co
25 1831 1631 18%
500 14
Penn Ohio Beene Corp...--• 1634 15
Feb 18% May
1831 1,900 13
Feb 17% Apr Cortez Silver Mines
1 31c
30e 810
6,000 180 Jan 31.1) May
Pa Power & Lt $7 pre
-100 110% 110 110%
100 106% Apr 111% Apr Cresson Consol 0 M & MI
11,4
111 4 400
1,1
131 Apr
Pa Water & Power
2% Jan
83
• 87
89% 2,100 68
Jan 8931 Apr Divide Extension
1
3c
4o
3,000
So mar
Power Securities corn*. _ -1134 13
50 Jan
900 11% Apr 1354 Jan Dolores Esperanza Corp_ _2
131 131 10,700 300 Mar
1%
Puget Sound P & L corn 100 7934 77% 83 4 2,800 34% Jan 84% Apr Engineer Gold Mines
2
Apr
,
Ltd.5
43'
4
434 4,900
2
Jan
6% preferred
100 104
103 105
7% Jan
310 92
Jan 1054 Apr Falcon Lead Mines
1 15c
140 16c
6,500 be Mar 16o
Sierra Pacific El corn_ _100 39
1.100 29
38% 39
Jan
Jan 39
May Golden Centre Mince_ _5 11
8% 11% 81,000
2% Jan 11% May
Sou Calif Edison pre A_25 29% 2931 2931
200 2834 Jan 30
Apr Goldfield Florence
1 12e
110 12c 42,000
50 Jan
Preferred B
25 2731 27
600 25,1 Jan 274 Mar Heels Mining
27%
250 1574 1314 15% 3,800 1331 Apr 190 Mar
Sou Cities Mil Dref----100 8434 844 85
18
Jan
225 75
Jan 87
Mar Hollinger Cons GM Mines5 1531 1554 1831
300 16
Southeast Pow & Lt corn.' 58
Apr 18% Jan
524 61
41,050 414 Feb 61
Apr Hud Bay Min & Smelt...* 19% 18
20% 125,300 16% Feb 2114 Feb
Corn vot tr ctfs_
•
51% 57
600 40% Feb 57
Apr Kerr Lake
5
50c 50c
700 500 Jan 640 Feb
•
$7 preferred
110 110%
200 108% Jai 1104 Apr Mason Valley Ames
,
5
131
134 14 3,500 81% Apr
Partic preferred
114 Jan
•
89% 90%
900 84
Jan 92
Mar New Cornelia Copper--5 28
2734 29
1,650 25% Feb 29% Jan
Warets to pur corn stk._ 24
1831 2435 36,800 12% Feb 24% May New Jersey Zino
100 236
235 242
2,260 180% Jan 242 May
Southwest Bell Tel prof_100
118% 119
100 117% Feb 120
Mar N Y & Hon Ros Min__ _10
1631 1731
300 14
Jan 17% Apr
Southern P & L 7% 14-100 114% 11434 11434
Jan 11434 Apr Newmont Mining Corp.-10 175
300 110
171 175,4 22,300 122
Jan 175% May
Stand Gas & El 7% p5.100
113 113%
30 110% Jan 114% Mar Niplasing Mines
5
431
434 436 1,200
4
Feb
514 Jan
Standard Pow & Lt com.25 4731 43
4934 4,000 29% Jan 4934 may Noranda Mines. Ltd
• 204 18% 21
10,400 1751 Mar 2334 Jan
Preferred
1,300 103% Jan 107% Apr North Butte
10634 10631 106X
10
2%
231 2% 1,800 900 Mar
211 May
Swiss Amer Elec pref
100 9934 Apr 1024 May Ohio Copper
102% 100% 10234
1 81c
81c 87e
7,200
750 Apr
Pis Jan,
Tampa Elec Co
•
1,900 62 . Jan 71 May Parma° Porcupine M Ltd 1 34c
71
67
250 304 28,300 150 Jan
35c Apr
Tenn Elec Pow 6% pi_ _100
Apr 109
103 109
100 103
Apr Plymouth Lead Mines_ _ _1
70
70
50 Jan
1,000
7c May
Union Nat Gas(Canada)..'
18
200 28 34 Jan 88% mar Pond Creek Pocahonras._• 17
3834
17
17
200 14
Mar 17
May
United Gas 1mpt
50 146% 13431 146% 92,600 111% Jan 1463111May Premier Gold Inc
1
234 24 1,600
231 Apr
331 Jan
United Lt & Pow corn A_-• 26
60.300 134 Jan 26% Apr Red Warrior Mining
3434 26
1 140
130 140
3,000 13o Apr 270 Jan
Common class B
Jan 2934 Apr San Toy Mining
• 29% 29% 29%
200 20
1
3c
4c
2,000
3o
Jan
40 Jan
Preferred class A
500 94% Jan 10231 Apr Shattuck Dean Mining...' 21% 21
• 10134 10135 10
2
24% 188,900
6U Jan 24% Mar
Preferred class B
100 52% Jan 58
• 57,1 57% 574
Mar South Am Gold & Plat...1
351 331 1,100
2% Jan
334 Mar
Apr 20
United Rys& El Bal corn 50
14
14
300 14
Jan Standard Silver-Lead.._ - _1 20c
20c 20c
1,000 12o
Jan 20o Feb
Utah Pow dr Lt pref_ _..100
1124 1124
25 110% Feb nag Apr Teck Hughes
1
9% 9%
100
834 Feb 104 Jan
UM Pow St Lt claw B
• 29% 27% 29% 29,500 1834 Jan 294 Apr Tonopah Belmont Dev - _1
1•
M. 1,400
1114 Jan
2115 Jan
Tonopah Extension
Util Eibares Corp com
Feb 14% Apr
* 14% 13% 1431
800 11
1 12c
100 12e
4,000
90 Jan 18o Jan
West Mass Co
Mar 63% Apr Tonopah Mining
63% 63%
200 59
1
4
4
450
2% Jan
5
Feb
United Eastern Mining_ _1
Former Standard Oil
200 450 Jan 84o Fah
Subsidiaries.
United Verde Ketension50e 194 51c 61e
1934 20
2,100 1735 Apr .25% Jan
Anglo-Amer 011 (vot sh)21 1954 19% 20% 9,200 18% Jan 22% Feb United Zinc Smelt
• 750
25c
1
8,400 25e
Jan
1
Apr
19% 19%
Non-voting shares_ _ _ _ 21
600 17% Jan 2034 Feb Utah Apex
5
4
43.1 1,000
4
Mar
5% Jan
Apr 56
53
100 49
5331
Borne Scrymser Co.....100
Jan Utah Metal & Tunnel__ _1
134 1%
134 Feb
200
bums A or
7334
400 58
Jan 76
Buckeye Pipe Line
73
Apt Wenden Copper Mining.-1
50
154
1
134 4,300 940 Jan
2
Feb
Chesebrough Mfg
153 159
25
200 1174 Jan 161
Apr West End Extension
30
30
1,000 2o.
Jan 50.
Jan
34,200 16
Continental Oil•to_ _ 10 18% 18% 20
Feb 23
Jan Yukon Alaska Trust. etre_
33
33
100 25
Jan 37
Apr
Yukon Gold Co
Mar 105
Cumberland Pine Line-100
150 88
103% 104
Feb
5 62e
50c 73e
1,500 50c Feb 90c ' Mar
250 6434 Jan 88
Eureka Pipe Line
8434 85,1
Apr
100
431 Jan 104 APT
Bonds200
Galena Signal 011com._100
9
9
Jan 40
210 27
Preferred new
Feb Abbotta Dallies 65_ -1942
100 3531 3531 3531
10234
1,000
Jan 48
47
Preferred old
47
50 35
Mar Adriatic Electric 75_1952 9834 9834 10234 55,000 10054 Apr 102% Mar
100
101
94% Jan 101
May
Humble Oil& Refining_ -25 80% 77% 84% 42,800 594 Feb 84% Apr Alabama Power 4348_1967 9031
9834 9934 220,000 94% Feb 10034 Mar
Illinois Pipe Line
1st Jr ref 5s
208 212
600 176 34 Jan 21434 Apr
100 210
1956
102% 1024 11,000 102
Jan 103% Jan
Imperial 011 (Canada)..-• 67
64
6731 6,100 564 Feb 874 May Allied Pk 1st M col 0188'39
42
10,000 35
45
Jan 5231 Jan
Indiana Pipe Line
400 74% Feb 8934 Apr
Deb (38
86
874
50
1939 42
41
42
41
National Transit_ _ _ _12.50 30
30
30% 3,700 2034 Jan 32% Apr Aluminum Co s f deb 56'52 10235 10134 102% 17,000 101% May 4736 Jan
61,000
May 10334 Apr
NY Transit Co
100 3834 Jan 573.' Apr Amer Aggregates 65_ _ _1943 10531 10231 1054
5734 5734
100
48,000 1014 Apr 10534 May
Northern Pipe Line....100
250 94
Jan 125
121 121
Mar Amer 0 & El deb 85_2014
10931 10934 6,000 108/4 Jan 1103,4 Mar
Ohio 011
9,300 58% Feb 87
67
25 6534 65
Deb 5s w I
Apr
2028 101
101
10136 200.000 101 Apr 101% Apr
Bonds (Continued)
2777
FINANCIAL CHRONICLE
MAY 5 1928.]
Friday
Last Week's Range Sales
for
ofPrices.
Sale
Price. Low. High. Week.
Am Natural Gas 6345_1942 10134 1914 1014 148,000
American Power & Light10831 1094 158,000
er'. without warr'nts 2016 109
Amer Radiator deb 4148'47 1004 99% 1004 18,000
Roll Mill, Deb 5s'48 9839 9831 9831 138,000
Amer.
104% 104% 3,000
1938
Cs
1936 105% 1044 105% 52,000
Amer Beating 65
42,000
Amer Solv & Chem 68_1936 106)9 10634 109
14,000
101 101
American Thread 13s_ _1928
Anaconda Coo Min 6s_1929 10031 1004 100% 40,000
Andean Nat Corp 6s_ _1940
24,000
105 105
105
Without warrants
46,000
Appalachian El Pr 55_1956 100)9 1004 101
64,000
9939 100
Arkansas Pr & Lt 58_1956 100
8,000
100 101
Arnold Print Wks 65.1941
Associated 0& E 53451977 10454 104% 105 218,000
Cony deb, 439s_ _ _ _1948 10834 105 10931 1926,00
10439 105 247,000
Associated Elea 5345-1946 105
89% 13,000
87
Assoo'd Sim Hard 645 '33 87
16% 18,000
16
1949 16
Atlantic Fruit 85
Batavian Petr deb 4491942 9339 933( 93% 85,000
1942
Bates Valve Bag 6s
1094 114 177.000
With stock purch wan._ 114
106 10634 88,000
Beacon 0116a, with warr'36
1933 102% 10231 102% 11,000
Beaverboard 88
Bell Tel of Canada 55_1955 105% 1054 10531 14,000
105% 105% 10,000
lot M 55 ser B June 1957
10039 100% 1,000
Berlin City El 635s_ _ _1929
10334 103% 10.000
Boston Cons Gas 5s___1947
9939 180,000
Boston & Maine lilt 581967 9931 n99
Burmeister & Wain Co of
Copenhagen 15-yr 65 '40 9731 974 9831 15,000
Canadian Nat Rys 79_1035 111% 111% 11239 32,000
Carolina-Ga Serv Co5,000
97
97
ln 69 with stk.pur.wr.'42 97
Carolina Pr & Lt 58_1956 103% 103% 1044 84,000
96% 165,000
Cent States Elea 59.-.1948 9639 96
12,000
Cent Statee P & Lt 539s'53
9734 98
984 210,000
Certain-teed Prod 1539s '48 984 98
984 18,000
Chic ArtifIc Ice Cs__ _ _1938 9834 98
Chic Mil dr St P 435s E '89
10235 102% 49,000
Chic Pneum Tool 5398 1942 100% 1003110039 31,000
7,000
86
83
Chic Rys 59 et: dep_ __1927
1943 9639 964 96% 2,000
Childs Co deb 58
dine Gas dr Elec 45_ _.1968
9239 9234 15,000
Cincin St Ry 534s A_ _1952
103 10334 7,000
1966 974 97% 9734 229,000
Cities Service 58
1966 104
104 104% 52,000
68
9634 96% 121,000
Cities Service Gas 5345 1942 9634
89,000
Cities Serv Gas Pipe L 69'43 1014 10139 102
Cities Serv P dr L 534s 1952 101 10034 n10131 272,000
Cleve Terml Bldg 6a._1941
98% 9951 16,000
Commander Larabee 64.'41 89
6,000
89
89
Com'l Invest Tr 6s_ _ -1947 100
100 10031 42,000
Commers und Privat
Bank 514s
1937 9135 9134 9139 140,000
28,000
Com monw Edison 43481957 100% 100% 101
Consol GEL&P Balt68. aeries A
1949 107
1064 10731 66,000
9,000
Consol Publishers64s 1936 101
101 101
23,000
1941 96
Consol Textile 88
9534 96
1958 9534 954 95% 115,000
Cont'l0& El 58
Continental 011 545_1937 974 9731 97% 34,000
Cont'l Sec Corp 59 A __1942
with warrants
112
1114 112% 78,000
cosgliach Coal 63-5s _1954
944 9431 1,000
Cuba Co 6% notes___1929
97% 9739 3,000
Cuban Teleph 739s _ _1941 110% 110% 1114 20,000
.
Cudahy Pack deb 634s '37 10039 1004 1004 38,000
55
1946
10135 101% 1,000
Denver & R 0 West 58 '78 9631 96
96% 74,000
Deny & Salt Lake Ry 65'60
9139 9339 47,000
Detroit City Gas 55 B 1950 1024 1024 1024 20,000
68, series A
8,000
1947 107% 10739 108
Detroit lot Bdge 6348_1952 102% 101% 103
80,000
-year a f deb 75_1952 100
25
100 10031 39,000
Dixie Gulf Gas 648_1937
with warrants
99.4 994 9935 27,000
Eltingon-Schild
1038 10631 104% 10631 79,000
Empire 011 & Refg 13148 '42 954 95
954 246,000
Fur Mtge & Inv 78 C.1967 96
60,000
9535 96
9,000
7195
1950
99 100
Falrb'ks, Morse & Co 55'42
9614 9734 13,000
Federal Sugar,68
1933 85% 8531 854 4,000
Fed Wat Service 549_1957 107
102 107% 875,000
Firestone Cot Mills 58_1948 96
96
9611 119,000
Firestone T&R Cal 58 1942 963( 9534 964 38.000
Fisk Rubber 54s. _ _1931
96% 96% 8.000
Florida Power & Lt 58_1954 99
084 99 117,000
Our (Robt1 Co 5398_1942
104% 104% 6,000
Galena-Sig 011 7s__1930 95
21,000
95
94
Gateway Bridge 78. _1938 106
17,000
10439 100
Gatineau Power 15s_ -1956 100
100 10035 46,000
1941 104
65
10339 1044 17,000
Gelsenkirchen Min (4_1934
1,000
97
97
Gen Amer Invest 511- 1932
Without warrants
31,000
9334 93% 94
Gen Laundry Mach 648'37 100
100 10031 7,000
General Vending Corp
10,1)00
Co with warr Aug 15 1937 94
9339 94
13,000
85
Georgia & Florida 69_1946 85
85
Georgia Power ref 5s._1967 100% 1004 1004 62,000
11,000
1928
Goodyear T & 1l5a
100 100
5,000
Goodyear Tdelt Cal 5399'31
10034 101
Grand Trunk Ry 648_1936 110% 11039 11034 14,000
9334 11,000
Guantanamo Jr W Ry 65'58
93
28,000
101% 102
Gulf 011 of Pa de__ _1937
51,000
Sinking fund deb 56_1947 10131 1014 102
1004 101% 6,000
Gulf States Utll Os__ _1056
Hamburg Elec Co 7s_ _1935 101% 101 101% 22,000
96% 18,000
96
Hanover Crecl Ins 68_1931
17,000
9139 92
good Rubber545Oot 15'36 92
1936
10231 10231 2,000
78
42,000
175 195
Hygrade Food Prod 65 1937 175
Illinois Pow dr Lt 5345_1957 10131 10031 10131 21,000
10339 106 215,000
Indep Oil& Gas deb 68 1939 104
Ind'polis P & L 6a ser A '57 10134 101 10134 32.000
Inland Steel. 4395 _ _1948 954 95 (8)954 111,000
98 100 880,000
Internat Cement 55..1948 100
Int Pow Secur 70 ser E 1957 10039 994 100% 9,000
Internat Securities 58_1947 9531 9534 95% 15,000
Interstate Nat Gas 68.1935
6,000
123 120
130
With warrants
103% 10431 11,000
Without warrants
Interstate Power 58...._1957 98% 98% 9834 54,000
1952 100% 100% 101
66,000
Debentures 68
115 115
1,000
Invest Bond & Sh 5s _ _1947
Invest Cool Am 513 A_1947 "i6i;i 105 106% 65,000
Investor Equity Co 5s 1947
111 111
8,000
With warrants
Iowa-Nebraska L & P55'57 9831 97% 98% 32.000
Marco Hydro-El 78._ -1952 9539 95% 96% 23,000
1sotta Franchlni 78_1942
47,000
100% 9854 103
with warrants
9414 8.000
94
Without warrants
Jeddo HighlandCoal6s 1941 10434 104 104% 2,000
1936
Kelvinator Co 6s
84
52,000
81
82
Without warrants
KemsleyMelbourne & Co
52,000
179 203
1_ _1942 195
td f deb 6s Sept
Koppers0& C deb 58_1947 10134 101 10154 60,000
Range Since Jan. 1.
High.
Low.
9734 Feb 102% Apr
10931
10039
9931
10531
10639
109
10134
101%
Mar
Apr
Jan
Jan
Apr
Apr
Jan
Jan
107%
98%
984
10439
1024
10039
1004
10039
Jim
Feb
May
Apr
Mar
Apr
Mar
Apr
1044
9934
9814
100
101%
101%
103
844
1531
9331
Jan 105
Mar
Jan 1023( Mar
Jan 101% Mar
May 101
May
Jan (5)1054 Mar
Apr 106% May
Jan 105% Apr
Apr
Jan 92
Apr 2039 Jas
Mar 954 Apr
99
100
94
104%
104%
98%
103
97%
Jan
Mar
Jan
Jan
Apr
Jan
Jan
Feb
114
1074
103
10539
106
101
10434
99)9
May
Apr
Jan
Feb
Feb
Feb
Apr
Mar
9614 Jan 100
Jan
112
Mar 114)4 Jan
97
103%
96
96%
98
98
10234
9834
82
96
924
101
9054
103
94%
98%
9714
97%
8834
100
Feb
Jan
Apr
Jan
Apr
May
May
Jan
Apr
Apr
Apr
Jan
Apr
Jan
Jan
Feb
Jan
Mar
Apr
Feb
99
10539
97%
99
9934
9831
102%
101)4
87
9634
92%
10431
9831
10439
98
10339
102
100
9431
1004
Jan
Mar
Apr
Jan
Mar
May
May
Mar
Jan
Apr
Apr
Mar
Apr
May
Mar
Apr
Ayr
Jan
Jan
Feb
904 Feb 9439 Jan
100)4 Mar 102% Apr
105%
974
93%
954
97
Mar 110834
Jan 1014
Mar 96
Feb 97%
Feb 99
Feb
Apr
Jan
Mar
Jae
99
94
97
110%
97%
100%
96
80
102%
107
101)4
100
Jan
Mar
Jan
May
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Jan
115%
9531
98)4
11334
1004
10239
96%
9339
104%
10834
104%
101
Apr
Feb
Mar
Feb
Apr
Mar
May
May
Mar
Feb
Mar
Jan
9934
97
9214
95%
974
96)5
85
100%
9634
9534
96
97%
97
87
104
994
10234
97
Feb
Jan
Jan
Apr
Jan
Jan
Mar
Apr
Apr
Apr
Ayr
Jan
Jan
Feb
Apr
Jan
Feb
Mar
993.4
1064
95%
974
100
9739
89%
107%
9739
98%
98%
549934
105
95
106
101
10411
97
Jan
May
Mar
Mar
May
Jae
Feb
May
Mar
Jan
Feb
Apr
Apr
May
May
Jan
Apr
Mar
024 Feb 95
100
Jan 101
AprJan
93
78
9934
100
100
110
92
10134
101
9934
99%
94
91
102
143
98%
96)4
100%
95
97%
95%
9539
Mar 984
Mar 9639
Jan 103
Apr 100%
Apr /101
Apr 112
Apr 974
Jan 10231
Jan 10234
Jan 10131
Feb 103
Jan 96%
Apr 96
Mar 10334
Jan 195
Feb 1013(
Jan 106
Jan 102
Mar 1096
Apr 100
May 101
Feb 97
Oet
Jan
Mar
Jan
Jan
Jan
Jao
Mar
Jan
Apr
Feb
Apr
Jan
Jan
Apr
May
Apr
Mar
Apr
May
Apr
Mar
130
104
9934
10231
115
109
May
Apr
Apr
Mar
May
Apr
123
101%
96)4
97%
108
96
Apr
Jan
Jan
Feb
Jan
Feb
104% Jan 1124 Apr
96% Jan 101
Mar
93
Mar 96% Apr
97
94
104
81
159
9911
Mar 103
May
May 94% May
Jan 105
Feb
May
85
Apr
Jan 203
Apr
Jan 101% Apr
Bonds (Concluded)
Friday
Last Week's Rang Sales
for
of Prices.
Sale
Price Low. High. Week.
Lehigh Pow Becur 68_2026
Leonard Vets Inc 7345 '40
With warrants
Without warrants
Libby. MeN & Lib 55 1942
Lombard Elea Co 71..1952
With warrants.
Lone Star Gas Corp 681942
Long Island Ltg 65__1945
Los Angeles G & E 5s _1951
Louisiana Pow & L 58_1957
Manitoba Power 545.1951
Mansfield Min&Sm(Ger)_ _
7s with warrants. _1941
Without warrants
Mass Gas Cos 510-1946
1968
Met Edison 4395
1936
Midwest Gas 7s
Milwaukee 0 L 4341.-1967
Montgomery Ward 55_1946
Montreal L H & P58 A '51
Morris & Co 7Ks- -1930
Narragansett Co coil 55 '57
Nat Distillers Prod 6395'35
Nat Pow dr Lt 13a A ___2026
1978
Nat Pub Serv 58
194i
Nevada Cons 5s
New Eng 0& El Assn 59'47
NYP&L Corp 1st 449'67
Niagara Falls Pow 69_1950
Nichols & Shepard Co 68'37
with atk porch warr'ts_
Without warrants
Nippon Elec Pow 6155.1953
North Ind pub Serv 581966
Nor States Pow 643_1933
64% gold :totes_ -1933
Nor Germ Lloyd 68-1947
Ohio Power 55 ser B1952
1956
439s series D
Ohlolliv Edison 5s ..1951
0810 Gas & Elec Wks 5s '63
Oswego Falls Co 6s _ _ _1941
Pao Gas & El 1st 4348_1957
1948
Pacific Invest 55
Penn-Ohio Edison (Is 1950
Without warrants
Penn Pr & Lt 55 ser D.1953
let & ref Gs ser B-1952
PhIla Eloo Pow 5340_ _1972
1962
Finis Rap Tr&
Phila Sub Cos, G & E
1957
1st & ref 434s
1948
Pittsburg Steel Cs
Potomac Edison 5s._ _1956
Potrero Sugar Co 1st 791.'47
Power Corp of NY 634.'47
Procter & Gamble 43491947
PubServCorp of N J4395'48
Pub Ser El & 445_1967
Purity Bakeries deb .58 1948
Queensboro 0 & E 54s'52
1958
Ref mtge 4358
Reliable Stores 68___ _1937
Rem Arms 54% notes1930
Richfield 011 of Calif 65 '41
Rochester G & E 446_1977
St Louis Coke & Gas 6s '47
San Ant Pub Ser 5s__ _1958
Banda Falls Co 5s. _ _1955
Schulte R E Co Os _ .1935
Os without warets..1935
ScriPP9(E W)545_1943
Serval Inc(new 00) 55_1948
Sharon Steel Hoop5355 _'48
Shawinigan W & P 445'67
Shawsheen Mills 79_ _1931
Shell Pipe Line 5s......1952
Sloss-Sheffield S & I 691929
Snider Pack 6% notes_1932
Solvay-Am Invest 59..1942
Southeast P dr L 6s.....2025
Without warrants
Southern Asbestos 69_1937
Sou Calif Edison 58_..1951
Refunding mtge 55_1952
Oen &ref 5s
1944
Sou Calif Gas 58
1937
55
1957
Southern Dairies 65_ _1930
S'west Gas& Elec 55A 1957
Southwest L & P 55_ _1957
ti'west P & Los
2022
Staley (A E) Mfg 65_1942
Stand In 58 with war_ _1937
Stand Pow & Lt 6s.. _1957
Stinnee(Hugo) Corp
75 Oct 1 '36 without warr
7s 1946 without
Sun Maid Raisin 6%5_1942
Sun Oil 53411
1939
Swift & Co 5e Oct 16 1932
Texas Power & Lt 55_1956
Trans-Cont 011 78_1930
Tyrol Hydro-El 75_1952
Ulan & Co 634s
1938
United El Seri(Una') 75'56
Without warrants
With warrants
United Indus 6345_ __ _1941
United Lt & Rys 5348_1952
Gs series A
1952
United Rys of Hay 7345'36
Howe Maw Jan. 1.
Lott.
High.
10834 107% 10831 72,000 1033( Jan 10934 Mar
2,000
153 153
10,000
10434 105
96
9639 52,000
96
9734 9731 9834 53,000
101% 10131 103 102,000
99% 9939 99% 38,000
10439 104% 10531 8,000
10334 10334 10334 10,000
984 31,000
984 97
10354 10335 11,000
130
102%
9414
94%
98
98%
104%
103%
97
102%
Jan
Jan
Mar
Jan
Feb
Feb
Jan
May
Apr
Jan
155
105
97
99
103%
100
105%
103%
100
104%
Apr
Apr
Apr
Mar
Apt
Jan
Apr
May
Mar
Apr
11,000
105 107
6,000
9631 98
51,000
104% 10431 105
100% 100% 123.000
100%
10335 102 10339 25,000
101 101% 6,000
101% 101% 3,000
12,000
102% 103
103
10034 100% 100% 25,000
10131 1004 10131 28,000
10239 102 10239 14,000
54,000
108% 108 109
9239 9235 9234 72,000
9931 9931 1,000
48,000
98)9 9834 99
32,000
954 954 96
23,000
10534 10539 106
193
963(
1044
99%
96%
100
10034
1014
98
1003.4
102
106
9234
9839
98
95
10531
Jan
Apr
Apr
Mar
Mar
Jan
Mar
Jan
Jan
May
Mar
Mar
Apr
Jan
Feb
Jan
mar
107
984
105
10284
103%
103%
10234
103%
101
102%
1031(
109%
94%
9931
101
97%
10654
May
Jan
Jan
Mar
May
Apr
Jan
Feb
Mar
Mar
Jan
Mar
Apr
Feb
Mar
Mar
Jan
164 164
99% 100
9531 9631
96
103% 103% 10335
142 145
145
103 10335
103
9539 94% 9539
10339 10334
9634 9639 97
10151 10154
9639 97
97
10134 10135 101%
99% 99% 101
99 101
101
2,000
7,000
54,000
9,000
16,000
14,000
145,00
2,000
49,000
2,000
55,000
10,000
115,000
182,000
117%
9439
9431
10031
119
103
9334
101
95
100%
9531
100
98%
98
Jan
Feb
Feb
Jan
Jan
May
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Mar
1714
101
974
104
145
105)(
961(
103%
9734
102
97
102
10134
101
Apr
Apr
Apr
Mar
Apr
Jan
Mar
May
Apr
Apr
Apr
Apr
Apr
May
10431 10331 10434
10431 1043,41043.1
10335 103 10339
1054 10539
104% 1044 1044
37,000
17,000
3.000
18,000
11.000
109
10334
102%
105%
104
Jan
Mar
Mar
Jan
Feb
10439
10434
104
107
105
May
Mar
Jan
Jan
Jan
1014 101% 15,000
26,000
10131 102
44,000
1004 101
85
8631 9,000
38,000
9931 101
99% 1004 43,000
12339 136 4209,000
10139 102 148,000
56,000
97
96
11,000
10539 106
1004 10031 5,000
994 33,000
99
9835 17,000
98
1224 13439 296,000
10435 10435 1,000
36,000
9534 96
9935 100 186,000
19,000
10339 104
103 103% 30,000
92% 93 104,000
9939 9934 22,000
7239 94,000
71
9931 9939 39,000
9739 97% 64.000
2,000
101 101
97% 69.000
97
10131 101% 2,000
120% 130 393,000
9934 30,000
99
984
10139
99%
84
9934
9931
10334
99%
96
1034
1004
9839
953(
98
100%
05
98%
1013(
95%
8834
9834
1314
993(
96%
984
97
10131
103
983(
Jan
Mar
Jan
Mar
Mar
Mar
Feb
Jan
May
Jan
Apr
Jan
Jan
Feb
Feb
Mar
Mar
Jan
Jan
Mar
Mar
Feb
Mar
Jan
Feb
Mar
Apr
Jan
Jan
10231
1024
102%
98)g
101
100%
136
1034
9714
107
101
99%
9934
13439
10431
9634
10034
104
104%
934
100
73
10034
9874
101%
98
102%
135
100
Mar
Apr
Mar
Jan
Jan
Mar
May
Apr
Feb
Apr
Apr
Apr
Apr
May
Apr
Jan
Mar
Ain
Apr
Apr
Apr
Apr
Feb
Mar
Apr
Jan
Jan
Apr
Mar
108
126
10334
103%
103
95%
107% 108 423,000
111 131% 139,000
1034 1034 62,000
50,000
10339 104
103 10331 3,000
9431 9539 45,000
10031 1004 6,000
7,000
99
99
14,000
9931 994 100
974 94% 5,00
111% 1104 11234 25,000
1004 100 10035 33.000
10,000
132 132
28,000
102% 103
103
105%
105
1023(
102
10231
94%
99%
974
9834
96%
10734
99
10839
9934
Jan
Jan
Jan
Mar
Nov
Jan
Feb
Apr
Jan
Feb
Jan
Jan
Jan
Jan
109%
13139
10431
104%
10434
9534
10134
9939
10059
98
11239
10139
130
104)4
Mar
May
Apr
Apr
Dee
Jan
Apr
Jan
Apr
Feb
May
Mar
Apr
Mar
944
944
9031
93% 944 47,000 93%
0431 9434 66,000 934
35,(100 90
92
90
102 10231 6.000 101
10031 101% 38.000 100%
10051 10134 77.000 99%
107 109% 126.000 103
9439 954 14,000 92%
9839 9831 20,000 9739
Jan
Feb
Apr
Jan
Jan
Jan
Feb
Jan
Feb
95
9614
98
10231
10139
103
116
95%
99
Feb
Apr
Jan
API'
Jul
Mar
Jan
Apr
Feb
75,000 924 Jan 100
181,000 10139 Jal 117%
,
24,000 933.4 Jan 97
66,000 98% Feb 99%
1,000 10314 Jan 108
2,000 1113., Jan 1134
Apr
Apr
Mar
Jan
Jan
Feb
101%
1004
85%
100
1004
136
101%
9634
10539
99
9839
13434
10439
95%
100
104
9935
7234
99%
9734
97%
12534
9934
10031
101
1074
94%
98%
974 97
11439 114
96
96
9839 98
1063( 10631
112
0054
117
9639
99
106%
112
For continuation of Curia Market transactions see page 2749
•No par value. S Correction. m Listed on the Stock Exchange this week, where
additional transactions win be found. a Sold under the rule. o Sold for cash.
s Option sale. t Ex-rights and bonus. w When issued. s Ex-dividend. y Exrights. s Ex-stock dividend.
Ogtion sales made as follows: a Middle West HUI. prior lien stk. Mar. 6 at 12:
IA.G.Spalding & Bro.,corn., Jan. 14 at 120; g Associated Gas & Elec.. Jan. 14 at 47.
Sierra Pacific Elea. Co.. Jan. Oat 92; 11 Bway. Dept. stores, Jan. 25 at 103: Mt.
State Power, Jan. 13. 10134. (I) Palmolive Pet., Feb. 28 at 85.
"Under the rule" sales were made as follows:
b Belgian Nat.onal RaJway. preference January 20 at 1734; 1 EitingonSchlld Co. 6s, Jan. 13 at 984;1 Goodyear Tire & Rubber of Calif. 5345, Jan. 4 at
10134; k U. S. Rubber 639% notes 1940 at 108; r J. J. Newberry, pref. Jan. 25 at
10734; o Standard Publishing class A Jan. 25 at 4; U $1,000 United Oil Prod. 85,
1931. Feb. 2 at $81. Potrero Sim. 7s, 1967, Feb. 17 at 98; to American Meter Co..
Feb. 29 at 126. (3) Ohio River Edison 5e, 1951, Feb. 27 at 103. (4) Nat. Pub.
Sur. war., Apr. 24 at 31g314. (5) Associated Gas& Elec. 539s, 1977. Apr.,24 at
107. (6) Mtg. k. of Bogota 75, 1947, Apr. 20 at 96. (7) Singer Mtg. May 2
20 at 485. (8) Inland Steel 4395, May 4. 85,000 at 9834
Cash sale_ as follows: e Servel Corp. (Del.) corn. Jan. 16 at 66e.
2778
Intlestnunt anti gailroatt $ntelligence.
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third week
of April. The table covers 11 roads and shows 0.14%
increase from the same week last year:
-Grossfrom Railway-- -Net from Railway- -Net after Tares
1928.
1927.
1928.
1927.
1927.
1928.
Bangor & Aroostook
March
845,588
962,520
392,883
395.729
314,971
481,241
From Jan!. 2,279,048 2,515,252
897,913
949,396 1.109,391
753,511
Belt Ryaj Chicago-Mara!,
712,247
635,728
Third Week of April.
255,786
214,909
208,070
261,394
1928.
1927.
Increase. Decrease.
From Jan!. 1.930,851 1,752,812
454,344
563.517
420,365
593,601
Bessemer de Lake Erie
$
s
$
.8
March
Previously reported (8 roads)
708,863 1,007,633
8.584.011 8,591,684
8,148
202,281
247,105 -15,602
7,673
From Jan 1_ 1,935,952 2,675,319
Duluth South Shore dr Atlantic
91.046
-72,000
102,178
409,664
527,922 -143,200
11,132 Bingham
Georgia & Florida
& Garfield
25,800
31,900
6,100
Mineral Range
March
38,185
4,855
5,680
44,437
7,479
825
11,727
4,242
-110
754Innespolle & St Louis
From Jan 1_
293,362
116,086
258,934
136,168
34,428
22,348
29,409
6,532
-641
Nevada-Callfornia-Oregon
Buff, Rochester dr Pitts
0,984
6,147
3,836
-March
1,449,876 1,706,172
307.365
310,340
Total (11 roads)
277,290
26(3, g
0.
,
3
9,009,058 8,996,523
From Jan 1_ 4,200,569 4,814,532
38,264
25,730
841,512
Net Increase (0.14%)
853.590
751.413
7
12.534
Buffalo & Susquehanna
March
137,921
152,962
7,783
9,143
7,043
5,783
In the following table we show the weekly earnings for
From Jan!. 408,139
433,450
21,736
12,096
15,736
5.796
Canadian National Rye
.a number of weeks past:
March
21.157,650 20,267,106
From Jan 1_59.618,023 54,994,629 4,734,772 4,285,906
10,523,994 8,275.718
At)& St Lawrence
Current
Previous
Increase or
March
West.
250,118
Year.
263,904 -35,463
Year.
Decrease.
21.278
34.228 -60,363
%
From Jan I_
764,118
951,072
-8,753
119.806 -51,503
80,056
CM,Del & Can 0T Jet
$
$
$
let week Oct (13 roads)
March
16.141,807 16.817,404
335,089
-675,597 4.01
381,978
1115,531
166,531
207,693
197,433
3d week Got (13 roads)
From Jan!. 906,314 1,051,840
17.643.939 17.907.644
-283,705 1.48
495.270
550,446
581,225
464,211
.110 week Oct (13 roads)
Del, G It & Milwaukee-16.906.764 18,681.245 -1.774,481 9.50
445 week Oct (13 roads)
March
25,561.495 25.777.620
789,350
720.987
-216,125 0.84
325.362
306,132
292.600
320.564
let week Nov (13 roads)
From Jan 1_ 2,059,768 1,850,459
17,108.500 17.815.452
-706,952 3.97
782,268
683,036
643,532
755,661
36 week Nov (13 roads)
18,207.050 17.976,471
+230.578 1.29 Canadian Pacifl c
3d week Nov (13 roads)
16.510,645 17.602,795 -1,092,250 6.21
March
16,807,501 15,433,187 3,633.206
Ash week Nov (12 roads)
14.483.191 15,491.462 -1.008,272 11.51
From Jan 1_47,100.788 43,236,009 8,114,301 2,984.194
lit week Dee (13 roads*
6,462,628
15.450,548 15.931.020
-480,473 3.02 Can Pan Lines In Me.
20 week Dee (13 roads)
14,681,454 18.766,994 -1.105,440 7.01
March
348.557
36 week Dee (13 reeds)
381,328
109,606
15.245.679 15,600,778
115.555
95,606
-354,099 2.28
102.25
5
From Jan!_
932,030 1,030,556
4th week Deo (12 roads)
291,583
13.755,346 14,261.831
290,375
249,683
250,473
-506,484 3.55 Can
Pat Lines In Vt.In week Jan. (13 roads)
._, 12.251.914 12,953,678
-701,764 4.42
Starch
3d week Jan (13 roads)
172,767
'=•••-, 13,828,607 13.537,951
181.777
--8,107
+290.657 2.18
13.801 --12.957
8,851
From Jan 1. 498,922
3d week Jan (13 roads)
14.159,779 13.591,510
515,075 -14,094
+5418.270 4.17
27,237 -28,044
12,987
4th week Jan (13 roads)
19.646.902 19,129,089
+516.793 2.70 Central of Geotglnlet week Feb. (13 roads)
March
14,361,236 13.800,386
2,491,312 2,616,998
+470.870 3.39
771.810
748,899
810,993
3d week Feb. (13 roads)
001,009
From Jan I_ 8,553,428 7,244,771 1,614,254
14.728,570 14,221.833
+506.737 3.56
1,857,207 1,210,612 1,408,630
3 week Feb. (13 roads)
,
3
18,881,532 10.882,826
-1,294 0.02 Charles & West Carolina
4th week Feb. (12 roads)
15,575.152 13,665,718 +1.909.434 13.97
March
328,569
362.515
77,577
lit week Mar (11 roads)
79.896
56,032
9,148,917 9,305,258
58,175
-156,341 I 89
From Jan!. 8.54,703
968,360
149,369
24 week Mar (11 roads)
178,42.3
84,709
9,271,593 9,523,366
113,673
-251.773 2.68 Chicago & Alton
3d week Mar.(11 roads)
14,104.068 13.836,568
-267.552 +1.9
March
2,490,689 2,675,071
-4th week Mar.(13 roads)
592,914
21.017.426 20,134,884
713,758
487,331
+882.541 4.38
607,880
From Jan I_ 6,931,314 7,423,108 1,375.092
liat week Apr. (12 roads)
15.651,418 15,283,350
1,854.684 1,058,084 1,536,475
+368,068 2.41 Chicago
211 week Apr. (12 roads)
Burl dr Quincy
13,255,732 13.508.682
-252,950 1.87
Id mm.Ir A m. (II rmul n1
March
13,885,936 13,256,509 4,045,103
5.000.058 8.990 525
.4.19 534 n 14
From Jan 1_39,031.578 36,823,228 13,411,119 4.407,120 3,747,022 3,420.484
11,242,919 10,323,090 8,180,654
Chicago & East Illinois
We also give the following comparisons of the monthly
March
2,191,940 2,581,654
472,873
517,226
357,113
401.061
From Jan!. 6,232,014 7,313,991 1,094,339 1,434,941
totals of railroad earnings, both gross and net (the net before
747,989 1,087.828
Midland
the deduction of taxes), both being very comprehensive. Chicago & Illinois288,932 -238,1590
March
109,267
63,989
101,832
57,002
From Jan L. 734,845
They include all the Class A roads in the country, with a total
693.692
249,274
215.650
226,969
193,602
Chicago Ind de Louisville
mileage each month as stated in the footnote to the table:
March
1,650,116 1,663,962
405,397
461,420
410,556
395,309
From Jan!. 4,487,319 4,557,281 1,142,522
1,110,605
917.106
909,519
Chicago & North Western
Gross Earningt•
Net Earnings.
Starch
12,082,737 12,029,745 2,400,236 2,354,180
Month.
1,621,500 1,650,442
From Jan 1_33,478.839 33,626,952 6,364,274
5,987,445 4,632,911 3,578,292
Increase or
Increase or
Chicago River dr Indiana
1927.
1926.
Decrease.
1927.
1926.
Decrease.
March
621,614
610,821
261,230
225,432
208,990
179,231
From Jan 1.. 1,741,226 1,699,634
2
I
S
681,119
$
$
585,990
$
535,548
460,515
Chic R I & Pacific
March__ 29.899,898529.467.282
+432,616 135.691,649 134.064.291
+627,358
March
April__ 91.212,491 498.677.065' -1.464.574.113.043.766114.411.892
11.179,600 11,740,594 3,059,445 2,978,365
-774.126
2,418,005 2.33.5,37
From Jan 1_31.319.827 32,306,873 7,714,346
May ___ 517,543.015416,454.998 + 1.088,017 126,757,878 127.821,38
7.308.263 5,814,339 5,393,857
1,063.507
June ___ 16.023.039 539,97,814-23,774.77 127,749.895148.646,848 Chic RI & Gulf
20.897.156
July.... 08.413.874 556.71.984-48.297.061125,438.3341
March
531,692
698,183
160.874.882
185.930
254,538
157.950
August 4556.406.682 579,093.39/-22,686,73 164.013.942 179.711,414 35.434,548
72,817
From Jan 1_ 1,578,411 1,921,366
15.697,472
588,387
742,729
508.792
Septem' 564,043,987i590,102.143-26.058,156,179,434.277
663.229
193.233.706 13
October 82,542.179605.982.445-23.440,2601180,919,048 194,283,639- 799,429 Chicago, St Paul Minn & 0
March
13.364,491
2,300,714 2,206,825
478,035
Nevem'
425,383
" 561.153.956-58.159,905,125,957.014 158.50t,561 -32.544,547
365,427
327,942
From Jan!. 6,523,675 6,202,138 1,074,651
Deem' 68.526,003 525.820.70fe-59,294,7051 90,351,147118.520,165-28,169,018
955.011
742,596
651,432
Clinch field
1928
1927
I
1928,
1927.
March
621,231
January 1456,520,857 4/8,722.640-30.161.749 93.990,649
698,843
256,513
206,504
99,549,436
181,401
5.551.796
191,504
From Jan 1. 1,772,971 2,085,733
February 55.611.2.5 69.533.11 7-12,850.8591101,120,729 107,579.051 699,408
804,156
474,213
+541,678 Colorado dr
581,156
Southern
Note.
-Percentage of Increase or decrease In net for above months has
March
876,522 1,044,658
142,647
been:
154,501
76,383
1927
-March, 1 21% inc.; April. 0.67% dec.; May,0.83% dec.: June,
From Jan 1. 2,889,430 3,174,436
90.783
572,329
508.792
373,180
317,953
July, 22.03% dec.; Aug.. S 73% dee.; Seat.. 7.14% dec.; Oct.. 3.87%14.07% deo.:
Ft Worth & Denver City
dec.: Nov..
March
20.53% dec.: Dec., 23.76% dec. 1928-Jan., 5.58% dec.: Feb.. 0.50% Increase.
902,897 1,123,470
229,936
299,679
172,550
226,820
In the rno- t1 of March the length of road covered was 237,704
From Jan 1_ 2,715,136 3,436,784
,
871,441 1,10:1,262
716,283
against 230,948 miles in 1926; In April, 238,183 miles, against miles in 1927.
882,929
Trinity & Brazos Valley
237,187 miles
In 1926; In May, 231.025 miles, against 237,275 miles In 1928; In June, 238,425
March
167,111
250,663
9,780
51,816
2.162
44.216
miles. against 237,243 miles in 1926; In July, 238,316 miles, against 237.711
From Jan!. 605,232
746,578
miles
61,989
97,613
42,266
75,329
Wichita Valley
In 1926: in Aug.. 238.872 miles, against 237,824 miles in 1926: In Sept.. 238,814
miles, against 237,854 miles In 1926; in Oct.. 238,828 miles, against 238.041
March
182,242
196,741
miles
112,014
114,681
98,160
104,885
From Jan!. 482,386
In 1926; In Nov.. 238,711 miles, against 238.142 miles In 1926; In Dec., 238,652
570,477
262,320
326,08.3
298,824
231,785
miles. against 237.711 miles In 1926; in Jan., 239,476 miles, against 238,608 miles Columbus & Greens
In 1927; In Feb., 239,584 miles, against 238,731 miles In 1927.
March
150,456
168,140
25,368
38,723
24,168
37,623
From Jan!. 441,840
464.142
65,288
76,285
61,666
72,358
Net Earnings Monthly to Latest Dates.
-The table Delaware & Hudson
March
3,054,723 3,343,580
following shows the gross and net earnings for STEAM
312,998
329,772
225,498
212.747'
From Jan 1_ 8,959,764 10,054,214
827,003 1,608,611
562,774
757,586
railroads reported this week:
Dertverh Rio Grande Western
Aiarc at
2,486,100 2,405,929
-Ores from Railway- -hel from Rollway- --Net after Tales
562,137
400,368
377,067
305,036
From Jan!. 7,443,978 7,434.156 1,792,541
1927.
028.
1928.
1927.
1928.
1927.
1,746,737 1,237.415 1,190,772
Denver & Salt Lake
March
211,220
American Sty ExPreas
296,054
37,469
27,719
30,461
21,719
From Jan 1_
979,353
February _ _20,378.209 20,300,789
272,262
909,537
265,473
98,574
304,160
94,177
144.172
283,145
126,103
520,656
From Jan L39.928,249 40,531,131
523,125
176,754
178.749 Detroit dr Mackinac
March
126,463
123,013
1.471
21,515
Ann Arbor
-8,474
11,764
From Jan 1. 325,550
326,746
19,964
26,532
March
527,914
518,739
147,241
136,916
-9,891
123,147
113,016
-2,808
From Jan 1_ 1,418,180 1,402.347
348.738
322,272
278,094
251,240 Detroit Toledo & Ironton
March
827.239
969,279
253,181
304,147
190,935
237.825
_A tch., Topeka ,k Pante Fe
From Jan 1_ 2,241,499 2,531,045
574,242
760,830
131,564
631,448
15,819.618 10,628,648 3,854,072 4,804,053 2,616,487 3,463,183 Del
March
& Tol Shore Line
From Jan 1_4.5,215,994 48,047,819 11.322.791 14,482,712 7.602,531 10.334.800
March
488,405
507,481
293,963
310,007
264,554
280.436
.Gulf & Col, & Santa Fe
From Jan I_ 1,311,448 1,510,688
773,216
931,418
483,417
846,760
2,0.58,392 3.095.902
718,599
271,488
March
173.435
634,774 Duluth de Iron Range
6,379,076 9,547.514
844,750 2.437,000
562,983 2,177,192
From Jan I_
March
92,664
137,684 --187,209 --173,153 --206.717 --200.054
Panhandle & Santa Fe
From Jan I_
297,990
380,904 -616.268 -495,391 -576,889 -595,179
368,425
906,998 1,392,560
85,115
48,845
March
324,643 Dill. Missabe & Northern
460,903 1.310,025
355,885 1,161,315
From Jan L 2,899,856 4,513,272
March
104,449
130,301 --310,644 --427,174 --388,107 --510,071
From Jan I_
293,465
385,465 --897,098-1.165,193-1.128.902-1.4
Altanta Birm & Coast-32.724
489,992
46,733
26,430
430.109
11.382
March
32,402 Dul, So Shore & Atla.ntic-16,057
45,507 -29,127
March
2,534
From Jan 1_ 1,202,699 1,339,368
464,407
428.195
86,031
129,616
55,917
100,601
From Jan 1_ 1.238,032 1,231,319
249,122
234,499
Atlanta & West Point159,108
147.484
72,036
84.069
270.470
277,8311
69,683
54.968 Du1.V6 lnnipeg & Pacific
Maroh
e
'
187,895
206,738
157,208
770.139
Starch
778,025
137,569
From Jan 1_
234,788
239.288
67,065
57,292
54,725
45.539
From Jan 1_
201.775
674,814
715,586
171,010
Atlantic City
165.604
137,256
286,777 -52,268 -56,110 -89,618 -90,369 Elgin Jollet & Eastern
218,635
March
735,881 -287,259 -245,122 -399,309 -347,869
March
632,756
2,436,389 2,540,724
From Jan I_
950,171 1,042,522
846,801
946,068
From Jan!_ 6,358,323 6,635,928 2,121,302 2,521,793 1,811,585
Atlantic Coast Line
2,223.443
7.747,321 8,662.499 2,462,336 2,702,840 1,908.569 2,149.407 Evans, Ind az Terre Haute
March
March
From Jan 1_20.988,979 23.909,629 5,528,910 6,896,103 4,072,868 5,384.576
291,078
183,056
122,925
60,222
155 577
59;282
260 9 3
1 10 3817
;
From Jan!. 521,020
174.159
737,297
291,016
Baltimore &()MOFlorida East Coast
B & 0 Chic Terminal
-25,734
55,081
March
March
81,210
349,169
378,448
9,926
1,686,690 2,278,725
589,676
708.214
441.432
561,718
From Jan 1.. 1,031,399
100,841
023,753
From Jan 1. 4,795,965 6,216,974 1,619,202 1,940,187 1,233.770 1,558.001
184,030
19,117 -39,000
!
192s
lil27 after razes
-omitsfrom Roatorty- -Net from Ra owa- -Net
1927.
1928.
1927.
1928.
Ft Smith & Western
168,228
124,138
March
466,494
363,728
From Jan 1_
Galveston Wharf
193.475
146,250
March
544,240
From Jan 1- 414,349
Georgia Railroad
521,902
482,648
March
From Jan 1_ 1,283.690 1.418,566
Trunk Western
Grand
1,874,320 1,766,725
March
From Jan L. 5,056,670 4,934,956
Great Northern
8.602,608 7,934,883
March
From Jan 1_22,998,174 21,204,669
& Western
Green Bay
140,154
154,920
March
412.967 1,390,364
From Jan 1_
Gulf Mobile & Northern
616,658
675,176
March
From Jan L. 1,809,978 L740,034
Island
Gulf & Ship
366,824
370,782
March
966,608 1.010,494
From Jan 1_
Hocking Valley
1,354,857 1,678,172
March
From Jan I_ 3,873,804 4,396,655
System
Illinois Central
15,972,783 16,013,171
march
From Jan 1_44,785,761 45,388,112
1111nois Central Co
13,824,275 13,739,051
March
From Jan 1.38.336,490 38,638,954
Yazo & Miss Valley
2,132,876 2,259,817
March
From Jan 1. 6,405,732 6,707,345
International Great North.1,488,476 1,617,786
March
From Jan 1_ 4,273,641 4,649,144
Kansas City Mex.& Orient.
280,631
261.343
March
677,475
750,581
From Jan I_
K.C. Mex.at 0.of T.
560,102
480,778
March
From Jan 1. 1,473,419 1,441,254
1Cansas City Southern
1,551,051 1,573,948
March
From Jan 1_ 4,447,584 4,405,248
Texarkana at Ft. Smith
226,228
261,319
March
651,589
712,258
From Jan 1_
Kansas Okla & Gulf
247,270
244,064
March
745,143
675,400
From Jan 1_
14,563
44,695
36,220
88,522
11,468
33,081
30,690
74,451
51,013
130,996
77,368
232,839
34,013
79.996
60,368
181,839
95,947
175,213
116,217
247,810
87.139
149.012
100,321
211,849
463,446
531,840
1,283,272 1.308,053
449,087
1,035.708
379,222
1,051,812
2,286,699 1,948,020 1,576,598
5,177,997 4,037,142 3,143.134
1,113,590
1,898,601
47,459
111,745
37.664
91,282
39,459
87,745
29,664
67,282
200,739
467.011
166,650
469,230
162,007
376,241
127,508
357,308
128,353
248,200
30,162
49,446
102,042
168,718
6,267
-22,085
356,024
900,364
604,597
1,244.082
231.047
525,359
493,447
910.605
4,175,238 4,208,498 2,958,301 3,054,688
10,468,522 11,351,543 7,224,8.53 8,076,546
3,878,524 3,775,520 2.831,788 2,796,963
9.375.087 9,958,460 6,642,583 7,218,913
303,094
1,110,673
434,187
L392,373
137,308
613,624
263,573
871,390
255,804
629,205
290,904
864,417
213,378
503.781
251,437
737,830
21,757
8.358
97,236 def27,232
17,756
3,945
85,170 def39.803
69,516
268,232
90.310
259,731
62,381
246,617
83,277
238,665
492,570
1,375,203
516,399
1.401,797
378,295
1,032,465
405,594
1,070,159
110,053
242.318
115,526
300,519
97.917
255,844
100,502
255,608
68,005 def79.694
252,382 def113,617
Lake Superior & Ishpemlim73,850
68.513 def22,156 def27,948
March
195,327 def65,028 0ef83,303
From Jan 1_ 219,327
Lake Terminal
Lehigh & Hudson River
219,920
March
277,124
77,233
92,339
808,458
From Jan L. 658,682
188,557
242,680
Los Angeles .1, Salt Lake
1,943,579 2,167,036
March
305,509
474,482
From Jan 1_ 5,625,420 5,942,470
812,999
933,017
Louisiana & Arkansas
March
322,340
316,976
117,683
73,777
From Jan 1. 915,319
970.640
308,808
218,629
Louisiana Ry & Nay Co
March
283,766
279,389
55,377
38,389
819,922
From Jan 1_
886.414
136,492
110,554
La Ry & Na? co of T
March
86.489
95,757
def1.195
9,110
From Jan I. 263,997
234.770
12,429
15,207
Louisville & Nashville
March
12.031.952 12.390.195 2,762,556 2,491,842
From Jan 1_34,208,213 35,396,119 6.996,481 6,917,124
Louinv Henderson & St L
March
301.043
352,043
69,274
106,288
201,227
From Jan 1. 898,088 1.025.443
327,172
Midland Valley
281,887
March
322,772
117,236
121,511
953,368
352,779
398,630
From Jan 1.. 831,038
Minn St P & 88 M
3,701.836 3,487,700
725,708
March
602.812
From Jan 1_10.285,249 9,905,444 1.679.697 1,542,350
mksaissippi Central
135,237
147,528
March
38,877
48,584
419.240
122,572
From Jan 1. 400,039
123,267
Mo-Kansas-Texas Lines
4,365,627 4,891,478 1,417,345 1,554,118
March
From Jan 1_12,744.744 14,075,381 3,787,529 4,324,937
Missouri at No Arkansas
143,663
159,108
19,810
32,679
March
432,044
5,505
65,564
From Jan E 405.439
Missouri Pacific
11,042,137 11,188,032 2,567,851 2,604,094
March
From Jan 1_31,266,411 31.887.221 7,282,028 7,458,319
Mobile & Ohio
389,283
490,293
1,573,385 1,648,578
March
93.5,023 1,028,061
From Jan 1_ 4,300,009 4.406,559
Connecting
Monongahela
195,775
33.525
155,059
64,324
March
82,154
143,120
449,363
539.657
From Jan 1_
Nash Chatt & St Louis
502,428
450,355
2,069,891 1.997,610
March
904,526
985,670
From Jan 1_ 5,533,584 5,554,910
Nevada Northern
31.635
77,183
38,845
76,921
March
245,360
92,210
126,330
From Jan 1. 222,475
New Orleans Gt Northern
293,460
94,686
296,106
100,573
March
828,791
280,512
272,088
From Jan E 854,948
New Orleans Terminal
37.359
163,934
62,859
136,889
March
123,684
465,764
408.731
177.469
From Jan 1_
Tex & Mexico
New On
295,672
297.848
105,087
59,823
March
847,596
166,962
731,904
166,736
From Jan 1_
Beaumont 80 Lake & W
312.581
118,593
335,749
107,676
March
829.359
179,918
801,049
245,900
From Jan 1_
Mom
St L Bronws &
313,254
940.075
868.576
320,703
March
851.420
896,619
From Jan I_ 2.439,428 2,470.049
York Central
New
31.172.801 32,968,030 7.110,693 7,569,752
march
From Jan 1_88,138.494 93,215.682 19,000,338 20,077.702
Indiana Harbor Belt
384,152
304.500
1318,351 1,061,988
March
845,766
680.088
From Jan 1_ 3,019,730 2,901,804
2779
FINANCIAL CHRONICLE
MAY 5 1928.]
56,695 def89,412
219,859 def142.821
def34.554 def39,547
def102,090 def118,102
61,794
148,249
75,559
197,531
170.488
406,903
340.904
533,644
85,031
215,841
47,359
135,943
31,744
66,788
14,505
41.239
def5,198
386
5,086
3,175
2,135,154 1,931,511
5,202,148 5,279,713
45,896
131,579
84,378
2.58,914
100,847
301,617
99,871
337,586
513,463
1,051,668
378,804
869,423
30.404
96,595
37,595
95,044
1,147,345
3.008,141
1,209,984
3,541,185
16,920
def1,601
30,334
58,291
2,099,066 2,190,779
5,909,880 6,095.446
306,029
685,155
405,008
779,970
27,647
62,937
52,647
114,744
427.684
678.697
380.791
764,635
21,329
60,484
32.388
106,756
77,399
225,071
80,657
218,652
26,362
90,662
51,405
143.107
85,010 def26,918
104,147
31,139
113,058
163,280
166,734
294,758
294,392
785,247
284,710
792.918
4,930,099 5,490,807
12,732,707 13,948,155
319,802
690,008
248,742
556,697
-Gross from Ra6way--Net from
1928.
1928.
1927.
$
$
$
Michigan Central
March
7.953,129 '7.761,844 2,606,853
From Jan 1_21,927,843 21,339,710 6,777,471
C C C & St Louis
March
7,627,499 8,327,961 1.988,216
From Jan 1_21,581,994 22,854,962 5,002,281
Cincinnati Norther
129,756
March
383,929
419,16.5
309,722
From Jan 1_ 1,032.518 1,172,641
Pittsburgh & Lake Erie
470,486
March
2,615,581 2,914,213
From Jan 1_ 7.293,902 8,248,326 1,210,275
New York Connecting
March
.258,705
286,982
783,214
Flom Jan 1_
754,640
NY N H & Hartford
March
11.116,902 11,711,965
From Jan E31,420,615 32.790,634
Northwestern Pacific
442,714
March
427,584
From Jan E 1,202,238 1,199,557
Bait, Ches & Atlantic
94,651
March
90,901
238,639
From Jan E 238.177
181,059
492,622
R4thoap--Na after Taxes
1927.
1928.
1927.
$
2,558,512 2,053,521 2,125,276
6,403,713 5,270,868 4,986,636
2,441,565 1,520,924 1,967,797
5,406,299 3,722.209 4,144,171
159.936
380,611
101.749
240,183
131,796
305,339
520,844
1,191,771
292,468
717,248
354,778
716,610
195,645
481,014
141,559
374,122
155,145 •
359,514
3,170,564 3,229,097
8,030,241 7,508,695
-34.636
-109,015
2,551,407 2,682,346
6,129.401 5,867,457
13,417 -75,324 -27,317
-17,793 -231,044 -139,995
--55,874 -30,371 --55,874 --30,376
-116,789 -102,803 -116,796 -102,907
Pennsylvania System
Pennsylvania 00
March
52,350,843 58.798,527 13,189,549 14,991,788 10,277,433 12,017,894
From Jan 1147,740.574164.358,253 32,690,958 33,023,341 25,671,427 26,071,038
Long Island
2,879,549 2,998,570
475,895
240,626
385,758
146,444
March
872,81/3 1,023,663
632,633
From Jail 1_ 8.469,124 8,477,724 1,238,918
Monongahela
742,518
254,015
March
588,683
396,229
232,424
356,083
727,640 1,039,978
687,641
937,432
From Jan 1_ 1,736,994 2,060,974
W Jersey & Seashore
851,249
21,665
36,087 -11,836
733,007
2,834
March
31,672
8.136
5.516 -17,831
From Jan 1_ 2,115,877 2,433,753
Peoria at Pekin Union
176,427
49,944
190,994
68,170
66,844
51,170
March
479,462
186,406
159,137
135.405
108,137
From Jan 1_ 521,503
Marquette
Pere
934,504 1.1135,318 •
3,639,696 3,932,075 1,132,765 1,357,421
March
From Jan 1_ 9,712,025 10,285,611 2,580.751 2,993,889 3.987,876 2,418.920
Perklomen37,545
7.612
12,394
101,008
33,094
94,218
March
117,785
45.899
101,895
296,721
78,335
From Jan E 292,975
Pittsburgh & Shawmut188,292
59,738
38,245
58,384
37.098
169,224
March
78,940
190,507
73.544
447,771
194.251
From Jan E 527,087
Port Reading
225,060
152,644
March
661,442
552,385
From Jail 1_
Pullman Co
6,131,157 6,457,816
March
From Jan E19,487.571 19,723,683
Quincy Omaha & K C.
69,533
March
63,823
190,038
185,283
From Jan 1_
Reading Co
7,167,886 8,092,832
March
From Jan E21.065,979 23,368,841
Rutland
540,060
584,332
March
From Jan E 1,640,236 1,506,971
Francisco
St Louis-San
6,702,016 7,241,595
March
From Jan 1_19,188,876 20,517,010
St L-8 Fran of T
167,639
131.550
March
492,898
413,096
From Jan 1_
Ft Worth & Rio Grande
103,526
101.392
March
302,657
299.104
From Jan 1_
-W of T
St Louis E3
594,721
596,881
March
From Jan E 1,726,853 1,744,135
St Louis Southwestern
March
1,626,264 1,492,121
From Jan 1_ 4,540,590 4,248,727
San Ant Uvalde & Gulf
187,965
March
232,151
Flom Jan 1_
549,280
507,703
Southern Pacific System
March
5,779,643 5,946,821
From Jan 1_16,210,916 16,940,472
Southern Pacific Co
March
17,508,338 17,868,540
From Jan 1_48,355,677 48,001,960
Texas and New Orli,ans(Southern Pacific SS Lines)
March
955,708
995,566
From Jan 1_ 2.747,135 2,938,006
Southern Ry System
Ala Great Southern
March
878,151
888,458
From Jan 1_ 2.400,740 2,454,658
CW N 0 & T 3'
Match
1,824,500 1,911,513
Flom Jan 1_ 5,154,870 5,279,566
Georgia So. d, Florida
March
414,047
413,670
From Jan 1_ 1.189,145 1,234,453
N. Orleans & Northeast
March
488,402
521.709
From Jan 1_ 1.364.779 1.485,332
North Alabama
March
102.196
132.038
From Jan 1_
275,744
355,199
Spokane International
March
96,281
99,853
From Jan 1_
275,923
293,736
Spokane Port & Seattle
March
728,430
649,742
From Jan E 1,955,921 1,795,695
Tennessee Central
March
301,666
283,563
815,319
751,420
From Jan 1_
Term. Ry. Assn. of St. Louis
March
1,208,621 1,273,996
From Jan 1_ 3,389,634 3,527,554
Texas Mexican
137,540
March
110,469
262.634
381.471
From Jan 1_
Texas & Pacific
March
4,248,294 3,406,254
From Jan 1_11,626,050 9,432,820
Toledo Peoria & West
March
130,548
182,316
From Jan 1_
489.747
396,498
61,147
265,937
117.573
282,772
310,785
935,086
2,653,445 2,785,552
--3,356
--1,920
--11.863
--33.963
49,1128
208,467
101.307
238,378
73.022
628,359 •
1,717.35.5 1.1341,620 •
--8,127
--18,404
--17.538
--61,604
1,414,956 1,874,722 1,021,651 1,423,488
3,774,001 6,106,624 2,698,004 3.797.236
103,642
261,400
98.343
203,396
75,367
183,861
69,531
128,675
2,070,104 2370,237 1,655,643 1,787,205
5,470,382 6,173,289 4,383,386 4,907,260
22,295
84,145
30,927
112,125
19,604
76,134
28,374
104.477
3,621
9,831
--10,463
--11,350
-608
--2,521
--14,515 ,
--23,010'
-100,224 --38,708 --128,272 --66,235
-155,157 --133,985 -438,838 --215,196.
582,236
1,698,323
514,5116
1,441,223
477,835
1,440.806
4 3 54
6. 5
1.270487
99,032
183,157
64,475
149,929
95,298
171,977
60.514
138,918
1,306,643
878,635
2,630,217 2,181,061
956,614
587.213
1,708,708 1.206,235
5,129,535 5,096,622 3,782,301 3,668.5114
12.748,058 11,774,111 8,721,852 7,768.875.
44,740
140,074
37.446
272,656
40,991
131,620
27.806251.372
263,088
580,773
283,586
657.821
204,775
426.501
232,094
408.712
-
602,716
1,468,723
582.056
1,357,108
43,467
128.638
--611
71,443
20.593
62,263
-21.40910,353
168,956
432,032
179,802
503,337
123,135
298,026
132,087
367.570
30,175
72,163
64,908
153,274
23,775
52,908
59,648
137,986
26,370
68,184
32,284
81,652
20,850
51,675
26,896
65,467
268,261
6.57,696
208,422
665.274
184.467
406.427
129,163
327,526
80,876
172,385
62,854
87,230
72,593
152,699
58,546
73,429
393,682
1.128,652
478,286
1,288,147
289,816
826.496
383,198
978,326
45.867
56.609
23,024
34,243
40.758
41,427
18,024
19,242
1,446,894
3,526,298
927,808
2,329,565
1.267,736
3,029,934
771,503
1.258,703
35,191
77,398
14,748
38,196
30,179
65.336
14,680
23,120
508.799
496,453
1,193,227 1.085,744
2780
[VoL. 126.
FINANCIAL CHRONICLE
--Gtross from Railway-- -Na from Railway- -Na after Taxes
1928.
1927.
1928.
1927.
1927.
1928.
Toledo Terminal
March
124,214
132,084
From Jan 1_ 333,223
348,131
Ulster & Delaware
March
71,835
77,636
From Jan 1_ 179.549
193,021
Union Pacific Co
March
8,908,397 8,114,913
From Jan L.25,077,239 22,558,814
Oregon Short Line
March
3,074,213 2,794,868
From Jan 1_ 8,695,896 7,783,898
Ore-Wash fly & Nay Co
March
2,406,231 2,245.682
From Jan 1_ 6,584,952 6,064,972
St Jos & Gran Island
March
335,632
263,984
From Jan 1_ 956,712
753,799
VnianMarch
1,548,757 2,175,327
From Jan 1.. 4,868,189 6,263.439
Wabash
March
6,202,578 6,174,988
From Jan 1_16,743,999 16 881 446
. .
Western Pacific
March
1,118,508 1,145,163
From Jan 1_ 3,208.369 3,052,625
Western Ay of Alabama
March
309,103
277,385
From Jan 1_ 827,374
781,016
Wheeling & Lake Erie
March
1,908,212
1.540,756
From Jan 1. 4,175,061 4,915,818
Wichita Falls& Southern
March
79,83
88,349
From Jan 1_ 229,118
253,310
26,587
62,997
36,101
81.857
-7,420
-4,118
-1,670
-32,969 -36,439 -50,219
-9,868
-53,689
44,087
115,494
55.434
139,851
Brazilian Traction, Light & Power Co., Ltd.
i lc p-Month of Mcir .
1 .
9
S--33a.End. Ma i
427,711
863,597
326,736
889,936
239,870
292,238
142,426
336,938
125,906
362,247
63,031
196,699
101,117
288,942
46,631
144,920
1,700,401 1,593,565 1,418,834 1,297.991
4.104.038 3.071.900 3,302.010 3,131,291
Net operating revenue
Interest & amortization _
5,054,984
Gross earnings
Operation
Maintenance
Taxes
Net operating rev.. _ _
Interest charges
14,916
139,582
68,466
138,395
69,305
71,116
15.224
69,090
Carolina Power & Light Co.
(National Power & Light Co. Subsidiary.)
-Month of January- -12 Mos.End.Jan.311928.
1927.
1927.
1928.
$
$
$
S
Gross earns,from oper_ _
776,027
762,702 8,941,975 8,271,078
Oper. exp., incl. taxes__
405,533
412,823 4,794,842 4,371,370
180,684
409.882
-42,475
-94,347
56,809
38,048
114,074
257,173
56,293
164,331
93,598
193,562
42,225
121,637
Net earns,from oper_
Other income
370.494
72,000
349.879
27,646
4.147,133
629,754
3,899,708
401,021
465,009
301,480
751.052 1,026,216
Total income
Interest on bonds
Other int. & deductions_
442,494
150,167
18,477
377,525
106.250
4,068
4,776.887
1,539,966
99.613
4.300,729
1,193,486
84.371
23.527
101,721
Balance
Divs. on pref. stock_ _ _ _
273,850
267,207
3.137,308
1,037,399
3,022,872
833,144
2,099,909
2.189,728
621,101
430,506
1,118,299 1,445,277
13,825
42,361
8,324
26.563
26,310
110,071
380,916
71.486
Balance
Central Maine Power Co.
-Month of March- -12 Mos.End. Mar.311928.
1927.
1927.
1928.
$
$
$
$
5,432,687
479.648
455.819 5,864,341
•
Balance
298,793
2,251,689
105,500
1,978.428
105,500
2,146,189
543,171
796,249
84,238
657,058
44,121
Total income
Interest on funded debt _
Other deduc'ns from inc_
880,487
321,663
82.495
701,179
276.838
69,987
Total ded'ns fr. inc_
404,158
346.826
Net income
Prov.for div. on pf. stk_
Balance of net Income
Operating revenue
476,329
151,234
354.353
112.011
325.094
257,390
242.341
2,406,714
250,357
3,175,950
3,061,836
221.361
205,462
2,638,391
2,370.851
109.160
107,029
1,298,268
1.169.225
98,432
1,390.123
1,201,626
209,626
169,770
2,385,145
9,873
2.095,041
18,244
2,395,018
891,927
2,113,285
904,594
1,503,091
1,324.885
Operating income_
Other income
258,287
1,208,600
1,872,928
479,020
1.471.324
706.091
89,476
303,722
1,962,546
(And Subsidiary Companies.)
-Month of February- -12 Mos.End.Feb. 29-1928.
1927.
1928.
1927.
$
8
$
$
373,165
317.918 4,305,389 3,821,598
99,661
1,111,279
94,924 1.319,837
24,009
17,739
217,151
299,612
39,868
35,483
315,664
383,254
Gross earnings
Operation
Maintenance
(And Subsidiary Companies)
-Month of March- -12Mos.End,Mar.31- Taxes
1927.
1928.
1927.
1928.
Net operating rev_ --$
$
$
$
V9.629 5,973,699 5,607.635 Inc. from other sources_
507,140
279,561 3,128,300 3,067.625
268.069
199,068
Balance
258,037
25.920
23.769
366,373 Int. and amortization_
377.792
32,341
33,520
1,974,568
3,860
758,051
15,795
388,169
2.013,934
64,238
523
34,589
158,935
Columbus Electric & Power Co.
Blackstone Valley Gas & Electric Co.
2,209,569
42,119
59,835
985
26,061
183,474
112,200
Balance
Int.& guar. divs. on stk.
of sub. cos. & Federal
Income tax
368,572
69.779
309.430
25,312
28,651
Balance
Gross earnings
Operation
Maintenance
Taxes
5,684,693
55,091
198,678
-Month of March- -12 Mos.End.Mar.311927.
1928.
1927.
1928.
$
$
S
$
990,087
1,046,324
85.684
90,663
448.159
482,815
44,293
45,091
79,293
69,850
7,105
7,161
94,061
112.741
8,972
9,758
V
1,765,482
Balance
Baton Rouge Electric Co.
Gross earnings
eration
aintenanoe
Taxes
8,42,429
3.877,445
-Month of February- 12 Mos.End.Feb.291927.
1928.
1928.
1927.
$
$
$
$
628,397
658,267
59,411
55,409
362.665
387,303
32,596
29,935
100,218
8,703
7,995
99,549
27,118
2,886
31,832
2,561
Gross income
-Month of March- -3Mos.End. Mar.31Deprec. accr. & actual
1927.
1928.
1927.
1928.
Pesetas.
maint. expenditures_ _
Pesetas.
Pesetas.
Pesetas.
7,844,522 7,464,489 24,808,169 23,454,877 Steam expense
2,293,764 . 2,206,726 6,662.594 6,480,167 Taxes
Other oper. expenses_ _ 5,550.758 5.257,763 18,145,575 16,974,710
Total oper.expenses_ _
Net earnings
$
9,910,375
4,225,682
Cape Breton Electric Co., Ltd.
971,100
430,154
567,166 1,135,900
2,061,784 3.233,260 1,604,765 2,738.252
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:
Barcelona Traction, Light & Power Co., Ltd.
Gross earnings
Operating expenses
S
3,080,055
1,314,573
1,933,880
Net earnings
2,838,672 2,386,031 2,172,555 1.674,954
8,221,213 6,754,779 6,222,899 4,624,815
496,808
588,589
752,324
852,926
2,605,689 2,290,555 1,816.365 1,524,092
II
3,390,396
1.456.516
Gross earnings
Operating expenses
. Net operating rev_ -,Inc. from other sources..
181.781 :
141.807
Net income
Deductions
Balance
Edison Electric Illuminating Co. of Brockton.
-Month of March- -12 Mos.End.Mar.31-1928.
1927.
1928.
1927.
$
$
$
$
Balance
Gross earnings
173.470
183,083 1,949,107 1,809,743
Interest & amortization_
Operation
85,183
847,931
76,941
944.788
7.597
58,116
4,309
78,815
1.393,908 Maintenance
1,603,017
Balance_
Taxes
23,851
282,664
24,697
264,752
Power Co.
Binghamton Light Heat &
Net operating rev__ _
56,837
621,031
77.134
660,750
-z-Month of March- -12 Mos.End.Mar.31- Inc. from other sources
1,158
10.277
1927.
1928.
1927.
1928.
Balance
$
$
$
622,189
$
671,027
1,981,944 Int. and amortization.....,
173,950 2,267,573
204,881
12,180
Operating revenue
32,163
995,318
Balance
1.069,961
610,002
Oper. expenses & taxes__
638,863
329.567
401.362
Maintenance & deprec_ _
Total operating exps.,
maint.,depr.& tax_
Electric Light & Power Co. of Abington & Rockland.
113,442
125,881
173,400
-Month of March- -12 Mos.End.Mar.311928.
1927.
1928.
1927.
Gross earnings
Operation
Maintenance
Taxes
46,935
36,587
3.536
2,598
Operating revenue
Operating expenses and taxes
Maintenance and depreciation
Tot. op. exps., maint., depr. & taxes_
Operating income
Other income
Total income
Interest on funded debt
Other deductions from income
Total deductions from income
Net income
Provision for div. on pref. stock
Balance of net income
257,390
2,406,714
83.739
122,233
1,018,134
257,837
1,275,972
89,661
29,664
135.157
3,587
1,130,742
304,491
119,325
138,745
1,435.233
765,671
146,331
173,400
912,002
523,230
266,600
52q 30o.
582,995
394,418
37,166
42,034
5,215
118,753
8,640
109,376
4,911
110.113
104,465
Balance
Engineers Public Service Co.
(And Subsidiary Companies)
Broad River Power Co.
-Month of March- 12 Mos.End.
Mar.31 '28.
1927.
1928.
629,383
424,901
44,284
41,463
4,213
Net operating rev_ _ _ _
Interest charges
44,005
33.212
2,599
2.977
Gross earnings
Oper. exp. & taxes
-Month of March- -12 Mos.End.Mar
.311928.
1927.
1928.
1927.
$
$
3
$
2,481,776 2,316.244 30,025,629 27,387,191
1,523,904 1,473,827 18,291,452 17,011,892
Net earnings
Int., amort. & rentals_ _
957,871
324,459
842.416 11,734,177 10,375,298
252,367 3,626,382 3.196,256
Balance
Divs, on pt. stk. sub. cos
633,412
590,048
Balance
Propor. of above balance
appl. to corn. stk. of
subs. in hands of public
Bal. appl. to res. & to
Eng. P. S. Co
Div. require'ts on pref.
stk. of Eng. P. S. Co_
Bal. appl. to res. and
com, stock of Eng.
Public Service Co
8,017,795
1.682,313
7,179,041
1,430,383
6.425,481
5,746,658
93,084
206,768
6,332,396
5,541,890
2,181,634
2,153,487
4,150,762
3,388.403
MAY 5 1928.]
2781
FINANCIAL CHRONICLE
Key System Transit Co.
El Paso Electric Co.
(And Subsidiary Companies)
-Month of March- -3 Mos.End. Mar.31-Month of February- -12 Mos.End.Feb.291928.
1927.
1928.
1927.
1927.
1928.
1928.
1927.
S
$
S
$
$
$
$
$
602,291
634.049 1,777,950
1,834.864
Gross oper. revenue__ _ _
255,430
236.899 3.026,888 2,872,332
Gross earnings
Operating Expenses
Operation
111,836
112,555 1.425,264
1,386.962 Way & structures(mtce.)
121,440
35.815
47,354
108.990
13,301
18,023
173,846
Maintenance
198,294 Equip. (maintenance)__
121,567
144.455
38,218
50,655
23,235
21,520
Taxes
254.655
225,464 Power (mtce. & oper.)__
182,276
184,126
61,607
63,337
278,426
763,068
813.790
Conducting transporta__
257,743
$4,800
Net operating rev
107,057
1,173,121
1.061,610 Traffic (expenses)
1,648
1,114
2,300
697
Inc. from other sources8,623
190,531
177,331
Gen.& raise.(expenses)_
61.922
58,783
Transp. for Inv., Cr., &
Balance
1,181,744
1,061,610
-2,032
-7,102
-663
-1,904
construe'n overhead
Int.and amortization_
190,486
166,715
497.349 1,366,701
1,435,690
Actual open expenses_
455,759
Balance
991,257
894,894
411,249
399,174
146,532
136,699
Actual net oper. rev_ _ _ _
Fall River Gas Works Co.
93,044
36,965
114,122
38,094
-Month ofMarch- -12 Mos.End. Mar
.31- Less taxes
1928.
1928.
1927.
1927.
306,129
Actual oper. income
297,127
108,438
99,734
$
$
$
$
32,012
37,529
10,619
13,293
Gross earnings
90,417
85,545
1,049,206
1,023,520 Add-Non-oper. income
Operation
50,973
45,680
550.405
575,217
Gross profit
113,027
329,139
343.659
119,058
Maintenance
6,110
8,390
79,475
71,350
Sundry Charges
Taxes
12,789
10.833
158,999
127,595 Depreciation
151.004
189,846
63,025
51,070
Amort. offranchises_ _ _ _
2,190
730
730
2,190
Net operating rev
20,543
20,640
260,326
249,357 Abend.of obsol. equip
166
Interest charges
17,712
10,613
Total sundry charges_
192,036
153,361
51,800
63.755
Balance
242,614
238,743
Florida Public Service Co.
-Month of March- -12 Mos.End.Mar.311928.
1927.
1928.
1927.
$
$
$
$
204,976
166.316 1,953,996
1,742,971
Operating revenue
Operating exp.& taxes_
Maintenance
940,616
70.549
Total operating exps.,
maintenance & taxes
976,009
84.474
94,004
88.671
1,011,165
1,060,484
110,972
Operating income
Other income
77.645
942.831
124,269
682,486
163.839
Balance current opera'ns
Deductions
Bond interest
Other interest
Miscellaneous
55.303
Total deductions
61,227
137,103
190.298
91,373
1,704
1,695
87,608
4,333
2.328
274,121
5.740
4,685
260,404
11,724
6.798
94,774
284,547
278,926
33,043
-818
-147,443
17,950
-88,628
16,778
45.315
Deficit
Surp.from prior year_
94,270
-39,471
5,843
Deficit,current oper
Profit & loss adjustments
--32.225
--165.394
-405,345
105,407
277,083
• Total deduc's fr. inc..
709,583
Total deficit
570.739 sur171,675
45,315 -32,225
846,326
Note.
-Pending the receipt of a depreciation schedule in 1927, we set up
370,683 an arbitrary amount of $45,000 per month, plus depreciation on automotive
132,538 equipment. This figure was adjusted in July to the actual as submitted
by the Valuation Department. One-twelfth of the annual depreciation
503.222 applicable to March was $61,140.
Net income
Prov.for div. on pf. stk_
357,517
144,472
343.103
111.320
213,044
231,783
Total income
Interest on funded debt_
Other deduc's fr. income
1.067,100
528,507
181,075
Balance of net income
_•••••
Galveston-Houston Electric Co.
(And Subsidiary Companies)
-Month of February- -12 Mos.End.Feb.291928.
1927.
1928.
1927.
$
$
$
$
418,885
380,186 5,105,461
4,740,485
192,800
192,625 2,453,887 2,385,190
50,882
51,352
636,563
605,170
35,928
30,434
391,639
347.584
Gross earnings
Operation
Maintenance
Taxes
Net operating rev_ --Inc. from other source"
139.274
105,773
1,435,182
841,400
757.387
Balance
1,402.539
32,643
1,623,960
866.572
Balance
Int.and amortization-
1,623,371
589
593.782
General Gas & Electric Corp.
(And Subsidiary Companies)
-Month of March- -12 Mos.End. Mar.31'
1928.
1928.
1927.
1927.
$
$
$
$
Operating revenue
1,937,024 2,157,428 23.830,216 24.764.134
Oper. exps. and taxes
Maintenance
Depreciation
Rentals
811,024
212,828
110.174
31,944
Total op. exps., maint.,
deprec.,,taxes& rents_ 1,165.972
985.190 10,468.447 11,790.536
206,190 2,404,377 2,459,669
111,366
1.562,804
1,264,519
32.125
382.471
387,679
1,334,872 14.818,101
15,902,404
Metropolitan Edison Co.
(And Subsidiary Companies)
-Month of March- -12 Mos.End.Mar.311928.
1927.
1928.
1927.
$
870,995
836.162 10,423,905 9.734.253
Operating revenue
Oper. expenses & taxes_
Maintenance & deprec
Rentals
4,362,165
1,683,448
66.198
4.136.194
1.530.944
66.198
Total oper. exp., maint.,
deprec., taxes & rents_
509,809
487,001
6,111,811
5,733,337
Operating Income...... _
Other income
361,185
349,160
4,312,093
261,260
4,000,916
283,121
4,573.353
1.538,845
226,214
4,284,037
1,666,934
154.688
Total income
Int. on funded debt........
Other deduce. fr. income
Total deduce. fr. inc__
1.765,060
1,821.623
Net income
Prov. for div. on pf. stk_
2,808,293
1.187,473
2,462,414
1,003,837
Balance of net income
1,620,819
1,458,577
New Bedford Gas & Edison Light Co.
-Month of March
-12 Mos.End.Mar.311928.
1927.
1928.
1927.
$
$
Oper. revs.
-Gas Dept_
94,487
86,269
1,137,274
1.109,157
-El. Dept__
Oper. revs.
293,939
276,895 3,227.245 3,092,670
Operating income
Other income
771,052
90.805
822,555
43,469
9,012,115
946.132
8 861.730
673,713
Total oper. revenues_ _
388,427
363,164
4,364,519
4,201.828
Total income
DeductionsInt, on funded debt
Other deduc. fr. income_
Pref. stock diva, ofsubs_
Minority interests
861.857
866.025
9,958,247
9,535.443
271,263
66,904
178,191
31,742
369,812
35,162
175.278
21,790
Oper. exps.-Gas Dept..
Oper. exps.-El. Dept__
63,249
116.554
3.826.861
538,317
2,105,630
235,577
4,105,593
589,057
1,734,736
230.417
66,347
114.423
733,129
1,332,331
778.035
1,269,534
Total oper. expenses
179.803
180,771
2.065,460
2,047.569
Net oper. revenue....--
208,624
182,393
2,299,058
2,154,258
Total deductions
548,100
Balance
313,756
Gen. Gas & El. Corp. Dios.
41,734
88 cum. pf. stk. class A.
$7 cum.pref.stk. class A
23,333
25.316
Cum. pref. stock class B
Common stock class A
43,041
Common stock class B_
602,043
263,981
6.706,385
3,251,861
6,659,805
2.875.638
9,660
31,695
11,107
42.170
121.893
434,467
109.711
405,658
41,734
23,333
25,316
40,650
500,808
280,000
303,793
505.414
306,099
500.740
280,000
303,763
477.454
133,424
131.034
1,896.116
1,561,959
Balance
180,331
132.947
1,355.745
1,313.679
* Includes earnings of certain Southern properties sold in July 1927.
Haverhill Gas Light Co.
Gross earnings
Operation
Maintenance
Taxes
Net operating rev
Interest charges
-Month of March- -12 Mos.End. Mar.311928.
1927.
1928.
1927.
$
$
$
$
58,061
54,311
712.925
701,810
40,394
44,382
478,452
483,319
2,276
2,203
35,221
31,301
5.791
5,750
66,187
67,798
9,599
1,974
133,063
119,390
4,101
1,867
Balance
128,962
117,522
Idaho Power Co.
-Month of January- -12 Mos. Ended Jan. 311928.
1927.
1928.
1927.
Taxes
-Gas Dept
Taxes-Elec. Dept
Total taxes
41,355
53,278
556,361
515.369
Net oper. income_ --Non-oper. income
167,268
-2,035
129,115
-2,870
1,742,697
1,233
1,638.888
-921
Gross income
DeductionsInt. on bonds & coupon
notes
Int. on notes pay., &c....
Amortization charges......
Depreciation
165,232
126.244
1.743,930
1.637.967
19.079
1.020
247
3,5269
20,611
1,704
697
32,241
242,742
12.685
7,023
378,501
249.485
56.132
8,337
353,398
Total ded. fr. gr. inc..
Net income
55,616
109,616
55,255
70.989
640,952
1,102,977
667,353
970,613
New Jersey Power & Light Co.
-Month of March- -12 Mos.End.Mar.311927.
1928.
1927.
1928.
Operating revenue
Total op. exps., maint.,
depreciation & taxes
1,389.645
496,294
169,325
2.019,999
1,885.940
59,501
42,564
738.345
108.329
634.543
49,964
Total income
Interest on funded debt.
Other deduc'ns fr. inc-
846,675
300.000
32,298
684,507
185,212
153,334
Total deduce. fr. inc_
332,298
338,547
Net income
Prov. for div. on pi'. stk-
514,376
190,379
345,960
87,976
323,997
257,983
277,181
135,131
236,154
111,966
3,187,600
1,515.709
2,875,801
1.407,287
Net earns, from oper_
Other income
142.050
4,369
124,188
10,566
1,671,891
101,205
1,468,514
93,016
Total Income
Interest on bonds
Other int, and deduc
146,419
54,167
5,374
134.754
50.833
5,565
1,773,096
634,334
71,406
1,561,530
610,000
72.183
Balance
Dirs, on pref. stock-
86,878
78,356
1,067.356
273,996
879,347
262,674
793,360
616.673
Balance of net income
2,510,483
162,976
Gross earns,from oper-Oper. exps.. incl. taxes..
Balance
211,888
2,718,345
1.460,982
559,017
214,478
Operating exps. & taxes..
Maintenance & deprec'n
Operating income
Other income
a
2782
FINANCIAL CHRONICLE
[VOL. 126.
New York State Railways.
Sierra Pacific Electric Co.
-Month of March- -3 Mos.End. Mar.31(And Subsidiary Companies)
1928.
1927.
1928.
1927.
-Month o February-- -12Mos.End.Feb.29$
2
$
$
1928.
1927.
1928.
Gross earnings
1927.
900,102
927,481
2,664,292 2,788,415
$
$
$
Oper.exp.and taxes- --.
687,712
706,646 2.037,827 2,113,567 Gross earnings
107.171
96,726
1,258,450 1.27.873
Operation
32,550
36,028
414.802
521,399
Gross income
212.389
220,834
606,464
674,847 Maintenance
4,230
4,020
79,603
65,776
Bond interest
107,341
322,034
323,069 Taxes
107,683
14,437
13,980
172,050
Other int. & deductions..
156,113
16.240
18,977
49,882
61,311
sinking fund
2,626
2,453
7,360
7,880
Net operating rev42.697
591,994
524,584
Int. and amortization_ _ 55'952
53,124
45,115
Bal. for divs.. deprec.
and surplus
294,016
83.617
215,759
94.284
Balance
538,870
-179.468
Northern Pennsylvania Power Co.
Tampa Electric Co.
-Month of March- 12 Mos
.End.
Mar.31'28.
1927.
1928.
$
2
$
871,566
73,639
68,271
Operating revenue
Operating expensesand taxes
Maintenance and depreciation
Rentals
Total oper. axpenses, maintenance.
depreciation, taxes & rentals...-
47,392
45,499
26,246
Operating income
Other income
22,772
Total income
Interest on funded debt
Other deductions from income
(And Subsidiary Companies)
-Month of February- -12Mos.End. Feb.291928.
1927.
1928.
1927.
298.343 Gross earnings
419,619
431,234 4,693,977 4.905,425
212.902 Operation
161,135
171,054 2,007,067
2,202,446104 Maintenance
25,487
28,175
335,597
480,773
Retirement accruals_ _- 43,180
41,491
518,292
374,147
Taxes
32,459
33,056
328,350
336,218
611,350
Net operating rev_
157,356
157,455
1,504,669
1,511,839
260,215 Inc. from other sources..
8,201
11,541
Balance
1,512.870
1,511.839
271.757 Int. and amortization...
58,054
73,918
125,025
17,405
Balance
1,454.816
1.437,921
Total deductions from income
142.430
Net income
Provision for div. on pref.stock
129.326
66,165
Texas Power & Light Co.
(Southwestern Power & Light Co, Subsidiary)
-Month ofFebruary--- 12 Mos,End. Feb.291928.
1927.
1928.
1927.
Balance of net income
63.161
Gross earns,from oper_ 835,907
800.261
9,403.325 8,139,478
Northern Texas Electric Co.
Oper. exp., incl. taxes.454,348
437,277 5,272,608 4,602,815
(And Subsidiary Companies)
Net earns
351,559
382,984 4,130,717 3,536,663
-Month ofFebruary- -12Mos.End. Feb.29- Other incomefrom over_
4,958
8,404
133,355
81,707
1928.
1927.
1928.
1927.
Total
356,517
371,388 4,264,072 3,618,370
Gross earnings
230,175
235,938 2.730.231
2,536,280 Interest income
on bonds
155,854
139,188
1,746,917
1,054.694
Other int. & deductions_
11,042
10,055
143,603
177.924
Operation
122,177
110,479
1,416,837
1,295,396
Maintenance
34.629
29,296
379,933
357,989
Balance
189.621
222,145 2,373,552 2,385,752
Taxes
19.148
17.913
219,242
201.136 Divs, on pref. scoot
455,000
455,000
Net operating
64,219
48,249
764,219
681,757
Balance
1,918.552
1,930,752 '
Inc. from other sources_
150,000
150,000
Balance_
Int.and amortization_
914,219
377.508
536,710
Balance..
474.329
Portland Gas & Coke Co.
(American Power & Light Co, Subsidiary)
--Month of February- -12 Mos. Ended Feb. 291928.
1927.
1928.
1927.
$
2
8
$
Gross earns,from oiler
402.492
409,438 4,502.499 4,293,867
Oper. exps. incl. taxes
267.929
251,051 2.972,790 2,792,016
Net earns, from oper_
Other income
Total income
Interest on bonds
Other int, and deduct
134.563
1,838
1,529,709
29,636
158,387
2,471
1,501.851
30,977
136,401
34.979
22,262
160,858
35.479
20,820
1,559,345
425,250
260,512
1,532.828
425.750
227,507
79,160
104,559
873,583
381,077
879.571
379,702
492,506
Balance
Divs. on pref. stock_
499.869
Balance
Puget Sound Power & Light Co.
(And Subsidiary Companies)
-Month of February- 12 Mos.End. Feb.291928.
1927.
1927.
1928.
Gross earnings
Operation
Maintenance
Deprec. of equipmast_ _
Taxes
Net operating rev-
-
1.267.068
476.322
76.078
14.530
101,051
599.086
1,245,745 14.911,978 13.735,427
495.790 6,006.947 5.679,940
106,050
1,201,912
1,231.006
8,638
78.973
113.707
100,511
964,651
1.183.783
534.755
6,455,627
500,673
Balance.
6,322,606
3,364,027
3,660.061
Balance
Int.and amortization.
5,780,856
541.750
6.956,300
3,296,239
inc. from other sources_
2,958,578
Reading Transit Co.
(And Subsidiary Companies)
-Month ofMarch- -12 Mos.End.Mar.311928.
1927.
1928.
1927.
Operating revenue
234,301
2L.809
243,226
maint.,,
Tot. op.
exps.'
depr., taxeslz rents_
Operating income__ _ Other income
2,930,686
1,613,756
628,750
316,169
Oper. expenses & taxes_
Maintenance & deprec'n
Rentals
1,646.100
716,813
320,918
219,315
226,688
2,558,676
2,683,833
24,985
25,121
294,550
18.607
276,853
22,442
313.158
87,992
18,035
299,295
87,697
20,970
Total income
Int. on funded debtOther deduce. fr. Income
'
Total deduc. fr. Inc__
106,028
108.667
Not income
me
v foron pf. stk.
207,130
' 119,145
190,627
119,145
Balance of net income_
87,985
71,482
Savannah Electric & Power Co.
Gross earn1ng3
iiri eration
vp
aintenance
Taxes
- Month ofMarch- -12 Mos.End.Mar.31,
1927.
1928.
1928.
1927.
2
$
$
$
184,857 2,238,362 2,245,044
181,469
945,287
87.989
77.914
1,100,781
11,843
153.594
11.626
144.687
190,196
14,940
15.206
156.031
Net operating rev-.-Int. and amortization__
Balance
89,721
70,083
Virginia Electric- & Power Co.
831,757
357,428
949,282
455.371
843,544
371,855
493,910'" - -471.689
(And Subsidiary Companies)
-Month of February- -12Mos.End,Feb. 29-1928.
1927.
1928.
1927.
1.333,894
1.210,323 15.634,176 14,633.404
504,054
480.005 6.347,581
6.151,227
109.250
113,097
1,527,925
1.574,102
120,850
98,292
1,347.374
1,102,891
Gross earnings
Operation
Maintenance
Taxes
Net operating rev_ _
Inc. from other sources_
599,738
558.928
5,775.183
5,775,183
1,606,986
4,784,279
Balance
6,401.295
4,611
6,405,908
1,621,627
Balance
Int. and amortization
4,168.196
Washington Water Power Co.
Month of March- -12 Mos.End.alar
.311928.
1927.
1928.
1927.
Gross revenue
Available for charges
_
513,915
369,378
530,463
314,528
6.533,984
3.983,163
6.168,,IN
3,614,5W
Surplus alter operating
exp., taxes & int _
314,288
279,696
3.475.573
3.088.573
FINANCIAL REPORTS
Annual, &c., Reports.
-The following is an index to all
annual and other reports of steam railroads, public utilities,
industrial and miseellaneus companies published since and
including April 7 1928.
Railroad.Page Southern
229°
Alabama Great Souther RR Co
2300 T u opah & Goldileld RR
0
E nthe RY
Ann Arbor RR Co
2467 Terminal RR Assoc.of St.Louis- - _ _264
2 °
Atch.Top & Sante Fe Ry Co..2341, 2298 Union Pacific RR.Co
2665, 263:
Atlantic:: Coed Line RR
2516, 2463 Wabash Ry Co
Bangor & Arostook RR Co
2302 Wen Jersey & Seashore RR 2503, 26
.
Belt Railway Co.of Chicago
230.5 Western Maryland Ry Co Co216
2302
Boston & Maine RR
2141 Virginian Ry Co
2466
Canadian National Ry System
2465
I ublic litIlltiec.--Central of Georgia fly Co... _2334, 2297 Alabama Water Service
.
Co
2300
Central RR of New Jersey
2636 American & Foreign Power Co.Inc..2637
Chesapeake & Ohio Ry Co...2178, 2138 American Gas&
2145
Chi. Ind. & Louisville Ry___.2301, 2140 American PublicElectric Co
Utilities Co
2472
Chi.&N.W.Ry Co-._2668, 2635, 2472 American Tel.& Tel.
Co
2478
Chicago Rys Co
2304 American Utilities
2641
Chi. Koch Isl. & Pao. Ry2674, 2635, 2304 Andioscoggin & ro
Kennebee Ry
2146
Chicago St. Paul Minneapolis &
Bangor Hydro.Electric CO
Omaha Ry Co
2672, 2634, 2472 Berkshire St. Ry
22114548
Chicago & Western Indiana Kit. .2305 Boise Water Corp
Cincinnati New Orleans & Texas
Boston Consol. Gaa CO
22340774
Pacific Ry Co
2301 Brazos River Gas
2307
Del.& Bud. Co.
.2634, 2499, 2300, 2140 Buffalo Niagara Co
Del. Lack.& Western KR.. 2330, 2298 Corp.(& subs.) & Eastern Power
..
Denver & Rio Grande West, RR Co_ 2464 California Water Service
Corp
2474
1
Duluth & Iron Range RR_
2304 Canadian Light & Power Co
2641
Erie Railroad Co
2337, 2398, 2138 Central Indiana Power Co
2307
Fonda Johnstown & Gloversville RR.2300 Centi al Maine Power Co
2148
Hocking Valley Ry Co
2176, 2137 Central Power Co
2843
Hudson & Manhattan RR Co
2142 Central Power & Light Co
2841
Illinois Central RR Co
2495, 2465 Cen.& EL W. Utilities Co.(& subs.).2146
Internal.-Great Northern RR Co....2635 Chicago Aurora & Elgin Corp
2842
Kansas City Southern Ry
2142 Chicago Motor Coach co
2042
Kansas Oklahoma & Gulf Ry
2839 Cincinnati Hamilton & Dayton Ky.. _2308
Lehigh & Hudson River Ry
2472 Cities Service Co
2642, 2513, 2467
Long Island RR. Co
2635 Citizens Gas Light Co., Quincy,
Louisville & Nash. RIZ._ 2298, 2166, 2140
Maas
2308
Midland Valley RR Co
2840 Cleveland Electric Illuminating Co...2147
Mbisouri Pacific RR Co
2677, 2634 Coast Counties
Nash.Chattanooga & Si. Louts Ky.. _2144 CommonwealthGas& Electric CO..,, 2308
Power Corp
New Orleans & Northet stern RR
Connecticut Co
New Orleans Texas & Mexico Ry_Co.2306 Dominion Power & Trans. Co. Ltd_ 22281414
_ _.2635
N.Y.Connecting RR
2145 Duke Power Co
2648
N.Y.N.H.& Hartford RR
2299 Duluth Superior Traction Co
2848
N.Y.Ontario & Western Ry Co.__ _2145 Duquesne Light Co
2467
N.Y.Susquehanna & Western RR_ _2840 East Bay Water Co.(Calif.)
2933
Norfolk & Western Hy Co_..
.2171 2137 Eastern Utilities Associates
Northern Pacific Ry Co
2302 Edison Electric Illuminating Co.._ ._2147
214
Pennsylvania Railroad Co
2138 Electrio Bond & Mare Co
2648
Pittsburgh Rys Co
2468 Federal Water Ser.Corp.(A subs.)
..2M
Richmond Fred.& Potomac RR._ _.2473 Fort Smith IJabt & Traction Col'..: _2474
O
.
MAY 6 1928.1
FINANCIAL CrtRONICLE
Industrials (Continued)Page
Pape .
Public Utilities (Coecho:tea)Chicago Artificial Ice Co
2653
General Gas & Electric Corp. &
2343, 2299 Chicago Jct. Rys. & Union Stocksubs)
yards
2643
2482
Great Western Power Co
2309 Chesebrough Mfg. Co
2318
1111nois Water Service Co
2318
Indiana Hydro-Electric Power Co_ 2644 Chicago Mill & Lumber Co
2309 Chicago Pneumatic Tool Co
2653
Indiana
2309 Chicago Ry. Equip. Co
2653
Jamaica Public Service Co. Ltd
2644 Chicago Yellow Cab Co., Inc
2153
Kentucky Power at Light Co
2644 Childs Co
2653
Keystone Telephone Co
2309 Collins & Aikmart Corp
2653
Laclede Gas Light Co
2653
Lake Superior District Power Co..._2644 Commercial Solvents Corp
Conde Nast Publications, Inc
2309
2318
Laurentide Power Co. Ltd
2474 Congress Cigar Co
2653
Los Angles Gas & Electric Corp
2475 Consol. Mining de Smelting Co. of
Louisville Gas& Electric Co
Canada, Ltd
2148
2153
Market St. Ry Co
2310 Consol. Retail Stores, Inc
2318
Massachusetts Gas Cos
2148 Consol. Textile Corp
2653
Massachusetts Lillis Co
2475 Consumers Co., Chicago
2319
Merldionale Electric Co
2645 Container Corp. of America
2653
Michigan Gas- Electric Co
2645 Continental 011 Co
2319
Missouri Otte & Elec. Eger. Co
2645 Crompton & Knowles Loom Works_2319
Mohawk Hudson Power Corp
Cuban Tobacco Co., Inc
2854
Monongahela West Penn Pubilo Ser2310 Cunard Steamship Co., Ltd
2319
vice Co
2311 Cuneo Press. Inc
2319
Montana Power Co
2475 Cushman's Sons. Inc
26.54
Mountain Staten Power Oo
2311 Dictaphone Corp
2644
National Electric Power Co
2319
Nevada California Electric Corp_ _ _ _2475 Dodge Brothers, Inc
26.54,2320
2311 Doehler Die Casting Co
New England Fuel & Trans. Co
2468 Dome Mines, Ltd
2482
New England Power Assoc .
2311 Donner Steel Co
2482
New England Public Service Co
.2645, 2467 (E. I.) Dupont de Nemours & Co....2654
New England Tel.& Tel. Co.
2312 Eagle & Blue Bell Mining Co
2320
N.Y.& Rielimond Gas Co
2149 Eagle-Picher Lead Co
2320
N.Y.& Stamford Ry
2154
(
.Y. Water Service Corp.(& subs.).2312 East Butte Copper Mining Co
2482
2149 Eaton Axle & Spring Co
N.Y.& West.et Boston Ry Co
2475 Eitingon-Schild Co., Inc
2855
Niagara Falls Power Co
264.5 Electric Auto-Lila Corp
2482. 2320
North American Co
2320
North Amer. Edison Co.(& subs.)_ _2149 Electric Boat Co
Northern Ohio Power & Light Co. _2645 Elgin National Watch Co
2482
Elkhorn Coal Corp
2320
Northern Ontario Light di power a.
2845 Emerson-Brantingham Corp
2482
Ltd
2320
lie.Stases Power Co.of Del_ _2511. 2466 Equitable Office Bldg. Corp
2483
Oklahoma Ry Co
2646 Evans Auto Leading Co
2646 (The) Fair, Chicago
2154
Omnibus Corp
2154
onsgon-Wash. Water Service Co_ _ _ .2312 Fairbanks Go
2154
2312 Fairbanks. Morse & Co
pacific Gas & Electric Co
Peninsula Telephone Co
2312 Federal Mining & Smelting Co
2154
2476 Federated Business Publications, Ine2655
peoples Gas Light & Coke Co
2646 Fleischmann Co
2656
peoples Light & Power Corp
Florsheim Shoe Co
Pennsylvania Water Service Co.(&
2483
2312 Ford Motor Co
2483
subs.)
'Philadelphia Co
2468 (A. J.) Fielman Ltd
2656
Philadelphia Electric co
2476 Gardner Motor Co., Inc
2483
Philadelphia Rapid Trans. Co_2476 2312 General Cable Corp
2656
2149 General Electric Co
Portland Electric Power Co
2656
perto Rico Rys Co. Ltd
2313 General Fireproofing Co
26.56
,
(&
2484
'Oil°Service Co.of Cob. subs.)_2313 General Public Service Corp
2648 General Ry. Signal Co
2658
.Pablio Service Corp. of N.J
2646 Gillette Safety Razor Co
Public Service Co.of Oklahoma
2321
shine-Westphalia Else. Power Corp.2477 Gorham Mfg Co
2657
Rochester Gas & Electric Corp
2477 Gould Coupler Co
2856
• San Diego Como!. Gas& Else. Co...2477 Goulds Pumps Inc
2321
2646 Great A.& P. Tea Co
2657
Scioto Valley Ry & Power Co
2646 Guardian Investors Corp
2484
Southern Calif. Gas Co
2857
. Southweetern Light & Power CO- - - _2847 Gulf States Steel
,Boringlield Street Ry
.2485
2150 Harbison Walker Refractories Co..
spring Valley Water Co
;
2847 Hartman Corp
2321
_standard Gas& Elec. Co
2506, 2465 Heels Mining Co
2321
2478 Hercules Powder Co
2657
'rd-State Tel. & Tel Co
'Hershey Chocolate Corp
2485
• Win State Gas & Electric Co. (&
2315 ; Homestake Mining Co
Subs.)
2155
,Vaderground Elec. Rye.of London_.2478 Howe Sound Co
2657
248.5, 2321
•Union Water Service Co(& Subs.) 2315 Hudson Motor Car Co
:Gaited Public Service Co
2150 Hupp Motor Car Corp
2657 2485
United Rys. & Elec. Co
2647 Hutchinson Sugar Plantation Co.__.2657
Washington Water Power Co
2478 ; Indian Relining Co.,Inc
2321
lInspiration Congo!. Copper Co
•oglesi Virginia Water Service Co.
2322
2315 , Insurance Centre Bldg
2485
2648'Internat. Business Mach, Corp.2518,2463
•Western Power Corn
Western Union Tel Co
2478 International Cement Corp
2321
wWleconain Electric Power Co
2478 • Internat. Cigar Machinery Co
2658
Worcester Consolidated St. Ry. Co_2150 Internat. Paper Co
2470
0486
Worcester Electric Light Co
2315 Interstate Dept. Stores, Inc
-,york Utilities Co
2315 Intertype Corp
2486
Iron Cap Copper Co
2156
,
Isle Royale copper Co
Industr(als
2156
Abitibi Power & Paper Co.. Ltd.__.2479 Jones Brother Tea Co., Inc
2156
Abraham & Straus Inc
2315 ; Journal of Commerce Corp
2322
Kelsey-Hayes Wheel Corp
.Adams-MIllis Corp
2648
2156
.Advance Bag & Paper Co., Inc
2648 ; Kellogg Switchboard & Supply Co...2486
_ Aero Supply Mfg. Co., Ins
2479 ; Kennecott Copper Corp
2486
2648 Keystone Steel & Wire Co
Air Reduction Co
2486
,max Rubber Co., Inc
2150 • Kinney Co.. Inc
2486
I (S. S.) Kresge Co
Albany Perforated Wrapping Paper
2487
2150 La Salle Copper Co
Co
2322
Amerada Corp
2316 Laclede Steel Co
2658
American Chain Co., Int)______
2150 • Lambert Co. (.4 Subs.)
2487
2479 • Lehigh Portland Cement Co
American Chicle Co
'
2157
American District Telegraph go_ 2649 , Lindsay Light Co
2322
2150 • Long Bell Lumber Corp
- American Druggists Syndloate
2157
2151 . Lord & Taylor
2487
• American Factors, Ltd
; Madison Sq. Garden Corp.._.2659, 2487
2316
American Glue Co
American-Hawaiian Steamship Co. 2649 ; Magma Copper Co
2323
2650 I Martin-Parry Corp
American Hide & Leather
2488
2316 ; Marland 011 Co
American International Corp
2659
2649 Mason Tire & Rubber Co
American Machine & Fdry
2157
Mains Co
2650 Mathleson Alkali Works (Inc.)
2488
- American
2850 Maui Agricultural Co., Ltd
American Piano Co
2659
American Pneumatic Service Co_...MO Mengel Co
2323
2479 Mercantile Stores Co.. Inc
2157
AmerAmerican Type Founders Co
2650 Mid-Continent Petroleum Corp.
merican Stores Co
..2659
2470 (I K) Messer Leather Corp
2158
;Areefican Woolen Co
2316 Mullins Mfg. Co
2323
Archer-Daniels Midland Co
2850 Mystic Steamship Co
Armstrong Cork Co
2323
2151 National Biscuit Co
2880
Arnold-Constable Corp
2480 National Cash Register Co
Ammo. Dry Goode Corp
2880
2469 National Dairy Products Corp
2158
Assoc. Oil Co
..2158
Atlas Imperial Diesel DnitinirC0---2316 National Department Stores, Inc.
2316 National Fireproofing Co
2158
Atlas Tack Corp
National Sugar Refining
2151
2158
)Balaban & Katz Corn
2480 Natomas Co. of Calif
2158
ry.) Bamberger & Co
2316 Nevada Consol. Copper Co
232$
,ijarnet Leather Co., Ino
2650 New Cornelia Copper Co
2159
veva Cigar. Inc
2650 New England Coal & Coke Corp.. 2324
• Beech-Nut Packing Co
2152 New England Steamship Co
2324
. Best & Co.. Inc
2651 New River Co
2325
Bethlehem Steel Corp
26.51 New York Dock Co
2660
; Borg de Beck Co
2317 Newmont Mining Co
2325
Botany Consol. Mills, Inc
2481 North American Invest. Corp
2489
Brown Co.. Portland, Me
2317 North Central Texas 011 Co., Ina..
.2660
j Brunswick-Balke-Collender Co
2481 Norwalk Tire & Rubber Co
232.5
Bona Bros
2851 Ohio Copper Co. of Utah
2325
Bate Copper & Zinc Co
2317 011 Well Supply Corp
2680
Butte & Superior Mining Co
2481 Old Dominion Co
2180
By-Producta Coke Corp
2317 Omar Oil & Gas Co
2325
California Consumers Co
2551 Onomea Sugar Co
2661
California Dairies, Inc
2489, 2326
2152 Otis Elevator Co
Calumet & Arizona Mining Co
Outlet Co
2326
, calumet & Heela Canso'. Copper
2651, 2152 Ow 119 Bottle Co
2326
CO
2852 Pab. nal Sugar Plantation Co
2661
Maeda Power & Paper Corp
Neill • Coast
2681
iumpbell, Wyant& Cannon Fdy Co 2152 Paige-DetroitBiscuit Co Co
Motor Car
2652
2160
Canada Steamship Lines. Ltd
Producing & Refining Co_2326
2652 Panhandle
caterpillar Tractor Co
-Lasky Corp.
2652 Paramount-Famous
. century Ribbon Mills, Inc
2489, 2175. 2140
2482
4 Carte Corn
Chandler Cloveland Motors Corp..i2 Park Utah Comm'. Mines Co t4,112160
,
4
I
I
Industrials (Continued)Page
Patin° Mines & Enterprises Consol.
.2160
(J. C.) Penney Co., Inc
2161
Pennok 011 Corp
2326
Penn-Dixie Cement Corp
2490
Peoples Drug Stores, Inc
2326
Phillips Petroleum Co
2143
Pierce Governor Co
2661
Portland Gold Mining Co
2161
Postum Co., Inc
2662
Public Utility Invest. Co
2682
Purity Bakeries Corp
2662
Railway & Light Securities Co
2662
2470
Remington Typewriter Co
Reo Motor Car Co
2304
Republic Iron & Steel Co
2490
Safeway Stores Inc
2327
Savannah Sugar Refining Corp
2182
(B. F.) Schlesinger & Sons, Inc
2491
Schulte Retail Stores Corp
2662
2491
Shaffer 011 & Refiviing Co
SharpMfg.Co
2162
Shattuck Denn Mining Corp
2328
Shreveport-El Dorado Pipe Line__ _2491
(Franklin) Simon & Co., Inc
2328
Sinclair Pipe Line Co
2328
Sloss-Sheffield Steel-Iron Co
2328
South Penn Oil Corti
2328
Southern Dairies, Inc
2491
Spicer Mfg Corp
2883
Standard Comm. Tobacco Co
2182
Studebaker Corp
2637
Sweets Co. of America, Inc
2663
Swift Internacional Corp
2492
Symington Co
2492
2783
Industrials (Concluded)Pape
Tennessee copper & Chemical Corp_2492
Texas Gulf Sulphur Co., Inc
2492
Tidal Osage Oil Co
2328
Tide Water Assoc. Oil Co
2363
Tide Water Oil Co
2363
Tobacco Products Corp
2492
Union 011 Cool Calif
2328
United Business Publishers, Inc___ _2493
United Cigar Stores Co
2183
United Electric Coal Cos
2493
United Fruit Co
2493
United States Leather Co
2863
United States Smelting Refining &
Mining Co
2183
United States Steel Corp
2435
Universal Pipe & Radiator Co
2329
Utah Copper Co
2479
Vacuum Oil Co
2329
Victor Talking Machine Co
2141
Virginia Iron Coal & Coke Co
28433
Waldorf System, Inc
2493
Waltham Watch Co
2154
Wanner Malleable Castings Co
2494
Ward Baking Corp
2329
Warner Bros. Pictures, Inc
_2404
Warner-Quinlan Co
2494
(S. S.) White Dental M.
Co
2494
White Eagle Oil & Refining Co
2682
White Motor Co
2143
White Motor Securltiee
2165
Wiling-Overland Co
2494,2165
Wright Aeronautical Corp
-2683
Youngstown Sheet & Tube Co.
2663
Chicago Burlington & Quincy Railroad Co.
(74th Annual Report-Year Ended Dec. 31 1927.)
The remarks of President Hale Holden, together with a
comparative income account and general balanee sheet, will
be found on subsequent pages.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
11125.
1928.
1927.
1924.
9,404
Average miles oiler..
9,390
9.407
9,1499
Operatimu16,879,640
18,365,795
Rev. passengers carr_
15.149,391
18,084,733
811,600,215
898,669.926
871,773,361
Rev, pass. care. 1 m_
909,302,489
2.786 eta.
Rate per pass. p.m..2.718 eta.
2.810 sta.
2.917 eta.
Rev. freight (tons)..
42,182.687
43,934,448
43.308.862
42.778,294
Rev. freight 1 mile_ .11.942,859,045 12,6.51.221.839 12,298,287,741 32,287,747,806
Rate per ton per m..
.992 ets.
.960 eta.
.965 cis.
665.64
879.96
Av.tons per tr. mile.
668.89
847.80
51.75
Earns. p. pass. tr. m.
$1.90
$1.96
$2.06
16.53
Earns, per fr't tr. m_
$6.60
$6.45
$6.31
317,155
516.934
Oper. rev, per mile..
$18,648
817,293
GENERAL BALANCE SHEET DEC. 31.
1926.
1927.
Assets$
Road & enutpl 591,402,259 580,430.377
Inv.in MM.cos :
32,079,912 32,079,912
Stocks
558,145
689,515
Bonds
4.850.231
4,287,752
Notts
Advances....7,033.924
7,285,734
240
Spec.depos., &o.
1,560
7,682,917
Other invest'ts_ 15,579,499
947,471
930,209
Misc. phys.prop
Dep. for mtged.
94,442
27,080
property sold_
12,309.150 12,945,228
Cash
Time drafts and
184,031
192,183
deposits
346,547
536,159
Loans & bills rec
Marls & suppl_ 12,487,544 14,023,739
69,662
54.155
Int. & diva. roe.
1.82.5,694
Bal. from agents 1,836,461
21,390
22.232
Other cur. assets
1.833,138
Tref., &c., bola. 1,727,552
Misc. accounts_ 5,055,811 .5,138,432
Disc, on fund.dt 5,708,046
4,126.943
Deferred charges
157,101
307,018
Other unadjust
3,335,633
&c., accounts 4,787,105
1927.
Liabifities$
Capital stock_ -.170.839,190
Funded debt.._222,904,000
Trill., &e., Mils_ 2,570,668
Accts. & wages. 10,911.150
Matured Meereat,&o
1,001.932
Fund, debt mat.
unpaid
12,600
Mittel'. accts._
696.720
Acc'rd int., &e_ 2,354,673
Accrued taxes
10,397.026
Ingur.. &c., res_ 1,643.594
Other curr. Bab_
410,320
Deferred Habil__
65,276
Accr. deprec_ __ 08,349,219
Unadjusted, &e.
accounts
6,422,985
Add'ng to prop_
497,770
Funded debt retired
44,044,177
Sink. Id. res'ves
800
Profit and loss_ _155,534.299
Total
698,658,108 678,334,034
V. 125, p. 3475.
Total
1926.
$
170,839,100
209,892,000
2,670,598
8,667,120
1,011.587
4,600
815,400
1.912,510
10.158,855
1,637,236
230,198
66,385
67,398,404
5.423,517
441,857
44,044,177
600
153.319.890
696,656,108 878.334.034
Kansas City Southern Railway Co.
(28th Annual Report
-Year Ended Dec. 31 1927.)
The remarks of President J. A. Edson will be found under
"Reports and Documents" on subsequent pages.
The usual comparative income account, comparative balance sheet and general traffic statistics were published in.
V. 126, p. 2143.
-Kansas-Texas Railroad.
Missouri
(Annual Report-Year Ended Dec. 31 1927.)
The remarks of President C. Haile, together with comparative income account and balance sheet and other tables
will be found under "Reports and Documents" on subsequent pages. A comparative income account was published
in V. 126, p. 1972.
COMMODITIES CARRIED FOR
(All in tons). Agriculture. Animals.
2.798,659
441.172
26
2.548,659
489.401
192$
2.398.899
570.705
1924
1.943.514
619,067
1923
1.895.923
516.412
1922
2,472,928
438.274
1921
2.293,846
552,512
1920
2,463,314
719,028
1919
2,685.712
704,985
1918
2,329,886
693,115
1917
470,640
2,601.248
1927
YEARS ENDED DEC. 31.
Forests. Mfrs., &c.
Mines.
5.770.771
467.196
3,253,885
5.824.403
522.917
3.408,091
5.213,993
573.312
3,221.205
653,725
5.048.986
2.965,940
673,443
4.659.761
3,100.008
4,583.827
3.265,018
656.272
5.789.868
3.871,630
844.611
4.313,923
4,837,662
975.020
4.077.230
4.510,078
897.862
4,218.965
4.624.013
944,994
418.855
5.830.806
3,366,466
GENERAL STATISTICS FOR YEARS ENDED DEC. 31.
1926.
1925.
1924.
1927.
3.189
3,189
3,189
3.193
Average miles operated_
2,042,902
2.373,819
1,668,487
3,041.445
Passengers carried
Pass. carried one mile-- _237.134,738 264.989.971 279,287.233 311.585,006
3.27 cts.
2.34 gra.
3.29 cts.
3.36 cts.
Revenue pass. per mile
12,688,015 12,731,683 12.701,471 11.978.114
Revenue tons carried
3,432,551
3,317,094
3,068.947
do 1 mile (000 omit.) 3,379,653
1.31 eta.
1.32 cts.
. 1.30 cts.
1.38. eta.
Rev,per ton per mile_ _
$18,222
j17,948
817.620
$18.031
Rev. per mile of road_._
-V. 126. P. 2144.
2784
FINANCIAL CHRONICLE
Snider Packing Corporation.
(Annual Report
-Year Ended Jan. 31 1928.)
The remarks of James Moore, President, and T. H.
Blodgett, Chairman Executive Committee, together with
income account and balance sheet for the year ended Jan. 31
1928, are given under "Reports and Documents" on subsequent pages.
-V. 125, p. 1990.
Pacific Gas & Electric Company.
(22d Annual Report
-Year Ended Dec. 31 1927.)
The remarks of President A. F. Hockenbeamer are cited
on subsequent pages, together with the income account, balance sheet as of Dec. 31 1927, and other statistical tables.
Our usual comparative income account was published in
V. 126, p. 2312.
CONSOLIDATED BALANCE SHEET DEC. 31.•
1927.
1926.
1926.
1927.
AssetsLiabilities-S
s
$
$
Plant& prop's_ _300,434,895 291,301,100 Common stock_ 65,714,165 52,865,115
Discount and ex1st pref. stock__ 71,766,082 63,429,932
penses on capSub. co. stock
ital stock Iss'd 9,256,694 9,208,619 (not owned)..
2,037
1,306
Investments __ _ 9,519,921
153,126 P. G. & E. Co.
Trustees of sinkbonds
151,005,000 131,515,000
Ing funds__ __
369,808
437,134 Sub.co. bonds.. 19,065,000 38,694,800
Cash with trusBonds called but
tees
3,916,370
18,072 not redeemed_ 3,516,010
Advans. for conAwls pay., &c_ 1,585,328 1,466,513
structIon
4,452,782 3,829,363 Drafts outstand.
444,506
393,638
Cash
7,885,774 5,145,947 Meter & line dep
823,540
880,299
Notes St acc'ts
Bond int. due__
411,497
438,110
receivable
:5,207,681 4,839,315 Acc.int.(not due) 1,883,831 1,894,149
Installments reAccr. taxes (not
ceivable for
due)
4,025,495 2,399,224
stocks
1,876,927
468,105 Divs. declared__ 1,305,537 1,068,844
Materials & supRes. for N.C.P.
Plies
5.294,073 5,148,530 Co. plant adj.
Accrued interest
&:icor. depr__ 1,647,970 1,647,970
on investmls_
27,437
1,474 Res. for deprec. 19,540,005 19,060,155
Deferred charges 8,907,538 8,814,475 Res.for Ins., &c. 1,309,062
462,392
Res.for amounts
chgd. in prior
years in excess
of rates allowed by city
ordinance....
183,382 1,813,760
Total(eash side) 357.149,903 329,365,258 Surplus
12,865.426 11,390,080
a After deducting $179,598 reserve for doubtful accounts and notes.F. 126, p. 2312.
St. Louis Southwestern Railway.
-Year Ended Dec. 1927.)
(37th Annual Report
RESULTS FOR CALENDAR YEARS.
1924.
Revenues-1927.
1926.
1925.
Freight revenues
$20,817,095 $21,993,349 $22,093,552 $21,783,501
Passenger
1,890,789 2,126,407 2,486,944 2,918,929
Mail, express &e
1,013,213
1.077,566
1,074,188
1,157,549
Incidental, &c
485,428
495,505
477,578
466.312
Total oper. revenue__524,206,526 $25,692,826 $26,132.262 $26,326,291
ExpensesMaint. of way & struc__ 4.641,477
4,864,847 4,626,890 4,232,984
5.878,093
Maintenance of equipl- 3,938,912 4,660,630 5,504.331
Traffic expenses
913,528
848,087
1,131,211
1,029,313
Transportation
7.442,189 7.491,604
7,536.034 7,770,502
General, &c
1,298,248
1,340,782 1,307,063
1,345,076
Total oper. expenses-518,494,571 $19,353,457 $19,925.859 $20,027,914
Net earnings
5,711,954 6,339,369 6,2061403 6.298,377
Tax accruals
1,286.014
1,184,943
1,289,831
1,171,512
Uncollectibles
4,960
5,244
5,812
5,532
Operating income-- _ _ 34,521,766 35.043,925 $5,029,359 $5,007,403
Other Ry. Oper. Inc.:
Hire of fgt. cars-Cr.Bal. Dr.$9,989
$142.024
$184,819
$162,263
Rent from locomotives..
21,537
18,818
29,388
17,104
Rent from pass..train cars
2.896
5,363
6,348
2,043
Rent from work equip..
14,069
11,769
21.427
16,136
Joint facility rent inc.-335,241
252,762
359,608
299,838
Total ry. oper. income 54,885,687 35.602.722 $5,526,745 35,480.367
Deduct. fr. Ry. Oper. Inc.:
Rent for locomotives....
$2,100
$4,102
$3,898
$1,513
Rent for pass.-train cars
33,103
40,455
35,059
36.077
Rent for work equip....
5.756
6,032
2,839
2,913
Joint facility rent deduc.
670,725
698.396
669.347
668,388
Net ry. operating inc_ $4.164,372 34,891,778 $4,817.854 54,741.012
Total non-operating inc_
555,750
211,990
317.936
271.176
Gross income
$4,720,122
Deduct. fr. Gross Inc.:
Miscell. rent deductions
$2,703
376
Miscall, tax accrualsInterest on funded debt_ 2,631,502
213,607
Int. on unfunded debt
645
Maint. of invest. org
23,474
Miscel. income charges31,847.814
Net income
Disposition of Net Inc.:
$33,171
Inc. applied to sink. fds_
Inc. approp. for invest.
In phys'l property_
Income appr.for annuity
ok tru.sts
Income bal. trans. to
$1,814,643
profit and loss
994,682
Preferred dividends_ _
3819.981
Balance, surplus
Earns. per sh.on 163,561
$5.02
shs.com.stk.
(par $100)
-V. 125, p. 382.
35,103.768 35,089.030 $5,058,948
$4,323
$1,086
53.286
391
2,655,515 2,667,974 2,849,714
13,872
11,573
10,193
626
775
704
25.652
28.487
27,579
32,405,539 $2,379.292 52,365,182
$58,625
$32,099
1,336
$7,800
334,000
18,043
$2.345.578 32,347,193 $2,005,319
994,682
994.682
994,682
31.350,896 $1,352,511 $1,010,637
$8.26
$8.28
$6.17
Norfolk Southern Railroad Co.
-Year Ended Dec. 31.)
(18th Annual Report
-YEARS ENDED DEC. 31.
TRAFFIC STATISTICS
1925.
1924.
1926.
1927.
•
931.88
931.88
931.88
931.78
Average miles operated_
Traffic
Passenger
1,655,224
1,334,231
1,152.545
No. of passengers carried
21,367,591 27,993,316 32,752.047 40,794,869
823,396'
No. pass. carr. 1 mile
No. pass. carr. 1 m. per
35,148
43,777
30.040
22,932
mile of road
24.55
24.65
24.29
25.95
Av. dist. carr. each pass_
Av. amt. rec. from each
75.748
75.667
74.404
79.074
passenger (cts.)
Av.receipt per passenger
3.073
3.082
3.063
3.047
Per mile (cts.)
4,675,719 4,587,109 4,015,534 3,879,356
No. of tons carried
No. of tons carr. 1 mile_ _476,105,606 515,428,579 455,757,809433,074,318
No. of tons carr. 1 mile
464,732
489 073
553,106
510.064
per mile of road
111.64
113.50
112.36
101.83
Av. dist. hauled each ton
1.932
1.892
1.889
1.786a
2
Av.amt.rec.fr.each ton
ENZ
Av. recept per ton per
1.731
1.667
l
1.754&th 1.681
mile (cis.)
t K,IP
Net oper. rev, per train
96.96
102.59
121.79
120.78
mile (cis.)
[Vol.. 126.
OPERATING STATISTICS AND REVENUES FOR CALENDAR YEARS
All Lines (incl. Electric) 1927.
1926.
1924,_
1925.
Freight revenue
$8,352,412 $8.666,126 $7,595,416 $7,495.905
Passenger revenue
651,090
1,253,794
857.544
1,009,569
Mail and express
270,149
294,915
251.729
294,670
All other transportation_
293,370
247,314
232,224
291.088
Total oper. revenue $9,567,021 $10,066,487 59,131,878 59,291,920
Maint.of way & struct
1,202,581
1,327.276 1,191,523 1,213,238
Maint. of equipment_ _ _ 1,483,413 1,672.702 1,320,534 1.381.759
Traffic
286,528
308,930
281,681
289,747
Transportation
3,473,414 3,499,543 3,552.143 3,893,826
Miscellaneous
356,752
348.431
359,630
340.208
Total oper.expenses_ $6,827,968 $7,137.700 $6,686,088 $6,932,095
Net rev,from ry. oper
2,739,053 2.928,787 2,445,790 2,359.83
3
Tax accruals, &c
646,006
520,688
676.596
545,702
Total oper. Income... $2,093,047 32,252.191 $1,900,088 $1,839,145
Deduct
-Equip.rents_ _ _
353,782
406,246
443,894
368,210
Joint facility rents...
21,082
21,570
22,210
23.421
Net oper. income
51,718.182 $1,786,087 $1,508,456 $1,411,328
INCOME ACCOUNT
-YEARS ENDED DEC. 31.
1927
1926.
Operating RevenueSteam.
Electric.
Total.
Freight trains
$88,129,020
$223,392 $8,352,411 $8,866,126
Passenger trains
570,493
857,544
80,596
651,090
Miscellaneous
430,860
536,373
126.534
557.395
Joint facility
6,125
6,444
6,125
Total oper. revenue-. $9,136,499
$430,523 59,567,021 $10,066,487
Operating ExpensesMaint.of way & struct $1,140,356
$62,225 $1,202,581 $1,327,276
Maint. of equipment__ _ 1,451.026
32,387 1,483,413 1,672,702
Traffic expense
293.421
15,509
289,747
308,930
Transportation expense_ 3,359,413
211,504 3,570,917 3,499,543
General expense
243,670
18,456
262,126
348.431
Total operating exp.. $6.487,886
$340,082 $6,827.968 $7,137,700
Net rev,from oper
2,648,612
90,440 2.739,052 2,928,787
Less
-Hy,tax accruals
615.177
27,984
671.864
643.161
Uncollectible Ry.rev_ _ _
2.530
315
4.731
2,845
Net operating income- $2,030.905
$62.141 32,093,047 $2,252,191
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1926.
1924.
1925.
Net operating income_ -- 32,093.047 32,252,191 $1.900,088 51,839,145
Other Income
Hire of equipment(net).
1,165
1,250
1,179
1,260
Joint facility rent income
13,626
12,165
Miscell. rent income_ _ _ _
10,619
12,357
10,484
12,325
Misc. non-op. phys. prop
4,520
9.391
4,545
4,712
Dividend income
15,449
12,849
11,317
12,887
Income from funded secs
3,820
3.820
3,878
3,820
Income from unfunded
securities and accounts
25.428
14,900
31.301
12,739
Income from sinking and
other reserve funds...
11,869
13,210
13,484
15,566
Miscellaneous Income.._
344
305
136
Total non-oper.inc.__
386,841
276,661
579,909
$63.310
Gross income
$2,179,888 32.332,100 31,963,398 51.915,805
Deductionsfrom Income
Hire of equipment
3354,947
$407,425
$445,144
$369.470
Joint facility rents
34.708
22.210
33,735
23,422
Rent for leased roads167,102
158,116
187,102
167,102
Miscellaneous rents_ _ _ _
1,566
1,201
1,051
1,256
funded debt_
Interest on
843,099
851,219
871,588
857,380
Int. on unfunded debt
11,251
4,765
6,508
5,823
Amortization of discount
on funded debt
18,974
19.145
20,861
18.145
Miscall. income charges_
7.886
7,886
8,276
7,885
Total deductions
51,439,533 31,518.523 51,450,874 51.507,284
Net income year ended
Dec. 31
$740,355
5813,578
5512,524
5408,521 •
Shares of capital stock
outstanding (par $100)
160.000
160.000
16(4000
160 000
Earns, per sh. on cap.stk
$4.62
$5.08
0.43 •
$3.20
BALANCE SHEET DEC. 31.
1927.
1926.
1927.
1926.
LiabilitiesAssets
$
$
Road & equipl__a34,185,075 33,465,710 Capital stock
16,000,000 16,000.000
Funded debt
Real est. not used
18.945,400 19,002,200 ,
177,660 Traffic, &c., bals_ 269,675
in operation_ __ _ 186,277
296,590
Impts. on leased
Vouchers & wages_ 264,540
392,210
230,348
210,572 Misc. accts. pay
38,424
property
39,273
48,883
53,781 Coupons, &e., clue
Leased rail, &c...
and unpaid_
Securities of under63,125
lying dr other cos 4,842,484 4,937,085 Agents' drafts. _
23,288
55,810
Invest, in affll. cos 1,523,157 1,218,503 Accrued Interest.
904,243 1,233,840 rents. &c
Cash
283,991
326,714
69,875
62,550 Taxes accrued, &c. 142,056
Depos. with trust_
128,006
201,009 Deferred & unadSinking funds_ _ _ 153.330
92
30,487 justed accounts_
Notes receivable
22,113
22,102
259,682 Reserves
Misc. accts. receiv. 102,590
1,581,836 1,409,570
65,465 Unadjus. credits._ 193,882
47,681
Balance from sets.
105.880
718,421
514,448 Surplus
Materials, &c
6,424,464 5,851,806
184,406
Wkg.fd.adv., &c. 131,619
71,151
Deferred assets...
96,381
749,223
Unadj. debits_ _ _ 978,969
13,804
12,158
Accrued Income..
44,233,232 43.447,730 Total
Total
44,233,232 43,447,730 •
a Includes road. $27,439,749, and equipment, $6,244,189, and $501,138
'
expenditures.
-V. 126. P. 1191.
general
The Texas & Pacific Railway Co.
(Annual Report.
-Year ended Dec. 31 1927.)
OPERATING ACCOUNT FOR CALENDAR YEARS.
Operating Revenues1927.
1926.
1925.
1924.
Freight
$30,596,471 $26,556,342 $26,051,237 $23,930,347
5,694.201 8,107.849"7,150,275.
Passenger
Mail
681,401
794,916
715,718
720.485
Express
1,045,862 1.106,654
1,047,445.
1,322,288
314,414
Miscellaneous
340,307
330.280
321,767
Incidental,&c
547,183
591.298
632.807
598,163
Total
338.949,539 535.449,650 535,272,899 $33.784,58
0
Operating Expenses
Maintenance of way &c_ 36,832,210 $5,414,906 $5,205,846 54,841.088
Maintenance ofequip... 6,801,243 6,511,860 6,982.329 6,471,081
Traffic expenses
884.732
700.031
845,628
786.060
Transportation expenses 13,053,386 12,473,426 12,363,073 11,589,114
1.767,099
General expenses
1,127,694
1,176.530
1,178,699
Miscellaneous operations
294,629
343.753
355,686
331,917
Transporta'tn for invest Cr.294.783 Cr.291,817 Cr.342,917 Cr.420,705
-0
Total oper.expenses_ _528,797.073 $28,488,388 W3,457
i,802 1 - 12,324
-- 3
Net earnings
10,152,466 8,961,262 8,819,097 8,542,256
1.876,696 •
1,952,406
Tax accruals,&c
1.855.677
1,862,786
Operating income.... $8,296,789577967176 56,866,691 $6,665,569
714,804
Other operating income_
768.443
799.923
778,476
Total oper. Income... $9,075,265 57,898,390 37,835,134 37,380,364
926,314,
987,162
Hire ofequipment
953,835
1,768.324
652,438
693.867
703,888
Rentals,&c
809,370
Netinc. bet,fix.cngs _ $6,497,569 $8.240,676 55,974.105 $5,801,811
346,103.
368.656
373.137
Non-operating income..
566,106
Grossincome
$7,063,876 $8,609,333 $8,347,242 $6,147,714
2.413,255 2,170,339
Int.on funded debt---- 2,752.480 2,474,731
26,375 ,
14,784
110.917
Int.on unfund.debt---59,902
72,407
97,648
96,345
Misc.rents,taxes,&c_ -137.313
53,878,591
54.113.981 $3,927,341 $3,821,555
Netincome
707,798'
1,185,150
1.185,150
Preferred dividends_ -- _ 1,185,150
$2,742,191 52.636,405 $3.170,793.
Income balance
$2,928,83 -V.126,p.1192.
MAY 5 1928.]
FINANCIAL CHRONICLE
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
New Eguipment.-Class 1 railroads in the first 3 months this year installed
465 locomotives, according to reports filed by the carriers with the Car
Service Division of the American Railway Association. Compared with
the corresponding period last year, this was an increase of 18 locomotives,
but a decrease of 105 compared with the corresponding period in 1926.
For the month of March alone, the railroads placed in service 140 locomotives compared with 142 in March the year before. Locomotives on order
on April 1 this year totaled 137 compared with 244 on the same date last
year. Freight cars installed in service in the first 3 months of 1928 totaled
10.064 compared with 15,796 for the same period in 1927 and 21,363 for
the same period in 1926. Freight cars installed in March this year totaled
4.032 compared with 5,175 in March 1927. The railroads on April 1 had
25.248 freight cars on order compared with 27,255 on the same date last
year and 49,524 on the same date in 1926.
These figures as to freight cars and locomotives include new and leased
equipment.
Matters Covered in "Chronicle" April 28: (a) Revenue freight loading still
on the decline. p. 2563. (b) Chesapeake & Ohio Ry. shopmen lose plea
for advance in wages, p. 2592.
-No price changes were announced during the week.
Refined Sugar Prices.
Lamp Prices Cut.-Weatinghouso Lamp Co. reduced prices of flash light,
radio panel and toy train incandescent Mazda lamps 23%.effective May 1.
"Boston News Bureau" Apr. 27, p. 15.
Strike in Pawtucket, R. I., Mill Ended.
-Employees of Parker Mills (East
Warren, R. I.) will return to work with no reduction in wages, after a strike
against wage cut which lasted three months. "Boston News Bureau"
May 2, p. 15.
Matters Covered in "Chronicle" April 28.-(a) New rules of N. Y. Rubber
Exchange affecting non-delivery through exceptional contingencies: amendment to by-laws relating to liens on memberships, p. 2568. (b) Distribution Committee named by Cotton Textile Institute, Inc.. p. 2569.
2785
Louisiana 8c North West RR.
-Final Valuation.
-
The 1.-S. C. Commission has placed a final valuation of $1.526,820 on the
owned and used property of the company, as of June 30 1918.-V. 125.
p. 1048.
Louisiana & Pacific Ry.-Final Valuation.
The I.
-S. C. Commission has placed a final valuation of 6363.228 on the
owned and used property of the company, as of June 30 1916.-V. 123,
p.2515.
McCloud River RR.
-Final Valuation.
The I.-S. C. Commission has placed a final valuation of $1.540.000 on
the owned and used property of the company, as of June 30 1917.-V. 122.
p. 3079.
Minneapolis & St. Louis RR -Final Valuation.
-
The I.
-S. C. Commission has placed a final valuation of $45.403,000
on the owned and used property, 81,010.833 on the owned but not used
property, and $84,548 on the used but not owned property of the company.
as of June 30 1917.-V. 126, p. 1806.
Pennsylvania RR.
-Abandonment of Branch.
The 1.-S. C. Commission on Mar. 27 issued a certificate authorizing
the Grand Rapids & Indiana Ry. and the Pennsylvania RR., lessee, to
abandon a branch line of railroad in Charlevoix County, Mich.
-V.126, p.
2306. 2640.
Quebec Central Ry.-Annual Report.
Calendar YearsGross revenue
Oper. exp. and taxes_ _
Net revenue
Other income
1927.
1926.
1925.
1924.
$3,312,280 63,205,142 62,947,315 $2,828,861
2,633,040
2,295.426
2.485.006
2,234,880
6679,240
4,048
3720,137
10,260
6651.889
11,701
$593,981
47,646
Total income
6683,288
$730,397
$663,590
6641.627
Interest charges
404,693
Atlanta & West Point RR.
385.957
357,127
-Annual Report.
363.628
Calendar Years1927.
1926.
1925.
1924.
Net income
$278,595
$306,462
3344.439
Railway oper. revenues_ $3,184,475 $3,173,186 $3,184,981 $2,939,380
$277.999
Dividends
169,080
169,080
169,080
Railway oper. expenses_ 2,447.176
169.080
2,443,226
2,393,065
2,241,784
Balance, surplus
$109.515
8175.359
Net rev.from ry.oper_
8108.019
8137,382
$737,299
$729.960
6791,916
$697,596 -V. 125, p. 1705.
Railway tax accruals_ _ _
190,697
184,790
190,357
166,254
Uncollectible ry. revs..__
2,445
988
897
645
Sibley, Lake Bistenau 8c Southern Ry.-Final Value.
Railway oper.income- $544,157
The 1.-S. C. Commission has placed a final valuation of $227.662 on the
$544,182
$600,662
$530,697
Non-operating income- 188,509
201.874
233,478
219,027 owned and used property of the company. as of June 30 1916.
This company was incorporated July 7 1900 In Louisiana and operates
Gross income
$732,667
$746,056
9834,140
$749,724 27.5 miles of track.
Deduct
-Hire of equip
$181,327
$179,138
$194,050
$187,216
Joint facility rents_
169,505
244,113
99,400
Texas & Pacific Ry.-Equip. Trusts Offered.
105.478
-Bankers
Ailiscellanonus rents_ _
398
220
240
Trust Co. and Evans, Stillman & Co., are offering at prices
Int, on unfunded debt
260
214
204
854
to yield 43.4% $1.515,000 4% equip. trust certificates,
Net income
8381,178
$322,371
$540,246
6456,175
Dividends
(8%)197,088 (28)689,808 (8)197,088 t7)172,452 series B. Issued under the Philadelphia plan.
Dated May 1 1928; serial maturities $101,000 per annum,from May 1
Balance, surplus
$184,088 loss$367.437
$343,158
$283,723 1929 to May 1 1943 incl. Dividend warrants payable M. & N. Prin.
Earns per sh. on 24,636
and divs. payable in New York City at the agency of the trustee, Bank of
shs. cap.stk.(par $100)
.
$15.48
$13.09
$21.93
$18.51 North America & Trust Co., Philadelphia. Denom. $1,000c5
V. 124, p. 2583.
-Subject to the approval of the 1.-S. C. Commission.
Issuance.
These certificates are to be issued under an equipment trust agreement
Buffalo Creek RR.
-Final Valuation.
which provides for the payment of not exceeding 75% of the cost of new
The 1.-S. C. Commission has placed a final valuation of $77.110 an the equipment, including the following locomotives, to cost not less than $2,owned and used property, and $3.585.000 on the used but not owned prop- 025,000,000. the balance of the cost to be paid by the railway company in
erty of the company, as of June 30 1917.-V. 123. p. 574.
cash: 15 heavy freight locomotives and 5 heavy passenger locomotives.
Title to this equipment is to be vested in the turstee, which is to lease the
Buffalo & Susquehanna RR.
-Annual Report-See equipment to the Railway company at a rental sufficient to pay principal
and dividend warrants of the certificates as they mature.
pa4.!e 2314.
Prin. and divs. to be unconditionally guaranteed by endorsement by The
Central Vermont Ry.-To Pay Bonds.
Texas and Pacific Railway Co.
-V. 126, p. 1192, 574.
D. C. Grant, V.-Pres. Canadian National Ry. has issued the following
notice:
Union Pacific RR.
-Bonds Offered.
-Kuhn,Loeb & Co.,
Referring to the existing receivership of the above company and the
commencement of proceedings for the foreclosure of the mortgage, securing New York, offered May 3 at 923 and int., to yield 4.38%,
its refunding mtge. 5% gold bonds, issued under the indenture dated Mar. $20,000,000 40
-year 4% gold bonds.
15 1920, the principal of which bonds has been declared due in accordance
Dated June 1928: due June 1 1968.
with the provisions of said indenture, and payment of which bonds was registerable as1to prin., exchangeable Coupon bonds in $1,000 denom.,
for fully registered bonds and reguaranteed by the Grand Trunk Ry. of Canada, and which guaranty is exchangeable under conditions provided in
the indenture. Int. payable
now the obligation of the Canadian National Ry. as 1311.2CeSSOr of the Grand
J. & D. Red. as a whole, but not in part, at the option of the company.
Trunk company, attention Is invited to the fact that the Canadian National upon not less than 60 days' notice, on
any int, date on and after June 1
Ry. has made arrangements under which any holder of said bonds may 1933, at 100% and int.
deliver the same at the principal office of Dillon, Read & Co. in New York,
Issuance and sale of these bonds are subject to the approval of the I.
-S.
with May 1 1928, and all subsequent coupons attached, and receive in
Commission.
exchange therefor in New York funds the par amount of the bonds so de- C.
Listing.
-Application will be
livered with accrued int. from Nov. 1 1927 to date of such payment. Such the New York Stock Exchange.made in due course to list these bonds on
delivery must be made, however, prior to June 30 1928.-V.126, p.1190,861
Data from Letter of F. W. Charske, V.-Pres., New York, May 2.
Cincinnati, Indianapolis 8c Western RR.
Bond Issue.
-These bonds are to be the direct obligation of the company.
-Final Value.
The I.
-S- C. Commission has placed a final valuation of $11.850.000 on Issued under an indenture to the United States Mortgage & Trust Co..
the owned and used property of the company, as of June 30 1918.-V. 124. trustee. The indenture under which these bonds are to be issued will prop.2902.
vide among other things that, so long as any of the bonds of this issue are
outstanding, the Union Pacific RR. will not create any new mortgage or
Cleveland & Pittsburgh RR.
-Bonds.
other lien (except to extend or refund existing liens). upon any of the lines
The I.-S. C. Commission on April 13 authorized the company to issue
railroad or branches, leaseholds or trackage rights now owned by it,
not exceeding 94,8)7,000 of gen. & ref. mtge. 4% gold bonds, series A, of
unless effective provision be made in
instruto be delivered to the Pennsylvania RR. at par in reimbursement of a like ment creating such lien that the bondssuch new mortgage or in theby such
of this issue shall be secured
amount of indebtedness due that company.
mortgage or other
ratably with
Authority was also granted to the Pennsylvania RR,to assume obligation all as provided in lien indenture. the other indebtedness secured thereby,
the
and liability as lessee and guarantor in respect of the bonds.
-V.119, p.810.
Purpose.
-Proceeds are to be applied to the payment on July 1 1928 of
the 620,000,000 Union Pacific RR. 10
-year 6% secured gold bonds which
Denver & Rio Grande Western RR.
-Bonds.
-mature on that date.
The 1,S. C. Commission on April 21 authorized the company to issue
Stock.
-Company has outstanding in
$17,000.000 of ref. & improv. mtge. 5% gold bonds, series B, $12.000.000 pref. stock and $222,291,600 commonthe hands of the public 899.543,500
stock. The pref. stock has paid
to be sold at 93Is and int., and the remaining $5.000,000 to be pledged rays. uninterruptedly since 1898, and the common stock since 1900, the
-V. 126, p. 2464.
and replelged for short-term notes.
present annual rates being 4% on the pref. stock and 10% on the corn, stock
Earnings.
-The income of the Union Pacific System for the year ended
Detroit & Mackinac Ry.-Earnings.-Dec. 31 1927, applicable to
Net aft. Tax. Tot. Inc. Int., RIAc. *Bal. Sur. to $57.410,086, while suchthe payment of int, on funded debt, amounted
Gross.
Cal. Yr.
int. amounted to $17,744.851.-V. 126. P.
61,626.388
$108,844
927
$173,582
$144,173
629.409 2634. 712.
1926
def.18,470
66,890
1,697,184
1925
216.950
116,659
100,291
Western New York & Pennsylvania Ry.-Plan of
196,567
1,925,509
1924
276.194
119.065
157,129
1,924,863
52,487
1923
176,193
116,904
59,289 Readjustment Effective.
45,755
1,868.154
1922
54,322
111,384
def57,052
The necessary legal steps having now been taken and approval of Govern71,083
1,971,128
1921
80.129
111.188
def31,060 mental authorities having been secured. income mtge. bonds may be pre--V. 125, p. 1321.
sented by holders thereof other than the Pennsylvania RR. Co., to the
Duluth South Shore & Atlantic Ry.-Abandonment.- Treasurer of the company, Room 169, Broad St. Station, Philadelphia, Pa..
whereupon certificates for the new non-cumul.5% pref. stock will be issued
The I.
-S. C. Commission on April 10 issued a certificate authorizing the in full shares
or the par value of $50 each to an aggregate of 6600 par for
company to abandon a branch line of railroad, known as the Republic each
$1,000 of Income mtge. bonds surrendered. For
mtge. fracbranch, extending southwestward from Humboldt to an iron mine at or tional certificates, non-cumul. 5% pref. stock and pref.incomescrip will be
stock
Republic, a distance of 8.7 miles, all in Marquette
near the village of
issued on the same basis as for income mtge. bonds, viz: 60% of the face
County, Mich.
-V.126, p. 862.
value of the income mtge. fractional certificates.
The Pennsylvania RR., upon presentation of income mtge. bonds and
-Debentures.
Fairport Painesville & Eastern RR.
The 1.-S. C. Commission on April 13 authorized the company to issue income mtge. fractional certificates held by it, will receive non-cumul.5%
pref. stock and scrip in the proportion of $310 of such pref. stock for $1,000
-year 6% debentures, to be sold at not less than par and in- of income mtge,
8300.000 10
bonds and fractional certificates.
:terest and the proceeds used for corporate purposes. The report of the
Certificates for common stock and common stock scrip held by others
Commission says: "The debentures will be issued pursuant to an agree- than the Pennsylvania
RR., may
ment proposed to be made by the applicant with the Cleveland Trust Co.. Broad St. Station, Philadelphia. be presented to the Secretary, Room 200,
Pa., whereupon there will be issued nonas trustee, as of April 1 1928. They will be issued in the denomination of cumul. 5% pref. stock and scrip to the
extent of $25 par value in exchange
bearer, will be dated April 1 1928, will bear hit, at the for $50 par value of com.
$1.000. payable to
stock and com, stock scrip surrendered.
rate of 6% per annum, payable semi-annually on Oct. 1 and April 1. will
Tao Pennsylvania RR.,
stocg and common
red, in whole or in part on any int. date at par and accrued int., and stock scrip held by it, willupon presentation of commonfor
be
receive certificates and scrip
non-cumul. 5%
will mature April 1 1938.-V. 124. p. 3493.
pref. stock in the proportion of $10 of pref. stock for $50 of common stock
-Sells Electric Power and Light and common stock scrip. will also be
Havana Central RR.
The Pennsylvania RR.
entitled to receive certificates for
Properties.
common stock and scrip of the aggregate par value of $23.846,951 in paySee American & Foreign Power Co., Inc., in last week's "Chronicle," ment for advances made by it to that amount for additions and betterments
to the property of this company, as authorized by the stockholders OH
page 2637.-V. 125, P. 3638.
Sept. 211927.
-New Director.
Lehigh Valley RR.
Scrip certificates not presented within 3 months from the date of issue,
John R. Snroul has been elected a director to succeed his father, the late shall not be convertible into whole shares but will be redeemable by the
ocmpany at tkzelr lace value.
•
William 0.sproui.-v. 126. p. 1346e 1343.
4
[VOL. 126.
FINANCIAL CHRONICLE
2786
The now 160,000 shares of non-cumel. 5% 'pref. stock (par $50) shall be
subject to redemption at $52Si a share on 60 days' notice on any dme subsequent to July 1 1932. (See also V. 126. p. 1504 and V. 125, p. 1705.)
1924.
1925.
1926.
1927.
Calendar YearsFreight
$18,938.928 $18,758,424 $17,624.687 $18,122.193
1.677,152
1.443,044
1,490.783
1,277,538
Passenger
177.919
177.089
154,913
156.939
Mill
229,572
272,077
279,061
250.321
Express
553,964
677.955
671,687
667.464
All other transportation_
207,439
202,538
209.655
198.570
Incidental
Total income
$21.489.760 $21.564.524 $20,397,390 $20,968,239
Operating Expenses
Maintenance of way. &c. $2.839,380 33,073,397 $2,746,545 $2.558,653
5,965.359
5.596.377
5,313.693
Maintenance of equip..__ 4,783,536
194.120
215,468
223,151
257.860
8,491,749
7.841,581
8.127.899 8,081.669
"Transportation
71.034
72,832
82.791
88,011
MimeII. operations
529.484
539.353
534.128
593.409
General
1.008
478
21.119
43.978
'Transp. for inv.-Cr _
Total
$16.646,116 $17,287,710 $17,011,678 $17,809,392
3.158.847
3,385,712
4,276,814
4,843.644
Net rev, from ry. oper
505,783
637.038
686,142
538,254
Railway tax accruals.... _
By.operating blooms- $4.305,390 $3.590.672 $2,748,675 $2,653,064
1,264.668
1.082,994
1.104,026
-Dr. bal_ 1.151.189
!Hire of equip.
-Dr.
Joint facility rents
206,481
244,087
235.747
211,518
balance
-Earnings.
American Light & Traction Co.(& Subs.).
-Quar. Ended Mar. 31- -12 Mos. End.Mar.311927.
1928.
1927.
1928.
Total gas sales
10098348400 8887,5286003740036370034156009900
Electric sales (k.w.hrs.)_ 35,128,358 29,123,782 130,186,645 109,279,668
Revenue passengers_
_ 7,293,488
8,026.138 29,298,194 31.553,711
Subsidiary Companies
$9,962,047 $9,106,696 337,996.539 835,587.414
Operating revenue
5,422,647 21.428.619 21.140.006
Operating expense
5,554,983
3.675,809
4,221,847
Taxes
952,082
1,121,463
1,933,427
1.997,977
Reserved for retirements
473,925
550,047
Net operating Income $2.735,554 32,258.043 $10,348,095 $8,838.172
456,054
Non operating income
1.352.167
332,778
196.438
Gross corporate inc_,,., $3.068,332 $2,4M441 511.700 262 $9.294.226
3.698.697
4,961,004
Interest deductions
1,175,097
1,317,971
106,019
Amort. of bond discount
133,753
34,852
34.751
67,351
:311scell. deductions
35.843
9,704
7.288
Net income
51,705,906 31,237,244 $6.869,662 $5,432,157
153,952
Surplus & res. adjust..,
17.051
def801
4,550
Total
31,710.456 $1,236.443 $6,586,713 35,586,109
468,592
Preferred dividends---548,025
125.256
146,145
Balance for com.stock $1,564,311
Amount applicable to
minority interest
9,517
31,111,187 $6.038.688
8.721
40,855
S5.117,517
42.435
Balance applicable to
Net ry. oper. 121COMB- 32,942.683 32.250.899 31.421,594 $1,181,914
Am. Lt. & Tr. Co
$1,554,794 31.102,465 M.997,833 55,075.082
55.956
60,004
71.008
61,489
.Non-operating income._
Amer. Lt. & Trac. Co.
Gross income
33.004.172 32.321,907 31.481.597 31.237,871 Earns.on stks.of sub.cos. $1,554.794 $1,102.465 35.997,833 $5,075,082
591.619
„Miseell. earnings
573.145 2.405,842
2.442,604
Deductions
$1,000
'Rent for leased read__..
$2,146.413 $1.675,610 $8.403,675 $7,517,686
120.219 1 Gross earnings
$111.5$0
$112.511
$83,626
Miscellaneous realm_ _
79.058
340,876
74.476
290.391
3.968 Expense
1,479
1,960
Miscall. tax accruals_ _
70.500
261.000
60,000
240,000
902.637 Taxes
902.353
2,057,391
3.033.807
Int. on funded debt.. _
20.000
20,000
1,385.789 Reserved for conting_1,166,313
22.451
18.946
Int. on unfunded debt
92.467
53,505
196.364
11.233 Interest deductions
10,989
8.244
13,982
Miscall. Income charges_
$119.350 def.$711,086df$1.186,975
$793.809
Net Income
The profit and loss statement shows: Amount for debit of profit and loss
88.454.432, deduct income balance for the year $793.809:
Dec. 31 1926,
*eta'. $7.660.623. Leee sundry net debits. $4,122; balance, deficit.$7,664.746.-V. 126. p. 1804•
-Annual Report.
Western Railway of Alabama.
1924.
1925.
1926.
1927.
Calendar YearsRailway oper. revenues.. $3,187.850 $3.344.018 33.392,382 $3,159.930
2.283,751
2.311,390
2,486,2E10
Railway oper. expeinaes- 2.409,807
$876.179
$857,738 $1,080,992
Net rev, from ry. oper 3778.043
149,419
211.269
197.876
220,400
Railway tax accrstals_
863
1,229
381
314
Ns/collectible ry.revs.,.. _
Railway operating Inc
Non-operating Income_ _
$557,329
305.577
3659.481
238,204
8868.493
278.085
$725,897
269,495
Gross income
Deduo.from gross Inc__ -
$862.906
318,105
8897.685 31.146.578
318,556
295.613
$995.392
317.275
Net income
Dividends
$678,117
$828,022
3602.072
$544.801
(8%1240.000 (33)990,000 (8)240.000 (7)210.000
Balance. surplus
Earns per alt. on 30.000
she.cap.stk.(par $100)
-V. 124, p. 2585.
$304.801 def$387.928
$588,022
3468.117
$20.61
$27.60
$22.60
$18.16
Winona Bridge Ry.-Final Valuation.
Not earns,for period
$1.884,388
Surplus and reserve at
beginning of period..
14,451.361
31,541.134
$7,585.436 $8,933.789
20,096,498 x19,935,151
17,433.298
Total surp. & reserve_316.335,749 $21,637,633 $27.620.586 324,367.088
Divs, on pref. stock._ _ _
213.543
854.172
213.543
854,172
Dive, on common stock.. 1,045,276
1,392,776
4.179.684
3.481.602
Burp, dc res., Mar. 31_315,076.930 320,031,314 $22,486.730 $20,031,314
x After deducting 396.163 adjustment in reserve account.
American Light & Traction Co. Balance Sheet Mar, 31.
1028,
1927.
1927.
1928.
Liabittftss-Assets$
$
Inveetment aoct...46,416.070 38,959,753 Preferred stock_ _ _14,236,200 14,236,200
Temporary invest. 1.693.609 1,895,696 Common stock- _ _52,263.800 34,818,800
Earns., sub. oce__11,006,868 13,272,055 Prem.on corn. stk. 1,296.071 1,286,019
Warrants
39,100
Com,stk.in tress_
39,100
35,131
Bills rec., sub. cos_31,608,086 33,404,211 Bills payable
2,000,000
951,627 Accts. payable
Accts.receivable__ 793,378
5.903
34.646 Miscellaneous- - _ - 127,565
34,525
Miscellaneous_ _ _ _
267
13,795 Coupons pay. sub.
Int.& Divs., rec._
10,750
companies
Coupon funds,sub303.135
602.878
303.135 Dividends accrued 1,187,638 1,535,114
502,877
sidiary cos
1,969.221 2,087,418 Res. for taxes_
Cash
862,737 2,180,151
Res, for conting_.
20.000
Special reserve
6,466,265 16.576.207
Surplus & r0eerve_15.076,930 20,031,313
94,075,087 91,002,337
Total
-V. 126, p. 860.
Total
94.075,087 91.002,337
The 1.-S. C. Commission has placed a final valuation of $222,000 on the
owned and used property of the company, as of June 30 1918.-V. 101. 13•
1629.
--To Retire 53i% DebenAssociated Gas & Electric Co.
tures.
-Secretary M. C. O'Keeffe, in a notice to the holders
- of 53 % convertible gold debentures due Feb. 1 1977, says:
Woodworth & Louisiana Central Ry.-Final Value.
Those debentures are convertible, for a limited period, into
class A and
common stock of the company. A very large amount have now been retired by conversion, exchange or purchase.
The first $10,000.000 surrendered for conversion may be converted on the
basis of two shares of class A and one share of common stock for each $110
of debentures. The conversion price increases thereafter $5 per unit for
PUBLIC UTILITIES.
each additional $5,000,000.
The company has designated the Chase National Bank of the City of
-Fiftieth Anniversary.
All America Cables, Inc.
New York, 57 Broadway, as its agent to accept debentures for conversion
All America Cables. Inc., a pioneer in the development of telegraphic which will issue receipts pending the issuance of the stock.
South America,
.communication between the United States and Central and
It is planned before long to retire the remainder of these debentures by
'reaches the 50th anniversary of its establishment on May 6. Rounding out call for redemption as the purchase of any quantity of them below their
its first half century of service, the "Via All America" route comprises redemption price of 105 Is no longer possible.
miles
26.479 miles of submarine cable and land lines, compared with 4,587
Therefore, those who intend ultimately to take advantage of the conver.of line in 1882. This extension of communication facilities has been an sion privilege should deposit their debentures promptly in order to secure
important factor in the growth of commerce between the United States conversion on the most favorable basis. Debentures may be deposited
and Latin American countries.
subject to the condition that they are to be returned in case they do not
The All America Company traces its history hack to the formation fall within the first 910,000,000 surrendered for conversion.
an 1878 of the Mexican Cable Co. (changed later to Mexican Telegraph
Bonds surrendered should be accompanied by al coupons maturing
-Co.) by the late James A. Scrymser, Civil War captain and veteran of the Aug. 1 1928, and subsequently. Accrued interest and dividends will be
battles of Yorktown, Antietam and Fredericksburg. After the war Captain adjusted, and stock will be delivered, as of the first day of the month foltOcrynmer became interested in the cable business and in 1866 founded the lowing the surrender of the debentures for conversion,
International Ocean Telegraph Co. whose lines of communication were
Also to Retire 6% and 5%% Bonds.
-taken over 12 years later by the Western Union. From that time Captain
All of the outstanding 6% cony. debenture bonds. series A, of 1925, have
Berymser turned his whole attention to Mexico and Latin America.
The success of the Mexican Telegraph Co. led to the early extension of the been called for payment June I next at par and int. at the National Bank of
°System to Central and South America. the extensions being operated by a Commerce, 31 Nassau St., N. Y. City.
separate company known as the Central & South American Telegraph Co.
Bonds may be deposited for exchange for new debenture certificates with
Early in 1920, under the presidency of John L. Merrill. who had succeeded the Bank or with the company, 61 Broadway. N. Y. City.
'Captain Scrymser 2 years previously, the name of the Central & South
All of the outstanding cony, gold bonds, 534% series due 1946. have been
Co. was changed to All America Cables. Inc.
American Telegraph
called for payment July 1 next at 105 and int, at the National Bank of
The success of All America Cables in reducing cable rates stands as an Commerce, trustee, 31 Nassau St., N. V. City. These bends may be conaccomplishment unique in the communication field. Prior to 1882 the rate verted on the first day of any month up to and including the close of busino deferred
$7.50 per word,
from New York to Buenos Aires was America system towith Argentine In ness on July 1 1928 upon 10 days' prior written notice to the Associated
the
service whatever. Extension of the All
Gas & Electric Co., into $6 dividend series preferred stock of the latter
reduction to $3.98 per word. In 1907 the tell was company.
1892 brought about a
reduced to $1 a word, and in 1917 to 50 cents a word. A further reduction to
also
Holders of these
Similar reductions have been made bonds, consolidated bonds may4 %exchange them for the gold debenture
refunding Si series due 1958, of the Associated Gas
43 cents a word was effected last August.
West
& Electric Co. at the rate of $1.095 for each $1,000 Associated Electric Co.
in the rates to other countries of Central and South America and the
Indies.
Improvements bond. Holders desiring to avail themselves of this exchange privilege
The lowering of rates has been accompanied by numerous hour to get a should forward their bonds to the Chase National Bank of the City of New
half an
ago. it
and extensions In service. Ten yearswhereastook about telegrams are for- York, 57 Broadway, N. Y. City.
to-day fast
message through to Buenos Aires.
cables. Consolidated Statement of Earnings & Expenses of Properties Since Acquisition.
warded all day long at an average time of a few minutes. Deferred
Increase.
much less than the
cable letters and week-end letters are transmitted at
12 Mos. Ended Feb. 291928.
Amami.
1927.
%
mular cable rates.
$10,076,960 t3
Apr.30 moved to the Gross earnings & other income- -340.208.589
(The main office of the corporation on Monday,and Beaver Sta., New Oper. exp., maint., all taxes, &c_ 22,191,237 $30.131,629
16.514.596
5,676,641 34
Broad St. Building at the corner of Broad
new 67
-V. 126, p. 2473.
York City.}
Net earnings
$18.017,352 $13.617.033 34,400.319 33
-Offers to Acquire Pref. dive, of underlying comAmerican & Foreign Power Co., Inc.
panies and all int
2,019,750 20
9.805.190
7,785.440
Utilities Co.
Securities of Mexican
Bal, for dive. & depreciation.- $8,212,162 $5,831,593 $2.380.569 41
-V. 126. p. 2637.
See Mexican Utilities Co. below.
-Acquires Montana Power Prov. for replacem'ta. renewals & 1,968,445 1,664.490
retirem't of fixed cap.(deprec.)
303.955 18
American Power 8c Light Co.
-S. C. Commission has plac d a final valuation of $50,278 on the
The I.
aliened and used property of the company, as of June 30 1916.-V. 123. P•
.1381.
Power Co.- IIINIVEIMptiltoti
Co. and Washington Water
Bal, for dive, & surplus
$6,243.717 34.167,103 $2,076,614 50
Montana Power Co. has been dela.Over 80% of the common stock of theagreement of reorganization under -V. 126, p. 2641.
posited for exchange under the plan and
Berlin Elec. Elev. & Underground Rys.-Buys Bonds.
Light Co. is acquiring Montana l'ower comwhich the American Power &
operative. The American
Speyer & Co.. as fiscal agents, have purchased for cancellation through
mon stock, and the plan and agreement is now
Co. has, however, agreed to permit exchanges to the close the sinking fund 3102.500 bonds of the Berlin Electric Elevated & UnderPower & Light
of business May 23. (See a)so V. 126 p. 2306, 2641.) 24 1928(V. 126, ground Rye, Co. 30-yr. let mtge. 63i% loan. This represents the third
Jan.
-V. 125, p. 2260.
e• The plan and agreement of reorganization dated Light Co. Is acquiring sinking fund instalment.
13• 574. 4081. under which the American Power &
-Buys Ice Plant.
Central Illinois Public Service Co.
common stock of the Washington Water Power Co., having become operScherf Brothers 10,
ative. the American company has determined to permit deposits and ca- & The company has purchased the ice business of the
Coal Co. at Sptingfield.
1928.-V. 126, p. 2641.
dthanges up to and including June 1
MAY 5 1928.]
FINANCIAL CHRONICLE
2787
-year street lighting contracts
The company has also been granted 10
-year franchises at Elsah and Rossville, 111.-V. 126, P. 1979.
and 50
Balance Sheet Dec. 31 (Cumberland County Power et Light Co.)
1927.
1926.
1927.
1926.
Liabilities$
$
A lasts
- Plant account.... _16,512,443 16,172.981 Preferred stock_ _ _ 4,024,000 4,024,000-Sells Natchez Properties.
Central Power & Light Co.
1 the electric and gas properties of this company at Natchez, Securities
On Art.
591,228 Corn.stk. surplus_ x4,561,157 4,404,338
Miss.. were transferred to the Southwestern Gas & Electric Co., an operat- Cash & curr. assets 908,078
9,000.000 9,000.000
798,920 Funded debt
ing subsidiary of the Central & South West Utilities Co. This transfer Unam.disc. on sec. 1,525,879 1,581,956 Due to attn. cos_ _ _
574
was made in order to effect greater operating economies, because of the Prep'd & def. chges
399,381
27,590 Accts. pay. & accr. 361,689
90,069
great distance separating Natchez from the remaining properties of the Miscel. assets_ - _ 692,274
Portland RR. Co.
Central Power & Light Co. and the proximity of Natchez to the properties
construction. &c. 639.842
494,697
of the Southwestern Gas & Electric Co.
Deprec. reserves 1,002.546
820,375
The proceeds derived from this sale will be used in the further develop- Total (each side)_19,628,743 19,172.674 UnadJusted credits
38,934
29,88&
-V. 126, pp. 2641,
properties within the company's territory.
ment of the
x Represented by 40,000 shares of no par value and 11 shares of $50
1979.
-V. 125, p. 3059.
par value.
-Notes Offered.Columbus Electric & Power Co.
Estabrook & Co., Stone & Webster and Blodget, Inc., and
Parkinson & Burr are offering at 97.80 and int. $2,500,000
-year 43.% gold coupon notes.
5
Dedham & Hyde Park Gas & Electric Co.-Stk.The company has applied to the Massachusetts Department of Public
Utilities for authority to issue 5.000 additional shares of capital stock at
par ($25 a share). The proceeds are to be applied to the payment of liabilities incurred for extensions, enlargements, and additions to plant and
property.
-V.124, p. 3494.
Dated May 1 1928; due May 1 1933. Int. payable M.& N. in Boston
-Earnings.
Denver Tramway Corp.
sr New York. Denom. $1,000 c*. Callable at any time as a whole on
1928.
Quarter Ended March 311927.
30 days' notice at 102 up to and incl. May 1 1929 and thereafter decreasing
of 1% for each year, plus int, in each case. Company agrees to pay Total operating revenue
$1,090,628 51,111,438
bat. without deduction for any normal Federal income tax up to 2%•
730,245
611,028
Operating expenses
italization Outstanding (upon Completion of Present Financing).
127.115
127.865
Taxes
(Includingsubsidiary)
411,726,300
2.500,000
Gold notes, 41.4% due 1933 (this issue)
$233,267
$372,545
Net operating income
2.000.000 Total miscellaneous income
Gold notes, 5% due 1929
9.492
16,267
b4,500.000
Preierred stock, 7% cumulative, series B
c2,000,000
Preferred stock,6Si% cumulative,series C
$242,759
Gross income
$388,812
stock (paying $2 and 1-20 share per annum)
275,785 ails. Interest on underlying bonds
Common
48.275
61,745
•a Includes $424,000 South Georgia Power Co. non-interest bearing notes Interest on general & refunding bonds
80.525
80,544
„
due 1930, i uamnteed by the company.b Includes $.319,600 Series B Amortization of discount on funded debt
Cr. 3,058
for conversion ofsecond preferred stock. c Include
preferred stock reserved
$27.800 stock subscribed for.
Bal. avail, for deprec. & for div. requirements,.. $117,018
5246.525
Company.-Incorp. in Georgia. Does the entire electric lighting and Shares preferred stock outstanding (par $100)-104,412
104,164
power, street railway, and gas business in the city of Columbus. Ga., and Earnings per share
31.12
52.36
the electric lighting and power and gas business in Phenix City, -V. 126. p. 713.
wholesale power business in 17 communities including
Ala., and also a
Detroit United Ry.-Reorganization Plan.
-After more
Lanette, Langdale, Fairfax and Shawmut, Ala., and West Point, La
Grange, Hogansville. Grantville, and Newnan, Ga. Through a subsidiary than three years of operation by receivers under the direccompany, the South Georgia Power Co., lighting and power service is also
d
supplied to 44 cities and towns centering around Americus and Albany. tion of the courts, a plan has been worked out for the reThree of these communities are also supplied with ice and one with gas. organization of the company, according to announcement
A second subsidiary does the bus business in Columbus and Phenix City.
April 28 by Theodore G. Smith, Chairman of the reorganiza-.
The total population served is estimated at over 216,000.
pnrpose.-Proceeds will provide funds towards the retirement of tion committee. With the announcement of the plan
52,500.000 notes, due Nov. 1 1928, which have been called for payment
notices have been sent out to holders of 1st mtge. and coll.
on May 1 1928.
Earntngs.-The combined earnings of company and subsidiaries for the trust sinking fund 5-year 6% bonds of the Detroit United
months ended Mar. 31 1928 were:
12
$4,346,326 Railway and 30-year 5% 1st mtge. gold bonds of the Detroit
Gross earnings
operating expenses and taxes
1.944,539 Monroe Sz Toledo Short Line Ry., a subsidiary, urging the-
Cacr
Net earnings
income from other sources
$2.401,787
7,173
$2.408.960
Net income
Annual interest requirements on bonded debt
$586,786
Annual interest requirements on notes including this issue_ _ _ _
212,500
Management -Properties, with the exception of those recently acquired,
have been under Stone & Webster executive management since 1901 and
are operated under the supervision of the Georgia and Alabama Public
-V. 126, p. 2647, 1193.
Service Commissions.
deposit of these securities under the plan and naming May 31
as time limit for such response.
-Theodore G. Smith. Chairman, Karl H.
Reorganization Committee.
Behr, W. A. Durst, Julius H. Haass. Julian H. Harris, Bruce Johnstone.
R. W. Martin, Henry Salomon, with C. E. Sigler, Sec., 80 Broadway,
New York City.
The committee in a letter to holders of certificates of
deposit issued under the bondholders' protective agreement
dated Nov. 2 1925, for 1st mtge. & coll. trust sinking fund
6% bonds of Detroit United Ry., says
Consolidated Water Co. of Utica, N. Y.
-Bonds Of- 5-yearits organization the committee has been Inconstantin substance:
Since
contact with the
fered.
-Kidder, Peabody & Co., Harris, Forbes & Co. and receivership. It has had frequent conferences with the receivers and with
A. L. Drum,operating
llohawk Valley Investing Corp. are offering at 97X and problems which have engineer, and has advised regarding all the principal
arisen during the receiverhip.
int. yielding 4.67%, $4,000,000 ref. mtge. gold bonds, closely followed the monthly operations of the properties Committee has
in receivership,
and has endeavored to have the receivership and the operations thereunder
'
.04% series, due 1958.
Dated May I 1928: due May 11958. Int. payable M.& N. at Citizens
Trust Co. of Utica, N. Y., trustee, or in N. Y. City. Red. on any int.
date, all or part on 45 days' notice through May 1 1933 at 103 and int.;
thereafter at premiums reducing
of 1% each two years to 100%* on Nov.
1 1953 and through May 1 1955 thereafter at 100 and int. Denom.$1,000 c.5
Data from Letter of Franklyn C. Hopkins, Pres, of the Company.
Company.-Incorp. in 1899. Supplies water for municipal, domestic
and industrial purposes in the City of Utica and the adjacent towns and
villages of New York Mills, Yorkville, Whitesboro, Oriskany, Deerfield,
Frankfort, New Hartford and Whitestown. The total population in the
territory served is estimated to be in excess of 135,000.
Company obtains nearly 90% of its water supply from the foothills of
the Adirondack Mountains, the intake of which is in the State Reservoir
at Hinckley, N. Y.; under perpetual easement from the State of New York.
The storage capacity of water in the 8 reservoirs located around the city is
about 660,000,000 gallons, which continually maintain an ample quantity
of water to supply the districts served. Company supplies its water through
a well constructed system of cast iron distribution mains, the length of
which is approximately 224 miles. The system is operated entirely by
gravity, making it unnecessary to maintain pumping stations except for
emergencies.
-Proceeds will be used for the retirement of $2,948,000 1st ref.
Purpose.
mtge. gold bonds, certain bank loans and for other corporate purposes.
Security.
-Bonds will be secured by a direct mtge. on substantially all of
the fixed property, rights, privileges and franchises of the company. Upon
the retirement of the 1st ref. mtge. gold bonds, funds for which will be
deposited with the trustee, there will remain two closed issues of underlying
bonds, of which there are outstanding only $1,492,000 in the hands of the
public, and all of which mature Jan. 1 1930, or in less than two years time.
Earnings for 12 Months Ended March 31 1928.
Gross earnings, incl. other income
$787,507
operating expenses, maintenance & taxes (except Federal taxes)._ 215,276
earnings
Net
$572,231
Annual int. on $5,492,000 bonds to be outstanding with public
(including this Issue)
254,600
Balance for other interest, depreciation, &c
$317,631
Franehises.-The franchises under which the company operates are Perpetual and contain no burdensome restrictions.
CapitalizationAuthorized. Outstanding,
xw
Class A stocknopar value)
140.000 abs. 120,000 shs.
Class B stock no par value)
35,000 shs. 30,000 shs.
.,4li% ser.due 1958 (this issue)
gef.mtge.gold
x
$4,000,000
let mtge.5% bonds due Jan. 1 1930(non-callable) (Closed)
1,000,000
mtge. 5% deb. bonds due Jan. 1 1930
(Close )
492,000
2nd
bonds may be issued only under the conservative restricx Additional
-V. 122. P. 2189.
tions of the indenture.
Cumerland County Power & Lt. Co.
-Annual Report.
-
(Including operations of Portland RR. Co. leased.)
1927.
1926.
Calendar Years1925.
1924.
$4,312,597 $4,026,673 $3,892,442 $3,857.706
Gross income
Operating expenses _ - - - 2.425.622 11,752,007
1,672,960
1,777,049
1 388,578
343,073
Taxes accrued
333,536
370,200
370,200
Depreciation
356,200
328.200
455,801
730,530
758,056
Other depreciations_ _ _ 746,589
263,548
leased property
Rent for
$797,426
$785,358
$762,153
Net income
$672,332
241,416
241,416
241,416
preferred diva. (6%)- _ 199,419
Common dividends_ -_ -(510)402.000 ($8)320,000 ($8)257,500 ($5)139,744
$223,942
$154,009
$263,237
Balance, surplus_ _
$333,169
;
She. corn. stock outst ts
40,000
x41,000
35,000
(no par)
30.000
$13.56
$13.59
$14.88
Earned per share
$15.76
X Includes 11 shares of the old common stock (par $50) to be exchanged
for no par stock.
economically conducted. No certificates of indebtedness of the receivers
have been issued except $561,000 sold for the purpose of providing the
funds required to pay past due taxes upon properties of Detroit, Monroe& Toledo Short Line Ry. and secured solely by lien upon the property of
that company in priority to its mortgage bonds. All equipment acquired
since the receivership has been financed out of receivership assets and by
equipment trust notes.
In the judgment of the committee it was of first importance to collect
from the City of Detroit the instalments of the purchase price of the city
lines specifically pledged under the mortgage securing your bonds which.
became due June 11925, Dec. 11925. June 11926, Dec. 1 1926 and June 1
1927. and to distribute the same pro rata among the bondholders. These
installments aggregating $2.500,000 have now been collected and 31% of
the principal of the $8,275,000 bonds outstanding at the time of the receivership has now been paid.
Shortly prior to the receivership on March 10 1925, it developed that
there were outstanding, secured by mortgage upon the city lines under'
contract of sale to the City of Detroit, some $780.000 bonds in excess of
those contemplated by the contract of sale and the decree of the Court
in the suit instituted to allocate the bonds entitled to the security of the
city lines. By the use of the proceeds of sale of certain properties of
Detroit United Realty Corp. and of interest paid by the City of Detroit
on the unpaid balance of the purchase price of the city lines, these excess
bonds have now been paid in full and discharged.
The mortgage securing your bonds did not purport to cover the physical
properties of Detroit. Monroe & Toledo Short Line Ry., Detroit Jackson &
Chicago By., Detroit & Port Huron Shore Line Ry. or Detroit Almont &
Northern RR., but only the shares of the capital stock of each of these
companies, each of which had outstanding bonds secured by mortgagelien upon their respective properties.
The financial relations between Detroit United Ry. and its aforesaid
subsidiaries were complicated and in many respects your interests and
those of the holders of bonds secured by lien upon the properties of these
companies conflicted. The committee, believing that the stock of thesecompanies pledged under the mortgage securing your bonds represented no
marketable equity, advised against the payment of interest OD these bonds
from the funds of the receivership: in consequence the mortgage bonds Of'
these companies are now in default and claims made in their behalf, so far
as they conflict with the interests of your bonds, are now in litigation.
In the judgment of all the members of your committee, the time has now
arrived when it is most advisable to lift the receivership and to reorganize
the property. It can not be adequately developed in receivership, and.
In order to furnish the service required by its patrons and to make it remunerative, reorganization is imperative.
The reorganization plan contemplates the inclusion of the properties of
Detroit. Monroe & Toledo Shore Line Ry., but not those of Detroit Jackson
& Chicago Ry.. Detroit & Port Huron Shore Line By. and Detroit, Almont& Northern RR. While the annual net earnings during the receivership
of Detroit Monroe & Toledo Short Line By. have been much less than
previous thereto, A. L. Drum & Co. in their letter forecast improved net
earnings for these properties. The committee is of the opinion that the •
inclusion in the reorganization of the properties of the Detroit Monroe &
Toledo Short Line Ry. upon the terms set forth in the plan is in the interests
of the holders of the 1st & coll, trust bonds of Detroit United Ry. and
that the opportunities for future development are materially increased by
including the properties of that company in the reorganized system. Committee concurs in the judgment of A. L. Drum & Co. that the !Properties
of Detroit Jackson & Chicago By., of Detroit & Port Huron Shore Line
Ry.and of Detroit Almont & Northern RR,are not required for the successful operation of the properties contemplated by the plan to be included in
the reorganization.
•
Committee is advised that arrangements have been made with A. L.
Drum to act as the executive head of the new company contemplated by
the plan.
-Theodore G. Smith, Karl H. Behr, W. A. Durst
Protective Committee.
Julius H. Haass, R. W. Martin, Henry Salomon.
The committee for the holders of certificates of deposit
issued under the bondholders' protective agreement dated'
July 20 1925, for 1st mtge. 5% 30-year gold bonds of Detroit.
Monroe & Toledo Short Line Ry. says in substance:
2788
FINANCIAL CHRONICLE
[VOL. 126.
For many years prior to the receivership on March 10 1925, of Detroit maturing not
United Ry. that company had operated the properties covered by the than 7% per earlier than July 1 1958 and carrying interest at a rate less
annum, and 'or the
mortgage securing your bonds as part of its system and in many respects substitution for an equal principal issuance thereof either in exchange or
amount of the Detroit 1st mtge. bonds
as if it had acquired title to the properties, which was not the case. It at any time outstanding, or in
lieu of the issuance of an equal principal
was quite evident and was early recognized by your committee that the amount of the Detroit
1st mtge. bonds to be reserved for issue after Jan. 1
holders of Detroit Monroe & Toledo bonds had good causes of action against 1929.
the Detroit United Ry. because of the methods of operation and the appliThe Detroit let mtge. may contain provisions for the payment to the
cation of funds arising from the operation of the Toledo line. Accordingly, new
Detroit company of not exceeding $500,000 of the net proceeds of
your committee has caused the trustee under your mortgage to assert
claims against the Detroit United Ry. It has developed, however, that sale of real estate released from the Detroit 1st mtge.
The Detroit 1st mtge. bonds are to be issued In the reorganization in
the litigation necessary to prove these claims would be expensive and con- the
aggregate principal amount of $3,350,000. The balance is to be resume a long time and that the Detroit United Ry. is so hopelessly in- served
for issue under the following restrictions (and
restructions
solvent that general creditors will realize little or nothing from their claims as
shall be provided in the Detroit 1st mtge.), viz.: such other
and that these claims in the end might be classed with other general creditors.
Such additional Detroit let mtge, bonds may be issued only against
Therefore, the amount, if any, to be ultimately realized is so very doubtful
that such litigation would not result in any material improvement in the acquisition after Jan. 1 1929, of property in addition to the properties
vested in the new Detroit company in the reorganization, which shall be
situation of your bonds.
As of March 10 1925. despite the covenants contained in the mortgage subject to the Detroit 1st mtge. and(or) against additions to and betterments of properties subject to the lien of the Detroit 1st mtge. made after
securing your bonds, there were back taxes unpaid constituting a lien upon Jan.
1 1929, but only to a principal amount not exceeding 75% of the cost
the properties mort aged to secure your bonds which, with unpaid taxes
during the receivership and penalties, aggregated as of May 311927. some- of such acquisitions, additions and betterments and in the case of acquisithing over $730.000. Your committee recently succeeded in effecting a tions, not exceeding 75% of the value of the properties acquired.
compromise with the Michigan authorities as to the amount of these taxes atThe Detroit 1st mtge, bonds are to be redeemable in whole or in part
the option of the new Detroit company on any int. date, on not less
and penalties conditioned upon the immediate discharge of the same.
30 days'
They have now been fully paid from the proceeds of an issue of certificates thanunpaid notice, at the principal amount thereof together with accrued
and
interest to the date fixed for the redemption and 1(00 or before
of indebtedness of the receivers of the properties embraced In the mortgage
1
securing your bonds—and made a lien upon said properties in priority to July 1 1932, at a premium of 7%; if after July 1 1932, and on or before
July
1936, at a premium of 6%; if after July 1 1936 and on or before
your bonds—in the aegregate principal amount of $561,000.
July
Of the claims aeainst the Detroit United Ry. System asserting priority July I 1940, at a premium of 5%; if after July 1 1940 and on or before
over the various bond issues it has been estimated that over $180,000 July 1 1944, at a premium of 4%; if after July 1 1944 and on or before
thereof may be given priority over your bonds. While your committee July 1 1948, at a premium of 3%; if after July 1 1948 and on or before
I 1952, at a premium of 2% and if after July 1 1952
has asserted that no such charge should be allowed, the possibility of the
and on or before
imposition thereof and of a similar charge for injury and damage claims July 11956, at a premium of 1%.
Adjustment Mortgage Bands.—These bonds of the new Detroit company
before and during receivership in an amount that might reach $200,000 are
to be limited to the aggregate principal amount
or more must not be overlooked.
of $4,915,500 at any
The equipment subject to the mortgage securing your bonds Is old and one time outstanding and are to be issued In denominations of $1.000, $500
not now appropriate for use on the line of interurban railway subject to the and $100. They are to be secured by a mortgage and deed of trust to
mortgage. During and prior to the receivership Detroit United Ry. Central Union Trust Co. of New York, as trustee covering the property
embraced in the Detroit 1st mtge. and such properties as from time to
equipment has been used on said property under the system operation time
shall become subject thereto. The adjustment mortgage in all rethat has heretofore obtained.
There is no independent operating organization of Detroit Monroe & 'peas shall be subject and subordinate to the Detroit 1st mtge. and to
the prior payment out of the mortgaged Property
Toledo Short Line Ry.
of an Detroit 1st ydge•
While in the judgment of your committee it is advantageous to the owners bonds at any time issued and outstanding under the Detroit 1st nage•
of the properties of both the Detroit United Ry. and Detroit Monroe & The adjustment mortgage may contain provisions permitting the property
covered thereby to be embraced he a new mortgage securing
Toledo Short Line Ry. that these properties they'd continee to be operated
an issue of
bonds
and developed together, your committee carefully considered the inde- rate maturing not earlier than July 1 1958 and bearing intermit at a
per annum and having a lien thereon prior to the lien of
pendent reer.ant, ation of the latter company. It, however, came to the less than
adjustment mortgage, provided the principal amount of such bonds
the conclusion that such a reoreanization was impracticable as it would
require the imposition of a much too heavy cash assessment upon the phis the principal amount of the Detroit 1st mtge. bonds at any time
outstanding shall not exceed In the aggregate
holders of the bonds without reasonable prospect of an early return on the further
85,000.000, and Provided
that there shall be assumed as a fixed charge the
new money invested.
on the
next succeeding April 1 or Oct. I. as the case may be, of payment arrears
Committee has likewise endeavored to effect a sale of the properties but of the
any and all
full 6% interest on the adjustment mortgage bonds and the payment
has not been able to do so on terms in its judgment as favorable to the on
the interest
bondholders as those accerded to them under the accompanying plan and bonds of the payment dates to be specified In the adjustment mortgage_
semi-annual Installments of interest thereon at the rate or
agreement of ref et anization.
Accordingly. your committee has approved and adopted the accompany- 6% per annum whether or not earned.
The adjustment mortgage bonds are to mature July
ing plan of relr aniratirm and recommends its acceptance. While the interest from
1 1958, are to bear
July 1 1928, at the rate of 6% per annum payable for the
bondholders under the plan must forego for a time a return upon their
investment, your committee is confident that under the plan they will 6 months' period ending Dec. 31 1928 on April 1 1929, and payable, prior
realize fcr their investment the utmost that is possible in the circumstances. to the maturity of the adjustment mortgage bonds,for subsequent 6 months'
periods,
Committee.—tienry H. Sanger, Julian H. 'Harris. Walter L. Dunham, Dec. 31, if ending June 30, on the next succeeding Oct. 1, and if ending
on the next succeeding April 1,and payable on
the
John It, Rodde, J. S. Maxey and Charles It. Dunn.
adjustment mortgage bonds for the 6 months period the maturity of the
next
Digest of Reorganization Plan Dated April 1 1928.
maturity thereof. Semi-annual installments of interest, preceding the
prior to
New Companies.
maturity of the adjustment mortgage bonds, are
upon
It is Intended to organize a new company under the laws of Michigan earnings and are payable only to the extent that to be dependent the
or such other State as the reorganization committee shall determine, or Payment thereof shall suffice to pay the same. income applicable to full
To the extent that
the charter of some existing corporation may be utilized. Sucn company interest at the rate of 6% per anninn shall not be theretofore paid the same
shall become due and payable (but without
is herein railed the New Detroit company.
the
L. is likewise intended to orzanize a second new company under the laws maturity of the adjustment mortgage bonds interest thereon) upon or
whether by declaration
of Michttan or such other State as the reorganization committee shall otherwise.
determine, or the charter of some other existing corporation may De utilized.
Interest on the adjustment mortgage bonds shall be
The
adjustment mortgage shall contain a covenant on thecumulative.
Such company .s herein called the New Toledo Co.
All of the etock of the Now Toledo company (except. if so determined Detroit company not to declare or to pay dividends on part of the new
any class of its
by the reorganization eemmIttee. directors' qualify.ng shares) is to be capital stock then outstanding unless the full cumulative interest accrued
on the adjustment mortgage bonds to the interest
vested in the New Detroa company.
next
payment
It is intendel to acquire at sales, the properties of the Detroit company preceding the (late for the payment of such dividend shall have date paid.
been
The a djustment mortgage bonds are to be
and of the Toledo company to be offered for sale ti,ereunder or such part
at the option of the new Detroit companyredeemable in whole or in Pall
thereof as the reorganization committee shall detern inc.
on any int. date on not less
It is intended to vest in the new Detroit company by direct ownership than 30 days' notice at par anti int.
the linos of Interurban railway now subject to the mortga te securing the
After Jan. 1 1930, and prior to July 1 1938, the adjustment
mortgage
Detroit bonds which shall be acquired at such sale (other than the lines bonds may be converted into common stork of the new
running from Farmington (1) to N rthville and (2) to Pontiac and the at the rate of 4 shares for each $100 of bonds; but the Detroit company
north part, or possibly all, of the line running from Detroit to Mt. Clemens) of adjustment mortgage bonds cancel for redemption right of conversion
on the
and the city lines in Flint and Pontiac. Such other properties. as *hall be day before the date faxed for the redemption thereof. shall cease Detroit
The New
purchased by or for the re r.ranizatien committee as it shall determine to company will agree to pay in cash at the time of
conversion all accrued
vest in the new laetrolt company may be vested In the new Dem it company Interest on the adjustment mortgage bonds at the
directly or through stocks or stocks and obligations representative thereof. such bonds and not paid thereon prior to the datefull 6% rate borne by
It is Intended to vest In the new Toledo company by direct ownership The new Detroit company will further agree, at of conversion thereof.
all
the
the Item of interurban railway and all or substantially all the other property expiration of the period within which such bonds maytimes prior to Into
he converted
now subject to the merteage securing the Toledo bends which shall he common stock, and until July I 1938 so long as
any of the adjustment
acquired at such sale except that if the reertanization committee shall so mortgage bonds remain outstanding, to keep
determine, the line of interurban railway and other property situate in the reedy for Issuance upon such conversion- not lessavailable, authorized and
than 4 shares of common
State of Ohio may be vested In the new Toledo company through stocks or stockfer each $100 principal amount of
adjustment mortgage bonds outstocks and obli.tations representative thereof.
standing.
It is intended to cause to be paid or otherwise discharged all receivers'
The new Detroit company will covenant In Its
adjustment mortgage
certificates, all past due taxes and all supply and damage claims adjudged that so long as any of the adju.stment mortgage
to have priority over the Detroit bonds in respect of properties vested in and until the expiration of the period within bonds remain outstanding
which they may be conthe new Detroit company or over the Toledo bonds in respect of properties verted into common stock it will not (1) issue
vested in the new Toledo company.
common, as a stock dividend or in exchange or any stock, preferred or
partly In exchange for all
or any of the 400.000 shame of Its common
General Provisions Regarding New Bonds and Mortgages.
Mater provided for or for any other stock stock without par value hereof the new Detroit company
The bonds of the new Detroit company and of the new Toledo company at any time
outstanding
to be created are to be dated July 1 1928 and both the principal thereof and cash or in property of or (2) sell for inn than $25 a share, payable in
that value, any shares of its common stock not
interest thereon are to be payable in gold coin of the United :eaten without
deduction for Federal income taxes not exceeding 2% per annum and Leaned in the reorganization.
The entire authorized amount of adjustment
without deduction for any Michigan taxes.
mortgage bends is to be
!mined In reorganization,
The mortgages securing said bonds will contain provisions for releases
Common Stock.
-400,000
from the liens thereof of property subject thereto and, to the extent npon to be authorized, of which shares of common stock without par value are
200,000 shares and no more are to be issued in
the conditions and within the limitations to be prescribed therein, may reorganization.
contain provisions for the modification, alteration and(or) extension thereof
The 200,000 shares
and(or) of the bands thereby secured by concurrent action or the respective to be issued only for to be authorized hut not leaned in reorganization are
mortgagors, or of their respective successors. and of the holders of not less the expiration of theirthe conversion of adjustment mortgage bonds until
conversion period.
than 85% In principal amount of the bonds thereby secured.
Voting Trust.—The
Said mortgages severally and respectively will contain covenants substan- company will be issued shares of the common stock of the new Detroit
or transferred to
tially as follows:
Theodore G. Smith, A. L. Drum and the following voting trustees, viz.,
George T. Bishop to be held bY
(1) That the lines of railway and equipment covered thereby will be them Jointly and their
maintained on an equality with the standard of maintenance observed in expiring not later than !increasers under a trust agreement for a period
July 1 1933, with the right in the voting trustees
current practice on first class electric railway properties of similar character in their discretion to
terminate the agreement at an earlier date.
and construction and at all times in condition for sale and satisfactory
Securities of New Toledo Company.
operation in accordance with the nature and volume of traffic handled.
First Mortgage Bonds.—TInse bonds of the new
(2) That when due and payable all lawful taxes and assessments imposed
Toledo company are to
upon the property embraced therein which If unpaid might be or become limited to $2,000,000 at any one time outstanding and are to mature
prior or
a llen or charge upon said propersy or any part thereof only to equal to July I 1958. Denom. $1,000. interest payable J. .2 J. at not exceeding
the extent 7% Per annum, and arc to be secured by a
the lien of said mortgage shall be paid and discharged save
mortgage to Central Union
that appropriate legal proceedings shall have been instituted in good faith Trust Co.. trustee, which is to embrace all or substantially all the lines of
railway, franchises and equipment owned by the new Toledo companY
and are pending to contest the amount or validity thereof.
(3) That on or before March 1 In each year there shall be filed with the at the time of the execution thereof. To the extent that the line of Intertrustee a certificate or certificates verified by the affidavit oi the President urban electric railway and other property situate in the State of Ohio now
or other operating head of the system setting forth that no deafult has subject to the mortgage securing the Toledo bonds shall not be subjected
oeen made in the observance of the covenents In said mortgage contained to the lien of the Toledo let mtge, then stock or stock and obligations
regarding the maintenance of the properties covered thereby and the pay- representative of such line and of such property or of substantially such
property shall be pledged under the Toledo 1st mtge. Such other and
ment of taxes and assessments thereon.
additional property may be covered by or pledged under the Toledo let
Securities of New Detroit Cornpang.
mtge. as the reorganization committee shall determine or as may be proFirst Mortgage and Collateral Trust Bonds.—These bonds are to be limited vided by the Toledo lot mtge. Provision may be made In the Toledo
to $5,000,000 at any one time outstanding and are to mature July 1 1958. 1st mtge. for a series of bonds secured thereby maturing not earlier than
-J.) at the rate of 7% per annum July 1 1958 and carrying intermit
Denom. $1,000 and $500. Int. payable (J.
at a rate less than 7% per annum, and
and secured by mortgage to Guaranty Truitt Co. of New York, as trustee for the issuance thereof either In exchange or substitution for an equal
which is to embrace all or substantially all the lines of railroad, franchises principal amount of the Toledo 1st mtge. bonds at any time outstanding
equipment owned by the now Detroit company at the time of the or In lieu of the issuance of an equal principal amount of the Toledo let
and
execution thereof. There shall be pledged under the Detroit 1st mtge. all Mtge. bonds.
The Toledo 1st lute- bonds may be issued only against acquisitions
snares of stock and securities vested in the new Detroit company in accord0.
ance with the plan. Such other and additional property may be covered after Jan. 11929. of property of any description in addition to the property
by or pledged under the Detroit 1st mtge. as the reorganization committee vested in the new Toledo company he the reorganization which shall be
shall determine or as may be provided by the Detroit ist mtge. Provision subjected to the Toledo 1st mtge. and(or) against additions to and bettermay be made in the Detroit let mtge. for a series of bonds secured thereby ments of properties subject to the lien of the Toledo 1st mtge made after
MAY 5 1928.1
FINANCIAL CHRONICLE
2789
Jan. 1 1929. but only to a principal amount not exceeding 75% of the deposit for Detroit bonds may be in the sum of $100 or any multiple thereof
cost of such acquisitions, additions and betterments and, in the case of (up to but not exceeding $500) in respect of each such Detroit bond repreacquisitions not exceeding 75% of the value of the properties acquired, sented by their certificates of deposit. At any time prior to the close of
The Toledo let mtg.. bonds are to be redeemable in whole or in part business on May 31 1928, holders of certificates of deposit for Detroit
at the option of the new Toledo company, on any int. date on not less bonds may present their certificates of deposit to Central Union Trust Co.
than 30 days' notice, at the principal amount thereof together with accrued of New York. depositary for appropriate notation thereon and upon payand unpaid int. thereon to the date fixed for the redemption thereof and ment to the depositary in New York funds for account of the syndicate
if on or before July 1 1932 at a premiuM of not exceeding 7%; if after and subject to the order of the syndicate managers of a sum equal to 20%
July 1 1932 and on or before July 1 1936 at a premium of not exceeding 6%; of the amount to which in accordance with the foregoing provisions they
if after July 1 1936 and on or before July 1 1940 at a premium of not ex- shall elect to subscribe to the syndicate, will be entitled to receive a syndiceeding 5%: if after July 1 1940 and on or before July 1 1944 at a premium cate participation certificate, 20% paid, executed by or for the syndicate
of not exceeding 4%; if after July 1 1944 nad on or before July 1 1948 at a managers. Holders of certificates of deposit for Detroit bonds having
premium of not exceeding 3%;if after July 1 1948 and on or before July 1 exercised such right of subscription to the syndicate in an amount less than
1952 at a premium of not exceeding 2%; if after July 1 1952 and on or the maximum amount permitted by the plan in respect of the Detroit bonds
before July 1 1956 at a premium of not exceeding 1%.
represented thereby, will not be permitted to increase the amount of their
The Toledo 1st mtge. bonds are not to be issued-in the reorganization. respective subscriptions to the syndicate in respect of such bonds.
-These bonds are to be limited to 51,800,000
General Mortgage Bonds.
Table of Distribution.
at any one time outstanding. Denom. $1.000, $500 and $100. Secured
Adj. Mtge. Gen. Mtge. Shares of
by a mort -age and deed of trust to Union Trust Co.(of Detroit), as trustee.
Bonds of Corn. Stk.
Detroit
Bonds of
covering the property embraced in the Toledo 1st mtge. and such properties
New
lot Mtge.
the New
ofNew De
as from time to time shall become subject thereto. The general mtge. In
Bonds.
Detroit Co. Toledo Co. trait Co.
all respects shall be subject and subordinate to the Toledo 1st mtge. and To $8,275,000 Detroit Cash.
prior payment out of the mortgaged property of all Toledo 1st
to the
$44,551,250
bonds(31% prin. paid)$413,750
33,100
mortgage bonds at any time issued and outstanding under the Toledo
$1,800,000
1st mtge. The seneral mtge. may contain provisions permitting the To $3,000.000 Tel. bonds
33,350,000
364.100
To syndicate for cash_
135.900
property covered thereby to be embraced in a new mortgage securing an
To
30.000
Issue of bonds maturing not earlier than July 1 1958 and bearing interest ' A. L. Drum
reserved
at a rate less thee 7% per annum and having a lien thereon prior to the To beconversionunissued
of adJ.
for
lien of the general mtee. provided the principal amount of such bonds
mtge. bonds
200,000
plus the principal amount of the Toledo 1st mtge, bonds at any time
For reorgan. purposes or
outstanding shall net exceed in the aggregate $2,000,000.
in treasury of new DeThe general mortgage bonds are to mature July 1 1958 and interest
troit co
150
thereon will be payable J. & J. No interest is to be or become due or
payable on the reneral mtge. bonds until Jan. 1 1930. On Jan. 1 1930
Total
$4413.750 $3,350,000 $44,915,500 51,800,000 400.000
and on July 1 1930. an amount equal to 34 of 19' of the principal of the
general mt Ye. bonds shall become due thereon in full for the interest thereon
Estimated Cash Requirements.
up to said respective dates. Each of the two installments of ihterest on
to
the general mtge. bonds payable Jan. 1 1931 and July 1 1931, shall be Cash payable under the plan to holders of certificates of deposit Issued
under or otherwise subject
$413,750
the plan for Detroit bonds
in the amount of 1 % of the principal. Each of the two installments
of interest payable Jan. 1 1932 and July 1 1932, shall be in the amount of Receivers ctts. of indebtedness, taxes, damage and priority claims, &e--- 1,700,857
% of the principal. Each of the two installments of interest payable New working capital, court costs and allowances, receivers tees, receivership and foreclosure expenses, organization of new companies and taxes
Jan. 1 1933 and July 11933. shall be in the amount of 2% of the principal.
upon issue of new securities, counsel fees, advertising, engraving. arc.,
Each of the two installments of int. payable Jan. 1 1934 and July 11934.
and other expenses of reorganization, including compensation of reorthe amount of 2)i% of the principal. Thereafter the semishall be in
ganization committee and the compensation and expenses of protective
annual payments of interest upon the general mortgage bonds shall be at
committees for the Detroit bonds and for the Toledo bonds and reprethe rate of 5 Ix:% per annum.
sentatives of the Toledo co-operating bonds
900,593
The general mtge. bones are to be redeemable in whole or in part at
the option of the new Toledo company on any Jan. 1 or July 1 on not
Total
$3,015,000
than 30 days' notice. If on or before July 1 1929. at the principal amount
less
thereof and if after July 1 1929 at the principal amount thereof and interest -V.125. p. 246.
accrued thereon from the interest payment date next preceding that fixed
Eastern States Power Corp.
for the redemption thereof.
-Earnings.
The entire authorized amount of general mtge. bonds is to be issued in
Calendar Years1926.
1927.
the reorganization.
Gross earns., incl. dive. rec., hat. earned & profit
Common &ock.-There will be issued In reorganization such number of
on sale of securities
1463,703 $1,146,799
share.; of common stock of the new Toledo company as the reorganization Expenses, taxes, interest paid, /cc
84,865
18.595
committee shall prescribe, and in its discretion said shares may be without Reserve for Federal taxes
138,000
par value or of such par value as the reorganization committee shall determine. These shares of common stock of the new Toledo company issued
Net income
$923,934
$445.108
In reorganization, other than direcrors' qualifying shares, will be pledged Surplus at beginning of period
1,016,213
1,667,148
under the Detroit 1st mtge.
New D iroil Company Shall not Assume any Bonds
.-The new Detroit
Total surplus
$2,112.256 $1,940,148
company shall not in the reorganization assume any liability directly or Additional 1926 Federal income tax
676
Indirectly for the payment of the principal of or interest upon either the Dividends paid on pref. stock
280,000
273,000
Toledo 1st mtge, bonds or the general mtge. bonds or for the observance
or performance of any of the.covenants and(or) agreements on the part
Surplus at end of period
$1.831,580 $1,667.148
the new Toledo company to be contained in the Toledo 1st mtge. bonds, Earns, per share on 539,234 shs. corn. stk.(no par)
of
$1.22
$0.31
the general mortgage bonds and(or) in the respective mortgages and deeds -v.124, p. 3628.
of trust securing said issues of bonds.
Issue of New Securities.
It is contemplated that the new Detroit company will issue (1) $3,350,000
Detroit 1st mtge. bonds, (2) $4,915.500 adjustment mtge. bonds, and
(3) 200,000 shares common stock.
It is contemplated that the new Toledo company will issue (1) $1,800,000
general mtge, bonds and (_2i all of its authorized shares of common stock.
Treatment of Deposited Detroit Bonds.
-Holders of certificates of deposit
Issued under or otherwise subject to the plan for Detroit bonds, who shall
have complied with the conditions of the plan will be entitled to re-eive
in respect of each $1,000 of Detroit bonds(31% of principal paid) as shall
be represented by their surrendered certificates of deposit: $50 in cash;
$550 of the adjustment mtge. bonds; and 4 shares of the common stock
of the new Detroit company (v. t. c.)
Fractional scrip, representing an interest in any adjustment mtge. bond
of the principal amount of :3100, may be issued in such form and on such
terms and conditions as the reorganization committee shall fix, and, as
It shall determine, may be non-interest bearing. In lieu of issuing fractional
scrip in its discretion the reorganization committee may settle any or all
of such fractional interests by payment of 70% of the principal amount
thereof in cash.
Right of Subscription.
-The holders of certificates of deposit issued under
or otherwise subject to the plan for Detroit bonds likewise, upon certain
conditions are given the opportunity to become subscribers to the syndicate.
Treatment of Deposited Toledo Bonds.
-Holders of certificates of deposit
Issued under or otherwise subject to the plan for Toledo bonds will be
entitled to receive in respect of each $1.000 Toledo bond as shall be represented by their surrendered certificates of deposit: $600 principal amount
of the general mtge. bonds.
Syndicate.
A syndicate of which George T. Bishop and A. L. Drum are managers
and with the maximum obligation of $4,137,500 has been formed, under
an agreement dated as of April 1 1928 between the reorganization committee
of the first part, the managers of the syndicate of the second part and the
subscribers to the syndicate of the third part.
Upon the terms and conditions set forth in the syndicate agreement,
the syndicate has agreed to supply the reorganization committee with
$3,015,000, for which the syndicate is to receive: $3,350,000 principal
amount of the Detroit 1st mtge. bonds: $364.100 principal amount of the
adjustment mtge. bonds; and voting trust certificates for 136,900 shares
of common stock of the now Detroit company.
An original counterpart of the syndicate agreement executed by the
reorganization committee and by the syndicate manager (but not by the
syndicate subscribers), Is on file with Central Union Trust Co.of New York
as depositary; and at the principal office of said depositary during business
hours is open to the Inspection of the holders of Detroit bonds or of certificates of deposit therefor.
The syndicate agreement provides for the compensation of the syndicate
managers from syndicate assets and no commission or other compensation
is to be paid to the syndicate or its managers as part of the expenses of
the reorganization or is to be assumed by the new Detroit company or
by the new Toledo company, save and except that there shall be paid as
part of the expenses of the reorganization the charges of counsel for the
syndicate managers for services rendered the Syndicate managers in connection with the organization of the syndicate and the formulation of the
plan and their disbursements incurred in connection with such services.
In consideration among other things of the cancellation of the provision
for extra compensation (in addition to monthly compensation) contained
in the contract between the receivers and A. L. Drum & Co. approved by
the U. S. District Court by order entered May 8 1925. there is to be delivered to Or upon the order of A. L. Drum voting trust certificates for
30,000 shares of the commin stock of the new Detroit company.
Rights of Subscription to Syndicate in Respect of Deposited Detroit Bonds.
As provided in the syndicate agreement, holders of certificates of deposit
issued under or otherwise subject to the plan for Detroit bonds may become
subscribers to the syndicate. Holders of certificates of deposit for Detroit
bonds exercising their right to become subscribers to the syndicate need
not execute a counterpart of the syndicate agreement, but by making the
payment provided andaccepting a syndicate participation certificate they
shall, for all purposes. be conclusively deemed to have become parties to
to have expressly assented to and be irrevothe syndicate agreement, and conditions and
provisions of the same.
cably bound by all the terms,
The maximum amount of the subscription which may be made to the
syndicate In respect of each Detroit bond in the principal amount of $1,000
(31% of principal paid) represented by such certificates of deposit is fixed
at $500, but at Weir option the subscriptions of holders of certificates of
Eastern Utilities Associates.
-Initial Dividends.
The directors have declared an initial quarterly dividend of 50c. a share
on the common stock, no par value, payable May 15 to holders of record
April 30.-V. 126, p. 2147.
Electrical Securities Corp.
-Annual Report.
-
Calendar Years1927.
Gross income
$1,603,326
Net,after int., taxes, &c. x1,066,792
Preferred dividends---138,663
Common dividends
300,000
1926.
$977,635
601,689
50,000
200.000
1925.
$906,658
664,453
50,000
200.000
1924.
$834,701
908,479
50,000
200.000
Balance, surplus
$628,129
$351,689
$414.453
$658.479
Includes $488,213 profit from sale of securities in 1927 and $124,829
In 1926.-V. 126. P. 106.
Electric Bond 8c Share Co.
-Offers to Purchase Shares of
$6 Pref. Stock of American & Foreign Power Co., Ltd.
See Mexican Utilities Co. below.
-V.126. p.2643.
Engineers Public Service Co.
-Listing-To Retire Pref.
The New
York Stock Exchange has authorized the listing of 532.000
additional shares of common stock (without par value) on official notice
of issuance in exchange for bankers' Interim receipts for $5 div. cony. prof.
stock, or in exchange for $5 div. cony. pref. stock when Issued.making
the total amount applied for 1,649,905 shares.
All of the outstanding $7 div. pref. stock has been called for redemption
on July 1 1928. To raise the funds necessary to pay off the $7 div. pref.
stock the company has sold to bankers for cash, 100,000 shares of corn.
stock and 320,000 shares of $5 div. cony. pref. stock. These 320,000 she.
of $5 dlv. cony. pref. stock were offered to the public on Mar. 26 1928
at $100 per share flat, on a when, as and if issued basis.
This pref. stock will be convertible, in blocks of 10 shares or any multiple
thereof, into shares of common stock of the company at any time before
July 1 1938 as follows: the first 40,000 shares surrendered for conversion.
as to each 10 shares thereof, into 21 shares of common stock: the second
40,000 shares surrendered, as to each 10 shares thereof, into 19 shares of
common stock; the third 40,000 shares surrendered, as to each 10 shares
thereof, into 17 shares of common stock; the fourth 40,000 shares surrendered, as to each 10 shares thereof. into 16 shares of common stock:
and the last 160,000 shares surrendered, as to each 10 shares thereof, into
15 shares of common stock.
The company has arranged with its bankers Stone & Webster & Blodget,
Inc., Chase Securities Corp., Blair Ss Co., Inc., and Brown Brothers & Co.,
whereby the holders of $7 dividend preferred stock may, if they desire, sell
their stock for cash on the basis below stated at any time prior to July 2 1928.
Any of the company's bankers mentioned above will handle the purchase
of shares of this stock either directly or through any banker or broker at an
amount per share equivalent to the redemption price of $110 per share plus
accrued dividend, on a 4 % true discount basis computed from the date of
receipt of the stock to July 2 1928. New York terms and delivery.
-V. 126.
p. 2643.
Federal Light & Traction Co.
-Div. of 20 Cents in Cash
and 15 Cents in Common Stock Declared on Common Stock.
The directors have declared a quarterly dividend of 35c. per share on the
common stock, payable 20c. in cash and 15c. per share (I%) in common
stock on July 2, to holders of record June 13. 'Similar amounts were paid
on the common stock in the previous twelve quartered
No certificate of common stock wilt be issued for less than one share.
For fractional shares scrip will be issued and will be exchangeable for stock
at the office of the New York Trust CO., 100 Broadway, New York. N. Y.,
In amounts aggregating $15 or multiple thereof. No dividends will be paid
to the holders of seep but all dividends on the stock represented by scrip
will be payable to the first registered holder of the stock.
-V. 126. p. 2147*
Federal Water Service Corp.
-Div.on Class A Stock.
The directors have declared the regular quarterly dividend of 50c. per
share on the ciass A stock, payable June 1 to holders of record May 8. A
like dividend was paid on Sept. 1 and Dec. 1 1927 and on Mar. 1 last.
Holders of class A stock may apply this dividend to the purchase of
additional shares of class A stock at the rate of 1-50th of a share for each
share held, this being at the rate of $25 per share for additional stock purchased. (This class A stock is now selling on the market at approximately
$36 per share.)
2790
FINANCIAL CHRONICLE
Unless advised at or before the close of business on May 18 that the
stockholder does not elect Co exercise the right to subscribe for additional
class A stock, and requests that the dividend be paid in cash, certificates
for class A stock or non-dividend-bearing scrip certificates therefor, will
be issued te each holder of class A stock.—V. 126, p. 2309.
General Gas& Electric Corp.—Dividends----New Director.
The directors have declared the following regular quarterly dividends.
$2 per share on the $8 cumul. pref. stock, class A; $1.75 per share on the
$7 cumul. pref. stock. class A; $1.75 per share on the cumul. pref. stock,
class B, and 37% cents per share on the common stock, class A. All dividends are payable July Ito holders of record June 12. Like amounts were
paid on the respective issues on Apr. 1 last. Holders of common stock
class A are given the right to subscribe to additional shares of common
stock class A at $25 per share to the extent of the dividend payable to them
en July 1. The Equitable Trust Co. of New York, transfer agents, will
deliver to each of the holders of common stock class A entitled to the dividend payable July 1 common stock class A. or scrip certificates there.or,
equivalent in amount, taken at $25 per share, to the number of dollars of
dividends to which each such stockholder would be entitled, unless advised
by such stockholder on or before June 21 1928 that such stockholder does
not exercise the right of subscription to which he is entitled and requests
the payment of the dividend in cash.—V. 126, p. 2299.
W Levette West was recently elected a Director succeeding Joseph B.
Taylor.
Great Northern Utilities Co.—Franchise.—
[VOL. 126.
or paying agent may be required or permitted to pay at the source and to
refund upon timely and appropriate application, as provided in the indenture, all personal property and securities taxes in any State or in the District
of Columbia, not exceeding in any year 6 mills for each one dollar prin.
amount, and all income taxes of any such State or such District not exceeding in any year 6.7. of the income derived from the debentures. Guaranty
Trust Co. of New York, trustee.
Stock Purchase Privilege.—Each $1.000 debenture ($500 denom. in
Proportion) will carry a non-detachable warrant entitling the holder to
Purchase prior to April 1 1930 five shares of the common stock at $17.50
per share; or thereafter prior to April 1 1932 at $20 per share; or thereafter
prior to April 1 1934 at $25 per share; or thereafter prior to April 1 1936
at $30 per share; or thereafter prior to April 1 1938 at $35 per share. In
the event that the debentures are called, the stock purchase privilege
may be exercised prior to April 1 or Oct. 1 next following the redemption date
Convertible.—These debentures will be convertible at par into the company's 7% cum. pref. stock, series B. after Jan. 1 1931 (unless called for
prior redemption) and the company has covenanted to create a sufficient
amount of such pref. stock for such purpose prior to that date.
Data from Letter of 0. R. Seagraves, President of the Company.
Compang.—A Delaware corporation. Company and its subsidiaries produce. transport and distribute natural gas. Company will own, upon completion of this financing, the entire common stock of Houston Gas & Fuel
CO. and over 93% of the outstanding common stock of Southern Gas Co..
7
which owns over 830 of the outstanding common stock of Southern Gas
Utilities, Inc., and 100% of the stock of Western Gas & Fuel Co. Company has valuable gas purchase contracts with Dixie Gulf Gas Co. and
others extensively augmenting and diversifying its gas resources, and,
together with its subsidiaries, has leases or gas purchase contracts covering
over 300.000 acres of land in South Texas, has 232 producing wells in 14
separate gas fields with total proven gas reserves estimated in excess of
g
275,000,000,000 on. ft., and has 1,344 miles of pipe lines and 5 compressi i
stations, aggregating 6.260 h.p. In the opinion of Ralph E. Davis, en neer, the property and assets of Houston Gulf Gas Co. and subsidiaries
have a value not less than $38,000,000.
Earnings.—Consolidated earnings of Houston Gulf Gas Co. for the 12
months ended Dec. 31 1927, and of subsidiaries, as presently constituted.
for the periods indicated below have been certified to by Arthur Andersen
& Co. Such earnings, adjusted to give effect to elimination of certain nonrecurring expenses aggregating $70,000 and to prior charges, are as follows:
Gross revenues (incl. other income)
$5,539,026
Oper. exp., maint. & local taxes (incl. charges of $447,064 for
abandoned wells & forfeited leases)
2,641,391
Arthur J. Smith, 3933 Drexel Blvd., Chicago, Ill., has secured franchises
severing the Piedmont district of North and South Carolina, to furnish a
group of cities with artificial gas in this section from one or more central
plants. This project will run in to about $6,000,000, and will require about
1,100 mile of gas mains, connecting the various cities together now under
franchise, with the gas mains and services required in the cities. There
will be 2 or 3 central manufacturing plants needed with buildings, gas making machinery, gas holders, and compression tanks, as well as gas compression tanks in each of the cities. There will be a large number of high
Pressure gas meters and gas governors needed also as well as equipment for
cooking, house heating, refrigerating, and industrial work. It will take in
about 90 towns and cities running in population from 14,500, 12,000,
11,000, 8,500, 7,000, and on down to the smaller places, it will make up
several hundred population. It is planned to have all the cities on the 1
system, but furnished from more than 1 plant all tied in together. The gas
to be compressed to 90 lb. on the tanks, and reduced to the pressure wanted
on the system.
Balance
$2,897,635
An engineers report is being made out at the present time which will show Net earns, avail, for int, charges of Houston Gulf Gas Co. after
the cost of construction, sizes of pipe, compression tanks, gas holders, gas
deducting bond int. and pref. stock dive. on subsidiary comparts
machines, number of gas meters and governors, and number of all
panies together with earns, accruing to min. stock but before
required, as well as the possible gross and net earnings. This report is almost
Fed, taxes, amort. charges & res. for deprec., deplet'n, &c.-- 2,080.886
ready and it is open to financiers, construction and material firms. Blue Ann. hat. on $11,000,000 1st mtge. & coll. 6% gold bonds
660,000
prints will also be furnished showing the layout of cities and mileage between
cities with population of each city.
Balance
$1,420,885
Ann. int. on $8,000,000 6%% sink, fund gold debs. (this issue)
520,000
Great Western Power Co.—Acquisition.—
The company has acquired the plant and property of the Quincy Electric
Light & Power Co., Quincy, Cal.—V. 126. p. 2643,2474.
Gulf States Utilities Co.—Pref Stock Offered.—A new
issue of 30,000 shares of $5.50 dividend preferred stock is
being offered by a syndicate composed of Stone & Webster
and Blodget, Inc., Chase Securities Corp., Blair & Co.,
Inc. and Brown Brothers & Co. The stock is priced at 98
and dividend.
Preferred both as to assets and cumulative dividends. Dividends payable Q.
-M. Red. all or part at any time at $108 and div. Ranks equally
and is identical in all respects with the $6 div. pref. stock except as to div.
rate and except that in case of redemption or voluntary liquidation it is
entitled to $100 per share and div. plus a premium of $8 per share. Pref.
over common stock as to dive, and in case of liquidation. Shares are without voting rights except in case of div. defaults, in matters pertaining to
additional pref. stock and otherwise, all as provided in charter. Divs.
exempt from normal Federal income tax under the present law. Transfer
agent, Stone & Webster, Inc., Boston. Maas. Registrar, State Street
Trust Co., Boston, Mass.
Data from Letter of George H. Clifford, President of the Company.
Company.—Does the entire electric lighting and power business in
Beaumont and Port Arthur, Texas and vicinity, the majority of the ice
business in 'ors Arthur, the entire electric lighting ann power,ice and water
business in Orange,'texas; the electric lighting and power,ice, gas and water
business in Lake Charles, La. and vicinity and the electric lighting and
power, and ice business in Jennings, La. It also serves by transmission
lines a large agricultural area and a number of small towns in Southern
Louisiana and Southeastern Texas and supplies at wholesale the major
part of the power for the Texas properties of Western Public Service Co.
The total population served directly is estimated to be over 180,000.
The electric generating plants of the company have a combined installed
capacity of 62,000 h.p. and an additional 47.000 h.p. will be available this
summer from the extension to the Neches Station now under construction.
Interconnection facilities between this company's system and that of
the Houston Lighting Power Co. make it possible to interchange power
with the Houston company and construction work on 225 miles of transmission line to connect new power customers and towns served by Western
Public Service Co. is nearing completion. The gas plant at Lake Charles
has a daily capacity of 840.000 cubic feet. Company's ice and refrigeration plants in Port Arthur, Orange, Silsbee, Lake Charles, Jennings. Lake
Arthur and Elton are of 401 tons total daily capacity and the water works
in Orange. Silsbee and Lake Charles have a daily pumping capacity of
about 14,000.000 gallons.
Capitalization Outstanding.
$9,000,000
1st mtge. & ref. 5% bonds of 1956
*30,000 abs.
stock
$6 dividend preferred
30,000 shs
$5.50 dividend pref. stock (this issue)
280,000 shs.
Common stock (without par value)
* Include 1,357 shares subscribed for and partly paid.
Earnings.—EarnIngs of the company, for the 12 months ended Mar. 31
1928 adjusted to ,ive effect to this financing and reflecting the elimination
of floating debt interest, were as follows:
$4,129,649
Gross earnings
2,447.6..8
Operating expenses & taxes (incl. Fed, income tax)
Net earnings
Interest and amortization charges
41,682,001
482,745
41.199,256
Balance for reserves, retirements and dividends
345,000
Annual div. requirement on pref. stirs. (incl, this issue)floating debt of the
will be used to liquidate the
Purpose.—Proceeds
company, and for other corporate purposes.
Management.—The operations of the company are supervised by Stone
& Webster, Inc.—V. 126, p. 251.
Balance
$900.885
The above consolidated earnings include Houston Gulf Pipe Line Co. for
the 6 months from date of organization to Dec. 31 1927; Houston Gas &
Fuel Co., Southern Gas Co. and Western Gas & Fuel Co. for the 12 months
ended Jan. 31 1928. and Southern Gas Utilities, Inc., for the 9 months
from date of organization to Jan. 31 1928.
Purpose.—Proceeds from the sale of these debentures. $11,000,000 bonds
and $1,500.000 pref. stock, will be used to retire the company's present
funded debt; to acquire the common stocks, above referred to, of Hendon
Gas & Fuel Co. and Southern Gas Co., and the properties of Houston Gulf
Pipe Line Co.; for working capital and for other corporate purposes. Compare also V. 126, p. 2643.
Illinois Power & Light Corp.—Pref. Stock Offered.—
Blyth, Witter & Co., Field, Glore & Co., Utility Securities
Corp. and E. H. Rollins & Sons are offering at $100 per
share and div. 364,740 shares $6 cumulative preferred stock
(no par value).
Preferred as to assets on voluntary liquidation at $110 per share and diva..
on involuntary liquidation at $110 per share and diva, and as to cumul.
diva, of $6 per annum. Divs. payable Q.
-F. Red. all or part on any div.
date upon 60 days' notice at $110 per share, plus dive. This stock ranks
equally (except as to div. dates and the fact that it is without par value)
with an authorized issue of 70,000 shares of 6% cumul. pref. stock ($100
par value), of which 46.500 shares are to be presently outstanding. Divs.
free from present normal Federal income tax. Transfer office, Office of
the Corporation. 231 South La Salle St., Chicago. Registrar, Central
Trust Co. of Illinois, Chicago.
Data from Letter of Clement Studebaker Jr., Pres. of the Corp.
Company.—An Illinois corporation. Owns and operates electric power
and light, gas, heat and city railway properties in a large number of the
most populous and prosperous municipalities in Illinois. Corporation also
operates, through a subsidiary an extensive system of trunk line electric
railroads in Illinois and is acquiring the entire capital stock of Illinois Terminal Co., a very profitable steam railroad, for the purpose of consolldatin%
these properties through leases into a single operating system. In addition, the corporation also owns all of the common stock of the Kansas
Power & Light Co., which operates public utility properties in northeastern
Kansas, and of Des Moines Electric Light Co., wlaich operates the electric
utilities in Des Moines, Oskaloosa and other communities in central Iowa.
and of other utility companies.
The business of the corporation and its controlled companies includes service rendered to more than 470 municipalities, embracing a population of
1,225,000. The electric power and light properties have a generating caPacity of over 237.750 k.w. and serve, without competition, over 259,000
customers. The gas properties with a generating capacity of over 31,480.000 on. ft. of artificial gas a day serve also, without competition, over
122,000 customers.
The principal portion of the electric trunk line railroad system, which
has over 550 miles of main line track, connects a large number of cities of
Illinois with St. Louis, which it enters over its steel toll bridge, into its
own terminal in the heart of the city. The city railway and bus properties include over 235 miles of routes.
Purpose.—This Issue of 364,740 shares of $6 cumul. pref. stock will be
used to retire 433.000,000 7% cumul. pref. stock of the corporation. This
financing will effect a material saving to the corporation in dividend charges
on pref. stock.
Consolidated Earnings 12 Months Ended February.
a 1927.
b 1928.
Gross earnings from operation
$31,488,881 $34,251,562
Operating expenses, maintenance & taxes_c
19,368,994 20,593,483
Earnings from operation
Other income, less rentals
$12,119,887 $13.658,079
47.136
Total net earnings
$12,119.887 $13.705,215
Int. on bonds & other indebtedness & dive. on pref. stk. ofsubs. 6,817,763
Bal,
$6,887,452
corpor- Annualavail. for bond discount, depreciation & dive
div. on 364.740 shares $6 cumul, pref. stock and 46,500
The Cannel Light & Power Co. has
tilleteoss
shares 6% cumul. pref. stock
ation.—V. 124. p. 111.
2.467,440
a
including earnings of properties recently
The
-4635,667,647 Debenture Bonds Acquired by ings NotIllinois Terminal Co. are included for theacquired. bendedearnHavana Corp.
of
Jan.
12 months
Co., Ltd.—
c Including Federal
American & Foreign Power "Chronicle," page 2637.—V. 125,p. 1837. 31 1928. Revenue Department. taxes, subject to review of tax returns by
Internal
See that company in last week's
The balance available for bond discount, depreciation and diva.,'as
Houston Gulf Gas Co.—Debentures Bold.—Blair & shown above, for the 12 months ended Feb 29 1928, is over 2.75 times the
364,740
E. Barrett & Co., Inc., and Estabrook & Co. annual div requirements on the stock to shares $6 cumul. pref. stock and
Co., Inc., G.
$446,500 shares 6% cumul. pref.
be outstanding upon completion
have sold $8,000,000 6M% sinking fund gold debentures of the present financing. Outstanding
Consolidated Capitalization
(Upon completion of presentfinancing)
purchase privilege) at 99 and int. to yield about $6 cumuli, pref. stock (no par)
(with stock
364.740 shs.
6% cumul. pref. stock (no Par)
46,500 she.
6.60%.
65,683 stn.
Dated April 1 1928; due April 1 1943. Prin. and hit. payable in United Pref. stock of subsidiaries
New York.
560,000 she.
States gold coin at the principal office of the trustee inall or part on Int. Common stock
Red.
any Divisional bonds (closed for issuance to public)
$21,097,100
Payable A. & 0. Denom. $1,000 and $500 c*.
71,700,000
int, date on not less than 30 days' notice at 105 and int, on or before April 1st & ref. mtge. gold bonds
12
-year 5%% sinking fund deb. gold bonds (closed issue)
,
1 1933. the premium decreasing % of 1% for each int.months or fraction 30
without deduction Iowa Power
Light Co., Des Moines Gas Co. and the Kansas
thereof elapsed thereafter. Company agrees to pay
Power & Light Co. bonds
16,511,700
for any Federal income tax not exceeding 2% per annum which the company
Harlem Valley Electric Corp.—Merger.— above
been merged with the
MAY 5 1928.]
FINANCIAL CHRONICLE
American Light
Ownership.—The corporation is controlled by the North Light & Power
interest in the North American
& Power Co. A controllingAmerican Co. and Middle West Utilities Co.—
owned by the North
Co is
V. 126. p. 2644.
Fare Rise Unlikely at Least Till Fall.—
2791
No increased fare will be possible before May 14 as the result of the fixing
to
of that date for a hearing before the U. S. Supreme Court, and according
-cent rate
current opinion in financial circles it is now unlikely that the 7
before fall at the very earliest.
will be put into effect
of order
The company's lawyers are busy preparing the proposed form it is said
Interborough Rapid Transit Co.—Statutory Court
with the decision of the Federal Statutory Court, but
-cent Fare Pending Hearings on Permanent complying will not be completed before next week. Considerable controCompany 7
Grants
the order
Rate.—The Federal Statutory Court, composed of Circuit versy between counsel for both sides over the form of the order is expected.
pass upon the Interborough's application for
The Federal Court
Martin T. Manton and District Judges John C. restraining orders todid not the platform-lengthening and car-purchase orJudge
nullify
expected to
and William Bondy, granted May 2 the company's ders made by the Transit Commission, but the Interborough is will be preKnox
orders in the decree which
include a
application for permission to charge a 7-cent fare on the sented forprovision covering these Samuel Untermyer, the Transit Comthe Court's signatures.
subway and elevated lines pending the fixing of a permanent mission's special counsel, is understood to be preparing to object to the inin the clusion of these matters in the injunction.
'
before
rate of fare, in a 38-page decision handed down late
It is unlikely that the form of the order will be determined much
is thought the
afternoon. The opinion was written by Judge Manton, the date set for the Washington hearing. In any event, itJustice Stone's
Statutory Court will delay entry of the order in view of
members of the court concurring.
the other
attorneys.
directly affected by the decision. attitude as expressed in the letter to the Interborough
The B. M. T. and surface lines are not
to be seem.
Liman Sees Interborough Final Victor in 7-cent Suit.— plan
Whether they will apply for fare increases remains
grant that he would
after
Mayor Walker announced immediately Court the the city this right,
F, J. Lisman of F. J. Lisman & Co., author of the Lisman traction case
gave
would win its
the case. The
have his attorneys appeal indemnity the city in case the fare is finally up- for Chicago, gave as his opinion that the Interborough S. Supreme Court.
before the special master and finally before the U.
but it must file a bond to Federal Judge is another recourse.
the city
A stay through a
The whole situation, he says is similar to the litigation betweenthe Fedheld.
Four Outstanding Points.
and the Consolidated Gas CO. He sums up the salient points of
eral Court's decision on the I. R. T. case as follows:
of technicalities, there are four vital points in the decision.
Stripped
2
to raise fares which
1. The Law.—The elimination of the original Contracts No. 1 and No.
It extends the authority of the Transit Commission
lower fare is a matter of contract.
the ruling that Contract No. 3 supersedes the others. This Contract
are unreasonably low even when the the subway and elevated lines, to be and 3 was made after the enactment of the law creating the Public Service
No.
-cent fare, both on
5
It holds the
Commission of the State of New York. which provides that the rate of fare
confiscatorY•
-cent fare pending the report of a charged by any public service corporation is subject to the regulatory law
It allows the Interborough to charge a 7
and power and entitles the company to a fair return on its property used
special master.
Supreme Court,
appeal
But it leaves the city one recourse, to file an it may to the In that event in public service.
make.
2. The Physical Value.—Based on this, the decision further states that
a bond to cover any award that
first posting
the necessary stay.
the determination of the value of the property should include the citythe lower Court will grant
conof the
action of the Court rests very largely upon its interpretation Public owned as well as the company-owned properties which the company
The
by the
of close to 900 million dollars.
powers and duties conferred upon the Transit Commission powers of the tends have a present aggregate valuation figures as set forth by the city
The determination of the valuations and
Service Commission law of 1907. The present regulatory
master apCommission, the Court said, are positively defined by that Act, and in- and the company is subject to the jurisdiction of the special
rate.
pointed by this Federal Court.
clude the power and responsibility of fixing a fair and reasonable
3. A Fair Return.—The Federal Judges were unanimous in their decision
ON Depends on Contract.
the company is entitled to an 8% return on the entire property deto the
The Court held that Contract No. 3 ,executed in 1913, was subject Com- that to public use. This decision is based on precedents established in
voted
Legislature, the
positive direction of
the Indianapolis
1907 Act and that, withoutto drop its regulatory the
duties even when the city similar rate cases such as the Supreme Court decision inpresent attorney.
mission was without power
Water Case, which was handled by the Interborough's
and the Interborough agreed to a 5-cent rate by contract.
No. 1 and No.2 were executed prior to the 1907 Act, the Court Mr. Ramson. on the value seems very large, but at any rate a 7
Contracts
-cent fare
An 8% return
have prevented the Interborough
pointed out, and this circumstance wouldfare now amounts to confiscation will not produce much over 6% on these values. The company would
-cent
rn setting up a claim that the 5
than that. It is our opinion that
process of law, except for the pertinent fact that probably be very foolish to ask for moreimpounded. the Interborough will
(trite property without due
two earlier ones and, accord- while the additional 2 cent cost may be finally before the U. S. Supreme
the subsequent 1913 contract superseded the
win its case before the special master and
ing to decision of the New York State Court of Appeals, applied a unified Court. This whole situation is quite similar to the litigation between the
-cent fare to all Interborough subway lines.
5
city and the Consolidated Gas Co."—V. 126, p. 866, 714.
Subject to Legislation.
became
International Power Co., Ltd.—Pref. Stock Offered.—
In other words, the fare provisions of Contract No. 1 and No. 2
the rare provisions of Contract No. 3 in 1913, the Court held, and hence
Securities Corp., Ltd., Greenshields & Co., Hanson
must be interpreted as subject to the will of the Legislature as expressed Royal
offering at 100
1907.
in The Court asserts the Interborough made application in due process to Brothers, Inc., and R. A. Daly & Co. are7% cumul. red.
of and int. an additional issue of $1,500,000
guarantee of
the Transit Commission for relief, and that "thethe right of adue process
public utility 1st preferred stock.
the Fourteenth (Federal) Amendment protects
to a fair return."
Listing.—Application will be made to list these shares on the Montreal
The Transit Commission, it continued, not only denied the Interborough Stock Exchange.
"due process of law" in declining to authorize a rate change, but went furCompany.—Incorporated in Feb. 1926 under the laws of the Dominion
ther,and with the city undertook injunction proceedings in the State Courts. of Canada as a public utility holding and operating company. Controls
conclusion," the Court added."we take notice of the views expressed public utility properties which have been in successful operation for many
"In
by counsel on the argument who criticized the plaintiff for proceeding in veers in Bolivia, British Guiana, Newfoundland. Porto Rico, Salvador and
the District Court, as said, in an effort to defeat the State Court of its juris- Venezuela. Combined population in the territory served is approximately
diction.
840.000, and the number of light and power customers served is in excess
Duty of Court Emphasized.
of 70.000—representing an increase of approximately 7,000 during the past
"This Court takes jurisdiction, not as a matter of discretion or comity. twelve months.
Company acquired at its inception all the securities of Venezuela Power
but as a matter of duty, and it is not important whether the State Court
might have heard the case. There is no discretion or comity. A Federal Co., Ltd., and a majority of the stock of San Salvador Electric Light Co.,
it Newfoundland Light & Power Co., Ltd.. Bolivian Power Co., Ltd., a
protection of
Court when appealed to inmay not avoidconstitutional rights over which
assuming jurisdiction.
majority of the outstanding 5% 1st mtge bonds and a controlling interest
has, by law, jurisdiction,
"When it properly.assumes jurisdiction. the Court may not be spoken of in the common stock of Demerara Elec, Co., Ltd.
The assets and earning power of the company were largely increased In
as precipitate in its conduct. Because the case is one of local interest only
1927 through the acquisition of control of The Porto Rim Railways, Ltd.,
is entirely immaterial.
"Plaintiff did all it could under the State la* to obtain administrative more than 90% of the common stock of that company,having been acquired.
relief and its two applications, even prior to the present effort, to obtain 90% of the capital stock of the Oruro Light & Power Co., Oruro, Bolivia,
relief, were denied, the claim of the Commission being that the contract was also acquired during the past year, and the company largely increased
forbade its acting in regulation of the rates.
its holdings in other controlled companies.
Issued.
uthori:ed.
"This squarely raised the question of the plaintiff's constitutional right
'ovltalization
$3.000,000
-year gold debentures
to protection and this it pressed in the familiar form of a rate suit and it has 634% 30
7,061.000
88.000.000
established its claim of daily confiscation."
77 cumulative 1st pref. stock
2,000.
2,O00,000
2d pref. stock
U. S. Supreme Court to Hear Fare Suit May 14.—Notice 6% convertible(no par value)
150,000 sits. 115.610 sits.
Common stock
* 1 share 2d pref. stocg exchangeable at the holder's option for 4 shares
derved May 3 on the Interborough Rapid Transit Co.
was
no par value common stock.
by Associate Justice Stone of the U. S. Supreme Court that, ofPurpose—Funds provided by this additional issue will be used for general
-cent fare on its subway and corporate purposes, including advances to controlled companies in connecif it attempts to collect a 7
elevated lines in New York, in accordance with the authority tions and improvements to the various properties now being carried out.
Earnings.—Combined earnings of the properties controlled are appended.
granted by the Federal Statutory Court, before the U. S. These earnings do not reflect any benefit to be derived from investment of
Court has had an opportunity to pass on a motion the proceeds of this additional issue of 91,500,000 preferred stock. 1927.
Supreme
1926.
1925.
for a stay to be made in behalf of the city, he will at once Gross earnings
$3.465,470 23.803,698 •$4,233.065
2.396,194
2.254.620
2.021,179
Operating & maint. charges
entertain "an application for a temporary stay."
Justice Stone announced his action in a letter addressed to William L.
$1,444,291 $1,549,078 $1,836.871
Net earnings
Hansom and James L. Quackenbush,counsel for the Interborough,following Charges on underlying securities
531.839
a two hours' conference at his home in Washington, in which the whole Earnings applicable to minority interests
al.55.329
matter was threshed out by the Justice with Mayor Walker, Charles L.
Craig, the city's special counsel, and C. D. Williams, who is associated with
81.149,703
for reserves of subs., tot. & dive
Balance
gamuel Untermyer, legal representative of the New York Transit Com- Debentureavailable
195,000
interest
mission.
8954,703
In his communication Justice Stone stated that he had been informed an
Balance available for reserves and dividends
be made to the Supreme Court in behalf of New York
application would
Dividend requirement of 1st pref. stk. (incl. $1.500,000 now to 8494.270
Oity for a stay of the 7 cent fare judgment, pending formal appeal to the
be issued)
supreme Court. He said further that consideration of the request for a
* Partly subject to audit. Earnings, where necessary, converted into
stay would be entertained by the full bench of the Supreme Court in open dollars at current rates of exchange. a Representing proportion of earnsession here on May 14.
ings applicable to 18.171 shares of common stock of subsidiary companies
To Hear City's Plea.
held by minority interest. out of a total of 147.250 issued coalmen shares.
The text of Justice Stone's letter to William L. Ransom and James L. as at Apil 12 1928.—V. 126. p. 1506.
Quackenbush.counsel for the Interborough follows:
May 3 1928.
Interstate Public Service Co.—Quarter/y Earnings.—
messrs. William L. Ransom, Esq.,
1928-12 Mos.-1927.
Period End. Mar. 31— 192R-.-3 Mos.-1927.
James L. Quackenbtudi, Esq.,
Gross operating revenue $2,614.280 $2,472,905 $10,132,679 $9,861.786
120 Broadway, New York City,
Net inc.after taxes, int.
1.568.606
Sirs:
Dear
1,561.028
416.890
435,835
& retirem't provis'n_ _
"I beg to acknowledge receipt of your telegram of even date, stating —V.126, p. 2644.
that you desire to be heard on any application to be made to the Supreme
Court effecting the decision of the special statutory court in Interborough
Lexington (Ky.) Water Co.—Co-Transfer Agent.—
Rapid Transit Co. vs. Gilchrist et al, handed down yesterday.
has
The Seaboard National Bank of the City of New York pref.been &A'Counsel representing the City of New York and the Transit Commission
stock.—
the 7% cumul.
have indicated to me that they desire to present an application to the Su- pointed co-transfer agent in New York of
preme Court for a stay pending appeal, and I have to-day advised them that V. 125, P. 1192.
would be entertained and will be referred to the full
such an application
Mexican Utilities Co.—Exchange Offer.—President Irving
court, which will sit Monday, May 14. at 12 o'clock noon. You will be
given opportunity to present your opposition to such application at that W. Bonbright, April 25, in a letter to the holders of the
time.
company, says:
"Counsel for the City of New York and for the Transit Commission have securities of the
The officers for some time past have been carrying on negotiations which
asked me to issue a temporary stay pending the motion. As theorder ofthe
reorganization dated April
special statutory court has not been entered, and as the opinion provides have now resulted in a plan and agreement of Power Co.. Inc. offers to
bond pending application 25 1928. under which the American & Foreign
that it may contain such temporary stay withoutmy part will not
neces- acquire coll, gold bonds, pref. stock and common stock of Mexican Utilities
that action on
be
to the Supreme Court, I conclude
-cent fare pending Co. under the terms and conditions stated in the plan.
sary unless an effort should be made to put in force the 7
Under the plan the holders of the Mexican company coll, gold bonds
the application and hearing on the 14th. and for the Transit
Commission, have the right to exchange each 8100 of said bonds (coupon maturing
"I have stated to counsel for the City
-cent fare prior to May 1 1928, detached) with coupons maturing Nov. 1 1928 and subsethat ifany effort is made to put into effect the 7
however,
of the $6 pref. stock of the American
the hearing of the motion by the full court. I will immediately entertain an quently attached, for 9-10 of a share
on such bonds accrued from May
application for a temporary stay in which event telegraphic notice, will be company and to receive in cash interest
1 1928 to June 5 1928
sent to you,
company pref. stock have the right to exchange
Yours very truly.
The holders of Mexican
HARLAN F. STONE." each share thereof for 75-100 of a share of the 86 pref. stock of the Ameri-
2792
FINANCIAL CHRONICLE
can company and to receive in cash $3 per share of deposited pref. stock,
being the equivalent of accum. diva, thereon from Jan. 1 1928 to June 5 1928.
The holders of Mexican company common stock have the right to exchange each share thereof for 35-100 of a share of the $6 pref. stock of the
American company.
Scrip of the American company will be issued for any resulting fractional
shares of that company's $6 pref. stock, which scrip will not carry divs.
but will be exchangeable, with other similar fractions aggregating integral
shares, for full shares.
The Electric Bond & Share Co. has offered to purchase shares of the
$6 Pref. stock of the American company resulting from such exchange and
(or) scrip therefor at the rate of $100 per integral share, from such depositors as elect to sell the same at the time of depositing their securities of
Mexican company on the terms set out in its offer. (See below.).
The holders of the securities of the Mexican company who desire to
make the exchange offered in the plan (but not to sell the resulting securities) should immediately forward their securities to the American Exchange
Irving Trust Co., depositary, 60 Broadway, N. Y. City.
The holders of the securities of Mexican company who desire to sell to
the Electric Bond & Share Co. all or any part of the $6 pref. stock and (or)
scrip therefor of the American company resulting from the exchange,should
also immediately forward their Mexican company securities to the American Exchange Irving Trust Co.
The plan has been agreed to by the holders of a substantial amount of
Mexican company bonds. pref. stock and common stock upon condition
that the privilege be extended to all holders of its securities.
The 36 pref. stock of the American company offered in exchange will be
a part of a new issue ranking pail passu with its pref. stock ($7) and entitled in preference to the 2nd pref. stock, series A and the common stock
to diva at the rate of $6 per share per annum cumul. from June 5 1928 and
In any distribution of assets other than by div. from surplus or profits, to
$100 per share and accrued diva, and is redeemable at $110 per share and
accrued diva. Officers of the American company have announced that
application will be made to list the $6 pref. stock on the N. Y. Stock Exch.
Counsel advise that in their opinion if the plan becomes operative, those
depositing securities for exchange for stock of the American company (not
accepting the offer for sale of the resulting securities) will not be subject
under the existing law to Fed. income tax with respect to the exchange.
To take advantage of the exchange and (or) sale offered, securities of
the Mexican company must be deposited on or before June 1 1928 (or on
or before such extended date not later however, than June 25). The plan
will not become operative under its terms if less than 85% of the coll. bonds
and 85% of the pref. stock and 90% of the common stock of the Mexican
company now outstanding shall have been deposited on or before June 1
1928 or such extended date, but on June 1 1928 or such extended date if
not leas than a majority of the pref. stock and common stock, irrespective
of clan, of the Mexican company shall have been deposited the American
company may at its option declare the plan operative.
S. Z. Mitchell, President of the Electric Bond & Share
Co., in a letter to Irving W. Bonbright, President of the
Mexican Utilities Co., says in substance:
We understand that the American & Foreign Power Co., Inc., is about to
enter into a plan and agreement of reorganization, under which it expects
to acquire coll, gold bonds, pref. stock and common stock of the Mexican
Utilities Co., by exchanging shares of its $6 pref. stock (and (oni scrip
therefor) for coll, gold bonds, pref. stock and (or) common stock of the
Mexican Utilities Co.
We hereby offer to all depositors under the plan to purchase at the rate
of $100 per integral share, plus accrued diva., if any, on integral shares
only, such of the shares of the $6 pref, stock and (or) scrip therefor of the
American company to be received by the holders of coll, gold bonds, pref.
stock and (or) common stock of the Mexican Utilities Co. pursuant to
the plan as such holders severally shall elect at the time of deposit under
the plan to sell to us, subject, however, to the following conditions:
1. The election of depositors to make such sale to us shall be in a writing
in form approved by us, irrevocably appointing the depositary with which
the coll, gold bonds, pref. stock and (or) common stock of the Mexican
company are deposited, their agent to deliver to us such $6 pref. stock
and (or) scrip therefor and to receive payment therefor.
2. Our obligation to purchase is limited to depositors who shall deposit
and elect to sell on or before June 1 1928 or on or before such extended
date, not later, however than June 25 1928 as may from time to time be
specified by us in a writing or writings to that effect delivered to you and
to the depositary.
3. The plan becoming, or being declared operative on or before June 1
1928, or in the event we shall extend the date June 11928, as provided in
paragraph 2 above, then on or before such extended date.
In addition to the foregoing we further offer
the plan shall become operative, to purchase atfor a period of 60 days after
the rate of
share any scrip for fractional shares of the $6 pref. stock $100 per integral
American
company that may be offered to us for sale at said price,of the
during
said period to sell at said price to other holders of such and also such
scrip any
scrip that we may have available for sale to the extent necessary to make
integral shares.
-V. 124, p. 3353.
Michigan Electric Power Co.
-Registrar.
-
The Chatham Phenix National Bank & Trust Co. has been appointed
registrar of 10.000 shares of 7% pref. stock and 10.000 shares 6% pref.
stock, par $100 each.
-V. 126. p. 1659.
Montana Power Co.
-Quarterly Statement.
-
3 Mos.End. Mar.31- 1928.
1927.
1926.
1925.
Earnings_ _ _ _ _ _ _______ $2,524,201 $2,458,150 $2,283,289 22.159.957
Oper.exp.and taxes _ _ - _
853.190
819,908
784,042
732.363
Int. & bend discount-620,560
458.619
443.018
456,383
Balance, surplus_ _ __ $1,050.451 $1,179,622 $1,042,864
$964.575
Earns, per sh. on 496,333
shs. corn.stk.
(par $100)
$1.77
$2.03
$1.65
$1.76
Deposits Under Plan to May 23.
See American Power & Light Co. above.
-V.126. P. 2645.
New York Power & Light Corp.
-Merger.
-
The Blue Hill Light & Power Co., Livingston, N. Y., has been merged
with the above corporation.
-V.126, p. 1040.
-Earnings.New York State Railways.
• 3 Mos. Ended March 31Gross earnings
Operating expenses & taxes
Interest. &c
Sinking fund
1928.
1927.
1926.
$2,644,292 42.788.416 $2,792,002
2,037,827
2,113,568
2,111 359
383.344
372,952
381,613
7,360
7,880
7.880
Bal.for diva., depreciat'n & surplus $215.759
-V. 126. p. 868.
$294,016
$291,151
[vol.. 126.
Purpose.
-Proceeds will reimburse the corporation, in part, for
tures for important property additions, including the extension ofexpendithe corporation's mains in the uptown district.
Capitalization (Upon Completion of Present Financing).
Cumul,pref. stk.,96,930 shares without par value(41,930 shs.,
$7 dividend series and 55,000 shares $6 dividend series), at
minsimum liquidation price of$100 a share
$9,693,000
Corn.stk.,30,000 shs. without par value,representing the balance
of stated capital, but not including surpluS and reserves aggregating over 53,000,000
7,320,000
First mtge.gold bonds,5% series due 1951 (incl,this issue)
11.905,500
6% series due 1947
5.693,500
-V.125,P. 3349,
New York Telephone Co.-Addil Expenditure Auth.-
President J. S. McCulloh announced on April 27 that the directors at their
meeting held on April 25, authorized
340,152 for new construction in various the additional expenditure of $6.parts of
the
company. Tbis brings the total appropriations the territory served by the
made since the first of
year to $27.892,716, of which $25,074,859
plant facilities in the Metropolitan area. was set aside for enlargement of'
-V. 126, p. 2149.
North American Edison Co. (8c Subs.).
-Income.
-
12 Mos. Ended March 31Gross earnings
Operating expenses and taxes
Interest charges
Preferred dividends of subsidiaries
Minority interest
Appropriations for depreciation reserves
Balance for dividends and surplus
-V. 126, p. 2149.
1927.
1928.
584,921,173 $82,207,615
46.742.430 46,573,186
10.614,659 9,745,703
4,228,665
4,034.583
1,215,974
1,312,039
8.838,111
8,527,195'
$13,185,269 $12,110,973
Northern Indiana Public Service Co.
-New Station.
Construction of a large electric generating
station
begin early in 1929, according to an announcement at Michigan City will
made by the
The first unit
-a 60,000 kilowatt turbine-has been ordered company.
and will be
built by the Westinghouse Electric & Manufacturing
Co. Operation of the
station will not begin until 1931.
Although the initial capacity of the station will
approximately 80,000 h, p., the first section of thebe 60.000 kilowatts or
building will be large
enough to howls 2 units.
The estimated cost of the building, the first turbine
other equipment, is approximately $9,000,000. The generating unit and
signed so that additions can be built to accommodate building will be deinstallation of more
units as they are needed.
The site of the station is on the lake front directly
west of the harbor.
This property, which contains approximately
85 acres, was purchased bY
the company 3 years ago.
Plans for the construction of a generating station
in Michigan City were
announced originally in Nov. 1925, soon after
large superpower substation has been built therethe site was purchased. A
since that time which is an
important distribution center served by the company's
132,000 volt super
Power line.
-V. 126. p. 2475.
Northern Ohio Power Co.
-Exchange
Offer.
See Penn-Ohio Edison Co. below.
-V. 126. p. 2475.
Norwegian Hydro-Electric Nitrogen Corp. (NorskHydro-Elektrisk Kvaelstofaktieselskab).-Listing.The New York Stock Exchange has authorized the
.
listing of $20,000,000
ref. & impt. gold bds.,ser. A 53 %.due Nov. 11957.-V.
,
5
125.p, 3642,2809.
Nova Scotia Tramways & Power Co., Ltd.
-Name
Changed-Bonds to be Retired.
All ofthe outstanding 1st mtge.5% 30-year gold bonds
dated Dec. 11916.
of this company (now the Nova Scotia Light & Power ('o.,
Ltd.,
is• 2647). have been called for payment June 1 at 105 and int. see V. 126.
at the Bank
of Montreal In New York City, Montreal or London.
-V. 126, p. 1660.
Ohio Water Service Co.
-Bonds Offered.
-G, L.
strom & Co., Inc., are offering at 991 and int. to Ohrs4
yield
over 5% $3,000,000 1st mtge. 5% gold bonds, series A.
Dated Feb. 11928: due Feb. 11958. Prin. and int. F.
N. Y. City. Denom. $1,000 and $1500 c*. Red. all or & A., payable in
upon 60 days' notice, to and incl. Feb. 1 1931, at 105; part, at any time.
thereafter, to and
incl. Feb. 1 1936, at 103; thereafter, to and incl.
Feb. 11946. at 102: thereafter to and incl. Feb. 11957. at 101: and thereafter,
at 100: in each case
with accrued int. Interest payable without deduction
for
come tax not to exceed 2% per annum. Refund of certain normal Fed, intaxes not to exceed 4 mills, and Mass, income tax not Conn. and Penn.
to
resident holders upon written application within 60 days exceed 6%, to
after payment.
Central Union Trust Co. of New York, trustee.
Issuance.
-Authorized by the P. U. Commission of
Security.
-Bonds will be secured by a direct first Ohio.
mortgage on all the
properties now and presently to be owned
principally of land, water mains, reservoirs, by the company, consisting
pumping stations and other
equipment. The value of these properties, as reported,
on the basis of
reproduction cost new,less depreciation, is in excess of
$5,345.000.
Mortgage Provisions -The mortgage will probide that
additional bonds
may be issued thereunder for not in excess of 75% of
the cash cost or fair
value, whichever is lower,of new or additional property,
to be acquired by the company coincident with this excluding properties
constructed after Apr. 15 1928, and (or) permanent financing, acquired or
improvements, extensions or additions acquired or constructed after
Apr. 15 1928, provided
net earnings as defined in the mortgage, for 12
consecutive calendar
months within the 15 calendar months immediately
preceding the date
of the application for such additional bonds, have
been
the annual interest charges on the aggregate principal at least 1 3( times
amount of all bonds
outstanding under said mortgage, those then proposed
indebtedness secured by liens prior to the mortgage on to be issued, and all
any
property acquired by the company subsequent to Apr. new or additional
15
vided in the mortgage, the principal amount of all prior 1928. As proexceed 25% of the aggregate principal amount of all bonds liens shall never
then outstanding
under the mortgage, those then proposed to be
secured by any such prior lien or liens. In the issued, and all indebtedness
computation of net earnings,
at least 5% of the gross operating revenues must bo
charged to repairs
and current maintenance.
Company will covenant,commencing in the calendar year
1928,t °expend
or reserve annually for improvements, additions,
extensions,
replacements.renewals,repairs, maintenance and depreciationreplacements,
of properties,
against which expenditures no bonds may be issued, an
amount which shall
not be less than 9% of the annual gross operating
revenues of the mortgaged water properties, and not less than 121i% of the
annual gross operating revenues of all other mortgaged properties.
-Bonds Offered.-The National
New York Steam Corp.
City Co., Cassatt & Co. and Thayer, Baker & Co. are offerPreferred Stock Offered.-The same bankers are
ing at 10234 amd int. to yield about 4.82% an additional $1,173,000 53'% cumul. pref. stock (par $100) also offering
at 9734 and
$4,000,000 1st mtge. 5% gold bonds. Dated May 1 div. to yield 5.64%.
issue of
1926; due May 1 1951.
Issuance.
-Has been authorized by the P. U. Commission
-S. Commission.
-Authorized by the New York P.
issuance.
Data from Letter of James D.Hurd,President of the Corporation.
Corporation-The largest company of its kind in the United States.
supplies steam for heating and power purposes in the downtown financial
district and in extensive uptown commercial and residential sections in the
City of New York. The franchise under which the corporation operates is
very satisfactory and, in the opinion of counsel, grants the right, without
limit as to time,to lay mains and pipes in any of the streets on the Island of
Manhattan and to supply steam for power, heating and cooking.
Exp., Maint,
Net Before
Taxes Other
Int. on
Federal
Funded
Than
Cal.
Gross
Taxes.
Federal.
Earnings.
Debt.
Years.
$1,089,478
$2,754,494
$3,843,973
$316.188
1924
1.194,851
3.139,537
4,334,388
347,899
1925
1,614,332
1926
3.904,117
424,163
5.518,449
4.416,257
672,432
1.763.776
1927
6.180.034
*19284,622,035
2.135.473
720,904
•12 months ended Mardi 31.
Preferred both as to assets and env's. over the common of Ohio.
payable Q.
-F. Red. all or part, on any div. date, upon at stock. Divs.
least 30 days'
notice, at $105 and divs, per share. Upon any dissolution or
liquidation.
the holders of the preferred stock shall be entitled to
diva per share, plus a premium of $5 per share, if such receive $100 and
dissolution or liquidation be voluntary, before any distribution may be made to
of the common stock. If at any time diva, shall be in arrears the holders
on the preferred stock for 6 quarterly periods, the holders of and unpaid
stock shall be entitled to vote,share and share alike, with the the preferred
holders of the
common stock until all such dividends in arrears shall have
paid.
Company will agree to refund the Penn. personal property tax beenexceed
not to
4 mills and Mass. Income tax not to exceed 6% to resident holders upon
written application within 60 days after payment. Free from present
normal Federal income tax and personal property tax in the
Transfer agent, The Guardian Trust Co., Cleveland. Ohio. State of Ohio.
Company.-Incorp. in Ohio. Owns and operates the property supplying
water service for domestic and industrial purposes in Massillon. coincident with this financing the company is acquiring properties serving,
among others, Struthers, Poland, Campbell, Marysville, Washington
Court House,Circleville and several large industries in Youngstown, the
MAY
5 1928.]
FINANCIAL CHRONICLE
acquisition of which properties has been authorized by the Public Utilities
Commission of Ohio. The aggregate population of the territory now and
presently to be served is estimated at over 70,000.
CapitalizationAuthorized.
Outstanding.
*
1st mtge. 5% gold bonds, series A, due 1958___
$3,000,000
sii% cumul. pref. stock (par $100)
$7,500,000
1,173,000
75,000 shs. __ -38,552 shs.
Common stock (no par value)
* Issuance limited by the provisions of the mortgage.
Earnings of the Properties Years Ended Dec. 31.
1926.
1927.
Gross revenues
$491,719
$517.296
Oper. exp., maint. & depreciation as will be provided in mort.,& taxes, other than Fed.inc. tax
227,150
225,487
Balance
Annual int. require,on entirefunded debt presently
to be outstanding
$264,569
$291,809
150,000
2793
South Carolina Gas & Electric Co.
-Protective Comm.
-
Default having been made on the interest due March 15 on the 1st mtge.
20
-year 5% gold bonds the following have been appointed as a protective
committee: Charles C. Hood, James T. Monahan. NVIlliam H. Eshbaugh.
with Richard B. Tillinghast, Sec., 160 Broadway. N. Y. C., and Henry M.
Earle (Kobbe, Thatcher, Frederick & Hoar,) 128 Broadway. N. Y. C.,
counsel. Bondholders are asked to deposit their bonds with the New York
Trust Co., 100 Broadway, N. Y. City, depositary.
-V.126, p. 253.
Southern California Edison Co.
-Listing.
The New York Stock Exchange has authorized the listing of $5,482.850
additional common stock (par $25 each) on official notice of issuance,
making the total amount applied for $56,807,050.-V. 126, p. 2313, 1982.
Southern California Gas Corp.
-Definitive Bonds.
The Chase National Back is prepared to exchange definitive collateral
trust gold bonds 5% series, due 1937,for like temporary bonds outstanding.
(For offering, see V. 125. p. 3350.).-V. 126, p. 1508.
Balance
$141,809
Annual dividend requirements on 11,730 shares of
Southern Counties Gas Co.
-Bonds Legal Investment.
54% cumulative preferred stock
$64.515
Bond & Goodwin & Tucker, Inc., underwriters of the $12,000,000 1st
-The physical properties have been carefully in- mtge. 44% gold bonds, series 1968. dated May 11928. due May 1 1968,
Physical Properties.
spected by engineers who report that the water supplies are generally are advised by the California State Superintendent of Banks that the
sufficient for present and normal future needs. The property adjacent to application for certification of the bonds, when issued, as legal investment
Youngstown supplies water throuth gravity systems at the average rate for savings banks in California has been approved.
-V.126. p.2477. 1200.
of about 7.100,000 gallons a day, collected in protected water basisn, and
has a reserve storage capacity of over 3,100,000,000 gallons. The other
Southwestern Gas & Electric Co.
-Acquisition.
properties derive their supplies for the greater part from systems of driven
See Central Power & Light Co. above.
-V.126, p. 2150.
wells and are delivering water at the rate of over 3,000.000 gallons a day.
The transmission and distribution systems aggregate 158 miles of mains
South Texas Gas Co.
-Registrar.
-and afford fire protection through 1.190 hydrants. As of Jan. 1 1928.
The Chatham Phenix National Bank & Trust Co. has been appointed
the properties were supplying 12,457 service connections, over 75% of registrar of 50,000 shares of 7% cumul. pref. series "A", par $100. and
metered.
which are
500.000 shares of no par value common stock.
-V.126. p. 2477.
Pacific Gas 8r Electric Co.
-Permanent Bonds.
Southwestern Bell Telephone Co.-Earnings.Permanent 44% 1st and ref. mtge. gold bonds, series E, due June 1
Quar. End. Mar. 31- 1928.
1927.
1926.
1925.
1067, are being delivered against presentation of temporary bonds of the
Gross income
$18,649,836 $17,062,194 $14,154.836 $11.764,258
same issue, at the National City Bank of New York, 60 Wall St., N. Y. Net after taxes
4,883,379 4.431,297
3,845,449 3,175.935
City. (See offering in V. 126, p. 869.).-V. 126, P. 2312.
-V.126. p. 1508.
Pacific Lighting Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of 1,127.459
shares of common stock without par value.
-V. 126. p. 2616. 1800.
Penn-Ohio Edison Co.
-Stock Increased-To Acquire
Northern Ohio Power Co.
The stockholders on May 1 approved an increase in the authorized
common stock from 400,000 shares to 2,000,000 shares.
The stockholders also formally ratified and approved the recent action
of the directors in offering to acquire the capital stock of the Northern
Ohio Power Co. on the basis of 2-3 shares of Penn-Ohio Edison common
plus an option to purchase an additional 1-3 share of Penn-Ohio Edison
common in exchange for each share of Northern Ohio Power Capital stock.
--v. 126, p. 2476.
Public Electric Light Co., St. Albans, Vt.-Inc., &c.
-
The company proposes to increase its authorized pref. stock from
9.000 shares to 12,000 shares, par $100 each, and to change the par value
of its common shares from $100 to non-par.
-V. 123. p. 3184.
Public Service Corp. of New Jersey.-To Create an Issue
of 2,000,000 Shares of No Par Value $5 Div. Pref. Stock.
The stockholders will vote May 28 on increasing the authorized capitalization by the creation of an issue of 2,000,000 shares of $5 div. pref. stock, no
par value. The company already has authorized 2,000,000 shares of pref.
stock of $100 par value, consisting of 1,250,000 shares of6%,250.000 shares
of8% and 500,000 shares of 7% pref.-V. 126,P.2646.
Puget Sound Power & Light Co.-Pref. Stock Offered.
Stone & Webster and Blodget, Inc.; Parkinson & Burr, and
Estabrook & Co. are offering at 96 and div., to yield 5.20%,
a new issue of 110,000 shares of $5 div. prior preference stock.
Exempt from Mass, and normal Federal income taxes. Red. at $110
per share. Prof. both as to assets and cumul. diva. Divs. payable Q.
-J.
(initial div. accrues from May 11928).
Capitalization (Outstanding Upon Completion of Present Financing).
Bonds (incl. subsidiary companies)
450,213,500
Coupon notes, due 1930
4.305,000
Prior pref. stock, $5 cumul. (this issue)
110,000 slit'.
Pref. stock, $6 cumul. (no par)
254,000 shs.
Common stock (nooar)
202.829 shs.
a Does not include bonds held in sinking funds or treasury nor bonds of
puget Sound Electric Ry. and subsidiary companies.
Note.
-The refunding plan as outlined in V. 126, p. 2149, 2646, was
approved by the stockholders on May 2.
COMpany.-Owns and operates one of the most extensive and important
light and power systems in the United States, doing the greater part of
the commercial light and power business in the Puget Sound district of the
State of Washington except for that supplied by the municipalities of
Seattle and Tacoma. The population served by the electric light and power
facilities is estimated at 962,000 in an area of over 29,000 square miles.
The properties include generating plants with a present installed capacity of 243,445 h.p. of which 198,735 h.p is hydro-electric and 44,710 h.p.
steam, and an extensive transmission and.
distribution system. The hydroelectric generating capacity includes 53,620 h.p. installed in 1926 and 1927
at the company's Baker River development. The street and interurban
railways comprise about 103 miles of equivalent single track and are fed
by auto bus and stage lines operating over a total of 878 route miles.
Purpose.
-Proceeds will be applied to the retirement of such of the
110.000,000 7% prior pref. stock called for redemption May 1 1928. as
was not exchanged for this new $5 div. prior pref. stock by the stockholders.
Earnings and Expenses for the 12 Months Ending Mar. 311928.
Gross earnings
$14,934,360
Operating expenses & taxes
8,444.779
Net earnings
Income from ether sources
$6.489,581
497,352
Total income
Interest and amortization charges
$6.986,933
3,269,869
Balance for reserves, retirements and dividends
$3,717,064
Diva. on 110,000 shares $5 prior pref. stock require
550,000
The operations since Jan. 1 1928 include North Coast Transportation
Diamond Ice & Storage Co., but exclude the
Co. and its subsidiary, also
operations of l'uget Sound Electric Ry. and subsidiary companies.
Management -The principal properties of this company have been under
stone & Webster executive management since 1900.-V. 126, p. 2149. 2646.
-ConSan Diego Consolidated Gas & Electric Co.
struction Progresses on Plant Extension.- •
Stamford & Western Gas Co.
-Transfer Agent.
The Guaranty Trust Co. of New York has been appointed transfer agent
-V.128. P. 2477. 2313.
for the common stock.
Texas Border Gas Co.
-Trustee.
The Chatham Phenix National Bank & Trust Co. has been appointed
trustee of an issue of $500.000, 1st mtge.64% gold bonds, due Mar. 1 1938.
Underground Electric Rys. of London, Ltd.
-To Retire 4M% Bond Issue.
The company announces that all the outstanding 44% bonds of 1933.
amounting to £1,832,400, have been drawn for redemption on Oct. 16 1928.
at par and int. The bonds may, on and after that date, be presented for
payment in New York, at the office of Speyer & Co. or the New York
-V.126.
Trust Co. at the rate of exchange or $4.8666 per pound sterling.
p. 2478.
-Date Extended.
Washington Water Power Co.
-V. 126. p. 2478.
See American Power & Light Co. above.
-Earnings.
West Penn Power Co.
Calendar YearsGross earnings
Oper. exps., maint. & taxes
*1927.
1926.
119.345,337 116,531.097
9,451.789 8,160,216
Gross income
Int. & amort. of discount
Preferred dividends of subsidiaries
$9,893,548 $8,370,881
2.756,034
2,447.648
54,307
Balance
Reserved for renewals and retirements
$7.083,206 $5,923,233
1.715,546
1.507,880
$5,367,660 $4,415,353
Net income
• Includes earnings of properties of Keystone Power Corp., Allegheny
Valley Light Co. and Home Electric Co. acquired during 1927.-V. 124. P.
1982.
INDUSTRIAL AND MISCELLANEOUS.
-Balance Sheet Dec. 31.Alles & Fisher, Inc.
Liabilities1926.
1927.
Capital stock
$667,000
1180.258 Current liabilities
. 485.540
959,310 Div. payable
75,000
500,000 Res.for Fed.taxes
60,825
11,305 Accrued expenses
Surplus
568,068
Tot.(ea.side)-$1.856,434 $1,650,873 -V.124. p. 3211.
Assets1927.
Fixed assets, less
reserve
3291.008
Current assets__ _ 1,053,198
Trade-marks, &c.. 500.000
12,228
Other assets
1926.
$665,780
379.271
74,970
51,434
700
478,718
Allied Owners Corp.
-Definitive Bonds Ready.
The interim certificates of Halsey, Stuart & Co. for Allied Owners Corp.
1st mtge. real estate 6% sinking fund gold bonds, due July 1 1945. will be
exchanged for the definitive bonds at the Manufacturers Trust Co.. trustee.
141 Broadway, N. Y. City. (For offering, see V. 125, p. 1974.) Y. 125.
p.3351.
Allis-Chalmers Mfg. Co.
-Earnings,
3 Mos. Ended March 311927.
1928.
Billings
$8.415,254 $7.906,356
850,163
Net profit ($879,600 less debenture int. & charges_
675.600
The net profit in both quarters, shown above, is after all deductions including Federal income taxes.
The billings for the current quarter of 1928 show an increase of 6.44%
over the corresponding period a year ago. The earnings on a comparable
basis also reflect an increase. inasmuch as there was no fixed charge for debenture interest in the early months of 1927: the entire earnings being available for both preferred and common dividends. In the current quarter (the
preferred stock having all been retired July 11027) the earnings, equivalent
to $2.60 per share, accrue wholly for the benefit of the common stock.
Bookings for the three months of 1928 aggregate $8.370,538 compared
with 57,833.622 for similar period in 1927, an increase of 6.85%. Unfilled
orders on hand March 31 1928 amounted to $9,973.862.
Increase in Capitalization Approved.
-
The stockholders on May 3, increased the authorized capital stock from
$26,000,000 to 150,000.000. par 1100.-V. 126, p. 2479. 2315.
American Alliance Insurance Co., N. Y.
-New Pres.See Great American Insurance Co. below.
-V.106, p. 1228.
Construction work on the new 28,000 kilowatt electric generating unit
American Commercial Alcohol Corp.
-Bonds Sold.
which is being installed in an extension to Station B in San Diego is progressing in line with the proposed schedule, according to H. W. Fuller. V.-Pres, Oversubscription and closing of books on their recent issue
in charge of engineering and construction of the Byllesby Engineering & of $4,000,000 15-year mortgage sinking fund gold bonds,
Management Corp.
Work on the power plant building extension, which is being constructed series A,6% has been announced by the National City Co.,
at the corner of Kettner and Broadway. the comapny's main generating Bauer, Pogue, Pond & Vivian and William Schall & Co.
plant, was started in January 1928, and the construction schedule calls for The bonds offered at 98 and int. to yield 6.20% carry dethe completion of this addition about Oct. 1. The new building addition
tachable stock purchase warrants. .
will extend 140 feet on Kettner Boulevard and 88 feet on Broadway.
The addition will be of sufficient proportion to permit the installation of
Dated April 1 1928; due April 1 1943. Denom.$1.000 c*. Int. payable
a second unit when needed.
A. & 0.. without deduction for the normal Federal income tax not exceedUpon completion of this unit the generating capacity of Station B will ing 2%. Red. at the option of the corporation or through the operation
be increased from 35.000 kilowatts to 63000 kilowatts. However, no addi- of the sinking fund, as a whole or in part, on any int. date, upon 30 days'
tional boilers are to be installed at this time. The station will provide notice, at 103 if red, on or before April 1 1938, and at 101 thereafter prior
additional generating capacity which is in demand due to the growth of to maturity. Prin. and int. payable at National City Bank, New York,
-V. 126, p. 2477.
San Diego and vicinity.
trustee. Corporation has agreed to reimburse to owners resident in the
Shinyetau Electric Power Co., Ltd. (Shinyetsu Den- respective states, upon proper application as specified in the mortgage, the
following taxes paid in respect of these bonds or the int. thereon: the 4 mills
ryoku Kabushiki Kaisha).-Listing.tax in Penn.; any Mass. income tax not exceeding in any year 6% of the
The New York Stock Exchange has authorized the listing of 17,650,000 int. on such bonds; and any personal property or exemption tax in Conn.
1st mtge. 634% sinking fund bonds, due Dec. 1 1952.-V. 126. p. 2313. not exceeding 4110% of the principal in any year.
2794
FINANCIAL CHRONICLE
[Vol.. 126.
Security.
-The bonds are secured by a direct mtge. on all the lands,
American Encaustic
buildings.,and other fixed assets, now owned or hereafter acquired by
Calendar Yearscorporation.
Net
Stock Purchase Warrants.
bond will be accompanied by a Net sales
-Each 31,000
earnings
detachable stock purchase warrant entitling the holder thereof to purchase,
at any time on or before April 1 1938, 5 shares of common stock upon cash Interest
Depreciation
'payment of $30 per share, in the manner specified in the mortgage.
Federal taxes
Pref. Stock Sold.
-The same bankers announce the over- Amort. goodwill
'subscription of $2,200,000 7% cumulative preferred stock.
The stock was offered in the form of allotment certificates
representing units of one share of preferred and M share of
common stock at $108.50 per unit (plus preferred dividend
from Apr. 25 1928).
Preferred as to assets, and as to cumul. divs. at the rate of 7% per annum,
payable Q.
-F. Red. at 105 and divs. Transfer agent, National City Bank,
New York. Registrar, Farmers' Loan & Trust Co., New York.
CapitalizationAuthorized. Outstanding.
Mortgage bonds
$4,000,000
$6,000.000
7% cumul. pref. stock (par $100)
4,000,000
2,200,000
Common stock (no par value) vot. tr. ctfs
•150,000 shs. 77,000 sirs.
* 30,000 shares reserved for exercise of warrants, &c.
Data from Letter of Richard H. Grimm. President of the Company.
Company.
-Has acquired the assets of American Distilling Co.. David
Berg Industrial Alcohol Co., and S. M. Mayer Alcohol Co., Inc., with
plants located, respectively, at Pekin, Ill., Philadelphia and New Orleans,
.engaged in the manufacture and sale of alcohol for use as a commercial solvent in the manufacture of rayon, lacquers, paints, varnishes and other
chemical products, also as an anti
-freeze mixture in automobile radiators.
Corporation Is acquiring from the predecessor companies permits to produce in the aggregate approximately 10,000,000 gallons of alcohol per
annum under the allotment plan made effective Jan. 1 1928 by the United
States Treasury Department. Corporation is thus one of the three largest producers of industrial alcohol in the United States.
-The pro forma balance sheet of the corporation, as of
Balance Sheet.
March 31 1928, after giving effect to the transactions, including financing,
incident to acquisition of the assets of the predecessor companies, shows
net current assets of $1.520,631. and net tangible assets, after deducting
all liabilities including the mortgage bonds, of $3,657,597, equivalent to
$166.25 Per share of pref. stock outstanding.
-For the three months ended March 31 1928, the three preEarnings.
decessor companies' combined net earnings after depreciation, available for
int. and Federal income taxes, amounted to $193,1194, in which period production and sales amounted to less than 22% of the total annual allotment.
Such net earnings projected on the basis of annual gallons allotted, together
with estimated savings in freight and shipping costs resulting from consolidated operation are equivalent to annual earnings at a rate in excess of
31.100,000.
After deducting all int. charges, amortization an destimated Federal
Income taxes, annual net income as given above is equivalent to over $30
per share of pref. stock and, after annual pref. dim., to approximately $7
Per share of common stock outstanding.
-Earnings.
American Bank Note Co.
Results for Quar. Ended Mar. 31xOperating profit
Other revenues
1928.1927.
$655,529
$539.217
45,328
36,849
1926.
$439,975
40,364
Total income
Depreciation
Miscellaneous, charges, etc
$700,858
70,230
102,499
$576,066
67.189
58,358
$480,339
63.324
41,174
Net profit
Preferred dividends
Common dividends
$528,128
67,435
296.693
$450,519
67,435
247,262
3375,841
67,434
197.810
Tiling Co.
-Earnings.
1927.1925.
$4,772,104 35,310,930 34,491,389
939.129
1,255,058
923,967
as
4,431
3,778
137,288
164.408
138,317
110,894
141,544
106,496
6,633
6,642
3.308
Net income
Dividends paid
$684,225
323,723
$938.033
259,545
$672,068
173,090
Surplus
Earns, per sh. on 107,970 shs, corn.
stk.(no par)
-V. 126. p. 2649.
3360,502
$6678.488
$4498,978
$6.05
$7.94
$5.47
American Ice Co.
-Obituary.
Albin W. Krech, Chairman of the Board of the Equitable Trust Co. of
New York, died suddenly in New York City on May 3.
Mr. Krech was a director of the American Ice Co., the City Investing
Co., the Federal Sugar Refining Co., the Manhattan Ry. Co., the Norfolk
Southern RR., the Wabash Ry., the Western Maryland Ry. the Denver
& Rio Grande Western RR. and the Western Pacific RR. Ccirp.-V. 126.
P. 2316.
American-La France & Foamite Corp.
-Earnings.
-
Operations for the first quarter ending March 31 1928 for the fire apparatus, Foamite and sundry sales departments were:
Operating profit
$181,420
Interest paid
59,862
Interest received
Cr.29,663
Net profit
3151.221
The Commercial truck operations for the same period show a net loss of
3129,472. Thil loss has been charged against the $2,000.000 special reserve
set up in the reduction of assets as of Dec. 31 1927 for this purpose, and accordingly it has not been charged against the profits of the other departments as above shown. This loss also includes an arbitrary charge of onehalf the interest on the $4.000,000 debentures outstanding.
The company at this date has no bank indebtedness and retains in its
notes receivable all of the commercial truck notes, having found It unnecessary to discount any of this paper.
-V. 126, P. 2316.
American Linseed Company.
-Annual Report.
-
Calendar YearsNet profits
Proy. for depreciation
Federal taxes
Interest
1927.
$3,145,824
524,545
273,120
389.679
1926
1925.
1921.
3990,530 $2.574,688 $2.141,549
518,649
510.069
543,787
11,871
218.460
28,882
383,945
384.156
330,932
Operating income_
Other income
_ 31,958,479
176.901
376,065 31.462,002 31.237,947
27,806
250.361
Total income
Pref. dividends(7%)
$2,135,380
$103,871 $1,462,002 31.488,308
1.166,806
1,167,957
Balance-surplus- __ $2,135.380df$1,062,934
Previous surplus
4,981,550
6.044,484
Rm.for conting.restored
to sur
Cr.358.420
Fed,tax refund
Cr.332,310
Deprec. & amortiz. adjDr5,083,212
Inv. goodwill, &c., written off
Dr.122,977
Extraordinary chges _
Dr. 47.074
Adjustments
4M4.6 $1,488,308
5,75(3,438 4,697,045
Dr_145,728
Dr.289,187
8164.000
Surplus
$135,822
$110,597
Profit& loss. surplus _ 32.554,398 34.981,550 86.044.484 $5,750,438
Earns. per sh. on corn.(par $10)
$0.77
$0.62
$0.77
167.500
Shs.pref.outst.(par$100)
167,500
167,500
167,500
x After expenses and Federal teases.
Earns. per sh.on pref....
$2.69
$0.62
$8.73
38.89
Consolidated Balance Sheet March 31.
-V. 126. p. 1664. 2316.
Assets1927. . Liabilities-1928,
1928.
1927.
American Metal Co., Ltd.-Pref. Stock Offered.
Land.,buildings.$10,962,120 $10,742,364 Prof. stock
$4,495,650 34,495,650
-Chas.
mach., etc__ 2,909,832 2,428,039 Common stock_ 5.933,860 4,945,250 D. Barney & Co. are offering a block of
20,000 shares 6%
Inventories _.__ 1,359,352 1.172,298 Corn. stk. scrip_
440
cum. non-callable cony. pref. stock. The offering does not
1Pref. for. subs_net. histal. on
388,352
387,605
Accts. payable_
stock sold to
518,060
403,821 represent now financing in behalf of the company.
Res. for taxes.63,720
employ
410,810
360,409
3 Mos. End, Mar.311928.
1927.
1926.
I Advs. cost, or1925.
Marketable levests
1,660,766 1,808,612' ders
291,748
204,917 Net profits after all exp.
and depreciation
3562,234
$586.075
$702,608
Prof. & common
$755,326
Contract dee_ __
107,366
107,888
Shs.com.stk. outstand'g
Loans on call__ _
dive. payable_
500,000
350,000
364,128
314,697
(no par)
594.985
.594.278
593.505
1,527,082 1,561,847 Insur. pensions
591,593
Cash
$0.79
30.84
$1.13
I dr special res__
Cash & securl31.04
675,891
650,836 Earns, per share
'Surplus
ties for special
6,463,919 6,734,691 -V. 126, p. 2649.
reserve
276,691
253,919 I
American Republics Corporation.
Deferred & un-Earnings
.175,729
adjusted cligs.
72,908
3 Mos. End. Mar.31- 1928.
1927.
1926.
1925.
Sales
86.126,671 $7,657.002
3.915.306 $7,264,217
319.542.09 818.497,873, Total
Total
319,542.659 818,497,873 Cost of sales
5,456,191
6.700.159 4,856,582
5,952,417
Expenses
620,274
-V. 126, v. 1509.
514,963
527,097
475,205
. American Department Stores Corp.- -Sales.Period End. Apr.30- -1928-Month-1927- - .(s28-4Mos.--1927.3671.536 $3 .189.696 $2.754.870
Sales
5997,953
-V.126, v. 2479. 2150.
American Electric Securities Corp.-Pref. Stock Of-G. V. Grace & Co., Inc., New York are offering
fered.
at $25 per share 40,000 shares participating preferred shares.
cumulative-non-callable.
On Aug. 1 1928. dividends at the rate of $1.50 per annum on the particiting pref. shares will become cumulative, dividends being payanie
.
1
-P.. In addition, the shares of this class shall participate equally with
e common shares, as a class, in all further dividend payments. Participating Prof. shares have a par value of $20 a share, are fully paid and nonassessable and are non-callable. On liquidation, these shares shall be
entitled to $25 a share oefore the common shares receive any payment:
the remainder shall be divided equally netween the two classes of stock.
U. B. Mortgage & Trust Co., New York, transfer agent. Empire Trust
Co., New York, registrar. Dividends exempt from present normal Fed.
income tax.
Authorized.
CapitalizationIssued.
Participating preferred shares (par $20)
100,000 sits.
40,000 shs.
40,000 shs.
Common shares ,without par value)
40,000 shs.
Delaware corporation, is being organized to hold, buy.
Corporation.
-A
sell or otherwise deal in corporate securities and to finance the operations
of public utility companies and the acquisition, consolidation and development of properties by such companies. The management believes that there
is a large field for the activities of the corporation and a distinct need for
the services that American Electric Securities Corp. will oe prepared to render to growing utility companies.
-Upon the sale of the participating pref. proposed to be presently
Assets.
Issued and offered for sale, the corporation will have net quick assets of
31000,000. The investment funds of the corporation will be invested
principally in carefully selected capital stocks of substantial public utility
companies including electric light and power companies, particularly
those which have shown consistent progress over a period of years.
By diversifying the investnients of the corporation the participating
preferred shares will secure the advantages of safety and growing value
found in a wide geographical distribution of holdings.
-Earnings will be derived from three general sources: (1)
Earnings.
Income from security holdings:(2) profitsfrom sale ofsecurities:(3)financing
the requirements of public utility companies. The income to be received
from the first source alone should more than cover the entire dividend
requirements on the participating preferred shares.
The certificate a incorporation will provide that American Electric
Securities Corp. may purchase its own participating pref, shares whenever
they shall be obtainable at a price lower than the book value per share;
shares so acquired may be held for resiae or cancelled.
R
Net profit
350,205
Other charges (net)
301.933
Net income (after deduc. res. for Fed. Income taxes)
def251,729
-V. 126. p. 1664.
$441.881
30.403
3583.521
83.728
5784,702
36.394
:134,456
423.663
651,458
American Rolling Mill Co.
-5% Stock Dividend.
-
The directors have declared a 5% stock dividend on the common stock
payable July 30 to holders of record July 2. and the regular quarterly cash
dividend of 50c. a share on the common stock, payable July 15 to holders
of record June 30. A stock dividend of the same amount was paid in JelY
of 1924. 1925. 1926 and 1927.-V. 126, p. 1813.
American Writing Paper Co., Inc.
-Earnings.
-Income Account Year Ended Dec. 311027.
Gross sales, $14,208,129: returns, allowances, discounts, &c.,
$868.599: net sales
813.339.538
Raw materials consumed, $6,346,701; direct labor, $1,604.315:
manufacturing expenses, $3,738,083: inventory adjustments
$120,156
11,809,254
Administrative expense, $296,217; selling expense, $725,083_ _ -
$1.530,276
1,021,301
Operating profit
Other income
$508,97$
119.511
Total income
Other expense
Interest on bonds
Reserved for Federal income tax
3628.487
125,271
330,000
23,384
Net profit
$149,832
Earns. per sh. on 90,000 shs. pref. stk.(Par $100)
$1.66
Earnings for First Quarter of 1928.
The company reports for the quarter ended Mar. 31 1928. a net profit
of $68,520 after charges and taxes, equal to 76 cents a share earned on
90,000 shares of 7% pref. stock. This compares with net loss of $50,899
In first quarter of 1927.-V. 125, p.2532.
American Zinc, Lead & Smelting Co.
-Div. Outlook.--
Commenting on reports that the directors were to take action on back div,.
on pref. stock, a director says:
"Rumors that the directors are to act on back dividends before July 1
are incorrect. The directors have not discussed the matter. As condition
,
stand it is the intention of the board to devote all surplus earnings toward
installing improvements voted by the directors a few months ago. The
directors are more interested at the moment in increasing earnings than Considering any act.on on back dividends.
"Winle the d,rectors are anxious to pay all back dividends on the pref.
stock as soon as poss.ble there are no prospects that such action will be taken
immediately."
1925.
1926.
1927.
1928.
3 Mos.End.Mar.31Net profits before depre/96,492
$214.298
1118,008
1180.284
and depletion
-V. 126. p. 1985.
Atlantic Gulf & West Indies Steamship Lines (Incl.)
Subsidiary Corn panies.-Annual Report.1,926.
x1925.
y.1924.
1927.
Calendar Years$36,177,424 139,1.10,676 $33,997,631 127,714,302
Operating revenue
Total operating expenses 33,324,951 36,646.114 29,994,689 24,351,959
Net operating income- 12,852,472 12,464,562 14,002,942 13,362,343
409,042
227,120
401,302
258,986
Other income
/3,111,459 12,873,604 $4,230,062 13,763.645
income
Gross
2,358,563
2,429,453
2,408,804
Interest, rentals,&c_ - _ - 2,262,667
1444,151 51,871,498 11,354.840
Net income for Year.. /848,791
x Includes the operations of the New York & Cuba Mail SS. Co. for four
months. y Excluding operations of New York & Cuba Mail SS. Co.
Consolidated Balance Sheet Dec. 31.
1927.
1927.
1926.
1926.
Assets
Common stock __b7,980,480 7,980,480
ships & eqp.,shore
Preferred stock. _o13,742,900 13.742,900
prop., equity in
134,020
terminals, &o_ _x52,251.633 58,928,921 Stocks of sub. cos_ 134,866
a2,126,603 3,218.648 Coll,trust bonds_d13,000,000 13,000,000
Investments
1st Is of sub. cos_ 4,778,000 5,245,000
Cash in hands of
108,584
195,435 Pref. sink. fund 7s.
1,560,000
trustees
Marine equip. 7s_
1,865,000
Goodwill, franc.h.,
12.085,857 12,148,457 U.S. Govt.loan_ 6,661,703 5,660,968
328,823
345,323 Long term notes
Inventories
payable
1,100,000 2,208,925
Acne.receivable 2,946,558 2,694,856
470,153 Accounts payable_ 1,710,249 2,693,648
Iliscell. securities_ 449,298
261,967
1,086,863
909,198 Accrued interest._ 142,783
Cash
Coupons payable_ 380,900
388,175
Cash for coupon
380.900
388,175 Notes payable. _ _ 344,981
316,402
payable
1,300.000
100,000 Open voyage acct. 1,349,819 1,590,383
Call loans
Res've arising from
Open voyage se1,942,484 1,992,317
reduction in par
counts, dic
of common stock 8,978.040 8,978,040
Bunchy reserves__ 754.276
553,987
.75,007,605 81,391,483 Profit and loss_ __.13,948,605 15,211,589
Total (ea. side)
in and advances to Atlantic Gulf Oil Corp., and Columbia
a Investments
Syndicate 11,896.003; other associated cos. 1230,600. b Issued 199.512
shares of no par value. c After deducting 16,257,100 in treasury. d Authorized. 115,000,000; issued, 113,000,000. x Fleet in commission at value
based on appraisal Dec. 1918, plus cost of additions since (net),168,614.808:
vessels under construction, 1981,149; terminal property and equity, 110,271.238: less reserve for depreciation of 127.515.662.-V. 126, p. 1604.
Atlantic Refining Co.-Divs. Probable-Earns. Improve,
Chairman J. W. Van Dyke, at the annual meeting of stockholders May 1,
said: It may be stated that dividends on the common stock during 1928 may
be looked for as available from savings.
"We are now pleased to be able to say that present conditions are very
different from those of a year ago, that while crude oil prices are still at the
lowest and are undoubtedly quite below the true cost of production for adequate supplies, and while producing prices are influences accordingly, the
trend is toward higher levels, thus rendering it possible for the business of
your company to be normally conducted.
"In consequence, earnings for the first quarter of the year are recorded at
$057,000. as compared with a loss of 12,680,000 for the corresponding
quarter of 1927 and profits of 135,000, 1843.000 and 11,275,000 for the first
quarter of 1921, 1925 and 1924, respectively.
"In consk sting these figures, it should be kept in mind that the early
months of 1927 were the worst of he year t that consequently it cannot
and
be anticipated that earnings for the second, third and fourth quarters of
1928 will show improvement over corresponding 1927 periods in anything
like the proportion recorded for the first quarter.
"It is our hope, however, that the 9 months still to be accounted for
in the present year will yield better returns than did the same months of last
year. This hope is based in part upon reductions in operating expenditures
which are now being realized in part at least, from expenditures made in
1926-1927 for improvements in plant and facilities.
"As an approximate comparison we will mention that although thus
far in 1928 the company has produced more crude oil, has processed greater
gallonage at its refineriee and has marketed somewhat larger quantities of
products than during the same months of 1927. Its cash outlay for operating
expenses of all kinds including payrolls but excluding cost of raw materials,
was for the three months under review 1944,000 less."
"As a form of expression, therefore, it may be said that dividends on the
common stock during 1928 may be looked for as available from savings and
operating expenditures."
-V. 126. p. 1664.
Atlas Plywood Corp.
-To Increase Capital Stock.
-New
Debenture Issue-Acquisition, &c
-Earnings.The stockholders will vote on May 7 on increasing the capital stock to
100,000 shares of no par value, from 50,000 shares of no par value.
It is also proposed to authorize and issue 12,500.000 of 15
-year 514%
debentures, dated May 1 1928. The debentures are to be convertible
up to and including May I 1929, into common stock at $80 per share;
thereafter, up to and including May 1 1931 to be convertible at 190 a
share; and thereafter up to an including May 1 1943, at $1e0 a share.
Under the plan, White. Weld & Co. has agreed to underwrite the $2,500,300
of debentures.
A plan of reorganization will be submitted to merge the Empire Manufacturing Co. in exchange for cash and common stock of the Atlas Plywood
Corp.It is also proposed to approve the sale by Atlas for cash of 6,500 shares
of common stock, part of which will be acquired at $75 a share by a group
composed of Ralph M. Buck, President of the company', Elmore I. Mac
pole, Vice-President and other executive or department heads.
6 Mos.Rad Year End. 11 Nibs. End.
Period
-Dec. 27. Junt 30 27. Jane 30'26
31
Net sales
11.676.523 12,743,822 32.599,111
Cost of sales, selling, gen. & adm. exp 1.312,597
2,188,896
1,985.398
Depreciation
78,673
148,213
118,743
Depletion
.796
33,288
Net profit from sales
$285,115
1360,918
1461.682
Other income (net)
24,291
34,162
35,720
Total income
1309,406
$395,C80
$497,402
54,015
Interest charges
98,531
.93,782
14,440
Other charges
Reserve for Federal taxes
33,175
48,878
54.000
Net profit
Adiust. of inventory items underval _
1207,775
1247,670
Cr.34,474
1349,620
Total
Dividends
Amort. of organization expense
Flood losses & expense
Good-will written off
Add tax reserve
1207,775
100,000
4,886
23,631
$282,144
200,000
9,771
1349,620
200,000
9,771
Surplus additions for period
Profit & loss surplus
Earns. per sh. on 50,000 sh.s. of no par
corn. stk. outstanding
-Y. 126, p. 255.
$79.259
$262,562
172,373
1189,223
$116,850
$116.850
14.15
11.97
$6.99
19,999
3,000
Aztec Land & Cattle Co., Ltd.
-Transfer Agent.
The Central Union Trust Co. of New York has been appointed transfer
agent for 240,775 shares of capital stock.
2795
FINANCIAL CHRONICLE
MAY 5 1928.]
-Receives Order.
Baldwin Locomotive Works.
The company has received an order for 10 Mallet engines from the
Southern Pacific Co.
The plant continues to operate at 20% of capacity, the same as for
-t. 126. p. 1985.
several preceding months.
-Earnings:
(The) Bastian-Blessing Co.
Income Account Year Ended Nov. 301h 1927.
Net profit from operations (after depreciation)
Other income (net)
3387.302
6,557
Total
Estimated Federal income tax
Reorganization expenses & Non-recurring charges
$393,859
45.000
x47,157
1301,702
Net profit
x Represents reorganization expenses and non-recurring charges during
the period Dec. 1 1926 to May 31 1927 which were extraordinary charges
and which will not appear in the future. The true earning capacity of the
company for the year may be considered as $348,859. Aside from this,
during the year the company received a refund of 123,142 representing overpayment of 1919 Federal taxes and interest on the over-assessment no part
-V. 125, p. 389.
of which is included in the above statement.
-Balance Sheet Dec. 31.Beacon Mfg. Co.
1926.
1927.
1926.
Assets1927.
$2,483,000 $2,483.000
Capital stock
Real est., bldg's
700,000
mach'y
$2,666,779 $2,539,093 Notes payable.._. 400,000
190,301
Accounts payable_ 143,905
Cash St accounts
40,000
70,000
1.550.680 1,469,160 Reserve accounts_
receivable
450,000
1,097,062 1,398,862 Depreciat'n &guar 450,000
Inventories
1,772,616 1,548,813
5,000 Surplus
5,000
Insurance prepaid.
$5,319,521 $5,412,115
Total
-V. 125, p. 250.
$5,319,521 $5,412,115
Total
-Annual Report.
Beatrice Creamery Co.(& Subs.).
Fiscal Years Ended- Feb. 29'28. Feb. 28'27. Feb. 28'26. Feb. 28'25.
xTot.inc.from all sources $1,954,339 51,460,018 11,513,570 11,556.784
342,493
390.989
434.977
487,150
Res.for depreciation ___
120.047
112.000
167,239
112,000
Res.for Federal taxes...
78,929
Appraisal.etc
Minority Interests
77.320
11,143,701 $1,005,525 11,002.534 /1.009,807
Netincome
245.000
329.000
274.502
245.000
Pref. dividends(7%)
612,500
612.500
612.500
Com.dividends(10%)-612,500
1152,307
$118,523
S145,034
Balance.surplus_ _ _ _
$202,200
Shares of corn. outst'd'g
122.500
122.500
122,500
134,265
50)
6.24
5.97
6.18
6.06
Earns. per share on corn_
x After deducting all expenses incident to operations, incl. those for
ordinary repairs, and maintenance, int. and exp. pertaining to the dis-V.126, p. 1815.
tribution of the company's products.
-To Redeem Class A Stock.
Bendix Corp. (1111.).
The directors have authorized the company to call for redemption at 140
a share, plus accrued dividends, the present issue of 65.000 shares of class A
stock now outstanding. This stock will be called as of July 1 1928. and Is
convertible into class B stock share for share at any time prior to that date.
This action was taken for the purpose of simplifying the company's present
capital structure so that but one class of stock will be outstanding.
The directors of the corporation declared the rezular quarterly dividend
of 50 cents a share on the class A stock, payable July 1 to holders of record
June 20. If any shares are presented to the Central Trust Co. of Illinois
for redemption or conversion prior to the closing of the books on the class A
stock, the Central Trust Co. will be authorized to pay to the shareholder
presenting his class A certificate, the class A dividend in full for the quarter.
The directors also declared a dividend of 25 cents a share on the claw B
stock, payable June 15-to holders of record June 1, and indicated their intention of placing the class B stock on an annual basis of not less than 12 a
share by declaring a quarterly dividend of 50 cents a share, payable Oct. 1
to holders of record Sept. 15.
Under this arrangement class A stockholders who convert their shares into
class B stock on or before June 1 will receive in addition to the full dividend
of 50 cents a share on the class A stock, a disbursement of 25 cents a share
on the class B stock into which their stock is converted
1927.
Consolidated Earnings for Calendar Years1926.
Operating profit
31.214,473
3659.154
Depreciation
235.463
114,728
Amortization of development
142,174
66.545
Financial(sundry charges)
59,752
Federal taxes(esdmated)
102.624
64,800
Net income
Class A divs
Class B dividends
1674,460
130,000
79.150
$413,081
130.000
39,300
Balance,surplus
--V. 126, p. 2651.
$465.310
$243.711
Bon Ami Co.(& Subs.).
-Earnings.
-3 Months Ended Mar. 31.Gross profit on sales
Net profit before int., deprec. & Fed. & Canadian
income taxes
Depreciation
Reserved for Fed. & Canadian income taxes
Proportion applicable to minority interests
Net profit for the 3 months ended Mar.31,applicable to the Bon Ami Co
Earns per share on 100,000 shs. class A stock_ - -Earns per share on 200,000 share class B stock_ _ _
-V. 126. p. 2317.
1928.
1613,730
1927.
5593.812
359.939
18,820
44.943
44
345.684
17,618
43.110
58
1296.131
$1.35
$0.86
$284.900
$1.29
$0.77
Booth Mfg. Co., New Bedford, Mass.
The directors have voted to defer payment of the quarterly dividend,
usually due May I, on the 6% cumul, preferred stock. This is the first
time the company has defaulted in the payment of its preferred dividend
since disbursements started in 1916. No dividends have been paid on the
common stock since Nov. 11925.-V. 126, p. 1044.
Borden Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 9,000 additional shares of capital stock (par 1501 on official notice of issuance in payment for the assets and business of the Dairy Made Ice Cream Co.. maldng
the total amount applied for to date 1.031,992 shares.
By resolution of the directors, adopted Mar. 6, the officers of the company were authorized to enter into a contract with the Dairy Made Ice
Cream Co., providing for the purchase by the company of the entire assets
and business in consideration of the issuance of 9,000 shares capital stock
and the assumption of the liabilities of the Dairy Made Ice Cream Co.
except liability for income or excess profits taxes in respect of business
transacted or income collected or accrued prior to Jan. 1 1927. and except
taxes on real and personal property payable prior to Jan. 1 1928.-V.
126. p. 2480.
-Proposed Consolidation.
Borg & Beck Co. of 111.
Negotiations for the consolidation of this company, the Marvel Carburetor Co. and the Mechanics Machine Co., of Rockford, Ill., are under
way and an official announcement is expected shortly, according to a
dispatch from Chicago, Ill, which further states:
A holding company, probably bearing name of Bore & Beck Corp. will
be formed with combined assets of approximately $30,000,090.
The stock of the Borg Sr, Beck Co., and the Marvel Carburetor Co., are
to be exchanged for stock in the new company on share for share basis. The
Mechanics Machine Co. will be purchased outright and an issue of preferred
-V. 126,
stock will he offered publicly to cover part of the purchase price.
p• 2651.
British Columbia & Fishing & Packing Co., Ltd.
-President Aemilius Jarvis, April 4,
Proposed Consolidation.
says in substance:
2796
A plan providing for the joint control of this company and the Gosse
Packing Co., Ltd., has been worked out, which, if adopted, will ensure
sufficient working capital to enable both companies to carry on the increased
volume of business which will result therefrom.
The proposal is as follows:
A new company (Dominion Charter) will be formed under the name of
British Columbia Packers, Ltd., with an authorized common share capital
of 500.000 shares without par value. The new company will offer to exchange its common shares for common shares in the British Columbia
Fishing & Packing Co., Ltd., and the Gosse Packing Co., Ltd., share for
share.
Provision will also be made for an authorized issue of 50,000 shares 7%
cumul. pref. stock which will enable the company, but only if deemed
advisable in the future, to offer the same to holders of the 24,902 shares of
7% cumul. pref. stock of the British Columbia company, and 14,717 shares
of'7% cumul. pref. stock of the Gosse company in exchange for their shares,
or for other corporate purposes.
Of the 500,000 common shares without par value of the new company,
99,608 shares will be set aside for the 99,608 common shares of the British
Columbia company. 20,000 for the common shares of the G0830 company,
and 110,000 shares will be sold to Wood, Gundy & Co., Ltd., for $1,000,000
for the purpose of furnishing the working capital necessary to carry on the
respective businesses. The balance of the authorized shares will be available
for any corporate purpose of the company.
The agreement does not become effective unless ratified by holders of
at least a majority of the common shares of both companies. Unless the
agreement becomes effective, the company will have to seek other means of
raising further working capital.
In order to ratify the agreement, the common stockholders should deposit
their shares on or before May 5, the Montreal Trust Co., either at 61
Yonge St.. Toronto, Ont.: 11 Place d'Armes, Montreal, Que.: or 614 Pender
St., W., Vancouver, B. C. This date may be extended up to, but not later
than June 30 1928, at the option of the directors. All the directors except
one, who cannot be reached, have either deposited their certificates or
signified their intention of doing so. in respect of the shares held or controlled by them individually.
-V. 126. p. 2317.
Brown Crummer Co.,Wichita,Kan.
-Capital Increased.
Following a meeting of the directors and stockholders on April 23, it was
announced that the capital had been increased to $2.000,000, and that C.
E. Bradberry had been elected to the directorate to succeed the late Charles
W. Carey. The entire amount of the authorized capital stock of the company has been subscribed by present stockholders.
Present officers and directors of the company are Warren E. Brown,
President: Roy E. Crununer, Jas. W. Gillespie, and Gilbert G. Tucker,
Vice-Presidents; and H. A. Hoffman, Sec.-Treas. The directors are A. C.
Jobes of the First National Bank, Kansas City, Mo.; Geo. S. Hovey, of the
Interstate National Bank. Kansas City, Mo.; E. M. Knox, Kansas City,
Mo.; Chas. J. Moore, Dallas. Tex.,and C.E. Bradberry, Wichita.
In addition to the home office at Wichita. the company maintains offices
in Chicago, Dallas, Des Moines, Detroit, Kansas City, Mo., Los Angeles.
Omaha, Orlando, St. Paul and Topeka. Branches are also located at El
Dorado and Peabody.
Bush Terminal Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 3,251 shares
common stock without par value, on official notice of issuance as a stock
div., making the total amount applied for 220,345shs.-V. 126, p.1815,2152
Butte & Superior Mining Co.
-Quarterly Report.
The 54th quarterly report covering the first quarter of 1926, shows:
1926.
Zinc Operations-lst Quarter1928.
1927.
79,228
Zinc ore produced (tons)
88,056
83.956
4.00
Average silver content (ozs.)
6.33
5.28
10.24
Average zinc content(%)
12.67
12.54
Total silver in ore (ozs.)
317,412
465,126
531,503
Total zinc in ore (lbs.)
21,266,354 22,086.989 16,229,388
Ps.Copper Operations
Copper ore produced (tons)
31,813
12.007
7,350
Average silver content (ozs.)
6.04
6.52
4.98
Average copper content(%)
3.91
3,47
3.47
Total silver in ore (ozs.)
191,999
47,907
59.788
Total copper in ore (lbs)
832,763 2,485,773
510,055
Financial Results for Quarter Ended Mar. 31.
1925.
1928.
1926.
1927.
Net value of zinc ore_ __ $603.812
$560,196
$711,622
8590,946
Net value of copper ore
387,918
49,366
62,066
246,626
Miscellaneous income __
11.170
20.017
12.420
11,021
Total income
Operating costs
Dep., res. for taxes,8m -
$673,195
611,913
21.388
$786.110
658,616
27,145
$848,593
686,273
37,766
$959,284
645.714
51.141
Net to surplus
$262,429
$100,348
$39,893
$124,555
Note.
-No provision has been made in the above figures for depletion.
Average Metal Prices Used in Estimating Income.
Quar. End. Mar. 311928.
1927.
1925.
1926.
Silver per ounce
57.06c.
68.23c.
56.33c.
66.66c.
Zinc per pounc
5.61c.
6.68c.
7.5c.
7.38c.
Copper per pound
13.84c.
14.39c.
12.91c.
13.89c.
A distribution of 50 cents per share amounting to $145,099 was made on
Mar.31 to holders of record Mar. 14.-V. 126, p. 2317.
(A. M.) Byers Co.
-Earnings.
Periodx Net earnings
Other income
t
[Including Orient Coal & Coke Co.]
-3Mos.End.Mar.31- -6 Mos.End.Mar.311928.
1927.
1928.
1927.
$269,454
$368,952
$681,981
$465,712
65,795
13,557
37,470
128,708
r ta]income
c& amortization_
$335,249
$382,509
8,417
$594,420
$719,451
45,979
Netincome
$374.092
$594,420
$ 335,249
199,340
151,58.3
Shs.of com.out'g(no par)
199,340
$1.14
$1.76
Earns. per share on com.
$1.90
-V. 126, D. 418.
x After depreciation, Federal taxes. ace.
$673,472
151,583
$3.03
-To Retire Bonds.
Canadian Department Stores, Ltd.
It is announced that the 1st mtge. 63i% sinking fund gold bonds, may be
presented at the offices of Edmund Seymour & Co., Inc. 44 Wall St., or
.
the Chatham Phenix National Bank & Trust Co., 149 Broadway, N. Y.
City, for payment at par and int. to date of delivery. After May 15, how-V. 126, p. 2481.
ever, accrued interest will cease.
-Listing.
Certain-teed Products Corp.
The New York Stock Exchange has authorized the listing of 40,000
additional shares of common stock (no par value) official notice of issuance
and payment in full, making the total amount applied for 408,000 shares.
The 40,000 shares are being issued, together with 53,000 additional shares
,
-year 535% sinking fund gold debentures, for $16,070,and $13,500,000 20
000 in cash, plus accrued int. on the debentures,and in payment for services
rendered to the corporation, all in connection with the acquisition of the
assets of the Beaver Board Companies and of the Beaver Products Co..
Inc., and in connection with the readjustment of the pref. stock capitalization of the corporation. The stock is being issued at $50 per.,share.V. 126, p. 2481, 1358.
-Annual Report.
Chapin-Sacks Corp.
1925.wil "1924.
1926.
1927.
Calendar Years$5,263,443 $5,633,752 $6,750,523 $6,353,347
Net sales
4,517.753 4,992,700 5,919,160 5,691,747
Cost of sales
55,559
60,370
Other deductions
301,813
304.976
253,480
482,148
Allowance for deprec_.35.000
30,000
25,000
7,000
Reserve for Fed. taxes_ 11,506
Minority stkholders intNet income
-V.125. p. 100.
$256,542
8309,239
$424,321
$322,750
Childs Co.
-Sells Interests in Savoy Plaza Hotel.
r The company announces that it has sold to the United States Realty &
.
Improvement Co., all of its interests in the Savoy Plaza Hotel atja substantial profit.
[VOL. 126.
FINANCIAL CHRONICLE
Control of Savoy Plaza concern was jointly held by the United States
Realty & Improvement Co. and the Childs Co.
-V. 126, p. 2653, 2318.
City Financial Corp.
-Merger Report Denied.
-
Referring to statement in the press that a merger or consolidation of this
corporation and the National American Co. is in contemplation, Saul
Singer, President of City Financial Corp., authorized the following statement:"There is no truth whatever in the rumor that a combination of any
sort between these 2 companies is in contemplation. No negotiations for any
such combination have been had or even thought of."
-V.126, p. 1667.
Coca Cola Co.
-New Common Stock Placed on a $6 Annual
Dividend Basis.
-The directors on April 30 declared a quarterly dividend of $1.50 per share on the outstanding 1,000,000
shares of common stock, no par value, payable July 2 to
holders of record June 12. From July 1 1927 to April 2 1928,
incl., the company paid quarterly dividends of $1.25 per
share on this issue.
Income Accountfor Quarters Ended March 31.
1928.
1925.
1927.
1926.
Gross receipts
$7,075,532 $6,661,929 $5,926,742 $5,785,799
Mfg. & general expenses 4,526.878 4,304.930 3,809,911 4,081.257
Operating profits_ _ _ _ $2,548,654 $2,356,999 $2,116,831 $1,704,542
Miscell. deductions
320,651
127.109
313.487
378,734
Netinc. bef. Fed taxes $2,228,003 $2,043,512 $1,738,097 $1,577,433
-V.126. p. 1204.
Coca-Cola International Corp.
-Deposit of Stock.
The majority of the sto.kholders of this corporation, who were sent
letters inviting them to mail theIr stock to the Trust Co. of Georgia for
sale in block, have responded by forwarding their stock to the latter Thomas
K. Glenn, President of the trust company,said on April 25:
"The time limit for filing of the stock expired on April 24."
The letter, signed by Mr. Glenn, James J. Goodrum, Charles T. Nunally, J. Bulow Campbell, J. N. Goddard, Ernest Woodruff, W.0. Wardlaw and C. A. Wickersham, said that the signers felt that they should
not offer their stock without giving to each stockholder the opportunity
to sell at the same time. The purpose for which the corporation was created
in 1923 has been accomplished, and the general market and particularly
the market for the company's stock "may he favorable for the sale of our
stock in the Coca-Cola International Corp. theletter set forth. The letter
added that there "are now no negotiations pending for the sale of our stock,
but we believe the present market conditions may be favorable to such a
sale.' In the event a sale is effected, everyone will receive the same price.
which will be substantially more than twice the then market price of stock
of the Coca-Cola Co.
The letter asked that the stockholders deposit their shares with the
Trust Co.of Georgia,fiscal agent for the corporation, with power of attorneY
for sale.
-V. 126, P. 1205.
Columbus
-McKinnon Chain Co.
-Acquisition.
-
The company has acquired control of the hoist division of the ChisholmMoore Mfg. Co., Cleveland, Ohio, manufacturer of chain hoists and trolleys.
traveling cranes, electric hoists, track systems and malleable iron castings.
There will be no change in the general offices or personnel of the ChisholmMoore organization.
-V. 122, p. 889.
Columbia River Packers Assn., Inc.
-Balance Sheet
Oct. 31, 1927.Assets
Prop., plant .1c floating equip_x$2,889,166
Cash
40,238
Accounts receivable
228,087
Notes receivable
2,000
Accrued interest
60
Inventories
782,720
Deposit with trustee
4,616
Sinking fund
2,662
Deferred charges
41,743
Treasury bonds
1,920
Liabilities
Capital stock
y2,478,181
Payroll
3.061
Accts. pay-trade creditors &
fishermen
180,863
Accrued taxes-State, county
and Federal
70,808
Accrued int. on bonded indebtedness
11,671
Bonded municipal assessments
41,846
1st mtge. 7% gold bonds
1,210,000
Total
$3,093,209 Total
$3,993,209
x After deducting $228,985 for depreciation. y Represented by 17,54
shares of no par value. V. 122. D. 1922.
Commercial Credit Co.
-Earnings.
--Comparative Summary of Consolidated Operations for First Quarter Ended
March 31.
1928.
1927.
1926.
1925. •
Gross receivables purch_ 50,976,966 42,280,914 57,949,201 42,061,744
Average cash employed_ 78,730.063 92,823.784 109,588,131 59,557,968
Repossessed cars in cos.
possession
165,439
519,186
411,932
863.011
Gross earns,from operations
2,733,704 3,113,700 3,986,509 2,236,343
Manag. exps. excl. hat.
and discount
1,263,784
1,451,502 1,774,402 1,112,646
Net unprotected losses,
above res
113,435
650,051
815,817
125,793
Net inc. for int. & dis.
charges, applic. to
Baltimore Co., prior
to Fed. taxes
931,441
478,314
731,518
667,66
3
Int. & dis. charges of
Baltimore Co
311,999
410,615
243,342
522.986
Net inc. applic. to cap.
stk. of cons. cos.,after
Federal taxes:
Baltimore division (inc.i.
Charlotte)
207,416
50,527
Dr.6,419
182,812
St. Louis division
31,408 Dr.67,579 Dr.108,902 Dr.18,624
San Francisco division.. _
80,510
82,432
3,429
98,264
Total Baltimore co.,
alone
319,334
65,380 Dr.111,892
262,452
New York division
102.182
52,846
130,213
44,637
Montreal division
26.339
43,132
24,809
26.852
Total New York co.._ _
Chicago co
New Orleans co
128,521
105,334
75,032
95,978
Dr.65,995
20,851
157,065
118.962
77,962
69,446
89,898
13,284
Consolid. net Inc., all
cos
Pref. dive, of affil. cos_ -
628.221
59,750
116,214
60,000
242,097
61,294
435,080
50,000
385,080
Net inc. applic. to
capital stk. of Bahl
more co
Divs.on 6%%&7% let
pref. stocks
568,471
56,214
180,803
199,955
198,759
156.666
70,000
Balance
Divs.on 8% class B pref.
stock
368,516 Dr.142.545
24,137
315,080
80,000
80,000
80,000
Net Inc. on corn.stk-Divs, on corn. stock_ _ __
Net credit or debit
from oper
Fumit.& flat. chgd. offNet debit from oper. to
undiv. profits
288,516 Dr.222,545
167,137
169,572
Dr.55,863
335.540
235,080
180,000
121,379 Dr.392:117 Dr.391,403
30
1 9
495
28,488
60 050 0
55 18
:
80,000
*Dr.249,197
Dr.31,606
Total credit or debit
from oper.to undiv.
* profits
t,884Drlt1,23DVl9,:9lD
iemerigc1eegpeeeeerp.411176
Depreciation of investment
elation.
MAY 5 1928.3
FINANCIAL CHRONICLE
2797
Consolidated Balance Sheet.
f The common stock without par value (63,757 shares of a stated value
AssetsMar.31 '28. Dec. 31 '27.
Liabilities-- Mar.31'28. Dec.31'27. of $30 per share) was issued, share for share, with the 1st pref. stock.
f The capital surplus arises principally from revaluation of properties
Cash
$13,422,268 $14,004,943 Ccll. trust notes
and retirement of capital obligations, and has been reduced by the balance
Open accounts,
pay
$33,701,500
notes,accep.&
of operating losses to Feb. 29 1828.
Coll, trust notes
Instal. lien obWm.
-Contingent liabilities total $330.000.
pay., series A
ligations
Directors of the new Coos Bay Lumber Co. are: G. S. Arnold, H. W.
26.151,329 22,777,029
due 1934
4,428.000
Motor lien retail
Coll, trust notes
$41,903,000 Bunker (Pres.), Harry H. Fair, W. A. Pickering, M. J. Scanlon, F. A.
time sales note 48,294,464 48,722.243
Warner (V.-Pres.) and David N. Winton.
pay., series A
Sundry accts. &
due 1935
4,518,500]
Copper Range Co.
-New Director.
notes receiv- 564,842
433,987 Notes pay., sec_ 3,228,899
9,606,661
Reposs'ed cars:
John E. Thayer, Jr., has been elected a director to succeed the late L. P.
Notes pay.,unsec 7,563,500
Cos.'& trust's
Yandell.-V. 124, p. 2914.
Sundry accounts
possess., depr.
payable
721,924
352,864
Corn Products Refining Co.
value
165,439
194.474 Accr. Federal &
-Earnings.
Mtge. & accept.
other taxes_ _ _
3 Mos.End. Mar.31- 1928.
223,225
1927.
1926.
1925.
corp
133,673
133,673 Reserve for Fed.
Net earnings*
$3,114,976 53,018.076 $33,148,719 $2,234.177
250,612
Kemsley, MillOther income
inc. tax
97,783
526,872
518.175
514,555
364,731
bourn & Co.,
Cont.reserve_ _ _ 2,130,469 2.284.485
Ltd
433.705
500,375 Dealers' panic.
Total income
53,641,849 53,536.251 53.663.274 52.598.908
Sundry stks. &
loss reserve__ 1.467.875
927.141
1,246,185 Interest & depreciation798.473
945,024
819,618
bonds
153.895
153,895 Res, for pos ible
Treasury stock
Net income__
losses
$2,714,708 $2,737,779 52,718.250 $1,779,290
960,430
886,037
purch. for sale
Preferred dive. (1%%)_
Deterred int. &
437,500
437,500
437,500
437,500
264,791
to empl
227,364
charges
2,505,488 2,437.947 Com, diva. quer. (2%)_ 1.265.000
1.265,000
1,265,000
1.265,000
S. f. coll. trust
Deferred int. &
notes series A_
322,134
144,375 Pfd.stk..affil.cos 3,000,000 3.000.000
51.012,208 81.035.279 $1,015.750
Surplus
$76,790
Due by emp. In
8.000,000 8,000,000 Earns, per sh. on 2.530,63% 1st pref
connec. with
(par $25.) $0.90
7% 1st pref__ _ 4,000,000
000shs.com.stk.
4.000,000
$0.90
$0.90
$0.53
purch. of stk_
157,317
earnings from operations, after deducting charges for maintenance
171.865 8% pref. class B 4.000,000
*Net
4,000,000
Int. & disc. preCorn, stock- _ _ _ x10,449.127 10,328,242 and repairs and estimated amount of Federal taxes, &c.
-V.126, p. 1345.
paid, etc
932,858
831,806
FurnIt. & flx_
4
4
Credit Alliance Corp.
-Business Gains
-Retiring Notes.
Gross business for the quarter ended Mar. 31 1928 amounted to $9,617.$90,996,720 $88,296,033
$90,996,720 $88,296,033 813, as compared with $6,373.264 for the same quarter of 1927, an increase
-Contingent liability on guaranteed motor lien retail time sales of $3,244.549, or 50%.
Note.
notes, $50,000.
Announcement is also made that the corporation is retiring as of May 1
x Represented by 680,000 shares of no par value.
-V.126. P. 1989.
1928 $500,000 industrial equipment collateral trust gold notes, leaving
only 31,500,000 outstanding of the original issue of 52.500.000.-V. 126.
Commercial Investment Trust Corp.
-Retires Notes.
- p. 2154.
The corporation has paid the $2,000,000 5
-year 5% serial gold notes,
which matured on May 1, of its $10,000,000 Wile brought out in 1925.
Crown Cork & Seal Co., Inc.
-Listing.Payment was metfrom current assets. This leaves outstanding $4,000,000
The New York Stock Exchange has authorized the listing of $5,500,000
of such notes, which will fall due respectively in 1929 and 1930.-V. 126, 20
-year 6% sinking fund gold bonds, dated as of Dec. 1 1927, and maturp. 1816, 1512.
ing Dec. 1 1947.-V. 126. p. 110, 257.
Conde Nast Publications.
-Earnings.
Quarter Ended March 311928.
Net income after all charges incl. taxes
$540,863
1927.
$399,135
Earns, per sh. on 320,000 abs. of com.stk.(no par)
$1.67
$1.20
Announcement has been made that the 8,683 shares of preferred stock
which was outstanding on Dec. 31 1927, has been retired.
-V.126,IL 2318:
Consolidated Copper Mines Corp.
-Copper Production.
The corporation reports for the first 4 months of this year the
copper production: April, 4,100,000 pounds; March, 3,021.000following
pounds;
FebruarY, 1,687,000 pounds, and January, 1,325,000 pounds. This does
not include production from the company's two main 5
-compartment
shafts of the Emma Nevada and the Alpha mines. Development work
from these two shafts is now under way.
In its annual statement for 1927 the corporation reported production of
18.891,000 pounds net electrolytic copper and over $200.000 of precious
metals. Total assets were carried at 511,464.919.-V. 124, p. 3215.
Container Corp. of America.
-To Build New Mill.
-
The executive committee has approved an appropriation to erect an additional paper board mill in Chicago, and to substantially increase the equipment of its present mill.
-V.126. p. 2653.
Coos Bay Lumber Co., San Francisco, Calif.
-Reorganization Completed-Financial Statement.
The completion of the financial reorganization of the
Lumber Co. (name changed on Feb. 10 1928 to Coos Bay Pacific States
Lumber Co.),
according to the plan adopted in 1927 (V. 124. p. 3508, 2921,
2760). has
been announced.
President II. W. Bunker, in March 1928, stated: "The company is in
a
strong current position, with liquid assets of approximately 3 times current
liabilities, including the $500,000 notes payable. Undoubtedly these
notes
can be paid in full during the next few months, thus reducing the entire
indebtedness of the company to ordinary current trade accounts, payrolls
and taxes.
"The primary purpose of the reorganization was to place the ownership
of the company in such position that its assets could be sold in an orderly
manner to pay the indebtedness to its bondholders (now stockholders),
and other creditors.
"While the results of the vigorous program of liquidation instituted
by
the directors late in 1927 have been exceedingly gratifying, further realization must largely come from sales of physical properties, because continuaoperations will necessitate the maintenance of approximately
tion of
present
current assets in the form of cash, accounts receivable and inventories.
'Physical assets available for immediate sale consist of various operating
facilities not essential to preservation of the company's principal
properties,
and also of numerous tracts of timberlands which are not part of the company's main bodies of timber.
"I am confident that almost constant disposition of such portions of the
company's holdings can be made, and equally confident
that sufficient
proceeds will ultimately be realized from the entire holdings to retire
present pref. stocks in full. However, sales will undoubtedly have tothe
be
principally on deferred payments,extending over considerable
based
periods,
and the stockholders should therefore not be anticipatory of prompt liquidation of a large proportion of their investment.
"Only since Feb. 25 1928, when the reorganization was completed, has
it been possible to negotiate for a sale of the assets or business as a whole,
and no active negotiation is now in progress. Under the terms of the
trusteeship for the 1st pref. and common stocks the trustees can not
vote
for a sale of the assets or business as a whole except for an amount at least
sufficient to retire the 1st pref. stock at par and accumulated dividends.
AS at Feb. 29 1928, this requirement was $7,565,831 (which is before any
provision for the 2nd pref. stock). The possibility of a sale as a whole is
therefore limited by the comparatively small number of purchasers
who
could undertake to pay such a large amount."
Consolidated Balance Sheet Feb. 29 1928.
Assets
Liabilities$384,891 let pref. stock (par $100)..--d$8,375.700
Cash
Customers ace'ts rec.,less res.
515,729 2nd pref. stock (par $100)_-- el.000.000
62,153 Corn. stock (no par value)--Sundry accts. roe
f1.912.710
Inventories:
Notes payable
500,000
Manufactured products
a1,240,331 Trade creditors
62,082
Logs in streams and mill
Log Purchase contracts
31,995
booms
191,909 Accrued payrolls
76,845
Supplies, repair parts,.fro- a186,28.5 Accrued property taxes
187,390
472,882 Sundry accounts
Timber & prop.sales contracts
4,235
2,004 Capital surplus
Investments
0,405,195
Timber lands & timber rights
69.656,910
(less depletion)
Plants, equipment, railroads.
c4,809,655
steamer. &a
33,404
Deferred charges
Total (each side)
517,556,152
The inventories of manufactured products and logs are stated on the
market values less estimated selling expenses and are below cost;
basis of
supplies and repair parts are stated at cost. b Timber lands and timber
:ights are stated at their fair value as at March 1 1913, with subsequent
additions at cost; sales and depletion due to logging operations have been
deducted therefrom on the same bases. c Plants, equipment, &c., are
stated at cost and after $3,351,572 reserve for depreciation.
p. d The 1st pref. stock was issued for a similar amount of bonds at par
value surrendered by bond holders. Unpaid diva, thereon at 7% per ann,
have accrued since July 1 1925, being the last date at which bond interest
was paid.
e
e The 2nd pref. stock was issued in exchange for all the outstanding
capital stock of the Pacific States Lumber Co. Divs, thereon are to accrue
annum from Jan. 1 1932.
at 6% per
Crown Willamette Paper Co.
-Proposed Consolidation.
-
See Zellerbach Corp. below.
-V. 126, p. 1667.
Cutler-Hammer Mfg. Co.
-Listing.
The New York Stock Exchange has authorized the listing of 268.089
shares of common stock (par 310) with authority to add 6,911 shares of
common stock, on official notice of issuance in exchange for outstanding
common stock (old form certificates)
Consolidatid Income Statement Years Ended December 31 (Co.& Subs.)
1927 .
1926.
1925.
1924.
Sales
59,345,156 510.546.279 59.874,706 $9,900,309
Total cost ofgoods sold. 5,728,084
6,515,049
6,601.351
7.110,484
Gross profit on sales.. 33,617.072 $4,031.230 $3.273.355 32.789,826
Administrative exp
462.349
520,827
424.289
441,018
Selling expenses
1.537.411
1,544,668
1.230,873
1,236.424
Net profit
Other income
$1,617.312 51,965,735
5127,221
$381,924
Gross income
Interest paid
Federal income taxes
Other debits •
$1,744,533 52,347,660 51,878.114 51,174,892
$10,846
$10,429
$25,678
$71,662
205,000
302,382
217,384
110,724
98.472
143,839
89.156
254.418
31.618,193
3259,921
51,112.384
562,508
Net income
51,430,215 51,891.010 $1,545,896
Balance, Jan. 1
574,473
3,382,075
2,184,661
Res, for mkt. fluctation
of inventories writ. off
Profit on sale of com.stk
24,770
Red, of res, for bad &
doubtful accounts
50,000
5738,089
2,105.953
Total surplus
52,004,687 55,323,085 33,755.328
Common dividend-cash
595,840
789,320
195,870
Prof. dividends
-cash _ 214,214
38,851
Prem. & int. paid on
prof. stock
138.531
Red, of com, treas. stk.
to $20 per share
47,692
Div. paid corn. stock
(paid in pref.)
3,911.600
$2.468,120
189,497
93,961
Bal.,Dec.31
-V. 126, p. 1667.
$1.194,633
376,223
301
$574,473 $3,382.075 $2.184,661
Curtis Publishing Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 50 cents per share and
the regular monthly dividend of 50 cents per share on the common stock.
The extra dividend is payable June 10 and the regular dividend on June 2.
both to holders of record May 20. An extra dividend of 50 cents per share
was also paid on Jan. 10. Mar. 10 and Apr. 10 last.
-V.126. p. 2154.
Curtiss Aeroplane & Motor Co., Inc.
-Listing.
-
The New York Stock Exchange has authorized the listing of 72,686 2-3
additional shares of common stock without par value on official notice of
issuance and payment in full, making the total amount applied for 290.746 2-3 shares of common stock without par value.
Stockholders of record April 9 have been given the right to subscribe
pro rata for cash at $52 per share for the 72.686 2-3 shares of the stock in
the ratio of one additional share for each three shares of common stock
held. Subscription rights expire May 10.
Output.
-The output of the company from Oct. 7 1927 is as follows:
YearMotors.
Airplanes.
1927
24
60
Three months, 1928
45
77
Orders on the books as of Mar. 31 1928, consist of 171 airplanes and 66
mines. Total sum, 33.350,000.
The net sales of the company for the 12 months ended Dec. 31 1927 were
$3.953.339, consisting principally of motors, airplanes and spares. It is
estimated that the sales for the year 1928 will amount to about 56.500,000
In value of similar articles.
Consol. Income & Surplus Account for 3 Months Ending March 31.
1927.
1928.
$657,972
$1.496.924
472.572
1.227.639
Sales
Cost of sales
Net sales
Other income
$269,284
14,677
$185,399
8.303
Total income
Lose of subsidiaries
$283,961
5.456
5193,703
13.259
Gross profit
Sales, general and administrative expenses
Interest,income taxes and special charges
$278,505
50,881
37.502
5180.444
73.106
$8.280
5190.122
x258,983
1,083,395
599,058
57,756
465,864
51,532,500
209.954
5622,678
88,308
Surplus
51,322.546
Earns, per sh. on 218,060 abs. corn. stk. (no par)...
$0.60
3534,370
30.2z
Net profit
Surplus adjustment
Surplus previous year
Total surplus
Dividends paid
2798
FINANCIAL CHRONICLE
Condensed Consolidated Balance Sheet March 31.
1927.
1928.
1927.
1928.
AssetsMobilities5
$
5
$
Prop'ty accts.(net) 1,221,199 1,138,098 Mtges.
_ 522,000
552,000
Patents and goodAccts. payable.payable et
will (net)
923,727
91.647
983,524
accrued interest_ 106,258
Investments
35,361
742,605
661,982 Res. for Inc. taxes_ 145,794
Inventories
1,761,897 1.308,217 Preferred stock... 2,523,10(1 2,523,100
Accts. & notes rec. 230,752
268,781 Common stock
938,267
938,268
Cash
534,369
592,044
213,491 Surplus
1,322,546
Deferred ohargee.85,741
100,651
Total
Total
5,557,966 4,674,745
5,557,966 4,674,745
xDuring the quarter the company sold for a net sum of 3258,983. after
deduction of income tax. stocks owned which had been carried on the books
at 31.-V. 126. p. 2154.
Davis Industries, Inc.
-Morris Mather
-Stock Offered.
& Co., Inc., New York are offering at $15.50 per share
22,000 shares class A stock. Preferred and participating
(no par value). The issue represents the remainder of treasury stock and involves no new fin•incing.
Preferred both as to assets and dividends. Each certificate carries
detachable warrant entitling the holder to purchase (any time prior to
Nov. 1 1928) A share of Class B stock at 310 per share, for each 'Ware of
Class A stock represented by the certificate, purchases to be made in lots
of one or more whole shares. Cumulative dividends of $1.25 per share per
annum, payable Q.
-J. After dividends of $1.25 per share have been paid
in any year on both the Class A stock and the Class B stock, the Class A
stock and class B stock shall participate equally in any additional dividends,
share for share, without distinction as to class. Class A stock is red, all
sr part, upon 60 days' notice at $18.75 Per share and divs. Transfer agent,
Chicago Trust Co., Chicago. Registrar, National Bank of Republic of
Chicago. Class A stock is exempt from Illinois personal property tax and
dividends are exempt from normal Federal income tax.
Authorized.
Outstanding.
Capitalization1st mtge. 63 7serial bonds
$520,000
$520,000
Class A stock 'tio par value)
50.000 shs.
50,000 shs.
Class B stock no par value)
200,000 ells. 138,331 shs.
Listing.
-Company has agreed to make application for listing this class
A stock on the Chicago Stock Exchange.
Data from Letter of Meyer Davis, President of the Corporation.
Company.
-Is engaged in the manufacture and sale of novelty household
furniture, various kinds of cabinets, desks, radios and phonographs. These
are largely sold direct to the consumer through retail mail orders, thereby
eliminating middlemen and obtaining for the company an unusually large
profit. Company's plants are located at Chicago, Ill., and Kokomo.
Ind., and have a combined floor space of over 325,000 square feet. At
the present time the company has over 40.000 customers on its books.
Earnings.
-Annual earnings have shown a steady and consistent growth
the average for the last four years, after depreciation, but before interest
being in excess of $268,000, or over 4 times present annual dividend requirements on the class A stock. Net earnings for the fiscal year ending
Dec. 311927,after depreciation were $357.202,which after deducting annual
interest on present funded debt, is equal to over 5 times the present annual
dividend requirements on the class A stock. Earnings for the 1st quarter
of 1928 were considerably higher than for the same period last year and
present indications are that the total net earnings for the current year will
show a, substantial increase over 1927.
Diridends.-Dividends have been paid on both class A and class B stock
since organization.
-V. 124, la• 1365.
Dictaphone Corp.
-10% Stock Dividend, &c..
[VoL. 126.
Fairfield Dairy Corp.
-To Redeem Notes.
-
The corporation has elected to pay off and redeem all of its outstanding
3
-year 6A % collateral trust notes issued under its collateral trust indenture,
at 100 and int. The notes are required to be presented for payment on
June 1 1928 at the office of the United States Mortgage & Trust Co.
V. 122, p. 1033.
Fidelity-Phenix Fire Insurance Co. of New York.
-The New York Stock Exchange has authorized the listing of 310,000,000
capital stock,(par $10) on official notice of issuance in exchange for present
outstanding capital stock (par $25) on the basis of 2A shares of the new
capital stock (par $10) for one share of capital stock (par $251'.-V. 126,
p. 2655.
Fire Association of Philadelphia.
-Stock Div.-Rights.
--
At a special meeting of the board of directors, held on April 20, it was
resolved.
1.
-That the capital stock be increased from 300,000 shares, par $10
each,to 1.000.000 shares of the same par value.
2.
-That a stock dividend at the rate of 1 share of the new stock for every
3 shares of the present stock now outstanding held by stockholders of'
record May 28. be declared, deliverable on July 2.
3.
-That 31.000.000 be transferred from the surplus account to the
capital account to pay for the stock dividend.
4.
-That the 600,000 shares remaining of the proposed increase of
capital stock be offered by the directors to the stockholders of record as of
May 28. at not less than $50 per share, to be paid for in installments at
such times and upon such terms as shall be fixed by the board,$10 of which
purchase price shall be placed to the credit of capital account and the
remainder be credited to surplus account, such stockholders to have the
right to subscribe on or before Jane 30 for 2 shares of the increased capital
stock for each 1 share of the present stock now outstanding owned by them.
-That the directors shall be authorized and empowered to sell the
5.
remaining shares not subscribed for by the stockholders at such times and
at such prices and upon such terms as it shall determine, provided they
shall not be sold for less than $50 per share.
Officers of this company are : J. W. Cochran, Pres.: W. I.. Maillot and
J. M.Thomas. V.-Pres.: Edward L. Kelley,Sec.& Treas.
Flintkote Co.
-Annual Report.
Calendar Years1927.
1926.
1925.
1924.
Sales
414,352,666 39,020,663 57,948,820 $7,621,711
Net profit
729.589
715,323
512,515
922,117
a Includes the Richardson Co. and the Chatfield Manufacturing Co..
both acquired as of Jan. 1 1927.-V. 124, p. 3358.
Fuller Brush Co.
(& Subs.).
-Earns Yr. End Jan. 3'28.
Sales
Net earnings (after taxes 8c depreciation)
Dividends on preferred and common stock
313,771.496
661.200
283,083
Balance
Profit and loss surplus
-V. 122, p. 3091.
3378,117
$I577856
-Registrar.
(Robert) Gair Co.
The Central Union Trust Co. of New York has been appointed registrar
for 500,000 shares of class B stock, no par value.
-V. 126, p. 2155.
General American Tank Car Corp.
-Definitive Ctfe.-
The Fidelity-Philadelphia Trust Co.. trustee. Phila., Pa., is now prepared
to exchange temporary certificates for definitive equipment trust certificates.
series "AA." (See offering in V. 125. p. 3205.)-V. 126, D. 1819.
General Electric Co.
-Now Vice-President.
-
The directors have declared a 10% stock dividend, the usual extra cash
The retirement of Theodore Baran, Commercial Vice-President in
dividend of 25 cents per share and the regular quarterly cash dividend of 25 of the New York district, has been announced by Vice-Presidentcharge
cents per share on the common stock. All payable June 1 to holders of Barry of that company. The retirement was effective as of May 1 J. O.
1928.
record May 18. On March 1 last, an extra cash dividend of 25 cents per - 126. p. 2656.
V.
share was paid on the common stock.
-V.126. p. 2654.
'
Dodge Brothers, Inc.
-Shipments Higher.
Shipments of motor cars and trucks from the company's plants in the
United States and Canada for Apr. totaled 22.433 as compared with 14,272
In Apr. 1927, a gain of 8.161. or 57%. In the first 4 months shipments
totaled 82,843 against 60,838 in a like period of 1927. a gain of 22,005, or
:
Shipments (No. of units)1927.
1928.
January
12,764
16,831
February
20,728
16,463
March
13.272
26,918
April
22,433
14.272
Total
-T.126,p.2482.
82.843
60,838
General Laundry Machinery Corp.
-Earnings.
Income Account Year Ended Dec. 31 1927.
Gross profit
Selling expenses. $308,556; admin. expenses.$194.040
Operating profit
Other income (net)
$952.752
502.597
-3450,155
71.273
Totalincome
Provision for depreciation
Interest on 6 A % sinking fund gold debentures
Federal income taxes
$521,429
61,291
97.500
38,000
Net profit
$324.638
Shares ofcommon stock outstanding
100.000
Dominion Stores, Ltd.
-Expansion.
Earned per share
$3.24
The company has opened five new stores, bringing the total number in - 126. p. 1988.
V.
operation 10 520. This represents an increase of 10 stores since Dec. 311927.
when 510 were in operation.
General Motors Corp.
-Number of Employees.
During 1927 the company opened 87 stores, increasing the number in
The corporation had 202,653 individuals in its employ as of Mar. 31 1928.
operation from 423 to 510.-V. 126, p. 1359.
as compared with 184.766 on Mar. 311927.
Drug Incorporated.
The number of employees by months follow:
-Listed.
1928.
The New York Stock Exchange has authorized the listing of 28.000
1927.
1925.
1920.
195,993
155,580
additional shares of capital stock without par value upon official notice of January
91,514
68,085
201,373
174.669
issuance on the acquisition of the entire capital stock of B & It Drug Stores, February
70,368
99.025
202,653
184,766
78.199
Inc.. making the total amount applied for 2,183,990 shares of capital stock. March
102,738
These figures include the employees in the General Motors plants in
-V. 126. p. 1818.
Canada and in the overseas plants and warehouses. They do not include,
however, the employees of certain affiliated companies, such as Yellow
Dunlop Rubber Co., Ltd.
-Transfer Agent.
The Guaranty Trust Co. of New York has been appointed transfer agent Truck & Coach Mfg. Co. and Fisher Body Corp. prior to acquisition of the
- minority interest as of June 301926.-V. 126, p. 2656. 2484.
for the "American" depositary receipts for ordinary registered shares.
T. 123. P. 3190-
General Outdoor Advertising Co.
-Earnings.
-
-Transfer Agent.
(Jno.) DunlotAs Sons, Inc.
The Seaboard National Bank of the City of New York has been appointed
-V. 126. p. 21154.
transfer agent of the $6 cumul. 1st pref. stock.
Durham Hosiery Mills.-Recapitali ation-
The stockholders will vote May 8 on approving a plan for recapitalizat ion.
The plan provides for the issuance of 21,825 shares of new 6% 1st pref.
cock, par 3100, to be exchanged for the present 29,100 shares of 7%
pref. stock on the basis of 3 shares of new pref. stock for each 4 shares held.
It is also planned to issue 7.043 shares of no par common A stock for the
12,500 A shares now outstanding and 21.131 shares of no par B common
-V. 125, p. 1587.
for the 37,500 B shares now outstanding.
-Earnings.
Early & Daniel Co.
Earnings for Year Ended Dec. 311927.
Profit from operation
Depreciation. Federal taxes and all charges
$392,524
118,560
3273.964
Net earnings for Year
-V.126. p. 722
-Changes in Personnel.Eastern Steamship Lines, Inc.
Capt. B. O'Donnell has been elected president succeeding Calvin Austin,
who becomes chairman of the board. H. E. Nelson has been elected treas-V. 125, P. 2816.
urer to succeed M. Austin, resigned.
Elliott Addressing Machine Co., Cambridge, Mass.
The company has increased the authorired capitalization by the creation
of an issue of 81.500.0007% 2d pref. stock. par 8100.-V. 124. p. 1673.
-Annual Report.
Ewa Plantation Co., Honolulu.
Calendar YearsNet profit
Dividends paid
Balance, surplus
-V. 126. P. 258.
1925.
1924.
1926.
1927.
$1,643,756 81.166,111 31,152,873 31.983,994
0
(18%)900,000(18%)900,00 (14)700,000(28)1400.000
$743,756
$266,111
3452,873
8583.991
Quarters Ended March 311928.
1926.
1927.
Operating revenues
$6.606,902 $8,661,946 116,668,010
Oper.expenses, incl. depreciation...
6,143,071
5,729,796
5,523,701
Earningsfrom operations
3
$877,106 31,138.245
3524,9 9
Miscellaneous income
66,480
86,560
89,802
Gross earnings
$591,419
$963,666 $1,228,047
Amortization
591,568.
573,896
----Interest
10.175
13,624
16,865
Federal taxes
79,355
48,459
86,033
Net profit
Earns per sh. on 642,383 shs. com.stk.
(no par)
-V.126, p. 878.
$3310,015
$551,253
3501.586
$0.22
$0.59
$0.53
General Vending Corp.
-Outletfor Machines.
-
The corporation announce.' the closing of a contract with the Acorn
Stores, Inc., New York, under which they will place their scales and gum
vending machines in the stores of this concern.
-V. 126. p. 1671.
General Refractories Co.
-Earnings.
-
3 Mos. End. Mar. 31- 1928.
Earnings before taxes,
interest. &c
$390,982
Corp. munic.& inc. taxes
45,634
Interest on bonds
55,177
Int. on floating debt _ - _
.
12,120
Deprec. & depletion_ __ _
61.761
1927.
1926.
1925.
$677,241
86,129
56.182
14,170
64.870
$493,703
62,061
57,112
14,05
60.690
$551.786
67.321
57.997
19.964
59.627
Balance
Dividends
$216,289
168.750
$455,888
167.214
3299,683
112,500
5346.875
112.500
$47,539
$288,674
8187.183
3234.375
22.5.000
80.97
222.910
$2.05
225.000
$1.33
224.512
$1.55
Surplus
Ms. cap. stk. outat'd'g
(no par)
Earns, per share
Balance Sheet March 31.
1927.
1928.
1927.
1928.
5
Liabilities$
Assetsx15,986,531 15,513,541
Rest., bldes.,&c_ _ _15,118,452 15,440.019 Capital &surplus 3,678,500 3,745,500
10,500 1st mtge.6s, 1952_
24.112
cost__
patents, at
550.000
800,000
212,177 Bills payable
273.087
Cash
449,700
145,676
167,436 Accts. payable
11 134
Bills receivable_ _ _
268.227
196,523
1,227,176 1.691,338 Accrued accounts_
Accts. receivable
167.214
168.750
2,806,428 2,996,952 Dividends payable
Inventories
196,570
6,564 Res.for Fed.Inc.tax 155,148
713
Accrued Interest
40,550
3,242 Rent.due sub.RR_
Loans & advances
42,000
Forge Run RR.stk
2,792
3,082
mtges.
Employees'
27,792
809,063
Misc. investments
579,763
607,750
Deferred accounts
729 Total(each side) _20,881,128 21,181,303
130
Dep. with trustee_
and outstanding, 225,000
x Capital stock of no par value: Authorized
uhares.-V. 126. p. 1671.
-Earnings.
Giant Portland Cement Co.
Calendar YearsNet profit after depreciation and taxes
Bank & int., rents. he
Total income
Dedoct-Int. on bds.. &c.
Fed. inc. tax for year..
Norfolk prop.writ. off.
Loss on dismantling
machinery, &e
Net income
Pref. diva. paid
2799
FINANCIAL CHRONICLE
MAY 5 1928.1
1927.
1926.
1925.
1924.
5230.606
8,579
$584.912
19.554
5536,498
19.672
$458,491
12.046
$239.186
9.375
23,916
$604.466
6,519
72,957
$556.170
8,149
63,929
5470.537
15.631
49.461
148.181
23.776
31,233
50,289
$257,264
$433,803
$493.737
$182,119
(7%)130,998 (26)486,564 (17)318,096 (14)261,892
Balance, surplus
Shares of common stock
outstanding (par 550)_
Barns, per sh. on oom
$51,121
$7,172
$115,706
def.54,629
Granby Consolidated Mining, Smelting & Power
Co., Ltd.-Listing-Eearnings.The New York Stock Exchange has authorized the listing of $539.700
additional capital stock (par $100) on official notice of issuance, making
the total amount applied for $45.039.120.
The proceeds from the sale of this stock are to be used to provide capital
required for the development and equipment of the Bonanza ore body.
and to conserve current profits for distribution to shareholders. The
5.397 additional shares were sold by authority of the board at above $50
per share.
Earnings for Calendar Years.
1924.
1925.
1926.
1927.
$8,411,949 18.718,233 56,749.831 86.172.777
Gross income
4,699,849
5,086.858
6.337,521
6,597.482
Operating costs
385.852
389.577
379,247
332,239
Expenses, taxes, &c_
$1,273.395 $1,087.076
96,796
31,056
Net oper. income_
Other income
$1,482,228 $2.001,465
121,796
71,796
Total income
Interest, &c
Depreen,deplet'n, &c
$1,554.024 $2,123,261 51.370,19. $1,118.132
262.956
285,740
251.350
125.444
1,604.761
1,610.982
2.399.684
2,273.230
2772.373
$2,156,511
1503.747
1527,773
$844.650
Balance, deficit
Profit & loss, deficit---- $4.017,702 $3.173.051 52.645.278
Earnings for Quarter Ended March 31.
1926.
1928.
1927.
Value copper produced_ 51.871.905 51,767.264 $1,314.725
867,594
1,435.916
1,369,909
Operating costa
1925.
$1,292.735
1.040.148
Operating income_ _
Miscellaneous income
5501.996
60.641
5331.348
28,850
$447.131
53.027
$252,587
15.254
Total income
Less bond interest
5562.637
9.032
8360.198
66,249
$500.158
70,559
6267.840
71.880
5195.960
5429.599
Net bef. depr. & depl. 8553.606
1293.949
Net income before depreciation and depletion is equivalent to $1.25 per
share of stock outstanding March 31 1928 compared with 66c. for the
corresponding quarter of 1927 on a like share basis.
Balance Sheet Dec. 31.
Production and Costs.
1927.
1926.
1926.
1927.
Astets13,561,345 13.563.591
Preferred stock .$1.871.400 $1,871.400 Net pounds of copper produced
hldgs.,
Real est..
4.521.197
4.520.448
Average monthly production
stock_
1,104.250 1.105.400
machinery, dos...52,914.988 52,935.070 Commor
10.374
9.654
89.000
197,208 1st mtge. 65
100,000 Average costs in cents per pound
236.315
Cash
The average cost per pound includes all operating and general charges.
45,353
142,259 Accounts payable_
66,949
155,910
rec.
Notes&(wets
with deductions for precious metal values, the usual smelter credits and
Cast's credit bal..
1,064
2,381
Loaned on collat.
-V.
miscellaneous income. This operating cost is before depreciation.
50,000 Payroll and um
demand notes_
19,633 126. p. 1988.
9,517
claimed wages._
3,051
2,875
sundry debtors__
939 Accr. Int. & taxes_
76,359
26,116
495
Rents & int. roe..
-April Sales.
523.807 Res. for contingen(W. T.) Grant Co. (Mass.).
518,249
Inventories
des, &c
18.757
25.646
15.535
18,758
Period End. Apr. 30--1928-Month-1927- -1928-4 Mos.-1927.-Deferred charges._
615,627
564,506 Sales
29,960 Surplus
13.655.913 13.363.666 812.829.110 210.605,596
19,657
for red. bat).
Fund
During April, the company opened 1 new store in Paducah, Ky., bringing
Stock & mortgages
6.022
6.404 Total (each side)-13,781.085 53,914,34 its total of stores to 175. Pittns have been completed for the opening .f$
owned
-V. 126, p. 2155, 1515.
new stores during May.
-V. 124, p. 1517.
22.085
$2.31
22,108
$16.41
22,121
$13.69
22,126
$5.71
-New Pres.Great American Insurance Co., N. Y.
-Earnings.
Gilman Fanfold Corp., Ltd.
PeriodProfits
Frey. for deprec. of plants
Written off Patents
Prov. for Federal taxes
Year End. Year End. Apr. 1 '2510
Dec. 31 '27. Dec. 31 '26. Dec. 31 '25.
$225,706
$312.549
$200,267
89.090
109.020
6.823
547:743432
5
28 80304
:0
15,000
17.500
Net income
Divs. on pref. stock
Diva. on common stock
1114.793
(7%)52.500
(6%)60.000
$169,695
(7)52.500
(6c60.000
$120,592
(5:35,000
(4)40.000
$2,293
$57.196
$45,591
surplus carried forward
-tr. 124. p. 2076.
Globe Automatic Sprinkler Co. of the U. S.
-Report.
Calendar Yearsa Net profits
Reserve for Fed. taxes._
1927.
5277,834
34,000
1926.
$301,711
39,000
1925.
$237,094
29,000
1924.
$211,279
23,000
Net income
Diva,on sub. co pf. stk_
Diva.on class A com
mys.On class B 001111- -
5243,834
33,558
99,890
8262,711
33,558
99.890
29,967
8208,094
33,558
99,890
5188.279
27.965
74,727
69.934
Surplus
850,452
599.296
574.646
185.587
a After depree., amort.of patents & license contracts ottc.-V. 124. p.3075.
(H. W.) Gossard Co.
-Capitalization Increased.
The stockholders on May 3 increased the authorized common stock from
126,000 shares, no par value, to 200,000 shares, no par value. There are
sow 100.000 shares issued and outstanding and 100.000 shares authorized,
unissued, in the treasury. The latter is to be issued as the occasion arises
or
f acquiring other desirable additions, for expansion, or for other needs
requiring prompt action.
president R. C. Stirton, April 19. says: "Purchases made of the Modart
Corset Co. and the Jackson Corset Co. have added materially to the comany's volume and earnings, as also have the original Gossard volume and
„
‘rnings increased considerably over the same period last year. Earnings
;;.
(or the first 3 months approximate dividend requirements for the first 6
months." V. 126, p. 2484.
-Proposed Consolidation.
Gosse Packing Co., Ltd.
-V. 126. p. 2321.
see British Columbia Fishing & Packing Co.. Ltd.
Graham-Paige Motors Corp.
-Listing.
The New York Stock Exchange has authorized the iLsting of voting trust
certificates for common stock, no par value, as follows: 253,774 shares
(mmaton stock voting trust certificates which are issued and outstanding:
and 1.271.822 shares common stock voting trust certificates, on official
notice of deposit of additional common stock, no par value. under the terms
of the voting trust, making the total amount applied for 1,525,596 shares
cununon stock voting trust certificates.
The corporation in April produced 8,275 cars, a gain of 5,455 over the
same month last year, or 192%. Production for the first 4 months amounted
,
so 21,407, or nearly 2S t times the production for the same period in 1927.
when the total was 8,783.
The April total of 8,275 cars, exceeds by 41.6% the old record of 5,841
cars in May 1925. In the final week of Apr. 2,08 cars were produced as
against 1,595 for the week of Mar. 5 1925.
The directors have authorized expenditures for additional facilities at the
Detroit plant which will increase capacity 33 1-3% by July 1. Current
-V. 126. P. 259.
outPut is averaging 300 to 350 units daily.
Results For Quarter Ended Mar. 31 1928.
$10.9953177
Not sales
9,676,552
Cost of sales
Depreciation
351,080
Balance
F,spensos and miscellaneous charges
$968.355
710,572
Net Profit
is pref. diva
$257.783
32,669
William iT. Koop has been elected President of this company and the
American Alliance Insurance Co.. succeeding Charles G. Smith. who has
-V. 126. p. 1047.
been elected chairman of both boards.
-New Financing.
Great Lakes Paper Co., Ltd.
A construction program which will materially increase the output ef the
-Brooks interests, one of the largest organizations in the newsprint
Backus
industry, was announced here May 1 in connection with the sale to Halsey,
Stuart & Co.. Minnesota Loan & Trust Co. and association, of an issue of
510.000,000 1st mtge. sinking fund 6% bonds.
Company is now constructing a newsprint mill with a capacity of 100.000
tons annually at Fort William. Ont. The first unit of the paper mill is
scheduled to commence operations during May and the second unit by
May 1929. In addition, the company is constructing a sulphite mill,
docks for water shipments via the Great Lakes, railroad and plant terminals, and an addition to its ground wood pulp mill. When the building
program is completed, these mills will furnish all of the pulp requirements
of the new newsprint mill, so the group will be a complete unit for newsprint production. Completion of construction, with no increase in funded
-Brooks Co.
debt, is guaranteed by the Backus
-Brooks Co.. in addition to Great Lakes Paper Co., Ltd.. also
Backus
controls Minnesota & Ontario Paper Co. and a number of other companies.
The group constitutes a co-ordinated newsprint and lumber operation.
Upon completion of projects now under construction, the group will have
4 paper mills with a capacity of approximately 375.000 tons yearly: kraft
and board mills with an annual capacity of 30,000 tons of sulphate (kraft)
pulp and high-grade container board: and approximately 300.000,000
square feet of insulite.
Hamilton Watch Co.
-Initial Preferred Dividend.
An initial quarterly dividend of 1%% has been declared on the 6%
cumul. pref. stock, payable June 1 to holders of record may 10. (For
offering, see V. 126. p. 879).-V. 126, p. 1820
Hazel-Atlas Glass Co.
-Quarterly Earnings.
3 Months EndedGross income_
Repairs and maintenance
Provision for taxes, depreciation. &c
Interest
Net profit
Dividends paid
$402.130
$469.586
246,582 (2)193.489
Balance, surplus
-V. 126, p. 1820.
5155,548
4276.097
Hercules Powder Co.
-Balance Sheet March
1928.
Assets5
Plants & property _28,340,090
Cash
1,283,768
Acc'ts receivable 4,658,291
Collateral loans.. 700,000
Invest. securities__ 704,944
Liberty bonds.... 3,371,750
Mat'ls & supplies_ 4.126,968
Finished products_ 2,713,703
Deferred charges__
125,018
1927.
27,136,903
1,154,679
4,245,437
1,084,239
3,903,899
3,809,503
2,531,462
105,418
31.
1927.
1928.
$
LiabilitiesCommon stock__ _14,700,000 14,700.000
Preferred stock...11.424.100 11,405,200
534,966
Acc'ts payable..- 535,538
99,796
99,961
Pref. div. payable_
66,662
Deferred credits__ 354,462
499,359
Fed. taxes (est.). _ 522,828
6,402,444 5,563,627
Reserves
11,985,201 11,101,931
Profit & loss
Total
46,024,533 43.971,541
Total
46,024,533 43,971,541
The usual comparative income account was published in V. 126. p. 2657.
Holly Sugar Corp.
-Clears Up Accrued Pref. Divs.The directors have declared a dividend of 3% c"7, on account of back
dividends and the regular quarterly dividend of 134% on the preferred
stock, both payable Aug. 1 to holders of record July 15. This clears up all
accumulated dividends on the issue.
-V. 126, p. 2321, 2155.
Honomu Sugar Co.
-Earnings.
Calendar Years
Operating income
Operating and marketing expenses__ _
Gross income
$225.114 Other income
SurPlus
Earnings per sic, on 1,052,926 shs. corn, stock (no par)
. $0.15
Total income
joneph B. Graham, President, said: "Net earnings in March amounted
to $404,786 after depreciation. However, the earnings in the first quarter Taxes
diminished due to low output in January caused by the introduction Other income charges
wero
of a new line of models. The public response to our new offering has been
Net income
satisfactory. Output of complete motor cars in tile first quarter reached
Dividends paid
A record total of 13,132 of which 7,616 were produced in March. April
output is at higher levels. For the first 19 days of April we produced
-y.
Balance, surplus
5,275 units, compared with 4.234 for the first 19 days of March."
-v. 124, p. 3360.
.
126. IL 259
Mar.31 '28. lies. 26'27
51.084.361 51.199.081
231.162
212,849
427,487
436,343
23,581
30.604
1927.
$868,769
765,369
1926.
$950,026
765.036
1925.
$191.310
742,441
5103,400
28,785
$184,990
34,777
548.868
27,34b
$132,185
21.080
1,227
$219,767
37,359
3.242
$76,214
$108,978
$179,166
(9%)112,500 (13)162,500
57.5,347
(9)112.500
def$3,522
$16,666
867
def$37,153
2800
FINANCIAL CHRONICLE
Holland Land Co.
-Moves Offices.
-
The company announces the removal of its general offices from Stockton. Calif., to Clarksburg, Yoio County, Callf.-V. 126. p. 1820.
Honolulu Plantation Co.
-Earnings.
-
Calendar YearsGross proceeds
Cost, depreciation, &c
1927.
1926.
1925.
13,753,026 13,053.949 12,740.608
3.178.128 2,944,489 2,134.061
Net profit
Other income
1574,898
63,439
1109,460
51,809
Total income
Other deductions (including taxee)
Govt. ref. 1925 taxes, &c
$638.337
118,454
Cr.4.301
1161,269
46,143
Net profit to surplus account
Dividends paid
$524.184
300,000
$115,126
80,000
Balance, surplus
-V. 125, P. 2944.
1224,184
$55,119
480,000
135,126 def$424,881
Hupp Motor Car Corp.
-Listing.
-
Hygrade Food Products Corp.
-Definitive Bonds.
The Empire Trust Co. Is now prepared to exchange the temporary 1st
& ref. mtge. cony.6% gold bonds, dated Dec. 1 1927. due Dec. 1 1937 for
definitive bonds. (See offering In V. 125, p. 2944.).-V. 126, p. 2156.
Industrial Coal Co., Chicago.
-Consolidation.
-
See Peabody Coal Co. below.
-V.116, p. 1538.
Industrial Discount Co. (Industrieele Disconto
Maatschappij), of Amsterdam, Holland.
-Bonds Sold.
The company announces the oversubscription of Its recent offering of
3,000,000 guilders of new 6% debentures.
-V.126. p. 1821.
Insurance Co.of North America.
-Stock
The stoctcholders will vote June 12 on increasing the authroized capital
stock from 750.000 shares, par 110, to 1,000,000 shares, par $10.
The stockholders will also vote on approving the acquisition by this
company of the Alliance Insurance Co.. on a share for share basis,
-V.126.
P. 259.
International Cement Corp.
-Buys Two Plants.
-
The corporation announces the purchase of the Phoenix Portland Cement
Co., whose plant is located at Nazareth, Pa., and the Warrior Cement
Corp. whose plant is located at Demopolis. Ala. These additions bring
the number of plants comprising the International Cement system to a total
of 13. and the total annual productive capacity to 20,000,000 bbis.-V. 126.
v. 2486.
International Coal & Coke Co., Ltd.
-Report.
Calendar Years1926.
1927.
$129,535
Operating profit
$123,916
14.906
Sundry profits
2,430
Netincome
Dividends
Balance,surplus
-V. 124. p. 3078.
$126,346
1144,441
69,694
25.000
$101.346
(2%)60.000
$41,346
International Match Corp.
-Listing.
-
Long Bell Lumber Co.
-Quarterly Earnings.
Oper. Income
Depletion_
Depreciation_ _ Interest
Fed. inc. taxes
Results for Quarters Ended Mar. 31.
1928.
1927.
1926.
1925.
$1.472,997 12,087.988 $2 822.101 $3,350,682
I 920,652
789.719
837.802
(756,7 1
0
392.396
392,966
474,602
505,871
444.822
345,337
192,924
88,629
167.837
1606.547
Net
$77.743
$716,735 11,159,259 $1,469,770
7,130 Earns,income
per sh. on 593.921 shs.class A stk.(no
1613,678
par)
x$0.13
$1.21
12.48
558,558
$1.95
Before Federal taxes.
-V. 126, p. 2157.
The New York Stock Exchange has authorized the listing of 1251.298
additional common stock (par $10) to be issued as a stock div. of 23i%.
making the total amount applied for 110,303,197.-V. 126, p. 2657. 2485.
Total profit
Depreciation and depletion
Reserve for contingencies
[VoL. 126.
174.747
$74.747
The New York Stock Exchange has authorized the listing of Lee, fligginson & Co. interim receipts for 150,000,000 20
-year 5% sinking fund gold
debentures, due Nov. 1 1947, with authority to admit to Hat definitive
engraved debentures, on official notice of issuance in exchange for outstanding interim receipts.
-V. 126, p. 2486.
(P.) Lyall & Sons Construction Co., Ltd.-Recapitaliration.In accordance with the by-laws and resolution approved and
at
the special general meeting of shareholders held on April 30, the passed es
comgrY
has obtained supplementary letters patent converting the common s
of the par value of 1100 each into common shares without par value on the
basis of two common shares without par value for each common share of
1100 par value, and granting to the holders of the 7% cumul. pref. stock,
the right to convert such stock into common stock without par value, in
the proportion of two common shares without par value for each pref.
share offered for such conversion.
The holders of the common shares will accordingly be required to surrender their certificates for these shares to the transfer agent, Quebec
ings & Trust Co., 120 St. James St., Montreal, Can., and upon such Savsurrender they will be entitled to receive a certificate or
for two
fully paid common shares, without par value, for each certificatescommon
fully paid
share of $100 par value, represented by the certificate or certificates so
surrendered.
The holders of the 7% cumul. pref. stock are
surrender
their certificates to the transfer agent in order also requested to
that such certificates
be replaced by now pref. stock certificates containing a statement ofmay
the
capital of the company and of the rights, privileges and conditions attaching to the said preferred shares, as varied by the supplementary letters
patent above referred to.
The holders of both pref. and com, shares are requested
surrender
their present certificates for exchange as soon as possible, and to
in any event
not later than May 15.
The common stockholders of record May 15 will be given
right to
subscribe on or before June 1 for additional common stock,the 140 per
at
share on the basis of one new share for each two no par shares held. Subscriptions are payable as follows: 50% on or before June 1 and 50% on or
before Sept. 1. This offering has been underwritten.
The funds derived from the sale of the corn, shares will be
to
redeem all the outstanding 6% 1st mtge. bonds and in addition sufficient
will increase
the company's working capital by approximately 1300.000. The result will
be a saving for the company in int. and sinking fund charges of approx.
$125.000 per annum for several years, and the directors feel they will be
Justified in Inaugurating a div. on the new com, shares at the rate of $3
per annum. See V. 126, p.
Mack Trucks, Inc.
-Earns.for 3 Mos. Ended Mar. 31.-
1928.
1027.
1926.
1925.
Net profits after deprec.,
maint. repairs & est.
Federal taxes_ _ _ _
8745.672 x41.459,304 $2,315.529 /1.754.8
66
Shs. corn. stk. outat'd'iS
(no par)_ _
735.678
713,434
283,109
611.515
Earns. per share
11.01
11.65
$.5.19
13.32
An official statement says: From inquiries and business already received, indications are that the second quarter will show material improvement over the first quarter of this year both in volume of orders and number of trucks delivered, and should compare very favorably with the second
quarter of 1927.-V. 126. P. 1501.
Marland Oil Co.
-Balance Sheet March 31.-
1928.
1927.
1928.
1927.
Assets
$
Liabilities$
$
Flied assets (less
Cap. stk.& surp.:81,841,389 91,813,906
depree. & depl.)55,594,098 59,023,904 Minority interests
20,551
18,918
International Petroleum Co. of Maine.
-Control.
- Invest. & advs_ _14.300,977 12.234,884 Bills payable
10,906,600
See Mexican Seaboard Oil Co. below.
Deterred charges_ _ 3,325,472 2,454,091 Reserve for coining
-V. 109, p. 1529.
74,039
Cash
6,985,691 4.085,118 Serial 5% gold
International Silver Co.
-Bonds Called.
U.S. Govt. sec 11,281,650
notes
30.000.000
All of the outstanding 6% gold mtge. bonds, due Dec. 1 1948 have been Bills & accts. rec__ 6,370.010 9,021.741
Accounts payable_
called for payment June 1 at li0 and hat, at the New York Trust Co., Crude ell
7,242,544 7,726,954 Accrued items._ 2,484,883 3,692,2_0
764,367
successor trustee. 100 Broadway N. Y. City.
428.59
0
Refined products_ 5,708.642 7,113,455
The trustee will purchase any of the bonds which are delivered prior to Material &supplies 4,255,273 4,936,851
June 1 at 110 and int, to the date of dellvery.-V. 126. p. 2156.
Accrued items
139,237
58,530 Total(each side).115.183,594106.055.538
Investors Syndicate.
x Represented by 2,317,230 no par shares.
-Increase in Sales.
The usual comparative income account was published in V.
The Syndicate reports for the first quarter of 1928 sales of investment
126, v. 265 9
certificates amounting to 115,902,100, divided by months as follows: JanuMarvel Carburetor Co.
ary, $4,050,600; February. 14.688.200 and March.$7,163,300. The total
-Proposed Consolidation.
see Borg & Beck Co. of Ill. above.
for the 3 months compares with 19.054,300 in the same periocrofthe preced-V. 126. p. 1674. 1050.
hig year, an increase of 75%•
Mason Valley Mines Co.(& Subs.).
President J. R. Ridgway points out that the Syndicate has so arranged
-Earnings.
its business as to make available to small investors the purchase of Syndicate
Income Account for Year Ended Dec. 31 1927.
securities on the same yield basis as to larger investors through systematic
Sales of copper
monthly payments. These installment purchases had the effect of creating
Cost of Sales:'Invent,of metals,ores & concentrates, Jan. 1 1927 $1.780,557
the increase noted.
1948,032
Assets of the Syndicate were $20,388,729 on March 31 1928, It is stated. Operating expenses, 82.192,172: depreciation. $108,367; total.
/2,300,539; less-gold and silver sales, $471.877
-V. 126, p. 1990.
1,828,66
3
-Reorganization Assured.
Jones Bros. Tea Co., Inc.
Total
12,776.695
More than a majority of the outstanding common shares of this com- Inventory of metals, ores & concentrates. Dec. 31 1927
930,600
pany has been deposited with the Chase National Bank, 57 Broadway,
Balance
N. y. City, in connection with the reorganization plan, It was announced
$1.846,092
on April 30. No further certificates of deposit will be issued in exchange Loss for year
65,538
for common stock except with the consent of the reorganization committee. General, administrative & engineering expenses, sec
45,856
See also V. 126, p. 2658.
Operating loss
-Earnings,
1111,395
Kelvinator Corp.
Interest and other income
11,632
Net earninus of 53,790 for the quarter ending Mar. 31 1928, as compared with a loss of 1443,834 for the same quarter of last year, are reported
Total less
$99.7.0
by C. K. Woodbridge. Pres, of the corporation. For the month of March Interest on notes payable. &c
5,610
1928, net earnings of 3256,713 are reported. For the first half of the fiscal
show a
comNet deficit for the year
Year ending Mar. 31 1928. operationssame sixnet loss of $463,C82 as year.
$105,441
months period of last
1985,202 for the
pared with a loss of
Profit and loss, deficit
193,142
On Mar. 31 1928, deferred selling and advertising expenses totalled 132,114 -v. 124. P. 3361.
as compared with 1381,597 on Mar. 31 1927.
Maytag Co., Newton, Ia.-Pref. Stock Offered.
sell 125,000 shares of treasury stock
The directors decided on Apr. 19 to
-J.& W•
to a group consisting principally of Detroit interests. The proceeds of this Seligman & Co. and Hayden, Stone & Co. are offering at
business
sale, together with receipts from the current operations of the liquidate will $50 per share and
endiv. 265,000 shares cumul. pref. stook
place the corporation in a strong liquid position and able to
bank obligations of $3.684,000. Sales of Kelvinators have been (without par value) carrying warrants for purchase of
tirely its
running each month from 30 to 60% ahead of corresponding months of last common stock. This
stook, to be issued to stockholders
year. The improvements in design and operating results accomplished this
year in the Nizer unit, produced for use in the ice cream, dairy and other pursuant to a proposed plan of recapitalization, is being
commercial fields, have stimulated sales and demand for these units. The acquired from individuals and its
offering involves no new
-V.126.
Detroit plant is running night and day to keep pace with orders.
financing by the company.
v. 1823.
Cumulative dividends at the rate of $3 per share per annum, payable
-Dividend.
Keystone Steel & Wire Co.
quarterly (frist dividend
before any dividends on
The directors have declared a quarterly dividend of 75c. per share on the the common stock. Red.payable Aug. 1 1928), at
all or part
time
that issue on a $3 per share
new common stock, no par value, placing on a basis of six new shares for on not less than AO days' notice. at any exempt 155 per share and div.
Divs,
from present normal
stock was recently split
annual basis. This
per Federal income taxes.
one old share of $100 par value. The new rats is equivalent to $18The tinental National Bank Rw,istrars, National City Bank New York, Con& Trust Co., Chicago. Transfer agents. Central
annually on the old stock, which received but $4 annually.
share
Union Trust Co. New York First Trust & Savings Bank. Chicago.
dividend is payable July 15 to holders of record July 5.-V. 126, p. 2486.
Data from Letter of E. H. Maytag, President of the Company.
-Earnings.
Kilauea Sugar Plantation Co.
Capitalization,
miter giving erect to proposed plan of recapitalization
Income Account Year Ended December 31 1927.
and sale of 10,000
$673,412
Gross income, $657,040; other income, $16,372; total income
shares of Cumul. 16 1st Prof. stock.)
144.702; marketing
Cost of production, $458,798; depreciation.
616,778
Authorized.
Outstanding.
charges, 1106,883; reserve for taxes, &c, 16,395
Cumul. $6 let pre.. stock (no pier value)_
200.000 tins.
100.000 ohs.
Cumul. pre.. stock (no par value)
320.000 alas.
320,000 shs.
Net Income
2,400,000 abs. 1.600.000 sec
def153,494 Common stow((no par value)
246 637
Previous surplus (adjusted)
There will also oe outstanding warrants, including the warrants carried
def$186,863 by the cumulative pre., stock, entitling Lae holders to subscribe or an
Profit and loss surplus
FINANCIAL CHRONICLE
MAY 5 1928.]
aggregte of 750,003 shares of the new common stock at $20 per share at any
time on or before May 1 1938. The authorized common sock includes
shares reserved tor the exercise of these warrants.
Company.-Ineorp. in Delaware in 1925. Is the outgrowth of a business
established by F. L. Maytag in 1893. Company, which Is the largest
manufacturer in the world of washing machines. does approximately
one-third of the entire washing machine business in the United States.
Maytag machines are distributed throughout the entire United States
through an organization consisting of approximately 2.000 dealers who
distrioute Maytag products exclusively, and through about 1.60C hardware,
furniture, implement and department stores. Approximately 90% of the
company's sales are made on the basis of immediate casb payment on sight
draft. In Canada the machines are distributed through The Maytag Co.,
Ltd., a wholly owned suosidiary.
Earnings.
-The net earnings of the company (including its predecessar
company) and its wholly owned subsidiary, after all charges including depreciation and Federal taxes, as certified by Messrs. Ernst & Ernst, have
been as ..ollaws:
Net .4vail.
for Divs.
Per Share
Machines
on Cumu. of CumU.
Net
alleftaar YearsEarnings. Pref. Stock. Pref. Stock.
Sold.
1924136,805 $2,267.309 $1,667,309
$151..6291
1925
3,741,180
186,390
4.341.180
1926
303.336
6.817.742
19.43
6.217,742
17.34
1927
5,551,688
264,911
6,151,688
Net earnings, as shown above,for the two years ended Dec.31 1927 averaged $6,484,715 annually, equivalent to over 4 times combined annual dividend requirements on the cumulative $6 first preferred stock and the cumulative preference stock to be presently outstanding.
After providing for the annual dividend requirements of the cumulative
$6 firs., preferred stock and of the cumulative preierenco stock, the balance
o.. the net earnings for the two years ended Dec.31 1927 averaged $4,924.715
or over $3.07 per share on 1,600.000 shares of new common stock to be presently outstanding, and after deducting sinking fund requirements on the
cumulative $6 first preferred stock, averaged $4,701.715 or $2.94 per share
to such common stock.
The introduction of a new madel in Sept. 1927, necessitating cenain
manufacturing adjustments, was responsible for the smaller production last
year than in the year preceding. With the exception of the third quarter
of tne year. when this new model was introduced, net earnings for each
quarterly period of 1927 were higher than for the corresponding quarter of
1926.
In order to synchronize production and shipments to dealers with actual
retail sales of machines to the consumer and to avoid accumulation of stocks
by dealers, a new policy of shipments was inaugurated at the beginning of
1928 which resulted in a reduction in net sales by the company for the first
quarter of 1928, as compared with the corresponding quarter of 1927, although retail sales by dealers were estimated to oe hIgner than in the first
quarter of 1927.
Balance Sheet.
-Current assets as shown oy the consolidated balance sheet
as of Dec.311927,adjusted to gi fe effect to the proposed plan of recapitalization and incidental financing, as certified by Ernst & Ernst. amounted to
$10,343,776. of which $5,896.618 was cash and marketable securities, as
compared with current lianilities of $2,612,320. Company carries Its patents and goodwill on its balance sheet at $1.
Stock Purchase Warrants.
-The cumulative preference stocs will carry
warrants entitling the holder of each share of cumulative preference stocic
to subscribe for 1 ti snares of the new corninw stock at any time on or oefore
May 1 1938 at $20 per snare. These warrants will be detachable omy wnen
exercised or in event of redemption of the cumulative preference stock.
provision will be made for protection against diluti'm of the subscription
privilege,
So long as any of the cumulative preference stock shall be outstanding, at
least one-half of all moneys received by the company from the exercise ofthe
stock Purchase warrants to be presently outatandWg win in credited to a
sinking fund to be applied to the purchase of cumulative preference stock
from which the appurtenant warrants shall have noon oetaened at or bet nir
the redemption price, or if not so obtainable, to the redemption of cumulative preference stock at such price.
Listing.-Companv has agreed to make application to list this stock on
theNew YOril Stock Exehange.-V 126, p. 2659.
Metropolitan Chain Stores, Inc.-Pref. Stock Called.
-
All of the outstanding cony, 1st and 2nd prof. stocks have been called
for Payment Aug. 1 next at 115 and diva. at the Bankers Trust Co.. 16
Wall St., New York City.
Pursuant to arrangements already entered into with the management,
George II. Burr & On,, intend offering the old prof. stockholders the right
I
,
w exchange their cumul. cony.at pref. stock or cumul. cony. 2nd pref.
stock (the conversion privilege 0 both classes of which has expired) on a
share for share basis for a new 7 e cumul, cony pref stock, series of 1928.
See V. 126, p. 2659, 2488.
A special meeting of the stockholders will be held on May 14 to consider
and vote upon a proposed amendment of the certificate a incorporation,
which amendment has been declared advisable by resolution of the board
of directors, and to transact any other business that may be brought before
the meeting. A brief sumillary of the changes to be effected by the proposed amendment(which would supersede the present article 4)is as follows:
It would authorize a total amount of 55,000,000 of new pref. stock, par
e100 each (all former prof. stock has been called for redemption), add would
Increase the common stock without par value, to an authorized amount of
400.000 shares. The proposed new pref. stock is to Consist of a series of
35,000 shares to be designated 7% cumuli, cony. pref. stock, series of 1928.
and of 15,000 shares of preferred stock issuable in one or more series, whereof
the serial designations, dividend rate (not exceeding 7% per year). sinking
fund if any, and conversion privilege, if any (not to be more favorable than
that for 7% cumul. pref. stock, series of 1928) are to be determined by
the board of directors at the the of the issue thereof. See also V. 126,
p. 2659, 2488.
Mexican Seaboard Oil Co.-Acguires Minority Interest
in International Petroleum Co. of Maine.
The company has acquired from various holders the minority stock interthe International Petroleum Co. of Maine. The Mexican concern
est in
has controlled the International company for some years.
The International company owns all of the outstanding stock of its four
subsidiaries, the Milham Expleration Co.,the Milhara Corp.,the Compitela
Internacional de Paroles) y Oleoductos and the Venezuelan Seaboard Qll
Co.
-V. 125, P. 2820,
Miller Rubber Co., Akron, Ohlo.-Defers Pref. Div.
-
er action on the n preferred dividend
The directors have voted te
o
due at thla time. The pref. etec Is entitled to cumul. diva, at the rate of
8% per annum, Quarterly dividends at this rate were paid regularly
1928 inol.-V. 126,9. 1364.
from June I 1925 to Mar. 1
Montgomery Ward & Co., Chicago.
-April Sales,-
1928-Aprii---1927.
$15,940,784 $16,557,218
-.V. 126, p. 2157, 1364.
Decrease. I 1928-4 Mat,
-1927.
$616,4341$61,517.279 861,791,141
Decrease
.
$273,862
National Hellas Hess Co.- Sates.
Period End. Ayr.30- -1928-Afon03-1927- -1928-4 Mat.
-1927$3,424,113 83,307.873 313.789,310 $12,270.920
Sales
-V.126, p. 2489. 1519.
National Dairy Products Corp.
-Seeks Control of TellingBelle Vernon Co.
-V. 126, 11. 2660.
see that company below.
-New Direotors.National Radiator Corp.
Lewis 0. Carpenter, of San Francisco, has been elected a director to fill
the unexpired term of his father, the late Clarence Carpenter. Andre
meetzanoffVice-President, has been elected a *meter to fill the unexpired
-V. 126, p. 115. 882.
term of the'late Francis L. Hine.
-Omits Extra Div.
Neild Mfg. Corp., New Bedford, Mass.
-The directors have declared the usual quarterly div. of $2 per share, but
have omitted the usual quarterly extra of $1 a share, which has been paid
since 1924. The regular div. is payable May 15 to holders of record May
3,-V. 126, P. 1519
.
2801
Neisner Bros., Inc.
-Sales.
Period End. Apr. 30- 1928
-Month-1927. 1928-4 Mos.-1927.
Sales
$690,760
$534.942 $2,183,816 $1,614,285
-V. 126. p. 2158. 1824.
(Geo. B.) Newton Coal Co.
-Defers Dividend.
The directors have decided to defer the semi-annual div. of 334% usually
paid May 1 on the 7% cumul. 1st pref. stock. 'Distributions at this rate
were paid on this issue from May 1 1926 to Nov. 1 1927. incl.-V. 125.
p. 3492.
Noblitt-Sparks Industries, Inc., Indianapolis Ind.Stock Offered.
-An issue of 20,000 shares common stock (no
par value) was recently offered at $27.50 per share by John
Burnham & Co., Inc., Chicago. The sale of this stock does
not represent any new financing by the corporation, but is
a purchase of part of the interest of the present stockholders.
CapitalizationAuthorized.
Issued.
Common stock (no par value)
75.000 shs. 60,000 sha,
Transfer agent, Harris Trust & Savings Bank, Chicago, Ill; registrar,
Continental Nat. Bank & Trust CO. of Chicago.
Listing.
-Application will be made to list this stock on the Chicago
Stock Exchange.
Data from Letter of Quintin G. Noblitt, President of the Company.
-Business was founded in 1919 with a limited
History & Business.
capital, for the purpose of manufacturing tire pumps. Company was
prosperous from the start and its growth required successive enlargements
of quarters and facilities. Late in 1920, the Arvin Automobile Heater was
acquired and proved to be a profitable addition to the business. In 1923,the
manufacture of steel tubing was added at the Greenwood plant. In 1925,
the company purchased the Dan Patch Novelty Co. and entered the
manufacture of children's wheeled toys which has come to be one of the
most popular lines in this branch of the toy industry. The business has
grown to its present proportions through the reinvestment of earnings.
In addition to contracts with large automobile manufacturers the company has additional accounts numbering over 2.500, representing wholesalers and retailers to whom automotive equipment and wheeled toys are
sold. The average number of operatives employed is 500.
-The audited balance sheet as of Dec. 31 1927, shows
Balance Sheet.
total current assets of 3550,578 and current liabilities of 378.712, a ratio of
7 to 1,and total net tangible assets of $727.684,equal to $12.12 per share of
common stock.
-Net earnings after all charges including Federal income
Earnings.
taxes, and after giving effect to reductions in overhead charges which are
effective as of Jan. 11928. were as follows for the 3
-year period ended Dec.
31 1927. averaging annually $216,839, equivalent to over $3.60 per share
of common stock outstanding:
1925.
1926.
1927.
3-yr. Aver.
Net earnings
3213.193
$238.707
3198.618
$216.829
-A dividend of 50 cents per share has been declared payable
Dividends.
July 1 192810 stockholders ofrecord June 20.
North American Car Corp.-Pref. Stock Offered.Blyth. Witter & Co. offered Apr. 30 at 96 and div. to yield
6.25% 20,000 shares (no par) 1st pref. stock series A entitled to $6 cumulative dividends.
-J.
Dividends payable Q. as declared (cumulative from May 11928)red.al
or part on any div. date on 30 days' notice at$110 per share,plus an amount
equal to accrued and unpaid dividends. Prof. as to assets over junior shares
to the extent of 3100 per share in the event of involuntary liquidation. and
$110 per share in the event of voluntary liquidation, plus in each case an
amount equal to accrued and unpaid dividends. Total authorized issue
50,000 shares, Lemable in series. To be presently outstanding 20.000 shares
(series Al. Dividends free from present normal Federal income tax, exempt
from personal property tax in Illinois. Transfer agent, Northern Trust
Co., Chicago. Registrar, Illinois Merchants Trust Co., Chicago.
CapitalizationAuthorized. Outstandino.
Equipment trustcertificates$4,490,000
First preferred stock (no par value)
50.040 shs. 20.000 shs.
1
Common stock (no par value)
125,000 shs. b113,347 shs.
a Issuance of additional funded debt and additional first pref. stk, to be
permitted only under Conservative restrictions. b Common stock may be
outstanding in the amount of 113,974 shares provided holders of 6% convertible debentures purchase fractional shares as permitted by the trust
indenture.
Data from Letter of H.H.Brigham,President of the Corporation.
Organizarion.-Corporation was incor. in Illinois in 1926 to take over the
business of the North American Car Co., which had its inception in 1908.
In each year since 1908 this buainess was operated at a profit. Corporation
owns, maintains and leases fleets of railroad rolling stock, which are used
largely In the shipment of perishable and liquid freight.
The major revenaes of the corporation are derived from rentals, mileage
and tariff charges for its equipment from railroads and shippers. The bulk
of the corporations' rolling stock is of sepcial construction, suitable for the
shipment of products in refrigeration, live poultry, Petroleum products.
molasses, mineral waters, turpentine, paints, extracts and vegetable oils. As
the demand for much of this equipment is seasonal in certain sections, and
as its repair and maintenance requires special experience, both railroad and
shippers find it in most cases advantageous to lease such cars, rather than
to own them outright.
The corporation does not make a practice of building its cars, and, consequently, eliminates the necessity of a large capital investment in manufacturing plants. It maintains completely equipped repair shops at Chicago.
III., North Jud.son, Ind., Coffeyville, Kan., and West Tulsa, Okla. Equipment is leased both on a long term contract and a mileage basis by many of
the large railroads.
The railroad equipment of the corporation and its subsidiaries on April
27 1928, oonsistecl of 2,294 tank cars. 1,674 refrigerator care. and 400 live
poultry cars. The purchase of 500 additional cars has been contracted for.
Rernings.-Earnings of the corporation for the fiscal years ended Jan.
31, were as follows:
1928.
1927.
Net earnings before deducting int, on funded debt
and depreciation
31,096.300
3618.635
Depreciation
251,776
163,960
Interest and amortlration
255,604
139.407
Reserves for Federal income taxes
69.683
44.371
Balsam,available for 1.t prof.elk,diva
$519,235
$270.896
Dividend requirements offirst preferred stock
120,000
In the above statement elimination has been made of interest charges on
convertible 6% debentures and certain equipment trust certificates which
are being retired in connection with the present financing.
For the fiscal year ended Jan. 31 1928, earnings. as shown above, available for dividends, were $519,235. or approximately 4.3 times dividends
requirements on presently outstanding first preferred stock. Such average
earnings for the five-year period 1923 to 1928 amounted to 4247,088. or
over twice such requirements.
Balance Sheet.-Uased on the balance sheet of Jan. 311928. after completion of present financing, net tangible assets applicable to said first
Preferred stock amount to 35.319.908 or over $365 per share.
Shaine Fuhd.-Beginning July 1 1930, and annually thereafter, the
cerPoratIon agrees to provide from net profits or surplus a sum which shall
be used to purchase and retire 400 shares of first preferred stock, series A.
at or below the redemption price, and if such amount of shares is not
obtainable at or below such price, to cause suMcient shares to be called for
redemption so that a total of 400 such shares will thus be retired annually.
Listing.
-Corporation has agreed to make application in due course to
list this stock on the Chicago Stock Exchange. The common stock of the
corporation is new listed and dealt in on the Chicago Stock Exchange.
Puryose.-Proceeds of the present issue will be used for the purchase of
additional equipment and for the retirement of obligations incurred in the
Purchase of equipment.
-V. 126. p. 2489.
North Butte Mining Co.
-Reorganization Approved.
-
The home offices of this company will be moved from Duluth to St. Paul
and the business offices from New York to Butte. All directors responsible
for placing the company in receivership have passed from the board according to Paul A. Gov, a director.
The stockholders last week voted to increase the authorized
stock from 1,000.000 shares, par 310,10 1,500,000 shares no of par capital
value,.
PI NA NCIAL CHRONICLE
2802
[VoL. 126.
stockholders to be give4the opportunity to purchase the new stock from the result that April sales this year included a lesser proportion of the seasonal
and Easter business than in 1927. In April 1927, the company was in the
treasury at $2.50 a share on the basis of 1 new share for each share held.
Corporate control of property has been completely changed according to midst of its silver anniversary celebration, and April was the silver anniMr. Gow. the stockholders have adopted a resolution censuring those sary month, with the result that an abnormal sales volume was developed.
responsible for placing the company in receivership and ordering the making an apparently unfavorable comparison with the year's normal
April program. Officials of the company see nothing in this April loss to
directors to take necessary legal steps to dissolve partnership.
The directors now are charies R. Leonard, J. J. Harrington, Paul A. indicate a bad year."
-V. 126, p. 2161, 1676.
Gow, Daniel Coleman and Arthur Perham, of Butte; Richard M. Atwater.
Phillips Petroleum Co.
-Listing.
Jr.. of New York: T. E. Murray and T. T. Geddes. of Minneapolis, and
The New York Stock Exchange has authorized the listing of $40,000,000
William P.Jahn. of Milwaukee. See also V. 126, p. 1210.
12
-year 53 % sinking fund gold debentures due June 1 1939.
1
,
- 3 Mos.End.
North American Investment Corp. (of Calif.).
Mar.31- 1928.
1926.
1925.
1927.
Balance Sheet Mar. 31.Gross earnings
68.623,381 612.879,312 89.982,596 $7,220,060
Exps.& Fed.taxes
1927.
5,518,290
2.853.659
6,074,593
3.861,332
AssetsLiabfitties1928.
1927.
1928.
Invest, at cost_ _ _$4,423,418 61,296.555 Preferred stock__ _81,753.000 $931,800
Net Inc. bef. depl. &
603,700
•Cash on dep..
142,949 Common stock_ 1,680,000
depreciation
83.105.091 66,804,719 86,121.264 $4,366,401
Cash & seed loans 467,614
208,514 Temp.ctfs. for coll.
150,000 -V. 126, p. 2143.
Accrued Interest__
it.5% gold bds_ 1,500.000
15,842
8.324
10,150
Disc, on cap.stk.. 152,610
109,958 Current liabilities.
Photomaton Inc.-Patent Rights for All Countries,
625
Disc.& exp.on bds 120,519
12,250 Miscell. credits_
13,977 Except U. S. 'and Its Dependencies and Russia Held by
26,295
Idiscell. assets....
334
464 Pref. div. payable_
A.
1.205
17.740
Prov. for Fed. tax_
61,058 English Concern.
Total(each side) 35,180.339 $1,770,690 Surplusand reserve 193,155
See Photomaton Parent Corp., Ltd., below.
-V.126. p. 2489.
Income Accountfor Calendar Year 1927 of Pholomaton,Inc.and its Subsidiary,
-Bonds.
-(The) Ogden (50 W.72d St. Corp.).
the Photomaton Operating Corp.
Definitive certificates of the 1st (closed) mt-e. 6 % 12-yr. sinking fund Profit for year, $107.088,
less est. res. for Fed. taxes, $7.498;
gold loan will be ready for exchange for interim receipts on May 7 at the
balance
99,590
offering in Less-Deficit
Guaranty Trust Co., trustee, 140 Broadway, N. Y. City. See
as of Dec.31 1926
52,365
V. 126. p. 590.
Profit and loss surplus at Dec.31 1927
$47,225
-Bonds
1512 Spruce Street (Corp.), Philadelphia, Pa.
Note.
-Cumulative dividends of 656.906 on the pref. stock remain unOffered.-Bioren & Co., Stroud & Co., Bank of North paid as of Dec. 31 1927.-V. 126, p. 2327.
America & Trust Co.and Colonial Trust Co. of Philadelphia,
Photomaton Parent
are offering at 101 and int., to yield about 5.90%,$2,200,000 Organized.
1st mtge. 6% sinking fund gold bonds, series A (closed)
An abridged statement by the
of C. Benton Cooper.
says in substance:
Dated as of April 1 1928: due April 1 1943. Total issue, $2,450,000.
consisting of $2,200.000 bonds of series A (this issue) and $250,000 bonds
of series B. Indenture will provide that series A bonds will have priority
In lien over series B bonds upon the mortgaged property or any part thereof,
and in case of foreclosure under said indenture and sale of the mortgaged
protaity the bonds of series A shall be paid in full, with int., from the proceeds of such sale before any portion of the proceeds shall be applied to the
payment of the bonds of series B. Prin. and int. payable at Pennsylvania
Co. for Ins. on Lives & Granting Annuities, Phila., Pa., trustee. Int.
payable A. & 0. Payment of prin. and int. on these bonds will be guaranteed by the 1512 Spruce St. Corp., without deduction of the Penn. State
tax of 4 mills on bonds held by residents of Penn. and without reduction
for the normal Federal income tax not exceeding 2%.
The 1512 Spruce St. Corp. will own in fee the property situated on the
southwest corner of Spruce and Hicks Sts. (between 15th and 16th Sts.).
in Philadelphia, containing approximately 14.000 square feet of land.
There will be erected on this site a modern 27-story brick and stone efficiency-type apartment building, containing approximately 2.875,000 cu. ft.
This building, upon completion, will be known as the "Fifteen-Twelve
Spruce" Apartments.
These bonds will be secured by a closed 1st mtge. on land and building,
which has been appraised by J. Willison Smith at 83.308,650 upon completion. The proceeds of these bonds, together with those to be derived from
Junior financing, will be sufficient to cover the contracts for the construction of the building and will be deposited with the trustee to be paid out
from time to time upon vouchers approved by the architects.
Net income after operating expenses, taxes, insurance. &c., available for
int. and depreciation has been estimated by .7. Willison Smith, at $387,800
or over 2.93 times annual int. requirement on $2,200,000 1st mtge. 6%
gold bonds, series A (this issue).
Otis Steel Co.
-April Shipments.
Month of AprilSales
-V. 126, p. 2661. 2160.
1928.
1927.
$2,933,387 $2,386,360
Increase.
$547,027
Owens Bottle Co.(& Subs.)-Earnings.-
1925.
Quar. End. Mar, 31- 1928.
1926.
1927.
Mfg. profit & royalties_ - 61,523,767 61,720.138 $1,778.782 $1,549,938
59,341
Other income
290.243
365,524
129.537
Total income
Operating expenses
Federaltax
Net profit
Slut. corn. stk. outst'd'g
(par $25)
Earns per share
-V. 126. p. 2326.
$1,653.304 $2,010.381 $2,144.306 $1.609,279
514,089
717.364
732,694
736.327
197,200
153,500
125,200
173,900
$791,777 $1,119,117 $1,214,412
$941,690
729.906
$1.34
760,548
$1.01
767.186
$0.94
661,128
$1.62
-Stock Split Up.
Pacific Finance Corp., Los Angeles.
The articles of incorporation have been amended, reducing the par
value of the preferred and common stock from 6100 per share to $25 per
-share and increasing the number of shares of preferred and common stock
by 4 times the number respectively, authorized under the articles prior to
the amendment. Holders have been requested to send the outstanding
-certificates, of $100 par, to Secretary Preston Hotchicis, at Room 504,
Pacific Finance Bldg.. Los Angeles, Calif.. to be cancelled and exchanged
par value of $25 each of the same respective class
for new certificates of
,and series as those surrendered on the basis of 4 shares of new stock of $25
-V. 126, p. 1210.
each share of stock of $100 par value.
par value for
-Reorganization. Completed.
Pacific States Lumber Co.
-V.124, p. 3508.
See Coos Bay Lumber Co. above.
-Stock Increase Approved.
Park & Tilford, Inc.
At a special meeting on May 3, the stockholders authorized an increase
..of 50,000 shares in the capital stock bringing the authorized amount to
250,000 shares of no par value (of which 200,000 shares are outstanding).
-V. 126, p. 2661.
-Plan of Consolidation Approved.
Peabody Coal Co.
the plan of consolidation with the
The stockholders have approved
the Southern Counties
Industrial Coal Co.. the Midland Counties Coal Co..Big Muddy Co.
Co. and
• Coal Co., the Merchants Metropolitanchange inthe capitalization to conthe
the
The stockholders also approvedbonds, 200 000 shs. of 8100 par 6% pref.
sist of 812,500,000 1st mtge. 5%
stock, of which 150,000 shares are to be issued. 2k...000 shs. of $25 par
stock.
-class A common and 1.500.000 shares of no-par class B common
See also V. 126. p. 2661; V. 122, p. 3222.
-
-Annual Report.Penman*, Ltd., Montreal.
1925.
1924.
1926.
192'.
Calendar Years$6,937,038 $6,777,400 $6,431,153 $5,314,107
Sales
618,099
570,078
695,537
720,571
Profits
100,000
50,000
100.000
100,000
-Depredation
Deduct
100,000
100,000
100.000
110,000
Bond interest
25.000
30,000
35,000
35,000
Income taxes
18,460
25,068
43,706
26,257
Bad dts., &c., writ.off
8363.031
$351,372
$442,077
6449,314
Net income
64.500
64,500
64,500
64,500
Pref. dividends(6%)215,060
215,060
215,060
279,578
Common diva
Surplus
Total profit and loss_ _ _ _
- 126, p. 1520.
V.
$105,236
1,539,831
8162,518
1.434,596
$83,471
1,384,737
-April Gross Sales.(J. C.) Penney Co., Inc. 1928-4 Mos.-1927.
871,812
1.301,267
Increase.
Decrease.
1928-A/3dt-1927.
$5,664,733
:112.993,109 613,720,856 $727,746 642,793,309 637,128,576 Sams said:
Commenting on business in April 1928, President Earl C. the same
"April 1928, had one less selling day and one less Saturday than
,month last year. Easter was a week earlier this year than last, with the
Corp., (Ltd.)
England-.
directors, issued for public information.
The corporation having an authorized capitalization of £1,800,000,
divided into 7.200,000 shares of 5s. each, of which there is issued £1,428.500,
holds the patent rights for the "Photomaton" machine for all countries of
the world. excepting U. S. A. and its dependencies, and Russia.
The policy of the company is (a) to operate (and under certain conditions
to dispose of) the machines in the British Isles, (b) to dispose of machines
outright for cash in other countries in which the company holds patent
rights, retaining the sole right to supply the special sensitized paper required, chemicals, spare parts, &c., and (c) to dispose of the rights for
foreign countries.
The company is opening a chain of studios in the British Isles, and has
already secured freehold and leasehold sites in the principal thoroughfares
of many important centres, and is also installing studios in selected department stores, shops, exhibitions. &c. By July, upwards of 150 machines will
be installed and working. A well equipped assembly factory and stores has
been established at Brixton, London. S.W. The sites are carefully selected
with a view to the establishment of the business ass permanent photographic
enterprise. It is estimated that 750 machines can be profitably installed in
the British Isles on the present basis of working, viz., that of a minimum
individual installation of 2 machines.
The proceeds of the sales of patent rights already effected and the net
profits trom the sale of machines (for which orders have already been
roc,AN ed and accepted for over 2,500) exceed the amount of the present
issued capital of the company.
From enquires for machines from all parts of the world it is believed that
at least 5,000 machines will be disposed of in the countries included in the
company's rights.
In connection with the sale of machines abroad, and the disposal of patent
rights,the company will retain the sole right to supply sensitized paper,from
which source an annual profit or royalty of about El® par machine is
anticipated.
The directors are: The Marquis of Winchester, Chairman; Gen. R. C.
Davis, New York (President of Photomaton Inc.. incorp. in New York):
Ronald Percy Gaze (Managing Director of Drapery Trust, Lid.. London):
Walter Dailey Morgan, London; Wilfrid de Selincourt, London: Sir William
Veno,Cheshire; George Maurice Wright(Managing Director of Debenhams.
Ltd.).
(Albert) Pick & Co.(& Subs.).
-Annual Report.
-
Year End. Jan. 311928.
1927.
1926.
1925.
Net sales
$27,921,180 $29,722,640 $16.358,794 $17,025,466
Cost of sales, taxes, &c_ 26,703,817 28,021,665 18,210.916 15,971.416
Net profit
$1,217.363 $1.700,975 61,147,879 61.054,050
Preferred dividends_ _ _1
Not
305,471
214,814
224,642
Common dividends
!Reported 1
510.000
480.000
479,747
Balance surplus
$885,504
$453,064
$349,662
Consolidated Balance Sheet Jan. 31 1928.
Assets1 Liabilities
'
Cash
61,262,129 Notes & accounts payable .... 84,473,864
Customers' accts., notes &
I Notes pay, due subsq. 5*
acceptances rec., &c
x10,300.109 I Feb. 1 1929
42,522
Marketable securities
246,875 Real estate mtges. pay
Cash sur, value of life Instr.
I Customers'credit balanees...._
211,737
policies
94,138 Accrued liabilities
227,559
Investments
1,805,252 Federal income tax lest.) --155,000
Merchandise inventories.
_._ 6,312,057 10-yr.6% debentures
5,500,000
Advances to manufacturers__
62,020 Res.for contingencies, &is __ _
8(15,342
Sundry accounts receivable &
7% preferred stock
5,720.300
miscellaneous accounts._
210,480 Common stock
4,000,001
Land, buildings dE equipment 6,528,888 Surplus
5,766,072
Good-will
1
Deferred & prepaid expenses. 1,193,948
Total
$28,015,897
Total
$28,015,897
x Includes notes. accounts and sundry receivables, including
accrued
Interest, after allowing 61,357.-V. 124, p. 3364.
Pierce-Arrow Motor Car Co.
-Quarterly Earnings.-
Quar. End. Mar.311928.
Net earnings
loss$157,799
Interest,&c
109,667
Interest, &c
92,297
1927,
$286,185
129,258
al13,153
1926.
$687,846
204,590
al54.274
1925.
6550,964
192,984
a157,564
Net income
loss$359,763
x$43,774
$328,982
$200,416
a Includes Federal taxes. x The net income of
to 43 cents a share earned on 100,000 shares$43,774 for 1927 is equivalent
of 8% cumulative preferred
stock. This compares with $328,982, equal to $3.28 a share on the preferred
and 39 cents a share on 328,750 outstanding shares of common stock in ths
first quarter of 1926.-V. 126, p. 1188.
Pierce, Butler & Pierce Mfg. Co.
-Defers
Dividends.
The directors have voted to defer the quarterly diva.
7% cumul. 1st pref. stock and 8% cumul. pref. stock. due May 1 on the
The common div.
usually paid April 15 was omitted. See V. 126, p. 2161.
Piggly Wiggly Corp.
-Annual Report.
-
Calendar YearsTotal income
Operating expenses
Net oper. profit before Federal taxes
-V. 126. p. 2661.
Purity Bakeries Corp.
-Initial
Preferred and Common Stocks.
-
1927.
$1,101.697
250,627
1926.
$985,110
199,680
8851,070
$785,436
Dividends
of Nets
The directors have declared an initial quarterly dividend of 75
per
share on the new common stock and an initial dividend of 83 8-10 cents per
cents
share, being at the annual rate of $6 per share for the period from Apr, 12
1928, the date of Issue, to June 1 1928, on the $6 preferred stock, both
gati k).JAu . 1 .t1ho2ders of record May 15. (See also V. 126. p. 2490.
.
ide itt
fie 1
)
3 .
6
MAY 5 1928.]
2803
FINANCIAL CHRONICLE
Queen City Petroleum Products Co., Cincinnati, O.-Gibson & Gradison, Cincinnati, rePref. Stock Offered.
cently offered $300,000 7% cumulative pref. stock at par
($100) and div.
-J. Preferred as to assets to the extent of $110
Dividends payable Q.
or liquidation, and $100
per share and diva, upon voluntary dissolution or liquidation. Callable
and diva, upon involuntary dissolution
Per share
notice. This stock is not required,
30 days'
all or part at 110 and diva. onOhio. to be listed for personal property taxunder the present statutes of
normal Federal income
ation in Ohio,and dividends are exempt from presentCo.. Cincinnati.
tax. Transfer agent and registrar-Central TrustAuthorized. Outstanding.
Capitalization$300.000
$600.000
par)
7% cumul. preferred stock ($100
12,000 abs. 12,000 abs.Comn
stock (no par)
Levenson, President of the Company.
Data from Letter of Louis
-Organized in Ohio, in Oct. 1923 and acquired the gasoline
Company.
Levenson
and oil business which was carried on as a partnerhsip by Louis
of gasoline service staand John Stilipass. Company operates a chain
located throughout the metropolitan
tions, of which it ovrns 20,strategically
does a
and suburban districts of Cincinnati. In addition, the company
has
large wholesale business through its main storage plant. Company this
registered the trade name "Bear Power," and throughout its existence sale
has been constantly advertised and used in connection with the
name
of its products.
The company owns in fee simple or leases with privilege of purchase all
carried on.
of its properties through which its operations are successful, having shown
.-Company has been continuously
Earnings
increasing sales and profits each year since its inception. Sales and net
earnings, after depreciation, interest and taxes for the years 1924 to 1927.
inclusive, as audited by Haskins and Sells, have been as foillows: Earns.
Net Sales. Net.
$35,156
$486,152
1924
38,786
743,020
1925
55.901
1,038,402
1926
75,474
1,056.363
1927
Assets.-Companv's balance sheet as of March 31 1928, adjusted to give
effect to this financing, shows net tangible assets of $215 per share of preferred stock outstanding.
-Proceeds will be used to acquire additional service stations,
purpose.
and for other corporate purposes.
Listing -Application will be made to list this stock on the Cincinnati
Stock Exchange.
-Listing.
Republic Iron & Steel Co.
The New York Stock Exchange has authorized the listing of 324.519
additional shares without par value common stock, (a) 296.030 shares
thereof on official notice of issuance for the property and assets of the
Trumbull Steel Co., and (h) 26.489 shares on official notice of issuance to
the holders of options to purchase common stock of the Republic company.
making the total applied for to date 624.519 shares without par value of
-V. 126, p. 2490.
the common stock of the Republic company.
-Listing.
Richfield Oil Co. of Calif.
The New York Stock Exchange has authorized the listing of $425.728
additional common stock (par 625) on official notice of issuance as a stock
dividend making the total amount applied for 644.080,803.
President James A. Talbot says: "All factors point toward 1928 being the
most successful year in the history of the company. Notwithstanding the
fact that a very much larger amount than ever was written off for tangible
drilling expenses, depletion and depreciation, the earnings for the first
quarter of the year are 70% above the first quarter of last year.
"For the first 3 months of 1928, earnings are at the rate of 64.32 per
share annually, compared with the rate of 62.52 during the first quarter
of 1927. Increased earnings in the latter quarters of 1927. however.
brought the net profits for the year up to $3.07 per share.
"The(company produced 2,457.000 barrels of crude oil and casinghead gas
during the first quarter of 1928, compared with 1,549.000 during the first
quarter last year, an increase of 60%. Total sales for the first quarter were
510,147,643. compared with 68,943.076 the same quarter in 1927. The
company sold 50.102.075 gallons of gasoline the first quarter of 1928,
an increase of 18,492,947 gallons over 1927.
"The remaining three-quarters of the year should show materially increased profits in all departments," Mr. Talbot said. "All the wells the
company is now drilling shciuld be completed within the next 90 days and
will greatly increase oar present production. Sales will not only benefit
from the normal seasonal increase, but from new channels of distribution
which are opening un in both domestic and export fields."
The San Francisco Stock Exchange has authorized the listing of 400.000
shares of 7% eumul. pref. stock ter warrants).
1927.
1928.
Results for 3 Months Ended Match 31$2,578,444 $1,363,775
Net income from operations
317.918
953.947
Depletion and depreciation
f 54,828
Interest on notes payable and purchase contracts } 233,979
1253.014
Interest on bonds and gold notes
Net income (before Federal income tax)
-V.126, p. 2491.
$1.390.518
$738,015
-Bonds Offered.
Ross Stores, Inc., Yonkers, N. Y.
-A. R.
-Stock Offered.
Raquel Inc., New York City.
New York and Philadelphia, are
Webb & Co., Inc., New York, are offering 10,000 class A Commonwealth Bond Corp.,mtge. leasehold serial gold loan
offering $300,000 6M% 1st
stook (no par value) at $40 per share.
Authorized. Outstanding. at par and int.
Capitalization
19.289 shs.
50.000 shs.
Class A (no par)
5.000 abs.
5.000 abs.
Class B stock ($1 Par)
Registrar: Bank of New York & Trust Co. Transfer agent: Farmers'
Loan & Trust Co.
Stock provisions -Class A stock is non-redeemable, non-voting and entitled to non-cumulative dividends at the rate of $4.20 per share per annum
-J.) After payment of dividends at the rate of $4.20 per share
payable (Q.
the remainder of the fund, determined
per annum on the class A stock as dividends, shall be divided one-half by
to
directors to be distributed
the
of the class A stock, as a class, and one-half to the holders of the
the holders
class B stock, as a class, irrespective of the amount of the dividend to be paid
such classes.
of
on each share of stock of either ofliquidation. dissolution or winding up.
assets,
Upon distribution
class A stock shall be entitled to receive out of assets of the corporation
pop per share before any payments to the holders of class B stock, and
thereafter. as a class, one-half of the balance of the fund to be distributed,
and the holders of the class B stock, as a class, shall receive the remaining
one-half, irrespective of the amount distributed to each share of stock of
either class.
No stock may be created or issued which shall be preferred over the class
A stock as to dividends or in the distribution of assets, on dissolution or
otherwise, without the consent of two-thirds of the class A stock.
-Company has become well and favorably known throughout
Business.
the United States as a manufacturer of a distinctive line of cosmetics.
perfumes and toiletries. Sales are effected through about 80 of the principal distributors and jobbers in the United States. About 95% of the
largest and best known department stores and chain and independent drug
stores now carry the Raquel line.
Raquel's merchandising campaign has been in porgress only since January 1926. but according to available in.ormation its volume of sales has surceased all known records of its older competitors during similar initial
periods.
Real Estate Board Building Co., San Antonio, Tex.
-Federal Commerce Trust Co. in St. Louis
Notes Offered.
are offering at 100 and int., $210,000 1st mtge. real estate
serial 53% gold notes.
Dated May 1 1926: due serially May 1 1930 and May 1 1946. Murray
Hill Trust Co. trustee.
-Secured by a first mortgage on the leasehold located on Main
Security.
St. adjacent to Getty Square. Yonkers, N. Y., and the modern department store building to be erected thereon. The plot of ground contains
approximately 15,000 sq. ft. The lease which has been given to the borrowing corporation does not expire until after the bond certificates of this
issue have been fully retired. Under the terms of the mortgage the lease
has been assigned to the trustee for the life of this loan.
-In Feb. 1920 the Ross Stores, Inc. was organized to establish
Company.
In well selected localities in thickly populated cities throughout the East a
chain of retail department stores. The Ross Stores, Inc. prospered immediately and have now a chain of 23 department stores and will open 2
additional stores in the near future.
These stores have a close affiliation with Bachrack Bros., Inc.
-The building is being constructed for and has already in Its
Earnings.
entirety been leased to the Ross Stores, Inc. by the borrowing corporation
(Ross Yonkers Corp.). This lease expires after the final maturity of the
bond certificates of this loan and under the terms of the lease the owning
corporation will receive $60,000 Per year which will be applicable to the
payment of ground rent, interest and amortization. All other charges
including the operation of the building must be paid by the Roes Stores,
-V. 126, p. 2161.
Inc.
-Initial Class A
Roxy Theatre (Roxy Theatre Corp.)
Dividend.
The directors have declared an initial quarterly dividend of 8734c, per
share on the class A stock, no par value, payable June 1 to holders of
record May 15.
Holders of this class of stock are entitled to receive dividends of $3.50 per
annum dating from Dec. 1 1925. As of Mar. 1,there was an accumulation
on this issue of $8.75 a share. Defaults in 4 quarterly dividends, after
June 1 1927, it is stated, would have enabled the class A stockholders to
elect a majority of the board of directors and continue them in power until
the defaults and any further defaults were completely removed. (See
offering in V. 121, p. 2416).-V. 126, p. 1825.
-Merger Consummated.Ruberoid Co.
.
Dated July 15 1927; due serially July 15 1929-1937. Prin. and int.
A merger has just been consummated under the name The Rubberoid Co..
Lt, & J.) payable at Federal Commerce Trust Co., trustee, St. Louts, Mo. of the assets of 3 leading roofing manufacturers, resulting in the formaton
benom. $500 and 61,000c*. Red. all or part on any int. date on 60 days' of the largest organization in the United States engaged in the manufacnotice at 102 and int. Normal Federal income tax up to 2% paid.
ture and distribution of asphalt shingle and roofing products. The three
securitg.-These notes are the obligation of the company, a corporation companies whose assets have been merged are the Ruberoid Co., H. F.
of San Antonio, Texas, composed of members of the Real Estate Board Watson Co. and the Continental Roofing & Mfg. Co.
The Ruberoid Co. has roofing, paint and floor covering factories at
of San Antonio, and are further secured by a closed 1st mtge. on valuable
-story Bound Brook, N. J.; also a roofing factory and felt mill at Joliet, Ill. The
land and improvements in San Antonio, Texas. The building is a 10
fire-proof, reinforced concrete, brick and terra cotta structure which covers H. F. Watson Co. has a roofing factory, asbestos plant and felt mill at
practically the entire lot, which measures 50 x 100 feet. On account of the Erie, Pa.: also a roofing factory at Chicago, 111. The Continental Roofing
close affiliation between the Real Estate Board and the contractors and & Mfg. Co. has roofing factories at Baltimore, Md.. and at Mobile, Ala.
material men of the city, the cost of the building was held at a very low
After the merger, the Ruberoid Co. will have outstanding 135.359
figure. There are 529,850 cubic feet in the building and the cost of con- shares ofcommon stock, with no funded debt, nor debenture nor pref.stock.
struction was only 52c. per cubic foot, which is from 15c. to 16c. per cubic The consolidated balance sheet of the Ruberoid Co. and its subsidiaries as
of Dec. 31 1927 shows current assets $7,583,713; current liabilities $1.358.foot less than the prevailing cost of structures of this type.
There are 4 stores on the first floor and 145 offices on the upper floors.
936: bearing a ratio of 5.58. The net worth amounts to $16,089,596.
Each division of the Ruberoid Co. will maintain its identity and will
Redlands-West Coast Corp., Los Angeles.
-Bonds function independently of the other divisions, with the same executives,
Furtheras
Offered.-California Co. Drake, Riley & Thomas and Brad- sales representatives, office staffs and personnellinein the past. under the
of products
more, each division will
ford, Kimball & Co., I]os Angeles, are offering at 100 and same established brands continue to market the
as heretofore.
Co. will be enlarged to 15 by the
The board of directors of the
int. $190,000 1st closed mtge. 7% serial gold bonds uncon- addition of former officers of theRuberoidand Continental companies. The
ditionally guaranteed as to principal and interest by the former presidents of the WatsonWatson
and Continental companies respectively
will be vice-presidents of the Ruberoid Co. The officers of the Rubberoid
West Coast Theatres, Inc.
Dated Dec. 1 1927; due serially Dec. 1 1930 to 1942, hid. Denom. Co. will be as follows: Herbert Abraham. President; E. H. Morris. H. C.
-Presidents: A. F. Georg',
Bonney, R. W. Potter and T. M. Rianhard, V.
.
g1,000 and $500c5 Principal and int, payable at Merchants National
Trost & Savings Bank, Los Angeles, trustee. Int. payable J. & D. without Treasurer; E. M. Johnson, Secretary.
The line of products manufactured and marketed by the consolidated
for the normal Federal income tax up to 2%. Red. all or part
deduction
companies include the following: asphalt shingles and roll roofings; asbestos
on any int. date, on 30 days' notice, until and incl. Dec. 1 1937, a 105 and
felts, asbestos pipe coverings and insulating materials:
int,thereafter at 102X and hit. Exempt from personal property taxes shingles, asbestos
tarred felts and pitch, also asphalted felts and solid asphalt used for the
in ualifornia.
construction of built-up roofs: felt base floor coverings. building and sheath-V. 126.
Data from Letter of Harry M. Sugarman, President of the Co.
ing papers; roof paints, plastics and water-proofing materials.
company -Organized in 1927 to purchase a site in the City of Redlands, P. 1999.
calif., to erect thereon a theatre and store building and to lease the same to
Ruhr Chemical Corp. (Ruhrchemie Aktiengesellthe West Coast Junior Circuit, Inc. The stock of the company is prin-Dillon, Read & Co. International
doily owned by the West Coast Junior Circuit.Inc., 50% of the capital schaft).
-Bonds Sold.
stock of which is in turn owned by the West Coast Theatres, Inc.
-West Coast Theatres. Inc., owns, leases and Acceptance Bank, Inc., and J. Henry Schroder Banking
Guarantor Company.
operates in excess of 200 motion picture theatres and is one of the largest Corp. have sold at 92X and int., to yield over 6.70%,
and most successful theatre-operating companies in the United States. $4,000,000 6% sinking fund mtge. bonds, series "A." A
These theatres are located in five Pacific Coast States with an aggregate
seating capacity of approximately 300.000. In 1927 gross revenue was substantial amount of the issue was withdrawn for offering
$30,000,000 on the basis of 67,000.000 paid admissions annually.
in Europe.
Late in 1927 the control of the West Coast Theatres. Inc. passed into the
Datel Apr. 1 1028: due Apr. 1 1948. Series "A" bonds authorized and
hands of the Fox Film Corp. at a price which would indicate a market
presently to be issued $4.000,000. Denom. $1,000 c•. Principal and int.
value of $14,500,000 for the outstanding capital stock of the company.
-The entire building has been leased until Dec. 1 1943 to the (A. & 0.) payable in United States gold coin at the principal office of
income.
.
without deduction for any taxes, present
West Coast Junior Circuit, Inc. for an annual rental of $50,000. which Ise Dillon. Read & Co., New York.
future, levied by German governmental authorities. Bondholders may,
net rental as the lessee agrees to pay all taxes, assessments,insurance or their option, collect principal and interest in London at the office of M.
operating costs and all other incidental expenditures in connec- at
premiums,
Samuel & Co.. Ltd., in pounds sterling: in Amsterdam at the offices of
tion with the maintenance of the above property. This is approximately Mendelssohn & Co.. Amsterdam and Nederlandache Handel-Maatschappir
3.8 times the maximum interest requirements and over 2 times the com- in guilders: or in Zurich at the office of Credit Suisse. in SWIM'
francs: in
bined annual requirements for both interest and principal.
each case at the buying rate for signt exchange on New York on the date of
2804
FINANCIAL CHRONICLE
[VOL. 126.
presentation for collection. In addition to sinking fund redemption. series Data from Letter of Richard D. Zucker, President of the Company.
"A" bonds are to be redeemable as a whole or in part by lot,on any interest
History
-The business was started in July 1926 by Joseph
date,on 30 days' notice, to and incl. Apr. 1 1933, at 105 and int.; thereafter C. Benderand Business.
and Pres. Zucker, after many years of experimentation. After
to and incl. Apr. 1 1938, at 103 and int.; thereafter to and incl. Apr. 1
1943. at 102 and int.; and thereafter prior to maturity, at 101 and int. Perfecting "Rumidor," the demand from all quarters developed very
quickly and it is now necessary'to largely increase the production and tickles
International Acceptance Trust Co., New York, American trustee; Deutsche facilities.
The corporation's product consists of "Rumidor-Humidor, a
Kreditsicherung A. G. Berlin, German trustee.
container
Sinking Fund,-Thelndenture is to provide for a sinking fund of $211.000 fied rum handsome in design for cigars,tobacco and cigarettes, and a solidirefill. The containers are made in several sizes and many differper annum, sufficient to retire the entire issue of series 'A" bonds by maturity, to operate by semi-annual call by lot (first redemption Oct. 11929) ent finishes, adapted to all types of buyers. The "Rumidor" refill is a new
and unique form of tobacco moistener that is highly efficient and most
at 100 and interest.
original. It
-year-old rum, denatured especially for
Data from Letter of Dr. Fritz Mueller, Member of Executive Board. the tobacco is made from real 12
Company.-Orgardzed under the laws of Germany in Nov. 1927 by ment. The industry, and issued under permit of the Prohibition Departrum evaporates like liquid rum and enters the pores of the
important coal and steel companies located in the Ruhr district. Upon
completion of the plan now under construction the company will be equipped tobacco, keeping it fresh and bringing out the natural flavor and aroma.
These humidors and refills are sold by the leading tobacconists, stores.
to produce ammonia, nitric acid and fertilizer, utilizing coke oven gas as a
raw material. Manufacturing will be carried on under certain patented restaurants, hotels, clubs, &c. Present customers and distributors numprocesses, known as the Concordia-Linde and Casale processes. Company ber over 400.
Earnings.
-From the inception of the business the management concluded
was formed after several years of research in the development of methods for not to
increase facilities until the product was fully proved and the actual
the more profitable utilization of the enormous quantities of coke-oven gas demand established
to such an extent that new capital could reasonably
produced in the Ruhr district. Contracts, extending beyond the maturity expect a good
date of the series "A" bonds, assure the company a supply of coke-oven conservatively return. The management is now convinced that with the
increased working capital and expanded sales organization
gas in amounts adequate for its requirements.
a very
The company's plant, which is now under construction, is expected to be figures substantial net income will be available for dividends. Based on
of the sales
completed by Apr. 1 1929, at a cost of approximately $5,000,000. The at about $120,000. department, earnings for the first year are estimated
plant is to have an annual capacity of nitrogen products having a nitrogen outstanding. These This is equivalent to $6 per share of comnion stock
content of approximately 21,500 metric tons. It is expected that during refill business, which figures, however, make little allowance for profitable
is recording heavy percentage increases as more and
the first year of operation the plant will produce nitrogen products having a more "Rumidor
Humidors" are sold. 'The continuous repeat orders for
nitrogen content of approximately 16,100 metric tons. The nitrogen content refills in large quantities will
greatly contribute to the future growth of
offertilizer and other nitrogen products is the basis of value ofsuch material earnings.
in the trade.
Dividends.
-The management believes it will be possible to inaugurate
The company has acquired rights in Germany to the Concordia-Linde dividends at the annual rate of
$1.40 per share.
process for the production of hydrogen and nitrogen from coke-oven gas
Listing.'Application will be made to list this stock on the New York
and to the Casale process for the production of synthetic ammonia from Curb Market,
hydrogen and nitrogen. The practicability of these two processes has been
Receives Patent Rights.
established through their use for a number of years. Combined operation facture of solidified -Patents and claims of the corporation to the manuof these two processes increases the economic value of each. The plant nitely granted by therum used in "Rumidor Humidors" have been defiU. S. Patent Office, according to a recent announcewhich the company is now constructing will be the first in Germany to ment by Joseph C. Bender,
Secretary of the corporation.
combine the two processes in its operations. The productive capacity of the
various plants now operating under the Casale process, together with those
Ryan Car Co.
-Earnings.
Under construction, is equivalent to more than one-third of the world proCalendar Years1927.
1926.
1925.
duction of synthetic nitrogen in 1927.
Gross sales
$2,049,071 $1,402,640 $4,024,242
The company is to be a member of the German ammonia syndicate, which Operating expenses
4,074,370
1.995,874
1,486,255
Is obligated to pcurchase synthetic nitrogen produced by its members at a Depreciation
81,924
92,409
79,907
uniform price for all members and in proportion to their participations in
the syndicate. This syndicate and the German nitrogen syndicate of which
Operating deficit
$132,052
$39,212
$163,523
a member distribute practically all of the synthetic nitrogen products Other income
it is
46,479
62,472
39.485
manufactured in Germany.
Medeed Kock Subscriptions.
-The capital stock of the company amounts to
Total deficit
prof423,260
$85,573
$124,038
27,000,000 Reichsmarks (36,426,000) par value, all of which has been Dividends paid
140,000
40,000
40,000
subscribed for and on which 9,000,000 Reichsmarks has been paid. The
balance of 18,000,000 Reichsmarks ($4,284,000) is due and the right to
Year's deficit
$16,740
$164,038
$225.573
demand and receive payment of such balance is to be pledged, by assign- -V.124, p.3082.
ment to Deutsche Iedit.sicherung A. G., Berlin. the German trustee, as
additional security for the series "A" bonds. The German trustee is to have
Ryan Consol. Petroleum Corp.(& Subs.).
-Report.
the right to enforce such payment at any time in case of default under the
Calendar Years1927.
1926.
1924.
1925.
indenture and the stockholders are to agree to make such payment in xNet profit
$186,684
$284,410
$642.981
$4413.892
dollars, at par of exchange, upon demand of the German trustee.
x Before deduction of depreciation, depletion and drilling expenses.
The company's capital stock is now held by 28 companies controlling V. 124, p. 3366.
about 70% of the coke-oven gas production of the entire Ruhr district.
These companies also control about 70% of the estimated reserves of reSt. Louis Rocky Mountain & Pacific Co.
-Earnings.
coverable coal in this district, which at the present rate of production should
Calendar Years1927.
1926.
1925,
1924.
last several hundred years.
Coal sales
6
• Among the more important of the stockholders are: United Steel Works Cost of sales, operating $2.639,758 $2,406,951 $2,233,821 $2,557,76
Corp. (Vereinigte Stahlwerke A. G.), Harpen Mining Corp. (Harpener
& gen. exp., &c
1,881.610
1.886,42
8
1.695,826
1,587,399
Bergbau A. G.), Frederick Krupp Corp.(Fried. Krupp A. G.), Hoesch Iron
& Steel Corp. (Eisen-und Stahlwerk Hoesch A. G.), Mathias Stinnes
te
Gross revenue
$758.148
$671,338
$711,125
$646,422
Mining Co. Gewerkschaft Mathias Stinnes), Good Hope Mining & Steel Other income
75,051
63,221
101,254
54,485
Corp. (Gu
offnungshuette Aktienverein fuer Berghau und Huettenbetrieb), Mannesmann Tube Corp.(Mannesmannroehren-Werke A. G.).
Total income
$833,199
$772,592
$774,346
$700,907
Indenture Prorisions.-Serim-"A" bonds are to be the direct obligation Int.. Fed. tax, &c
299,063
314,895
313,373
291,829
of the company and are to be secured, in the opinion of counsel, by (a) a Deprec't'n & deplet n- _
226,243
220,907
216,145
216,895
mortgage lien, subject only to liens under the Dawes plan, on the plant
presently to be owned by the company, and (b) the obligations of the
Net income
$307,892
$241,552
$240,066
$192,183
stockholders to pay to the German trustee, upon demand, in case of default' Pref. dim
50,000
50,000
50,000
50,000
under the indenture, the unpaid balance of stock subscriptions referred to Corn, divs
200.000
200,000
100,000
200,000
above. The indenture is to provide, among other things, all as to be more
fully stated and defined therein, that:
Surplus
$57,892
$91.552
' (1) the proceeds of the series "A" bonds and additional funds, which Profit & loss, surplus..- 1,081,434 def.$9,934 def.$57.817
1,031,713
1,041,907
together are sufficient to meet the estimated cost of completing the con- Earns. per sh. on
1,045,736
100,000
struction of the plant, are to be deposited in Reichsmarks, with the German
shs.com.stk.(par $100)
$2.57
$1.90
$1.91
$1.42
trustee, to be released from time to time as payments are made by the company for such purpose. Pending release, such trustee will be permitted to
Results for Quarter Ended March 31.
invest the deposited monies in a manner approved by It;
1928.
1927.
1925.
1926.
(2) additional bonds may be issued prior to Apr. 11930. to the extent of Gross earnings
$703.485
$771,010
$564,087
$626,629
$4,000,000 principal amount, up to fi of the cost or fair value, whichever Expenses, taxes, &c-- _ _
512,164
535,143
430,139
406.979
shall be less, of additional fixed assets to be subjected to the lien of the Interest, &c
53,487
64,882
53,825
54,125
indenture,or against the deposit of an amount in cash equal to the principal Deprec. & deplet'n
67,140
54,261
68,090
65,538
amount of bonds so to be issued, such cash to be withdrawn at any time
thereafter up to ;•1 of the cost or fair value of such additional fixed assets;
Net income
$70,692
4
337,96
$113,952
$76.826
(3) additional bonds may be issued at any time, up to two-thirds of the Earns, on corn. stock_ _ _
$0.58
$1.01
$0.25
$0.64
cost or fair value, whichever shall be less, of additional fixed assets to be -V. 125, p. 2401.
subjected to the lien of the Indenture,but only ifinet earnings, after depreciation, annual payments under the Dawes plan and all other charges except
St. Thomas Council Knights of Columbus Building,
interest and profits taxes, for 12 consecutive months out of the 15 months
-Bonds Offered.
-An issue of $225,000 5
immediately preceding the application for issuance shall have been equal Gary, Ind.
to at least 3 times annual interest requirements on all bonds to be out- 1st (closed) mtge. real estate gold bonds was
recently offered
standing under the indenture after such proposed additional issue; additional at 100 and
int. by Waldheim-Platt & Co., Inc., St. Louis,
bonds may also be issued, subject to the foregoing earnings restrictions.
against the deposit of an amount in cash equal to the principal amount of Mo.
bonds so to be Issued, such cash to be withdrawn at any time thereafter up
Dated Feb. 1 1928; due Feb. 11933, Prin. and int.
A.) payable
to two-thirds of the cost or fair value ofsuch additional fixed assets;
at Fletcher American National Bank of Indianapolis, (F. &
trustee. Bed. on
(4) upon the retirement of bonds theretofore issued under the indenture any int. date upon 60 days' notice at 101% and
int. Denom. $1,000 and
(otherwise than through the series "A" sinking fund so long as any series 3500.
"A" bonds shall be outstanding) a like principal amount of bonds may be
St. Thomas Council No. 1347, Knights of Columbus, was organized
la
issued In substitution therefor:
Gary, Ind., in Oct. 1908 and on Dec. 24 1922
the corner
(5) all bonds issued under the indenture are to be equally secured by the of Fifth Ave. and Madison St. for the purpose purchased land atbuilding to
of constructing a
mortgaged plant described above, but the assignment of the stock sub- house the activities of the Council and in addition
produce income to make
scriptions described above is to be made solely for the security of the series the property self-supporting.
"A" bonds and any payments on account of such subscriptions shall be
The Fifth & Madison Realty Co.
payment of series "A" bonds, so long as such for the sole purpose of holding the was organized by St. Thomas Coundl
used In the redemption or
title to the land and improvements.
bonds shall be outstanding; additional bonds may be of 1 or more series,
CapitalisationAuthorized. Outstandi!ik
(other than series "A"): bonds of the several series may differ as to maturity 1st mtge. 514% bonds
$225,000
$225,030
dates, interest rates. redemption, sinking fund, provisions for payments of Preferred stock ($15,000 matured and
660,000
675,000
Paid)
principal and interest in different currencies and in such other respects as Common stock
00
400,000
400.0
may be provided for in the Indenture.
Revenue.
-The property is under lease to Feb. 1 1938, to St. Thomas
-II. A. Brassert. American consulting engineer, Council No. 1347. Knights of Columbus, Gary, Ind.,
Estimated Earnings.
at a rental sufficient
earnings of the company for the first year of operation, under to pay all charges for interest on this issue of bonds, principal and dividends
estimates the
present market conditions, after allowance for deprediation and for annual on the preferred stock, as well as insurance premiums and other changes
payments under the Dawes plan estimated on the basis of existing assess- upon the property. Its source of income is widely diversified, in addition
ments, but before interest and profits taxes, at approximately $1,200.000, to direct revenue from the building, which includes hotel rooms, stores
and further estimates that any reduction from present market prices for the cafe, bowling alley, grill auditorium, athletic, and dances; it is augmented
company's products which, in his opinion may be anticipated, should be by dues from memberships extended to the citizens of Gary in general, as
offset within a reasonably short period by the expected increase in the well as memberships in the Council.
company's output with the resultant decrease in unit production costs.
The maximum annual interest requirement on the series"A" bonds amounts
Sanitary Grocery Co., Inc.
-Acquisition.
to $240.000.
The company announces
the
The stockholders are jointly and severally to guarantee the payment of purchase of the 46 stores of that negotiations have been completed for Va.
H. D. Llpford Grocery Co., In Richmond,
Interest accruing on the series "A" bonds to a date 6 months after the first These stores will be operated by the
Sanitary Grocery Co.. Inc., on and
-year period in which the company shall have produced a specified after May 4.-V. 126. p. 2327,
half
1521.
tonnage, being at approximately the rate on which the above estimate of
earnings is based.
San Juan Pulp Mfg. Co., Bellingham, Wash.
-Bonds
proceeds of the series "A" bonds will be used to
Purpose of issue The
furnish a portion of the funds required for the construction of the com- Offered.
-An issue of $200,000 1st mtge.6% serial gold bonds
pany's plant.
is being offered by the Marine National Co., Seattle, and
All conversions of German Into United States currency have been made
First National Bank, Bellingham, Wash., at prices to yield
at par ofexchange 1 Reichsmark equals 23.8 cents)...
-W. W. Snyder from 53j% to 6.07%, according to maturity.
-Stock Offered.
Rumidor Corp. (N. J.).
Dated Apr. 1 1928; due serially 1929-1938. Principal and int. (A.&0.)
& Co., New York, are offering at $18 per share 8,000 shares payable at Marine
National Bank, Seattle, Wash. trustee. Denom.$1.000
common stock.
and 35000. Red. all or part, upon 60 days' notice in inverse of numerical
Authorized. Outstanding. order on any hit, date at 103 and Int, up to and incl. Mar. 11930; at 102
Is' Capitalization20,000 shs. and int, up to and Incl. Mar, 11933' and thereafter at 101 and int. Corn"
25,000 abs.
Common stock (no par value)
noty agrees to
.
Transfer agent and registrar, Security Trasnfer & Registrar Co. in New pan in excess ofpg tht. without deduction for normal Federal income tax
York.
FINANCIAL CHRONICLE
MAY 5 1928.]
Data from Letter of Ossian Anderson, President of the Company.
.-A Washington corporation. Is engaged in the manufacture
Company
of high-grade sulphite pulp, in Bellingham, Wash. Company owns
approximately 10 acres of land situated within 1,500 feet of the Port of
Bellingham docks, and in close proximity to three of the largest spruce and
hemlock mills in the State of Washington, including Bloedel-Donovan
Lumber Mills and Morrison Mill Co., with whom the company has longterm wood contracts. A complete manufacturing plant, constructed in
1928, with private dock and equipped with new and modern machinery.
having a daily capacity of 45 tons of sulphite pulp, is served by three transcontinental railroads.
-Bonds are a direct obligation of the company, secured by a
Security.
first closed mortgage on the plant and equipment, and other fixed assets
now or hereafter owned. After the expenditure of the funds derived from
this issue, the value of the fixed assets will amount to over $600.000. Although company's contracts for wood, water, power and fuel have a substantial and definite worth, no value has been placed on them for the purposes of this issue.
-Operations for 1927 showed a net profit, after depreciation.
Earnings.
of $32,230, while the first three months of 1928 have averaged better than
$5,000 per month. It is estimated, after completion of the additional
unit, that the annual earnings of the company. after payment of taxes and
depreciation, will be $100,000. or over eight times the maximum ineterest
charges on these bonds and over 434 times the maximum interest and
principal requirements.
Purpose.
-Proceeds will be used for the construction of additional buildings and installation of machinery, thereby increasing the capacity of the
plant to 90 tons of sulphite pulp per day.
• Seagrave Corporation.
-Report.
Calendar Years1927.
1926.
1925.
Net sales
$1,912,170 $2,075,984 $2.068,981
Cost of sales, selling & admin. exp-.... 1,617,506
1,743,061
1,884.991
Operating profit
Other income
$294,664
44,239
$332,923
63,330
$383.990
32,401
2805
$500. Red. all or part on any int. date on 30 days' notice at 105 and int,
the premium decreasing 34 of 1% for each 12 months or fraction thereof
after Mar. 1 1933. Int. payable without deduction for Federal Income
tax up to 2%. Penn. and Calif. 5 mill taxes, and Mass. 6% income tax
on interest refundable upon application within 90 days after payment.
Data from Letter of G. H. Shepherd, President of the Company.
Company.
-Isthe outgrowth of a laundry business founded in 1889 at
Beaumont. Tex., by T. W. Shepherd. Company has gradually expanded
Its activities and broadened its field of operation through merger and purchase of other plants and now owns and operates modern and completely
equipped laundries in Houston, San Antonio and Beaumont.
Security.
-Bonds are a direct obligation of the company, secured by a
first mortgage on all its assets. Land. buildings, leaseholds, machinery and
equipment appraised by the American Appraisal Co. as at Dec. 31 1927.
plus cost of new construction, projected and under way, will on completion
show sound values aggregating $575,349.
Assets.
-Balance sheet as at Dec. 31 1927. after giving effect to this
financing, shows net tangible assets applicable to these bonds of $694,621,
or over $2,135 for each $1,000 bond of this issue. This balance sheet
shows current assets of $90,290 as compared to current liabilities of $31,852,
the current asset ratio being 2.83.
Earnings.-Earn1ngs as determined by Peat, Marwick, Mitchell & Co..
for the 3 years ended Dec. 31 1927, after eliminating non-recurring items,
available for interest, sinking fund, depreciation and taxes:
6
1925.
1927.
$91.088
192.
*$60,981
$114,499
* Figures for the year 1925 and the first four months of 1926 do not
include earnings of the San Antonio plant, which was not acquired until
April 1926.
Purpose.
-Proceeds will be used to refund $104,000 outstanding bonds,
to acquire the Houston plant site and building, to retire $37,500 machinery
obligations, to reimburse the company for new construction, projected and
under way, and for other corporate purposes.
Simms Petroleum Co.-Earnings.-
Quar. End. Mar. 31- 1928.
1927.
1926.1925.
$1,631,736 $1,754.248 $1,719,740 ;L$2,598,326
$396.253
$416,391 Gross income
$338.903
Oper.exp.
1,027,635
830,526 „ 636,495
75,329
66.530
68.780 Federal interest,&c_ - 1,096,631
taxes,
100,000
100.000
108,786
303,626
255,753 I 409.393
f
Net income
8272,373
$347,611 Drilling, costs, &c
$320,924
594,329
559,206
507,733
'427.498
Preferred dividends
75,600
79,800
83,300 Deprec., depl., &c
Common dividends
x52,921
x79,711
x106,685
Net profit
def$168,010 def$136.219
$125,728 $1,024.940
Balance
$161,413
890,088
$211,390 -v.126, p. 2491.
Aver. she. of corn. outst'd'g (no par)_
111,438
103 170
107.667
(H.) Simon & Sons Ltd., Montreal.
-Stocks Sold.Earned per share on common
$1.76
S.56
$2.23
x Including $2,457 in stock warrants in 1927, $4,499 in 1926 and $6,338 Greenshields & Co. and Flood, Barnes & Co., Ltd., recently
In 1925.
sold $1,000,000 7% cumul. sinking fund convertible preResults for Quarter Ended March 31.
ferred stock at par ($100) and div. The same bankers sold
1928.
1927.
1926.
Net sales
$493.269
$389,076
$532,160 30,000 shares common stock at $35 per share.
Costa and expenses
410,113
244,287
438,553
The cumulative sinking fund convertible preferred stock is fully paid and
Operating Profit
$83,156
$44,789
$93,607 non-assessable; entitled to fixed cumulative preferential cash dividends at
Other income
10,866
11.563
9,644 the rate of 7% per annum, payable quarterly by check at par at any branch
in Canada of the bankers of the company who are the Bank of Montreal:
Total income
$94,022
$56,352
$103,251 preferred over the common shares as to assets and accrued dividends in
Federal taxes, &c
15,796
13,368
20,409 the event of liquidation; callable as a whole or in part at $110 per share and
diva. at 30 days' notice; convertible at the option of the holder into 2 shares
Net profit
$78,226
$82,842 of common stock, without par value. Preferred dividends will be payable
$42,984
She. com,stk. outstanding (no par)
113.038
110,427
107,667 June 1 and quarterly thereafter, the first dividend to accrue from Mar. 19
Earns, per share
$0.53
$0.20
$0.58 1928. Non-voting except in the event of dividends being in arrears to an
-V. 126, p. 1825.
amount equivalent to six quarterly dividends. Transfer agent: Royal
Trust Co. Registrar: Quebec Savings
Sears Roebuck & Co., Chicago.
& Trust Cufuthorized.
Capitalization.
-April Sales.
i
Issued.
r"
1928
-April
-l927.
Increased 1928-4 Mos.-l927.
Increase. 7% cumul.sinking fund convertible pref. stock -:000 00
00
0 .
$24,159,161 $24,091.114 S68,0471$96.227,026 $90.391.916 55,835.110 Common shares.(without par value)
*55103,:r00°2 3
01 .15
-V. 126. p. 2162, 1367.
*Including 20.000 shares authorized for the conversion of preferred shares,
from Letter of Arthur Simon, Managing Director of the Co.
Selby Shoe Co., Portsmouth, 0.
-Stock Sold.
-Otis & Data
-Has been organized to acquire
Co. recently sold at $35 per share 64,000 shares common ofCompany. of the same name, which was all the assets and undertaking
a company
incorp. in 1909 to carry on a
years
stock (no par value). The common stock now offered has business established 52 initial ago in Whitby, Ont. by the late Henry
investment the business has been built up
Simon. From a small
'
been purchased from individuals and does not represent any largely out of earnings reinvested. In 1902, when the organization
moved
financing by the company.
to Montreal, production was in the neighborhood of 2.000,000 cigars a year:
output exceeds 17,000,000 cigars, making the company one of
In the opinion of counsel, this stock is not required, under the present the presentmanufacturers of hand-made
cigars
statutes of Ohio,to be listed for personal propert3 taxation in Ohio. and div- the largest -Net earnings of the predecessor in Canada.
Earnings.
company, after providing
idends are exempt from the present normal Federal income tax. Transfer
adjustments
agent, Guardian Trust Co., Cleveland,O. Registrar, Otis Safe Deposit for depreciation, makingincome taxes for non-recurring salaries and expenses, and allowing for
at the present rate, as certified by
Co., Cleveland, 0.
Clarkson, McDonald, Currie & Co., Chartered
Data from Letter of Roger A. Selby, President of the Company. follows for the five years ended Dec. 31 1927: accountants, have been as
$300,513
Ccmpany.-Incorp. in Ohio, in 1906. Was originally organized in 1880 1923
1925
$168.754
1927
5207.470
as the successor to a business established in 1878. It is now probably the 1924
202,221
1926
171.206
eighth largest manufacturer of shcrs in th world and th larg st manufacThe average for the five year period is $210,032, equal to over 3 times
turer of women's shoes selling directly to the retail stores. Women's and preferred dividend requirements of $70.000. In no year of this period
misses' shoes constitute about 95% of the company's output. Company's were earnings less than 2.4 times these requirements.
main plant is located at Portsmouth, 0.. with additional plants at Ironton,
After allowing for preferred dividends the balance applicable to the
0., and Ashland, Ky. Employees total approx. 3,300.
Issued common stock has averaged over $4.67 per share annually.
-The annual sinking fund for the retirement of the preCapitalization.
Sinking Fund.
-The capitalization of the company as of May 1 1928,
after giving effect to the retirement of its present 6% preferred stock out- ferred stock, amounting to 10% of the net earnings of the company after
standing in the amount of $900,000, the issuance of $1,500,000 of new 6% providing for depreciation, income tax and preferred dividends, accrues
preferred stock and the exchange of its present $100 par value common from March 19 1928.
stock for shares without par value, will be as follows:
63rd & Walnut Streets (Walnut Park Plaza ApartAuthorized. Outstanding.
6% cumulative pref. stock (par $100)
-Bonds Offered.
$1.500,000 $1.500.000 ments), Philadelphia.
-Green, Ellis &
Common stock (no par value)
250.000 shs 238,208 she Anderson, New York, are offering at 102M
and int. $1,100,Earnings.
-The net sales and net earnings .; the company for the five
years ended Oct. 11 1927. available for dividends, after all charges incl. 000 1st mtge.6% sinking fund gold bonus.
depreciation. Federal taxes and dividends on the preferred stock to be
Dated June 1 1927: due June 1 1939. Real Estate-Land Title &
Presently outstanding, but adjusted to give effect to certain non-recurring Co. of Philadelphia, trustee. Denom.
$1.000c*.
charges (averaging 830,019 per annum for the period) have been as follows; office of trustee. Red. all or part in lots of not less Int. payable J. dr D. at
than 5100.000 unless for
Net Earns. Net per sh.of sinking fund on any interest date upon 30 days' notice at 103% and int.
Year EndedNet Sales. as Above. Corn. Stock.
Property.
-The land and 9
-story apartment building which is now nearly
Oct. 9 1923
$7,702.752
$540,772
$2.27 completed at the corner of 63d Street and Walnut Street, Philadelphia. are
Oct. 14 1924
7,897,183
627,229
2.63 owned in fee. The area of the land Is approximately 33,650 square feet.
Oct. 13 1925
8,644,&2
796,868
3.34 The 9
-story apartment building now in the course of construction is to be
Oct. 12 1926
9,907.260
906,892
3.80 absolutely fire proof, and will contain 222 apartments of the 2 and 3 room
• Oct. 11 1927
12,061,907
1.010.732
4.24 efficiency type.
Average annual net earnings for the 5
-year period as given above were
Sect.ritv.-Mortgage is a closed mortgage on the above mentioned land
$776,499. or $3.25 per share of common stock to be outstanding.
building and appurtenances with such
Net earnings of the company for the 6 months' period ended April 10 and hereafter be erected thereon. The additions and 'improvements as
may
completed building will cost
1928, are estimated to be about $355,000 after all charges including de- approximately $1,485,000; the land is appraised at $275,000 giving a total
predation and Federal taxes. This period is normally less profitable than value of $1,760,000.
the 6 months' period ending in Oct. and the management has every reason
Estimated Earnings.
-The net income per annum,
to believe that profits for the year ending Oct. 9 1928, will approximate penses, taxes, etc., available for interest charges hasafter operating exbeen estimated at
those of 1926 and 1927.
Diridends.-Company has paid dividends on its common stock without $181.265 or 2.7 times the greatest annual interest requirement of $66,000
on this issue. The building is expected to be ready for occupancy by June 1
interruption for the past 25 years. file new no par value common stock 1928.
will be placed on a $2.20 annual dividend basis with the payment of a
Sinking Fund.
-Sinking fund provides for the redemption of $24,000
dividend of 55 cents per share on Aug. 1 1928.
principal amount of bonds on Dec. 11929, and thereafter $12,000 on June 1
and Dec.1 of each year and for this purpose if bonds cannot be purchased for
-Earnings.
(G. I.) Sellers & Sons Co.
less, they are to be called by lot at 103% and interest.
Income Account for Year Ended Dec.31 1927.
General.
-The building will be operated by the Sixty-Third & Walnut
Gross profit on sales
$2,360.822 Streets Corp.
Manufacturing. selling and administrative expenses
2.215,489
Sloan & Zook Producing Co.
Provision for Federal income tax
-Bonds Offered.
20,046
-Wells,
Total income
Interest. Federal taxes, &c
•
Netincome1367.
$125,286
-New Vice-President.
Sharon Steel Hoop Co.
-President In charge of sales, succeedII. 0. Kibbee has been elected V.
ing Harry T. Gilbert. A. S. Booth succeeds Mr. Kibbee as Gen. Mgr. of
-V. 128. p. 1367.
Sales.
Shepherd Laundries Co., Beaumont, Tex.
-Bonds
-C.P. Mann & Co., Houston, Tex.,recently offered
Offered.
at prices to yield from 54% to 63%,according to maturity
$325,000 1st mtge.63'% serial gold bonds series A.
Dated Mar. 1 1928: due Mar. 1 1929-43. Prin. and int. (M. & S.)
payable at the Hibernia Bank & Trust Co., New Orleans, La., trustee, and
at the office of C. P. Mann & Co., Houston, Tex. Derfom. $1,000c5 and
Deane & Singer, Inc., Glover and MacGregor and McLaughlin, MacAfee & Co., Pittsburgh, are offering $500,000
10-year 6% sinking fund gold bonds, at 98M and int. Each
bond will carry one share of no par value common stock.
Dated April 1 1928: due April 1 1938. Denom. $1,000c*. Principal
and int. payable at Commonwealth Trust Co. of Pittsburgh, Pa.,
Interest payable A. & 0. without deduction of the normal Federaltrustee.
income
tax up to 2 0. Red. all or part on any int, date upon 90 days' notice
at 105
and int.
ee of the Penn. 4 mill tax.' pril • yam
-Guaranteed unconditionally as to principal and
Guaranty.
interest by
the endorsement on each bond of the Sloan & Zook Co. of
Bradford, Pa.
Data from Letter of President:R. T.Zook, Bradford,
Pa.
Company.
-A Pennsylvania corporation, will own in
feei253 acres of oil
producing property in McKean County. Pa., located in
the heart of the
2806
FINANCIAL Cli RONICLE
choice territory of the Bradford field subject only to certain purchase
money mortgages payable in annual installments over a period of 10 years.
This district comprising about 85,000 acres, has produced high grade crude
oil for over 50 years. It is conservatively estimated by Ralph E. Davis,
Engineer and Geologist of Pittsburgh, Pa.. that 1,743,000 barrels of oil
will be recovered with a gross value of $5,985.600.
Securit9.-Bonds will be the direct obligation of the company and will
be secured under an indenture of trust which provides, among other restrictions, that no further funded debt may be created except for the
acquisition and or development of additional properties. The recoverable
oil reserves of the company have, in accordance with the valuation report
of Mr. Davis, a net present worth of $1,923.819.
Capita/ Stock.
-Bonds will be followed by 5250,000 7% cumulative
sinking fund preferred stock and 16,000 shares of no par value Common
stock.
Earnings.
-The average net earnings over a 12-year period have been
estimated by Mr. Davis at $253,078 per year. This sum, which will be
available for interest and sinking fund charges is approximately 8.4 times
the maximum interest charge of $30.000 per annum and is over 3 times the
maximum interest and sinking fund charges. These earnings will retire
all of the bonds before maturity.
Purposs.-Proceeds from the sale of these bonds, together with $250.000
Of 7% cumulative sinking fund preferred stock and 16.000 shares of no par
value common stock. will be used for the acquisition and development of
the property.
Small Issues Corporation.
-Organized.
-
The corporation has been organized with a capital and surplus of $1.000.000. to serve growing business concerns of proven merit by aiding in financial readjustments, expansion, consolidation and management.
The officers will be William Dewey Loucks, Pres.; Brice P. Disque, VicePres.; J. T. Furlong, Treas., and Clarence E. Bahn, Sec. The board of
directors will consist of Oliver W. Birckhead, Pres., Murray Hill Trust
Co.; Robert Cassatt. Cassatt & Co.. Philadelphia; Brice P. Disque: H.
Elbert Foster. Jr., Foster, McConnell & Co.: George Haan; Clifford HemHamph111,Noyes& Co.; Rodney Hitt of Hitt. Farwell & Co.;Robert Law,Jr.
William Dewey Loucks; Clarence V. Palitz. Pres., Credit Alliance Corp.;
J. W. Prentiss of Hornblower & Weeks; R. S. Reynolds of Reynolds & Co.,
Louisville, Ky.; George deB. Greene of E. H. Rollins dr Sons; Eugene W.
Stetson, Vice-Pres., Guaranty Trust Co.; E. W. Sweezy, Pres., Suburban
Power & Light Co., Alliance, Ohio; G. II. Walker, Pre;., W. A. Harriman
& Co.; Alexander White, Vice-Pres., City Financial Corp.. and F. L.
Yeager of Loew & Co.
Murray Hill Trust Co.. 279 Madison Ave., New York City, has been
appointed registrar of 10.000 shares of the preferred and 50,000 shares of
the common stock, both without par value.
[VoL. 126.
"At a meeting held on March 311928. the directors approved the offer
and recommended it to the holders of common shares for acceptance. I
may say that your President and others associated with him have agreed
with Holt. Gundy & Co., to make the appropriate deposit of certificates
representing not less than a majority of the outstanding common shares
under and in accordance with the terms of the offer."
Redemption of Preference Shares.
-
All of the outstanding 8% cumul. partic. pref. shares have been called
for payment May 10 at 120 and diva.
Arrangements have been made to accommodate
who wishes to surrender the same for redemptionany holder of pref. shares
previous to the redemption date. In such case the bolder will be paid 120 and diva, to the
date
of surrender.
Redemption will be effected by the payment
Ltd., transfer agent, of such sum, or sums, as to the National Trust Co.,
may from time to time be
required to effect redemption in advance as detailed above and to complete such redemption on May 10.-V. 126,
P. 1825.
Southern Asbestos Co.
-Definitive Bonds
Ready.
J. A. Sisto & Co. announce
-year
10
cony, debentures, due Dec. 15 that definitive ready sinking fund 6%
1937, are now
for delivery at the
-National Bank of Commerce in New York, in exchange for and upon
surrender of outstanding temporary bonds. (See offering in
V. 125, P.
3361.1.-V. 126, P. 2162.
Southern Sugar Co., Clewiston, Fla.
-Directors.
-
Two new members have been elected
of Palm Beach. Fla.. and J. K. Shaw of to the board: Jules M. Burguieres
The directors approved the action of Minneapolis.in
the officers
purchasing 64.000
additional acres adjoining the company's present holdings
at Clewiston
and Canal Point, Fla
The company, which is erecting a sugar mill at Clewiston,
94,906 acres of rich agricultural land along Lake Okeechobee now owns
gladm which it is developing as sugar cane territory. From in the Everpresent plantings a crop of more than 209,000 tons of cane Is expected this
Fall.
South Texas Production Co.
-Trustee.
-
The Chatham Phenix National Bank &
trustee of an issue of 51,000,000 1st mtge.Trust Co. has been appointed
63t% gold bonds due Mar. 1
1938.
Spiegel, May, Stern Co., Inc. (Del.)-Pref. Stock Offered.
-Offering was made May 3 by Chatham Phenix
Corp., Otis & Co., Eastman, Dillon & Co., Paine, Webber
& Co., and on the
(L. C.) Smith & Corona Typewriters, Inc.
-Earnings. Tucker, Inc., of newPacific Coast by Bond & Goodwin &
issues of $7,000,000 634% cumulative
Earnings for Year Ended Dec. 31, 1927.
preferred and 70,000 shares no pax value common stocks of
Net earnings from operations
$1.079,595
the above company. The pref. stock was offered at
Depreciation, $202,213; prov. for Fed, income tax,$105,0003
307.213
00%
and div. and the common at $58 per share.
Net income for year
$772.382
Previous balance
Excess of provision for 1926 Federal tax over amount paid
Total
Preferred stock
Common stock
430.504
20,063
*1.222,949
154.000
410,853
Balance, surplus
Earns. per sh on 149.401 no par shares common stock
-V. 124, p. 3645: v. 122. P. 3354.
$658.096
$4.13
Smith Mills.
-Class A Common Stock Offered.
-An issue
of 10,000 shares class A common stock was recently offered
at $36 per share by Faxon, Gade & Co., Inc., Boston.
Exempt from present normal Federal tax and Mass. Income tax. Entitled to cumulative preferential dividends of $2.80 per share before any
dividends on the class B stock are paid or set apart in such year. Entitled
to participate equally with the class B stock,share for share, in all further
dividends. Dividends payable (Q.
-J.). In case of dissolution or liquidation, holders of the class A shares are entitled to receive $45 per share and
div. before any Payment on the class B shares. Callable in whole or in Part
on any dividend date at $45 per share and accrued dividends. First
National Bank of Boston, Transfer Agent.
Capitalization
Class A stock (no par value)
10,000 shs.
Class B stock (no par value)
20,000 abs.
Ilistory.-Smith Mills, now incorp. in Mass, was started In 1917, with
plants at Milford, Mass. Company manufactures popular priced woolens,
for which there is a large and growing demand. They are also equipped to
manufacture fancy woolens, sultings, overcoatings and automobile upholsterv cloth. Company's plant is now located at Worcester. Mass., the
land consisting of a full block of 72,000 square feet in the heart of the city.
The mill contains about 80.000 feet of manufacturing space and is completely equipped with the most modern automatic, electrically driven
machinery for the complete production of this cloth from raw material to
finished goods. During the past two years over $200,000 has been expended on additional plant facilities with the result that the present mill
has a capacity of over 800,000 yards per annum.
Earnings.
-Sales and earnings for the four years ended Dec. 31 1927,
after depreciation and eliminating non-recurring charges, have been as
follows:
1924.
1925.
1926.
1927.
Net sales
*682,230
$686,952
$589.064
$675.356
Gross mfg. profit after
deprec
123,372
112,465
107,591
173,386
Total adm.& selling exp
59,782
58.756
62.035
74,869
Net profit
Other income
$63,589
4.309
$53,709
4,025
645,556
2.177
$98,517
1,958
Pref. stock is entitled to cumul. diva. from May 1
-F.
Pref, as to earnings and assets over the common stock 1928, payable Q.
and entitled to $110
per share and diva. on liquidation. Red. at $110 per share
and
any div. date on 45 days' notice in whole or in lots of $500,000 dive, on
par value
or multiples thereof. Pref. stock non-voting except under
tions set forth in the certificate of incorporation. Transfer certain condiagents, Chatham Phenix National Bank & Trust Co., New York, and
Foreman Trust
& Savings Bank, Chiciow. Rezistrars, National Bank of
Commerce in
New York, and Continental National Bank & Trust Co., Chicago.
Capitalization Authorized and Issued.
6% cumul. pref. stock (par $100 per share)
$7.000.000
Common stock (no par value)
Data from Letter of M. J. Spiegel, President of the 175.000 she.
Company.
Compang.-A Delaware company. Will succeed to a business
founded
In 1882, devoted to the sale of furniture and other household
goods, The
present volume of sales has been built up mostly on the deferred
payment
plan, but the organization is equipped to handle sales for
the intention of the management to solicit both types of cash, and it is
future. A large and profitable mail order business, centeredbusiness in the
in
central and west central states, accounts for approximately the eastern,
75% of the
present sales. In addition a chain of 10 retail furniture
strategic points in Chicago are now being operated. No stores located at
manufacturing is
done, permitting advantageous buying and operating with a
The business specializes in selling nationally advertisedlow inventory.
Extensive use is made of circular mail which is supplementedmerchandise.
by advertising in magazines and in the Chicago daily papers. The
mailing list contains over 7,000,000 names, and about 1.000.000 accounts
were active
during the year 1927. Approximately 60% of the total
business is received from active and former customers, making for stability
of business
Earninos.-Net sales and net profits of the predecessor
company and its
subsidiaries. adjusted to give effect to the saving of interest
financing, after adequate provision for doubtful accounts and through this
after Federal
Income taxes at the present rate of 13;.5 % for the entire
period, have been
certified by Price, Waterhouse & Co. as follows:
Calendar
Net Profits Times Pfd,Div. Per Sh. of
Years.
Net Sales.
as Above.
Req. Earned. Cotn, Stk.
1927
$19,431.697.42 $2,032,667.74
4.46
$9.01
1926
16.860,918.81
1,902.512.19
4.18
8.27
1925
11,717,051.44
967,003.98
2.12
2.92
1924
12,561,285.59
1,030,702.12
2.26
3.29
1923
12.384,027.93
1.105,680.64
2.43
3.71
Annual net profits available for diva., as shown above,
for the 5
-year
period averaged 3.09 times annual div. requirements
presently to be outstanding. After allowance for suchon the pref. stock
requirements, net
profits available for diva, on the common stock averaged
$5.44 per share
of common stock presently to be outstanding. Net
sales for the first three
months of 1928 were 1.27% less than those for the
corresponding period
of 1927.
Assets
.-The balance sheet as of Dec. 311927, after
giving
acquisition of the business and properties of the predecessor effect to the
company and
to this financing, shows net tangible assets, after
deducting all liabilities
and $831,965 reserve for contingencies, of $13,092,133
or the equivalent
of $187 per share of pref. stock presently to be
outstanding. Current
assets of $13,524,429 are 10 times current liabilities
of 81.344,907, net
current assets being $12,179.522 or $173 per share of
has been included on the balance sheet for goodwill pref. stock. No value
or
This mailing list, insured against fire for $3,000,000, for the mailing list.
is steadily Increasing
in value as new names are added.
Net avail, for taxes &
$67,899
857,734
dividends
$47,734
$100,476
The above net earnings show an average for the four year period of $68.461
equivalent to $6.85 per share of class A stock. For 1927 such earnings
were equivalent to over $10 per class A share.
Deducting class A preferential dividends of $28,000 from this four year
average, would leave a balance of $40.461 available for sinking fund, class B
dividends and aditional participating dividends on the class A stock.
(John P.) Squire & Co.
These additional earnings applicable to the "A" stock would amount to
-Balance Sheet Jan. 1.Assets$1.31 per share in addition to the preferential dividend of $2.80. Similarly
1928.LtabVilies1928,
earnings for 1927 would amount to $2.41 ad- Cash
1927.
stated, the balance of net
3394,976 $547,871 Capital stock
Wools receivable.- 1,180,480 1,307,344 Acc'ts ,k bills pay_ 33.000,000 83,000,000
ditional for"A"stock
469,061
the terms of the class A stock, the company must Inventory
793,961
Fund.
-Under
Sinking
2,409,823 2,419,743 let mtge. 5,4%
set aside each year. beginning with 1928. a sinking fund to retire its class A Marketable mew. 204.497
88,422
bonds
1,600,000 1,8043.000
stock, by purchase or call, 25% of its net earnings after payment of all class Investments
142,627
272,665 Reserves
691,459
646,386
Deferred charges._
A dividends.
95,456
100,356 Surplus
910,235 1,061,905
Real est., bkigs.,
Mills, Ltd., Montreal.
-Offer
machinery. &c.... 2,242.895 2,386,131
(Howard) Smith Paper
Tot.(each side)-86,670,755 $7,102,232
-Redeems -V. 124, p. 3511.
of $150 Per Share Made to Common Stockholders.
8% Pref. Stock.
President C. Howard Smith in a letter to the common stockholders.
April 3, said in substance:
"On March 30 1928, Holt, Gundy & Co. wrote your President offering
to purchase the outstanding common shares of your company at $150
per share. This offer is subject to certain conditions as to verification of
assets, liabilities and earnings, as to the preservation of the assets of the
company, and as to the right of Holt, Gundy & Co. to be relieved from
further liability under the offer in the event of outbreak of war,the happening of any catastrophe of national or international character, or a any
calamity seriously affecting the business of the company, or in the event
that holders of less than a majority of the outstanding common shares
should accept the offer in the manner therein specified.
"The otter prescribes that holders of the common shares desiring to
accept the offer shall, on or before May 15 1928, deposit the certificates
representing their shares at the Montreal Trust Co. at Montreal. Subject
to the conditions referred to above, Holt, Gundy & Co. agree to pay to
Montreal Trust Co.for account of the depositors of certificates representing
common shares on or before May 15 1928, the sum of $150 for each common
share represented by the certificates so deposited.
Standard International Securities
Corp.-Pref. Div.
The directors have declared the second
quarterly dly. of 75 cents per
share on the 6% cumul, Prof. stock, payable
June 1 to holders of record
May 15. See offering in V. 126. p. 732.
Standard Motor Construction Co.-Bal. Sheet Dec. 31-
Assets1927.
Plant,mach'yoftc 8359,108
Patents
1,716,388
Cash
6,308
Investments
5,534
Mtge. receivable
25,000
Def. charges
21,913
Other assets...,.
14,397
Inventory
608,457
Accts.& bills roe
50,375
1926.
8403,768
1,716,388
12,482
5,535
Liabilities1927.
1926.
Capital stock-- 81,845,540 $1,800.000
Accounts pay __
39,029
49,588
Bills payable_ .._
21,035
38,329
Loans payable..
89,250
80,000
Accr.salaries, &,3
1,711
351
Dep.on orders.
7,419
5,171
2,555 Dep. on Staten
t114 .
605,894
Island prop _.
3,300
83,456 Res,for coating
36.949
6.788
Surplus
795,708
816,391
Total
12,806.480 $2,830.079
-V.124. P. 3645,
Total
$2.808,480 $3.830,070
2807
FINANCIAL CHRONICLE
MAY 5 1928.]
-Annual Report.
Standard Oil Co. of New York.
-New Common Stock
Standard Sanitary Mfg. Co.
1925.
1924.
1926.
1927.
Calendar YearsPlaced on a $1.68 Annual Dividend Basis.
$52,934,400 $71,646,813 $72,175,827 $38.671.197
x Total earnings
have declared a quarterly dividend of 42 cents per share
Deprec. and insurance 35,778,775 35.909,557 28,480,563 13,340,600 onThe directors par common stock and the regular quarterly dividend of
the new no
5,740,737 2,960,755 2,114,878 3,310.554
Interest on bonds
I y% on pref. stock, both payable May 20 to holders of record May 4.
The quarterly dividend of 42 cents per share on the common places this
$11.414,888 $32,776,502 $41,580,386 $22,020,043
Net profits
to the
the
94,651.701 158,963,802 116,321,195 106,027,134 stock on a $1.68 annual basis, equivalentone and rate paid on a $5old $25
Previous surplus
which was on
annual
par common stock, recently split three for
14,173,728
Magnolia Petr. surplus
-V. 126, p. 2663.
basis.
2.908,659
Mac. Petr. sur. of subs_
929.262
Petr. Corp. sur_
General
-Annual Report.
Steel Co. of Canada, Ltd.
Ins. res. prior yrs. in ex1926.
1925.
1924.
1927.
Calendar Yearscess of requir. restored 4,756,985
Manufacturing profits_ - $3,166,280 $3,247.606 $2,825.606 $2,510,827
Prem, on capital stock__ 2,733,000
396.685
335.057
356.484
395,514
Cr.393,228 Dr2,869,971 Dr547,057 Cr.964,545 Inc.from investnaent _ _
Adjustments
$3,561,794 $3,644,291 $3,160.664 $2.867.311
Total
$113,949,802$189,799,595$174,436,911$129,011,722
Total surplus
271.212
292.270
281,643
303,143
27,191.090 23,456.792 14.345.486 12,690.527 Sinking fund reser ve_ _Cash divs. paid
677,401
760,208
682,171
816,990
(53-5%) Depreciation reserve
(6%) (5 3-5%)
(62-5%)
Dividend rate
394,187
362,601
378.540
346,291
Bond interest
1.127,623
71,691.103
Capital distribution_
100.000
100,000
100,000
Employees'penson fund
Profit & loss surplus-486,758.712 $94.651.701$158,963.802$116,321,195
$1,995,371 $2,129.212 81,718.308 81,524.510
Net income
Shares of capital stock
454.741
454.741
454,741
454.741
divs.
outstanding (par $25)- 17.118.931 16,809,928 11,459.264 9,101,412 Preferreddies.(7%)
805,000
805.000
805,000
805,000
Common
(7%)$2.42
$3.63
$1.95
$0.66
Earns. per sh.on cap.stk.
x Total earnings are after deducting expenses incident to operations.
$264,769
$458.567
3869.471
$735.630
Surplus
including taxes. y Capital surplus, $24,136,831; earned surplus. $62.621,9,293,584 8,835.016 8.570.247
10.163,054
Previous surplus
881.
Charles F. Meyer has been elected President, succeeding Herbert L.
Profit &loss,surplus _$10.898,684 $10,163,055 $9,293,583 $8.835.016
115.000
115,000
115,000
115.000
Pratt who has been elected Chairman of the Board, succeeding H. C. Shs.com.outst.(par$100)
$9.30
$11.87
315.43
$14.27
Folger.-V. 126. P. 2328.
Earns. per sh.on corn--124. p. 2444.
-V.
-New President.
Standard Oil Co. of Ohio.
v. T. Halliday, formerly Gen. Counsel, has been elected President and
-Earnings.
Sterling Shoes Corp., Buffalo.
Director, succeeding A. P. Coombe.
-V. 126, p. 2000.
Income Account Year End. Dec. 31 1927.
$66.035
-Harley, Milner Net profitfrom operations
-Stock Offered.
Standard Paving, Ltd.
21.846
Less interest
& Co., Fry, Mills, Spence & Co. and Housser, Wood & Co., Provision for paid $3.827,demrhelation $18,019
6,075
Federalincome tax
Ltd., Toronto, are offering at $25 per share 45,000 shares
no par value capital stock. This offering does not represent
new financing by the company.
Authorized.
Issued.
Capitalization
60,750 shs. 60.750 shs.
Capital stock
Transfer Agent: Toronto General Trusts Corp. Registrar: Capital
Trust Corp., Ltd.
Data from Letter of John Gleeson, President of the Company.
-Company and predecessors have been in successful operation
Company.
as street and highway paving contractors for more than 18 years, and have
served more than 30 cities, towns and rural municipalities throughout Ontario. Quebec and New York State. Through ownership of 50% of the
capital stock of the Southland Paving & Construction Co.. Inc. the company has developed a satisfactory business in the state of Florida. which
has promise or developing into substantially larger proportions.
Company owns 5 portable asphalt paving units, in addition to one permanent plant located in the City of Hull, Que. These plants are all maintained in a high state of efficiency.
-The fixed assets of the company, which are carried on the books
Assets.
of the company at a net valuation, after depreciation of $203,823, have a
conservative replacement value, after due allowance for depreciation, of
not less than $400,000.
-Net earnings after deducting full operating charges, mainEarnings,
tenance, depreciation and Federal income tax at the current rate, for the 6
ended Jan. 31 1928, were in excess of an average of $119.000 per
years
annum. On the same basis, earnings for the year ended Jan. 311928, were
In excess of $204.000.
Standard Screw Co.
-Annual Report.
Calendar Years1927.
1926.
1925.
1924.
Net profit after deprec_
$577,759
$669,913
$357.937
$115,630
49.548
Prof. div."A"(6%)__-49,548
49.548
49,548
Common dividend--- -(8%)476,000(10)595,000(11%)684,250 (12)714,000
Balance, surplus
$52,211
Previous surplus
2,704,319
Res. returned to surplus
$25,365 def$375,861 def$647,918
2.678,954 3.054,815 3,420,791
281,941
Profit & loss, surplus_ $2,756,530 $2,704,320 $2,678.954 $3,054,815
Shs.ofcom.out.(par$100)
59,500
59,500
59.500
59.500
Earns, per share on corn.
$10.43
38.89
$5.18
$1.11
-V. 124, p. 2134.
Standard Textile Products Co.
-Annual Report.
Results for Calendar Years (Including Mobile Cotton Mills).
1926.
1925.
1927.
1924.
$13.149,985 $14.263,612 $22,401,467 $19,916,615
111,164,508 I 11,862,382 20,325,065 17,883,735
1 1,416.327
516.768
522.052
1
Net sales
Cost of sales
Admin.& general exP
Operating Income_ _
Other income
$1,985,477
20.390
Gross income
Interest
Depreciation
Federal taxes
Preferred dividends
$2,005,867 $1.017.271 $1,638,828 $1,584.745
458,668
582,622
660,450
677,761
521,281
320,000
272.744
264,033
135.000
315,000
$984.902 $1,559,633 $1,510,829
32,369
79.195
73.916
Balance, surplus
$890.918
$114.649
8705,633
$327.950
Results for Quarter EndedMar. 3128. Apr. 2 '27.
Gross sales (excl. sub,company sales to parent co.(
1$3.774,187
Allowance, cash disc., freight or delivery, &c___ I Not Avail. 1 340,382
Net sales
$3,700,650 $3,433,804
Cost of sales
12.740,649
Sales exp., sample books. adv. & gen. adm. exp..) 3,201.663 1 302,071
Income from sales
$498.987
$391,085
Other income
6.034
6,591
'" Income available for interest and deprec
$505
$397,676
.021
Interest
105,033
115,951
Depreciation
130.854
130,000
Profit on operations
$269,134
$151,725
Discount on bonds purchased for retirement
224
9,460
Approp. for reserve for contingencies
78,
5.000
Pet
Addition to stockholders' equity for quarter__ _ _ 3196.357
$161,184
Eltockholders' equity Dec. 31
10.109,923 9,811.606
Stockholders' equity at end of period
$10.306.280 $9,972,790
Comparative Balance Sheet Dec. 31.
1926.
1927.
1927.
1928.
Liabilities$
$
Assets$
8
Notes payable_
Cash In banks &
750,000
353,506
271.916 Trade accept'ces
on hand
343,181
856.635 Accts. payable..
935,863
50,850
Accts & notes rec
171,954
3,119,049 3,358,872 Prov. for Fed.
Inventories
income tax. _
. 135,000
Cash in hands of
2,750 Accr. liabilities_
257,527
trustees
270,898
Stand'd let mtge
Due from officers
37,968 bonds
31.140
8,442,100
and employees
.311,200
249,328 Mobile Cot. Mills
242,912
Prepaid expenses
201.500 bonds
59,199
Misc. accts. reels
685,000
4,034 Deferred credit
3,567
Investments ___
& reserve_ _ _ _
50,000
Engr. rolls, mfg.
.
supplies, Re.. 1,084,791 1,416,664 Stich'd's equity b10,109,923 9,811,606
Plant account_ _a11,215,375 11,659,221
276,571
Empl.stk. subso
8,375 Total (each side) 17,045,401 18.343,838
Treasury stocka After deducting 55,036.050 reserve for depreciation. b Represented
by $5,000,000 class A pref. (par $100), 84,000.000 class B pref. (par $100)
and $4,665,000 corn. (par $100) less deficit of $3,555.076.-V. 125. p. 3497
Net income
Dividends: Preferred stock $10,656,common stock $10.000---
V18,114
20.656
Balance surplus
Preferred stock retired during year out of sinking fund $4,095.
less provision out of 1927 earnings to retire preferred stock
82.755
Carried to surplus account
-V. 124, p. 3646.
$17,458
1.340
$18,798
-Earnings.
-Warner Speedometer Corp.
Stewart
1925.
1926.
1927.
3 Mos.End. Mar.31- 1928.
Net aft.depr.&Fed Aims $1,387,284 $1,062.048 $1.353.102 $1.303,972
Earns per sh. on 599,990
$2.17
$2.25
$1.77
$2.31
shs. cap. stk.(no par).
-V.126. p. 1212.
-Participating Stock Offered.-Stout
Stronach Nail Co.
& Co. and Marshall & Co., Pittsburgh, Pa., are offering
25,000 shares participating stock (no par value) at $25 per
share (carrying one share of common stock as a bonus with
each 10 shares of participating stock.)
The participating stock is preferred over the common stock as to cumuas to
lative preferred dividends at the rate of $2 per share per annum, and Diviassets, in event of liquidation, at $27.50 a share and preferred div.
S.). Red. all or part on any div. date, on 60 days'
dends payable (M. &
notice. at $30 per share and pref. div. until Mar. 1 1933; thereafter at $40
per share and pref. div. Dividends exempt from present normal Federal
income tax. Free of present Penn. four mill tax. Transfer Agent. Commonwealth Trust Co., Pittsburgh, Pa.; Registrar, Union National Bank of
Pittsburgh, Pa.
-Company has agreed to make application to list this particiListing.
pating stock on the Pittsburgh Stock Exchange.
Authorized.
Outstanding.
Capitalization5275,000
$275,000
7% Preferred stock ($100 par) issue
25,000 shs.
50.000 shs.
Participating stock (no par) this
20,000 sits.
20,000 shs.
Common stock (no par)
Compang.-Incorp. in Pennsylvania in 1927 to manufacture and sell,
under exclusive rights, the Stronach non-splitting nail patented in the
United States, Great Britain and Canada. This special nail was designed
by H. S. Stronach to overcome the objectionable splitting of wood by the
ordinary pointed wire nail. In September 1923 basic patents were granted
covering this nail and subsequently a machine was developed for its manufacture. For more than two years the Stronach non-splitting nail has been
made and distributed to users in all parts of the United States. This nail
hax met with enthusiastic approval from sources which represent a large
and diversified demand. The manufacturing plant of the company is
located at Ellwood City. Pa., on approximately 20 acres of land owned
free and clear of encumbrance.
-Independent engineers have furnished a report on the comEarnings.
pany's property and production costs. Based on this report, with 100
machines in operation, the company should earn about $8.66 per share
applicable to the $2 cumulative dividend requirement on this participating
stock.
-Annual Report.Submarine Boat Corp.
1924.
1925.
1926.
Calendar Years
1927.
Gross earnings from ones' $4,199,873 $3,403,185 84.029,140 $7.797,324
Cost of operations
4,871 505 3,393,799 3,810.004 6.503.101
202,436
General expenses
152,961
361.359
Exp. not appor'd to cost
8142.222 41.294,223
$193,050
Net loss
$824,595
162.272
7.086
89,799
26,284
Other income
Gross loss
Other deductions
Balance deficit
Previous deficit
Bad debts written off_ -Add Fed, tax prior years
Adjust, to surplus
Dividends paid
$798,310
C434,772
$103.251
102.200
$135,136 41.456,495
1.295.685
111.990
$563,538
765.252
$205,451
309,430
115,408
134,962
$247,126 x$160.810
x48,457 x7,610,162
y 647.579
deb.34,069
76.692
$309.430 47.770.972
$765,252
Profit & loss, deficit- $681,211
x Surplus. y Appreciation of investments realized during the year.
V. 12.4, p. 2294.
Sun Mortgage
The Baltimore Stock Exchange has authorized the listing of 68,000
shares (without par value) common stock. Company was incorp. June 26
business. Its
1924 in Delaware, to engage in the real estate mortgage of pref. stock
capital consists, in addition to the above, of 10,000 shares
5% debenture bonds, and $1.000,000 6% debenture
(Par $50). 51,000.000
bonds. All of the foregoing are the authorized and outstandlnz amounts.
with the exception of the 6% debenture bonds, of which 3848.500 are outstanding. The location of the office of the company is 18 East Lexington
St., Baltimore, Md.
-Stock Offered.
Sylvania Insurance Co., Philadelphia'.
-An issue of 55,0100 shares capital stock (par $10) is being
offered at $W per share, payable $10 at time of sulscription,
balance payable May 1E3. This offering is made by the company for its own account, but arrangements to accept subscriptions have LmBeri made with the subscription agents below
rumuml, from whom subscription blanks may be had upon
request: The Bank of America, 44 Wall St.; Lawyers Trust
2808
FINANCIAL CHRONICLE
Co., 160 Broadway; American Trust Co. 135 Broadway;
Corroon & Reynolds, Inc. 92 William St.;
Wallace Lyon
& Co., 51 East 42d St., all of N. Y. City; First National
Bank of Brooklyn, 26 Court St. Brooklyn, N. Y.; Federal
Trust Co., 24 Commerce St. '
Newark, N. J.; Guardian
Trust Co. of New Jersey, 900 Broad St., Newark, N. J.,
'
and Sylvania Insurance Co., 300 Walnut St., Philadelphia,
Pa., and 92 William St., N. Y. City.
Company's treasury will receive entire proceeds of this issue. No commission or compensation will be paid by the company in connection with
recapitalization. This stock is free of the Pennsylvania 4 mills personal
property tax. Transfer agents, Union Bank & Trust Co.. Philadelphia,
and Bank of America National Ass'n. Registrars, Real Estate-Land Title
& Trust Co., Philadelphia, and American Trust Co.. New York.
History c% Business.
-Company was incorp. in Pennsylvania in 1924.
and enjoys a good reputation. The board of directors has decided that it
is advisable to re-finance the company and enlarge its scope of operations
and has concluded an advantageous management and underwriting contract with Corroon & Reynolds, Inc., of New York City.
Management.-Corroon & Reynolds Inc., has been appointed manager
of the company. The American Equitable Assurance Co. of New York,
Knickerbocker Insurance Co. of New York, New York Fire Insurance Co.
0832), Brooklyn Fire Insurance Co., Merchants & Manufacturers Fire
Insurance Co. (1849) Newark, N. J. and Republlc Fire Insurance Co.
(1871) of Pittsburgh, Pa., also operate under the same management.
R. A. Corroon and a group of his associates have been elected as directors and members of the executive committee of the company. Mr. Corroon, who has had over 30 years' experience in the fire insurance business.
is President of American Equitable Assurance Co., New York; Knickerbocker Insurance Co. of New York and New York Fire Insurance Co..
Chairman of the board of directors of Merchants & Manufacturers Fire
Insurance Co. and of Republic Fire Insurance Co.; director of Brooklyn
Fire Insurance Co. and Guardian Fire Assurance Corp. of New York.
Samuel W. McCulloch, former Insurance Oommissioner of the Commonwealth of Pennsylvania, is President of the company.
Sylvania Insurance Co. will be associated with the companies under the
Corroon & Reynolds, Inc., management. It is estimated that this group
of companies will receive a premium income of $15.000,000 during 1928.
Under the plan of operations the Sylvania Insurance Co. will receive as
large a volume of carefully underwritten business as it can conservatively
assimilate. Thus the company will commence its operations under the
new management with an assured premium income commensurate with its
financial standing thereby eliminating the necessity of going through the
long and expensive period usually required for the establishment of a fire
insurance company.
Outlook.
-The Sylvania is enlarging its scope of operations under capable
and experienced management, thus assuring to It a substantial volume of
carefully underwritten business. There is a wide field open to it and,
predicted upon the experience, business and dividend record of the other
Insurance companies operating under the same management, it is the
consensus of opinion of the members of the board of directors that its business will develop successfully and therefore will prove an unusually satisfactory investment for those who become stockholders at the beginning of
its expansion program and who will be in a position to acquire the stock
of the Sylvania Insurance Co. at a price closely approximating the liquidating cash value of same.
Capitalization.
-The authorized capital of the company consists of one
class of stock, viz., 100,000 shares of common stock (par $10) of which
20,000 shares are at present issued and outstanding; 55,000 additional shares
are now offered for subscription at $30 per share aggregating $1,650,000 of
which $550,000 will be added to present capital of $200,000 and 31.100.000
will be added to present surplus and reserve funds.
If the subscriptions received exceed 55,000 shares now offered the board
of directors reserve the right to receive such excess subscriptions and if
necessary to increase the capital and surplus proportionately.
Payment is to be made as follows: $10 per share to accompany subscription; balance payable May 18 1928.
Financial Statement Based Upon March 31 1928 Figures.
Assets
LiabiltitesBonds & stocks
2440,000 Res. for unearned premiums__ $70,000
Mortgage loans
200,000 Res. for losses
25,000
Agents balances
3.000 Res. for all other liabilities_ _ _
20.000
Accrued interest
10,000 Res. for development
458,000
Cash
1,670,000 Capital
750,000
Surplus
1,000,000
Total
12.323.000 Total
$2,323,000
Symington Co.
-EarningsQuarter End. Mar.31Net after dorm. Fed.
taxes, &c
Other income
1928.
1927.
1926.
1925.
$75,164
4,330
$74,204
5,785
$218,519
5,345
$309,228
3,584
Total income
Interest
$79,494
12.500
$79,989
15.000
$223,864
25,487
$312,812
11,458
Net income
-V. 126. p. 2492.
$66,994
364,989
$198,377
$301,354
Telautograph Corporation.-Earnings.Quar.End. Mar.31Gross income
Expenses
Depreciation
Miscellaneous expensesTaxes
Fed. taxes (estimated)
1928.
$213.158
100,374
31,372
1,758
2,334
10,438
1927.
$188.997
88,017
28.369
2,275
2,243
9,193
1926.
$166,141
84,195
25,089
1,412
2,302
7.174
. 1925.
$142.766
74.866
21,337
1,982
1,374
5.358
Net profit_ - -----Earns. per eh.on 192,000
shs. cons. stk.(no par)
-Ar. 126,p. 1212.
366,882
358,899
$45,968
$37,849
$0.28
$0.23
$0.17
$0.13
-Offer to Stockholders.
Telling-Belle Vernon Co.
-
A letter to the common stockholders says in substance:
An agreement, dated April 26 1928, has been entered into between the
National Dairy Products Corp.and certain stockholders of the Telling-Belle
Vernon Co., whereby the former corporation has agreed, subject to certain
conditions therein contained, to acquire all shares of the common stock of
the latter company deposited as hereafter provided, and to deliver in exchange therefor shares of common stock of the National corporation in the
ratio of 50 shares of National stock for each 78 shares of Telling-Belle stock
so acquired, with cash payments at the rate of $78 per share for fractional
shares of stock of the National corporation otherwise resulting upon such
exchange.
For the benefit of those Telling-Belle Vernon stockholders who prefer to
sell for cash any or all of the shares of the National corporation received
by them on such exchange, such agreement provides that arrangements
may be made by which in case an exchange is consummated, underwriters
will on July 111928. buy for $78 per share, all shares of the National corporation which the depositing stockholders shall have elected to sell. In
case arrangements for such sale are not made on or before May 29 1928,
the agreement will automatically terminate and all Telling-Belle Vernon
stock deposited under the agreement will be returned by the depositary.
The National Dairy Products Corp., organized in Dec. 1923, with its
subsidiaries, is one of the largest distributors of dairy products in the United
States. Since its incorporation it has acquired (either directly or through
subsidiaries) companies engaged in the milk, ice cream and dairy products
business in many cities, as far south as Memphis. Tenn., and as far west
as Omaha, Neb. Among the properties are included the following in
important centers: In New York. the Sheffield Farms Co., Inc.; Breyer Ice
Cream Co., Inc., and Hydrox Ice Cream Co., Inc.; In Chicago. the Chapell
Ice Cream Co., Inc. and the Hydrox Corp.: In Phitadelphia, the Breyer Ice
Cream Co. and the Supplee-Wills-Jones Milk Co.; in Pittsburgh, the BieckMcJunkin Dairy Co.; in Milwaukee, the Luick Ice Cream Co.; in Newark.
the .1. T. Castles Ice Cream Co.', in Kansas City, the Franklin Ice Cream
Corp.; in Memphis, Clover Farm Dairy Co.; in Omaha, Harding Cream Co..
and in Nashville, Nashville Pure Milk Co
.126.
Any depositor who desired to sell all or any of the shares of common
stock of National Dairy Products Corp. to which he may become entitled
upon such exchange, must deposit his Telling-Belle Vernon stock on or
before May 24 with the Cleveland Trust Co., depositary, Cleveland, Ohio.
On and after July 12. in case the exchange become effective, the depositary will deliver to the holders of outstanding certificates of deposit the
shares of common stock of the National Dairy Products Corp. and cash to
which they may be entitled. If the exchange of stocks is effected, the
holders of certificates of deposit will be entitled to receive no further diva.
upon their Telling-Belle stock, but will be entitled to receive upon distribution by the depositary on and after July 12 an amount in cash equal to
75 cents for each full share of National common stock to which they became
entitled on such exchange (irrespective of elections to sell) less 4 cents for
each share of Telling-Belle
by them, which amount will be
used by the depositary tostock depositednecessary stock transfer stamps
purchase the
upon transfers of said stock. If the exchange is not consummated by
July 9 1928. the depositary will thereafter, upon surrender of the certificates of deposit, return to the registered holders thereof the common stock
of the Telling-Belle company represented thereby
and any dive, received
by the depositary on such stock.
As the plan proposed involves merely acquisition of a controlling cons.
stock interest in the Telling-Belle company and
not corporate action by
said company, W. E. Telling, J. H. Schindler, W.
H. Telling, II. A. Tremaine, George A. Coulton, A. R. Hoer and Frank H. Ginn, who are directors of the Telling-Belle company, make this as
a
the stockholders In reliance upon statements of the personal statement to
National corporation.
We propose to deposit our stock, other than
directors' qualifying shares.
with the depositary for exchange for common stock
of the National corporation under the agreement, and after careful consideration recommend
that all holders of common stock of the Telling-Belle company forthwith
become parties to the agreement by depositing their stock thereunder.
V. 126. p. 2663.
Terminal Ice & Cold Storage Co.
-Bonds Offered.
Joseph C. Tyler & Co., San Francisco, recently offered
$130,000 1st lien 7% serial gold bonds at par and int.
Dated Jan. 11928;due serially Jan. 11929. to Jan. 11939,
payable (J. & J.) at Lumbermen's Trust Co., Portland, incl. Interest
Ore.,
Denom. $1,000 and 6500. Callable on any int. date in whole or in trustee
part on
60 days' notice at 105 and int. Normal Federal income tax up to 2% paid
by the borrowing corporation. California personal property
tax up to four
mills refundable to California holders.
Company was organized in April 1911 in
Its ice and cold storage plant near the Union Oregon.inHas been operating
Station
Portland, Ore., for
the past 17 years, showing a consistent growth, concentrating
its
the development of the cold storage business and developing efforts in
the
facture of ice only as a by-product. All ice sales are at wholesale to manucompanies, hauling from the plant. The revenue from ice was delivery
14.5% of
the gross income in 1927.
The principal business is the storage of eggs, butter, cheese,
meat,
celery, lettuce and other perishable merchandise. Company hasberries.
about
200 regular customers whose business has increased from year to year.
Security.
-Bonds are specifically secured by a first mortgage on the real
estate, plant and equipment at Salem, Ore., valued at approximately
3187,000. The bonds in addition will be secureed by assignment of lease
on the Portland, Ore., property expiring
chattel mortgage on plant and equipment Dec. 31 1943, together wills
contained
independent appraised depreciated value as of Dec. 1 therein, having an
1927. of $186.526.
making the total aggregate valuation of security specifically pledged under
this bond issue of $373,526. In addition there will be deposited with the
trustee life insurance policies in the amount of $60,000
on
Ireland, Gen. Mgr. of the company, fire insurance to the the life of Robert
the full insurable value of the property and equipment, extent of 90% of
and use and occupancy insurance in an amount equal to the annual service charges under
this issue.
Earnings.
-Company for 1927 shows net earnings, before
available for the service charges of the bond issue of $53,318.depreciation,
Such
ings for 1926 were $48,017. Earnings for 1927 were equivalent to earn5.96
times maximum interest charges on the $130,000 of bonds.
Sinking Fund.
-A monthly sinking fund will be deposited with the trustee to insure retirement of $13,000 annually of this issue on Jan. 1 each
year.
beginning Jan. 11929.
Texas Pacific Coal & Oil Co.
-Annual Report.
-
Calendar YearsGross earnings
Operating expenses
1927.
1926.
1925.
1924.
$6,693,035 $7,731,233 $5,641,374 $5,080.915
4,247,658 3,909,944 2.809,413
2,633,468
Operating profits_ _
$2,445,376 $3,821,289 $2.831,960 32,447.447
Other income
513.683
874,187
536,706
60,554
Gross income
32,959.059 34,695.476 83.368,666 32,508.001
Less rentals, int., &c__ 719,897
870.185
909,404
747.819
Depreciation,&c
1.925,073
2,247,248
1,728,832
1,727,516
Netincome
3314.089 81,578,043
$730.430
$32,666
Dividends paid
506,800
Balance,surplus_ _ -... def$192.711 31,578,043
x$730,430
$32,666
Shs.corn.outst.(par 310).
844,804
844,804
841,804
,
844,804
Earns.per sh. on cap.stk.
$0.37
$1.87
$0.86
$0.04
x Includes 50% of net income of IIomestake Exploration
Corp. for the
year.
-V. 126. p. 1369.
Times Square-46th Street Building (1556 Broadway
Corp.), N. Y. City.-Bonde Offered.
-P. W. Chapmany&
Co. Inc., are offering at $2,400,000 1st mtge. leasehold 6%
sinking fund gold bonds at 100 and int.
Dated Apr. 11928; due Apr. 11953. Principal and int. (A.
able at office of fiscal agent of company, in either New York Az 0.) payor
Denom. 81.000 and $500c*. Int. payable without deduction of Chicago.
tion of any Federal income tax not in excess of 2%. Refund that porof certain
taxes to resident holders of the District of Columbia,of any
State.commonwealth, territory or possession of the United
upon proper and
timely application, an provided in the mortgage.&lass, all
Red.
int. date upon 30 days' to and incl. Apr. 11933, at 104 and or part on any
int.;
to and incl. Apr. 1 1938, at 103 and mt.; thereafter, to and thereafter,
incl. Apr. 1
1948. 102 and int.: and thereafter, to and incl. Oct. 11952.
at 101 and int.
Interstate Trust Co. New York City, trostee.
Data from Letter of Floyd de L. Brown, President of the
Company.
Property -The Times Square-46th Rt. Building,
York City, completed in 1925, faces on Times Square in the heart ofNewof
one the
business and traffic centers In the world. The building is a most active
story office structure of steel and fireproof construction, with modern 16finish of limestone, face brick and terra cotta. The building an exterior
L-shaped Plot of approximately 14,800 square feet, contains a occupies an
area of approximately 200,000 square feet and is served by net rentable
seven highspeed elevators.
It is estimated that since tho building was constructed present
have expended over $725.000 for improvements in their individual tenants
quarters.
Earnmgs.-The building is over 95% rented. The income
has been certified to by Arthur Andersen & Co., for the yearof the property
ended Dec. 31
1027. such income including, on an annaal basis, the income from
leases
made subsequent to Jan. 1 1927, and giving effect to the present
management contract, were as follows:
Gross income
Oper. exp., mint., ground rent, insor., taxes (excluding Fed. $643.180
taxes)
294.321
Balance
$348.859
Maximum annual interest charges on this issue
144,000
Over $354,000 of the total annual gross Income is derived from leases
averaging, on an income basis, a term of over 12 years from present date.
Security -Bonds will be secured by a first closed mortgage on the leasehold estate having a frontage of about 60 feet on Broadway with a
about 180 feet, and a frontage of about 100 feet on 46th 9t. with depth of
a depth
of about 100 feet. This estate, comprising about 14,800 square feet of
land, together with the building erected thereon, has a present depreciated
value, as appraised by the American Appraisal Co. of $3,660,000.
MAY 5 1928.]
FINANCIAL CHRONICLE
-Extra Div. of 25 Cents.
Timken Roller Bearing Co.
An extra dividend of 25c. per share has been declared on the outstanding
capital stock of no par value in addition to the regular quarterly dividend
of $1 per share, both payabie June 5 to holders of record May IS. Like
amounts were paid in each of the previous seven quarters. This compares
with extras of 25c per share and regular dividends of 7.5c. per share paid
quarterly from Sept. 1923 to June 1920 incl.-V. 126, p. 1057.
-Harvey Fisk & Sons are
-Stocks Offered.
Toddy Corp.
offering privately at $27.50 a share 24,000 shares of $2
cumulative convertible participating class A preference
stock and at $12.50 a share 24,000 shares voting trust certificates for class B common stock. Purchasers of the preference stock have the privilege of buying voting trust certificates for class B common stock, share for share. Of the
• stook included in the offering 10,154 class A shares represent
an additional issue while the balance has been acquired from
individuals.
Class A stock is entitled to receive preferential cumulative dividends of
$2 per share annually before any dividends may be paid on class B stock,
and shall participate in any further dividend distribution share for share
with class B stock after class B stock has received $I per share in any one
year. Class A stock has full voting power, share for share, with class B
stock. Has preference as to assets of $30 per share plus accrued dividends
in case of dissolution or liquidation. Callable on any div. date after Sept. 12
1930, at $32.50 a share and div. Convertible at any time prior to redemption into class B stock at the rate of 1 shares of class B stock for each
share of class A stock. Dividends on class A shares are payable (Q. & J.)
Transfer Agent. The Bank of America, New York. Registrar, The Chase
National Bank. New York.
Data from Letter of Robert M. McMullen, Chairman of the Board.
Company.
-Formed Sept. 12 1927 to succeed Maltop. Inc., organized
In 1923. It owns all outstanding stock of Toddy, Inc.. Toddy Co. of
Canada. Ltd., and Toddy, S. A. (Cuba). Company, through its subsidiaries, operates three factories, producing "Toddy," a chocolate flavored
malt food drink. The product is distributeed through grocery chains and
jobbing houses in the United States. It also has an excellent market in
Canada and Cuba.
Sales.
-Gross sales of the predecessor company increased from $631,792
In 1924 to $1,644,970 in 1926. Sales ofthe American Co. and its predecessor
In 1927 were $1,832,205. In three years and 10 months to Oct. 31 1927,
a total of $838,571 was expended for advertising, and other selling
expenses aggregated $643,500, a substantial part of which is indirectly
applicable to advertising.
Purpose.
-Company has under way extensive development and selling
campaigns in various parts of the country which are expected to establish
"Toddy" on a vational basis. It is estimated that sales in 1928 will be
$2,750,000. Proceeds of sale of the additional 10,154 shares of class A
stock being issued will be used in part in connection with this expansion
and in Part to increase working capital.
CapitalizationAuthorized.
Outstanding.
Five-Yr. 6% cony. notes duo Dec. 11932. (Convertible into class A stock on the basis of four
shares for each $100 of notes-$125,000 having
been so converted)
$600,000
$136,100
Class A particip. cony, preference stk. (no par
value)
150,000 shs. 40.385 shs.
Class B common stock (no par value)
*310,000 shs. 84.718 shs.
* 150,000 shares reserved for conversion of6% notes and class A stock.
Steps are now being taken to reduce the authorized amount of class A
participating convertible preference stock of no par value from 150,000
shares to 100,000 shares.
Eornings.-The accounts of Maltop, Inc., for the three years ended
Dec. 31 1926, were examined by Ernst & Ernst, and results of operations
for those years are summarized from their reports as follows:
Net After
YearCr. Sales. Advertising. Selling Exp.
Charges.
1924
$631,792
$65,180
$98,886 loss $9,286
1925
1,351.205
179,703
168,987
19,437
1926
1,644,970
291,118
182,037
61.471
*1927
82,825
1.562,383
318,829
209,515
* The accounts of Maltop, Incp., for the 10 months ended Oct. 31 1927,
were examined by Haskins & Sells. The combined results of operations
of Maltop, Inc., for that period, as certified by Haskins & Sells, and of
Toddy Sociedad Anonima (Cuba) for the five months ended Oct. 31 1927,
and of Toddy Co. of Canada, Ltd., for the 10 months ended Oct. 31 1927,
as certified by the Secretary of those companies, are as above.
(The) 12th Street Store (Ill.), Chicago.
-Bankers
Offer 40,000 Shares Pref. Stock.
-Minton, Lampert & Co.
and Porter Fox & Co., Inc., Chicago, are offering 40,000
(no par) shares, preference class A stock at $31.50 per unit.
Each share of preference class A stock carries a detachable
subscription warrant entitling the holder to purchase one
share of the common stock of the corporation at prices
ranging from $14 per share until Jan. 1 1929 to $35 a share
until Jan. 1 1940. Annual dividend on the preference
class A stock requires $2 per share. .The sale of the pref.
stock does not constitute new financing on the part of the
company.
2809
Sales.
Sales.
Sales. I
Sales.
1910 41,108,709 1915 ....$1,245,765 1920 -43,531,384 1925 -44,366,320
1911 - 1,139,074 1916 - 1,444,049 1921 -- 3,493,197 1926 -- 4,622,476
1912 - 1,180.794 1917 -- 1,528,452 1922 -- 3,913,957 1927 -- 4,418,296
1913 - 1,291,165 1918 -- 1,887,608 1923 -- 4,344,368
1914 - 1,254.388 1919 -- 2,790,304 1924 -- 4,511.104
Net profits for the past four years after deduction of all charges and
ample reserves, including depreciation and Federal income taxes, have
been as follows:
Net Profits
Net Earns.
After Deduc.
Per Share
of Fed. Inc.
on Prefer'ce
A Stock.
Taxes.
$268,817.90
$6.72
1924
241,919.30
6.04
1925
6.67
266,803.09
1926
6.50
260,271.23
1927
Listed.
-Both preference class A stock and warrants listed separately
on the Chicago Stock Exchange.
Net profits for the first quarter of 1928 are in excess of those for the same
quarter alst year. .
-The balance shet of the corporation, as of Mar. 31 1928
Balance Sheet.
shows net tangible assets of $1,711,716. Current assets amounted to
$1,376,490 as compared with current liabilities of $290.833, or a ratio of
4.73 to 1. No dividends will be paid on the common class B stock if this
ratio will thereby be reduced to less than 3 to 1. Net assets behind preference class A stock over $42.50 per share.
-In any fiscal year that the company earns $7.50 per share
Sinking Fund.
on the common class B stock (equivalent to $2.50 per share on the authorized and outstanding common stock of The 12th Street Store Corp. of Delaware) one-half of all earnings over and above such amount shall be set aside
in a sinking fund and used for the purchase of preference class A stock by
the company at or below the prevailing call price, on the open market or
elsewhere, at the best price obtainable, which stock when so purchased
shall be retired and cancelled.
The 12th Street Store Corp.
-The 12th Street Store Corp. of Delaware
which owns all ofthe common stock of The 12th Street Store has an authorized and outstanding capitalization of 150,000 shares of common stock
(no par value) of which 40.000 shares are to be held in escrow by the West
Side Trust & Savings Bank against the exercise of subscription warrants
attached to The 12th Street Store preference class A stock certificates.
-Lux Daylight Picture Screen Corp.-Petaton
Trans
for Rehearing Denied.
Notice was received by the News Projection Corp. last week that the
Court of Appeals of the Second Circuit had denied the petition filed by the
Trans
-Lux corporation for a rehearing of its appeal to this court, which on
-Lux corporation.
Apr. 9 decided against the Trans
This brings to a conclusion the patent litigation of the News Projection
Corp. filed in 1925 for infringement of its patent covering stock quotation
Projecting machines, known as the "movie tickers." As a result of this
litigation the right to an injunction against the Trans-Lux corporation and
a number of brokerage houses was granted. The issue of these injunctions
was stayed pending the decision of the Court of Appeals. This stay has
now expired es a result of which the News Projection Corporation is now
in position to enforce its injunction. See V. 126, p. 2328.
Tip Top Tailors, Ltd., Toronto.-Pref. Stock Offered.
R. A. Daly & Co. Ltd., and Hanson Bros., Inc., Toronto,
are offering at 10t) and div. $1,500,000 7% cum. sinking
fund redeemable convertible preferred shares. A limited
amount of common stock is available at $31 per share.
Preferred shares are preferred to the extent of $110 and diva, as to assets
and diva. payable Q-J at par at any branch of the company's bankers.
Canadian Bank of Commerce, in Canada (Yukon Territory excepted).
The first dividend will accrue from April 1 1928. Callable all or part on
any div. date on 60 days' notice at $110 per share and div. Convertible at
the holder's option up to May 1 1933, into 2 shares of common stock for
each preferred share. Transfer Agent: National Trust Co., Ltd. Registrar: Canada Permanent Trust Co.
Authorized.
zed.
CapitalizationOutstanding.
7% cumul. sinking fund red. cony. pref.
$1,500,000
$1,500,000
shares (Par $100)
*150,000
Common stock (no par value)
120,000 shs.
* Sufficient common shares have been set aside to provide for the conversion of the preferred stock.
Data from Letter of D. Dunkeiman, President of the Company.
-Organized in 1928 under the laws of the Dominion of Canada
Company.
to acquire the business, undertaking, assets and goodwill of The Berger
Tailoring Co., Ltd. which company was incorp. in 1910 to engage in the
manufacture and distribution of men's clothing. Company does the largest
made-to-measure clothing business in Canada,Its product being distributed
through its own stores now 34 in number, as well as through agencies all
over Canada. The business was stated 18 years ago with a capital of
$1,500. and during these years assets exceeding $2,000.000 have been built
up mainly through reinvestment of surplus earnings.
The growth of the business is apparent from the fact that sales were
$2,520,289 in 1925; $3,010,962 in 1926, and $3,420,545 in 1927. A further
expansion in sales is taking place in 1928. the sales for the first three months
being well in excess of those for the corresponding period of 1927.
Earnings.
-Net earnings after providing for adequate depreciation and
Fed. income taxes at present rates for the last three years were as follows:
1925, $138,748; 1926, $274,303; 1927, $447.001.
The net earnings for 1927, amounted therefore, to over 4 times the total
annual dividend requirements on the preferred shares. The balance of the
earnings available for dividends on the common stock amounted to $2.85
per share on the 120,000 shares of common stock to be now outstanding.
Earnings for the current year, in the opinion of the management, should
show a substantial growth over those for last year.
Sinking Fund.
-Company shall on April 1 1929 and on April 1 in each year
thereafter, set apart as and for a sinking fund a sum equal to 10% of the
net earnings as defined of the company for the preceding fiscal year, available for payment of dividends on the common shares. Such sum shall be
immediately applied by the company in the purchase of preferred shares. if
obtainable, at not exceeding $105 per share, Plus brokerage charges.
Listing.
-Application will be made in due course to list the preferred and
common shares on the Toronto Stock Exchange
Transfer Agent, First Trust & Savings Bank of Chicago: Registrar,
Foreman Trust & Savings Bank of Chicago. Exempt from State of Illinois
personal property tax. Dividends exempt from present normal Federal
income tax. Preference class A stock is entitled to receive cumulative
dividends of $2 per share annually, payable (Q.
-F.) before any dividends
are payable on com. stock. Pref. class A stock is redeemable asa whole or
in part on any dividend date on 30 days' notice at $37.50 per share until
Apr. 15 1931; thereafter at $36.50 per share until Apr. 15 1933; thereafter
at $35 per share until Apr. 15 1935; and thereafter at $33 per share, plus
div. in each instance; also entitled to preference as to assets over the common stock to the extent of $32.50 per share in voluntary liquidation and of
$30 per share in involuntary liquidation, plus div. in each instance.
-Each share of preference class A stock will
2124-2134 Broadway Buildings (Havemeyer ConSubscription Warrants.
carry one detachable subscription warrant entitling the holder to purchase struction Co. Inc.), New York City.
-Bonds Offered.one share of the common stock of the 12th Street Store Corp. at the following
4
prices: $14 per share until Jan. 1 1929. $16 per share until Jan. 1 1930, S. W.Straus 82 Co., are offering $4,450,000 1st mtge. 53 %
$18 per share until Jan. 1 1931. $22 per share until Jan. 1 1932, $24 per sinking fund gold bond certificates, series A at 100 and mt.
share until Jan. 11933. $26 per share until Jan. 1 1934, $28 per share until
Dated April 1 1928: due April 11943. Int. payable A. & 0. Denom.
Jan. 11935, $30 per share until Jan. 11936, $32 per share until Jan. 11937,
$3$ per share until Jan. 11940, and thereafter the warrants will be void.
$1.000, $500 and $100c*. Principal and int. payable at S. W. Straus &
CapitalizationAuthorizeed. Outstanding. Co., Inc., N. Y. City. Red. for sinking fund at 101 and int. Callable.
40,000 shs.
40,000 shs. except for the sinking fund, at 102% and int. on or before April 1 1933: at
Preference class A stock (no par value)
50,000 shs.
Common class B stock no par value)
*50,000 shs. 102 and int. after April 1 1933 and on or before April 11938: and at 10135
*All owned, except directors' qualifying shares, by The 12th Street Store and int. after April 1 1938 and before April 1 1943. Federal income tax up
c
orp. (Del.) with total authorized and outstanding capitalization of 150,000 to 2% per annum paid by the borrowing corporation. Penn., Conn., and
shares of common stock (no par value). 40 000 shares of which are to be Vermont 4 mills taxes; Maryland 4% mills tax; District of Columbia and
Virginia 5 mills taxes; New Hampshire State income tax up to 3% of the
held In escrow against the exericse of subscription warrants.
interest per annum and Mass. State income tax up to 6% of the interest per
from Letter of Joseph Weissenbach, President of the Corp. annum refunded upon application to be made by the certificate holder within
Data
-The 12th Street Store, located at the northeast 4 months from date of payment. Chatham Phenix National Bank & Trust
History & Business.
corner of Roosevelt Road and South Halsted St., one mile west and one Co., trustee.
Security.
-This issue is secured by a consolidated first mortgage on land
mile south of the corner of State and Madison Sts., in the City of Chicago,
owned in fee by this corporation, occupying the entire block front on the
was incorporated as an Illinois corporation in March 1909.
period of 19 years, under the present management, the store south side of 75th St. N. Y. City, between Broadway and Amsterdam
For this
has a record of successful operation and has shown a steady and substantial Ave., together with the buildings now under construction thereon. The
growth. Practically all lines of merchandise found in any department land contains a total area of approximately 29,367 square feet.
-story
On the Broadway and 75th St. corner is now being are ted a 24
store in the country may be found in The 12th Street Store. All departments are operated by carefully trained managers whose ability Is reflected apartment hotel building. This building occupies the entire Broadway
very rapid turnover of merchandise. Over 70% of our business frontage of 157 feet and has a frontage of 120 feet on 75th St. The street
through the
floors both on the Broadway and 75th St. side will be occupied by stores
Is done on a cash basis. since incorporation, 19 years ago, has the
business and the upper floors will contain 505 rooms divided into 321 suites each of
Earnings.
-In no year
gross sales have been a gradual which will contain a service pantry and a bath for each bedroom. There
failed to show a satisfactory profit, and following
tabulations:
will also be a restaurant, lounge and other publ c rooms.
and substantial Increase as shown by the
2810
[VOL. 126.
FINANCIAL CHRONICLE
Listed.
-Bonds listed on the Chicago Stock Exchange.
The remainder of the plot fronting approximately 92 ft. on 75th St. and
United Artisits Theatre is situated at the southeast corner of Randolph
150ft. on Amsterdam Ave. will be developed with a high-class motion picture
theatre which has been leased to Up Town Playhouse, Inc., for 25 years and Dearborn Sts.,in the heart of the theatrical district of the Chicago Loop.
from the time the theatre building is ready for occupancy at a net rental of The theatre is a modern, fireproof theatre building of steel and concrete
$300,000 per annum and during the first five years of the lease will be construction, with a seating capacity of 1,707 people. The interior has
been completely remodeled and refurnished at a cost in excess of $700,000
operated as a "Roxy" house. The theatre will contain 3,021 seats.
-The theatre portion of this property has been leased to Up and the entire building now compares favorably in appearance and equipEarnings.
Town Playhouse, Inc., for a term of 25 years commencing from the time ment with the finest motion picture theatres in the country.
Security.
-Bonds will be the direct obligation of the Chicago-United
the theatre is ready for occupancy at a net rental of $300,000 per annum.
Under the terms of this lease the lessee is obligated to pay all taxes on the Artists Theatre Corp. and will be secured by a direct closed first mortgage
portion of the property as well as operating and maintenance on its leasehold estate in the land at the southeast corner of Randolph and
theatre
expenses, but is not obligated to make repairs to exterior walls or structural Dearborn Streets and in the improvements thereon, including fixed equipportions of the building. This lease, which is subordinate to the mortgage ment. The ground lease under which such leasehold estate is created runs
as security for the series A certificates, has been assigned to the trustee as for 99 years from Feb. 1 1927. The land has a frontage of 120 feet on
Randolph St., 102 feet on Dearborn St., and an area of approximately
additional security.
Based on a conservative rental schedule the net annual earnings of the 12,283 square feet. The improvement consists of a modern theatre buildhotel after deducting taxes, operating expenses and a 10% allowance for ing to be leased for a term of years extending beyond the maturity of this
vacancies have been estimated at $451,000. making a total annual net bond issue.
The leasehold estate, building and fixed equipment have been appraised
income from the entire property of $751,000. This amount Is nearly three
as having a present fair market value of $2,138,413. The total first mtge.
times the greatest annual interest charge on the Series A certificates.
indebtedness represented by this bond issue, is therefore less than 61% of
-The name bankers are the appraised value of the security.
$800,000 Junion Bonds Offered.
Lease et Guaranty.
-The United Artists Theatre will be leased by the
offering at 100 and int. $800,000 1st mtge. junior participa- Chicago-United
Artists Theatre Corp. to the Illinois-United Artists Theatre
tion 65i% sinking fund gold bond certificates, series B. Co.for a period extending to Mar. 1 1953, at snot annual rental of $162,500
the lessee
This issue of certificates is a junior participation in one first special to pay in addition, among other things, all ground rent, taxes.
assessments, insurance and maintenance; and all costs of repairs
mortgage for $5,250,000.
nd improvement of the equipment and building. Net annual income thus
Dated April 1 1928: due April 11939. Int. payable A. & 0. Denom. accruing to the Chicago-United Artists Theatre Corp. is equivalent to
$LOW and $5000. Prin. & int. payable at S. W. Straus & Co., Inc., in twice the maximum annual interest requirements of this bond issue.
Payment of the rental and performance of the lease will be unconditionally
N. Y. City. [Other details same as for 1st mtge. series A bonds above.)
-This issue of certificates is a junior participation in one con- guaranteed by the United Artists Theatre Circuit, Inc., which controls the
Security.
solidated 1st mtge. for $5,250,000 on land owned in fee as described above. Chicago-United Artists Theatre Corp. and will control the lessee corporaThe rights and remedies of the holders of these series B certificates are in tion through ownership of all capital stock thereof, except directors' qualiall respects subject, subordinate and inferior to those of holders of series A fying shares. The lease and guaranty will be assigned to the trustee as
collateral security for these bonds.
certificates.
-Bonds
Twentieth Century Market, Oakland, Calif.
Offered.
-Bradford, Kimball & Co., Drake, Riley & Thomas
and California Co., San Francisco, are offering at 100 and
int. $350,000 1st (closed) mtge. 63% sinking fund gold
bonds.
Dated Jan. 1 1928: due Jan. 1 1943. Callable all or part, on any int. date
.
upon 30 days' noticeatt 1021i. Denom. $1,000 and $500c5 Interest payable J.& J. Normal Federal income tax up to 2% paid by owning corporation. Principal and int, payable at Central National Bank, Oakland.
Central National Bank of Oakland, Trustee. Exempt from personal
property tax in California.
These bonds will be secured by a first mortgage on approximately 78%
of the land bounded by Grove, Jefferson, Thirteenth and Fourteenth
Streets, in the City of Oakland, Calif.. upon which a large fireproof, Class
A steel frame market building containing 192 stalls will be erected. These
bonds will be further secured by an assignment to the trustee of any and all
leases of said stalls or portions thereof. 75% of which shall run from two to
five years. At the present time there are applications on hand for all of
the stalls in the Market and in addition there is a waiting list of applicants.
R. L. Underhill appraises the real estate at $450,000. The cost of the
building Is estimated to be $200,000. making a total valuation of 8650.000.
In the possible event that the cost should be less than $200,000, sufficient
bonds will be retired to maintain this ratio. On this basis this will be less
than a 54% loan.
The property will be owned by The Twentieth Century Market. a
corporation. The following will be its directors: John J. Allen, Jr., Frank
Armanino. F. C. Laird, F. E. Cahill, R. F. Lorimer.
R. L. Underhill,after checking the estimate by the corporation, and upon
full investigation of similar situations estimates a $216,000 gross income
and a net income of from $60,000 to $84,000 per year, equivalent to from
2.5 to 3.6 times bond interest.
-Earnings.
Underwood Elliott Fisher Co.
Results For Three Months Ended March 31 1928.
Combined net earnings, atter deducting manufacturing, selling
$1,547.951
& general expenses & all other charges
97.435
Other net income
Total Income
Depreciation
Reserve for Federal income tax
81,645,386
$151,440
202,695
Combined net income
Earns per share on 643.436 shares cont. stock (no par)
-V. 126, p. 885.
81,291.251
$1.86
-Earnings.
Union Carbide 8z Carbon Corp.(& Subs.).
1926.
Quarters End. Mar. 31- 1928.
1927.
Earns. (after prov. for
Inc. & 0th. tax.)
$8,329,468 $7,571.152 $8.014,561
Int. on funded debt &
diva. on pref. stock of
sub. cos
295,675
299.763
306,439
Deprec. & other charges
2,029,661
(est.)
1,925,060
1,926,126
•
1925.
$6,319,622
256,989
1,800.382
$6.004,132 $5,346,329 $5,781,995 $4,262,251
Balance. surplus
The profit of $6,004,132 for the first quarter of 1928 is equivalent to
82.25 per share earned on 2.659,733 no par shares stock as compared with
$2.01 in 1927.-V. 126, p. 2001. 1972.
-Tenders.
Union Oil Co. of Calif.
The Equitable Trust Co., trustee, will until May 14 receive bids for the
-year sinking fund bonds to an amount sufficient
sale to it of 1st lien 5% 20
to absorb 31,115,000.-V. 126. p. 2328, 1499.
Union Trust Co. of Md.-Listing.--
The Baltimore Stock Exchange has authorized the listing of $350,000
additional capital stock (par $50)•
Condensed Balance Sheet Dec. 31st 1927.
Liabilities$19,617,371 Capital stock
$1,150,000
I..oans
10,230,910 Surplus
1,150,000
Stocks &bonds
450,000 Undivided profits
1.200,539
Invest. In Union Trust Bldg_
270,671
Branch office Properties- 417,029 Reserves for int.. taxes, &c
Acceptances sold
400.000
Credit granted on salable Sc550,100 Deposits
31,432,021
ceptances (secured)
4,337,821
Cash & exchange
United Business Publishers, Inc.
-Registrar.
-
The Bankers Trust Co. has been appointed registrar for the 7% cumul•
pref. and common stock.
-V. 126. P. 2663.
United Electric Coal Cos.
-Listing.
There have been placed on the Boston Stock Exchange list voting trust
certificates representing 140,000 shares (authorized 150.000 shares) each
share without par value, common stock.
The voting trust agreement bears the date of June 1 1928 a,nd is to continue until June 1 1935 unless terminated prior thereto under conditions
set forth in the agreement.
The stocit structure of the company consists of an authorized issue of
60,000 shares of 1st preferred stock (par $100) of which 4,585 shares are
outstanding, of 6,500 shares general 7% preferred stock (par $100) of which
2,558 shares are outstanding, and of 150,000 shares of common stock, without par value, of which 140,000 shares are outstanding and represented by
these voting trust certificates.
The company had outstanding as of Jan. 31 1928, $4,090,500 1st mtge.
7% sinking fund gold bonds, due June 1 1935 and $900,000 20
-year 2d
mtge, income gold bonds, due Dec. 1 1946, the interest and principal of
which are payable only from the profits from certain purchased property.
From April 14 1922 to Jan. 15 1928 the company has paid in dividends
on its common stock $798.000. The last dividend was declared payable
to stockholders of record Dec. 31 1927 and payable Jan. 15 1928.
The Company has been organized since Aug. 3 1918 and operates coal
properties in Ohio, Illinois and Indiana.
Transfer agents: National Rockland Bank, Boston, and Lawyers Trust
Co., New York, N. Y. Registrars: Old Colony Trust Co.. Boston and
the National City Bank, New York.
-V. 126, p. 2493.
United States Asbestos Co.
-Stock Offered.
-Parker,
Robinson & Co., Inc., New York, are offering at $20 per
share the unsold portion of 28,000 shares common stock
(no par value).
Data from Letter of S. R.Eimmerman,President of the Company.
CapitalizationAuthorized. Outstanding
7% cum. pref. stock (par value $100 a share)_ _
$500,000
$2,000,000
Common stock (without par value)
500,000 shs. 100.000 shs.
Transfer agent, United States Mortgage & Trust Co., New York City.
Registrar, Equitable Trust Co., New York City.
Company.-Incorp. in Pennsylvania, Aug. 24 1906, and has been in
successful operation for over 20 years. Company is engaged in the manufacture and sale of asbestos products, including "Gray. Rock" brake linings.
clutch facings, absedos cloth, high pressure packing, braided packing.
gaskets and other products, which are widely distributed to the manufacturing or wholesale trade. Among its customers are several of the
largest automobile manufacturers of the country as well as other large
consumers of asbestos products. Company's plant, located at Manheim,
Pa.
Recapttalization.-Thene 28,000 shares of common stock are being sold
by the company and stockholders in connection with the recapitalization
of the company, involving the retirement of outstanding preferred stock,
the sale of new preferred stock and the exchange of par value common
stock for no par value common stock. The outstanding $565,650 preferred
stock has been called for redemption on Oct. 1 1928, and upon completion
of this financing the redemption price will be deposited in the Lancaster
Trust Co., Lancaster, Pa., for the holders thereof.
Assets.
-The consolidated balance sheet of company and its subsidiarY.
as'of Dec. 31 1927, after giving effect as of that date to the recapitalization, shows current assets of $1,095,094 anti current liabilities of 8216.631.
or a ratio of over .5 to 1.
Earnings.
-The sales and the net earnings of the company and its subsidiary, for the four years ended Dec. 31 1927, after deducting Federal
income tax at 13%%,have been certified as follows:
Net after
Deprec.
% Earned
4earSales.
Fed. Tax.
on Sales.
1924
$1,452,708
$86,024
1925
126,575
1,953,397
16 9
35
14
1926
2,379,930
182,675
7.6%
1927
,021
11.5%
The above net earnings (after deductiono'f anul
requirements
on the new preferred stock to be presently outstanding) were equivalent
In 1927 to $3 per share of this common stock.
Sales and net earnings for the first quarter of 1928 show an Increase over
the corresponding period of 1927.
Diridends.--It is the intention of the company to place this conunon
stock on a cash dividend basi
U. S. Radiator Corp.-Annual Report.Enj
an31nnuaI
Yrs.
1027.
1926.
1928.
Gross
eanangs
$1,363,866 $2,068.183 81,978,848 82192 .491
.325
4
188,215
200,516
169,732
191,749
been ap- Cash disct, on sales &c The Seaboard National Bank
Int. on
&
47.932
pointed co
-transfer agent in New York of the preference stock -V. 125. Depr.ilbondsn notes_ _
Loss ootlccoti tts equip _
a plan &
3
137,008
47,9003 ; 0
143 00
9 15
8
149,874
141414
8 35
P. 3497.
48,414
Res.for Federal taxes &
United Artists Theatre (Chicago-United Artists
227.000
contingencies
130,000
203,000
387,000
Total
$35,603,231
Total
$35.603,231
-Co-Transfer Agent.
Unit Corp. of America. the City of New Yorkhas
of
-De Wolf &
-Bonds Offered.
Theatre Corp), Chicago.
Co., Inc., Chicago, are offering at 100 and int. $1,300,000
1st mtge. 63(% sinking fund leasehold gold bonds.
Net income
Preferred dividends --Common dividends
$830,610 $1,458,514 81,386,092 81,521,477
287,672
287,672
287.672
287,672
430,000
400,000
310,000
120,000
Dated Mar. 1 1928; due Mar. 11948. Int. payable M. & S. Denom.
Balance, surplus
$740,842
$142.938
any time
8788.420 81,113,805
30
.
$1,000. $500 and $100c5 Callable all or part at thereafter on anddays' Shares of com. outst'd'g
to
incl.
notice at 103 and int. on or before March 1 1935;
(no par)
200,000
211.672
200,000
x40,000
& int.; thereafter and prior to maturity at 101 and int. Earns.per share
Mar. 1 1943, at 102
$2.56
$5.85
on elm_
$5.49
630.85
Prin. & int, payable at Foreman Trust & Savings Bank, Chicago, trustee.
a Represented by shares of $100 par value.
-V.120, p. 263.
without deduction for normal Federal income tax not to exceed 2%.
holders of these bonds upon timely
Company agrees to reimburse the
United States Realty & Improvement Co.
application in accordance with indenture for all State mills taxes not in
-Buys
excess of 6 mills per annum; for all State bond exemption taxes not in Holdings of Childs Co. in Savoy Plaza Hotel.
excess of 5 mills nor annum, and for all State income taxes on interest, not
See Childs Co. above.
-V. 126. p. 2103.
exceeding 6% of such interest Der annum.
MAY
5 1928.]
FINANCIAL CHRONICLE
-Listing.
United States Cast Iron Pipe &•Foundry Co.
listing of certificates
The New York Stock Exchange has authorized thefor $12.000,000 pref.
depositary,
of deposit issued by Bankers Trust Co.,
and for $12,000,000 common stock (par $100) on official
stock (Par $100)
stock certificates.
notice of issuance in exchange for outstanding has been appointed registrar
The Central Union Trust Co. of New York
representing 120,000 shares ofcommon and 120,000
for certificates of deposit
shares of prof. stock. See also V. 126. p. 2493. 2663.
-Earnings.
United States Hoffman Machinery Corp.
1927.
1928.
Quarter Ended March 31$867,592
$811.712
Gross profit on sales
466.723
504,268
Selling. admin. & gen. expense
$400,869
$307,444
Profit from operations
47,305
104,321
Interest & other income
$448,175
$411,765
Gross income
P
$46,419
$47,936
Depreciation
33.336
47,579
Reserves & other income charges
41,821
35,821
accrued
Income taxes
54.899
55,001
Provision for amortization of patents
$271.698
$225.427
Net income for period
$1.22
$1.01
Earns. per sh. on 222,203 shs. cap. stk (no par)..__
Balance Sheet March 31.
Condensed
1927.
1928.
Liabilities1927.
1928.
AMU _
Plant property__ _ c$647.624 8753,279 Capital stock._ _ IA4,632,182 $4,632,182
75,000
Notes payable _
400,000
S. Ws
U.
Accts. Pay. & acPlant coast. &
cruedaccts.,incl.
35,421
equip
361,100
Fed. taxes (est.) 380,138
a1.922,272 2,133,830
Patents
24,990
1 Cust. instal. diva_
1
Good-will
326,434 Deposits on acct. of
618,506
Cash
8,795
9,568
uncom pl. sales__
Notes dr bills roc_ 2,709,879 2,900,902
744,837 Reserves for taxes
Accts.receivable_ _ 785,705
332,884
and royalties_ __ 246,220
48,744
46,121
peepd.& def.chgs.
1.138,582 1,266,130 flnapprop. surplus 3,028,107 2,766,670
Inventories
Deposits on leases,
2,322
1,864
&c
contracts,
101
15,317
Investments
$8,321,295 $8.176,631
Total
$8,321,295 98,176,631
Total
a After deducting reserves of $1,345,285. b Authorized 223.334 shares
c After deducting rea no par value; outstanding, 222,203 1-3 shares.
serves of 3567.169.-V. 124. p.806.
-New Director, &c.
Victor Talking Machine Co.
William Boyd has been elected a director succeeding A. W. Atkinson.
President E. E. Shumaker, at the annual meeting stated, that one of
was a
the recent developments on which the company had been working This
production.
linking up of the talking machine with motion picture said, and the comwork had been under development for the past year. he
pany was now prepared to put on the market records which could be adapted
-V. 126, p. 2141. 1826.
for use with any moving picture film.
-Porter Skitt &
-Bonds Offered.
Vista del Lago, Inc.
Co., Chicago, are offering at 100 and int. $250,000 1st mtge.
6% three-year gold bonds.
at Lake Shore
PM Dated April 1 1928; due April 1 1931. Int. A &0 payableFederal income
Trust& Savings Bank, trustee, without deduction for normalRed. all or
tax, not in excess of 2%.Denom. 31.000. $500 and $100c*. 1929 at 101part
and
on any int. date upon 30 days' notice up to and incl. April 1
sit.: on Oct. 1929 at 100% and int.; on April 1 1930 at 1003-i and int.; and
on Oct. 1 1930 at 1003 and int.
-Lying between the northerly limits of Wilmette and the southLocation.
erly limits of Kenilworth and fronting on Sheridan Road is a very valuable
of ground known as"No Man's Land," so called because, while small
parcel
In area and surrounded on three sides by the limits of these villages,it is not
within the corporate limits of either. This plot ofground extends to the waters
of Lake Michigan from a frontage of 1.359 ft. on Sheridan Road, while
ft.
across the road is an irregular shaped block of ground fronting 1,061 the
on Sheridan Road. This is all there is of "No Man's Land" and it is
Sheridan Road north of Chicago City
only frontage in Cook County on
limits that is totally unrestricted as to business development. the plot of
Securily.-The property under this mortgage is a part of
ground running back to Lake Michigan, carrying with it riparian rights. It
adjoins the southerly village limits of Kenilworth and has a frontage of
353 ft. on Sheridan Road. a depth of approximately 300 ft. to the lake and,
by reason of a diagonal side line, a frontage of over 560 ft. on Lake Michigan. The area of this ground is in excess of 145.000 square ft. The mortgaged property includes both land and buildings.
Vatuation.-The ground alone has been valued by Wm. H. Babcock &
On
Sons at $525.000 and by one of the Chicago banks at $510,000. 50% the
of
basis of either of these appraisals this mortgage issue is less than erected,
land value, exclusive of any improvements. Buildings already
the
have cost approximately $135.000.
together with furnishings and equipment,
This investment, together with the value of the land as established by independent appraisers, furnishes a total security of upwards of $650,000 for
this issue of bonds.
United Verde Extension Mining Co.-Status,
Cash on hand
D.S. Govt. securities (par value $3,764,200) mkt.
value
1928.
Copper Production (Lbs.)3,265,898
January
3,247,052
February
3,397.172
March
-V. 126, p. 1523. 265.
Arr. 1 '28' Oct. 1 '27.
$573,918
$239.716
3.838,487
1927.
3.405,972
2.303.758
2,622.908
2811
3.835,943
.
3,974.110
3,528.765
3.557,064
Universal Ins. Co. of Newark, N. J.-Bal. Sheet.
Von's, Inc., Los Angeles, Calif.-Earnings.- 7Mos.End.
12 Mos.End.
PeriodMerchandise sales
Cost of merchandise sold
Gross profit on sales
Administrative & selling expense
Net earnings
Other income
Total earnings
Other expense
Income tax for period
Dec. 31 '27. Dec. 31 '26.
$2,682,424 $1,340.161
1,101,882
2,205,839
$476.585
470.358
$238,279
243.223
$6,227 loss $4,944
43,296
89,140
395.367
2,604
12,700
$38.353
1,145
5.135
332.073
380,064
Pro-forma balance sheet, Dec. 31 (after giving effect in respect of 1926
Nev profit
1927, and, in respect both of
8.988
11.488
to financing completed Dec. 15 of certain reserves created by 1926 and Dividends on preferred stock
statutory Dividends on common stock
32,000
1927, to restoration to surplus
requirements, as indicated by footnote.)
$23.085
LiabilitiesDec.31 '27. Dec.31'26a
$36.576
Dee.31 '27. Dec.31'26s
AssetsBalance, surplus
6840,233 $2,366,863 cCapital stock_ _ 1,250,000 1,250,000 -V. 125. p. 534.
Cash
Res.for known and
Wrestle at market
unknown losses_ $642.963 $573,250
3.052,561 1,436,711
value
-Annual Report.
Waialua Agricultural Co., Ltd.
136,535 Res, for unearned
Sects. receivable._ 159.783
1924.
1925.
1926.
1927.
Calendar Years271,083
323,959
premiums
aLlah. of non-ad$691,068 $1,190,342
31,297,655 $1,063,805
28,500 Net ;profits
20.000
Taxes(estimated)_
for
mitted cos.
%)910,000 (10)650.000(835)532.500 (15)900,000
paid
(14
7,000 Dividends
7,500
Sundry accts. pay_
their sh. of res.
2,034.182 2,018,035
217,758 Surplus
created from cur. 226,027
$290.342
$158.568
$413,805
$387,655
Balance, surplus
Total
$4,278,604 $4,147,868 -v. 124. p. 3868$4,278,604 $4,147,868
Total
a Adjusted by receipt of $2,210,000 from financing completed Dec. 15
-Earnings.
Wailuku Sugar Co.
927. b This amount represents a restoration to surplus on account of
1926.
1927.
Calendar Yearseserves legally required by State insurance departments. c Represented Gross profit
$1,824,387 $1.491,601
by 50.000 shares, par $25 each, authorized and outstanding.
1,156,718
1,335,135
expenses
balance sheets do not give effect to any excess of reserves Operating & marketing
-These
Note.
over actual subsequent losses, nor to the probable amount of salvages
$334,883
$489.252
Net profit
recoverablo.-V. 126. p. 265.
52,938
30.590
Other income
-Stock Placed on a $3 Annual Cash
Vacuum Oil Co.
Dividend Basis.
Total income
Taxes. &c
The directors hay_ declared a quarterly dividend af 75c. per share on the
Net income
()taste Ming capital stock, par $95. payable June 20 to holders of record Dividends paid (12%)
May 31. This is at the rate of $6 per annum on the capital stock outstanding before the payment last month of a 100% stock dividend Prior
Balance, surplus
thr latter distribution. a quarterly dividend a 50e. per share and an -V. 124, p. 2926.
extra of 50c. per share was paid in Mar. 20. Total dividends (incl. extras)
made in 1927 amounted to $5 per share.
$519,842
92,590
$387,821
82,750
$427,252
360,000
$305,071
360.000
$67.252 def$54.929
-Sales Increase.
Walgreen Co.
Rumors Denied.
In regard to the reports and articles concerning the company's activities
in Russia, President G. P. Whaley has issued the following statement:
acquired or is negotiating for any
"It is not true that this company has Great Britain or
that it has offered
interest in Russian Oil Products Co. of
a,000,000 yearly, or any other amount, for a monopoly on crude oil or
other products of Soviet Russia. It Is not trio that Vacuum 011 Co. has
entered into any agreement or negotiations for indemnifying former owners
of Russian oil properties or that it has made a contract requiring the purchase of Russian petroleum for sale in South Africa, Australia or New
Zealand. It is true that the Vacuum 011 Co. has been negotiating with
Medway Oil & Storage Co. of Great Britain,bolting to union with it, but
any Russian ownership whatsoever in the Medway
it is not true that there isrelationship other than that the
Medway company
company, nor any other
a portion of its supply requirements from the Russian Naphtha
nurchases
-V. 126. p. 2493.
syndicate."
Sales for the first quarter of 1928 were $6,532,519 as compared with
$4.448.469 for the corresponding period of 1927, an increase of over 47%.V. 126, p. 1680. 593.
-Earnings.
Warren Foundry & Pipe Corp.(& Subs.).
1924.
1925.
1926.
1927.
Calendar YearsSales & ry. oper.rev- - _ - $4.573,429 $5,427.004 $5.334.754 $7,232.312
4,366.820 6,053.415
4,416.715
General expenses.&c _-- 3.941.430
*967,934 $1,178.897
Net operating inc __
$631,999 $1,010,289
182,760
138.689
126,086
116,227
Miscellaneous income---
748,226 $1.136,375 31.106,623 31.361.657
218,734
219,139
174.502
135,110
y550.454
237,881
y243.436
295,572
$592.469
3649.503
3718.137
4317.543
Net profit
500.000
500.000
500.000
250,000
- fibs. outsVg(no par val.)
-Changes in Personnel.
Vanadium Corp. of America.
$1.18
$1.30
$1.44
$1.27
of this corporation have been announced Earns. per share
Several changes in the personnel
y Includes Federal taxes. z Represents net income of Replogle Steel
President A. A. Corey Jr.
1927 and net income of
by
1 to Apr. 19
manager of the Midvale Co. Co. and its subsidiaries from Jan its subsidiaries from Apr. 19 ..so Dec. 31
Ward A. Miller, formerly New York salesof the
Vanadium corporation: Warren Foundry & Pipe Corp. and
appointed V.-Pres.
of Philadelphia, has been Mgr. of Sales, has been made Asst. to the Pres.•. 1927.-V. 126. p. 119.
formerly Gen.
N. Petinot,
Mr. Petinot
.1. A. Miller Jr., formerly Asst. Gen. Mgr. of Sales succeedsGen. Mar. of
--Acquisitions.
Warner-Quinlan Co.
as Sates Mgr.; Gustav Laub, Asst. Sec., has been made Asst.
The company has acquired the oil producing properties of the Pecos Oil
Asst. Treas., has been appointed Asst. Sec. of
Sales. and P. J. Gibbons,
the Eastland Oil Co., comprising 320 acres in the Church and Fields
Co. and
the corporation.
Strauss, formerly associated districts, Crane County, Texas. The 24 wells, which have been drilled on
Pres. Corey also announced that Jeromeat Washington. D. C. In the the properties, are currently producing 4,800 barrels net per day, and as
Factory
with the United States Naval Gun been engaged for special work in engi- the wells are nearly a year old, the production is regarded as settled. The
capacity of material engineer, has 126. p. 1826.
purchase of this acreage establishes the Warner-Quinlan Co. as an operating
-V.
neering and metallurgical lines.
unit in the Texas oil fields.
Included in the purchase are 1,700,000 barrels of crude oil in storage and
-Annual Report.the tank farm and pipe lines of these two companies. Negotiations for the
Viau Biscuit Corp., Ltd.
12 mos. '27 13 mos. '26 purchase of the properties were completed just prior to the Issuance last
Period End. Dec. 31$192,460 Tuesday of the order by the Texas R. R. Commission, restricting oil pro$189,651
Net profit from operations
29,227
31,134 duction in the neighboring Hendricks Pool in Winkler County from current
Bond interest
16,295
13,971 production of 230.000 barrels daily to a maximum of 150,000 barrels per day
Other interest & exchange
30,000
The issuance of this order is considered to have materially enhanced the
Reserve for depreciation
3 .001 the value of oil in this territory and an advance in prices is anticipated by
10,000
5
7
debts
Reserve for bad
3,294
operators in the district, it is announced.
boss ou Rale of fixed assets of inv
26.386
down
The acquisition required no cash outlay by the company, the purchase
Loss resulting from write
-V.126. p. 2494.
$105,355 being effected throughthe issuance of common stock.
$74,447
income
Net
70,000
70.000
dividends
-Stock Offered.
First preferred
Waterloo Manufacturing Co., Ltd.
32.900
Second preferred dividends
Balance, surplus
-V. 124, p. 2767.
$4,447
$2,455
Total income
Miscellaneous charges
Deprec.& depletion_ _ _ _
Bankers Bond Co., Ltd., Toronto, recently offered at $17
per share, 60,000 shares class A stock (no par value).
2812
FINANCIAL CHRONICLE
Holders of class A shares are entitled to cumulative dividends
of
share per annum, payable before any dividends on class shares. $1 per
B
After
payment of such class A divs. the company may pay
to holders of class B
shares a non-cumulative dividend not exceeding $1 per share
in any year.
Shareholders of class A and class B stock share equally
in all additional
dividends or distributions. Neither class A nor
class B stock is callable.
and on any sale, dissolution or distribution of the company
or its assets, all
shares rank equally as to assets after payment of any
arrears of class A
cumulative dividends out of earnings.
CapitalizationAuthorized.
Issued.
Class A stock (no par) I vote per share
100,000 shs. 60,000 shs.
Class B stock (no par) 4 votes per share
27,500 shs. 27.500 shs.
Transfer agents: National Trust Co., Ltd., Toronto. Registrar
: Toronto
General Trust Corp., Toronto.
Company.
-Has been incorp. to acquire and carry
business of
manufacturing and selling threshing machines heretofore on the on throughcarried
out Canada by a company of the same name and established
sors of this company over three-quarters of a century ago. by the predecesAssets.
-After giving effect to the new capitalization, the net fixed and
current assets, exclusive of goodwill and patents and after depreciation,
will be in excess of $17 per share on both Class A and Class B stock.
Earnings.
-Net earnings of the business after depreciation have shown
an annual average for the 10
-year period ending Oct. 31 1927. of
for the 3
-year period ending the same date $133,000, and for the $114,000,
last fiscal
year have amounted to $218.000.
Listing.
-It is the intention of the company to
the class A shares on the Toronto Stock Exchange make application to list
or the Toronto Curb.
Weber & Heilbroner, Inc.
-Earnings.
-
Year Ended
Feb. 29.
Years Ended Feb.28Period1927-28.
1926-27.
1925-26.
1924-25.
Gross operating profit.... $3,244,048 $3,298,023 $3,315.8
52 $3,354.015
Oper. exp., deprec., &
amortization charges.. 2,648,000 2,642,681
2,601,880 2,720,496
Net earnings
$596,048
$655.342
$713,972
8633,519
Profit from sub. cos_ _
29.991
Total income
$626,039
$655,342
$713.972
$633,519
Federal taxes,&c
80,600
90,500
94.000
84,300
Netincome
$545,439
$564,842
$619,972
$549,219
Dividend'
470,628
324,378
381,239
364.697
Balance,surplus
$74,811
$240,464
$238,733
$184,522
Previous surplus
1,164,703
952,172
742,118
572,700
Approp. stir. cred. back..
209,213
Federal tax adjustment_
571
1,179
16.396
Divs. on com. stk. held..
2,.60
2,388
3.682
Total surplus
$1,451,458 $1.196,203
$984,533
$773,618
Federal tax adjustment_
4,103
861
Pref.stock sinking fund..
31,500
31,500
31,500
Prem.on red. of pref.stk.
126.720
Organization expense.._ _
80,000
Adjustments
1,402
P.& L. stir. Dec. 31
$1.239,234 $1,164,703
$952,172
$742,118
Shares com, stock outstanding (no par)
94.668
88.168
88,168
75.173
Earns, per share
$3.91
$5.73
$6.31
$6.45
-V. 126, p. 2164.
Western Dairy Products Co.
-Income Account.
-
[VoL. 126.
Weston •Electrical Instrument Co.
-Earnings.
-
Calendar YearsEarns, after deducting cost to manufacturer, repairs, deprec., selling &
admin. expenses
Other deductions,less other income
Federalincome tax
Not profit for year
Dividends paid on class A stock
Balance,surplus
-V.126, p. 2003.
1927.
1926.
1925.
8573,750
9,609
77.738
$797,267
30,411
100.302
$791,037
56,242
87,864
$486,402
166,300
$666,554
180.050
$646,931
201,000
$320,102
$486,504
$445,931
-Earnings.
Quarter Ending March 311928.
Profits before taxes
$347,017
Profits after taxes
300,617
Profit per share of preference stock: before
taxes_
$3.47
After taxes
3.00
Profit per share of common stem before
taxes_ __ _$1.23
After taxes
1.00
-V.126, p. 1215.
1927.
$448,331
387,431
$4.48
3.87
$1.74
1.43
White Sewing Machine Corp.
Willow Brook Dairy, New York.
-Debentures Sold.
Parker, Robinson & Co., Inc. and Bauer? Pogue Pond&
Van have sold $1,000,000 07 15-year sinking
0
fund gold
debentures at 993 and int. yielding 6.05%.
Dated Apr. 11928; due Apr. 1 1943.
Interest payable (A. & 0.) at the
office of Mount Vernon Trust Co., trustee,
York City (now Hanover National Dank),or of its correspondent in New
without deduction for normal
Federal income tax not exceeding
taxes, Md.43i mills tax. Dist. of 2% per annum. Conn. & Pa. 4 mills
by income not exceeding 6% per Col. 5 mills tax, and Maas, tax measured
annum refundable. Deaom. $1,000 and
$500 c*. Red. all or part by lot, on 60 days'
notice, at 105 and int., to April
11933, with successive reductions of
of 1% for each 12 months' Period
thereafter, until maturity.
Restrictions.
-Upon completion of this financing,
the only funded debt of the company. Indentur these debentures will be
e will contain restrictions.
substantially to the effect that the company
will
debt, except for refunding purposes, or secure not (a) create any funded
by mortgage of any assets (other than purchase the same or any other debt
existing on property at the time of acquisiti money mortgages, mortgages
on
in the ordinary course of business), without or pledges of current assets
the consent of 75% of these
debentures then outstanding, or (b)
corporation unless either the holders merge or consolidate with any ether
then outstanding shall have consented of at least 75% of these debentures
thereto
been secured by a first closed mortgage or or these debentures shall have
(other than current assets) of the company. pledge of the tangible assets
Sinking Fund.
-A sinking fund of
annually, first payment Apr. 1 1929),$30.000 per annum (payable semiwill be applied to the retirement of
debentures by purchase or redemption. Sinking
fund payments may be
made in cash or in debentures taken at their
principal amount.
$450,000 Pref. Stock Offered.
-The same bankers are
offering at 100 and div. $450,000 7% cumul.
preferred
stock.
Preferred over the common
in the event of liquidation, tostock as to cumulative dividends and assets.
the extent of
payable Q. (accruing from Apr. 11928). $110 a share and diva. Divs.
-J.
Red.
lot, on 30 days' notice at $110 and dividends as a whole, or in part by
present normal Federal income tax. Transfer . Dividends exempt from
agent, National City Bank.
of New Rochelle. N.Y. Registrar,Central
National Bank,of New Rochelle.
N.Y.
Income Account Year Ended Dec. 31 1927.
Net sales
Cost of goods sold,including selling, delivery de admin. expenses $4.511,528
3,905,015
Depreciation
186,734
Data from Letter of President Willit C.
Interest charges
Evans, New York, April 26.
141,901
Provision for Federal income taxes
37.000 & Company.-Incorp.in 1901 in New York as successor to the firm of Smith
Halstead, established in 1881. Starting with
Net income of Western Dairy Products Co. before dividends.
has built up a large and profitable business a small investment company
240,878 organizat
and constitutes a complete
Dividends received from California Dairies, Inc
ion in the dairy industry.
252.063
Willow Brook certified milk, grade A and
grade B milk, cream, eggs.
Net income, including dividends received from California
butter and other dairy products are distributed
by over 100 retail delivery
Dairies, Inc
$492,941 routes throughout a growing territory in Westchester County. suburban
Balance of net income of Calif. Dairies, Inc., after dividends..
to
N.
215,977 the Y. City. Over 25,000 homes are served in Mt. Vernon, New Rochelle,
Pelhams, Larchmont, White Plains, Bronxvill
Net inc. available for diva. of Western Dairy Products
e, Scarsdale Hartsdale
Co_.... $708,918 Tuckahoe, Crestwood, Mamaroneck,a part of Yonkers.and the,Woodlavr .
-V. 125. p. 3076.
n.
Wakefield and City Island sections of N. Y.
Company owns and operates a modern City.
Western Maryland Dairy Corp.
located in its territory at Mt. Vernon, N. Y.dairy plant advantageously
-Listing.
This plant, built in 1922, is
The Baltimore Stock Exchange has authorized the listing
completely equipped for pasteurizing
of
(no par value) additional preferred stock, and 41,000 shares 12,538 shares facilities are ample to permit substantial and bottling the product and its
(no par value) in New Rochelle
growth. A smaller plant is operated
additional common stock.
and distributing stations are located
throughout the
At a meeting of the directors held on Jan. 10
territory served. Company has completely
equipped, modern creameries at
adopted asking that the stockholders approve the 1928, resolutions were Sheffield and Egremont. Mass.,
exchange
outstanding capital stock of the Fairfield Farms Dairy, Inc., of all of the Ancram and Baldwin, N. Y. It also Gaylordsville and Rent. Conn. and
owns the largo farms known as "Mahofor specified pac Farms" at Baldwin
securities of the Western Maryland Dairy Corp., to authorize
Place, N. Y., with an accredited herd. This, its
of $400,000 1st mtge. 6% convertible gold bonds and 6,000 the Issuance own source of certified
preferred stock, and to amend the charter to make the shares of prior ducers of dairy productsmilk, is recognized as one of the highest class proIn the east.
dividend on the
preferred stock cumulative after Jan. 1 1928. All of the above
Sales and Earnings.
received the
-Net sales of Willow Brook Dairy for
approval of the stockholders at the annual meeting on Feb.
the 4 years and
9 months ended Feb. 29 1928, and net earnings
13 1928.
Earnings have been as followscharges, including depreciation and Federal for the same period, after all
1927.
1926.
Sales
income taxes (after adjust$9,094,117 $7,785,064 ment for interest and amortization of discount on
Net income before depreciation, interest, &c
1,044,912
884,604 to be presently outstanding), have been certified $1,000,000 6% debentures
as follows:
Balance Sheet December 31 1927.
Net
Net Earnings
Assets
After DeprAfter All
Liabilities
Afterec.
12 Mos.
Land, bide's. equip., &c
but Before Int. Charges Avail.
$4,237,604 7% prior preferred
81.997,650 Ended
Good-will
and Fed.
1 $6 pref. stock (27,714 she) _
for Divs. on
27,714 May 31.
Net Sales.
Investment securities
251.503 Common stack (33,300 abs.)
Tax.
Pref, Stock.
3,330 1924
$1.912,848 $174,282
Insurance deposits
1,825 1st mtge. 20-year 65
$94.164
1,296,500 1925
2,093,091
Life insurance
2.100 Notes payable
163,977
84.660
243.127 1926
2,251,501
Cash with trustee
216,795
26,778 Accounts payable
129.861
544,204 1927
0,412,563
Cash
223,46.5 Dividend payable
195,246
111,221
41,571 1928(9 mos. Feb.29
2.018,369
Marketable securities
292.364 Federal tax
122,858
63,022
84,298 Average 4 fiscal years
2,256,499
Notes receivable
183,823
8,479 Accrued Accounts
101,669
21,416
Assets.
-The balance sheet
Accounts receivable
443.847 Reserves
939,412 financing now contracted foras at Feb. 29 1928, adjusted to give effect to
Inventories, eta
by the company and transactions in con91,759 Deferred credits
491 nection therewith
Deferred charges
113,586 Capital surplus
112,358 net current assets, shows current assets of 5.8 times current liabilities, with
of $678,013.
Earned surplus
381,241 • Purpose.
-Proceeds to be received by
preferred stock, and of $1,000,000 6% the company from the sale of this
Total
$5,693.315 Total
debentures will provide funds to
$5,693,315 retire all of the outstandi
ng funded
123, p. 1261.
Dairy Corp., for additional working debt of the company and of Fairfield
poses. Fairfield Dairy Corp. owns capital, and for other corporate Put`
100% of the common stock of the
company, which stock is pledged
West Kentucky Coal Co.(& Subs.).
-Earnings.
as security
Corp. 3
-year
Calendar Years% collateral trust gold notes.for $500,000 Fairfield Dairy
1927.
1926.
1925.
dated
11925, due
Operating revenues
I10.103,335 $7,160,489 $6,607,957 11928. now outstianding. The proceeds of financing Dec.contracte Dec.
now
d for bi
Operating expenses
8,833,379 6,601.751 16,154,064 the company will be used in part for the payment of
a special dividend of
$316.250 to Fairfield Dairy Corp.
Taxes
1 106.946 notes,
to redeem all of the above-mentioned
at par and int. and free the collateral
deposited as security.
Mangement.-The management Is in
Net operating revenues
$1,269,956
$558,737
$346.947 Pres.
and Leland C. Smith. Vice-Pros,, tho hands of Willet C. Evans.
Non-operating revenues
480,370
405,520
368,408
who own control of the company.
Gross income
$1,750,326
Wisconsin Creameries, Inc.
$964,257
$715,355
-Bonds Offered.-Seeond
Interest charges
315,978
302.481
342.977 Ward Securities Co.,
Depredation and depletion reserveMilwaukee, are offering $800,000 1st
535,820
512,058
417,587
Net income
Preferred dividends
$898,527
x735,000
$149,718 def$45,208
420,000
105,000
mtge. 53.-% gold bonds at prices to
yield from 5.10% to
5%% according to maturity.
Company.
-Has been incorp.in Wisconsin as a consolida
tion of three wellknown Wisconsin
and Biommer Icecompanies: Waukesha Milk Co., Bendfelt Ice Cream Co..
Cream Co.
These 3 companies are transferring
their assets and businesses to the new
company in exchange for stock, the ownershi
p and management remaining
in the same stockholders and
officers who have made them successful for
many years.
Company.
-Will offer complete dairy products service-ice cream, milk
(S. S.) White Dental Mfg. Co.
-Extra Dividend.
and cream, butter, cheese.
The directors recently declared an extra divid nd of ) of 1% and
,
6
It owns in fee 4 manufacturing and distribut
regular quarterly dividend of 13i %. both payable May 1 to holdersth
ing plants in Milwaukee, and
of one in Kenosha,and leases buildings in
record Apr. 23. These are the same amounts as paid three and six months In
Lake Genova and Wisconsin Rapids.
addition, the company
ago.
-V. 126. p. 2494.
and office,
equipment. Property andowns cabinets maintained delivery, and floating
equipment is
in excellent condition.
Balance, deficit
$270,282 $150,208
sur$163,527
Earns, per share on 280,000 shares
common stock (no par)
Nil
$1.64
Ni
x Includes 8315.000 dividends previously accumulated but unpaid.
V. 126, P. 2329.
MAY 5 1928.]
FINANCIAL CHRONICLE
2813
-To Redeem Pref. Stock.
companies are consolidating
Youngstown Sheet & Tube Co.
-The agreement under which the liabilities and the preferred
Purpose.
take
The directors and executive committee have decided tostock.preliminary
provides that funded debts, certain current
A special
for this purpose the issue of steps to redeem the outstanding $14,241.000 7% pref.
of
stocks of each company be liquidated and
has been sold.
meeting of stockholders will be called shortly to authorize the refunding
$800,000 1st mtge. 535% gold bonds earnings of the consolidating com- the stock with a new issue bearing a lower rate of dividends.
-Consolidated sales and
Earnings.
quarterly diva. of $1.25 Per
The directors have declared the regularshare on the pref. stock, both
ended Dec. 31 1927, after eliminating charges of
panies for the 3 years
share on the common stock and 81.75 per
non-recurring nature, have been:
Profits Avail. Aet Profits payable June 30 to holders of record June 14.
comAvail. for
for Int..
Acting under the new by-laws, the board replaced the advisory
Dept. & Inc. Int. ee Inc. mittee by naming an executive committee consisting of the following
Taxes. members: Harry G. Dalton, T. J. Bray, A. E. Adams and Richard Garlick.
Taxes.
Sales.
$134,976 James A. Campbell. President of the company, is an ex-officio member.
$265,464
$2,513,369
1925
-V. 126. p. 2663. 1681.
189,878
331.558
2.926,376
T. J. Bray was also recently elected a director.
1926
169,082
325.753
3,605,979
1927
-Proposed Consolidation with Crown
Zellerbach Corp.
$307,592 a year or
Such earnings before depreciation have averaged
bonds. Earnings
-A letter dated April 11 says in
Paper Co.
about seven times the maximum annual interest on these
taxes have averaged Willamette
after depreciation available for interest and incom e
substance:
$164.645, or 3.72 times the maximum annual inter :-''st.
of the Crown
It is proposed to merge the control of the businesses subsidiaries in
their
-Annual Report.
Williamette Paper Co. and the Zellerbach Corp. and a joint management
Wire Wheel Corp. of America.
from
1926.
order to obtain the advantages which will.accrue following is the proposed
1927.
Calendar Years$3.387,159 $1,641,215 of all the properties of said corporations The
Volume of business
197.118 plan which is recommended by the directors:
608.368
Corp. will be amended
Net operating profit
by
1. The articles of incorporation of the Zellerbach
Sales in first quarter of 1928,it is stated, exceededwasmore than $515.000
(a) the name of the corporation will be changed from Zellerbach
larger by $250,000
the total for first quarter last year, which in turn Orders on hand, it is as follows:
the provisions with respect to its
Corp. to Crown Zellerbach Corp.; and (b) so as to provide for the issuance
g period 1926.
than the figure for the correspondin
capital stock will be changed
said, assure for the next two months continuance of this high rate of in- authorized shares of a new class of pref. stock which will be entitled to
of 200.000
and be callable
crease over last year.
cumulative dividends at the rate of $5 per share per annum,
on liquidation at $100
Balance Sheet as of Dec. 31 1927.
on any dividend date at $102.50 and be payable
shares of common stock
Idabititiesand also for the issuance of 2,000,000
Assets
shares of common
$130,444 per share:
Accounts payable
Land, big,. & equip, at cost
being an increase of 800,000 shares over the 1.200,000
21,000 stock now authorized by its present articles of incorporation). The pro$821,082 Dividends payable
-depreciated
113,310 visions relating to its present cony. pref. stock will remain unchanged,
750,243 Accruals
Cash
333,887 except that provision will be made to the end that the holders of said pref.
448,477 Reserve for patents
Accounts receivable
452,882 stock who may desire hereafter to exercise their right of converting their
430,899 Other reserves
Inventories
1,200,000 pre!. stock into shares of common stock will receive their proper share of
7.750 Preferred stock
at cost
Securities
581.785 the new pref. stock as well as of the stock dividend on the common stock
333,887 Common stock
Patents
present cony. pref. stock
1
Goodwill
hereafter mentioned. Unless the holders of the rights, it is expected that
22.989
Deterred charges
of the Zellerbach Corp. exercise their conversion
cony. pref.
the Crown Zellerbach Corp. will call and redeem all of said
$2,813,088 stock as soon as such redemption can be legally effected.
Total
$2,813,088
Total
declare a stock dividend out of its unissued
2. The Zellerbach Corp. will
-V. 126. p. 1524.
stock, thus
shares of common stock equal to 5;5% of the outstanding
assuming that the
Increasing the outstanding shares to 1.000.000 shares, stock into common
(William) Wrigley, Jr., Co.-Earnings.will convert their
1925.
1926.
holders of the present cony. pref. stock
1927.
Quar. End. Mar.31- 1928
This dividend will be paid by the
$4,857,652 $4,440.673 $4,530,888 $4,442,489 stock at the present rate of exchange. hereafter provided. It is proposed
Net profits
1,571,230 issuance of voting trust certificates as
1,608.370
1,526,843
1,961.629
Expenses
be
471.126 to place the 1,000.000 shares of common stock of the Zellerbach Corp. to
140.9111
136,029
105.303
Depreciation
1,000.000 out375.517J
outstanding under this plan on an equal basis with the Paper Co. now
355.683
357,650
Federal taxes (est.)- _ _ _
Crown Willamette
standing shares of common stock of the
to that end the Zellerbach Corp.
$2.433,069 $2,422,118 $2,406,091 $2,400,133 represented by voting trust certificates; out of its 200.000 shares of the
Net profit
will then also declare a stock dividend its present common stock at the
Earns, per sh. on 1,800,proposed new pref. stock to the holders of
000 she, cap. stk. (no
of such common
$1.33 rate of one share of such pref. stock for each five shares arrangement will
$1.33
$1.34
$1.35
Par)
that this
stock held by such stockholders. It is believed
-V.126, p. 1681.
with respect to value.
place the common stock of both companies on a parity of its new increased
shares
3. The Crown Zellerbach Corp. will exchange of the Crown Willamette
-Earnings.Yale & Towne Mfg. Co.
stock
common stock for shares of the common pref. stock and present common
1925.
1926.
1927.
Quar. End. Mar. 31- 1928.
Co. and for shares of the present
$579,534 Paper
$789,660
$713.676
$525,962
Net earnings
in the manner and upon the basis provided
72.368 stock of the Zellerbach Corp. structure of the Crown Willamette Paper
91,954
91.139
94,005
Depreciation
74,378 (see below). The corporate will not be affected by the plan.
106,374
89,662
58,868
Federal taxes
and pref. stock
Co., its bonds
shares of common stock
all
4. The present voting trust, under whichnowthe
$432,788
8591.332
8532.875
Net income
held, will be dissolved in
8373,089
Co. are
400,000 of the Crown Willamette Paper new 10
400.000
400,000
400,000
Dividends
-year voting trust will be created
and a
accordance with its terms,
similar to those of the present voting trust
$32,788 with provisions substantiallycommon stock of the Crown Zellerbach Corp.
3191,332
Surplus
def$26,911 4132,875
which will hold shares of the
.
Earns, per sh on 400.000
similar to those now representing the common
$1.08 and voting trust certificates,
$1.47
$1.33
she. com.stk.
$0.93
(par $25)
Crown Willamette Paper Co. (which are constantly traded in
x Before adding $236,567 adjustment due to purchase of net assets of the stock of theFrancisco Curb Exchange) will be issued to the holders of the
on the San
-V. 126. p. 2003.
Norton Door Closer Co.
Co. and to the
voting trust certificates of the Crown Willamette Paper
common
holders of the stock certificates of the Zellerbach Corp.representing
ds stock in exchange, share for share, for the Crown Willamette Paper Co.
York Street Buildings, Ltd., Toronto, Ont.-Bon
at 99 and voting trust certificates and for the Zellerbach Corp. common stock cer-R.A. Daly & Co., Toronto, are offering
Offered.
after giving effect to said 5;5% common stock dividend.
(a) Each stockholder
int. $265,000 6% 1st mtge. (leashold) 15-year sinking fund tificates, words, the exchange will be as follows: voting trust certificate
In other
holding
of the Crown Willamette Paper Co. nowstock of a
gold bonds.
that company will surrepresenting one share of the common
Dated Apr. 2 1928; due Aprl 1 1943. Prin. and int. (A. & 0.) payable render the same and receive in exchange a voting trust certificate representing
at office of Bank of Nova Scotia, Toronto or Montreal. Denom. $1,000. one share of the common stock of the Crown Zellerbach Corp.: (b) each
all or part on any int. date, prior to maturity. holder of one share of the present common stock of the Zellerbach Corp.
$500 and $100 es. Red.
on 30 days' notice, at 103 and int. up to and incl. Apr. 1 1933; at 10235 and will surrender the same and receive in exchange: (1) a stock certificate
int. after Apr. 11933. up to and incl. Apr. 11938; and at 102 and int. after for 0.211 shares of $5 per annum new pref. stock of the Crown Zellerbach
Apr. 11938. National Trust Co., Ltd., trustee.
a voting trust certificate for 1.055 shares of common stock
Authorized. Outstanding. Corp., and (2)Zellerbach Corp., and (3) each holder of one share of the
Capitalisation$265,000 of the Crown stock of the Zellerbach Corp. who may deposit the same
6% 1st mtge.(leasehold) 15-yr.sink,fund gold bonds$265,000
present $6 pref.
160,000
160,000
the
Common shares
conversion into shares of common stock of said corporation on one
Company.-Incorp. under the laws of the Province of Ontario. Acquired for
basis provided for in its amended articles of incorporation, to wit,
on Apr. 1 1925. from the trustees of the Baldwin Estate, a lease for 966 share of preferred stock for 2 2-3 shares of common stock, and also for
years and 4 months of the land on the south-east corner of Adelaide and
of such common shares for voting trust certificates of Crown
York Sts., having a frontage on Adelaide St. of approximately 207 feet and exchange Corp. will receive: (x) a stock certificate for 0.5626 shares
Zellerbach
extending southerly on the east side of York St. to the north side of Pearl of said $5 per annum new pref. stock of Crown Zellerbach Corp.: and
St., having a frontage on York St. of 188 feet. The leasehold property
voting trust certificate for 2.8133 shares of common stock of Crown
securing this issue of bonds includes 2 buildings of the light manufacturing (y) a
Zellerbach Corp. Stock certificates or voting trust certificates for fractype, known as the "Adelaide Buildings" and composed of the East and tional shares will not be issued temporary non-dividend paying scrip will
West Buildings, respectively.
case of all fractions.
issued
-The bonds to be issued will be secured by a first (closed) mtge., be5. Thein the
Security.
directors of the Crown Zellerbach Corp. will consist of an equal
in favor of the National Trust Co., as trustee, on the above-mentioned number of directors nominated by the Crown Willamette Paper Co. and
lands and the buildings already erected and to be erected thereon.
leasehold
Corp. The direction and management of the corporation
The East Building may be released from this mortgage upon the company by Zellerbach vested in I. Zellerbach as President and in Louis Bloch. as
will be jointly
paying to the trustee an amount equivalent to 45% of the principal amount Chairman of the Board. M.R. Higgins will be Chairman of the Executive
or the West Building may be released from this
of bonds outstanding,
will pay dividends
mortgage upon the company paying to the trustee an amount equivalent Committee.
6. It is expected that the Crown Zellerbach Corp.
to 85% of the principal of bonds outstanding at the date of such release, on its common stock at the rate of $1 per share per annum, payable quarneces,
which moneys shall be used by the trustee in redemption of bonds.
rate of dividend or the declaration of any dividend willof the
The
-The actual earnings available for bond interest, depreciation terly. be contingent upon the earnings and financial condition
Earnings.
and Federal taxes, for the year ended Dec. 311927, were $22,700. Com- sarily
corporation.
certificates and the
pany already has agreements to lease a large part of the additional two
7. Application will be made to list the voting trust
storys at a rental of 70c. per square foot, thereby increasing the present new $5 dividend pref. stock of Crown Zellerbach Corp. on the San Frannet income by about $20,000, or making an estimated total amount avail- Cisco Stock Exchange. The present cony. pref. stock is already listed
able for bond interest, sinking fund or depreciation and Federal taxes of on said exchange.
approval of the
approximately 842,700. which is equal to about 2.68 times the total annual
8. The additional stock issues will be subject to the
interest requirements on this issue of bonds.
California Commissioner of Corporations.
be effective until and
9. None of the proposals above outlined will
-R. W. Savage unless voting trust certificates for at least 750.000 shares of the outstanding
-Bonds Offered.
York Apartments, Ltd.
deposited for
of the Crown Willamette Paper Co. will be
Toronto, Ont., are offering at 100 and int., $1,000,000 common stock voting trust certificates of Crown Zellerbach Corp. and
& Co.,
exchange for
Corp.(either
711.000 shares of stock of Zellerbach on the basis
mtge. sinking fund gold bonds.
until and unless at least
7% 1st
of cony. pref. stock
Denom.
Dated Jan, 16 1928; due Jan. 16 1948. Int. payable J. &J. principal In shares of common stock or in shares
for said voting
above referred to) shall also be deposited for exchange time for deposit
Principal and interest payable at the
81.000, $500 and $100.
before June 11 1928, unless such
at the office of the trust certificates,
office of the Standard Bank of Canada in Toronto. or and Chatham, Ont. shall be extended on or presidents of Crown Willamette Paper Co. and
by the
event,
bank in the Cities of St. Catharines. Brantford, London up to Jan. 16 1933;
respectively, but such extension will not, in any
and int.
Zellerbach Corp..
Callable all or part on 30 days' notice at 104
time.
to
16 1943 and
6 months
at 103 and int. up to Jan. 16 1938; at 102 and int. up of Jan. commencing exceedHolders of additional voting trust certificates for common stock
the present
3%
10.
An annual sinking fund
at 101 and Int. thereafter.
by of Crown Willamette Paper Co. will signify their willingness to exchange
50% a
certifiJan. 16 1930, will have the effect of redeeming overTrustee. this Issue
under the plan above outlined by depositing their respective trust CaliThe Royal Trustee Co., Toronto,
maturity.
of the Province of Ontario. Will cates with either of the following depositaries, to wit: The Bank of
Compang.-Incorp. under the laws
St., San Francisco, Calif.: or
in a number of the fornia, National Association, 400 California
own and operate a chain of apartment houses locatedbe of fire-proof con- Anglo-California Trust Co.. Market and Sansome Ste., San Francisco, Cal.
leading cities in the Province. All apartments will
will comHolders of stock certificates for the present stock (either common or
in
struction and will be ultra-modern of every detail. ConstructionStratford, preferred) of Zellerbach Corp. will likewise signify their willingness to
Brantford. Kitchener and
mence immediately in the Cities being prepared for erection of further exchange under the plan by depositing- their stock certificates with the
while plans and specifications are
Well Fargo Bank & Union Trust Co., Market and Montgomery Sts.,
gly important cities.
apartments in correspondinsecured by a let fixed charge upon the lands. San Francisco., Calif.
-Bonds will be
of Zellerbach
Security.
11. Any dividends which may be declared on the stock
buildings, fixtures and equipment and by a floating charge on all other Corp. while the certificates for such stock may remain so on deposit with
assets of the Company. earnings of the properties have been estimated said Wells Fargo Bank & Union Trust Co. will be paid to the owner of
-Annual net
Earnings.
the
certificates
annual interest requirements at least the deposited stock certificates as evidenced by or deposit any of
at more than sufficient to meet the
the
return
12. The expenses on account of the exchange certificatesof
will be borne
twice over.
trust certificates and (or) stock
deposited voting
by the corporations respectively.
Wire Corp.
-Listing.
not specifically
(L. A.) Young Spring &authorized the listing of
13. Any term or condition of the exchange of stock
shares
The Detroit Stock Exchange has shares of the convertible225,000 per) provided for above will be such as may be agreed upon by the presidents
pref. (no
-V. 125, p. 1066.
(no par) common stock and 75.000
of both of said companies.
-V. 126, p. 2003, 1828.
stock.
2814
FINANCIAL CHRONICLE
Buffalo & Susquehanna Railroad Corporation.
(14th Annual Report
-Year Ended Dec. 31 1927.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1927.
1926.
1925.
1924.
No. of rev. tons carried_ 1,242,281
1,035,949
1,191.001
1,545,393
No.rev, tons carr. 1 m--125,603,000 89.480,000 96.297,000 150,564.000
Aver, revenue per ton_ _ 116.66 cts. 117.09 cts. 114.83 cts. 117.25 cts.
Aver,rev, per ton per m_ 1.154 cts.
1.356 cts.
1.420 cts.
1.203 cts.
No.of rev. pass. carried_
52.217
33,578
97.047
77,691
No. rev, pass. carr. 1 m_
585,000
903,000
1,241,000
1,621,000
Aver,rev, per passenger_ 60.31 eta. 60.30 eta.
46.94 eta.
59.51 cts.
Aver.rev. per pass. p. m. 3.46 cts.
3.49 cts.
3.56 cts.
3.56 cts.
COMPARATIVE INCOME STATEMENT CALENDAR YEARS.
Operating Revenues1927.
1926.
1924.
1925.
Freight
$1.449,246 $1,212,986 $1,367,642 $1,811,900
Passenger
20,249
31,487
57,748
44,240
Mail, express, &c
51,471
51,539
36,836
38,539
Incidental
11.557
9.147
12.894
7.716
[VOL. 126.
is one of the largest in the country. Mr. Collins
came to the New York
office of Hemphill, Noyes & Co. in 1920 from Chicago, where
he had
been associated with Lee, Higginson & Co. and A. B.
Leach & Co. since
1909 except for a year and a half of war service in which he
served as
Major of Infantry.
-Net results of investment trust operations during 1927 are
analyzed
thoroughly in a comprehensive brochure now being distributed
by Grover
O'Neill & Co., 22 William St., N. Y. This is the
first definite effort to
compile actual results of twenty-seven companies operated
along the
general management plan in a manner suited to the demands
of the layman.
- H. Holmes & Co., members New York Stock
J.
Exchange, 120 Broad way New York, have issued for distribution to investors, a booklet
containing an exhaustive analysis of Spang. Chalfant & Co.,
Inc. with particular reference to their first mortgage 5%
gold bonds and 6% cumulative
preferred stock.
Francis J. Drolla and H. E. Scott, former Superintenden
t of Banks,
are pleased to announce the incorporation
of The Drolla-Scott Co., dealers
in investment bonds, with offices in
the A. I. U. Tower, Columbus, 0.
The new firm are successors to Francis J.
Operating ExpensesDrolla and have branch offices
Maint. of way & struc_ _
$331,565
$326,584
$401,794 in Dayton, 0., and Huntington. W. Va.
$344,711
Maint. of equipment_ _ _
598.748
562,264
494.876
798.345
Traffic
20,999
22,561
22.344
23,184
-Lawrence B. Woodard, formerly manager of the
bond department of
Transportation
444.660
507,411
606,267 the Northwestern Trust Co.,
470,837
St. Paul, is now associated with Ilarold E•
General
94,462
97,841
109,598
111,758 Wood
& Co., St. Paul, as Vice-President, and they announce
the opening
Total
$1.553,186 81,386,305 $1,509,971 $1.941,348 of a Minneapolis office at 1110-1112 Baker Building under his
direction.
Net operating revenue_ _ def.23,002 def.78,805 def.46,656 def.27,146
Tax accruals, &c
12,260
26,214
-Bauer, Pogue, Pond & Vivian, members of the New
43.882
36,470
York Stock.
Operating income.. _ _ _ def.$35,262 def.$105,020 def.$83,126 def.$71.029 Exchange, announce that the firm of R. J. Arrowsmith. Inc.. has bees
appointed their East Orange correspondent, with offices
at 520 Main St.,
Non-Operating Income
East Orange, N. J.
Hire of equipment
$224,058
8181.406
$3363,679
$221,474
-The change in the name of James M. Ward & Co. to
Joint facility
60
80
Billings, Ward &
Miscell. rent income_ -- 1,121
1,157
1,285 Co., Inc., 117 Liberty St., New York, has been announced. Joseph
1,424
Dividend income
10.378
110,348
2,878
85,105 Billings, recently associated with the Trust Co. of North
America,has been
Income from funded and
elected President.
unfunded secs. &accts.
165.720
167,249
172.586
178,624
Miscellaneous income.-266
244
200
Robert D. Hartshorne, member New York Stock Exchange, Kintzing
P•
Emmons and Maxwell L Griffith, have been admitted to
Gross income
$366.282
$355,200
8315.481
8557,945
general partnership in T. L. Watson & Co., 30 Broad St., N. Y.
Deductions
- J. Lisman & Co., 20 Exchange Pl., New York, have
F.
Rent of equipment
243
448
issued for dis38
39
Joint facility rents
26,942
26,807
26,431
26,553 tribution to investors a descriptive circular on the General Vending Corp.
Miscellaneous rents_ _ _
25
26
25
-year secured sinking fund gold bonds.
25 6% 10
Int. on 1st mtge. bonds_
182,964
188,833
194,325
200.546
-H. H. Maynard & Co., Chicago. announce the opening of
Mille. income charges14.971
10,418
15.629
11,852
offices at
120 So. La Salle St., for the transaction of a general investment
business
$220,799
Total
$236.448
$230.878
$239,016 specializing In listed and
unlisted securities.
145,483
Net income
124,322
79,033
318.930
Income applied to sink'g
-Rogers & Tracy, Inc., Chicago, specialists in Chicago Bank
stocks,
74,822
69,295
& other reserve funds_
80,680
63.074 announce the removal
of their offices to larger quarters in the State Bank
Banding, 120 So, La Salle St., Suite 1000.
$64,802
Transf. to profit & loss
$49,500
$9,738
$255,856
Divs. pd.fr.sur-pf.(4%) 160,000
160.000
160.000
160.000
The Guaranty Trust Co. of New York has been appointed transfer
Common
6%)180.000(9J-5)285.000
agent
Shs. pref. out.(par $100)
40.000
40.000
40.000
40,000 for the common capital stock of the B-(1 Sandwich Shops, Inc., consisting
Earn. per share on pref.
$3.10
$3.13
$1.97
$7.97 of 100,000 shares without par value.
American Basic-Business Shares Corp., sponsors of fixed trust shares
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED DEC. 31.
have moved into larger quarters on the fourth floor of the Munson
1926.
1927.
Build
!edits
-Balance. surplus, Jan. 1
tag, 67 Wall St., New York.
$1,157.102 $1,281.755
Net inc. for year end. Dec.31, per inc.statem't_
64,802
49.500
Arthur H. Jacobs & Co. have opened an office at 50 Broadway, New
Donations
1.274
1,877
Miscellaneous credits
1,121
5,615 York, for the transaction of a general investment business, specializing
Adj. for cliff, bet. cost & par val. of sec. reacq
26,658
31.441 In bank and insurance stocks.
Total credits
81,250.959 $1.370,188
Brooklyn Commerce Co., 215 Montague St., Brooklyn, have appointed
DeNts.-Div. appropriations of surp. (as above)
160.000 Floyd M. Lapp as manager of their
160,000
Trading Department and A. 0. MalmUncollectible bal. of revised Guaranty claim
48.685
Surp. approp. for invest. in physical property- 1.274
1,877 berg as director of sales.
Loss on retired road and equipment
9.115
2,181
-The firm of McClure & Madden, 44 Wall St., New York, will
Debt expense on securities reacquired
144
159
continue
Miscellaneous debits
44
183 the business formerly conducted by McClure, Tjader & Madden. R. T.
Tjader has withdrawn.
Balance, surplus
$1,080,381 $1,157,102
-Richard Watson Sadler has established the firm of R. W.
Sadler & Co..
with offices at 37 Wall St., N. Y., to transact a general
GENERAL BALANCE SHEET DEC. 31.
business in investment securities.
1927.
1926.
1927.
1926.
Assets-Boulevard Bridge Bank of Chicago, Wrigley Bldg., have
$
appointed
Inv. In road and
Common stock... 3,000,000 3,000,000 James A. Donovan, recently with
Whiting & Co., as manager of its Bond
equipment
x8,961,554 9
.
.100,344 Preferred stock_ _ _ 4,000,000 4,000,000
Department.
Improv'ts on leased
let mtge. bonds:
railway property
17,984
15,468
Outstanding.. _ 4,525,900 4,656,000
-McDonnell & Co.. 120 Broadway, New York City,
Cash in sink. fund.
44
532 In sinking fund
have prepared for
1st mtge. bonds In
(per contra)_ _ 2,064,600 1,934,600 distribution to Investors a circular describing current Rights
and Option
s. f. (per contra) 2,064,600 1,934,500
In treasury (per
Warrants.
Deposits in lieu of
contra)
368,500
368,500
mtged. property
250
1,050 Non-negot'le debt
-Prince & Whitely, members of New York Stock
Securities pledged_ 2,071,835 2,095,882 to affiliated cos.
Exchange. announce
37
35 the removal of their Newark,
N. J. offices to the second floor of 786 Broad
Scours. unpledged. 1,964,434 1,965,309 Traffic dr CST sem
Cash
276,346
285,364
balances payable
17,645
62,586 Street.
Matured interest
91.024 Audited acc'ts and
89,850
- N. Townsend Co.'s (Ill Broadway,
E.
Divs. on com. and
wages payable__ 103,911
109.939
New York) monthly analysis
preferred stock_
53,233
65,241 Int. mat'd unpaid_
89,778
90,952 anti quotation pamphlet discusses Long Island banks and trust companies_
Loans & bills recle
Divs. mat'd unpaid
2,100
53,233
65,241
Babcock. Rushton & Co., Chicago, take pleasure
Traffic & car seri,'
Other curr. Sahli's.
7,832
3,594
in announcing that
Ice balance
63,026
88,319 Other def'd Hahn's.
8,135
7,938 Nelson L. Barnes becomes a general partner in their firm on
May 1 1928.
Agents & conducTax liability
23,700
23,864
tors' balances_ _
-Herbert J. Campbell, formerly with Lee,
10,798
9,384 Other unad1. cred_
34,483
45,052
Higginson & Co., has joined
Misc.accts. reedy.
42,095
18,054 Add'ns to property
the sales organization of C. A. Preim & Co.,
15 Broad St., N. Y.
Materials & amp. 159,843
170,430 through surplus_
9,580
8,305
-Howe Snow & Co., Inc., 120 Broadway,
Int.& dive. reedy_
35,822
33,701 Sinking fund res've 509,352
428,672
New York City, have issued
Other curr. assets..
401
505 Profit & loss bal._ 1,080,381 1,157,102 for distribution a brochure
discussing water companies in general.
Deferred assets_ __
12,944
13,141
Unadi.debits (inel.
-Sidney J. Stern has become associated
with Arthur E. Prank & Co..
U.S. Govt.)_-_
62,794
81.147 Total(each side) _15,897,068 15,962,280 members of New
York Stock Exchange, 100 Broadway, N. Y.
-The accounts with the United States Government and the profiNote.
-The Los Angeles investment firm of Bayly
and loss balance have been restated to conform to revised return for guar
Bros., Inc.. have moved
anty period, filed with I.
-S. C. Commission.
their offices to the Roosevelt Building, Seventh
and Flower Sta.
x After deducting $1,956,555 accrued depreciation on equipment.
-Bristol & Willett's(115 Broadway,
V. 125, p. 243.
New York) May "Over-the-Counter
Review" contains an analysis of Merck Corp.
pref. stock.
-James B. Lyon, Jr., has become
associated with Goddard & Co..
44 Wall St., N. Y., in their wholesale
department.
CURRENT NOTICES.
-Hewitt, Ladin & Co., 74 Broadway, New
York City, have prepared
-John J. Laver. John V. Carney and Harold L. Snedeker are now asso- a special
analysis of Wickwire Spencer Steel Corp.
ciated with J. Roy Prosser & Co., 52 William St., New York City, in the
Brokaw & Co., Chicago, are pleased to
bank and insurance trading departments.
announce that Col. Thomas R.
Gowenlock has become associated with
them.
-Newburger, Henderson & Loeb have issued the second of their analyses
-Guardian Detroit Co., announce the removal
of the "Merchandising Stock," containing a comparison of the leading
of their Chicago offic
to the Bankers Building, 105 West Adams
department and specialty stores.
St.
-Prince & Whitely. 25 Broad St., New York
-E. F. Gillespie & Co., investment dealers, have moved their offices
City, are distributing an
analysis of Independent Oil & Gas Co.
from the 4th to the 20th floor of 111 Broadway, N. z.. where they will
occupy much larger quarters.
-Shawmut Corp. of Boston have moved their Chicago office
to larger
-Hemphill, Noyes & Co., announce the admission to general partner- quarters at 120 So. La Salle St.
.
ship of Walter G. Collins, who for the past eight years has handled the
-John J. Rosen has become associated with Baer, Eisendrath
& Co..
westeru Gaminess of the firm and managed its private wire system, which
Chicago.
Total
$1.530,183 $1,307,499 21,463,315 $1,914,201
2815
FINANCIAL CHRONICLE
MAY 5 1928.]
A0C11111t1lIS.
Sep u vts and
TISCWINTO
.081.08P1111 a.
CHICAGO BURLINGTON AND QUINCY RAILROAD COMPANY
-FOR THE YEAR ENDED DECEMBER 31 1927.
SEVENTY-FOURTH ANNUAL REPORT
Chicago, January 3 1928.
Burlington & Quincy
To the Stockholders of the Chicago,
Railroad Company:
Board of Directors
The following is the report of your
for the year ended December 31 1927:
MILEAGE.
MILEAGE OF ROAD OPERATED ON DEC.31 1927.
Operated
Under
Lease or
Contract.
Total
Mileage
Operated.
395.59
1,686.32
1,370.09
259.54
23.36
1,122.99
134.38
2,847.41
259.45
228.28
685.94
38.44
119.34
75.03
.91
11.50
15.83
49.45
22.72
.45
.53
29.66
434.03
1.805.66
1,445.12
260.45
34.86
1,138.82
183.83
2,870.13
259.90
228.81
715.60
4,669.54 4,343.81 9.013.35
LINE OWNED*
363.86
9,377.21
Line Owned.
Stale.
Main
Line.
213.99
Colorado
968.83
Illinois
372.18
Iowa
12.81
Kansas
22.18
Minnesota
648.90
Missouri
134.38
Montana
1,411.17
Nebraska
48.88
Dakota_ _ _
South
228.28
Wisconsin
607.94
Wyoming
Total
State.
Colorado
Illinois
Iowa
Kansas
Minnesota
Missouri
Montana
Nebraska
South Dakota_ _
Wisconsin
Wyoming
Dividends paid during the year:
$8,541,905
June 25 1927-5% on $170,838,100
8.541.910
Dec. 27 1927-5% on 170,838,200
$17.083.815
Total (all charged to Income for the year)
FUNDED DEBT.
On December 31 1926 the Funded Debt outstanding in the$209.692,000
was
hands of the public
During the year 1927 the following changes were made:
By issuance of First & Refunding Mortgage 43 %
Bonds Series"B" Maturing February 1 1977-.430.000.000
By the maturing of Nebraska Extension Mortgage Sinking Fund Bonds
$16.384,000
of 1927
By the retirement of Equipment Trust
404,000
Jan. 15 1927_ _
Gold Notes matured
16,788.000
Miles
of
Road.
Branch
Lines,
181.60
717.49
997.91
246.73
1.18
474.09
1,436.24
210.57
78.00
Total.
Yard
Fourth Tracks&
Second 1 Third
Track. Track. Track. Sidings
.48
395.59
1,686.32 502.16
1 370.09 245.27
259.54
23.36
1,122.99 112.80
134.38
32.70
2,847.41
259.45
228.28 161f.el
3.66
685.94
417§§
2.27
167.00
5.84 1,182.99
359.58
26.22
41.21
450.64
46.82
839.34
61.43
75.53
249.30
Total
563.07
3,422.30
1,974.94
285.76
66.84
1,686.43
181.20
3,719.45
320.88
473.42
938.90
5.84 3.500.06 13,633.19
47.26
9,013.35 1,066.68
Total
as follows:
•Includes yard tracks and sidings owned, but not operated,2.31 miles.
Colorado 1.11 mlles, Illinois .99 miles, Nebraska .21 miles, total
COMPARATIVE STATEMENT OF INCOME, YEARS
ENDED DECEMBER 31.
Per Ct. of
Per Ct.of
Ry.Oper.
1926.
1927.
0
14. Psr•
Revenue.
$
Revenue.
Railway Operating Revenues.
121,410,650.40 75.26
Freight
75.80 118,497.414.02
24,288,306.90 15.06
Passenger
14.11 22,058,572.19
3,765,802.07 2.33
Mail
2.39 3,739.043.90
4,292,310.49 2.66
Express
2.65 4.141,537.08
2.87 4.488,783.87_ _ -All other transportation- _ _ 4.577.554.54 2.84
2,617,386.45 1.62
Incidental
1.60 2,494,883.06
.23
365,431.34
Joint Facility
900,219.69
.58
100.00 156.320.453.81 Total railway oper. revenues 161.317.442.19
Railway Operating Expenses.
15.14 23.668,877.97-Maintenance of way & struc_ 23,965,177.70
16.94 26,486.674.60_Maintenance of equipment- 30,131.658.29
3,084,633.02
Traffic
2.02 3,161,990.50
54,315,493.88
Transportation
34.23 53,503,271.98
1,758,420.32
1.02 1,576,228.17_ __Miscellaneous operations
4,303.938.77
General
2.82 4,407.381.46
Transportation for In restCr1.096.513.75
-Credit
meat
Cr.57 Cr.886,921.52
100.00
14.85
18.68
1.91
33.67
1.09
2.67
Cr.68
71.60 111,917,503.16 Total railway oper. expenses 116.462,808.23 72.19
28.40 44.402,950.65 Net revenue from ry.opera'ns 44,854,633.96 27.81
_
11,676,577.62-- _ _Railway tax accruals__ 11,480,061.28
59,084.16
51.393.26- _Uneollectible ry. revenues--
.gigtg
ATtrgiigeig in rz
r nn c
7
13 'Fa
3 61
::Dr
.
__Dr2.043.744.53
A
Dr- :167:470.03:_Joint facility rents kilet)28,143.308.41-Net railway oper. income-- 29,955,830.70
Other Nan-Operating Income.
610 872.27
612,571.29.. Miscellaneous rent income__
2.212,047.10 Dividends & miscall. Interest 2,306,574.37
79.157.72
57,288.84- _ _Miscellaneousincome_ _ _ -
-_-___
2,881.907.23 Total other non-oper.income 2.996,604.36
Gross income
32,952,435.06
31,025,215.64
Other Deductions from Gross Income.
Miscellaneous rents__
191,358.38
188,989.28
9.126,458.33--Interest on funded debt_ _ - 8,626,980.98
34,583.31
129,862.53_ _Interest on unfunded debt_ _
-Amortization of discount on
funded debt
110,544.00
135,531.72
1,000.00
1,250.00 Miscellaneous income charges
9,582.091.86
21,443,123.78
17,083,815.00
On December 31 1927 the Funded Debt outstanding in the$222.904,00J
hands of the public was
ACCRUED TAXES.
States
Colorado
Illinois
Iowa
Kansas
Minnesota
Missouri
Montana
Nebraska
South Dakota
Wisconsin
Wyoming
Other States
Total States
United States Gov't_
Grand Total
98,034.67
17,083,800.00
48,572,313.62
3,104,264.00
1926.
$488,445.25
2,600.004.00
1,062.321.36
135,824.38
52,464.65
586,960.10
152,999.02
2,188,000.00
228,962.59
430,029.77
566.411.83
1,290.68
Increase or
Decrease.
Dec. $4.774.88
Dec. 56,649.89
Inc. 47,621.87
14,186.38
Inc.
Dec.
6,636.37
Dec. 30,393.95
Inc.
7,195.63
Inc. 36,952.72
Dec.
3,241.13
Inc. 24,310.89
Inc. 50,558.12
Dec.
529.40
58,493,713.63 Inc. $78,599.99
2,986,347.65 Inc. 117,916.35
$11,676.577.62 $11,480,061.28 Inc. 1196.516.34
Steam locomotives
Freight-train cars
Passenger-train cars
Floating equipment
Work equipment
Miscellaneous equipment
1130.671.67
916.931.17
1.628,543.28
4,608.50
523.126.45
Cr.7.469.62
Total expenditures for equipment
$3,196,411.45
Interest during construction
$1,932,898.56
$10.971,681.91
Grand total
the year.
There was no investment in new lines and extensions during
-- ---
17,083.815.00_Total appropriations of inc__ 17,181,834.67
Income balance transferred to
profit and loss
6,806.133.72
4,359.308.78
CAPITALIZATION.
CAPITAL STOCK.
During the year the only change in Capital Stock was the
conversion of $200 of scrip into two shares of stock.
$170,839.100
outstanding
Of the total amount
scrip convertible, in multiples
fractional st
P•i$900 was represented by This scrip is hot entitled to vote or to receive
$100, into full shares.
of
dividends until so converted.
1927.
$483,670.37
2,543,354.11
1.109,943.23
150,010.76
45,828.28
556.566.15
160,194.65
2,224.952.72
225,721.46
454,340.66
616,969.95
761.28
INVESTMENT IN ROAD AND EQUIPMENT DURING
THE YEAR
Additions and
Betterments.
Account.5120.767.63
Engineering
Cr.266,701.39
Land for transportation purposes
928,742.34
Grading
Cr.614.85
Tunnels and subways
503,445.98
Bridges, trestles and culverts
22.101.90
Elevated structures
124,610.91
Ties
811.512.36
Rails
646,784.31
Other track material
276.386.52
Ballast
30,493.59
Track laying and surfacing
Cr.5.404.44
Right-of-way fences
708.80
fences and snow sheds
Snow and sand
238.893.61
Crossings and signs
106,950.64
Station and office buildings
Cr.1.803.09
Roadway buildings
197,389.01
Water stations
Cr.46.155.31
Fuel stations
S15.968.83
Shops and enginehouses
86,403.46
Grain elevators
8,891.79
Storage warehouses
Cr.406.81
Wharves and docks
116.282.39
and telephone lines
Telegraph
891.983.58
Signals and interlockers
89,154.85
Power plant buildings
576.03
Power substation buildings
7.369.49
Power transmission systems
73.490.48
systems
Power distribution
14,810.70
Power line poles and fixtures
2.977.14
Underground conduits
55,976.73
Miscellaneous structures
13,768.55
Paving
157,739.23
Roadway machines
12.268.65
Roadway small tools
170,742.98
Assessments for public improvements
940.00
Revenues and operating expenses during construction
Cr.512.47
Cost of road purchased
Cr.48.52
-road
Other expenditures
145,216.30
Shop machinery
73,879.52
Power plant machinery
1,743.33
Power sub-station apparatus
Cr-44.752.85
TJnapplied construction, material and supplies
$5,842,571.90
Total expenditures for road
Total other deductions from
gross income
8,964,466.67
Net income
23,987,968.39
Disposition of Net Income.
Sinking funds
Dividends
13,21' .000
Net Additions
GENERAL OPERATIONS.
REVENUES.
5156,320.454
Total Operating Revenues for 1927
161,311 ,442
Revenues for 1926
Total Operating
54.996.988
Decrease
3.10%
The decrease was made up as follows:
Decreased 52,913,236
2.40%
Freight
Decreased
2,229.735 9.18%
Passenger
150,773 3.51%
Decreased
Express
Decreased
115.529
1.38%
Other Transportation Revenues
Decreased
67,168 17.96%
Demurrage
Revenues_ _ _ _Increased
479.453 18.88%
Other Incidental Operating
Total Decrease
84.996.988
2816
FINANCIAL CHRONICLE
Freight.
The decrease of $2,913,236, or 2.40%, in freight revenue
was due to a decrease of 5.60% in the ton miles of revenue
freight handled. With the exception of a heavier movement
of agricultural products and somewhat lighter movement
of animals and products, and coal, there was little change
in the character of freight handled.
A comparison of tonnage with 1926 commodities shows
the following:
Products of Agriculture
Animals and Products
Products of Mines
Products of Forests
Manufactures and Miscellaneous
Less-than-carload tonnage
Total tonnage
Increased
507,248 tons 6.13
Decreased 250,865 tons 8.45
Decreased 2,326,386 tons 12.00 0
Increased
11,762 tons
.47%
Increased
270,433 tons 2.92%
Increased
36,029 tons 2.28%
Decreased 1.751,779 tons
3.99%
A comparison of carloads shows:
Total cars (all commodities)in 1927
Total cars (all commodities)in 1926
Decreased in 1927
1,380.681 cars
1.427,076 cars
46,395 cars
3.25%
[Vol,. 126.
Equipment rents net showed an increased debit for the
year 1927, as compared with 1926, which was brought about
by the increased use of private cars, largely refrigerators
and tank cars; also a decrease of revenue received for
rent of our own cars, due to coal strike in southern Illinois
territory and which brought to our rails an increased number of foreign coal cars, the necessity for accumulating
cars for a heavy grain movement which did not materialize
until late in the season, and a general practice of all roads
returning equipment to the owning line promptly, thereby
avoiding the necessity of paying per-diem, there being an
easy car condition on all roads. Cars originating on our
lines for connecting lines, amounted to 305,130 in 1927,
and 333,662 in 1926, therefore in 1927 there was not the
same opportunity to dispose of our equipment to foreign
roads. Cars originating on other roads delivered to us
were 510,776 in 1927, and 479,254 in 1926, consequently,
there was greater per-diem expense in 1927. Cars loaded
for points on our lines were 564,775 in 1927, and 614,160
in 1926, a difference of approximately 50,000 cars adversely
affecting equipment rents.
Demurrage assessed and collected for 1927 shows a decrease of a little over $40,000.00 as compared with 1926.
Consignors and consignees have in a great many instances
provided themselves with loading and unloading machinery
which enables them to handle their material more promptly.
An increased number of industries have taken out the
Average Agreement plan of handling cars, in order
to get
the benefit of credits which may be used to offset
on cars delayed beyond the free time allowance. debits
signees are giving more attention to the elimination Conof
murrage than heretofore, in order to effect economiesdein
overhead expense.
Favorable crop conditions in western territory served by
the Burlington resulted in an increase ef 8,051 carloads of
grain. The Nebraska wheat crop was a record for the
State and the corn crop was the second largest. An increase of 11,568 cars loaded on our own rails west of the
Missouri River reflected the favorable crop conditions in
that territory. Since the change in the location of the fruit
and vegetable market district in Chicago to a location adjacent to our team tracks there has been a steady increase
in the movement of fruits and vegetables, there being an
increase of 9,991 cars, or 17.51%, over the record of 57,059
cars handled during the preceding year. As a result of the
heavy movement of grain, fruits and vegetables the tonnage of the total products of agriculture increased 6.13%.
Animals and products decreased 8.45%. The movement
of live stock was the lightest in years. Crop failures and
OPERATING STATISTICS.
drouth in 1926 in western territory caused an exodus of Tons of revenue freight carried, 1927
42,182,667
practically all live stock that could be shipped, so that at Tons of revenue freight carried, 1926
43,934.446
the beginning of 1927 we had less live stock in our terriDecrease
1,751.779 3.99%
tory than for several years. This was not only true in Revenue tons one mile, 1927
11,942,859,045
Revenue tons one mile, 1926
12.651,221,639
the corn belt but range territory as well. With the excepDecrease
tion of fresh meats and other packinghouse products and Revenue
708,362.594 5.60%
tons
mile,
665.64
poultry, all other products coming under the classification Revenue tons per train mlle, 1927
per train
1926
679.96
of animals and products increased. Other items coming
Decrease
under this classification (Including butter, cheese and eggs) Revenue tons per loaded car. 1927
14.32 2.11%
22.46
Revenue tons per loaded car, 1926
exceeded the record movement of 1926.
22.93
The suspension of mining in coal fields east of the MisDecrease
.47 2.05%
souri River, including Illinois, beginning April 1 1927, and Average revenue per ton mile (cents), 1927
.992
which continued until October 1, resulted in a decrease of Average revenue per ton mile (cents), 1926
.960
20.02% in our bituminous coal tonnage handled last year.
Increase
.032 3.33%
The tonnage originating on the system decreased 28.88% Average distance hauled per revenue ton (miles),
1927
283.13
and the tonnage received from connecting lines increased Average distance hauled per revenue ton (miles).
1926
21.76%. Rate reductions and the addition of new routes
287.96
under which our hauls are less than formerly and the disDecrease
4.83 1.68%
Revenue passengers carried, 1927
placement of our own coal with coal of foreign origin, re15.149,391
16.365,795
sulted in the average revenue per ton of all coal handled Revenue passengers carried. 1926
Decrease
being reduced to $1.68 as compared with $1.70 the pre1.216,404 7.43%
Revenue
mile, 1927
811,600,215
ceding year. With the exception of a substantial increase Revenue passengers carried one mile, 1926
passengers carried one
871.773.361
in the movement of sand, stone and gravel, other products
Decrease
of mines showed but little change.
60.173.,146 6.90%
Average distance carried, revenue passengers, 1927
b3.57
Forest products increased 11,762 tons, or .47%, a de- Average distance carried, revenue passengers, 1926
53.27
crease in the tonnage from the Northwest Coast States
Increase
.30 .56%
being offset by an increase in the movement from the south
EXPENDITURES (OPERATING).
via the Paducah gateway.
Total operating expenses, 1927
8111,917,503.16
The movement of manufactured articles increased 270,- Total operating expenses, 1926
116,462,808.23
433 tons, or 2.92%, the tonnage of a number of important
Decrease
$4.545.305.07 3.90%
commodities coming under this classification exceeding all
The decrease of $4,545,305.07 in operating expenses
previous records.
was
the result of various conditions having a direct
Refined petroleum and its products, sugar including syrup
influence
on the three major classes of operating expenses,
and glucose, &c., also agricultural implements, increased
among
9.95%, 22.54% and 10%, respectively, over the previous the more important of which were the following:
In furtherance of our policy of maintaining
our facilities
record tonnage handled. Similar results were also shown in condition
suitable for an improved handling of
traffic,
for several less important commodities.
maintenance of way expenses were held at the
same general
Passenger.
level as that prevailing during the previous
year, total
The decrease in passenger revenue was due almost entire- expenses on this account
ly to hard road development and the increased use of auto- 1926. Relatively heavy decreasing $269,300 or 1.24% under
expenditures were incurred in commobiles. We carried 1,216,404 fewer revenue passengers bating flood conditions in
bottom
than in 1926, a decrease of 7.43%; the decrease in passen- and to some extent in Missouri lands in Illinois, in Iowa
due to periods of continued
ger miles being 60,173,143 or 6.9%. The average haul per and unusually heavy rainfall
during the Summer months.
passenger, exclusive of commutation service, increased 7.3
Transportation expenses were reduced $812,222
or 1.50%
miles over the preceding year, indicating that the decrease under the comparatively
low
largely in the short haul traffic. The aver- was accomplished principally level prevailing in 1926. This
continues to be
age revenue per passenger mile remained about the same-- rigid measures of economy by a continued application of
in all departments. An in$0.02718 in 1927 and $0.02786 in 1926. The gross revenue crease in efficiency, due in
part to the improved appliances
from low-rate week-end excursions amounted to $249,267, which it has been our policy
to provide, also contributed to
as against $185,741 during 1926, an increase of $63,526, or this reduction.
34.20%, but we performed for this class of traffic in 1927
Maintenance of equipment expenses decreased $3,644,984
only 21,835 special train miles as against 22,125 in 1926, or 12.10% under the preceding
year. The programs for rea decrease of 1.31%, and the average revenue per special conditioning equipment, to bring
it to modern standards
train mile on this traffic in 1927 was $5.46, as against $3.89 of efficiency, which have been
carried on since the close
In 1926, an increase of $1.57 per train mile, or 40.36%. of Federal control, are
gradually reaching completion and
The earnings from Chicago District commutation traffic materially reducing the
necessity of expenditures on that
were approximately the same in 1927 as in 1926. The year account.
1927 was the third of the Burlington Escorted Tours BuEXPENDITURES (CAPITAL).
reau, operated in conjunction with the Great Northern and
There was expended during the year 1927,
chargeable to
Northern Pacific Railway Companies. In 1927 we handled
a total of 3,439 passengers, an increase of 702 passengers, Capital Account:
For Road
85,842,571.90
or 25.65% over 1926. The gross revenue to the three lines For Equipment
3,196,411.45
from this class of traffic in 1927 showed an increase of For General
1,932,898.56
22.7%.
Total
971.881.91
810'
FINANCIAL CHRONICLE
MAY 5 1928.]
Additional Second Track Between St. Paul, Minn., and Savanna, M.
The program for completion of double track between St.
Paul and Savanna was continued during the year, 22.39
miles of second main track having been completed and
placed in operation in the fall of 1927 between mile posts
396.02 and 408.41, Diamond Bluff to Prescott, and between
mile posts 327.90 and 337.90, East Winona to Purdy, capital expenditures for the year being $1,462,288.54. The program contemplates completion of double tracking of this
line in 1928 and 1929.
Flood Protection Work, Galesburg to Peoria, Illinois.
In 1926 there was an unusually severe flood which washed
out that portion of the line in the valley of Kickapoo Creek,
a 23-mile stretch between Elmwood and Peoria, Illinois, and
during the repair and reconstruction of this line there also
occurred two new floods in 1927 which not only hindered
the restoration, but caused considerable more damage.
Work is now in progress restoring banks and riprapping as
protection against further high waters, and it is expected
this work will be completed in time to protect the track
against the spring floods of 1928. There has been expended
on this work, chargeable to Capital Account $93,105.56.
Raise of Grade and Repair of Flood Damage Between Halpin and
Melrose, Iowa.
2817
project was $33,546.26 of which 5.899.13 was expended In
1927.
The work of constructing a new bridge at mile post
311.25, Tyrone, Iowa, on the main line, and raising grade
was completed. The total capital cost of this project was
$60,232.89 of which $35,353.24 was expended during 1927.
Pile trestle bridge No. 228.36, 920 feet long, over Platte
River at Sterling, Colorado, was completed during 1927,
at a capital cost of $21,094.23.
Work was started on the construction of a viaduct at
Ohio Street, Aurora, Illinois. This is a steel and concrete
viaduct 306 feet long. The substructure was completed and
the steel work erected during the year at a capital cost of
$18,631.96. The total estimated capital cost of this project
is $63,502.00.
Work was started on a subway at Washington Street,
Denver, Colorado. This is a subway having a 30-ft. road-ft. sidewalk under three tracks. A portion
way and one 7
of the cost is borne by the city of Denver. In this connection it is necessary to raise grade four feet and raise a
bridge over the Platte River. The total estimated capital
cpst of this project is $36,786.00 of which $17,737.47 was
expended during 1927.
The usual program of replacement of temporary pile
trestle bridges either in kind or in permanent form was
carried out during the year. There was expended on this
account during the year $555,781.60 and charged to Capital
The storms of June and September, 1926, washed out our
track in this vicinity and many past floods have silted the
valley of Cedar Creek to such an extent that raise of grade Account.
Automatic Block Signals.
was necessary if we were to continue to operate without
interruption by floods. This work has been practically cornThere was completed and placed in operation during the
pletdd at a capital cost of $60,232.89.
year on important lines of heavy traffic, 245.6 road miles
of automatic block signals, the total capital expenditures
;lease of Grade and Levee Protection, Beardstown, Illinois.
$507,802.45. The tracks on which addiThe floods of 1926 washed out our tracks in the valley of during 1927 being
did considerable tional automatic block signals were placed in service are
the Illinois River north of Beardstown and
damage also to the city of Beardstown, which is now con- as follows:
Miles.
structing levees to protect against future floods. In order Hannibal Divisionfrom Macon to Monroe
39.3
8.2
from Palmyra to Mark
Hannibal Division
to maintain uninterrupted train service, it was necessary Lincoln Divisionfrom Dorchester to Harvard
52.8
14.8
to raise approximately two miles of main track just north Lincoln Divisionfrom Hastings to Kenesaw
13.4
Otis to Akron
of the river. This raise has been completed at a capital McCook Divisionfrom Kenesaw to Holdredge Junction
38.8
Division from
cost of $26,158.12 and we are now protected against a 28-ft. McCook Divisionfrom Culbertson to Wray
78.5
McCook
stage of water in the Illinois River, which is about 1% ft.
45.8
2
Total
above the highest recorded stage.
Interlocking, West Quincy, Missouri.
Serious property damage in Beardstown was caused by
the floods of 1926, and inasmuch as this is an important
In order to expedite movement of trains and promote
division point with extensive yards and shop facilities, it economy and safety of operation, a remote-control interwas thought advisable to contribute $41,000.00 to the De- locking plant was installed at West Quincy, Missouri, at a
partment of Public Works & Buildings of the State of Illi- capital cost of $58,468.50.
nois, toward the construction of levees to protect the city
Rail Replacement.
against further inroads by the river during flood times, parThere was laid in main track of main and branch lines
by this means we are relieved of a larger exticularly as
during the year 313.19 miles of new 90-lb., 100-1b., and 110penditure to raise main and yard tracks there.
lb. rail, and 211.38 miles of second-hand rail, at a capital
Passenger Station, Lincoln. Nebraska.
cost of $389,831.70.
The old passenger station and office building at this
Additions and Improvements to Equipment.
point constructed in 1881, was obsolete and inadequate to
New rolling stock delivered:
meet the growing demands of the city, and our own re12-2-10-4 type freight locomotives. (Class
quirements for office space. It was replaced with a mod- 1000-40 ft. 8 in. 40-ton automobile-box cars. M-4).
-ton Hart Selective Ballast cars.
-50
ern fireproof structure in harmony with local needs, in- 200
4-70 ft. steel combination passenger and baggage cars.
cluding necessary railroad offices, platforms, canopies, sub15-70 ft. steel baggage cars.
way and power plant, at a total capital cost of $465,701.40.
10-70 ft. steel coaches.
Grain Elevators, Council Bluffs, Iowa.
In Order to promote grain traffic, the Farmers' Terminal
Elevator and the Flanley Elevator were purchased at a capital cost of $564,029.17.
Built in Company's shops at Aurora, Illinois:
Storehouse Facilities.
The following work was undertaken and completed during the year:
Aurora, Illinois: Fireproof oil cellar and paint store with
necessary concrete platforms and equipment were constructed at a capital cost of $66,591.88.
West Burlington, Iowa: Concrete-block pattern storage
building for shop patterns was constructed at a capital
cost of $28,658.07.
Sheridan, Wyoming: Fireproof store and oil house was
constructed to reduce fire risk and effect economy in operation, the capital cost being $37,671.57.
Locomotive Terminal Improvements.
Installation of boiler washing systems were undertaken
at the following points and completed during the year:
Western Avenue,Chicago,Ill
St. Joseph, Missouri
Denver,Colorado
8-70 ft. steel chair cars.
1-70 ft. steel combination passenger, baggage and mail car.
4-65 ft. gas-electric railway baggage and mail motor cars.
2-65 ft. gas-electric railway passenger, baggage and mail motor cars.
4-75 ft. gas-electric railway passenger and baggage motor cars.
6-75 ft. gas-electric railway passenger, baggage and mail motor cars.
Capital cost, 820,945.55
Capital cost, 17,275.52
Capital cost, 15,006.31
Locomotive Water Treating Plant.
Treating plant at Akron, Colorado, was completed at a
capital cost of $17,088.72.
Bridge Construction and Replacement.
34-71 ft. 1134 in. composite steel and wood body, steel underframe
suburban coaches,seating capacity 100.
5-75 ft. 3 in, composite steel and wood body, steel underframe suburban
combination passenger and baggage cars.
In Steel Car Shop at Galesburg, Illinois:
-ton composite gondola cars.
229-41 ft.8 in. 50
-ton composite mill type gondola cars.
1000--48 ft.6 in. 55
-ton all steel twin hopper gondola cars.
78-34 ft. 3in. 55
250-36 ft. 30 ton steel frame single deck stock cars.
-ton steel frame single deck stock cars.
500-36 ft. 40
At West Burlington, Iowa:
-ton steel flat cars.
70-40 ft. 40
At Havelock, Nebraska:
2
-Class 0-9(0-8-0) switch locomotives.
-Class 0-9-.A (0-6-0) switch locomotive.
1
At Denver, Colorado:
-Class F-2 (0-8-0) switch locomotives (heavy transfer service).
3
In'addition to the above, orders have been placed for the
following new equipment in 1928:
To be delivered from outside shops:
Freight Cars:
-ton Hart Convertible Ballast cars.
-50
150
Passenger Cars:
-steel lounge cars.
5
-electric railway passenger motor cars.
-gas
25
9-70 ft. steel baggage cars.
Replacement of four 155-ft. and one 197 ft. truss spans
at bridge 117.35 over the Illinois River at Beardstown, Illi- , To be built in Company's Shops:
nois, with heavier spans was completed. The total capital ; Freight Cars: all-steel twin
-ton
hopper gondola cars.
3 in. 55
cost of this project was $85,793.57 of which $14,771.97 was 1422-34 ft. 50-ton single sheathed box cars.
500-40 ft.
expended in 1927. The replacement of these spans permits 1250-45ft.50-ton steel flat cars.
-ton steelframe,single deck stock cars.
ft. 40
the use of heavier engines on the heavy coal traffic line ,250-36-ton all-steel twin hopper gondola cars.
-35
j500
between Galesburg and Herrin, Ill.
t Passenger Cars:
The replacement of a portion of pile trestle bridge No. 2-composite steel and wood body, steel underframe, suburban coaches.
64.96 over Platte River, Columbus, Nebraska, with three 33-all-steel suburban coaches.
truss spans, was completed. The total capital cost of this , 1-all-steel suburban combination passenger, baggage and mail car.
2818
FINANCIAL CHRONICLE
Locomotives:
11—Class 0-9-A (0-6-0) switch locomotives.
3—Class F-2(04-0) switch locomotives (heavy transfer service).
Following equipment was authorized on 1928 budget but
order has not yet been placed:
From outside shops:
10—gas-electric railway passenger motor cars.
To he built in Company's Shops:
1-54ft. dynamometer car.
[vol.. 126.
are classified as used but not owned, and including other
property leased for exclusive use) $499,132,255. This represents an increase in the "final" over the "tentative"
valuation of $1,673,801 for owned property and $1,690,447
for used property.
The cost of reproduction new of common carrier property, owned and used, as reported by the Commission is.
exclusive of lands, $490,007,919, including lands $563,217,613. This figure may be compared with $461,509,295, which
is the amount recorded in the books of the Company as its
investment in road and equipment on valuation date, I. e.,
June 30, 1917.
The value figures here quoted from the report are based
on pre-war prices for property other than land.
The Commission also reports in its decision dated October 14 1927 that the total final value for rate-making purposes of the property of the Company used for common
carrier purposes, and including that of the Quincy, Omaha
& Kansas City Railroad Company, and the Colorado and
Southern Lines, is $566,179,438. The date of valuation used
in the report is 1917, except for the Colorado and Southern
Lines where the date is 1918.
Valuation expense has been further reduced, the total
for the year being $227,571.55, or a reduction of $29,096.26.
This amount was divided as follows: 76% to compliance
with Valuation Order No. 3, 21% to all other valuation
work, and 3% to support of the Presidents' Conference
Committee. The total expense from the beginning charged
to valuation has been $4,436,501.93. This includes the
expense of preparing the returns to all valuation orders,
as well as completion reports and all other records spedfled In Valuation Order No. 3.
Thirteen Class 8-1 and S-2 engines were converted to
Class S-1-A and S-2-A and improved by applying frames of
heavier design, Schmidt superheaters, new cylinders arranged for outside steam pipes, Walschaert valve gears,
feed water heaters, 8 -in, cross compound air pumps, and
/
1
2
Hulson grates. They are handling heavy passenger trains
in a most satisfactory manner, and cost of maintenance has
been materially reduced.
Franklin Boosters were applied to two S-1-A and to one
8-2-A engines making total of twelve passenger engines
now so equipped. Their performance has been highly satisfactory in improving the handling of heavy passenger
trains, and it is planned to equip 5 more of these engines
in 1928.
Conversion of four Class 0-2 (2-8-2) type engines to 0-2-A
was completed.
Two K-10 engines, with new and heavier design of cast
steel frame were turned out of shop.
Three P-3 Compound locomotives were converted to Class
P-5 simple locomotives, completing program of four engines
to be changed, begun in 1926.
Three P-3 Compound locomotives were converted to Class
P-6 simple locomotives.
Three P-2 locomotives were converted to P-6-A. These
INDUSTRIAL.
converted engines are giving good performance in suburban
During the
service. They are easier and more economical to maintain a substantial year we executed 431 new industrial leases,
increase over last year, indicating a continued
than the P-3-C and P-2 engines.
expansion of industrial development throughout our terriFeed water heaters were applied to 47 0, M, S and T tory. New
industrial tracks were constructed as follows:
engines.
New Tracks. Extensions.
The capacity of 22 Class 0-1 tenders was increased about On Lines East of the Missouri River
24
24
11
1,000 gallons to facilitate movement of trains by eliminating On Lines West of the Missouri River
5
certain water stops.
35
29
There were thirty-two Franklin Driving Box Wedges apIn Chicago, 27 new industries were located on our rails,
plied to Class M (2-10-2) and Class 0 (2-8-2) type loco- furnishing us an estimated annual traffic revenue, approximotives.
mately, of one-half million dollars.
Radial buffers were applied to twelve 0-1 and 0-2 and
AGRICULTURAL.
three T-2 freight locomotives.
The year 1927 was an exceptionally good agricultural
Arch tubes were applied to 47 locomotives.
Franklin and Laco type automatic fire doors were ap- year for Lines West, but rather unfavorable for Lines East
on account of the poor corn crop. Nebraska produced one
plied to 52 locomotives.
Hulimn Grates were applied to 177 locomotives of various of the largest crops of both wheat and corn in the history of the State, resulting in heavy grain shipments on
classes.
Schmidt superheaters were applied to three P-5, three Lines West. A record acreage of sugar beets was harvestP-6, three P-6-A and two R-5 engines. Twelve 8-1 and 8-2 ed; the Wyoming crop established a new record for acreengines received Schmidt superheaters at time of conver- age and tonnage. Shipments of potatoes and beans were
sion to S-1-A and S-2-A. Four 0-2 engines which were heavy. The poultry and dairy industries were expanded.
changed to 0-2-A were also equipped with this type of super- A cattle shortage has developed and prices have rapidly
advanced. Cattle feeding operations were curtailed on
heater.
One 0-2-A engine was equipped with new improved Du Lines East, but the number of hogs on farms was increased.
Pont Simplex type "B" stoker, and one M-2-A engine was Prices for grain and live stock with the exception of hogs
equipped with Duplex stoker, replacing worn-out stokers were very satisfactory to producers and the agricultural
outlook is very much brighter than a year ago. This imof other type.
Ten S-1-A and fifteen S-2-A locomotives were equipped provement has been reflected in an increased demand for
with Commonwealth swing motion tender trucks, which has farms.
Four agricultural special trains designed to stimulate
resulted in a saving of about $125.00 per engine per year
in maintenance over the old type of fabricated tender truck, agricultural development, increase traffic and improve agricultural conditions were operated during the year. A sugar
with which these engines were equipped.
Mechanical force feed lubricators were applied to 32 beet demonstration train of seven cars showing how to inClass B, 8, 0, M and F engines, replacing hydrostatic lu- crease yield per acre was exhibited Just prior to planting
bricator. On engines operating in long runs the mechanical time to 31,449 people at 37 towns in the Great Western
lubricator gives more consistent lubrication, thereby de- Sugar Company beet growing districts. Harvest figures
creasing cut valve bushings, which cause engine failures, showed that the 1927 crop of beets averaged 1.8 tons more
per acre than the average for the previous ten years. The
also effecting large saving in cylinder packing renewals.
Steel underframes and reinforced ends were applied to increased yield which amounted to 542,640 tons on the 310,492 acres harvested, and which added more than four milthirty 60-ft. wooden baggage cars.
Steel underframes were applied to fifty-five standard way lion dollars to the farmers' gross income, was in a large
measure due to better methods of growing inaugurated by
cars.
this educational campaign. The average yield per acre of
Steel ends were applied to 1,060 box cars.
Steel center sills with cover plates were applied to 60 beets during the past three years during which educational trains have been operated is 2.3 tons higher than the
freight cars.
COVET plates were applied to 580 steel center sill freight average of the previous ten-year period.
A lime and legume demonstration train was operated
cars.
Ratchet type hand brakes were applied to 70 gondola during July and August for the purpdse of improving the
soil and increasing crop yields in southeastern Iowa and
cars.
Water pressure system, replacing old gravity water sys- northeastern Missouri. This train visited 46 communities;
tem, was applied to twenty 70-ft. steel underframe coaches 18,136 people viewed the exhibits and 1,681 samples of soil
were tested for acidity; 88 field demonstrations were esand chair cars.
Five dining cars, four coaches, three chair cars, five com- tablished. As a result of this promotional work, limestone
bination baggage and mail and three baggage cars were was stocked at 28 of the 46 towns visited, and 253 carloads
equipped with axle generators, in order to improve light- of limestone were received at these stations in 1927 as compared to 104 in 1926. On all Lines East limestone shiping.
Steel underframe and reinforced ends were applied to ments were increased 501 cars over 1926; 66 limestone storage bins were established and there has been a substantial
one business car.
increase in the acreage of legumes. A ten-car special train
VALUATION.
of agricultural limestone was shipped into Van Buren CounThe final valuations for rate making purposes, included ty, Iowa, and an 18-car train operated in Montgomery Counin the Inter-State Commerce Commission's report, for this ty, Illinois, for the benefit and convenience of the farmers.
Company alone, are: Owned property $496,306,358, used (inIn August Just before Winter wheat seeding time a specluding the Black Hills and Fort Pierre Railroad Com- cial demonstration train to eliminate wheat smut was oppany and The Deadwood Central Railroad Company, which erated in western Nebraska and Kansas and eastern Colo-
2819
FINANCIAL CHRONICLE
MAY 5 1928.]
by from 59% to 34%. There was, however, an increase of
rado. This train made 41 half-day stops and was visited
off duty—
conclusion of the trip the entire train, 200% in the number of deaths due to accident Employees
25,409 People. At the
engine, was exhibited at the Nebraska largely attributable to automobile accidents.
headed by a B-1 type
the train. are being urged to keep in mind that the principle underState Fair where 50,000 people went through
whethwho visited the train treated lying the slogan "Safety First" applies to our actions
46.6% of the wheat growers
safeguarding of
in 1926, and 81.9% reported they er we are on or off duty, and also to the
their seed wheat for smut
our health by proper living; our Medical Department is
would treat in 1927. 600 seed treating machines were sold
seed planted as a offering health hints to our employees.
and 38,777 bushels of certified wheat
RIVER STRAIGHTENING AT CHICAGO.
result of the operation of the train.
On July 8 1926 the city of Chicago passed a contract
A ten-car better poultry special operated in October and
Ordinance."
November made 77 stops in Colorado, Wyoming, Montana ordinance known as the "River Straightening
of the
South Dakota, and was visited by 55,760 people. Bet- This, as the title implies, covers the straighteningof Polk
and
methods of poultry management, sanitation and market- present river channel between a point just south
ter
Street. The ordiing were demonstrated; special attention was given to in- Street and a point just north of 18th
between
creasing the production of turkeys. Nearly all commercial nance involves various interchanges of property
educational institutions in this territory co-operated in eleven different railroads. It was accepted individually
and
10, 1926.
this campaign. Increased shipments of poultry feeds and by all of them on or before October
In carrying out the terms of the ordinance this Company
breeding stock were immediate results. The poultry insells all of its property lying east of Stewart Avenue for
dustry is being greatly expanded.
to this sum of
The acreage of certified seed potatoes in northwestern Which it will receive $1,562,691. In addition tracks and its
Nebraska was increased to 4,000 acres in 1927 as compared money it will receive $165,000 for loss of
will be rebuilt in another availto less than 2,000 acres in 1926. 450 carloads of certified boathouse. The boathouse
seed, the largest crop on record, was produced as compared able location on the Chicago River.
The rebuilding of the present Fourteenth Street passento 225 carloads in 1926. This development is due to attracthe river straightentive prices resulting from an increased demand caused by ger yard facilitiles is necessitated by
out in the near future. Nea campaign to advertise and extend the market in southern ing ordinance and will be carried separation of grades with
States. A film showing how certified seed is produced was gotiations are pending for the
prepared and circulated in southern growing regions. The other roads at Sixteenth Street crossing as an additional
result of the River Ordinance.
industry was given much valuable publicity.
The Directors express their appreciation of the co-operA large amount of publicity was given to improved agricultural practices and many agricultural meetings and farm ation and the faithful and effiicient services rendered by
tours were attended. A special train of 70 cars of wheat the officers and employees of the Company during the
was operated from Perkins County, Nebraska, to the Omaha year.
Following herewith is the report of the Comptroller.
market for publicity purposes and to advertise the resources
By order of the Board of Directors.
tile county. Farm boys' and girls' club work was given
of
HALE HOLDEN,President.
encouragement by scholarship awards in five States. Folders were printed and distributed to extend the production
GENERAL BALANCE SHEET.
of rice along the Mississippi River; to increase the use of
DECEMBER 31 1927.
limestone and the acreage of legumes; to eliminate wheat
ASSETS.
and to introduce better methods of handling poultry. Investments:
smut;
Investment in road and equipment:
illustrated folder about the North Platte Valley
$459,867,935.20
A 28-page
Road
128,100,977.20
Equipment
was printed and 40,000 copies distributed in co-operation
3,433,346.65
General expenditures
of Commerce. Special at2591,402.259.05
with the Associated Chambers
94,442.29
tention was given to attracting settlers to the North Platte
Deposits in lieu of mortgaged property sold
930.209.42
Miscellaneous physical property
in co-operand the Shoshone government irrigation projects
in affiliated companies:
Investments
$32,079,912.39
ation with the U. S. Reclamation Service. All of the 122
Stocks
558,145.04
Bonds
farm units on the North Platte Project were taken and 37
4,287,751.82
Notes
7.033,924.47
Advances
new settlers were located on the Shoshone Project. 1,645
43,959.733.7
entries were made on 737,419 acres of vacant government
Other investments:
$13,413.00
homestead land in Wyoming tributary to Burlington lines.
Stocks
15.292.310.86
Bonds
This compares with 1,414 entries in 1926. 417 carloads of
273.317.05
Notes
458.13
emigrants' effects were unloaded on the Alliance, Casper,
Miscellaneous
15,579,499.04
McCook, Sheridan and Sterling divisions as compared to
2651,966.143.52
620 in 1926; shipments by truck are to some extent responTotal investments (capital assets)
sible for the decrease. 3,184 inquiries for farm land were Current assets:
312.309.150.44
Cash
received in response to classified advertising; and a large
184,0.30.68
Time drafts and deposits
1,560.00
Special deposits
of descriptive literature was distributed.
volume
346,547.84
receivable
PENSION DEPARTMENT.
The Pension Department was established January 1 1922.
During 1927, 184 employees were added to the retired
list, and 111 died; the number carried on the pension roll
December 31 1927 was 993. Their average allowance is
$53.45 per month; their average age at retirement was 68
years 6 months, and average years of continuous service
prior to retirement was 37 years 1 month. The amount
charged to pensions during the year was $668,575.44, and
since the inauguration of the Pension Plan the total expense
on account of pensions has been $3,032,435.90. 483 pensioners have died, and with the 993 on the roll at the close
of the year, there have been 1,476 employees who have
drawn pension. As the pension rate is based both on years
of continuous service and average wage for the ten years
preceding retirement, those now being retired are receiving the benefit of a pension based on the higher wages paid
since the war, and this explains the increase in the average
pension rate.
RELIEF DEPARTMENT.
The Relief Department was established June 1 1889 and
benefits were paid in 1927 as follows:
For-Death
Disability
surgical Attendance
Tetal
Sickness.
2249.517.61
161,283.72
Accident.
$29,366.00
111,269.45
71,889.86
Total.
2278,883.61
272.553.17
71,889.86
$410,801.33'
$212,525.31
8623.326.64
Loans and bills
Traffic and car service balances receivable
Net balance receivable from agents and
conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable
Total current assets
Deferred assets:
Working fund advances
Other deferred assets
Total deferred assets
Unadjusted debits:
Insurance premium paid in advance
Discount on funded debt
Other unadjusted debits
1,727.552.31
1.836,461.75
5.055,811.80
12,487,544.17
69,661.69
21,390.54
34.039.711.22
233,319.58
123,782.08
157.101.66
$99,804.32
5,706,045.95
4,687,301.41
10,493,151.68
Total unadjusted debits
Grand total
2696.656,108.08
LIABILITIES.
Capital stock:
3170,839.100.00
Common Stock
Long term debt:
2251,602.000.00
Funded debt unmatured
Less bonds held by or for the Company_ 28,698.000.00
222,904.000.00
Total long term debt outstanding
Current liabilities:
Traffic and car service balances payable_ 32,570,667.99
Audited accounts and wages payable_ .. 10,911,149.51
696,720.04
Miscellaneous accounts payable
Interest matured unpaid
1,001,932.00
12,600.00
Funded debt matured unpaid
2,354,673.33
Unmatured interest accrued
Other current liabilities
410,320.84
Since its establishment nearly 39 years ago, the Relief
Total current liabilities
Deferred liabilities:
.
Department has paid benefits as follows:
Other deferred liabilities
For—
Death
Disability
surgical Attendance
Total
Accident.
Sickness.
24.542,916.71 $1,877,571.68
4,750,547.55 5,306,496.23
1.597,454.26
Total.
$6,420,488.39
10,057,043.78
1,597,454.26
29.293,464.26 28,781,522.17 218.074.986.43
Unadjusted credits:
Tax liability
Insurance and casualty reserves
Accrued depreciation—Equipment
Other unadjusted credits
17,958,063.71
65,276.43
210,397,025.70
1,643,594.41
66,349,219.03
6,422,985.46
Total unadjusted credits
84,812,524.60
The report of the Relief Department continues to reflect Corporate surplus:
Additions to property through income and
improved conditions; the average age at death from sick2497,770.24
surplus
ness of Relief Department members has increased from 44
44,044,176.95
Funded debt retired through income
600.00
years in 1907 to 58 years 2 months in 1927. In these twenty
Sinking fund reserves
155,534,296.15
Profit and loss
years there has been a decrease of 85% in the number of
deaths of members due to accident on duty and 56% in acTotal corporate surplus
200,076,843.34
cident disabilities. The proportion of benefits paid on acGrand total
2696.656.108.08
count of death and disability from accident has decreased
2820
FINANCIAL CHRONICLE
[VOL. 126.
PACIFIC GAS AND ELECTRIC COMPANY
TWENTY SECOND ANNUAL REPORT
-FOR THE FISCAL YEAR ENDED DECEMBER
31 1927.
San Francisco, Calif., April 1 1928.
To the Stockholders:
Your directors submit herewith a report of the 1927 operations and affairs of the Pacific Gas and Electric Company
and of,its subsidiary and affiliated corporations.
The following consolidated income account covers, as in
preceding years, the operations of the Pacific Gas and
Electric Company and of its wholly-owned subsidiaries. It
includes all of the Pacific Company's carrying charges arising out of the acquisition as of May 1 1927, of controlling
interests in the Western States Gas and Electric Company,
Coast Valley Gas and Electric Company and certain other
companies, but excludes the operations of these controlled
companies except that their surplus earnings during the last
eight months of the year, applicable to the Pacific Company's investment in these affiliated corporations have
been included on line (8) as an iteni of miscellaneous income. Steps to merge these properties with those of the
Pacific Company are well under way and will undoubtedly
be completed in 1928.
a new peak, exceeding that of 1926 by $3.758,656, or
7.38%.
Except for the sale of the Company's telephone properties
and certain of its water distribution systems early in
1927,
its revenues would have exceeded by more
than $400,000
the total of $54,719.227 above shown. Combined gross of
the Pacific, Western States and Coast
Valleys companies
for the entire year amounted to approximatel
y 860,000,000.
Electric department revenue increased $2,472,646, or
7.9%,
compared with an increase in kilowatt hour sales
of 4.5%.
Sales to the agricultural and mining industries
and to other
electrical companies were somewhat less than
in 1926, and
the growth in revenues is attributable
mainly to the increase in sales for commercial and residential
lighting,
heating and cooking, street lighting, and other
branches of
service yielding a relatively higher revenue per
unit. The
excellent gains made in these fields were
largely a reflection of sales activities.
Gas department revenues increased $1,744,330,
or 9.95%,
and the volume of gas sales 11.1%. These
increases are
somewhat above the average rate of growth,
due in part to
the unusually prolonged rainfall in the
early months of
CONSOLIDATED INCOME ACCOUNT.
1927, which encouraged a larger
consumption of gas for
PACIFIC GAS AND ELECTRIC COMPANY. MT. SHASTA POWER heating; and in part to the widening
field for the utilizaCORPORATION AND CALIFORNIA TELEPHONE AND
tion of gas for various industrial and commercial
LIGHT COMPANY.
purposes.
1927.
1926.
Increase. Decrease.
GROSS OPERATING REVENUES BY
DEPARTMENTS.
(1) Gross Operating Rev- 554.719.227 $50,960,571 $3,758,656
Deduct:
:2) Operating & Administrative Expenses and
828,098,225 $25,560.951
Taxes
2,981,091 3.511,077
(3) Maintenance
(4) Insurance and other
Reserves
1.096,137
582.447
•
1927.
1928.
Increase.
3537.274
8529,980
.
513.690
(5) Total Deductions $30,175,453 $29.654,475 $520,978
(6) Net Earnings from Operation
24.543.774 21.306.096 3,237,878
7) Add: Miscell. Income
540,713
165,419
375.294
18) Surplus of affiliated
companies applicable to investment of
P.G.& E. Company
361,104
381.104
(9) Total Net Income_ $25,445.591 821.471.515 53.974,076
:10) Bond & Other Interest 9.077,587 7.926,006 1,151,581
(11) Balance
816,368.004 513.545.509 52.822,495
:12) Bond Discount and
Expense
487.819
457.419
10.400
Electric Dept
533.851,104531.378.458
Gas Department_ _ _ 19,271,711 17,527,381 52,464,872
1.744.330
Street Railway Dept_
683.640
713,090
029.450
Water Department
370.861
418.809
*47.948
Steam
Sam Sales Dept__ 412.122
383,297
28.825
Total for Properties
Retained
354,589.438 550,421,035 54.168.403
Water Department
121,907
427,389 *305,482
Telephone Dept
7,882
112.147 *104,265
Total for Properties
Sold
129.789
539.536 *409,747
Total Gross Operating Revenue $54,719,227 350,930.571 $3.758.656
•Decrease.
(2) OPERATING
a3) Balance
$15,900,185 813.088.090 82.812.095
:14) Reserve for Deprecia'n 4,929,934 4.228.850
701.084
Per Cent of Whole
Contributed Mt
Each Department
AND ADMINISTRATIVE
TAXES
-$26.098,225.
81.87%
35.22%
1.25f
.684
.75.
99.77%
.22%
.01%
100.00%
EXPENSES
AND
The downward tendency in this group of
expenditures, as
related to the volume of business, is
shown in the following table:
(15) Surplus
510.970.251 58.859,240 $2,111.011
16) Dividends Paid on Preferred Stock (6%)
3.969.059 3.488.880
480.179
(17) Balance
57.001392 55,370,360 81.630.832
18) Divs. Paid on Common
4,892,352 4 119.970
Stock (8%)
772.382
no% rtiftrkose
12.1(18.840 11.250.300 1858.450
Year.
CUSTOMERS.
At the close of 1927 there were 967,717 active meters in
service, a net gain of 92,993 during the year. Of these, 76,-070 were connected to the lines of the newly acquired Western States and Coast Valleys Companies. The sale during
1927 of the major portion of the Company's water distribution systems resulted in a reduction of approximately 16,000
in the number of customers furnished with water service.
Making proper allowance for this and excluding the ac.quired properties the real gain exceeded 32,000. With the
customers of the acquired properties included, the real gain
exceeded 108,000.
(925
1926
1927
Gross
Operating
Rerenue.
$47,729,079
50,960,571
54.719.227
°waling and
Administrative Per Cent of
Expenses and Expenses to
Taxes.
Gross.
824.785,076
25,560.951
26.098.225
52
50
43
Operating and adm'nistrative expenses
decreased bY
$900,297 and the major nfluences that
tended to bring about
this result were:-, (1) the utilization
of our enlarged resources of hydro-electric energy
brought into the system
from our Pit River plants and other
sources, with a continuing reduction of steam costs; (2)
relief from the operating costs of telephone and water
properties sold in the
early part of the year; (3)
diversion of a portion of management and other costs to newly
acquired properties, for
which only the net results appear
in our income account
-YEAR statement, and economies
-20 YEARS' GROWTH BY 5
NUMBER OF CUSTOMERS
effected through unified operaPERIODS.
tion; (4) continuation of our program
to effect permanent
economies in all branches of the service.
Water. Steam. T0101.
Electric.
Gas.
December 31-
1907
1912
1917
1922
1927
122,304
194,914
243,182
316,268
453.132
54,772
117.085
194.374
311,815
506.987
5,539
8.027
12,655
16.985
6.974
--211
446
542
624
182.615
320,217
450,657
845.410
967.717
Gain in 20 Years
a n In
* Loss.
330,828
..,i col
452,215
72100
1,435
*13.711
624
13
785,102 and are closely related.
92.993
(3) MAINTENANCE-82,981,091.
(14) RESERVE FOR DEPRECIATION-$4,929,934
.
These items cover the upkeep of the Company's properties
Maintenance work proceeded at a
normal rate throughout the year and the condition
of the
properties has been fully maintained. The sale of telephone
ANALYSIS OF INCOME ACCOUNT.
and water properties, elsewhere referred to, contributed
to
the substantial reduction shown in maintenance costs.
(1) GROSS OPERATING REVENUE-$54,719,227.
consecutive year, aggreTile amount set aside for depreciation was increased by
In 1927 and for the twenty-second
gate gross operating revenues of all departments reached $701,084 to cover additional tangible property of a depre-
2821
FINANCIAL CHRONICLE
MAY 5 1928.]
ciable character. Total accruals to this reserve in the
period from 1909 to 1927, inclusive, were approximately
forty-nine million dollars. Of this amount, approximately
twenty-nine million dollars has been utilized to write off
obsolete, replaced and abandoned property, leaving a balance of $19,540,005 in the reserve at the close of 1927.
Measured by its relationship to gross operating revenue,
which is one of the commonly accepted standards for determining the sufficiency of the provision made for maintenance and depreciation, the aggregate of these items
during the past twelve years has averaged sixteen per cent.
par value of preferred and common stocks, which are now
selling in the market at substantial premiums. Subsequent
to the execution in 1920 of the Company's First and Refunding Mortgage, the net increase in the book value of
physical assets, taken at cost and after writing off all
obsolete and abandoned property, has aggregated $149,683,430, or $75,372,030 in excess of the total increase in the par
value of bonds outstanding. The following table shows for
the past seven years the steadily increasing equities underlying these bonds:
BONDS—INCREASING EQUITY IN PHYSICAL ASSETS, LAST
SEVEN YEARS.
Excess of
Par Value of
Book Value
Physical Eauilt1
All Bonds
of Fixed and
Over All
Outstanding
Working
Bonds.
with Public.
Capital.
Year Ended Dec. 31.
-81,096.137.
(4) INSURANCE AND OTHER RESERVES
Increased provision, commensurate with the greater volume of business and property, was made from income last
year to cover losses from uncollectible accounts, accident
and damage payments, fires and other contingencies, the appropriation of $1,096.137 for these purposes exceeding that
of the preceding year by $513,690.
The balances in these reserves at December 31 1927 aggregated $1,488,660, ag follows:
1920
1921
1922
1923
1924
1925
1926
1927
8170,963,558
197.720.932
208,664,818
232.235.281
263,676.639
279.840,173
302.402,941
320,646,988
895,758,600
113,495,700
111,700,700
129,592,600
153.357.300
161.852.800
170,209,800
170.070,000
875.204,958
84,225,232
96,964,118
102.642,681
110,319,339
117,987,373
132,193.141
150,576,988
$179,597.68
175_372.030
274.311.400
2149.683.430
Increase in 7 veers
1,126.280.70
182,781.65 (15) SURPLUS
-88,861,411:
-810,970.251; (16)—(18) DIVIDENDS
81,488,660.03
The surplus available for the payment of dividends on
Total
NET EARNINGS FROM OPERATION-824,543,774. (7) MIS- outstanding stock, after the deduction of prior charges, in(6)
CELLANEOUS INCOME-8901,817. (9) TOTAL NET
cluding depreciation, aggregated $10,970,251, an increase
INCOME-825.445,591.
Uncollectible Accounts Reserve
Insurance Reserve
Casualty Reserve
Net earnings from operation, after the deduction of all
items of operating expenses, maintenance taxes (including
Federal taxes) and reserves for uncollectible accounts and
casualties, were the largest since the Company's organization, amounting to $24,543,774. The increase in this item
of $3,237,678, or 16% over the corresponding period in
1926, substantially exceeds the gain made in any previous
year and represents the conversion to net, before depreciation and the rental paid on additional capital, of almost
seven-eighths of the year's gain in gross operating revenue.
Miscellaneous income includes interest on bank balances
and notes receivable, discounts secured through the prompt
payment of bills, jobbing revenue and other items not directly related to the Company's operations. Included also
is an amount of $361,104, representing the surplus of affiliated companies accruing to the Pacific Gas and Electric
Company during the last eight months of the year from its
investment in the stocks of the Western States and Coast
Valleys Companies.
After the addition of these items to net operating reve2
nues, the total net income available for the payment of fixed
charges, depreciation and dividends was $25,445,591, or $3,974,076 more than in 1926.
compared with the preceding year of $2,111,011. The following table, a continuance of that shown above, indicates
the constant strengthening of the conservative relationship
of tangible equities and earnings which we have always
sought to maintain with respect to the outstanding amount
of this widely distributed investment security:
Surplus
Available
Excess
Preferred
for DirtYear Ended ohysical Preferred
dends after . Stock
Stock
December 31. Equity over
Dividends.
Prior
AR Bonds. Outstanding.
Charges and
Depreciation
Balance.
1920
1921
1922
1923
1924
1925
1926
1927
875,204,958 833,685,030 83,919,959 81.779.933 82,142.026
84,225,232 41.176.410 4.969,230 2,132.283 2,836,947
96,964,118 51,215.372 6,587.159 2,574,156 4.013,003
102.642.681 54,299.084 6,756.294 3.103,847 3,652.447
110.319,339 54.464,412 7,028,349 3,244.608 3.783.741
117,987,373 54.916,532 7.851.357 3.265.434 4.585.923
132.193,141 63,429,932 8.859,240 3.488,880 5,370,360
150,576,988 71,766,082 10,970,251 3,969.059 7,001.192
Increase In
7 W.,.
173372030 E33.031.052 27_050.292 12.1R0 126 24 1169 1A6
The balance available for common stock dividends was
$7,001,192, equivalent to 11.45% on the average amount
outstanding during the year, and to 10.65% on the total
amount outstanding and subscribed for at December 31
1927. Dividends amounting to $4,892,352 were paid at the
(10) BOND INTEREST-89,077.587. (12) BOND DISCOUNT AND established rate of 8%, leaving a final balance of $2,108,819.
EXPENSE—$467,
840, exceeding the corresponding item during 1926 by
Bond interest chargeable to operating account amounted
$858,450, to be carried to undistributed surplus.
to $9,077,587 and was earned 2.8 times, the margin remainCONSERVATION OF ASSETS:
ing after the payment of interest charges being $16,368,004,
In the twenty-two years since organization, the balance
or $2,822,495 in excess of the preceding year. In no one
of the past fourteen years have interest charges ever been of earnings after the deduction of operating and maintenearned less than twice, and net income during the entire ance costs, taxes and interest charges, amounted to $142,869,098. Of this amount, $63,570,000, or 44.5%, was paid
period has averaged 2.63 times interest charges.
The strong position of the Company's secured obligations out in cash dividends and $45,550,000, or 31.9%, was used
with respect to earnings available for the payment of inter- to retire bonds or was re-invested in the property. In addiest charges is paralleled by an equally sound position with tion, $30,791,000 was expended for the renewal and replacerespect to the tangible equities underlying them. Since the ment or rehabilitation of inadequate, worn-out, or obsolete
Company's initiation in 1914 of the now nation-wide cus- property, this expenditure being in addition to maintentomer-ownership movement, the assets underlying these ance charges aggregating $41,912,909 during the same pebonds have been increased through the investment in addi- riod. Additional details are contained in the following
tional plants and properties of the proceeds of $95,000,000 tables:
Year.
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
Total
Disposition of Balance.
To Retire Bonds
Reinvested in the Property
For Replacements and Rehabilitation
Cash Dividends
Other l'urposes
Total
Gross Revenue.
Including
Miscellaneous
Income,
Maintenance,
Operating
Expenses and
Reserves.
Taxes,
Including
Federal Taxes.
Net Earnings
Before
Depreciation.
$8.947.162
11,342.140
12,657.305
13.491,288
14.044.596
14,604,609
14,651,786
16.094.514
17.100,534
18.778.446
18.941,427
20.118,990
22,870,194
26,309,671
34.985.791
37.509,707
39.204.605
39,971,742
44.934.683
48,066,897
51.125,990
55,621,044
$4.139.233
5,978.967
6,517.930
7,211.517
7.538,461
7,697.370
7.808,592
8.655,044
8,170,874
8,356.148
8,586,318
10,351,452
11.247.391
14.287,089
20,898,531
21,013.190
19.726.663
19.463.523
24.280,418
24,403.112
25.184,088
24,267,495
$283.886
247.262
274.789
320,059
382.880
516,702
622,969
676,163
743,047
849,445
972.565
1.253.239
1.782.939
1.962,038
2,559.109
3.265.895
3.690.213
4.029.887
3,922,678
4.495.600
4,470,387
5,907.958
$4,524,043
5,115,911
5,864,586
5,959,712
6,123.255
6.390,537
6.220.225
6,763.307
8,186,613
9.572,853
9.382,544
8,514,299
9.839,864
10.060,544
11.528.151
13.230.622
15,787,729
16.478.332
16.731,587
19.168,18.5
21,471,515
25,445.591
82.784.908
2.854,264
3.021.722
2.988.521
3.006.256
.254,133
3
3.476,078
3.794.222
4.071,432
8.819,676
3,660,976
3,898,169
3.881.542
4,012.240
4,511,251
4,797,782
5.148,614
6,165.817
6,261,528
7.078.183
7,926,006
9.077.587
$1,739,185
2,261,647
2.842,864
2.971.191
3,116,999
3,136,404
2.744.147
2.969,085
4,115.181
5,753.177
5.721.568
4,616,130
5.958.322
6,048.304
7.016.900
8,432.840
10.639.115
10.312.515
10,470,059
12,090,002
13.545.509
16,368.004
8581,373,121
8295,783,406
843.229,710
$242,360,005
899.490.907
8142.869,008
Balance.
poses and not then reimbursed through the sale of securi-
$22,844.000
one-half times the
22.706,000 ties, aggregated $36,391,305, or two and
30.791,000 $14.052,505 of current liabilities, including, in the latter,
63,570,000
but not due. Net work2.958.000 $5,909,327 interest and taxes accrued
$1,051.513 more than
$142,869,000 big assets amounted to $22,338,800, or
BALANCE SHEET ITEMS.
.—
CURRENT FINANCIAL CONDITION:
Working assets at December 31 1927 including $9,877,373 advanced from working capital for construction pur-
•
Interest.
at the close of the preceding year. As for many years
past, the Company has had no floating debt. Its liquid
position enabled it to take advantage of all cash discounts
offered for the prompt payment of material and supply
2822
FINANCIAL CHRONICLE
bills, and a saving of $75,964 from this source was effected
during the year.
CURRENT ASSETS AND LIABILITIES.
Decembrr 31 December 31
1927.
1926.
Increase. Decrease
Current Assets3ond Redemption Funds._ 33.916,370
..,3.916,370
VIaterial and Supplies
5,294,073 $5,148,530
145,543
3111s and Accounts Receivable (Less Reserve for Uncollectible Accounts)____ 5.207,681
368,366
3ue on Stock Subscriptions 1,876.927 4,839,315 1,408.822
468,105
Juderlying Bonds bought
in advance for Sinking
Funds
1.199,000
925,000
274.000
leneral and Refunding 5%
Bonds issued against construction
975.000
975.000
)ash
7,885.775 5,145.947 2.739,828
nterest accrued on Investments
27.438
1.474
25.964
)ther Investments
131,668
153,125
$21.457
I,dvances for Construction,
a Leased Properties
4,452,783 3,829,363
623.420
ldvances for Construction
and Investment in Stocks
of Affiliated Corporations
subject to reimbursement 5,424,590 8,285,446
2,860,856
........._)__
Total Assets
$36,391,305 829.771.305 $6,620,000
Current Liabilities—
tonds called but not redeemed
$33.516.010
$3,516.010
Lccounts Payable
1.585,328 1.466,513
118.815
)rafts Outstanding
444.506
393.638
50,868
leter and Line Deposits_ __
880.299
823.540
56,759
inpaid Coupons
411,498
438,110
$26,612
nterest accrued but not due 1.883,832 1.894.149
10,318
'axes accrued but not due.. 4.025.495 2,399,224 1.626,271
>ividends declared
1.305.537 1,068.844
236,693
Total Liabilities
314.052.505 38.484.018 $5,568,487
[VOL. 126.
Other Properties
Construction.
Acquired.
Total
83,860,243.84 313,820,125.00 317,680,368.84
3,674.474.69
47,861.17
3,722,335.86
2.099,996.91
2.099,996.91
1.746.705.64
90,632.46
1,837,338.10
2,879.158.45
593.766.29
3,472,924.74
2,248.521.31
4,768,949.31
7,017,470.62
7,495,763.69
404,285.15
7.900,048.84
7,406.415.80
389,208.36
7,795,624.16
2,733,949.35
4,181.50
2,738.130.85
2,089,44717
120,478.44
2,209,925.61
3,658,426.33
12,681.31
3.671.107.64
2,781,530.08
1,797,061.50
4.578,591.58
1.818,704.32
a6,405.91
1,812,298.41
3,181.909.23
11.556,299.37
14,738,208.60
10.600,208.89
1,210.60
10,601,419.49
18.040,060.51
333.00
18,040,393.51
16.422,278.07
1,132,581.99
17,554,860.06
17,044.713.40
1,724,585.09
18.769.298.49
29,937,667.89
220,407.70
30,158,075.59
24,607.647.60
29,768.58
24,637.416.18
15,793,347.44
1.692,084.39
17,485,431.83
12,587,530.85 63,453,735.76
9,133,795.09
Total
$192,708,701.46 334,946,359.54 $227,655,061.00
a Decrease. b After deducting water
and telephone properties sold.
Year—
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
PROPERTIES ACQUIRED.
The most important addition to the Company'
system during recent years was accomplished s operating
acquisition from the Standard Gas and Electric through the
Company on
May 1 1927, of its holdings of the entire
outstandi
of the Sierra and San Francisco Power Company ng stock
and Del
Monte Light and Power Company, and a controllin
interest in the Western States Gas and Electric g stock
Company
of Delaware, Western States Gas and Electric
Company (of
California) and Coast Valleys Gas and Electric Company.
In addition, the Pacific Company also acquired
certain
power projects on the Feather River, California,
developing approximately 350,000 horsepower capable of
of hydroelectric energy, upon which approximately $500,000
Net Working Assets
322.338,800 321.287,287 81.051,513
had
been expended.
PLANTS AND PROPERTIES.
The consideration was the issuance to the Standard
Gas
and Electric Company of $6,500,000 par value of the
At the beginning of the year, the cost of the Company's properties (excluding investments and current assets), as shown in
Company's common stock and a cash payment of Pacific
the item "Plants and Properties" on Its balance sheet. was._3291,301,10()
$2,085,000. The properties, of Which the entire or controlling
Gross expenditures for additions, betterments and
stock
interest was thus acquired, include physical
improvements during 1927 amounted to $17,assets ap308,055. In addition. 3689.372 was expended
praised at more than $60,000,000, approximately
for the purchase of other properties, making
450,000
horsepower of undeveloped hydro-electric situations
total expenditures of
$17,997,427
, and
other values including an established business
Deducting the value of the water and
exceeding
telephone properties sold, amounting
$7,700,000 annually, derived from services to more
than
to
34,143308
83,000 customers.
and charges against depreciation reserve, created by annual appropriaThe acquired properties are contiguous to the
tions out of operating revenues, for
served by the Pacific Gas and Electric Company, territory
property renewed or replaced or
and preotherwise disposed of as being of no
vious to their acquisition purchased from it a large
volume
further service, in the sum of
4,720.524
ot power for redistribution. They occupy a business
8.863.632
field
which, except to a very slight degree, is neither overlappi
ng
Leaves a net addition carried to the plant and properties acnor competitive, and their purchase constitutes,
count for the year of
therefore,
$9,133,795 a logical and economically
sound extension of our activiAnd brings the total of that account at the close of the year
ties.
1927 to
8300.434,895
The acquired properties, for the purpose of
As indicated in our report last year, the Company during have already been co-ordinated with the Pacific operation,
Company's
the period of the war and the subsequent post-war era of system, and substantial economies in operation and
adminihigh costs, confined its expenditures to work of the most stration, which are only in a minor degree
Indispensable nature; thereafter, beginning with the year earnings during 1927, have been effected as a reflected in
result of this
1920, undertaking a program of considerable magnitude direct and unified management.
In order to provide the facilities necessitated by the cumuYour Company plans, in addition to the physical
merger
lative demand of several years and to make adequate pro- of the properties of the Western States and
Coast
vision for future expansion.
Companies, the ultimate liquidation and dissolutio Valleys
n of these
At the close of 1926, the major portion of this compre- companies, permitting of a simplification
hensive construction program, including the modernizing ture. Preliminary steps in this direction,of corporate strucincluding the callof existing equipment, had been completed, this seven-year ing for redemption of the entire outstanding
period witnessing the expenditure of upwards of $132,000,- of these companies, have already been taken. bonded debt
At
000 and the addition of 395,611 horsepower to the installed ent time the Pacific Company owns or controls, the preseither dicapacity of electrical plants operated, and of 40,506,000 rectly or through its holdings of 35% of the
capital stock
cubic feet per day to the generating capacity of gas plants. of the Western States Gas and Electric
Company of DelaWhile the rapid growth of its business will continue to ware, more than 95% of the total outstandi
expenditures for new construction, it the Western States Gas and Electric Company ng stock of
necessitate large
of
seems unlikely that the immediate future will entail such and 92% of that of the Coast Valleys Gas California,
and Electric
large capital outlays as during the past few years. Under Company.
On August 1 1927 a small electric
these circumstances it is not surprising to find that condistribution system at
struction expenditures during 1927 were less than for sev- Middletown, California, was purchased; and on
October
eral years. The capacity of the Company's electric gener- 1 the entire outstanding capital stock of the Vacaville Water
ating system was, however, increased last year by 40,046 and Power Company was acquired through the
issuance
horsepower, of which 36,193 horsepower was added through in exchange therefor of $175,000 par value of
Pacific
the completion of the Melones plant, and 3,853 horsepower and Electric Company 6% preferred stock. Both of Gas
these
through minor additions to existing plants. These figures concerns previously purchased electric current at
wholesale
are exclusIve of 60,255 horsepower added through the acqui- from this Company.
sition of the Western States and Coast Valleys systems.
SALE OF TELEPHONE AND WATER PROPERTIES.
The Company is possessed of large reserves of hydroWith a view to concentrating its efforts
electric power resources capable of economical development,
upon the further
and can readily add to its generating capacity from time to development of its gas and electric business, which now conneeds of its business dictate. Construction work stitutes the source of 97% of its operating revenues, the
time ifs the
is now under way on the Mokelumne River and on the Company on February 1 1927 sold to the Sacramento ValSpaulding-Drum system with this object in view and, in ley Telephone Company the telephone system acquired four
the meantime, the installation of a 50,000 horsepower steam years previously in connection with the purchase of the
turbine at Station "C," Oakland, which will serve to bal- California Telephone and Light Company; and on April
ance its hydro-electric and steam generating capacity, is 25 sold to C. B. Jackson its water distribution systems in
Stockton, Redding, Willows, Livermore, Dixon
rapidly approaching completion.
and OroIn the twenty-two years since its organization, at which ville. The combined operating revenues of these telephone
time it took over extensive properties with a corporate ex- and water properties was approximately $550,000 annually,
istence dating back to 1852, the Company has created prac- equivalent to about 1% of the Company's gross income.
CAPITALIZATION.
tically two-thirds of its plant account through its own conAt the close of 1927 the total outstanding stock
struction at a cost of $192,708,701. In addition, other propand
erties have been purchased at a cost of $34,916,360. Follow- capitalization of the Pacific Gas and Electric Companybond
and
of its subsidiaries was $306,824,947.
ing is the record by years:
There has been some readjustment during the past two
years in the relative proportion of outstanding stocks and
bonds tending still further to strengthen the Company's financial structure. The ideal ratio is one that will permit
of securing capital funds at the lowest average cost. However, there is and can be no fixed and definite method of
determining this ideal ratio with mathematical precision,
the relative proportions of funded debt, preferred stock and
common stock being influenced by money market conditions, and being also to a considerable degree a matter of
judgment. Your management, however, is fully aware of
the desirability of maintaining a financial structure that
will permit of its bonds complying, Wherever possible, with
the restrictions governing the investment of savings bank
and trust funds imposed by various states, and also with
the requirements of insurance companies and other large
institutional purchasers. The very recent action of the
New York legislature in legalizing public utility securities
as savings bank investments, following similar action in
the last few years by Massachusetts and other states, has
opened new and extremely desirable markets for high-grade
bonds of gas and electric companies.
With these conditions in mind, the Company's funded
debt has been reduced during the past two years from
60.99% to 55.19% of its total capitalization, concurrently
with an increase in ratio of outstanding preferred stock
from 20.79% to 23.39%, and of common stock from 18.22%
to 21.42%. Conditions in the financial markets of the
country during this period have been particularly favorable
to a readjustment of this sort, permitting the Company to
dispose of either bonds or stocks, in such proportion as the
best Judgment of its management dictated, upon terms
more favorable than at any time in its history.
The following table shows the actual and relative amounts
of bonds and stocks outstanding at the close of each of the
last three years:
1927.
1926.
1925.
PREFERRED STOCK.
During the early months of 1927 $6,044,600 par value of
preferred stock was sold over-the-counter to local investors,
6,640 individual subscriptions being received. The local demand for this security is such that the selling cost is more
or less nominal, the advertising expense of the Stock Sales
Department averaging last year only 7.4 cents per $100 par
value of stock sold.
In addition to the preferred stock sold to customers and
employees, $175,000 par value was issued in payment for
the entire outstanding stock of the Vacaville Water and
Power Company, and $985,875 was issued in exchange for
a like par value of the 7% preferred stocks of the Western
States Gas and Electric Company of Delaware, Western
States Gas and Electric Company (of California), and
Coast Valleys Gas and Electric Company. Substantially
the entire remaining balance of the 7% preferred stocks
of these companies outstanding at the time of the acquisition of control by the Pacific Company on May 1 1927 was
similarly exchanged during the early months of 1928.
At the close of 1927 $71,766,082 of preferred stock was
outstanding or subscribed for, being held by 29,555 investors, of whom 26,650, or 90.2%, were residents of California.
Increase 2 Years.
Amount. Pereent
$
$
$
S
Par Value ofBonds 169,344,700 169,483.700 161.115.200 8.229,500 5.11%
55.19% 59.30% 60.99%
%ofCapitalization
Par Value of Preferred Stock_ __ 71,766,082 63.429.932 54,916.532 16.849.550 30.68%
23.39% 22.20% 20.79%
%ofCapitalization
Par Value of CornStock
65.714.165 52,865,115 48,130,848 17.583,317 36.53%
18.22%
18.50%
21.42%
%ofCapltallzation
Total
2823
FINANCIAL CHRONICLE
MAY 5 1928.]
306.824.947 285.778.747 264.162.550 42.692 3R7 1R 1A07
COMMON STOCK.
The Company's common stockholders of record at the
close of business January 26 1927 were offered the right of
purchasing at its par value of $25 per share additional common stock in the proportion of one share of new stock for
each ten shares held on that date. Subscriptions were received for $5,218,200 par value, or 98.72% of the $5,285,915
common stock so offered. The value of the rights under
this "Par Offering No. 2," based on the average selling
price of these rights on the New York and San Francisco
Stock Exchanges, was $1,285,000, or substantially in excess
of a full quarter's dividend on the total amount of common
outstanding at the time of offering.
A similar offering of rights, constituting the third at approximately annual intervals, was made early in the current year to common stockholders of record on February
17 1928.
In connection with the Purchase from the Standard Gas
and Electric Company of its interest in the Western States
Gas and Electric Company, Coast Valleys Gas and Electric
Company and Sierra and San Francisco Power Company,
$6,500,000 par value of our common stocks was issued to
the former.
The total amount of common stock issued or subscribed
for during the year, including employees' subscriptions, to
which reference is made in the succeeding paragraph, aggregated ;12,849,050.
The additional equity which has been placed back of the
Company's First and Refunding Bonds is indicated in some
degree by the fact that in the two years ended December
31 1927 the total funded debt of the Company and its subOFFERING TO EMPLOYEES.
sidiaries increased only $8,229,500, compared with an increase of $34,432,867 in the outstanding stock capitalization.
On January 14 1927 the Company's employees who had
In other words, $4,185 par value of preferred and common
been in the service for one year or more were invited to
stock was issued against each additional $1,000 bond.
participate in an offering of 6% preferred stock and common stock, in units of $200, divided equally between the two
FUNDED DEBT.
stock. Under the terms of the offering, subscripIn the latter part of September 1927 an issue of $15,- classes of payable only in monthly installments covering
were
000,000 par value of the First and Refunding Mortgage tions
period of thirty-seven months, the fine installment being
.
Series "E" 41 h% Bonds was sold, the proceeds being utilized a
response to this offering, subscripretiring the entire outstanding issue of $10,720,000 First due in March, 1930. In
in
from 3,246 employees for an aggregate
Mortgage Series "A" 7% Bonds and the re- tions were received
and Refunding
par value of stock, the average subscription
demption of three smaller underlying issues. This refund- of $2,261,400
a substantial saving in interest being slightly less than $700.
ing operation permitted of
charges. The aggregate outstanding funded debt of the
OWNERSHIP OF COMPANY'S SECURITIES.
Company and its subsidiaries at the close of 1927 was
At December 31 1927 the Company's preferred and corn
$169,344,700, a decrease of $139,000 par value during the
year. The amount of outstanding bonds was still further mon stocks were held by 46,068 stockholders, exclusive of
reduced through the redemption, on January 1 1928 of The more than 3,000 employees subscribing for these issues on
Sacramento Valley Power Company First and Refunding the installment plan. The total number of stockholders has
Mortgage 6% Bonds, of which $395,000 were held by the more than trebled since 1920, and has increased almost fitteenfold since the Company's initiation of the customerpublic at December 31 1927.
The amount of divisional issues underlying the Com- ownership plan in June, 1914. The average holdings per
pany's First and Refunding bonds continues to decrease stockholder continue to exhibit the same downward tenthrough the retirement of these issues and the operation dency which has been noticeable for many years.
The change in the par value of both preferred and comof sinking funds. In the seven years since the creation of
this mortgage the amount of underlying bonds has decreased mon stocks from $100 to $25 per share, which became effective on January 3 1927, undoubtedly facilitated the distriby $25,687,800.
bution of these securities, particularly among small investSINKING FUNDS.
ors. This broader distribution is evidenced by the increase
The relative status of sinking funds at the close of each in 1927 in the number of our common stockholders from
13,425 to 16,513, notwithstanding that no common stock was
of the past two years is summarized below:
offered to the general public last year.
As indicated by the following table, 36,416 stockholders,
Additions
Character of Sinking Fund December 31 December 31 During 1927.
1926.
1927.
Assets.
or approximately four-fifths of the Company's 46,068 partners, hold one hundred shares or less:
Bonds of Company—at par-- 825,147,290.00 $23,320,790.00$1,826,500.00
Cash and Accrued Interest—
not yet Invested
Total Assets
Net Annual Interest Saving
186,634.19 208.448.84 *21,814.65
$25,333,924.19 $23,529,238.84 $1.804.685.35
$1.257.091.50 $1,153.731.50 $103.360.00
SUMMARY SHOWING DISTRIBUTION OF STOCK.
Site of Holdings.
Number of Stockholders.
Preferred. Common. Total.
•Decrease.
Stockholders owning or subscribing for:
The $25,147,200 par value of bonds held in Sinking Funds
1 to 5 shares
10 shares
8th
at the close of 1927 was acquired by the following means:
11 to 100 shares
From Revenues
In Exchange for Overlying Bonds Stock
From proceeds of sale of Common
$23,613,090.00
493,000.00
1.041,200.00
$25.147.290.00
101 to 1.000 shares
Over 1,000 shares
Total
2,641
2.391
18.145
6.205
173
29.555
1.493
1.758
9.988
3.005
269
16.513
4.134
4.149
28,133
9.210
442
46,068
2824
1;44W2
.
FINANCIAL CHRONICLE
The number of women stockholders, for the first time
in the Company's history, slightly exceeded the men, there
being 19,282 of the former and 19,116 of the latter. In addition, our list of stockholders at the close of 1927 included
6,741 joint tenancies (usually husband and wife), and 929
associations, insurance companies and other institutions.
California stockholders numbered 38,359, or 83.3% of the
total, only one-sixth of all stockholders residing outside
of the State.
OPERATING DEPARTMENTS.
Matters relating to the operating departments are more
fully dealt with in the following abstract of report presented at the annual meeting of stockholders by Mr. F. A.
Leach, Jr., First Vice-President and General Manager.
[Vor... 126.
generating plants, and .7% of its output of power from all
sources.
At the close of 1927 there were 32 hydro-electric plants
In operation with a total installed capacity of 621,213
horsepower, of which 235,926 horsepower, or 38% of total
hydro capacity, was represented by the four modern streamflow plants constructed in the Pit River region during recent years. The total installed capacity of all plants operated, including those of the Pacific Gas and Electric Company and affiliated companies, was 827,479 horsepower.
Electric service is furnished to 310 cities and towns in
Northern and Central California, the total population of
the territory served exceeding two and one-half millions.
At the close of 1927, the total load connected to the Company's system was 1,954,817 horsepower, an increase during the year of 312,939 horsepower, of which 179,521 horsepower represents the connected load of the Western States
and Coast Valleys Companies and 133,418 horsepower the
additional load on existing lines.
The past decade has witnessed a very substantial increase in the utilization of power for industrial and agricultural purposes, as reflected in the increase of 947,960
horsepower, or 260.0% in the connected load for power purposes, compared with the addition of 370,002 horsepower
or 135.9% to the lighting load.
REPORT OF FIRST VICE-PRESIDENT AND GENERAL
MANAGER.
The year 1927 was one of continued progress, both gas
and electric departments establishing new sales records substantially in excess of preceding years.
An outstanding feature of our operations last year was
the acquisition of a controlling stock interest in the Western
States Gas and Electric Company and Coast Valleys Gas
and Electric Company, together with the entire capital
stock of the Sierra and San Francisco Power Company.
The addition of the two former companies added to our
CONNECTED LOAD IN HORSEPOWER.
system a generating capacity of 44,337 horsepower in hydroelectric plants, 15,918 horsepower in steam plants, and
Increase.
1927.
1917.
gas plants with an aggregate daily capacity of 7,136,000
II. P. Per Cent
cubic feet. These figures are exclusive of the properties of
Commercial and Domestic Lighting_ 642,240 272,238 370,002 135.9%
the Sierra Company which have been operated by us, under Power
1.312.577 364,617 947,960 260.0%
the terms of a fifteen-year lease, since January 1 1920.
Total
1.954,817 636.855 1,317.962 206.9%
The Melones hydro-electric plant, the construction of
which was started in October 1925, under a co-operative
Following Is a brief
agreement with the Oakdale and South San Joaquin Irri- sion and distribution description of the electric transmisfacilities necessary to supply the 506,gation Districts, was completed and placed in operation 987 consumers
connected to the electric system. The figures
early in June 1927.
Include all properties owned or operated by the company:
Pit No. 4 diversion dam was also completed in the first
Miles of
volt lines
278.85
half of 1927. This dam creates a reservoir of 1,330 acre Miles of 220,000 volt lines
110,000
834.29
feet and permits of so regulating the flow of Pit River as Miles of 60.000 volt lines
2.449.31
Miles of 30.000 volt lines
154.70
to make possible an increase in the peak capacity of Pit
Total high tension lines
Plant No. 3 of approximately '28,000 kilowatts. The dam
3,717.15 miles.
Miles of overhead distribution lines (less than
will later serve also to divert water to Pit Plant No. 4, the
20K. V.)
13,609.42
construction of which, however, has not yet been under- Miles of underground distribution
213.59
Total distribution
13,823.01 "
taken. Other activities carried on during the year include
Total transmission and distribution system
preliminary work on the Mokelumne River development,
17.540.16 "
preparatory to the erection of a series of power houses,
There are 63,681 transformers
with an ultimate aggregate capacity of 200,000 horsepower. bution system, having a capacity connected with the distriof 826,574 k. w.
In the gas department our efforts were directed primarily
GAS DEPARTMENT.
toward the continued refinement of production processes
Gas sales in 1927 aggregated 20,214,834,600 cubic feet, of
and improvement of transmission and distribution facilities, the capacity of existing plants being sufflicient to take which 19,414,594,600 cubic feet, or 11.05% more than in
care of all demands. The extent of the increased demand 1926, represented sales on the Pacific Company's system,
during 1827 is indicated by the addition of over 11% to the indicating an unusually satisfactory growth in volume of
volume of gas sales on the Pacific Company's system, em- business. An aggregate of 800,240,000 cubic feet of gas was
phasizing that the rapid growth of the gas department, sold during the year to consumers of the Western States
as reflected in the doubling of gas sales since 1919, is being and Coast Valleys Companies.
The cumulative effect of several years of effort devoted
fully sustained.
The extension during 1927 of high pressure gas mains to the reconstruction and enlargement of generating facilifrom Stockton to Lodi, a distance of eleven and one-half ties, the centralization of gas manufacture in the larger
miles, and from Sacramento to Roseville, a distance of 14.3 and more efficient units and the improvement of gas makmiles, was in line with our established practice of serving ing processes was evidenced during 1927 in a somewhat
as extensive a territory as possible by means of a few fav- lower average cost of gas delivered at consumers' meters.
orably situated gas plants. A similar extension was com- The per capita consumption of gas continues to increase,
pleted from Marysville to Oroville. Extensions of this char- each of the 432,263 customers connected to the Pacific Comacter permit of the improvement of service, the lowering of pany's system purchasing an average of 45,590 cubic feet,
costs, and the addition of a large number of new customers compared with an average of 43,310 cubic feet in 1926. Indiclocated adjacent to the high pressure mains. The town ative of the steadily growing average consumption, it may
also be pointed out that in the last ten years total sales of
of Roseville had not previously enjoyed gas service.
The Company retired from the public telephone business gas on all of the Company's properties have increased
on February 1 1927. In this connection, it perhaps throws 136.8%, compared with an increase of 86.3% in the aggresome light on the ramifications of its business to observe gate number of consumers served.
Our gas distribution system embraces 4,999 miles of Maill9
that the Company's privately operated telephone system,
used solely for the needs of its own business, includes 7,382 ranging in diameter from 2 inches to 36 inches, and opermiles of telephone lines. In addition, 17 circuits are leased ated under pressures ranging from one-fourth of a pound to
from the local telephone company, including five trunk lines one hundred pounds per square inch. Expressed in terms
of pipe averaging 3 inches in diameter, the length of the
under San Francisco Bay.
An interesting development during the year was the in- Company's transmission and distribution mains would agstallation of apparatus to provide "carrier current" com- gregate upwards of 23,000 miles.
SALES ACTIVITIES.
munication between the load dispatcher's office and cerThe efforts of the sales department continued to be detain of the Company's larger power houses and substations, the high tension power lines being utilized as media voted primarily to increasing the load on the Company's existing facilities. A measure of the success achieved in this
for the transmission of sound impulses.
direction is found in the fact that out of 2,520 major conELECTRIC DEPARTMENT.
tracts signed during the year, 2,075, or approximately fourAbundant precipitation and snowfall during the fall of fifths of the total required no extension of
our distribu19 and the early months of 1927 provided an ample run- tion systems.
96
off from the various watersheds tributary to the Company's
The water supply in our territory during 1927 was ample
hydro-electric plants. Excluding, for the purpose of com- and well distributed, with the result that the
utilizatior
parison, the output of the Western States and Coast Valley of electricity for pumping purposes in irrigated distects
systems, the Company's output of energy from its water- was somewhat below the average of recent years. As
a conpower plants aggregated 1,484,411,999 kilowatt hours, an in- sequence, kilowatt hour sales of electricity to agriculturis
ts
crease of 105,505,462 kilowatt hours. The ample supply of increased but 2% over 1926, the latter year, however,
showavailable hydro-electric energy permitted restricting to the ing an increase of almost 30% over 1925. There was some
minimum the operation of the Company's steam stations, slight diminution in power furnished to the mining industheir combined output of 15,567,000 kilowatt hours being try. Sales of electricity for street lighting, commercial
very substantially lower than in any preceding year and and residential lighting and heating and cooking,
however,
representing but 1% of the total output of the Company's which yield a higher average revenue than in the branches
2825
FINANCIAL CHRONICLE
MAY 5 1928.]
of industry above referred to, showed the following sub- PACIFIC GAS AND ELECTRIC COMPANY, MT. SHASTA.
stantial increases:
POWER CORPORATION, AND CALIFORNIA
Increase %
in K.TV.II. Sales
TELEPHONE AND LIGHT COMPANY.
Street Lighting
Commercial and Residential Lighting
Commercial and Residential Heating and Cooking
over 1926.
12.84%
11.51%
37.54%
CONSOLIDATED STATEMENT OF INCOME AND PROFIT AND
LOSS FOR THE YEAR ENDED DECEMBER 31 1927, AND
NET EARNINGS OF AFFILIATED COMPANIES FOR THE
EIGHT MONTHS ENDED DECEMBER 31 1927, APPLICABLE
TO COMMON STOCK INVESTMENT OF PACIFIC GAS AND
ELECTRIC COMPANY.
$54.719,227.16
Gross Operating Revenue
These increases represent in a very considerable degree
the result of persistent sales effort along educational lines
directed to the greater use of electrical appliances in the
home, to the more adequate illumination of the public
Operating Expenses:
streets and highways, and to the improvement of commer52,981.090.50
Maintenance
Operating, distribution and administrative
cial and domestic lighting.
GENERAL.
Litigation covering the Company's gas rates in the City
of San Francisco during the years 1913 to 1917, which had
been pending for several years, was finally settled through
a compromise agreement made with the City early in 1927.
Under the terms of this compromise the Company agreed
to refund to consumers who are entitled thereto the amounts
collected in excess of the rates fixed by the City ordinances
for the two-year period from July 1 1914 to June 30 1916,
Inclusive, together with interest at the rate of 7% per annum computed to July 6 1921; the balance of litigated revenues being retained by the Company. All amounts refunded under this agreement, together with the costs incidental
thereto, are being charged against the reserve of $1,813,760
provided in our accounts for this purpose.
At the close of 1927 there were 1,586 motor vehicles in
the Company's service. including passenger cars, trucks,
buses and tractors, the total vehicle mileage being 12,905,602, a decrease of 7% compared with 1926. Operating costs
were substantially less than in the preceding year, both as
respects the aggregate amount and the cost per mile. The
latter has shown a constantly downward trend since the
establishment of tile automotive department six years ago,
as follows:
No. of
Vehicles.
914
1.111
1,159
1.341
1,464
1.586
Year
1922
1923
1924
1925
1926
1927
Total
21.286.404.31
5.907.958.13
4,929,934.58
35.105,387.52
Total
Net Operating Revenue
519.613,839.64
Miscellaneous Income:
Net earnings of affiliated companies for eight
months ended December 311927. applicable to common stock investment of Pacific
$361,104.22
Gas and Electric Company
540.713.09
Miscellaneous
901.817.31
Total
Gross Income
Deduct:
Interest on bonds
Miscellaneous interest
Total
Less Interest charged to Construction
520.515.656.95
$9.147.327.77
146,303.35
$9.293,631.12
216,044.35
077 586.77
Remainder
467,819 19
Amortization of Bond Discount and Expense$9' .
Total
Net Income
Surplus, January 1, 1927
9.545,405.96
510.970.250.99
11.390.079.94
522.360.330.93
Gross Surplus
272.390.02
Less Net Profit and Loss Charges
Cost
$22,087,940.91
per Mile. Surplus before Deducting Dividends
50.1082
.0984 Dividends:
$3.969.058.69
On Preferred Capital Stock (6%)
.0918
4.892,351.72
On Common Capital Stock (8%)
.0893
8,861.410.47
Total
.0870
.0772
$361.104.22 undisSurplus, December 31, 1927, including
513.226.530.44
tributed earnings of affiliated companies
Tile Company's accident prevention program, including
the guarding of machinery, the provision of safety equipment, and the education of employees in safe working methods, continued 'with unremitting vigor throughout the year
and it is encouraging to report a marked reduction in expenditures on account of accidents during 1927, accident
and damage payments aggregating $78,996 less than in 1926.
Several of the Company's districts went through the whole
of 1927 without a lost time accident.
The training of foremen in the administrative functions
of their respective jobs received considerable attention,
foremen conferences being held in several of the larger divisions. The results of this conference method of training
have proven eminently satisfactory, and it is planned to
extend this branch of educational work to every division in
the Company.
At the close of the year there were 9,546 employees on the
Company's payroll, of whom 3,852, or 40%, held service
badges given in recognition of continuous employment for
five years or longer, as follows:
-year badges
Number of employees holding 5
-year badges
Number of employees holding 10
-year badges
Number of employees holding 15
Number of employees holding 20
-year badges
-year badges
Number of employees holding 25
-year badges
Number of employees holding 30
Number of employees holding 35-year badges
-year badges
Number of employees holding 40
expenses
Taxes
Depreciation
CERTIFICATE OF AUDIT.
We have made a general audit of the accounts of the
Pacific Gas and Electric Company, Mt. Shasta Power Corporation, California Telephone and Light Company, and
affiliated companies for the year ended December 31 1927,
and
WE HEREBY CERTIFY that in our opinion the above
statement of income and profit and loss is correct.
HASKINS & SELLS.
San Francisco, April 5 1928.
CONSOLIDATED BALANCE SHEET, DECEMBER 31 1927.
ASSETS.
Plants and Properties:
Pacific Gas and Electric Company and
2297,917,074.89
Mt. Shasta Power Corporation
2,517.819.83
California Telephone and Light Company
5300.434,894.72'
Total Plants and Properties
2.328
9.256.693.98.
613 Discount and Expenses on Capital Stocks
470 Investments:
269
59.388,253.10
92 Capital stocks of affiliated companies
Advances to affiliated companies for con36
4,452.782.57
struction
32
131,668.19
Miscellaneous
12
13,972.703.86
Total Investments
3.852
Funds (excluding
The total amount expended for wages and salaries dur- Trustees of Sinkingin Sinking Funds):
Company Bonds
ing 1927 was $16,967,448, this figure including both oper$197.738.88
Cash
Accrued interest on bonds held in Sinking
ating and construction departments. The average monthly
172,069.45
Funds
wages of all employees was $148.96 per month, a slight in369.808.33.
crease over 1926, and 63% in excess of the pre-war averTotal Trustees of Sinking Funds
age. Pensions paid to superannuated employees aggre- Current Assets:
57,885.774.46
gated $65,042, a total of $510,300 having been paid in penCash
Cash on deposit with trussions in the past fourteen and one-half years. At December
teeforredemptionofbonds 3.916.370.25
$11.802,144.71
31 1927 there were 83 pensioners on our payroll.
$628.843.71
Notes receivable
The Pacific Service Employees' Association, a voluntary
4,758,435.13
Accounts receivable
organization of employees, numbered 7,258 members at De$5,387.278.84
Total
cember 31 1927. The cost of membership in this AssociaLess reserve for doubtful ac179,597.68
tion is practically nominal, its advantages including death
counts and notes
5.207.881.16
benefits, temporary financial assistance where needed, eduInstallments receivable from subscribers
cational work, in which 845 employees participated last
to first preferred and common capital
1.876,927.30
stocks
year, and social activities. An employees' disability plan
5,294.072.98
Materials and supplies
Is conducted in connection with the Association, the presAccrued interest and dividends on invest27,437.84
ments
ent membership being 4,811, and the amount paid in bene24,208.263.99
fits last year aggregating $42,627.
Current Assets
Total
In conclusion, I desire to express my sincere apprecia- Deferred Charges:
tion of the loyal and effective work of the officers and
Unamortizod bond discount and expense_ 58.806,399.37
Prepaid taxes and undistributed suspense
employees who have shared with me the responsibility
101.138.86
items
of conducting the Company's affairs.
8,907,538.23
Total Deferred Charges
For the Board of Directors,
A. F. HOCKENBEAMER, President.
Total
$357.149.903.11
2826
FINANCIAL CHRONICLE
LIABILITIES.
Capital Stocks of Pacific Gas and
Electric Company,including Stocks
subscribed for but not fully paid:
First Preferred Capital Stock
$71,766,081.91
Common Capital Stock__$65.762,598.33
Less Owned by Subsidiary
Company
48,433.33
65.714,165.00
HISTORICAL RECORD OF OPERATING STATISTICS.
ELECTRIC GENERATING STATISTICS.
Hydro-Electric Steam-Electric All Generating
Plants.
Plants.
Plants.
Year.
Total Capital Stocks of Pacific Gas and Electric Co___$137,480,246.91
Capital Stocks of Subsidiary Companies not held by
Pacific Gas and Electric Company and Unpaid
Dividends thereon
1,306.26
Funded Debt:
Pacific Gas and Electric Company Bonds.$151,005,000.00
Bonds of Subsidiary Companies
18,339,700.00
Bonds of California Telephone and Light
Company
725,300.00
Total Funded Debt
Current Liabilities:
Bonds called but not redeemed
Accounts Payable
Drafts Outstanding
Meter and Line Deposits
Dividends
Bond Interest Due
Accrued Interest
-Not due
Accrued Taxes
-Not due
170,070.000.00
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1027
System
Peak
Load Demand
Factor
on
InstalInstalInstalfor
System
Num- lationin Num- lationin Num- laticnin Year
in
ber.
H.P. ber. H.P. ber.
H.P. (Per Cl.) H.P.
10 123,740 4
94.100 14 217,840 59.0 160,551
10 121,059 4 109,517 14 230,576 60.6 166,273
10 122,400 4 109,517 14 231,917 59.4 187,051
11 155.027 3 106,568 14 261.595 62.0 189,019
14 164,075 3 106,568 17 270.643 61.6 212,161
13 163,003 3 100,536 16 263.539 63.1 223,465
19 210.924 3 120.643 22 331,567 60.7 250,851
24 263,673 4 156,836 28 420,509 64.9 347,190
28 308,244 4 173,592 32 481,836 63.9 356,468
28 417,829 4 173,592 32 591.421 62.5 393,710
26 415,348 4 173,592 30 588,940 64.2 411,454
27 426,239 4 190,349 31 616,588 62.5 460,725
28 534,818 4 190,349 32 725.167 60.0 509,496
28 536,829 4 190,349 32 727,178 60.5
32 621.21% 0 206.266 41 57.7470 an 3 545,536
can 932
ELECTRIC DISTRIBUTION STATISTICS.
$3,516,010.00
1.585.328.06
444,506.23
880,299.36
1.305,536.73
411,497.50
1,883,831.40
4.025,495.50
Total Current Liabilities
Year.
14,052,504.78
Reserves:
For Northern California Power Company
Consolidated Plant Adjustments and
Accrued Depreciation
$1,647.970.05
Depreciation
19,540.004.85
Insurance. Casualty and other
1,309,062.35
Reserve for amounts charged to consumers in excess of rates allowed by city
ordinances
183,381.69
Total Reserves
Surplus
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
Miles of Miles of Miles of NumTotal
High Ten- Overhead Underber
Connect'd
Sales of
en Trans- Distriground
Sub- Load on
Electric
mission
button
DistribustaSystem
Energy_
Lines. ionLines. lions. in II. P. (K. W. H.)
Lines.
1,531
1,534
1,544
1,620
1,640
1,743
2,255
2.649
2.774
2,954
3,033
3,065
3.121
3,279
3.717
22,680,418.94
12,865.426.22
Total
[VOL. 126.
74.9
81.4
82.7
88.6
112.5
113.2
114.7
135.5
146.0
148.9
153.3
158.7
180.6
195.5
21:3.6
148
140
146
150
165
156
303
227
238
259
263
262
263
266
305
425,783 416,481,000
478,598 452.004.000
525,541 494,091,000
599.343 521,553,000
636,855 587,144,000
663,399 628,923,000
773,808 658,449,000
921,0181.042,268,000
1,044,217 1,021,821,000
1.110,679 1,098,123,000
1,231,201 1,199,063.000
1,367,501 1,334,035.000
1.498,878 1.351,798,000
1,641,878 1,514,981,000
1.954.817 1.657.065.000
GAS DEPARTMENT STATISTICS.
Year.
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1097
Number
of
Gas
Plants.
Total Daily
Capacity of
Generators
(Cubic Feet).
Miles
of
Gas
Mains.
Number
of Gas
Services
Laid.
Cubic
Feet
Sold.
18
18
17
17
18
18
20
20
19
18
18
17
16
17
10
$357,149,903.11
CERTIFICATE OF AUDIT.
We have made a general audit of the accounts of the
Pacific Gas and Electric Company, Mt. Shasta Power Corporation, and California Telephone and Light Company
for the year ended December 31 1927, and
WE HEREBY CERTIFY that in our opinion the above
Consolidated Balance Sheet is correct.
HASKINS & SELLS.
San Francisco, April 5 1928.
3,484
3,685
3,836
4.030
4,500
4,592
5,331
6,842
7.051
7,356
8,333
8.962
9.498
10,304
13.609
43.130.000
43,130,000
54,220,000
54,400,000
60,744,000
72,744,000
71.594,000
71,806.000
72,470.000
73,410,000
68,010,000
83.840.000
106,148,000
112,100.000
110.006.000
2,374.18
2,516.25
2,645.62
2,779,27
2,878.60
2,903.37
2.996.34
3.005,97
3,167.92
3,339.13
3,608.01
3.833.13
4,108.26
4,468.25
4 90R 52
182,914
183,089
190,354
196,818
203,553
207,528
215,077
224,639
234,953
251,136
273,338
294,389
318,769
349,598
2335 519
7,429,480.300
7,648,251.700
8,325,618,900
8,174.225,400
8,537,925.100
9,255,960.600
9.792.385,600
10,644,650,000
11,483,551,100
12,353,849,000
13,674,794.300
15,277,477,500
16,200,951,000
17,482,206,900
90 91.1 wi4 500
THE KANSAS CITY SOUTHERN RAILWAY COMPANY
TWENTY-EIGHTH ANNUAL REPORT
-FOR THE FISCAL YEAR ENDED DECEMBER 31 1927.
Kansas City, Mo., May 1 1928.
To the Stockholders.of
The Kansas City Southern. Railway Compoty:
The twenty-eighth annual report of the affairs of your
Company, being for the year ended December 31 1927, is
herewith presented.
mileage of your Company, is operated separately by its
owner, the Texarkana and Fort Smith Railway Company,
which maintains its own general offices and books of account at Texarkana, Texas, in accordance with the State
law. The reports of that company are, however, combined
with those of the parent Company in so far as necessary
to enable a comprehensive survey of operations for the enSUMMARY OF OPERATIONS.
tire line from Kansas City to the Gulf. The succeeding
That portion of the system lying within the State of statement shows the results of operation
Texas, the mileage of which is included in the operated pared with such results for the precedingfor the year, comyear:
1927.
Average Mileage Operated
Increase.
Railway Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment-Cr
83.01% $293,135.02
7.37
.06
1.
34
2.11
"25834.71
.02
366.47
4.77
47,352.17
.03
1.119.02
.02
11,827.80
1.27
$22,048,605.69
Total
83.86% $18,196.796.20
6.43
1,615,558.55
.06
13,726.49
1.25
294,420.57
2.12
463,456.58
.02
4,464.09
4.95
1,044,371.88
.03
5,473.72
.08
5,043.80
1.20
278,634.74
100.00% $21,921.946.62
Decrease.
865.10
$18.489,931.22
1,418.707.34
12,609.26
276,036.58
466.290.29
4,830.56
1,091,724.05
6,592.74
16,871.60
265.012.05
Railway Operating Revenues:
Freight
Passenger
Excess Baggage
Mail
Express
Other Passenger-train
Switching
Special Service Train
Other Freight-train
Incidental and Joint Facility
Total
1926.
865.10
100.00% $126,659.07
$2,603,629.51
3,496,470.99
716,771.75
6,785,783.36
17.912.13
1,171,080.84
27,157.59
$14,764,490.99
11.81%
15.86
3.25
30.78
.08
5.31
.12
$2,506,164.72
3,523,779.93
687,869.83
6,766.974.18
18,719.46
1,076,033.60
30,883.31
11.43%
16.07
3.14
30.87
.09
4.91
.14
$196,851.21
1,117.23
18,383.99
13.622.69
$97.464.79
:
28:461 9i5
18,809.18
$27,308.
94
807.33
95,047.24
3,725.72
66.97% $14,548,658.41
66.37% $215,832.58
get Revenue from Railway Operations
$7.284,114.70
33.03%
57,373,288.21
:13.63%
$89,173.51
Ftailway Tax Accruals
jncollectible Railway Revenues
$1,396,770.26
7,472.08
6.33%
.03
$1,437,017.37
6,683.36
6.56%
.03
$40,247.11
lailway Operating Income
$5,879,872.36
26.67%
;5,929,587.48
27.05%
-Net debit
quipment Rents
-Net debit
loint Facility Rents
$1,019,110.25
92,742.91
qet Railway Operating Income
$4.768,019.20
latio of Operating Expenses and Taxes to Operating Revenues
_
$835,521.78
90,222.30
- iff8i.li
$49,715.12
$183,588.47
2,520.61
$5.003.843.40
73.30%
$235,824.20
72.927
.38%
MAY 5 1928.]
2827
FINANCIAL CHRONICLE
TAXES.
OPERATING REVENUES.
Following is a statement of charges on account of taxes,
The increase of $126,659.07 in Operating Revenues re- compared with the preceding year:
sulted from the following causes:
1926.
1927.
Decrease.
OPERATING REVENUES.
Freight Revenue:
Increases due to the greater movement of
Crude petroleum from Oklahoma fields to
refineries in the Port Arthur, Tex., district$1.398,966.08
127,768.05
Cross ties purchased by other railroads
Forest products other than pine lumber and
102,340.88
cross ties
92.228.81
Refined petroleum and its products
50,776.28
Asphalt from the Port Arthur. Tex., district..
38,675.76
Wheat for export through Gulf ports
130,128.57
Miscellaneous traffic
Decreases due to the lesser movement of
Pine lumber,caused by the depletion offorests
463,390.92
along the rails of your company
Corn and oats to Louisiana and Texas, on account of improved local crops in the pre486,734.83
vious year
Sulphur and brimstone, consequent upon the
exhaustion of deposits at Sulphur Mine,La 123,724.13
Fresh fruits and vegetables, caused by unfavorable growing conditions and by a reduced movement of bananas from New
122,306.22
Orleans to the Northwest
Cotton, cotton seed and cake, resulting from
116,245.49
unfavorable growing conditions
Bituminous coal from the Missouri-Kansas
83,648.93
field
Clay, gravel,sand and stone, used in highway
80,972.31
construction
70,413.74
Hay from Kansas City to southern territory.._
Less than carload consignments, on account
of the competition of motor trucks
100,312.84
2293.135.02
Passenger Revenue:
to less business on account of the
Decreases due
construction of new highways and the use of
motor vehicles, viz.:
‘169,832.45
Local traffic
27,018.76
Interline traffic
196,851.21
Mail Revenue:
less space used by the United States Post
Decreases due to
18,383.99
Office Department
Egpress Revenue:
Increase due to the greater movement by express offresh fruits
and vegetables in carloads
2,833.71
switching Revenue:
Increases due to the greater number of cars
handled at
Kansas City. Mo
$38.858.51
Other stations
8,493.66
47,352.17
Other Revenues:
Miscellaneous increases
12,196.06
Incidental and Joint Facility:
Miscellaneous decreases
13,622.69
State,county and municipal taxes-21,057,188.00 21,095.542.29 238,354.29
5459.18
339,582.26
334,223.08
Federal income taxes
7,252.00
7,252.00
Federal capital stock tax
Totals
$1.396,770.26 $1.437,017.37 $40,247.11
The decrease in State, county and municipal taxes, and
the increase in Federal income taxes, were due to the adjustment of reserves.
The decrease in the Federal capital stock tax resulted
from the repeal of the tax, effective Jane 30, 1926.
REVENUE TONNAGE.
The revenue tonnage movement for the year, as compared with that of the year preceding, was as follows:
For the year ended Dec.31 1927:
Revenue Tonsone mile-North
Revenue Tons one mile-South
For the year ended Dec.311926:
Revenue Tons one mile-North
Revenue Tons one mile-South
Increase in Revenue Tons one mile
828.724,106
1,102.905.193
1,931,629.299
843,495,094
890,167.889
1.733.662.983
197.966,316
WAGE ADJUSTMENTS.
Adjustments in the wages of employees of your Company were made during the year as below stated:
On January 1 1927 an increase of approximately 3.8%
was granted to clerical and station employees. It is estimated that this increase will aggregate $55,000.00 per annum.
On January 1 1927 an increase of approximately 3.6%
was granted to maintenance of way foremen and assistant
foremen, which it is estimated will amount to $10,560.00
per annum.
On March 1 1927 on increase of approximately 4.5% was
granted to mechanical department foremen. It is estimated that this adjustment will increase the payrolls to
the extent of $8,279.00 per annum.
On March 1 1927 an increase of approximately 5.6%
was granted to yardmasters, which it is estimated will
aggregate $3,060.00 per annum.
On May 1 1927 an increase of approximately 3.8% was
Net increase in operating revenues
3126,659.07 granted to train dispatchers, which it is estimated will increase the payrolls $2,384.00 per annum.
On September 1 1927 an increase of approximately 3.6%
OPERATING EXPENSES.
was granted to telegraphers, the resulting increase in payThe increase of $215,832.58 in Operating Expenses result- rolls being estimated at $14,700.00 per annum.
ed from the following causes:
On June 25 1927 in accordance with the provisions of the
Railway Labor Act, approved May 20 1926 a Board of ArOPERATING EXPENSES.
bitration awarded an increase of 7.5% to yard conductors
Maintenance of Way and Structures:
Increases on account of
.
and brakemen on all railroads in the western territory,
Renewal of rail in main line
$171,409.00
effective March 1 1927. It is estimated that this award
Gravel ballast used in replacement
73,695.31
Floods and high water
71,227.03
will increase the payrolls of the Company about $35,245.00
Supervision
24,105.99
per annum.
Renewal of a greater number of cross ties
17,148.28
Miscellaneous items(Net)
9,462.23
Decreases on account of
Larger amount chargeable to other companies
as their proportion of extraordinary maintenance expenditure.; on joint tracks
166,159.26
11,981.45
Bridges, trestles and culverts
Water stations
23,219.05
Shops and enginehouses
33,376.13
9,328.98
Signals and interlockers
7,297.13
Station and office buildings
Ordinary track maintenance
18,221.05
297.464.79
Maintenance of Equipment: Increases on account of
Heavy repairs to locomotives
Repairs to passenger-train cars
Supervision
Depreciation of work equipment
Miscellaneous items (Net)
Decreases on account of
Heavy expenditures for classified repairs to
freight-train cars in 1926
Power plant and shop machinery
Retirements of locomotives
Maintenance of work equipment used on joint
joint tracks assumed by other companies- _ _ _
Traffic: Increases on account of
Supervision
Solicitation forces
Miscellaneous items(Net)
Decrease on account of
Stationery and printing
$66,012.74
29.198.10
12.725.26
8,447.13
1,712.55
108,753.24
16,241.72
7,235.16
13,174.60
214,339.59
18.181.07
1.255.08
4,873.82
Transportion: Increases on account of
Locomotive, yard and train service, caused by
heavier traffic and higher wages of yard forces $71,768.37
Casualties
72,973.72
Supervision
9,383.79
Miscellaneous items(Net)
6,606.45
Decreases on account of
$150,998.23
Prices offuel
9,075.08
Consumption offuel (Increase)- - _ _
141,923.15
Miscellaneous Operations:
Miscellaneous decrease(Net)
General:
Increases on account of
Expenditures in connection with the consoli$72,790.08
dation of railroads
28,701.52
Wages ofclerical forces
6,444.36
Miscellaneous decreases(Net)
Transportation for Investment-Cr.:
Increases due to the smaller quantity of materials for construction purposes conveyed in revenue trains
Net increase in operating expenses
COST OF SUPPLIES.
The prices of supplies consumed in operation and of materials used in construction and maintenance, fluctuated
between somewhat narrow limits. In some instances there
were increases, while in others there were recessions. The
price of fuel oil declined 7.56%, and that of coal receded
7.54%. The appended exhibit shows the approximate average changes in the costs of principal materials in comparison with the preceding year:
DESCRIPTION OF MATERIAL.
Maintenance of
kraintenance of Way and
F.ouipment (Concluded) Decrease.
StructuresDecrease.
9.9
Brushes
Angle Bars
Anti-Creepers-Rail
8.8% Car and Locomotive Replacers 3.8
-Treated Track
Bolts
1.0* Castings-Grey Iron
Castings-Malleable Iron__
Cross Ties
-- 4.3
4.0
-Steel
Castings
Frogs, Crossings and Switch
6.3
Copper-Sheet
Material
4.0
6.3
Copper Ferrules
Hand Cars
3.1
27,308.94 Lumber-White Oak
.s
Couplers
1.7
.5*
Flues
9.1
Lumber-Yellow Pine
6.8
Iron-Merchants Bar
Paint
-Bridge and Metal_ _ _ - 2.6
Iron-Staybolt
-Depot and Building__
Paint
1.1
Journal Boxes
Push Cars
12.1
1.2*
Lumber-White Oak
Rail-Standard Open Hearth_
10.4
Lumber-Yellow Pine
Roofing-Texaco
4.1
-Common Wire
Nails
28,901.92 Shingles
11.8
-Asphalt
16.2*
-Hot Pressed
Nuts
Shovels
-Track
7.2
-Freight Car
Paint
2.6
Spikes
-Track
4.4* Pipe-Merchants Black Steel_ .4
Tie Plates
1.4*
Rivets
2.9
Tools
-Roadway
Roofing-Galvanized Car- - 2.3
10.0
Wire-Barbed
Springs-Elliptical
Springs-Helical
Maintenance of Equipment
3.2
-Fire Box Sheet
8.4% Steel
Air Brake Hose
3.2
--_ - Steel-Tank Sheet
Air Brake Material
-Locomotive Driving_ _ -- _ Asbestos & Magnesia Material 4.2* Tires
.6*
-Shop
Tools
18,809.18 Axles-Engine.7
2.0*
Upholstering Material
12.3
Babbitt
Waste-Cotton, Colored,
.8
Belting-Leather
16.6
No. 1
6.2*
807.33 Bolts-Machine
-Cast
-Metal, Freight --- -Brake Wheels
Beams
9M
Brick-Fire
(*) Increase.
5.5*
Brooms
95,047.24
3,725.72
3215,832.58
CONDITION OF EQUIPMENT.
The program for the rehabilitation of equipment was
carried forward. During the year 718 freight cars were
put into good condition, while 24 freight cars were dismantled and their value was written out of the property
account.
2828
FINANCIAL CHRONICLE
MILES OF RAILROAD.
The track mileage operated by your Company at the end
of the year was as below stated:
Main Line Owned or Controlled
Branch Lines Owned or Controlled
First
Second
Main
Main
Other
All
Track. Track. Tracks. Tracks.
777.01
17.18 469.01 1,263.20
64.16
88.57
24.41
Total Mileage Owned or Controlled 841.17
Branch Lines Operated under Lease 5.94
Lines Operated under Trackage Rights 17.99
Total Mileage Operated
865.10
17.18
5.11
22.29
493.42 1,351.77
16.41
39.51
509.83 1,397.22
The total track mileage of the system was increased from
1,388.72 to 1,397.22, making a net change of 8.50 miles,
which consists of the following items:
Additions:
Second Main Track, Gas Center, La., to Harriet St., Shreveport, La
Yard, Terminal, Industrial and Side Tracks owned or jointly 2.00 miles
owned
6.26 "
Lines operated under trackage rights
.24
Total increase
8.50 miles
EQUIPMENT.
The Rolling Equipment owned or othrewise controlled
on
December 31 1927 consisted of:
Locomotives
Passenger-train Cars
Freight-train Cars in Commercial Service
Freight-train Cara in Work Service
Cabooses
Work Equipment
Total Units
Owned
150
81
3,431
445
74
53
4,234
-
Under
Trust
13
795
_ -- _
____
_ __ _
808
-
ADDITIONS AND BETTERMENTS.
Net expenditures were made for Additions and Betterments to road and equipment in the amounts following:
For Road
For Equipment
For General Expenditures
$820,041.20
12,946.29
587.36
$833.574.85
A classified schedule of such expenditures is presented
in the statistical section of this report.
The bridges, trestles and culverts of your road were improved by increasing the length of steel bridges from
24,075 feet to 24,099 feet; increasing the length of concrete
bridges from 372 feet to 437 feet; decreasing the length of
wood trestles from 58,844 feet to 58,769 feet; increasing
the number of stone and concrete culverts from 722 to 728;
and increasing the number of concrete pipe culverts from
232 to 260. A table showing the progressive improvements
made in bridges and culverts from June 30 1900 to December 31 1927 appears in the statistical section.
Ballast was applied during the year in new yard, terminal, industrial and side tracks in various locations at a
cost of $43,455.02. The condition of your main line with
respect to ballast at the end of the year is shown by the
succeeding tabulation:
Section of 6 Inches or more under ties
773.11 miles
Section of less than 6 inches under ties
3.90 "
Total.
Total main line mileage owned
777.01 miles
163
81
New 100
-pound rail was laid in your main line between
4,226
445 Mile Posts 234 and 248 in
substitution for 85-pound steel,
74
13.95 miles. The weights of rail in the main
53
line at the
5,042
In addition to this railroad property, its rights
of way,
real estate, buldings, equipment and
appurtenances, the
Company controls, by virtue of its ownership of securities
,
all the property of the following corporations,
viz.:
THE ARKANSAS WESTERN RAILWAY COMPAN
Y.
A standard-gauge line from Heavener, Oklahom
a, to Waldron, Arkansas, 32.33 miles, together with rights
of way,
buildings and appurtenances; controlled by your Company
through ownership of all the capital stock and
bonds.
THE KANSAS CITY, SHREVEPORT AND GULF
TERMINAL COMPANY.
Union depot property at Shreveport, Louisiana,
including its real estate, buildings, and 1.58 miles
of yard and
terminal track; controlled by your Company through
ownership of all the capital stock and bonds.
PORT ARTHUR CANAL AND DOCK COMPAN
Y.
Lands, slips, docks, wharves, warehouses, one
elevator (capacity 500,000 bushels), &c., all at Port grain
Arthur,
Texas, controlled by your Company through
all the capital stock. The bonds of the Dock ownership of
Company are
outstanding in the hands of the public.
Under an agreement entered into as of February
1 1923
all the property of the Port Arthur Canal
and Dock Company is leased to the Texarkana and Fort Smith
Company and operated by the Railway Company Railway
pursuant
to the terms of the lease.
THE K. C. S. ELEVATOR COMPANY.
One grain elevator, of capacity 1,070,000 bushels,
at Kansas City, Missouri; controlled by your situated
Company
through ownership of all the capital stock. No bonds
have
been issued or authorized.
THE KANSAS AND MISSOURI RAILWAY AND
TERMINAL COMPANY.
A company operating an electric switching line in and
through Kansas City, Kansas, which connects with the
present terminal tracks of your Company and forms an
Intermediate connection between your line and a substantial interurban line serving an industrial territory from
Kansas City, Kansas, to Lawrence, Kansas, a distance of
about 35 miles. Its property, the construction of which
was completed on June 30 1924, consists of 5.56 miles of
main track and 4.73 miles of yard and side tracks. Control
is had by your Company through ownership of all the capital stock and bonds.
THE UNION LAND COMPANY.
A company owning 126.09 acres of land in and adjacent to
Kansas City, Kansas, and North Kansas City, Missouri, suitable for industrial sites. All the capital stock is owned by
The Kansas and Missouri Railway and Terminal Company,
and control of the Land Company is had by your Company through its ownership of the Terminal Company. No
bonds have been issued or authorized.
INDUSTRIAL LAND COMPANY.
A company owning 365.45 acres of land, situated in the
northeastern part of Kansas City, Missouri, and acquired
for future yard expansion; controlled by your Company
through ownership of all the capital stock. No bonds have
been issued or authorized.
[VoL. 126.
end of the year, including adjustments and corrections of
measurements, are as shown by the tabulation below:
Rail weighing 100 pounds per yard
Rail weighing 85 pounds per yard
Rail weighing 80 pounds per yard
Rail weighing less than 80 pounds per yard
Total main line mileage owned
88.63 miles
680.16 "
7.11 "
1.11 "
777.01 miles
Work was continued upon the schedule for the reinforcement of track through the application of tie plates, with a
view to stability, permanence and economy of maintenance.
The expenditure for this purpose was $102,922.
56.
Expenditures have been made for new station buildings
,
required by public authority or made necessar
y by the demands of traffic, as follows:
Prior to
1927.
$19,795.03
14,067.69
17,380.07
Gentry, Ark
DeRidder, La
Mansfield, La
Many, La
Totals
$51,242.79
1927.
$2,058.12
5,959.76
5,378.19
19,153.60
Total.
$21,853.15
20,027.45
22,758.26
19,153.6
0
$32,549.67
$83,792.46
Other principal items of additions to and betterments of
your property, together with the amounts
expended therefor, were as follows:
•
Prior to
1927.
Shop improvements at East
Kansas City, Mo.
New machinery and tools_ _ _ _ $12.318.59
Shop improvements at Pittsburg,
Has.:
New machinery and tools_ _ _ _ 263,262.91
Floor in machine shop
5,558.46
Lunch room for enginemen
and shopmen
1,452.15
Lumber rack
Deep well and water supply
system
Shop improvements at Heavener.
1927.
Total.
$4,067.82
$16,386.41
18,277.19
3.810.68
281,540.10
9,369.14
6,334.58
11,286.36
11,286.36
9,062.55
9,062.55
7,786.73
New machinery and tools_ _ _ _
18,421.49
28,599.38
10,177.89
Extension to enginehouse_ _ _
51,022.49
3,854.74
54,877.23
Twin span deck 105-foot turntable, electric tractor and
dead engine hauler
31,557.26
33,446.72
1,889.46
Shop improvements at Shreveport, La.:
Additional tracks in shop
yards
26,112.11
27,202.64
1,090.53
Shop improvements at Leesville,
La.:
Extension and improvements
to boiler washing plant..
3,986.37
3,986.37
New or improved water treating
plants:
Kansas City,Mo
4,527.16
4,527.16
Lanagan, Mo
146.79
146.79
Neosho, Mo
1,105.48
1.105.48
Watts, Okla
434.99
434.99
Bunch, Okla
329.48
329.48
Loring, La
750.17
750.17
Construction of Henning and
Gilbert track along the Sabine-Neches Canal near Port
Neches and Port Arthur, Tex
233,227.84
11,529.82
Separate and raise grade and 221,698.02
construct double track main
line from Harriet Street,
Shreveport, La.,to Texas and
Pacific crossing south of Cedar
Grove, La
285,380.5.2
171,391.54
Construction of a 3.120-foot 113,988.98
extension to Douglas Island
track, Shreveport. La
141,593.43
10,277.79
Construction of4,408feet of new 131,315.64
track, including paving and
drainage,in Commerce Street,
Shreveport, La
14,343.26
21,169.70
6,826.44
Paving a 9
-foot strip
feet of track and 2along 8,230
turnouts in
Railroad Avenue, Beaumont,
Tex
11,587.17
33,977.04
45,564.21
Increasing weight of rail from
85
-pound to 100
-pound steel
in main track and 42 turnouts:
Mile 234 to mile 248
31.729.48
31,729.48
Mlle 248 to mile 286
86,170.61
83,453.88
2.716.73
Carried forward
$986,092.41 $349,581.08 $1,335,673.49
•
MAY
Extension of passing tracks:
DeQuincy, La
Helme,La
Ruliff, Tex
Lemonville, Tex
Vidor, Tex
Chaison, Tex
Construction of 1,800 lineal feet
of pile diversion dykes along
north and south banks of Red
River above Bridge B-478_
Construction of a 1,535-foot
sput track to serve the Butler
Manufacturing Co., Kansas
City Mo
Extension to berry shed, Neosho, Mo
Concrete and steel ballasted
deck undergrade crossing,
Mile 545
Construction of 822 feet of trackage in Commerce Street Yard,
Shreveport. La
-foot spur
Constructing a 727
track and changing rail in
1,742 feet of track to serve the
ICalmbach -Burckett Co.,
Shreveport, La
Installing 79 new creosoted bents
at Bridge B-740
Installation of additional piles
and piers at Neches River
Bridge 0-766, Beaumont,Tex
-foot and
Construction of 1,800
1-440-foot interchange tracks
to increase trackage facilities
for the Gulf Refining Co.,
Port Arthur,Tex
Totals
2829
FINANCIAL CHRONICLE
5 1928.]
3,607.99
8,987.84
7,775.88
38,745.68
9.199.86
18,693.20
87.43/3.73
7,561.75
Improvements to existing equipment, made at a cost
3,607.99
following:
8,987.84 of $75,892.50, consisted mainly in the
7,775.88 Locomotives—Application of Walschaert valve gears, superheaters, cross
38,745.68
compound air pumps, steel tender frames and trucks, improved driving
9,199.86
box brasses. thermic syphons, coal pushers to tenders, universal valve
18,693.20
chests, Bethlehem auxiliary locomotives, feed water heaters, and heavier
main frames.
Frelght-train Cars—Application of metal carlins. Mogul end reinforcements, improved draft gears, heavier center sills and additional sub87,438.73
sills, and heavier side stakes and all straps.
Passenger-train Cars—Application of steel underframes, steel trucks and
axle-driven electric lighting equipment.
Work Cars—Application of steel underframes.
7.561.75
FIRST MORTGAGE BONDS OF TEXARKANA AND
FORT SMITH RAILWAY COMPANY.
was no change in the situation with respect to
There
%
1
/
the First Mortgage 52 Guaranteed Gold Bonds authorized by the stockholders of that company November 16
1925. The status at the end of the year was as follows:
4,748.28
10,014.77
10,014.77
5,707.30
5,707.30
9,481.45
9,481.45
15.394.44
15,394.44
14,145.60
14,145.60
10,526.20
$986,092.41
4,748.28
10,526.20 Trust No. 34, dated January 15 1920:
Balance last reported
Paid during the year
Total authorized issue
Issued and sold
$5,000.000.00
Unissued December 31 1927
EQUIPMENT TRUSTS.
The aggregate face amount, of Equipment Trust Notes
and Certificates outstanding December 31 1927 was as below set forth:
$601,610.05 $1,587,702.46
The expenditures for additions and betterments include
the cost of a number of new sidings to serve industries not
heretofore reached by your tracks and to accommodate
new industries in process of establishment.
The following is a list of such industry tracks completed
during the year:
NEW TRACKS TO SERVE NEW INDUSTRIES.
Kansas City, Has.
United Oil Co
Kansas City, Has.
Independent Lubricating Co
Kansas City, Mo.
Ralph Hurst & Co. (Poultry)
Kansas City. Mo.
Peck-Thompson Sand Co
Kansas City, Mo.
Butler Manufacturing Co
Swart, Mo.
Barton County Coal Co
Neosho, Mo.
Pet Milk Co
Vivian, La.
Caddo Parish
Mile 607.
Frost Lumber Industries,Inc
Many,La.
The Long-Bell Lumber Co
Leesville, La.
Geo. D. Kelly Lumber Co
Leesville, La.
Gulf Refining Co
Mile 702.
J.E. Belvin (Logs and Piles)
Reline, La.
Louisiana Highway Commission
Lucas, La.
Louisiana Highway Commission
Lake Charles, La.
Lake Charles Compress dr Warehouse Co
Beaumont,Tex.
Zummo Packing Co
Smiths Bluff, Tex.
Sun Company (011)
TO SERVE EXISTING INDUSTRIES.
NEW TRACKS
Kansas City, Has.
Wilson & Co.(Packing)
Kansas City, Mo.
American Radiator Co
Kansas City, Mo.
Consumers Material Corporation
Ileavener Smokeless Coal Co
Heavener, Okla.
Cove, Ark.
Choctaw Lumber Co
Poco, Ark.
Patterson Orchard Co
Shreveport, La
Kalmbach-Burckett Co.(Flour and Feed)
Many. La.
EH.Bolinger & Co.(Lumber)
Chalson, Tex.
Magnolia Petroleum Co
In addition to the foregoing, these new industries have
located on existing tracks of the Company:
011 Co
Falconer Furniture Co
A. Reich & Sons (Produce)
Dean & Kassebaum Drug Sundries Co
Davidson Mill & Elevator Co
Home Oil Co
Fred E. Penny (Coal)
Fred Luttjohana (Highway Construction)
Reynolds Produce Co
Newton Produce Co
Magnolia Petroleum Co
R.0. Johnson (Bulk Oil)
Beard Oil Co
Marland Refining Co
11.0. Bone Stave Co
Farmers Produce Co
Continental011 Co
Baird Oil Co
Mid-Continent Petroleum Co
Wm.Butler (Planing Mill)
Poteau Machine Coal Co
Walter Pate (Coal)
Wann Heading Co
11.0. Osborne (Feed)
0.W.Petty (Bulk 011)
Marland Refining Co
.1. E. Disheroon (Coal)
Reeves Furniture Co
Hunter Transfer Co
Wm.Cameron (Building Material)
Barnett Bros.(Bulk Oil)
Oil City Lumber & Supply Co
Goodyear Tire & Rubber Co
Ilauthfield Co.(Bulk Oil)
II. H.Samuels(Bulk Oil)
Mansfield Syrup Co
T.S. Russell(Bulk OM
,
S. J. Williams (Seeds)
Corley & Chance(Lumber)
J.F. Coon (Seeds)
.3.0. LaCaze (Bulk 011)
Miller-Scohee Grocer Co
W.L.Brown Lumber Co
Norvell-Wilder Hardware Co
Port Arthur Provision Co
$15,000,000.00
10.000,000.00
Kansas City. Kas.
Kansas City, Kas.
Kansas City, Mo
Kansas City, Mo.
Kansas City, Mo.
Cleveland, Mo.
Drexel, Mo.
Kniveton, Has
Neosho. Mo.
Neosho. Mo.
Siloam Springs. Ark.
Siloam Springs, Ark.
Siloam Springs, Ark.
Siloam Springs, Ark.
Stilwell, Okla.
Stilwell, Okla.
Spiro, Okla.
Spiro,Okla.
Spiro. Okla.
Fort Smith, Ark.
Shady Point, Okla.
Shady Point. Okla.
Waldron. Ark.
Waldron, Ark
Mena, Ark.
Mena. Ark.
Mena, Ark.
Texarkana,Tex.
Texarkana,Tex.
Texarkana,Tex.
Oil City, La.
Oil City, La.
Shreveport, La.
Cedar Grove,La.
Mansfield, La.
Mansfield, La
Many, La.
Many, La.
Florien, La.
Hornbeck, La.
Leesville, La.
Leesville, La.
LeesvIlie, La.
Beaumont, Tex.
Port Arthur, Tex.
Series E, dated September 1 1923:
Balance last reported
Paid during the year
$572,400.00
63.600.00
$508,800.00
$1,296,000.00
108,000.00
Total
1.188,000.00
$1.696.800.00
DEPRECIATION RESERVE FUND.
Moneys equaling the amount of charges to operating expenses representing the so-called depreciation of equipment, and for the amortization of equipment retired and
of property abandoned in connection witih improvements,
together with proceeds from the sale of obsolete equipment,
are deposited in a special fund set aside for additions to
and betterments by your property. The total amount so deposited, and withdrawals therefrom, are shown by the
statement following:
DEPOSITS.
Charges for Depreciation of Equipment:
From June 1 1916 to December 31 1917--- - $215,923.27
363,196.93
From January 1 1918 to February 29 1920_ _
From March 1 1920 to December 31 1926_ - 1.902.316.92
365.212.86
From January 1 1927 to December 31 1927_ _
$2.846.649.98
Charges for Amortization of Retired Equipment:
From January 1 1918 to February 29 1920_ _ $371,965.45
From March 1 1920 to December 31 1926_ _ - 521.889.16
43.363.23
From January 1 192710 December 31 1927_ _
937.217.84
Charges for Amortization of Abandoned Property:
From January 1 1918 to February 29 1920_ _ $195,464.27
From March 1 1920 to December 31 1926_ _ _ 524.961.50
165,000.00
From January 1 1927 to December 31 1927_ _
885.425.77
Proceeds from Sale of Obsolete Equipment:
From June 1 1916 to December 31 1917_ __ _ $165,926.00
120,585.29
From January 1 1918 to February 29 1920_ _
38,446.88
From March 1 1920 to December 31 1926_ __
150.00
1 1927 to December 31 1927-From January
325,108.17
Interest on Bank Balances and Loans from Fund:
$75,759.40
From June 1 1916 to December 31 1926_ _
4.815.09
From January 1 1927 to December 31 1927_ _
80.574.49
Replacement Fund released by Trustee under Equipment
Trust, Series D:
From January 1 1925 to December 31 1927
Total
22,592.59
$5,097.568.84
WITHDRAWALS.
Payments for New Equipment:
From June 1 1916 to December 31 1927_ - $656,530.60
Improvements to Existing Equipment:
From June 1 1916 to Decem$1,540,586.13
ber 31 1926
From January 1 1927 to De106.021.14
cember 31 1927
1.646.607.27
Shop Improvements:
From January 1 1922 to De$1,536,255.70
cember 31 1926
From January 1 1927 to De99.184.12
cember 31 1927
1,635.439.82
Amount temporarily transferred to General
350,000.00
Cash Fund
Balance December 31 1927
4,288,577.69
5808.991.15
GROUP INSURANCE.
The agreement entered into with the Metropolitan Life
Insurance Company, referred to in preceding annual reports, providing for a plan of group insurance affording
comprehensive protection to employees of your Company
against loss by death, accident, illness, and total and permanent disability, was continued in effect.
At the close if the year 88.3% of eligible employees were
The following new industries, included in the above lists, subscribers to the original plan of group insurance, and of
are worthy of special mention:
these 72.2% had subscribed to additional life insurance.
Butler Manufacturing Company, Kansas City. Missouri.
Payments to employees and their beneficiaries amounted
The Butler Company is one of the largest manufacturers in Kansas City
of steel tanks. steel barrels, steel buildings and other steel articles. That during the year to $172,873.71, classified as follows:
company has been served previously by tracks of another carrier, and is
Cansidered an important addition to the industries served by your company.
Pet Milk Company. Neosho, Missouri. become important in
dairying, and
The country surrounding Neosho has condensary
having a capacity of
the Milk Company has constructed a
by your company.
175,000 pounds per day, which is served exclusively
of the tonnage involved. but
This addition is important not only because
because of the benefit to farmers of the community in affording an immarket for milk.
proved
$101,816.68
44 Death claims
7 Accidental death and dismemberment
10,000.00
claims
2,042.15
39 Accident claims
27,164.78
591 Health claims
31,850.10
60 Total and permanent disability claims_
$172,873.71
2830
FINANCIAL CHRONICLE
[Vol,. 126.
PROPOSED NEW SOUTHWESTERN SYSTEM, COMSince the decision of the court in the case of your ComPOSED OF THE KANSAS CITY SOUTHERN, MISpanies, a suit has been brought by the St. Louis & O'Fallon
SOURI
-KANSAS-TEXAS AND ST. LOUIS
Railroad Company in the United States District Court at
SOUTHWESTERN.
St. Louis, Missouri, to have set aside and annulled an orAs stated in the previous annual report, your Company der of the Inter-State Commerce Commission
filed an application with the Inter-State Commerce Com- that company to pay over to the United States requiring
one-half of
mission in July 1926 for authority to acquire control by its net income in excess of 6% upon
the value of its propstock ownership of the Missouri-Kansas-Texas Railroad erty as found by the Commission. The order
of the ComCompany, and the latter, at the same time, filed a similar mission was made pursuant to paragraph (3) of
Section 15a
application for authority to control by stock ownership the of the Inter-State Commerce Act, which provides
that oneSt. Louis Southwestern Railway Company. Extended hear- half of the net income of a railroad company,
in excess of
ings were held on these applications in the fall of 1926, and 6% upon the value of its property, shall
be held
the applications were argued before the entire Commission trustee for and paid over to the United States, by it as
and the
on February 17 and 18 1927.
other half shall be placed in a special reserve fund until •
On May 3 1927 the Inter-State Commerce Commission the fund equals 5% of the value of the railroad company's
handed down its decision denying both applications. It property. The reserve fund can be drawn upon only for
was held that there was room for another major system in the purpose of paying dividends, interest or rent for leased
the Southwestern-Gulf Region; that the contemplated uni- roads, to the extent that the railroad company's net
infication of the three carriers had commendable features; come for any years is less than 6% upon its value.
that the proposed system was well articulated, with lines
It appeared reasonably certain that when the Commisrunning to all important traffic points, and would be well sion had ordered the O'Fallon Company to pay
over
equipped to meet competitors on even terms; also that the Government a large amount of money, approximately to the
$226,competition between it and the other large systems in the 000.00, plus interest, as one-half of its net
income above 6%
region would go far to make up for the loss of competition upon its value as determined by the Commission
between the three carriers which would result from their years 1920 to 1923, inclusive, a case had arisen , for the
in which
association.
the courts would have jurisdiction to decide whether the
The Commission further held, however, that the plan Commission's valuation was in accordance with
under which your Company expected to acquire either di- But two of the three Federal judges before whom the law.
the case
rect or indirect control of two railroad companies larger was tried held that, inasmuch as the O'Fallon Company
than itself was not in the public interest. If a transpor- earned during the years in question a return of 7
or 8%
tation agency were to be created by a combination of the upon what it claimed as the value of its property (includsaid three lines, the Commission felt that the largest car- ing therein half of the net income above 6% Which
is rerier, the Missouri-Kansas
-Texas Railroad Company, and quired to be set up in a special reserve fund), a case was
.not the smallest, should be made the center of the sys- not presented in which the court could review the
correcttem.
ness and validity of the Commission's valuation. An apA diligent effort was accordingly made to devise a new peal has been taken to the Supreme Court of the United
plan which would meet, as nearly as possible, the views States.
which the Commission expressed in its decision of May
It has seemed almost impossible to find a case in which
3 1927. As a result, the Missouri—Kansas-Texas Railroad the Commission's valuation is reviewable by the courts,
Company filed with the Commission an application dated although such a, case must be presented before long. There
March 26 1928 for authority to acquire control by stock is probably no matter upon which it is more important
to
ownership of the St. Louis Southwestern Railway Com- have legal principles settled than the question of railroad
pany and/or your Company. The said application is now valuation, and it would be very helpful if Congress would
pending before the Commission.
provide a remedy by which there could be a speedy and
FEDERAL VALUATION AND RECOVERY OF EXCESS full review by the courts of the valuations promulgated
by the Inter-State Commerce Commission, in order that
EARNINGS.
It was mentioned a year ago that a suit had been brought the principles governing such valuations may be definitely
determined. If the Commission's principles and methods of
on behalf of your Companies to have the Inter-State
merce Commission's valuation of your properties set Com- valuation are correct, your Companies and many others
aside have earned substantial sums which are due to the
United
and annulled, and that the United States District
Court at States under the said paragraph (3) of Section 15a
Kansas City, Missouri, had decided in favor of your
of the
Com- Inter-State Commerce Act, and for that reason, as well
panies, for the reason that the Commission had failed
as
in others, it is important that the correct principles of
various respects to comply with the requirements
valuaof the tion should be authoritatively determined as quickly
as
Valuation Act.
possible.
Shortly after the District Court rendered its
decision,
COST OF FEDERAL VALUATION.
a similar suit, brought by the Los Angeles &
Salt Lake
Prior to
Railroad Company to test the validity of the
Commission's
1927.
1927.
Total.
valuation of its property, was argued in the Supreme
Field work
888,824.72
Court Valuation orders. Inter-State Com- 888.824.72
of the United States. On February 21, 1927, the
said court
merce Commission
96,557.22 $14,245.95 110,803.17
handed down its decision, in which it was held
Contributions to President's Conference Committee
mere making, by the Commission, of a report and that the
6,059.06
976.10
7.035.16
order as Appraisal of real estate
79,387.35
5,775.40 85,162.75
to the value of the property of a railroad
283,860.71
company did General and miscellaneous
13,901.95 297,762.66
not entitle the railroad company to a review of the
valuaTotals
11534,889.08 $34.899.40 $589,588.48
tion hi the courts. The Supreme Court was apparently
of
opinion that until some use of the Commission's valuation
GENERAL.
had been made for the purpose of fixing rates or
determining some other controversy of which the courts
Mr. J. A. Edson, a member of the Board of Directors and
had
specific jurisdiction, the Commission's valuation was not President of your Company for 22 years, retired
on Decemsubject to review by the courts, even though the publica- ber 31 1927. At a meeting held December
29
tion thereof might injure the credit of the railroad com- Board adopted appropriate resolutions expressing 1927 the
appreciapany.
tion of Mr. Edson's long term of faithful and efficient serSubsequently, the United States and the Inter-State Com- vice, and ordered an engrossed copy thereof to be
transmerce Commission appealed from the decision of the Dis- mitted to him. At the same session of the Board, Mr. Edtrict Court in the case brought by your Companies, claim- son was retained in an advisory capacity with the title
ing that the decision in the Los Angeles & Salt Lake case President Retired.
The appended balance sheets and statistical statements
was controlling. Although your Management felt that
there were suffiicient grounds for equitable relief when give full detailed information concerning expenditures for
it showed that the valuation report and order cast a cloud improvements, and the results of operation.
A report, including balance sheet, income account and
upon title, that your Companies had already been damaged
by the Commission's use of its valuation in fixing rates and other pertinent matter, in form prescribed by the Interdivisions and deciding other matters, and that there was State Commerce Commission, has been filed with that body
no adequate remedy at law, the Supreme Court of the at Washington.
United States held that the case was controlled by that
By order of the Board of Directors.
of the Los Angeles and Salt Lake Railway Company, and
C. E. JOHNSTON, President.
accordingly reversed the decision of the District Court and
(For Comparative Balance Sheet, etc., see "Annual Reports"
on
ordered the case dismissed for want of jurisdiction.
page 2143, issue of April 7 1928.
—myth,Witter & Co., announce the appointment of Arthur II.
CURRENT NOTICES.
Paddock
as their representative for Northern New Jersey.
—F. S. Smithers & Co.announce the retirement from the firm of William
—Schatzkin & Co., members New York Stock Exchange, announce that
Smithers and Austin L. Smithers
F. Boland and the admission of C. Francis
Seymour Bayer has become associated with them.
to general partnership.
—F. S. Smithers
—William H. Gardner formerly of Barr Bros. & Co., Inc., is now asso- moved their offices & Co., members New York Stock Exchange, have
to 15 Broad St., New York City.
ciated with Hoit, Rose & Tr.liter, 74 Trinity Pl., New York City,in their
—Donald A. Cadzow has become associated with Lase dc Co., 160 BroadTrading Department.
way, N. Y., in their bond department.
—Pratt & Co. announce the removal of their offices to the new building
—R. M. Grant & Co., Inc., announce the removal of their offices to
of The Equitable Trust Co. of New York, 15 Broad St., New York City.
37 Wall Street.
—Winslow, Lanier & Co., have opened a Philadelphia office at 1429
—Callaway, Fish & Co., announce the removal of their offices to 15
Walnut Street, under the direction of Milton P. Harley.
Broad Street.
2831
FINANCIAL CHRONICLE
MAY 5 1928.]
MISSOURI-KANSAS-TEXAS RAILROAD COMPANY
and Controlled Companies.
-FOR THE YEAR ENDED DECEMBER 31 1927.
ANNUAL REPORT
St. Louis, Mo., April 16 1928.
To the Stockholders:
31 1927.
The Board of Directors submit herewith report of the operations and affairs for the year ended December
A summary of results of operations compared with the year 1926 is as follows:
1927.
1926.
Increase.
Per Cent.
Decrease.
Per Cent.
Operating Revenues
Operating Expenses
Net Operating Revenue
Taxes
$56,181,527.97
39,339.173.70
$58,100,765.67
39.979,069.65
31.919.237.70
639.895.95
3.3
1.6
$16,842,354.27
3,131,779.10
$18,121,696.02
3.367.208.42
$1,279,341.75
235.429.32
7.1
7.0
Operating Income,Taxes Deducted
Miscellaneous Income
113.710.575.17
657,193.99
314.754,487.60
249,786.53
31.043.912.43
7.1
$407,407.46
163.1
$14.367,769.16
315,004,274.13
1,584.619.37
3636.504.97
4.2
1,865,866.13
3281.246.76
17.7
112.501,903.03
4.374,464.08
313,419,654.76
4,379,546.59
$917.751.73
5.082.51
6.8
.1
$8,127,438.95
2,132,629.28
$9.040,108.17
2.682.640.62
3912.669.22
550,011.34
10.1
20.5
35,994.809.67
36,357,467.55
$362,657.88
5.7
Rentals and Other Payments
Income for Year Available for Interest
Fixed Interest Charges for Year
Balance Available for Interest on Adjustment Bonds
Interest on Adjustment Bonds
Net Income
ure of the grain crops in our territory, as a result of drought,
FINANCIAL.
cotton producPrior Lien Mortgage 6% Gold Bonds, Series "C," due rust and insects, and to the heavy decline in
during the
1932, amounting to $12,894,577.50 outstanding tion, there was a constant decrease in revenues
January 1
balance of the year.
in the hands of the public, were called for redemption on
-Passenger revenues decreased $857,694.66,
Passenger.
February 1 1928. To redeem these Bonds at the call price
was made to the Inter- or 9.89%, due principally to the diversion of local travel to
of 1023/2% of par, an application
There is no indication of an imState Commerce Commission for authority to issue Prior busses and automobiles.
in
4%% Gold Bonds, Series "D," amounting to provement in this situation. We participate favorably
Lien Mortgage
the movement of the long haul passenger business.
$13,600,000.00, to be sold at 973.I,% of par. By its Report
-Revenues from mail transportation
Other Revenues.
and Order the Inter-State Commerce Commission granted
29 1927, and this amounted to $1,116,558.05, an increase of $8,950.80; express
this authority under date of December
revenues were $1,790,566.06, an increase of $21,785.08; milk
financing was carried out early in the year 1928.
increased
Stock dividend of 1% was declared payable traffic increased $24,214.44; switching revenue
A Preferred
$46,056.74; demurrage receipts decreased $48,392.34.
December 31 1927 in order that quarterly dividend dates
EXPENSES.
might be adjusted so as to run thereafter from January 1
From each dollar of earnings received during the year this
1928, at which date dividends on the Preferred Stock became cumulative. Three quarterly dividends of 1%% Company expended 33.18 cents for maintenance, compared
each were also declared payable during the year on the Pre- with 32.74 cents in 1926. Transportation expenses consumed 30.74 cents of each dollar earned in 1927, compared
ferred Stock outstanding in the hands of the public.
Preferred Stock Series "A" (cumulative after January 1 with 30.34 cents in 1926. The operating ratio in 1927 was
1928) increased during the year $16,556,322.55, of which 70.02%, compared with 68.81% in 1926, the slightly higher
$16,430,200.00 was on account of conversion of a similar ratio in 1927 being due to the decline of nearly $2,000,000
amount of Adjustment Mortgage 5% Series "A" Bonds and in revenues, of which 42% was in passenger train revenue.
$126,122.55 for unexchanged Bonds and Certificates of De- Every economy consistent with satisfactory maintenance and
posit on foreclosed Bonds,of which $33,400.00 was exchanged service was practiced during the year.
TRAIN SERVICE.
during the year and $92,722.55 is reserved for exchange under
Train service has been satisfactory throughout the year,
the plan of reorganization.
Common Stock (no par value) increased during the year except for.several interruptions due to high water resulting
$128,142.42, represented by 1,554.7491 shares, for unex- from excessive rainfall in the Southwest. The average train
changed Bonds and Certificates of Deposit on foreclosed load all freight service was 1,922 gross tons, an increase of
Bonds, of which 894 shares were exchanged during the year 85 gross tons, or 4.6%, over 1926, and notwithstanding this
and 660.7491 shares are reserved for exchange under the plan increased load, the average speed of freight trains increased
from 13.2 to 13.3 miles per hour. The average gross ton
of reorganization.
Long Term Debt decreased $16,524,289.00, of which $16,- miles per train hour in 1927 increased 1,302, or 5.35% over
430,200.00 is represented by Adjustment Mortgage 5% 1926. 93.84% of passenger trains operated during the year
Series "A" Bonds converted into Preferred Stock, Series made scheduled time.
MAINTENANCE AND BETTERMENT OF
"A,"$94,100.00 represented by underlying Bonds and EquipPROPERTY.
ment Notes left undisturbed in the reorganization, matured
The property, including roadway, structures and rolling
and paid during the year, and an increase of $7.50 reprosnted by Prior Lien Mortgage 6% Series "C" Bonds and stock, has been maintained in good condition.
$3.50 represented by Adjustment Mortgage 5% Series "A"
Additions and improvements to road during the year inBonds issued during the year for the purposes of the reorgan- volved capital charges amounting to.$2,500,682.37.
During the year 80.56 miles of new 90-pound rail was laid
ization.
OPERATION.
on the St. Louis District, replacing 85-pound rail; 46.37
MILEAGE.
miles of second-hand 85-pound rail was laid on the Tulsa
The mileage operated during the year 1927 was 3,188.54, Division, replacing 60, 63 and 66
-pound rail; 21.10 miles of
second-hand 85-pound rail was laid on the Texas Central
the same as during the previous year.
REVENUES.
Division,replacing 60,63 and 66
-pound rail;3 miles of second-pound rail was laid on the Mineola Branch,replacing
-Freight revenues in 1927 were $1,089,004.28 hand 60
Freight.
-pound rail; 93 miles of second-hand 90-pound rail was laid
less than in 1926, or 2.42%. This decrease was due prin- 52
cipally to a failure of wheat and other grain crops, and to in double track through Waco, replacing 85-pound rail.
the short cotton crop in Texas and Oklahoma. The 1927 The total rail replacements during the year were 151.96 miles.
Other important road improvement work consisted of:
wheat crop moved largely to interior mills on low rates, while
Construction of a reinforced concrete and brick freight
in 1926 there was a large crop with a substantial export moveat maximum rates. During the first five months of station, with steel covered transfer platform, appurtenant
ment
the year freight business was very good, and there was a tracks and driveways at Houston, Texas.
Three new steel bridges, total length 502 feet, were insubstantial increase in revenue compared with the previous
year. Until June 1 there was every reason to believe in- stalled in main lines; the released second-hand bridges were
creases in revenue would continue. However, due to fail- used on the Texas Central in place of lighter bridges.
2832
FINANCIAL CHRONICLE
Ninety-two open deck trestles, total length 4,512 feet,
were replaced with concrete culverts, and two major grade
separations were completed.
Expenditures for new equipment amounted to $1,259,015.53; expenditures for improvements to existing equipment amounted to $236,319.62. During the year there were
manufactured in the Company shops at Denison, Texas,
500 new 50-ton capacity box cars. The amount of retirements for the year, less replacements, was $777,224.94. The
net increase in the value of equipment owned is $718,110.21.
INDUSTRIAL DEVELOPMENT.
During the year 305 new industries were located on the
property, representing a capital investment of $14,500,000;
compared with 302 new industries, with a capital investment
of $16,000,000, in 1926.
FEDERAL VALUATION.
A hearing was held during the year by the Inter-State'Commerce Commission upon the tentative value which had been
protested by your Company and it is expected that a final
value will be served during the year 1928. The cost to
your Company's valuation work to the end of 1927 aggregated $1,470,615.50.
GENERAL.
The annual audit of the Consolidated Balance Sheet,
Income and Profit and Loss Accounts herein, and the report
[Vol.. 126
of the financial condition of the Company by Certified Publie Accountants has been filed with the cOrporate trustees of
the Prior Lien and Adjustment Mortgages as required
therein.
C. HAILE, President.
DELOITTE, PLENDER, GRIFFITHS & CO.
Accountants and Auditors
49 WALL STREET, NEW YORK.
March 12 1928.
To the Directors of
Missouri-Kansas-Texas Railroad Company,
25 Broad Street, New York, N. Y.
We have made an examination of the books and accounts
of the Missouri-Kansas-Texas Railroad Company and Controlled Companies for the year ended December 31 1927.
The Securities owned have been substantiated by certificates received from the various Trustees or verified by actual
inspection. Cash Balances have been reconciled with the
pass books or statements produced to us, and we have received direct from the Banks, Bankers and Trust Companies
certificates in support of the sums on deposit with them.
We have satisfied ourselves generally that the charges to
Property and Equipment Accounts for the period were proper
charges to Capital Account.
We certify that the accompanying Consolidated General
Balance Sheet, Income and Profit and Loss Accounts, in
our opinion, fairly set forth the combined position of the
at December 31 1927, and the result of the operations for the year ended that date.
DELOITTE. PLENDER. GRIFFITHS & CO.,
Auditors.
MISSOURI
-KANSAS
-TEXAS LINES.
INCOME ACCOUNT YEAR ENDED DECEMBER 31 1927, COMPARED WITH YEAR ENDED DECEMBER
31 1926
1927.
Amount.
Average Mileage Operated
Operating Revenues:
Freight
Passenger
Mall
Express
Miscellaneous
Incidental
Joint Facility
Total Operating Revenues
Operating Expense:
Maintenance of Way and Structure
Maintenance of Equipment
Traffic Expenses
Transportation Expenses
Miscellaneous Operations
General Expenses
Transportation for Investment-Cr
1926.
Per Cent.
of Gross
Revenue.
3,188.54
$43,961.759.91
7,812.203.39
1,116,558.05
1,790.566.06
822.602.96
636,563.06
41.274.54
Amount.
Pr Cent.
qv Gross
Revenue,
Increase.
Decrease.
3,188.54
78.25
13.91
1.99
3.19
1.46
1.13
.07
856,181,527.97 100.00
545,050.764.19
8.669.898.05
1,107.607.25
1.768,780.98
758.824.51
701,501.01
43.389.68
77.54
14.92
1.91
3.04
1.31
1.21
.07
38.950.80
21,785.08
63,778.45
U1,089,014.28.
857,694.66
64,937.95.
2,115.14
i58.100.765.67 100.00
81.919,237.70
88.240.609.29
10,398.911.11
1.390,797.22
17,271.332.46
385.262.35
1.940,696.83
288,435.56
14.67
18.51
2.47
30.74
.69
3.45
.51
$7,818,706.89
11,203.0,e1.57
1 319.917.96
17,625.954.47
374,479.91
1,984.759.18
347,753.33
Total Operating Expenses
539.339,173.70
70.02
539,979.069.65
68.81
$639,895.95
Net Operating Revenue
$16.842,154.27
29.98
$18,121.696.02
31.19
$1,279.341.75
Railway Tax Accruals
Uncollectible Railway Revenues
Total
Operating Income
Other Operating Income.
Rentfrom Locomotives
Rent tram Passenger Train Cars_
Rentfrom Work Equipment
Joint Facility Rent Income
Total Other Operating Income
Total Operating Income
Deductions from Operating Income.
Hire of Freight Cars
-Debit BaLance
Rentfor Locomotives
Rentfor Passenger Train Cars
Rent for Work Equipment
Joint Facility Rents
To al Deductionsfrom Operating Income
Net Railway Operating Income
Non-Operating Income:
Income from Lease cf Road
Miscellaneous Rent Income
Nfiscellaneous Non-Operating Physical Property
rit es
Incomefrom Funded
Income from Unfunded Securities and Accounts
Miscellaneous Income
Total Non-Operating Income_
GrossIncome
Deductionsfrom Gross Income:
Rentfor Leased Roads
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Unfunded Debt
Miscellaneous Income Charges
Total Deductionsfrom Gross Income
Balance Available for Interest
Fixed Interest Charges
Balance Availablefor Interest on Adjustment Bonds
Interest on Adjustment Bonds
Net Income
Blackface denotes Debit.
$3,131,779.10
16.572.54
13.46
19.28
2.27
30.34
.64
3.42
.60
$421,902.40
70,879.26
10.782.44
59.317.77
83.367,208.42
29.315.93
•$804.693.46354,622.01
44,062.35.
5235,429.32
12,743.39'
$3,148,351.64
83.396.524.35
$218.172.71
813.694,002.63
.14,725,171.67
31.031,169.04
850.366.62
134.937.07
24,917.82
169,119.86
$68,388.92
149.542.56
28.081.95
152,840.37
$18,022.30
14,605.19
3,164.13
w16.279.49
$379,341.37
*19.512.43'
514,073.344.00
$15.124.025.47
$1,349.990.18
35,889.85
78.765.87
49,490.27
859,234.69
$1.222,692.35
33.936.13
68,367.40
36,984.34
761,782.20
$127,297.83
1,953.72
10,398.47
12,505.93
97,452.49
8249.608.44
$2,373,370.86
12.123.762.42
811,699.973.14
313,000,263.05
$113,991.72
147.542.62
4,921.33
89,729.57
564,395.55
3,068.87
•141.758.99
• 143,998.20
2,672.58
120,801.32
125,624.96
3.360.25
913,807.00
$532,971.14
$12,613.780.14
813,533.234.19
$7.680.85
1,617.94
14.196.86
87.874.38
507.08
$7.661.40
2,575.97
11,602.55
91,198.86
540.65
$1.050,681.47
81,300,289.91
3,544.42
27,767.27
2,348.75
31,071.75
438,770.59
291.38
$380,835.86
8919,454.05
$19.45
2,694.31
$958.03
3,324.48
33.57
$111,877.11
$113,579.43
81.702.32
$12,501,903.03
4.374,464.08
$13.419,654.76
4,379,546.59
$917.751.73
5.082.51
S8,127.438.95
2,132.629.28
$9,040,108.17
2.682.640.62
$912,669.22
550,011.34
$5,994,809.67
$6.357.467.55
$362.657.88
MAY
2833
FINANCIAL CHRONICLE
5 1928.]
-TEXAS LINES.
-KANSAS
MISSOURI
CONSOLIDATED GENERAL BALANCE SHEET
ASSETS.
Dec. 31 1927.
Investments—
Investment in Road
Equipment:
Road
Equipment
LIABILITIES.
December 31
1926.
(Restated)
$
Dec.31 1926. Increase(+) or
(Decrease(—)
(Restated).
Increase (±)or
Decrease(—)
•
Stock—
$
Capital
r7rdek:
(Par value,
2100.00 per share)____ 45,884,622.55 29,328,300.00 +16,556,322.55
Common Me par value.
66,687,649.72 66,559.507.30
+128,142.42
See note.)
December 31
1927.
$
and
233,073,527.57 230,572,845.20 +2.500.682.37
53.157,729.34 52,439,619.12 +718,110.21
286,231,256.91 283,012.464.33 +3,218.792.58
Improvements OD Leased
112,572,272.27 95.887,807.30 +16,684.464.97
Totat Stock
9.746.24
8,552-87
+1.193.37
Railway Propaly
Deposits in Lieu of MortLong Term Debt—
202.48
197.51
+4.97
gaged Property Sold
—9.992.50.
92,531.756.80 92,541,749.30
Mortgage Bonds
Miscellaneous Physical ProEquipment Trust Ob1iga1.059.999.58 1,054,093.08
+5,906.50
perty
756.900.00
—84.100.00
672,800.00
lions
Investments in Affiliated
Income Mortgage Bonds 34,395,567.24 50 825 763.74 —16 430 196.50.
527,000.00
527.000.00
Companies—Pledged ---Investments in Affiliated
Total Long Term Debt _ _127.600 124.04 144 124 413.04 —16 524 289.00.
861,561.42
Companies—Unpledged__
867.905.79
+6,344.37
Investment in Securities IsCurrent Liabilities—
sued, Assumed, or otherTraffic and Car Service
wise carried as a Liability
—228.332 87
:
1,304,269.23
1.076,636.36
Balances Payable
the Accounting Comby
38,416.00
121,688.00
—83,272.00 Audited Accounts & Wages
pany
+49.530.82
4.126,281.50 4.076.750.68
Payable
Other Investments:
Miscellaneous Accounts
United States Government
—16,975.51
170,999.11
154.023.60
Payable
1,141,988.14
821,381.27
+320.606.87
Securities
—22,001.57
1,840.260.76
647,035.60
+23,502.64 In.tertst Matured Unpaid_ _ 1,818,259.19
623.532.96
Other Securities
+5.170.50
11,903.25
17.073.75
Dividends Matured Unpaid
Total Investments
290,523,550.74 287,030,471.44 +3.493,079.30 Unmatured Dividends 120e—443,197.50
443.197.50
dared
Unmatured Interest AcCurrent Assets—
—413.646.86
1,400 076.37
986,429 51
crued
2,917,349.64
1.751,872.50 +1,165.477.14
Cash
+67.716.95
170,993.18
103,276.23
—25,000.00 Unmatured Rents Accrued..
'rime Drafts and Deposits_
25,000.00
—134,005.52
295,876.48
161,870.96
Other Current Liabilities
Special Deposits:
Against Purchase of SecurTotal Current Liabilities 8.511,568.0,5 9,647,309.61 —1.135.741.56
ities
7,000,000.00 7,000,000.00
Other Special Deposits_ _ _
7,252.02
7,896.52
—644.50
Deferred Liabilities—
and Bills Receivable_
21,237.02
Loans
13,910.65
+7,326.37
347,071.18
--222.020.55
125,050.63
Other Deferred Liabilities_
'Traffic and Car Service Balances Receivable
753.568.89
814,601.61
—61,032.72
Unadjusted Credits—
Net Balance Receivable from
—274.003.02
2,565.836.98
2,291,833.96
Agents and Conductors
846,082.05 1,131.945.72 —285,863.67 Tax Liability
Insurance and Casualty ReMiscellaneous Accounts Re—458.83
458.83
serves
1,206,186.90
1.311.058.82 —104,871.92
ceivable
Material and Supplies
6,350,302.38 6,777,784.68 —427.482.30 Accrued Deprecia Lion—
8,003,149.19 6.017,631.15 +1.985,518.04
Equipment
Interest and Dividends Re+293.189.03
1,067,835.46
538,215.66
ceivable
10,333.33 +527,882.33 Other Unadjusted Credits_ 1,361,024.49
--202.921.32
29.437.344.46 29.740.265.78
46,578.30
Other Current Assets
135,457.71
—88,879.41 Reorganization Suspense
+706,911.32
Total Unadjusted Credits 41.193.352.10 39,392,028.20
+1,801,323.90
26,310.31
4,002.00
—672.45
—2,000.00
27,639.86
30,312.31
—2,672.45
Corporate Surplus—
Additions to Property.
through Income and Sur36,763.90
45,472.67
plus
Pratt and Loss—Balance 20,543,284.98 16.844,556.06
+8.708.77
+3,698,728.92
Unadjusted Debits—
Rents and Insurance Premiums Paid in Advance_ _
Other Unadjusted Debits_ __
Total Corporate Surplus_ 20,588,757.65 16.881,319.96
+3,707.437.69
97,583.57
255,577.71
76,228.28
163,075.72
+21,355.29
+92,501.99
Total Unadjusted Debits_
353.161.28
239,304.00
+113,857.28
310.591,124.74 306,279,949.29
+4,311.175.45
Total Current Assets
19,686,772.86 18,979,861.54
Deferred Assets—
Working Fund Advances__ _
Other Deferred Assets
25,637.86
2,002.00
Total Deferred Assets_ _ _ _
Total
310,591,124.74 306,279,949.29 +4,311,175.45
The following Assets not included in Balance Sheet
Accounts:
Securities in Course of Acquisition
6.613,301.00 6,613,301.00
Securities held for Exchange of Underlying
Securities:
Long Term Debt
32,038,800.00 32,171.900.00
Securities Issued or Assumed—Unpledged:
Preferred Stock
5.529,477.45 5,655,600.00
Common Stock
15,732.350.28 15,860.492.70
Long Term Debt
17,785,874.96 17.691.785.96
Total
The following Liabilities
notincluded in Balance
Sheet Accounts:
Liability for Securities in
Course of Acquisition_ _ _ 6,613,301.00 6,613.301.00
Securities held for Exchange
of Underlying Securities:
32,038.800.00 32,171,900.00
Long Term Debt
—133,100.00
Securities held by or for the
Company:
5,529,477.45 5,655.600.00
Preferred Stock
—126,122.55
15,732,350.28 15,860,492.70
Common Stock
—128,142.42
17,785,874.96 17,691,785.96
Long Term Debt
+94,089.00
—133,100.00
—126,122.55
—128.142.42
+94.089.00
Note.—Intercorporate Assets and Liabilities are excluded.
The Company is guarantor, jointly with other Companies. of the secarit es of certain terminal companies, none of which is in default.
For comparative purposes December 31 1926 assets and liabiliti-s have been restated to exclude from Stock and Long Term Debt the securities "Ia
bands of Reorganization Managers for purposes of Reorganization" which securities are now carried as "Hold by or for the Company." Corresponding
change is reflected in account "Reorganization Suspense."
Note.—There were 809.119,7491 shares Common Stock outstanding in hands of the public on December 31 1927, an increase of 1,554.7491 shares.
PROFIT AND LOSS DECEMBER 31 1927.
Balance to Credit of Profit and Loss December 31 1926.. _ --$16,844.556.06
Credits—
Credit Balance Transferred from Income
25,994,809.67
Profit on Road and Equipment Sold
452.88
Donations
8,708.77
Miscellaneous Credits
11,889.46
Total
Debits—
Dividend Appropt Lotions of Surplus
Surplus Appropriated for Investment in Physical Property
Debt Discount Extinguished through Surplus
Loss on Retired Road and Equipment
Miscellaneous Debits
22,317,131.86
Total
222,860.416.84
22.111,270.22
8,708.77
2.364.40
174,763.40
20.025.07
Balance to Credit of Profit and Loss December 31 1927
S20.543.284.98
OPERATING REVENUES AND EXPENSES FOR TEN YEARS ENDED DECEMBER 31 1927.
REVENUES.
Average
Mileage
Operated.
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
Freight.
Passenger.
Mail.
Express.
3,860.88
3,838.66
3,793.42
3.783.69
3.737.46
3,359.76
3,193.14
3,188.54
3,188.54
'3,188.54
$35,754,940 45
41,283.105 84
47,363,850 89
43,782,692 09
39,198.400 88
39,791,214 67
42.331,70474
43.777,643 01
45.050,764 19
43,961.759.91
$14,715,178 42
16,709.710 51
19,378.120 16
13.904,679 97
10,958,411 71
11,295,456 27
10,457.070 86
9,325,059 52
8,669,898 05
7.812.203.39
$765,503 13
715.238 82
2,286,746 68
1,356,041 38
1.241.950 01
1.221,101 46
1.189.965 90
1,143,052 49
1.107,607 25
1,116,558.05
$1.623,472 00
1.609.690 09
1.899,966 98
2,102,426 33
2.130.755 79
2.181,233 24
1.827,782 55
1.758,952 12
1,768,780 98
1.790.566.06
$489,494 21
416.308 03
794.557 53
779,656 03
620,380 79
637,146 76
665.305 33
705,652 37
758.824 51
822,602.96
Transportation
Expenses.
General
and
Other.
Total.
$2.199,835 07
2,514,447 24
3,087,133 40
2.485.368 60
2,076.887 24
2,066.66.5 86
2,148,686 10
2,020.786 13
2,011,485 76
2.037.523.62
$47.329,033 40
56,986,895 55
69.880.878 90
50,055.784 31
39,683,701 04
43,628,318 95
39,732,034 69
39,618.128 36
39,979,069 65
39.339.173.70
Miscellaneous.
Other.
$790,210 76
1,091,323 00
1,191.494 82
1,095,479 65
885.802 71
861.765 68
837.515 65
782,554 03
744,890 69
677,837.60
Total.
$54,138,798 97
61.825.376 29
72,914,737 06
63,020.975 45
55,035,701 89
55.987.918 08
57,309,345 03
57,492,913 54
58,100.765 67
56.131.527.97
EXPENSES.
Maintenance
of Way and
Structures.
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
$9,539.254 15
12.124,064 16
16,422,652 00
9,835,638 33
7.237,276 60
7,393,307 28
7.563,13747
7,404,573 56
7,818,706 89
8.240.699.29
aintenance
of
Equipment.
$12,630,284 39
14.814.834 52
17.378,345 36
13,803.427 26
10,548,024 49
14.636,724 26
11,517,474 98
11.422,782 90
11,203,004 57
10.398.911.11
Traffic.
$582,149 43 $22,377,510 36
657,119 63
26.876.430 00
978.596 39
32,014.151 75
1,064,545 36
22,866,804 76
1,041.435 68
18,780,007 03
18.380.268 53
1.151,353 02
1,138.9620617.363,77408
1,177.621 43
17,592,364 34
17,625,954 47
1,319,917 96
17.271.332.46
1.390.797.22
NET
REVENUE.
$6.809.765
4.838,480 74
3,033,858 16
12.965,191 14
15.352,000 85
12.359,599 13
17,577,310 34
17,874.785 18
18,121,696 02
16,842.354 27-
2834
FINANCIAL CHRONICLE
[VOL. 126.
SNIDER PACKING CORPORATION
ROCHESTER, N. Y.
NINTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING JANUARY 31 1928.
March 28 1928.
We anticipate a further substantial improvement in cash
To the Stockholders of
position at the end of the present fiscal year. Operations, as
Snider Packing Corporation:
planned conservatively, should result in a profit.
We submit herewith a consolidated balance sheet of the
Respectfully submitted,
corporation and its wholly owned operating subsidiaries as
SNIDER PACKING CORPORATION,
of January 31st, 1928, together with consolidated profit and
James Moore, President.
loss statement and an analysis of surplus account for the year
T. H. Blodgett, Ch. Exec. Comm.
then ended; also, a balance sheet and profit and loss statement of the New York Pea Packers, Inc.
Pursuant to authorization of a special stockholders' meetSNIDER PACKING CORPORATION
ing, the corporate title of New York Canners, Inc., was
and
WHOLLY OWNED OPERATING SUBSIDIARIES.
changed in May, 1927, to Snider Packing Corporation. In
the same month, $3,000,000.00 par value of five-year 6% CONSOLIDATED STATEMENT OF PROFIT AND LOSS—YEAR
ENDED JANUARY 31 1928.
convertible gold notes, due May 1st, 1932, were issued and
Net Sales
S8.331,393.69
sold. New York Canners, Inc., was incorporated as a one
Less—Cost of sales (before Depreciation)_
6.200.498.64
hundred per cent owned subsidiary. The capital stock of Gross Profit
32.130,895.05
Less—Selling. Advertising and Shipping
the T. A. Snider Preserve Co., likewise a one hundred per
S1,971.289.52
General and Administrative
361,559.08
cent owned subsidiary, has been reduced. These two sub2,332,848.60
sidiaries now function as manufacturing and sales divisions of Net Operating Loss Before Interest and Depreciation
$201,953.55
Add—Other Income(Net)
the parent corporation. The assets and liabilities of New
75,652.92
York Pea Packers, Inc., the stock of which is only owned in Net Loss Before Interest and Depreciation
$126,300.68
Less—Interest
8240,452.04
Depreciation
part by this corporation, which in previous years were con410.890.18
651,342.22
solidated in the Corporation's balance sheet, are not consolidated in the balance sheet submitted herewith. The com- Net Loss
$777,642.85
ANALYSIS OF SURPLUS ACCOUNT.
pany's investment in this subsidiary is stated at actual cost,
Surplus—January 31 1927 (as reported)
and at the present time has only a prospective value.
Add—Share or Deficit of Subsidiary not now Consolidated-$2,014,888.50
9,052.15
Substantial progress has been made in selling farm lands
2.023.940.65
Less—Surplus Adjustments (Net)
held by the Mohawk and Genesee Farms Corporation, and
1,541,473.33
we anticipate a profit on final liquidation.
$482,467.32
Net Loss—Year Ended January 31 1928
777.642.85
The additional working capital provided by the sale of the
6% convertible gold notes, and the reduction of merchandise Deficit--January 31 1928
8225,175.53
— — ——
inventories, enabled the company to reduce its bank loans on
SNIDER PACKING CORPORATION
January 31st to $540,000.00. On February 29th all bank
loans had been retired. It is not expected that any borrowand
WHOLLY OWNED OPERATING SUBSIDIARIES.
ings from the banks will be necessary before June.
CONSOLIDATED BALANCE SHEET—JANUARY
Of the reduction in working capital as disclosed by the
311928.
consolidated balance sheet, approximately $750,000.00 is Current Assets'
ASSETS.
due to a change in method of valuing finished stock invenCash in Banks and on Hand
8397,95743
Accounts Receivable
$1,098,606.29
tories. Heretofore, as customary in certain seasonal indusLess—Reserves
232,563.61
tries, production costs have included current overheads and
866,042.68
Inventories
*3,765,818.87
general expenses, and finished products at the end of the year
Total Current Assets
$5.029.818.0s
were valued on a market price basis less arbitrary deductions Investment in Affiliated Companies
171,703.09
Other Assets:
for certain selling expenses and profit. This year, merchan- Mortgage and Notes Receivable
16.000.00
Tax Deposits
inventories are valued at factory cost, thereby permitdise
4,500.00
20,500.00
ting the deduction of full selling and general overhead from Fixed Assets:
Real Estate. Plants and Equipment
37.637.563.78
the proceeds of sales. This change in policy will minimize
Less—Reserve for Depreciation
3.505,024.05
inventory losses in years of decreased production, when sales Prepayments and Deferred Charges
4.132.530.73
365,539.94
are largely from stocks on hand.
The company's operations for the past fiscal year may be
89120,101.74
briefly summarized.. Production, about 65% of normal; *See President's Report for method of valuation.
sales, at low prices in the early part of the year, and at gradually advancing prices during the latter half of the year, in Current Liabilities: LIABILITIES AND CAPITAL.
aggregate volume about 75% of normal; full sales support of
Notes Payable—Banks
$540,000.00
Accounts Payable
the 'Snider" brand distribution, which showed a slight in200,648.97
Accruals
70,445.75
crease in the advertised products over the preceding year.
The reduction in volume of the company't3 production was Total Current Liabilities
$811,094.72
Funded Debt:
practically in line with the countrywide average decrease in
6% Convertible Gold Notes—due 1932
2.997.000.00
production of the two principal vegetables packed by this Reserve for Refinancing Expenses and Contingencies
457,374,80
Capital Stock:
corporation, as indicated by the following tables:
Cumulative Convertible Preferred (No Par
U. S. PACKS OF CORN AND PEAS.
(As of cases of twenty-four No. 2 cans)
Corn.
12
1920-1924(average)
24320.
,
000
1925
19,
069,000
1926
10.346,680
1927
Peas.
13,365,800
17816,000
,
709,000
17,
12,936.017
The canned goods market has shown a natural and favorable response to the decrease in production. Canned tomatoes, however, which constitute a relatively small percentage
of our production, showed an increase in volume in 1927,
with a corresponding weakening in market prices. Peas are
still in abundant supply, with indicated stocks more than
sufficient to satisfy the trade until 1928 pack is available.
With these two relatively weak situations, which may reasonably be expected to rectify themselves during the coming
year, the market for the company's products is in sound and
satisfactory position.
Current sales are running in substantially heavier volume
than a year ago,at an average higher level of prices, and from
present indications our stocks will be reduced close to a
minimum by the time that new production is available.
Our forward bookings for delivery from 1928 pack show a
substantial increase over 1927, and are considered satisfactory in price and volume.
Value) 60.000 Shares
(Dividends paid to Dec. 1 1926)
Common—No Par Value
Issued
$5,100,000.00
Shares
339,761.55
Less—
Held for Conversion of Gold
Notes
Held in Escrow under Option
Agreement
199.800.
10,000.
209,800.
Outstanding
Deficit
Net Worth
129,961..55
649,807.75
295,175.53
5,454,632.22
S4,720.101.71
We have audited the books and accounts of Snider Packing
Corporation and its wholly owned operating subsidiaries as
at January 31 1928, and hereby certify that this
Balance
Sheet and accompanying Statement of Profit and Loss and
Adjustments to Surplus respectively set forth correctly their
financial condition as at that date and the results of operation for the fiscal year then ended.
PHILIP N. MILLER AND COMPANY,
Certified Public Accountants.
MAY 5 1928.]
FINANCIAL CHRONICLE
2835
—The following New York Stock Exchange and investment firms have
recently moved their New York offices to the addresses mentioned below:
Kearns & Williams, 11 Broadway.
Ames Brothers, 39 Broadway.
T. Hall Keyes & Co., 35 Wall St.
Barbour & Co., 15 Broad Bt.
Barr Brothers & Co., Inc.. 35 Wall St. Spencer B. Koch & Co., 39 Broadway.
Bauer,Pogue,Pond & Vivian,20 Pine St. Monroe, Baffin & Davis. 39 Broadway.
D. T. Moore & Co., 50 Broad St.
Berdell Brothers. 39 Broadway.
New York & Hanseatic Corp.,87 Wall St.
Blyth & Bonner, 15 Broad St.
Osterwell & Cert. 52 William St.
Booth, Snyder AG Co., 25 Beaver St.
Pratt & Co., 15 Broad St.
& Gruner,39 Broadway.
Brown
F.P. Ristine dr Co., 15 Broad Bt.
$2,060.47 Burley & Blgoney, 115 Broadway.
Total Current Assets
J. A. Ritchie & Co.,52 Wall St.
1,250.00 Callaway, Fish & Co., 15 Broad St.
Mortgage Receivable
Shields & Co., Inc., 52 Wall St.
Carter & Co., 50 Broad St.
Fixed Assets:
Smith & Gallathi, 115 Broadway.
Cohen & Streusand, 52 Wall St.
$627,716.56
Real Estate,Plants and Equipment
F. S. Smithers & Co., 15 Broad St.
E.J. Coulon & Co.. 39 Broadway.
248,210.92
Less—Reserve for Depreciation
379,505.64 H. C. Du Val & Co., 43 Exchange Pl. E. H.Stern & Co., 15 Broad St.
Stokes, Hodges & Co.,37 Wall St.
412.50 Elnich & Co., 37 Wall St.
Deferred Charges
Strupp & Co., 52 Wall St.
Furlaud & Co.. Inc., 52 Wall St.
Sutro & Klmbley,52 Wall St.
$383,228.61 R. M.Grant & Co., 37 Wall St.
Herbert C.Heller & Co.,Inc.,37 Wall St. Taller & Robinson, 39 Broadway.
Leigh C. Turnbull & Co., 150 Broadway.
W.E. Hutton & Co., 52 Wall St.
LIABILITIES AND CAPITAL.
Vaughan & Co.. 52 Broadway.
Hyde & Miller, 15 Broad St.
Capital Stock:
Germanic Co., Ltd., 26 Wade Bros. & Co., 55 Broadway.
i
71i'abCtItnilktive •First Preferred—Dividends Paid to $350.000.00 International
George H. Watson & Co., 149 Broadway.
Broadway,
6
Investing Corp. of America, 43 Ex- Richard Whitney & Co., 116 Broadway.
Paid.. _ _ _
8% Cumulative Second Preferred—No DividendsStatutory 100,000.00
Yeager,Young &Pierson,Inc.,85 Walliiit.
change Pl.
Common, No Par-9,000 Shares at $5.00,
Zehder & Smith, 52 Wall St.
45,000.00
Minimum
—The Seaboard National Bank of the City of New York has been ap$495,000.00
Mar.1 1928 se111.771,39 pointed co-trustee under a mortgage and deed of trust dated
Deficit
curing the first mortgage gold bonds due Mar. 1 1938 of Gulf Utilities Co.
$383,228.61 It has also been appointed trustee under general mortgage dated Apr. 15
1928 securing the 6 % general mortgage sinking fund gold bonds due
apWe have audited the books and accounts of New York Apr. 15 1948 of National Press Building Corp. It has likewise beengold
1928 securing the 5 %
Pea Packers, Inc. as at December 31 1927, and hereby pointed trustee under agreement dated May 1The Seaboard National Bank
Gas Co.
1 1929 of
certify that this Balance Sheet and accompanying Statement notes due Apr.New York Southern been appointed trustee under indenture
has also
City of
of Profit and Loss respectively set forth the correctfinancial of the Apr. 1 1928 securing the 6%% general mortgage gold bonds due
dated
condition as at that date and the results for the year then Apr. 1 1943 of 80 John St. Corp.
ended under the Operating Contract with Snider Packing
—A new True Discount Table has appeared that makes a valuable adCorporation.
dition to the mechanics ofshort time securities. The new work is calculated
PHILIP N. MILLER AND COMPANY,
to 9 places at 144 rates each day,from 1 day to 180 days. and covers yields
Certified Public Accountants.
from 2%. to 7.95% in fifths and eighths. Thevalueof the book lies In its
use in reaching delivery figures on called bonds and stocks, redeemed at par,
NEW YORK PEA PACKERS, INC.
of a premium within a period of 6 months. Coupon bonds payable at par
(Plants Operated Under Contract by Snider Packing Corp.) within the same period and boughfor sold on a yield basis ranging from 2%
&
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED to 7.95 are likewise covered. The new book is the work of Bartholomew
Hayes,of 44 Pine St., N. Y., who also produced the Equitable Rapid Bond
DECEMBER 31 1927.
$333,442.28 Tables, and various other mathematical publications.
Sales—Net
300.221.98
Cost of Sales
—Announcement is made by R. E. Wilsey & Co., Inc., specializing in
$33,220.30 electric light, power and gas company securities, that their offices have
Gross Profit
30,392.96
Selling Expense
been moved from the First National Bank Building to Suite 1220 in the
$2.827.34 new State Bank Building at 120 So. La Salle St., Chicago. Indicative
Net Profit on Sales
1,420.20 of the character of the house is the fact referred to In the company's literaOther Income
the more than two hundred electric light, power and gas com$4.247.54 ture that of
pany bond issues underwritten or purchased and distributed since the
Deductions from Income:
organization of the business in 1914. not a single issue has ever defaulted
$2,134.04
Loss on Sale of Farm Properties
3,678.75 a dollar in the prompt payment of both interest and principal when due.
1.544.72
Miscellaneous
$568.78
—Graham, Parsons & Co. announce the opening of an office in the
Net Profit Before Depreciation
47,983.34 Federal Trust Building, Newark, N. J., under the management of Ludlow
Depreciation on Fixed Assets
with Mr. Van Deventer in the Newark office
247.414.56 Van Deventer. Associated
Net Loss
will be Robert T. Swift and Charles A. Sommers. They also announce
ANALYSIS OF DEFICIT.
the opening of a Boston office at 111 Devonshire Street under the manage$72147,60 ment of Edward A. Clark. Associated with Mr. Clark will be Frederick
Deficit—December 31 1926
Less—Adjustment for Interest due from Snider Packing
and Horace W. Cole.
7,890.77 W. Rice, Jr.,
Corporation for years 1924, 1925 and 1926
—The Guardian Club of New Jersey, formed as a social organization by
364,356,83
N. J., and its affiliates to promote good
47,414,56 the Guardian Trust Co., Newark,
Add—Loss for Year Ended Dec. 31 1927
fellowship and foster educational work of employes through courses of the
$111,771,39 American Institute of Banking, has elected officers for the ensiling year,
Deficit—December 31 1927
They are William H. Pollock, President; Harold L. Johnson, First VicePresident; Arthur M. Moron, Vice-President: Ethel M. Carson, Secretary,
and Douglas Nealy, Treasurer.
CURRENT NOTICES.
NEW YORK PEA PACKERS, INC.
BALANCE SHEET—DECEMBER 31 1927.
ASSETS.
Current Assets:
$705.04
Cash in Bank
12.50
Interest Receivable
Reef:dyable—Snider Packing CorpoAccount
1,342.93
ration
—Russell, Miller & Co., formerly Russell, Miller & Carey, members
—Dallas. Texas, has entered the field of American cities which seeks to New York Stock Exchange, 50 Broadway, New York City, announce the
promote development through community advertising. The Dallas opening of a branch office in the Russ Building, San Francisco, connected
Chamber of Commerce has completed a campaign in which half a million by private wire with the main office in New York, and in charge of William
dollars was raised, $50,000 more than the campaign objective, for a pro- G. Devereux, as resident partner.
gram of national advertising. "Industrial Dallas, Inc." a separate corpora—W.R. K.Taylor, W.R.K.Taylor, Jr., De Courcy L. Taylor, member
tion, was organized by the directors of the Chamber of Commerce to conNew York Stock Exchange, Willard D. Litt, William J. Galligan, Joseph
duct the advertising program over a period of throe years. R. L. ThornH. McMullen and Anson W. Hard, special partner, have formed the firm
ton, one of the Chamber directors, was chosen to serve as President of the
R. K. Taylor & Co., to take over the investment and brokerage
organization. He has announced the advertising schedule will include of W.
business of Taylor, Thorne & Co.
general magazine with national circulation and class and trade journals.
—The investment firm of W.W.Snyder & Co.,74 Broadway, New York,
The story of the development of the Southwestern Market, of which Dallas
K. Decker, both
is the center, will be told in the general advertisements, with emphasis which is composed of W. Wallace Snyder and Harold
containing
placed on the strategic location of Dallas for serving that section. In the formerly with Eastman, Dillon & Co., have issued a pamphlet
Corporation. Copies will be sent
trade journals specific opportunities will be explained, in the various lines supplementary data about the Rumidor
on request.
of finance, commerce and manufacturing. The advertising campaign
—C.Stuart Robson,formerly of the dissolved firm of Tweedy & Robson,
followed two years study by the directors of the Dallas Chamber. It was
first decided to make a complete study of the situation before attempting and George B. Wallace, who was formerly associated with Mr. Robson,
advertising on a large scale. A comprehensive market analysis was pre- have formed the firm of Robson & Wallace, for the pur use of transacting
pared by the industrial department of the Chamber but it was found that a general investment business, at 15 William St., N. Y.
this was not sufficient. A nationally known firm of textile engineers was
—Fox, O'Hara & Co., members of the New York Stock Exchange, anemployed to conduct a survey to determine what Dallas had to offer to nounce the admission of Alfred B. Stoddard, member of the Exchange, as a
textile interests. The result, so far, has been the organization of a third general partner and David J. Fox as a special partner and the retirement
textile mill for Dallas, largely financed by local capital. Yet a third survey of Eric H. Marks as a general partner in the firm.
was needed, however, and a general industrial study was made by a New
—Wm. West & Co., 27 Pine Street, New York, have issued a circular
York firm of industrial engineers. On those three reports will be based the
on Municipal Service Corporation in which they give a history of the
advertising that Dallas will place before the American public for consideracorporation: the number of service stations operated, the amount of gasoline
tion during the next few months.
sold and a comparative income statement.
—T. L. Watson & Co., members of the New York Stock Exchange,
—Richard Watson Sadler formerly with the Guardian Detroit Co..
announce that Robert D. Hartshorne, member of the Exchange, Kintzing
New York, announces the formation of the firm of R. W. Sadler & Co.
P.Emmons and Maxwell L. Griffith have been admitted to general partnerwith offices at 37 Wall St., New York City, for the purpose of transacting
ship in the firm.
a general business in Investment Securities.
„
.
—1 S. Carter & Co., Inc., Baltimore, Md., announce the opening of
—Hugo Platte, formerly of T. Hall Keyes & Co. and Arnold Fransioli
a New York office at 37 Wall Street, under the management of P. W.
Platte & Fransioli, members of the New York
Treleaven, who was formerly with P. W. Chapman & Co. and Merrill, have formed the firm of
Curb Market, for the transaction of a general commission business, with
Lynch & Co.
N. Y.
—The fourth number of "Sidelights on Railroad Mergers." just issued by offices at 39 Broadway,
—Gerald R. McDermott,formerly with Bull & Eldredge as a specialist
Adams & Peck, 20 Exchange Place, I'. Y., discusses the aftermath of the
New York City bonds, is now
sale of the re-holdings of Lehigh Valley and Wabash to the Pennsylvania in State and municipal bonds, particularly
connected with the municipal bond department of The National City Co.
Railroad.
—W. R. K. Taylor & Co., members of the New York Stock Exchange,
—Charles Tyson Edgar, heretofore a special parner in the New York
that M. Dorland Doyle is now
Stock Exchange firm of Orton, Kent & Co., 60 Broad St., New York 49 Wall St., New York City, announce
becomes a general partner and Thomas F. Patterson retires from the firm. associated with them in charge of their Trading Department.
—Guardian Securities Co., Newark, N. J., has distributed its May 1
—F. B. Tweedy, formerly of the dissolved firm of Tweedy & Robson,
Co., with offices at 15 William St., analysis of railroad, public utility, industrial and foreign bonds. Prices
has formed the firm of Tweedy &
business of dealing in over-the-counter securities' range from 106( to 94% and yields from 7.80 to 4.38%.
New York, to continue the
2836
FINANCIAL CHRONICLE
For.. 126.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME.
The greater interest in the markets, it was said, was in
the new contract. There is a short interest in the December
position on considerable switching of that position with the
December old contract. The differences were against the
shorts giving
market support. It is reported that the
Friday Night, May 4 1928.
COFFEE on the spot was quiet. Santos 4s, 223 to 223 c.; special representat.. s of the Defense Committee, who re%
cently visited our country, held a conference with Mr.
Rio 7s, 143/i to 153c.; Victoria 7-8s, 145 o 143 c.; Milds
A
%
were very steady, but quiet. Receivers of M: y tenders were Hoover. The report quotes Mr. Hoover as follows: "Whensupposed to be trying to sell in a dull market. Rio 7s, were ever an attempt was made to control a commodity, care must
143/i to 153,c.; Santos 45, 223 to 221 c.; ictoria 7-8s, be taken to refrain from advancing the price beyond the
4
14% to 143/sc. Arrivals of mild coffee in the United States current commodity price level." Mr. Hoover pointed that
during April were 339,845 bags, while deliveries for the same the present index figure for coffee is 169, while the general
time were 313,941 bags. Stocks on May 1st were 340,667 index figure for all commodities is only 148. Only three
bags, against 314,763 on April 1st, and 340,570 on May 1st other commodities were as high as coffee, and he made it
last year. On May 1st partly because of the holiday in clear that these figures warranted the feeling of coffee disBrazil and partly because of the difference in time, there tributors, the public and the Government, that the present
were comparatively few firm offers early. These were of coffee price level is too high. Ever since the Defense ComBourbon 3s for prompt shipment at 22.65c.; 3-4s, at 22.35 to mittee was instituted, we have upheld the policy of restricting
22.95c.; 3-5s, at 22 to 223/20.; 4-5s, at 21.30 to 22.05c.; 5s, at the receipts, thus preventing a glut of receipts when the crops
21.35 to 21.85c.; 5-6s, at 203c.; to 213
%
,c.; 6s, at 2034c.; began, but we have also held that having done that, their
6-7s, at 19.30c.; part Bourbon 3-4s, at 22.35 to 22.90c.; work was completed and they should let the law of supply
Victoria 7-8s were here for prompt shipment at 14.150. of demand govern values. This course, the Defense Committee has not followed, and they have frequently been
and 14.35c., and for May-June shippers option at 14.05c.
reOn May 2 cost and freight offers from Brazil were slightly ported at times to have supported prices by purchasing in
lower. For prompt shipment Santos Bourbon 3s were the market to sustain prices already above a satisfactory
quoted at 22% to 23.45c.; 3-4s at 22.85c.; 3-5s at 21.90 to level, thus making a fictitious market and increasing the
22.05c.; 5s at 21.05 to 21%c.; 5-6s at 203 to 213.c.; 6s at hitherto unknown in sight quantity of coffee. Such action,
%
20%c. 6-7s at 19.30 to 20.70c.; part Bourbon 3s at 23c.; in our opinion, is a gamble that the 1928-29 Brazil crops will
3-4s at 22.35 to 22.90c.; 3-5s at 22.20 to 23.55c.; Rio 75 at be small enough to reduce the surplus carryover; in other
15.40 to 15.45c.; 7-8s at 15.20 and Victoria 7-8s at 14.15c. words, they know that the carryover from the present crop
On the 3rd inst., owing to another holiday in Brazil, the will furnish more than enough coffee to supply consumptive
supply of early cost and freight offers was small. Those re- needs up to July, 1930, with at present every prospect pointported for prompt shipment included Bourbon 2-3s at 243/30.; ing to a bumper crop for 1928-30.
On the 2nd inst. Rio futures closed unchanged to 7 points
3s at 22.90 to 23.65c.; 3-4s at 23.10 to 233 c.; 3-5s at 2234c.;
%
4-5s at 213/3 to 22.90c.; 5s at 21.05 to 21.70c.; 5-6s at 21 to net higher with sales of 14,250 bags. Santos was irregular
21.15c.; 6s at 203 to 20.85c.; 6-7s at 19.40 to 20.70c.; 7-8s being 5 points lower to 2 higher :with sales of 12,500 bags.
%
at 19.150.; part Bourbon 2s at 24.10c.; 2-3s at 24.15c.; 3s at Cables from Brazil were not inspiring. Futures on the 3rd
23c.; 3-4s at 22.35 to 22.600.; 3-5s at 22.05 to 22.30c.; 4-58 inst. ended unchanged to 8 points higher for both Rio and
at 21.60c.; peaberry 3-4s at 22.70c.; 3-5s at 21.95c.; 4-5s at Santos and the total sales of both were 20,000 bags. A
22c.; Victoria 7s at 15c.; 7-8s at 14.15 to 14.500., and Rio 7s holiday in Brazil kept down the trading. Effective toat 15.45c. Some 15,000 bags have been deducted from the morrow the Santos daily receipts will be reduced 7,000 bags
Rio stock on account of local consumption and 2,500 bags to 28,000. This accounted in a measure for the firmness of
from Santos. E. Laneuville of Havre placed the world's prices later, also Boston and Brazil are believed to have
visible supply on May 1 at 5,176,000 bags against 4,978,000 bought. Ten Victoria notices were issued in the morning,
on April 1 and 4,243,000 on May 1 last year. The world's and led to scattered selling in the May delivery of the
deliveries during April were 1,875,000 bags against 1,772,000 "A" contract, and first prices showed a decline of 25 points.
last year and 1,768,000 two years ago. The world's deliver- This had an unsettled effect for a time. To-day Santos closed
ies for 10 months of the season at 19,700,000 bags against 10 to 15 points higher with sales of 33,000 bags; Rio ended 4
17,894,000 last year and 18,596,000 for the same 10 months to 16 points lower with sales of 38,000 bales. For the week
Rio futures show an advance for the week of 23 to
two years ago.
28 points.
Duuring & Zoon cabled their monthly statistics as follows: Santos futures are 28 to 38 points higher than a week ago.
Santos coffee prices closed as follows:
Arrivals in Europe during April 1,066,000, of whict. 436,000
1July
21.85
were Brazilian; deliveries in European during April 982,000, Spot unofficial
bid1Dee
20.00©20.91
May
22.10 nom. Sept
21.55 ©21.581Marc.h _ -20.50 ©20.52
of which 522,000 were Brazilian; stock in Europe on May 1st,
Rio coffee prices closed as follows:
2,014,000 bags; world's visible supply on May 1st, 5,434,000 Spot unofficial
15.00 July
14.55©
!Dec
bags, showing an increase of 179,000 bags; last year 4,537,000 May
14.300:
14.51 ©14.5118ept
14.45© _ _ - 1March _ _ _ -14.05el! 14.32
-....bags. The receipts at Rio and Santos so far this season are as
SUGAR.-In prompt raws the feature
early in the week
follows: During April 310,000 Rio, 758,000 Santos; total was more or less selling
of Porto Rico duty free; 56,000 bags
1,068,000; since July 1st, 3,316,000 Rioo, and 8,623,000 sold at 4.29c. this
week's arrival; fully 12,400 tons of Porto
Santos, totpl 11,939,000; same time last year, 3,025,000 Rio, Rico were sold and
and 7,768,000 Santos, total 10,993,000; same time two years 25 3. was asked and probably more. For prompt Cuban
4
2
ago, 3,335,000 Rio, and 7,832,000 Satnos, total 11,167,000. 2y was paid. There 19-32c. refused. Later, however,
ic.
were 100 May notices issued on
To-day cost and freight offers from Brazil showed little April 30. There were 50 May
notices issued on May 1.
change. They were of Santos Bourbon 2-3s, at 233/2c.; 3s, Deliveries on contract
were
at 23.35 to 23.45c.; 3-4s at 223/zc. to 22%c.; 3-5s at 22.10 to steady and unchanged to V 15,000 tons. London opened
id. higher. Private cables from
22.90c.; 4-5s at 213/2 to 22.90c.; 5s at 21.05 to 220.; 5-6s at London stated that 18,000
tons
21 to 2134c.; 6-7s at 19.20c.; part Bourbon 2s at 24.10c.; were sellers of 96 test sugars were tendered there. There
for
38 at 23c.: 3-4s at 22.15 to 22.60c.; 3-5s at 22.20 to 22.60c.; Liverpool cables said that there May-July at 12s. 103d.
4-5s at, 22c.; peaberry 4s at 21.95c.; Rio 7s at 15.40 to 15.600.; ported. Terminal was steady were no sales of raws rewith May liquidation pro7-8s at 15.35c.; Victoria 7s at 1.7,c. and 7-8s at 143'c. Fair to ceeding. On the 2nd inst. about
50,000 bags Cuban raw
good Cucuta, 233/2 to 24c.; Buccaramanga, natural, 24 to sugars, it seems, sold for second
half May shipment at 2Mo.
25c.; washed,273 to 283c.; Honda, 273/2 to 28c.; Medellin, c. & f. to an operator.
4
The London terminal market on the 3rd
283 to 28%c.; Manizales, 27% to 283c.; Mexican washed,
inst. opened
26 to 283/7c.; Surinam, 25 to 3'2c.
unchanged to %O. lower. According to advices,
the Cuban
The New York Coffee & Sugar Exchange put the world's Export Committee sold on the 2nd
inst. 44,500 tons to
visible supply on May 1 at 5,152,461 bags against 5,050,137 Rionda at 2.663/20. f.o.b. Cuba,
and 5,500
bags on April 1 and 4,537,000 on May 1 last year. Futures American at 2.67c. f.o.b. London cabled to the Cubanthat
on April 28 closed 8 to 13 points higher on Rio with sales of Cuba sold at 12s. 9d., with a large business in Sana cargo of
Domingos
up on Santos with transac- for June-July shipment at
11,500 bags and 8 to 14
13s.; one cargo July
tions of 12,000 bags with offerings small of both. Brazil 13s. 13'd. Liverpool cables said the Havana was sold at
Trading Co.
was supposed to be buying Santos futures here. Futures on bought 50,000 tons of Cuba, equal
April 30 were 1 to 10 points higher on Rio and 7 to 11 on bought 20,000 tons San Domingos atto about 13s. 3d. Tate
13s. Refined was quiet
Santos with cables rather strong than otherwise. Europe and withdrawals small also with
sold December and bought March. Later Europe bought though refined was 5.95 to 6c. regular quotation 5.95 to 6c.
offerings
December with Brazil selling it. July was not freely offered. granulated were at 5.90c., withModerate l carload of resale
occasiona
lots
It was in some demand. The sales of Rio were 21,000 bags tainable at 5.85c. In Philadelphia there wore reported obresale
and of Santos 28,250. On the 1st inst.futures ended 5 points business at 5.80c. Freight room on a steamer for Valparais
o
off to 1 higher on Rio with sales of 9,000 bags. On May 1 has been engaged for 2,500 tons of sugar, which is
it believed
there were 69,500 bags of coffee delivered on contract.
is granulated. F. 0. Licht issued a revised estimate of
The introductory remarks formerly appearing here will now be
Found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
MAY 5 1928.]
FINANCIAL CHRONICLE
2837
of offerings from Europe hit prices hard. Also there were
European beet acreage giving the total for all Europe as contract deliveries of 250,000 lbs. of lard and 100,000 lbs. of
0 hectares (2.47 acres each) which compare with bellies along with a lower Liverpool market. Total Western
2,560,00
hectares.
his March 29th estimate of 2,577,000week were 130,091 tons hog receipts were 89,900 against 99,000 a week ago and
Receipts at Cuban ports for the
92,900 last year. Today futures ended 25 to 37 points net
against 78,369 in the same week last year; exports, 109,768 higher with heavy short covering and some new buying.
in the same week last year; stock (consumpagainst 98,298
last year; cen- The market acted sold-out if not oversold. Closing prices
tion deducted), 1,316,618 against 1,449,624exports, 34,658 were 32 to 37 points lower, however, for the week.
32 against 42 last year; of the
trals grinding
CLOSING PRICES OF LARD FUTURES IN CHICAGO.
New Orleans, 6,606
Wed. Thar
Mon. Tues.
tons went to Atlantic ports, 16,921 to California, 1,391 to DAILY
Sat
11.
12.05
12.12
United States, 4,815 to
12.15-17 12.15
May
to interior
11.
12.50 12.42
12.50
12.50
to Europe and 75 to South America. Rain July
Canada, 45,302
12.
12.75
12.85
12.85
12.82
States Atlantic September
is wanted in Cuba. Receipts at United
in the
PORK higher; mess, $32.50; family, $33.50 to $35.50; fat
ports for the week were 106,526 tons against 74,396 75,308
back, $27 to $29. Ribs, Chicago, cash, 12c., basis of 50
previous week, 78,986 in the same week last year and
beef steady; mess, $23 to $24; packet,
56,000 in
two years ago; meltings, 58,000 tons against68,000 two to 60 lbs. average;$29 to $31; extra India mess, $44 to $45.
$25 to $27; family,
previous week, 69,000 same week last year and
$3.40; No. 2, $6; 6 pounds South
years ago; importers' stocks, 356,407 tons against 320,468 No. 1 canned corned beef,tongues, $55 to $60. Cut meats
167,944 America, $16.75; pickled
in previous week, 154,079 same week last year and
Pickled hams, 10 to 20 pounds, 15% to
147,559 in
two years ago; refiners' stocks, 160,146 against years ago; steady but quiet.
1c.;
16Y pickled bellies, 6 to 12 pounds, 18 to 183c.; bellies,
previous week, 131,270 last year and 141,930 two
20 pounds, 15%e. Butter,
total stocks, 516,553 tons against 468,027 in previous week, clear, dry salted, boxed, 18 to to 453e. Cheese, 22 to
lower grade to high scoring, 42
285,349 same week last year and 309,874 two years ago.
they say the question that is now under
pr In some quarters far remains unanswered is: Where will 30%c. Eggs, medium to extras, 28% to 33e. owing to
discussion, and so
-Linseed was in slightly better demand
OILS.
additional supply of raw sugar this better weather. Prices were steady at 10.2c. for raw oil in
Great Britain get its.
refined sugar that would ordinarily have carlots, cooperage basis. In 5 bbl. and 10 bbl. lots ex-wareyear to replace the
gone to Great Britain. They will first locate the raw sugar house 10.6c. was quoted. Recent advances stimulated buying
pay the price necessary
in some part of the world and then seen from what part of to some extent. Late linseed was steady to 10.2e. for raw oil
to got it, but it still remains to be raw sugar will be avail- in carlots, cooperage basis and 10.6c. for 5 and 10 bbl. lots
the world that required quantity of
ex-warehouse. Consumption increased somewhat owing to
able. Cuba is already committed to hold 3,000,000 tons for better weather. Large deliveries are being made against
the Cuban Government remains old contracts. Cocoanut, Manila, coast tanks, 8%c.; spot
the United States and if
matter
steadfast in its declared policy there only remains a coming N. Y. tanks,8%c.; Corn, crude tanks, plant, low acid, 93c.;
count on as
of 150,000 tons that Great Britain canrefiners have already Olive, Den., $1.25 to 1.40; China wood, N. Y. drums, spot
from Cuba in addition to what British
carlots, 14%c.; Pacific Coast, tanks spot, 13c.; Soya bean,
bought. One of the inevitable results of the change in the coast tanks, 9%e.; Edible corn, 100 bbl. lots, 12c.; Olive,
Britain, it is urged, will be $2.20 to $2.30; Lard, prime, 16c.; extra strained winter,
import duty on sugar into Great
be produced on
that a larger quantity of yaw beet sugar will This, however, N. Y., 13c.; Cod, Newfoundland, 68c. Turpentine, 54% to
the Continent than during recent years. before the latter 53c. Rosin, $8.35 to 11. Cottonseed oil sales to-day
cannot be of any help to British refiners
including switches, 13,200 bbls. P. Crude S.E., 84 to 9e.
The market has been cleared by opera- Prices closed as follows:
part of this year.
sugars that can arrive here spot
Oct
10.83010.87
10.49
tors, it is said, of all Porto Rican
10.70010.80
10.67110.721Nov
May
within the next two weeks. Two cargoes of Porto Rico for June
10.70010.75
10.77 10.79 Dec
10.50 ®10.60 Sept
4.29c. Holders of
early May arrival sold to an operator at
-There was a good jobbing demand for
PETROLEUM.
Philippines in port and arriving have seemed inclined to
store them rather than accept current prices; some 10,000 gasoline and prices were firm. Big refiners quoted 9%c. in
delivered to
10Mo.
bags prompt Cuba sold, it is said, at 2 19-32c. second half tank cars at refineries andsold at in tank earsof Mc. over
a premium
.
nearby trade. California
On the 2d inst. two cargoes of Cuba sold for
4
may shipment at 23 c.;3,200 tons Porto Rico ready to load these prices. Consumption was better than expected
sok& at 4.43o. delivered or 2 21-32o. c.&f.; 3,000 tons Philip- despite the recent unfavorable weather. The Gulf repines for June-July shipment sold at 4.65c. c.i.f. or 2'Hic. ported a fair export demand. ;France was a good buyer.
4c. Prices were firmer. There was a large movement of cased
add. and 2,500 late May arrival at 4.52o. delivered or 2Y
0.8tf. Futures closed unchanged to 1 point higher on the gasoline against old contracts. Bunker oil was steady;
f.
two Mays, but were 1 to 3 points lower on other months. Grade C $1.35 refinery and $1.41o.$2 a. s. New York
demand from
refinery. LubriAt one time prices were higher on a goodbuying fell off Harbor. Diesel oil was also steady at
cating oils were in good demand and steady. Gas oil was
houses with European connections. This
5.95
later and the market became easier. Refined,point to 643. moving more freely but prices were unchanged. The
higher Boston gasoline market was firmer. Most refiners were
Futures on the 3d inst. ended 2 points lower to 1
with sales of 51,000 tons. Home and Europe hedge selling quoting U. S. Motor in tank cars in the vicinity of Boston
at 100. refineries and 110. in tank cars delivered to Boston
told to some extent.
4
To-day there were 50 May notices issued in the morning. trade. The California market was also firm at 'U.6 to 73 c.
Deliveries on contract were 2,000 tons. London opened quiet In the Mid-Continent market prices were steady at 7c.
Later private cables from
A
A
and 3 d. lower to 3 d. higher. market was steady and that Kerosene was in fair demand and steady; prime white 41-43
4
gravity 63 c. refinery;43-45, 7o.
London stated that the terminal
.
no further business
Later gasoline in the Chicago market advanced to new
96 sugars were unchanged withof beet sugar werereported
sold for
tons
It was said that 4,00013s. c.i.f. Trading here was quiet, high ground for this movement when the price reached 7c.
in contrast with 6% to 7c. recently. Bulk gasoline is
Oct.-Nov. shipment at
in both raw and refined as well as futures. No more than two steadily growing stronger. Big refiners were all firm at 93c.
week's supplies of raw are in refiners' hands it is said and at refineries and. 103%c. in tank cars delivered to nearby trade.
New York export prices: Gasoline, cases, cargo lots, U. S.
there is apparently less of refined. Futures for the day closed
of 25,100 tons. Final
1 point lower to 1 higher with sales week of 3 to 7 points. Motor spec. deod., 25.400.; bulk refinery, 99c. Kerosene, cargo lots, S. W. cases, 17.40c.; bulk, 41-43,
prices show a rise, however, for the
a week ago. Prices 64c.; W. W.150 deg. cases, 18.40c.; bulk 43-45, 7c. New
/
Spot raw at 258e. is 3-32c. higher than
Orleans, gasoline, U. S. Motor bulk, 8% to 8%c.; 60-62,
closed as follows:
2.82®
1March
2.891
2H1Sept
400 o.p., 9c.; 61-63, 390 e.p., 9% to 93'c.; 64-66 gravity,
Spot unofficial
2.96
Dec
2.63®
May
A
A
375 e.p., 93 to 95 c. Kerosene, prime white, 6%c.; water
2.87
2.78® _-_ Jan
July
g, $1.05 to
demand with Prime Western white, 7%c.; bunker oil, grade C for bunkerin and jobbers
LARD on the spot was in fair Refined Continent, 133c.; $1.20;cargoes,90 to 95c. Service Station owners
to 12.75c.i
A
at one time 12.65 %c.; Brazil, 153 c. Later cash trade prices: U.S. Motor bulk,refineries,93 c.; tank cars delivered
%
143
/
South America, Western, 12.60 to 12.70c.; Middle Western, to nearby trade, 103 04 Boston tank cars, terminal, 10 to
11c.; California, U. S.
was slow; prime
c. & f. Now York; New York City 11c.; delivered, tank cars, Boston,
12.35 to 12.45c. in tierces tubs, 123.c.; Refined Continent, Motor at term, 10c.; U. S. Motor delivered to N. Y. City
8c.;
garages in steel barrels, 17c.; Up-State and New England,
in tierces 12 to 12Y in
4
Now York; South America, 143 0; Brazil
134c. delivered The stock at Chicago showed another large 17c. Naphtha, V.M.P. steel barrels, 18c.; kerosene, water
A
in kegs, 153 c.Apr. 30, it was 84,095,000 lbs. against 75,- white, 43-45 gravity, bulk, refinery, 7c.; delivered to nearby
bulk,
increase. On
of over 8,500,000 for the trade in tank cars, 8c.; prime white, 41-43 gravity,
559,000 on Apr. 1 or an increase year was only 36,264,356 refinery, 63 c.; 41-43 D delivered to nearby trade in tank
A
1 last
A
moth. The stock on May 1 deliveries on May contracts cars, 73 c.; tank wagon to store, 15c. Furnace oil, bulk,
May
/
lbs. In Chicago onof ribs 500,000 lbs.; of bellies, 100,000 refinery, 38-42 gravity, 530.; tank wagon, 10c.
0 lbs.;
$2.60
$2.35 Eureka
were 3,750,00
$2.80 Buckeye
Pennsylvania
1.50
2.80 Illinois
1.55 Bradford
Corning
lbs.
1.55 Wyoming. 37 deg- 1.30
1.35 Lima
the 2nd inst. fell 7 to 10 points with hogs ribs Cabell
Futures on
1.32 Plymouth
1.23
by smaller Wortham, 40 deg.. 1.40 Indiana
Offerings of July and
1.50 Wooster
1.57
Rock Creek
and corn lower. . Ribs fell nearly 20 points. The increase Smackover, 24 deg 1.25 Princeton
1.95 Gulf Coastal "A"... 1.20
.90 Canadian
increased
packers
1.00 Panhandle,44 deg. 1.06
Corsicana heavy
lard caused selling. Recent clearances of
in the stock of
n
little attention. Deliveries on May Oklahoma. Kansas and Texas $1.40 Elk Basin
$1.33
0-40.9
over 5,000,000 lbs. got the 2nd inst. were 55,000 lbs. May
4
1.16 Big Muddy
1.25
32-32.9
contracts in Chicago on were 50,000 lbs. Futures on the
1.70 Lance Creek
1.33
52 and above
of ribs
Bellevue
contract deliveries
and Arkansas
1.25
points on May and 45 to 55 on later months Louisiana
1.16 West Texas, all deg
0.60
-32.9
32
inst. fell 55
3rd
1.25 Somerset light
grain again off and liquidation active.
35-35.9
2.35
with hogs off 10 to 20e. Eastern interests as well as rumors SPindlet0P.35 deg, and up---- 1.37 Somerset
1.45
Selling for the account of
18:g8218:768rAT
2838
FINANCIAL CHRONICLE
[VOL. 126.
RUBBER was dull here on April 30, closing 10 points per ton in the ton-rail
rate on softcoalfrom northern fields to
lower to 20 points higher; that is, irregular with London all New England points
except
Md.lower despite a decrease in the stock there of 3,459 tons. effective on June 5. Boston Boston and Portland becomes
and Portland are expected beThe total is now 53,360 tons against 67,034 a year ago. cause of competing
water rates. High grade coal was reNew York was dull on the 1st inst. with sales of 177 tons ported cheaper later.
ending unchanged to 10 points lower. London was unSoft coal during April was dull and tending downward.
changed to Md. lower. May here closed at 17.20c.; July, The "Coal Age" says that
the expiration of the truce be17.60 to 17.7004 September 18 to 18.10c.• December, 18.20 tween the United Mine
Workers in Illinois, Indiana and the
to 18.30c.; March, 18.30 to 18.40e. United States consular Southwest left the large
industrial consumers apathetic.
invoice figures for the week ended April 21 were as follows: They had learned a year ago
British Malay, 4,190; Ceylon, 42; Netherlands, East Indies, of the non-union fields would that the productive capacity
1,215; London and Liverpool, 2,535; total 7,982 tons. It is sumers still have stocks on tide them over a crisis. Conhand. Coal stocks in industries
pointed out that a large quantity was transferred from Lon- in the United States showed a
further decline of approxidon to the United States. The rubber is urgently wanted mately 1,600,000 tons on April 1,
it is argued. Factories want it. Some expected a decrease 1928 and consumption increased as compared with March 1
in the London stock this week of 2,500 tons. It was nearly is nearly 2,000,000 tons increaseto 38,250,000 tons which
in March compared with
1,000 tons more than this.
February, largely due to the increased
The official announcement of an exportable rubber per- the month. Coal stocks are now 41% number of days in
smaller than a year
centage of 60% for the May quarter is regarded as a for- ago. The expectation that there
mality in view of the decision to abrogate the Stevenson available for industries to take carewould be plenty of coal
of all their requirements
plan at the end of Oct. On the 2nd inst. prices here advanced this summer; without a runaway
market, in spite of the
10 to 20 points. There was a good demand early in the day suspension of the Illinois fields and in
the Southwest, has
especially from factory interests and dealers. There was been justified as already in Illinois some
mines are in opera little more activity but in the main trading was quiet with ation.
sales of 490 lots or 1,225 long tons. May closed at 17.30 to
TOBACCO.
-There was a moderate business and that
17.50c.; July at 17.80c.• Sept. at 18.10 to 18.20c.; Dec. at was all.
The sales were said to be mostly in small lots.
18.40c.; Mar.at 18.40 to18.50c.
'
Old Java attracted more attention than some kinds.
New York on the 3rd inst. advanced 30 to 60 points on
Manularger trading, i. e. 2,387 long tons or 955 lots. London facturers were taking it steadily if not on a large scale. The
supply is said to have recently decreased noticeably. There
was up M to %d. That helped. So did a better factory was also a
demand. May closed here at 17.80 to 17.90c.,• July at of tobacco steady sale for New Sumatra. In general, stocks
are said to be moderate if not rather small and
18.40c.; September at 18.60c.; October, 18.70c.; November, prices
are reported to be steady. Wisconsin binders 25 to
18.70c.; January, 18.60 to 18.70e. and March at 18.70e. 30c.; Northern,
40 to
Outside prices were: Smoked sheets, spot and May, 18 to State, seconds, 35 to 450.; Southern, 35 to 40c.; New York
40c.; Ohio, Gebhardt binder, 22 to 24e.;
18M to Little Dutch,
183jc.; June, 183 to 18Mc.•
to 19c. Spot, first latex first remedios, 21 to 22e.; Zimmer Spanish, 30c.; Havana,
184c.; October-December, 184 July-September'
90 to 95e.; second remedios, 70 to 75c.
crepe, 183 to 183e.; clean thin brown crepe, 164 to 17c.;
COPPER was steady, but rather quiet, especially for
specky brown crepe, 16% to 163/2c.; rolled brown crepe,
16 to 163c.; No. 2 amber, 173 to 173c.; No. 3 amber, domestic account. Export business is up to expectations.
17 to 173,c.; No. 4 amber, 16M to 164c.; Pares, Upriver Sales for foreign account on Monday were 4,000 tons. For
fine spot, 183/2 to 184c.; coarse, 15 to 153e. London April they are estimated at 63,000 tons. Statistics for April
closed on the 3rd inst. with spot and May, 8%d.• June, are expected to make a favorable showing. The domestic
8% to 84d.; July-September and October-December, 9d. price was 143'c. Sales in April were estimated at 130,000
Gross exports of crude rubber from British Malaya during tons against 145,000 in the previous month. For shipment
/
April were 20,029 gross tons, the lowest total for any month into the Middle West, 1488e. was (noted. Casting copper
since October, 1924. It compares with gross exports of was a little under 14c. refinery. In London on the 1st inst.
27,813 tons during last March and exports of 29,041 tons in standard fell is. 3d. to £61 us. 3d. for spot, and £61 16s.
April, 1927. The total of gross exports for the first quarter 3d. for futures; sales 100 tons spot and 100 futures; electrolyof 1928 is 104,386, as compared with 132,861 tons exported tic unchanged at £66 10s. for spot and £67 for futures. On
during the firt quarter of 1927. In Singapore on May 3 the 2nd inst. London prices were unchanged. Later the
prices closed %, to %d. up. May was 8%(1.; July-Septem- demand was steady if not demonstrative and prices were
ber and October-December all 83'2d. To-clay prices ad- firm. Domestic consumers took mostly June and foreign
vanced 80 to 100 points. May closed at 18.80c.; July at consumers May and June. Prices 143(c. delivered Connecti19.40 to 19.50c.• September at 19.50c.; October, 19.500.; cut Valley and 1434e. c.i.f. Europe. Export sales are being
November, 19.50e. and December, 19.60c. Sales were made at the rate of 1,500 to 3,000 tons daily. In London
903 lots. There was good buying by commission houses on the 3rd inst. spot standard fell 2s. 6d. to £61 8s. 9d.•
and big dealers. Final prices show a rise for the week, futures off is. 3d. to £61 15s.; sales 100 tons spot and 406
futures;electrolytic £66 10s. spot and £67futures.
170 to 200 points.
TIN recently advanced. Spot Straits sold at
frigorifico steers declined sharply, in
-Heavy
HIDES.
513 0.;
%
Argentine last week. River Plate reported sales of 24,000 August, 513ic.; October, 51o. There was not much sold,
283c. down to 28 1-16c. a decline of however. Sales have averaged about 200 to 250 tons daily
Argentine steers at
%
25 c.from the previous week. What is more, it is said there in recent weeks. The total visible supplies on April 30
were about as expected, i.e., 15,001 tons. The
are almost 100,000 hides still unsold, of which 45,000 are stocks
was 585 tons. In the United States at decrease in
City packer hides were quiet. The
Argentine steers.
the end of
the drop in Argentine has the month the visible supply was 9,254 tons, against 9,707
decline in the West together with
hides were quiet, but about tons in the preceding month. German mills are said to be
hit business here. Country
steady. Common hides were in rather better demand. building plants to produce aluminum coated sheets to compete with
Cucuta and Orinoco, 35c.; Maracaibo, Central America, will be tin plate. If this enterprise is a irUCCess competition
keen. Standard in London on the 1st inst.
La Guayra and Savanilla, 33c.• Santa Marta, 34e.; Packer El. to £229 15s.
declined
for spot and £230 2s. 6d
2c.; Colorados,
'
hides; native steers, 26c.; butt brands, 25%
150 tons spot and 600 futures. Spot for futures; sales,
25c.; bulls, native, 21c. New York City calfskins, 5-75, 10s. to X234
Straits
5s. Eastern c.i.f. London fella dropped £1
2.55; 7-9s, 3.25 to 3.30c.; 9-12s, 4.25 to 4.30.
sales, 150 tons. Spot standard in London 5s to £233 554
on the 2d inst.
-Grain traffic has increased. advanced £1 12s. 6d.
OCEAN FREIGHTS.
to £231 7s. 6d.;
Business in general improved later.
2s. 6d.; sales 50 tons spot and 400 futures up E1 to £231
futures. Spot Straits
CHARTERS included tankers, clean oil, to one port French Atlantic advanced £2 2s. 6d. to
Tampico, three
£236 7s. 6d. Eastern c.i.f. London
from North Atlantic. 17s. 3d.: from U. S. Gulf, 148. 3d.; to
-Conti- rose 10s. to £233 15s. on sales
U. K.
Hatteras, 21c.; Gulf Curacao, May-June,
trips to north of
of 150 tons. Later prices
nent, 17s. 430.; clean, Gulf to Leghorn and (or) Mo. May-June, 20s.; advanced whereupon trading died
down. June Straits sold
clean. Gulf, June-July. to French Mediterranean, 19s.; grain, Montreal. at 514e.
1255c.; Hamburg or Bremen. 13c.;
and spot at 52c. May was 52e. June later,
June 7-20. Antwerp or Rotterdam,
transatlantic, lumber, west Britain. east Ireland, 1,500 standards. 60s. 513/80. and July and August,
51%o. Consumers are, it is
one. 62s. 6d. two ports. May; time, four months Canadian trade. Juno, said, well
last half
supplied for May and June. In London on the
E.80;five months general trade. May,£900:lumber, Gulf,June, June,to
two ports. 3d inst. spot rose £1
Rosario and (or) Santa Fe, 814.60: sugar. Cuba first half
7s. 6d. to £232 15s.; futures up 12s. 64.
-K.
,
16s.; 3 ports. 16s. 116d., U. -Continent: tankers, gas oil, north Atlantic. to £231; sales, 50
to St. Lawrence.
tons spot and 650
May. to French ports, 20s.: lumber from north Pacific-Continent, May,
up £1 7s. 64. to £237 15s. Eastern futures. Spot Straits
loading; sugar, Santo Domingo to U. K.
-June
$15, May
c.i.f. London advanced
,
18s. 1015d.: tankers, U. S. Gulf, May. to north Hatteras, 18Ac.; grain, 155 to £234 lOs on sales
of 275 tons.
47.000 qrs. Montreal to Antwerp or Rotterdam, May 14-25. 12c.: Bremen.
across, redelivery U. K.-Continent. $1.10 prompt:
13c.: time charter, trip
LEAD was in only fair demand but steady.
foreign, In ballast from Antwerp. 6,500 tons. grain, San Lorenzo, May. to
New York,
Denmark. 25s. 6d. one, 9d. more two ports; ballast from Mediterranean, 6.10c.; East St. Louis, 6c., although there
Montreal. 33,000 qrs.. 10%, to Medi- at
-Continent, 238.: grain,
May, U. K.
one time that slight concessions were being were rumors
ic.. May 28-June 12; prompt grain berth to London and
terranean. basis 15 y
made at East
Manchester. Is. 3d.; Liverpool, Is. 6d.; Hull, 2s.; Avonmouth, Leith and St. Louis. This could not be confirmed, however. Most
Glasgow, 2s.; Antwerp, Rotterdam. 7s.; Bremen and Hamburg. Sc.; French producers were firm.
Lead ore was unchanged at $77.50.
Atlantic, Sc.; Helsingfors, 14c.: west Italy, 14c.; Venice and Trieste. 19c.,
and Greece. 20c.; tankers. clean. San Pedro, June, to north of Hat- Spot in London on the 1st inst. advanced is. 3d. to £20 6s.
3d.; futures unchanged at £20 Ils. 3d.; sales,
teras.85c.; time,pompt round trip.$1.60.
250 tons spot
-The output of soft coal is gaining at the West. and 450 futures. On the 3rd inst. London rose 2s. 64. on
COAL.
the spot to £20 8s. 9d.; futures advanced is. 3d. to
Anthracite miners are still working at half time or less.
£20
.
On the other hand smallness of output keeps prices steady 12s. 6d.; sales, 750 tons spot and 600 futures. Later trade
for screenings and nut size bituminous in most markets. was slow with prices showing little or no change. On the
The sales of bituminous have recently increased from first 3rd inst. London rose 2s. 64. to £20 us. 3d. for spot and
hands. There is a fair demand for anthracite at compara- E20 15s.for futures; sales, 600 tons spot and 200 futures.
tively steady prices. Company, egg, $8.25; nut, $8.25;
ZINC recently advanced $1 a ton
buckwheat, $3 to $3.50; barley, $1.70. A reduction of 15c, Louis. Demand was slow however. to 5.87 Mc. East S.
The ore situation is
2839
FINANCIAL CHRONICLE
MAY 51928.1
Total.
Mon. 'Tues. Wed. Thurs. Fri.
Sat.
Receipts atstrong but this has had little influence on the price. There
to $40 on ore. Such reports Galveston
5,908 2.334 2,574 25,156
3,000 3.049 8.291
has been talk of an advance
407
407
were heard before but they did not materialize. Spot in Texas City
2,318 2.388 4,728 3,070 4.536 2,486 19.526
declined 5s to £25 16s. 3d.; futures Houston
374 3,865 2.641 10,660 25,913
London on the 1st inst.
2,225 6,148
New Orleans370
253 4,171
730
104 2,069
645
Mobile
dropped 2s. 6d. to £25 us. 3d.; sales, 125 tons spot and 150 Jacksonville
8
8
futures. In London on the 2nd inst. spot advanced 6s 3d Savannah
3,708 2,913 2,886 1,474 1,579 1.080 13,640
528
612 9,085
2,542 1,519 2,222 1.662
rose 3s 9d. to £25 15s.; sales, 100 Charleston
to £26 2s. 6d.; futures
368
368
971 4,222
spot and 750 futures. More activity developed later and Lake Charles_ --834
604
735
354
724
Wilmington
465
678 1,209 5,316
high for the year of 5.878%c. East Norfolk
857 1,459
568
prices advanced to a new
34
34
100
St. Louis for May; June, 5.90c. The margin between ore N'port News,&c.
100
New York
313
30
33
very narrow. In London on the 3rd Boston
100
150
prices and slab zinc is
1,130 1,632
502
inst. spot advanced 2s. 6d. to £26 5s.; futures, £25 16s. 3d.; Baltimore
Tntsalmithlawswalr 16 non 17 AR2 2t260 17_042 in_Ann 21_5n0In0.501
sales, 25 tons spot and 650 futures.
-Prices have declined and trade is not in general
STEEL.
The following table shows the week's total receipts, the
satisfactory. Buying by railroads is smaller at this time than total since Aug. 1 1927 and stocks to-night, compared with
at the same time in recent years, though April sales of loco- last year:
motives by the Baldwin Co. yore larger than in the whole of
--.....
,
-..... ...
the first quarter of 1928. In the first quarter the sales were
Receipts to
This Since Aug This Since Aug
May 4.
somewhat larger than in the same period of 1927, but 105
1927.
1928.
Week. 1 1927. Week. 1 1926.
smaller than in the same period of 1926. Rail mills and tin
25,156 2,094.926 19.481 3.172,812 289.317 371,072
plate mills are the most active, it is stated, of any branch of Galveston
16,859
22.557
168,365
89,323
407
the steel industry. Rail mills are running at 90% and the Texas City
19,526 2,458,466 21,080 3.722.411 503.859 568,904
Houston
- 176,961
_
plate mills average 95%. It is usual for both classes of mills Port Arthur, &a
495.315
2,444 24,3812,536,292
to be active at this time of the year. Wire mills on the New Orleans
348,664
25,913 1,394,951
Gulfport
28,542
12,064
267,184 2,035 364,073
other hand are operating at only 50% and plate mills at 60. Mobile
4,171
14.015
12,494
At Youngstown steel ingot output has fallen off. It is stated Pensacola
585
590
617
16
8
Jacksonville
55,552
24,211
on the other hand that steel pipe production of 15 or 20 Savannah
13,640 602,544 12,414 1,058,592
units, is at the highest level of the present year. Steel pipe Brunswick
50.142
30.570
9,085 249,070 13,913 547.789
specifications of late have been large especially of standard Charleston
368
1,124
Georgetown
26.306
28,291
4.222 125,391 4.813 140,232
merchant pipe. That is due to the buy in advance of the Wilmington
84,499
67,699
recent rise in pipe. Sheet production is about 80%, but NorfolkNews, &c. 5,316 213,122 6,064 409,766
374
34
34
N'port
27.916 116,856 223,626
496
100
6,539
independent merchant steel bar output has declined. Some New York
1.280
3,701
29,186
313
7,067 2,031
rollers are not in operation; bar mills are at only about 50%. Boston
1,580
1.456
71.322
66,115 1.981
1,632
Baltimore
7,918
4.457
4.689
Corporation bar mills are at 75%.
155
The U.S. Steel
---Philadelphia
Buying is cautious and in small lots for early needs.
109,891 7,767.926 108.689 12068457 1.454,292 1,932.180
Totals
however, are large in bars, sheets and strip
Specifications,
In order that comparison may be made with other years,
steel for the automobile industry for May shipment. A
six seasons:
of prices for sheets has prevailed and it we give below the totals at leading ports for
falling tendency
down to the bottom quotations of 1927. Receipts at- 1927-28. 1926-27. 1925-26. 1924-25. 1923-24. 1922-23.
has carried them
Galvanized sheets have declined 3.60c. or $3 a ton below
8.150
8,337
19.481
the last advance. Hot-rolled strip has also declined. On Galveston-- 25.156 21,008 13,569 10.734
3.551
476
9,372
6,870
19,526
Houston
9,427
accepted for Pittsburgh or Cleve- New Orleans_ 25,913 24,381 23,994 10,947 19.894
wire nails $2.55 is readily
2,245
3.829
516
1,512
2,035
4.171
of $2 a ton. Production of steel is decreasing. Mobile
land, a decline
5,544
6,261
3,856
19.928
12,414
13.640
108
Ingot output in the Chicago district is said to be still at 95% Savannah _
Brunswick
4,254
1,198
3,256
2,633
13.913
9,085
but in the Pittsburgh territory it is 80%. The finished steel Charleston.&c
134
469
213
645
4,813
4,222
Wilmington
791
composite price is still at 2.355 cents.
2.162
5,092
5.223
6,064
5,316
Norfolk
34
been small. Eastern Penn- N'port N., &c
-The sales have
PIG IRON.
1,128
1,646
1,129
2.436
4,508
2,828
sylvania makers have little business beyond their own dis- All others_ __ trict. Some other districts are more or less favored by a Tot, this week 109,891 108.689 76.810 45,115 44,272 35,332
readjustment of freight rates. In April there was a gain in Since Aug.1-- 7.767.926 12068451 8.906,695 8,812,735 6,268.909 5.429.875
the daily output of 2.6%; that is, 106,030 daily against 103,* Beginning with the season of 1926. Houston figures nclude movement of
215 in March; total, 3,180,900 tons for the month against cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
3,199,674 in March. The May output is expected to deThe exports for the week ending this evening reach a total
crease. The composite price for pig iron declined to $17.59
of 125,541 bales, of which 28,774 were to Great Britain,
from $17.67 last week.
WOOL has been firm with a better demand reported than 8,382 to France, 28,635 to Germany,4,159 to Italy, 5,200 to
recently as mills' trade improved. Ohio Sz Penn fine de- Russia, 8,166 to Japan and China and 42,225 to other desti35
lathe 48 to 49c.; / blood, 51 to 52e.; % and X blood, 52 nations. In the corresponding week last year total exports
to 53c.; Territory, clean, basis fine staple, 1.15 to 1.20; fine were 214,852 bales. For the season to date aggregate exmedium, French combing, 1.07 to 1.10; clothing, 1.02 to ports have been 8,321,933 bales, against 9,622,534 bales in
1.05; 34 blood staple, 1.15; % blood, 1.02 to 1.07; X blood, the same period of the previous season. Below are the ex95 to 1; Texas clean basis, fine 12 months, 1.15 to 1.18; ports for the week.
Exported to
fine 8 months, 1.07 to 1.10; fall, 1 to 1.05; Pulled, scoured
Week Ended
basis. A super, 1.10 to 1.12; B, 1 to 1.07; C, 85 to 90;
Japan&
PerGreat
May 4 1928.
Domestic1 mohair, original Texas, 63 to 65c.; Australian, Exportsfrom- Britain. France many. .lio2y. Russia. China. Other. Total.
clean basis in bond, 64-70s, 1.10 to 1.15; 64-70s, clothing, Galveston
5.486 23.526 41,975
6,270 3,695 2,998
7,610 17,848
90 to 92; 64s combing, 1 to 1.05; 58-60s, 95 to 1; 56s, 80 to Houston
4,688 2,750 2,800
5,200
5,200
City
85c.; New Zealand, clean basis in bond, 58-60s, 95 to 98e. Texas Orleans.. 3.963 1,314
809 9,528
1,100
251 2,089
.
New
2.120
Boston wired a government report on April 30: "Top makers Mobile
1,000
1,120
1,183 18.655
550
7,801
9,121
are buying some fine domestic wools of the short combing Savannah
2,495 2,968
473
5,000
class. New business on wool tops is rather slow, and asking Charleston
5,000
Wilmington
1.578
1,578
prices are difficult to secure, but deliveries on contracts are Norfolk
34
34
fairly heavy. The receipts of foreign greasy combing wool at Newport News__ 4,142 623 7,685
6,283 19.133
400
New York
368
319
49
Boston last week were about as large in volume as during Lake Charles
1,136
580
558
the previous week, but the low grade New Zealand and Los Angeles_ _ __
South American cross-bred wools comprised a larger pro8,382 28,635 4,159 5,200 8,166 42,225 125,541
28,774
Total
portion of the total. The receipts of domestic wool at Boston Total 1927
44,038 16,150 52.327 15,960 18,700 45,224 22,453 214,852
6.200 10.495 78.101
slightly higher than that for the previous week, amount- Total 1926
2R RAn 5240 10 257 ORM
were
approximately 1,464,700 lbs.
Exported to
From
ing to
Boston wired May 3d. Cape and Australian fine merino Aug 1 1927 to Great
Japan&
GerMay 4 1928.
wools are included in the current movement. The prices Exportsfr
Britain. France. many. Italy. Russia. China. Other. Total.
Australian fine wools show a slight advance in the
paid on
Galveston_ _ 288,820330.331 390,4 177.52 34,4 283,473358,267 1,863.323
ideas of purchasers, although current trading is being con- Houston
290,929 305,737 409.887156.939 86,200250,442 175,47 1.655,607
37.238
1
5,2
3,878
a basis that is under replacement values. Users Texas City.. 22,026 34,321 6,034
ducted on
Corpus Ch
24.31
57,001 4,059 3,10 23,972 15,182 161,945
2,444
of foreign wools show some !hesitancy about making large Port Arthur_ _
200
900
1,344
commitments before the opening of the next series of London New Orleans_ 221,63 94,069 248,743115,944110,51 204.753105,3331.100.990
5.978 190,517
25,0
Mobile
49,719 1,989 102.994 4,7i
Philadelphia market was quiet but steady with Pensacola_ _
2. 94
sales. The
,
2,134
37
8,865i
38.705 24,806 580,373
fine staple lots not plentiful. Fine wools in Boston some Savannah _ _ 154,724 5,232 346,233 10,673
1,124
3i9t
805
Lake Charles_
demand.
advioes say are in fair
g4.slol 222,383
5,3
43,191 1,881 141,433 6,065
Charleston_
COTTON
Friday Night, May 4 1928.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
109,891 bales, against 92,378 bales last week and 72,882 bales
the previous week, making the total receipts since the 1st of
August 1927 7,767,926 bales, against 12,068,451 bales for
the same period of 1926-27, showing a decrease since Aug. 1
1927 of 4,300,525 bales.
Wilmington_ _
Norfolk
Newport New
New York..
Boston
Baltimore,
Philadelphia
Los Angeles_
Ban Diego..._
San Franctsc
Seattle
Total
7,2
600
54,734
3
49,97 13,034
247
2,85
2,24k
775
27,292 7,313
1,84
88
300
22,303 62,84
1,25
69,04
49.4521 3,769
543
, 1,841
377
1
4
591
33,187
45
303 92,642
3.5971 131,479
34
2,68 38.5581 157,470
6,675
3,02
4,354
267
60
1,805
361 91,175
22,431
1.843
39
2,076
4,118
1,900
1,900
,2
1,244,422802,078 1,887.885547,034 219,467883.036 758,211 6,321,933
Total 1926-272.386,553932,506 2,643,888681.326 271,1701822833 i0544589,622,534
Total 1925-26 2,065,032 820.592 1.565,496587,058 134,123997,039748,647 6,917.987
2840
FINANCIAL CHRONICLE
[VOL. 126.
NOTE.-Ezporis to Canada.
-It has never been our practice to
above table reports of cotton shipments to Canada,the reason beinginclude in the
that virtually
all the cotton destined to the Dominion comes overland and it is impossible to get
returns concerning the same from week to week, while reports from the Clle,01118
districts on the Canadian border are always very slow in coming to hand. In view,
however,of the numerous inquiries we are receiving regarding the matter, we will say
that for the month of March the exports to the Dominion the present season have
been 19,123 bales. In the corresponding month of the preceding season the exports
were 26,896 bales. For the eight months ended March 31 1928 there were 173,931
bales exported as against 195,424 bales for the corresponding seven months of 1926-27.
decline of 7 cents in each case. Early indications may
therefore be very deceptive. It is argued that conclusions
altogether too radical as to the prospective size of the yield
of 1928-29 have been drawn from early conditions susceptible ofmarked improvement later. Cotton can be planted
up to June and if favored with good weather may turn out
well. Experienced people say that late planted cotton, that
In addition to above exports, our telegrams to-night also is, cotton
give us the following amounts of cotton on shipboard, not ing more planted in the middle of May, can do well, growrapidly than early seeded cotton. In Texas the
cleared, at the ports named:
fields are free of weeds and grass and the soil is well
tilled. • The cost of cultivating the late planted cotton is
On Shipboard Not Cleared for
smaller than that seeded earlier. The price has risen
Leaving
Great
GerOther CoastStock.
about 5 cents since Feb. 2. From April 21 to May 1 there
May. 4 at- Britain. France. many. Foreign wise.Total.
was a rise in the May delivery from 20.05 to 22.08c.; in
Galveston
7,600 3.600 5,000 20.400 2,000 38,600 250.717 July from 19.90 to
21.85c.; in October from 19.74 to 21.78c.,
New Orleans
3,796 3.425 8,882 20,381
150 36,634 312,030
Savannah
200
200
24,011 or in other words, about 2 cents. That was a rapid rise.
leston_
____
____
____
____
289
289
30.281 Men began to ask themselves whether It may not have
Mobile
5.221
--------5,350
41 10,612
1,452
Norfolk
67,699 been a little premature. It was at least a quick advance of
Other ports*
2,000 1.000 3,000 4,000
---- 10,000
67,176 $10 a bale, on perhaps too slender grounds. The crop of
Total 1928
18,617 8,025 16,882 50;131 2,680 96,335 1,357.957 course is not made in April or May. July and August are
Total 1927
19.734 10,766 25.338 60,802 3,180
Total 1926_ 18.262 8.803 9.68.5 45.130 4.318 119,820 1,812,360 supposed to be the critical months. Of late, fair and warm86.098 885.533
er weather has been forecast. It is concededly a weather
* Estimated.
Speculation in cotton for future delivery was active and market. The volatile, not to say, treacherous nature of
new high levels were reached early in the week after weather markets is known to every one at all versed in
which came a big drop. Earlier, however, the outside cotton price fluctuations. Wall Street, Chicago, Texas and
public buying including Chicago dominated the situation, boardroom operators have liquidated on a large scale;
coupled with widespread apprehension in regard to the followed by smaller traders through wire houses and other
next crop. The season is said to be on the average two firms. Liverpool and the Continent sold. Spot markets
to three weeks late. Fields have had to be replanted for dropped on the 2nd inst. 30 points. It was asserted that
the second time; some, it is said, must be replanted again. some of the mills sold actual cotton. Exports have been
Prolonged cold wet weather is the secret of the trouble, small. Manchester has been quiet. There is no agreeespecially in April. Recently the increase in the acreage ment as to wages there and there may be trouble ahead,
Was estimated at nearly 10%; others said 6 to 7%; later even a lockout of half a million hands. The big rise in raw
reports say only 3.5 to 4.2%. The amount of planting com- cotton disorganized cotton goods markets on this side.
On Thursday prices broke 60 to 65 points on better
pleted up to April 25th, it is stated, was only 28% compared with the same percentage at the like period a year weather, weaker Liverpool cables, and further heavy liqui-year average of 36% and a normal at this date dation by Wall Street and the West, with professional sellago, a 10
of 50 to 55%. It is declared that replanting will have to ing to bring out stop orders. Reports of good rains in
be on a much larger scale than usual. And all the cotton western Texas hastened the selling. They were not fully
States complain of the scarcity and high price of the seed. confirmed, but there were at least light or moderate rains
It is added that in some sections good seed is not easy there and needed showers were predicted for western Texas
to obtain. Western Texas badly needs subsoil moisture. as well as other parts of that State, with the desirable
It will have to have frequent showers or rains this summer. fair weather in the Atlantic States. Liverpool sold as
Temperatures this week in Texas were at times as low as well as the South. There was long liquidation on both sides
28 degrees; frequently they were in the 30's. Georgia and of the water. Liverpool ended 13 to 15 points lower. Manthe Carolinas at one time had too much rain. Leaching chester says in effect that the mill employers and emout of fertilizers in Georgia was reported. The increase ployees cannot agree as to wages and on this side some
of 25 to 35% in the use of fertilizers at the South is not fear there may be a lockout. In Manchester yarns were
confined to cotton; considerable will go into tobacco and irregular and bids for cloths too low. Worth Street was
truck crops. In short, it is believed that the weather will quiet and prices for sheetings seemed to be eased to facilihave to be exceptionally good in May, June and July to tate business.
To-day prices were very irregular and ended practically
make amends for the bad conditions thus far. Some think
the South will be fortunate from present appearances to unchanged, some months being a little higher and others'
raise 15,000,000 bales, though of course, it is entirely too slightly lower. At one time prices were 24 to 30 points
early to dogmatize about the size of the crop. But Europe higher; at another so erratic were the fluctuations they
was seemingly for a time at least as uneasy about the Were 13 to 17 points net lower. Rains in western Texas
American cotton crop as it is about the yield of American were insufficient. That was generally admitted. At the
wheat. Iiverpool was sharply higher on May 1st. Liver- same time, Texas rains were more widespread than had
pool and the Continent bought. Contracts have from time been supposed. Still the point is stressed that western
to time been scarce. There was no hedge selling to replen- and northwestern Texas need a good deal more rain. A
ish the supply, nothing but occasional profit taking and Dallas report said that the season is the latest in 15 years,
some cautious short selling. Spot cotton got above 22c. though cotton can be planted as late as June if there are
on April 30th and daily sales have exceeded those of the good rains. Liverpool was if anything rather better than
same days last year. Worth Street was more active at due but ended noticeably lower and weak. Both Liverpool
and the Continent bought here; also Wall Street and the
times at higher prices.
The government weekly report stated that recent weather trade as well as scattered shorts. Offerings as a rule were
conditions in the cotton belt have been decidedly unfavor- not large. The technical position was better. The market
able, bu some improvement was noted, particularly in the in the end had a more or less sold-out appearance. But
Southeast during the latter part of the week. In this lat- bulls have been sobered by the sudden and wholly unexter area, however, especially in much of Alabama, Georgia pected late decline as surprising as it was severe. To-day
and northern Florida, the heavy to excessive rains of the there was a forecast of dry weather in western Texas,
preceding week did much damage to young cotton, and which caused some covering and other buying, especially as
these, followed by the unseasonable coolness, made very it was accompanied by predictions of frost in the Panunfavorable conditions. It was too cool also and in many handle and also in Oklahoma, together with showers in
the Eastern
places too wet, in the Carolinas, Tennessee and other sive buying. belt. But for all that, there was no aggresFinal prices show a decline for the
States bordering on the Mississippi River. In Texas the of 27 to 50 points.
week
Spot
cool nights, windy weather and dryness were likewise a decline for the week cotton ended at 21.35c. for middling,
of 50 points.
detrimental, with progress and condition of the crop rathThe following averages of the differences between
er poor to only fair; planting and replanting made very as figured
grades,
good advance, but the soil was too dry for germination In designated from the May 3 quotations of the ten markets
by the Secretary of Agriculture, are the differparts of the Central and West and too wet in the north- ences from
middling established for deliveries in the New
east. It was also too wet and cool in Oklahoma with slow York market on
May 10:
progress in planting and indications of poor germination. Middling fair
89 on *Middling yellow tinged
1.09 on
the 2nd inst. prices fell some 35 to 40 points, owing Strict good middling
But on
.64 on *Strict low middling yellow
tinged1.67 off
Good middling
.38 on *Low middling yellow tinged.
to better weather and heavy realizing on both sides of the Strict middling
..2.40 off
.24 on Good mid,light yellow stained__
water. Liverpool was distinctly lower. Havre, Bremen Middling
Basis *Strict mid,light yellow stained. .71 off
low middling
.33 off *Middling light yellow stained- _1.21 off
and Alexandria declined. The unfavorable weekly report Strictmiddling
--1.83 off
Low
.77 off Good middling yellow stained-.94
fell flat. In Texas and Louisiana planting and replanting *Strict good ordinary
1.43 off *Strict middling yellow stained--1.88 oft
off
*Good ordinary
2 18 off *Middling yellow stained
made very good progess. There have latterly been signs Good middling
2.38 off
spotted
23 on Good middling gray
42 off
of coming good weather. The percentage of replanting Strict middling spotted
even
Strict middling gray
.88 off
Middling
39 off *Middling gray
needed in the belt is believed to have been exaggerated. *Strict spotted
1.04
low middling spotted
.82 off *Good middling blue etalned----1.48 off
It is, of course, too soon to consider the question of the *Low middling spotted
1.45 off *Strict middling blue stained...2.1 off
0 off
probable size of the next crop. Besides, the government es- Strict good middling yellow tinged even *Middling blue stained
2.87 off
Good middling yellow tinged_ _
.31 oft
timate on Sept. 1 1926 of 15,166,000 bales had to be later Strict middling yellow tinged_ ___ .64 Aff •Not deliverable
on future contracts.
raised 2,800,000 bales, I. e., from 15,166,000 bales on Sept.
The
1 to 17,977,000 the final. In 1925 the estimate of August New official quotation for middling upland cotton in the
York market each day for the past week has been:
1st was only 13,566,000 bales and the crop turned out to
April 2810 May
Sat. Mon. Tues. Wed. Thurs. Fri.
be 16,123,000. These changes were the precursors of a Middling upland 421.75 22.15 22.30 22.00 21.35
21.36
2841
FINANCIAL CHRONICLE
MAY 5 1928.]
-that is,
AT THE INTERIOR TOWNS the movement
-The highest, lowest and closing prices at
FUTURES.
the receipts for the week and since Aug. 1, the shipments for
New York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
May 3.
May 2.
May 4.
May 1.
April 28. April 30.
below:
.iii .ii .ii jj .ii ji iii .in .ii iii i .ii ji
rit
01.11Itti!sqiglipipkript61 r)
-i
ut 6 auig6r,g6.45.: t.i0 606il st m
.,
g
x -. 4 m
21.15-21.34 21.07-21.71 21.72-22.08 21.42-21.78 20.83-21.50 20.70-21.07
21.49-21.50 20.83-20.88 20.82-02.85
21.62-21.68 21.8021.25-
Movement to May 4 1928.
Ship- Stocks
merits. May
4.
Week. Season. Week.
20.7221.3620.7121.12 -21.51 -21.6720.90-21.12 20.77-21.49 21.46-21.85 21.20-21.54 20.60-21.25 20.44-20.90
20.99-21.01 21.39-21.43 21.54-21.56 21.23-21.26 20.60-20.64 20.61-20.63
Ma.,Birm1ng'm
EufaulaMontgomery.
21.18-21.18
Selma
- Ark..Blythevill
20.56
21.52 -21.2020.5620.97 -21.38Forest City....
21.21-21.21 20.47-20.47
21.75-21.75
Helena_
21.50 -21.17 -20.54 -20.5220.96 -21.33Hope
Jonesboro--21.12-21.52 20.50-21.1620.36-20.81
20.78-21.00 20.65-21.43 21.41-21.78
Little Rock
20.88-20.88 21.30-21.32 21.48-21.5021.13-21.14 20.52-20.55 20.53-20.54
Newport_ .
Pine Bluff-21.14-21.14
Walnut Ridg
20.79 -21.22 -21.41 -21.14 -20.46 -20.46- Ga., Albany
Athens
20.62-20.84 20.55-21.25 21.29-21.84 20.98-21.40 20.40-21.03 20.24-20.7f
Atlanta
20.72-20.74 21.15-21.18 21.35-21.36 20.98-21.02 20.40-20.43 20.40-20.42
Augusta
Columbus...
20.61-20.79 20.48-21.17 21.20-21.53 20.88-21.29 20.28-20.88 20.11-20.5Macon
20.67-20.69 21.04-21.05 21.25-21.26 20.88-20.90 20.28-20.32 20.25Rome
La.. Shreveport
Miss.,Clar
20.2620.25 21.2420.8820.6721.03Columbus......
Greenwood20.60-20.79 20.48-21.19 21.18-21.57 20.87-21.29 20.25-20.90 20.10-20.51
Meridian.._
20.87-20.94 20.25-20.30 20.26-20.21
20.6721.02-21.04 21.24Natchez
Vicksburg_ -.
1
20.26-20.21
21.32-21.32
Yazoo City
21.25 -20.85 -20.22 -20.21 - Mo., St. Louth_
Range of future prices at New York for week ending N.C..Greensb'r.
Raleigh
Okla., Altus x_
May 4 1927 and since trading began on each option:
Chickasha x..
Okla. City x.
Range for Week.
Range Since Beginning of Option.
Option for15 towns._ _ ..
S.C..Greenvill
18.35 July 12 1927 26.67 Aug. 31 1927
Greenwoodx_
AprIl 1928
Nifty 1928__ 20.70 May 4 22,08 May 1 17.08 Feb. 2 1928 25.07 Sept. 8 1927 Tenn.,Memph
17.32 Feb. 3 1928 21.77 Sept. 19 1927
June 1928
Nashville :-.
July 1928__ 20.44 May 421.85 May 1 17.10 Feb. 2 1928 24.70 Sept. 8 1927 Texas, Abilene.
Aug. 1928_ 21.18 May 321.18 May 3 17.65 Feb. 8 1928 21.18 May 3 1928
Austin
Sept. 1928-- 20.47 May 4 21.75 May 1 17.45 Jan. 28 1928 21.75 May 1 1928
Brenham
Oct. 1928_ 20.36 May 421.78 May 1 19.72 Apri124 1928 21.78 May 1 1928
Dallas
Nov. 1928_ 21.14 May 2 21.14 May 2 17.25 Jan. 28 1928 21.14 May 2 1928
Ft. Worth x_
1928.. 20.24 May 4 21.64 May 1 16.99 Feb. 4 1928 21.74 May 1 1928
Dee.
Faris
Jan. 1929_. 20.11 May 421.53 May 1 17.00 Feb. 2 1928 21.53 May 1 1928
Robstown_
Feb. 1929
San Antonio_
Mar. 1929_ 20.10 May 4 21.57 May 1 18.52 April 2 1928 21.57 May 1 1928
Texarkana
April 1929.. 20.26 May 4 21.32 May 1 20.26 May 4 1928 21.32 May 1 1928
Waco
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
May 4Stock at Liverpool
Stock at London
Stock at Manchester
1928.
1927.
bales_ 802,000 1,378,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
stock at Ghent
Total Continental stocks
93,000
168,000
1926.
841,000
80,000
1925.
878.000
3,000
128,000
895.000 1,546.000
921.000 1.009,000
476.000
274,000
9.000
118,000
36,000
675,000
289,000
20,000
123.000
44,000
198,000
214,000
4.000
91.000
4.000
277,000
209,000
15,000
102,000
66.000
12,000
3.000
913,000 1,151,000
511.000
684,000
Total European markets
1.808.000 2,697,000 1.432,000 1,693,000
India cotton afloat for Europe
163.000
77.000
89,000 146.000
American cotton afloat for Europe 357,000 539,000 304,000
54.000
EgYpt,Brazil,&c.,ofloatforEurope 99,000 100,000
99.000 105,000
Stock in Alexandria. Egypt
367,000 389,000 275,000 133,000
in Bombay. India
Stock
999,000 669,080 822,000 916,000
-a1,454,29201,932,180 971,631 683.006
Stock in U. S. ports
Stock in U. S. interior towns---- 0691,2240 784,478 1,438.322 469,707
tr, S. exports to-day
100
Total visible supply
5.938.516 7.187.658 5,431,053 4.399.713
Of the above, totals of American and other descriptions are as follows
American
bales_ 591,000 1.065,000 553,000 675.000
Liverpool stock
69.000 149.000
Manchester stock
65.000 111,000
861.000 1.099,000 447,000 592,000
Continental stock
357,000 539.000 304.000 254,000
American afloat for Europe
11. S. port stocks
a1,454,292a1.932,180 971.631 68.3,006
interior stocks
0691,2240 784,478 1.438,322 469.707
ij. S. exports to-day
100
U. S.
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India, dm
Total American
4.023.516 5,568,658 3.779,053 2,784,713
211,000
313.000
288.000
24,000
52,000
163.000
99.000
367.000
999.000
19.000
52,000
77,000
100.000
389.000
669.000
15.000
64.000
89,000
99,000
275,000
822,000
203,000
3,000
17,000
92.000
146,000
105,000
103.000
16,000
1.915,000 1.619,000 1,652,000 1,615,000
4,023,516 5,568,658 3,779,053 2,784.713
5.938,516 7.187,658 5,431,053 4,399.713
Total visible supply
8.754.
11.604.
10.12d.
Middling uplands, Liverpool
12.624.
21.35c.
16.00c.
uplands. New York _
19.20c,
23.35c.
Middling
17.254.
17.65d. 35.354.
Egypt, good Sokol, Liverpool__ 22.554.
17.00d. 20.754.
Peruvian, rough good, Liverpool_ 13.754. 10.504.
9.954.
7.854.
8.754. 11.404.
Broach, fine, Liverpool
10.906.
8.304.
9.304. 11.804.
Tinnevelly, good, Liverpool
a Ilouston stocks are now included in the port stocks, in previous years
they formed part of the interior stocks.
Movement to May 5 1927.
585
3.50
4
94
105
1
18
___
42:
37
200
15
____
41
1,227
5.006
43
2,4
62.5
215
193
448
128
330
___..J
74
24
3,975
639
89,080
19,667
75,727
58,377
78,484
37,010
51,429
48,838
31,983
108,842
48,606
124,059
35,445
4,980
50,739
123,392
266,303
50,930
6.5,531
35.786
96,638
152.889
35,463
158,288
40,573
36,524
18,024
27,713
336,885
25,593
1,165 7,887
807 6,116
2,635 14,226
563 11,661
1,406 8,523
637 8,150
588 9.315
442 2.316
200 1,891
1,228 11,104
245 2,424
2,092 17,301
194 1,127
--- 1,697
350 4,962
2,284 26,480
6,858 52,649
505
196
2,542 3,951
1,700 10,064
680 33,222
2,922 27,652
281 4.225
2,013 47,228
924 4.654
1,607 14,580
844 2,852
723 6,959
4,428 3,792
307 11,553
Ship- Stocks
menu. May
Season. Week. 5.
Receipts.
Receipts.
Towns.
Wed.
1.471
504
2,978
1,337
1,488 95,837
25 26,255
442 122,943
157 95,109
138
10,844
9,492
27,287
18,889
2.403 15,426
95,307
843 203,920 3,694 25,148
2,648 26,551
482 185,536
8,806
30
687 50.506
1.827 253.676
4,771 371,009
537 47.663
1,629 106,134
293 51,425
300 166,920
10,023 199,995
216 42,942
805 182,596
104 52,856
1 49,769
35,408
____
44,773
_
6:804 546.337
995 47,766
1,369 20,122
915 208,725
-___ 1,153 190.493
-__
--__
1,960 184,431
1.137, 735.687 2,697 39,902
2,9251 290,438 5.088 51,123 7,490 33.5,512
7,773
___I
7,919 1,412,561 21,343181.168 24,5i..i 2,133,647
120, 7,715
-_--_-_
----!
518 • 1 78,754
188 1.995
245 54,393
164 34,142
214 1,460
95 26,091
100 28,939
1,124 28,718 1,464 11,341
965 93,492 2.081 24,795 1,294 187,129
430 121,622
74 56,573
749 2,066
302 74,752
772
478
49 29,774
87 61,828
201 5,298
312 36.181
30 57.875 1,219 3,727
---534 88,786 1,728 8,519
10 2.447
465 9,513
3,957 38,457
6,939 82.743
134 3,151
6,089
1,4
1,225 21,215
40,300
2,
13,584 44,843
885 5,115
2,869 38,840
413 5.521
364 10,401
6,045
_-_ 10:276
6,770 5,062
1.122 25,534
152 5,485
2,219 5,230
2.261 5,454
2,250 10,242
7,93 75,424
_- 3.251
29,755 168,735
144 1,208
986 1,391
173 1,012
100 6.095
1.824 9.838
680 4,627
336
88
382
----
3.032
"
92 211 001 924 72.83411.740.881112.207784.478
Discontinued. * Includes the combined totals of 15 towns in Oklahoma.
x
•••...•...
G,....wry...
IQ 1171X nevi Lid
The above total shows that the interior stocks have
decreased during the week 45,802 bales and are to-night
93,254 bales less than at the same time last year. The
receipts at all the towns have been 39,181 bales less than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
May 4 for each of the past 32 years have been as follows:
1928
1927
1926
1925
1924
1923
1922
1921
21.35c.
15.95c.
18.85c.
23.95c.
30.50c.
26.95c.
19.754.
12.75c.
1920
1919
1918
1917
1916
1915
1914
1913
41.60c.
29.20c.
26.75c.
20.05c.
12.65c.
10.30c.
13.00c.
11.85c.
1912
1911
1910
1909
1908
1907
1906
1905
11.50c.
15.35c.
15.30c.
10.90c.
10.40c.
11.50c.
11.804.
7.85c.
1904
1903
1902
1901
1900
1899
1898
1897
13.70c.
10.8.5c.
9.56c.
8.19c.
9.75c.
6.12c.
6.31e.
7.62c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
SALES.
Futures
Market
Closed.
Conted Total.
Spot.
Saturday__ _ Steady 10 pts. dec-- Steady
Steady 40 pts. adv.. Very steadyMonday _
Tuesday ___ Steady 15 pts. adv-- Firm
Wednesday_ uiet 30 pts. dec--- Steady
Met 65 pts. dec_-- Barely steady....
Thursday _
uiet Unchanged...... Steady
Friday
600
400
1.445
100
500
1.500
100
600
400
500
2,945
200
2,545 2,100i 4.645
295,401 827,80011.122,201
Total,.....
Since Aug. 1
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1927-28
Since
Week. Aug. 1.
4,428 334.979
3,755 235,161
13.538
156
28,666
224
5,953 218,223
7.736 351,830
-1926-27Since
.
Week. Auy 1.
6,770 558,720
6,850 321.180
90 212,245
49,366
833
5,999 233,100
16.904 564.705
22.252 1,182,397
Total gross overland
Deduct Shipments
79,876
Overland to N. Y., Boston, &c.. _ _ 2.045
19,531
561
Between interior towns
16,324 5.59,511
Inland, &c..from South
37,446 1.748,316
May 4ShippedVia St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total to be deducted
18,930
658,918
4.508
599
22,233
125.006
22.495
790,770
27,340
938,271
Continental imports for past week have been 163,000 bales.
10,106 810,045
3,322 523,479
Leaving total net overland*
The above figures for 1928 show a decrease from last
•Including movement by rail to Canada.
84,380 bales, a loss of 1,249,142 from 1927, an
week of
The foregoing shows the week's net overland movement
increase of 607,463 bales over 1926, and a gain of 2,513,466
this year has been 3,322 bales, against 10,106 bales for
bales over 1925.
"
2842
FINANCIAL CHRONICLE
[Vol.. 126.
the week last year, and that for the season to date the
WEATHER REPORTS BY TELEGRAPH.
-Reports to
aggregate net overland exhibits a decrease from a year ago us by
telegraph this evening denote that as a rule the weather
of 286,566 bales.
during the week has been favorable for cotton in all parts
-1927-28
-1926 27
In Sight and Spinners'
Since
Since
of the cotton belt. Temperatures have been considerably
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to May 4
109,891 7,767,926
108,689 12,068,451 higher with rainfall scattered and precipitation light to
Net overland to Ma 4
10,106
810,045 moderate. The soil has been
drying out and better progress
Southern consumption to May 4100.000 4,281.000
115,000 4,178,000
has been made with farm work.
Total marketed
213,213 12,572,405
233,795 17.056,496
Interior stocks in excess
Mobile, Ala.
-The weather has been favorable and good
*45,802
321,375
40,218
254,143
Excess of Southern mill takings
progress has been made in replanting. River bottoms are
over consumption to Apr. 1210,534
763,202
nearly free of water. It is estimated that the crop has been
Came into sight during week-167,411
193.577
Total in sight May 4
13,104,314
18,073,841 set back two weeks by the previous unfavorable weather.
North. spinn's takings to May 4 27,621 1,257.021
- R
Thermometer
17,300 1,873,342 airliirTh '-debrel.i.ema... --atiT Rainfall.
Galveston,Tex
1 day 0.10 in. high 75 low 60 mean 68
Abilene
2 days 0.07 in. high 94 low 52 mean 73
Brenham
1 day 0.04 in. high 88 low 42 mean 65
Movement into sight in previous years:
Brownsville
1 day 0.01 in. high 82 low 52 mean 67
Corpus Christi
Week1 day 0.04 in. high 80 low 52 mean 66
Bales. I Since Aug. 1Bales.
Dallas
2 days 0.02 in. high 88 low 48 mean 68
1926, May 8
.
142,57611925-26
15.326,450 Henrietta
1925, May 9
1 day 0.02 in. high 96 low 44 mean 70
106,370 1924-25
14,089,718 Kerrville
2 days 0.25 in. high 92 low 38 mean 65
1924, May 10
__105,032 1925-26
10,719,795 Lampasas
1 day 0.06 in. high 94 low 38 mean 66
Longview
dry
high 84 low 54 mean 69
QUOTATIONS FOR MIDDLING COTTON AT Luling
1 day
0.14 in. high 94 low 48 mean 71
OTHER MARKETS.
-Below are the closing quotations Nacogdoches
dry
high 82 low 40 mean 60
Palestine
1 day 0.18 in. high 84 low 48 mean 68
for middling cotton at Southern and other principal cotton Paris
1 day 0.68 in. high 84 low 46 mean 65
markets for each day of the week:
San Antonio
2 days 0.36 in. high 92 low 52 mean 72
Taylor
1 day 0.06 in. high 90 low 46 , mean 68
Weatherford
I day 0.20 in. high 92 low 44' mean 63
Closing Quotations for Middling Cotton on
Ardmore, Okla
-1 day 0.51 in. high 80 low 45 mean 63
Week Ended
Altus
1 day 0.11 in. high 89 low 44 mean 67
May. 4.
Saturday. Monday. Tuesday. Wed'day. Thurday. Friday.
Muskogee
1 day
0.44 in. high 85 low 37 mean 61
Oklahoma City
1 day 0.08 in. high 82 low 98 mean 64
Galveston
21.05
21.45
21.55
21.25
20.65
20.65
Brinkley, Ark
1 day 0.32 in. high 85 low 35 mean 60
New Orleans
21.08
21.48
21.55
21.17
20.62
20.62
Eldorado
dry
high 87 low 40 mean 64
Mobile
20.85
21.25
21.40
21.10
20.50
20.50
Little Rock
dry
high 87 low 44 mean 66
Savannah
20.99
21.39
21.54
21.26
21.61
Pine Bluff
dry
high 90 low 40 mean 65
Norfolk
21.00
21.38
21.56
21.25
20.63
20.69
Alexandria, La
dry
high 87 low 45 mean 66
Baltimore
21.45
21.45
21.75
21.85
21.60
21.30
Amite
dry
high 82 low 37 mean 60
Augusta
21.00
21.44
21.56
21.25
20.63
20.63
New Orleans
dry
Memphis
20.45
mean 68
20.85
21.00
20.70
19.85
19.85
Shreveport
dry
high 86 lew 46 mean 68
Houston
21.00
21.35
21.50
21.20
20.60
20.60
Columbus. Miss.
1 day 0.20 in. high 80 low 39 mean 60
Little Rock- 20.35
---20.75
20.45
19.80
19.80
Greenwood
1 day
0.08 in. high 89 low 38 mean 64
Dallas
20.50
20.90
21.05
20.75
20.10
20.10
Vicksburg
dry
h,gh 84 low 47 mean 88
Fort Worth
_..- 1
1.
20.90
21.05
20.75
20.10
20.10
Mob.le, Ala
1 day
0.27 in. high 86 low 52 mean 66
Decatur
1 day 0.78 in. high 84 low 37 mean 61
NEW ORLEANS CONTRACT MARKET.
-The closing Montgomery
dry
high 86 low 43 mean 64
quotations for leading contracts in the New Orleans cotton Selma
dry
high 89 low 43 mean 66
Gainesville, Fla
1 day
1.48 in. high 86 low 39 mean 63
market for the past week have been as follows:
Madison
1 day
0.70 in. hIgn 86 low 43 mean 65
Savannah, Ga
1 day
0.75 in. high 82 low 43 mean 62
Athena
2 d iya 0.36 in. high 87 low 36 mean 67
Saturday, Monday, Tuesday, Wednesday, Thursday,
Fr 15,
Augusta
2 d.is 0.25 in. high 85 low 42 mean 84
April 28. April 30.
May 1.
May 2.
May 3.
M y 4.
Columbus
1 day 0.08 in. high 88 low 39 mean 84
Charleston, El.0
1 day 0.31 in. high 78 low 45 mean 62
May
21.01-21.02 21.35-21.37 21.46 Bid 21.1320.54bid Greenwood
20.51
1 day
0.91 in. high 86 low 39 mean 63
June
Columbia
2 days 0.33 in. high 84 low 42 mom 63
July
20.76-20.77 22.22-21.23 21.32-21.35 20.95-20.98 20.4220.41 -20.43 Conway
2 days 0.68 in. hign 83 low 40 mean 62
August
Charlotte, N. C
2 days 0.90 in. high 86 low 36 mean 60
September
2 days 0.89 in. high 83 low 39 mean 61
October -- 20.45-20.49 20.97-20.98 21.10-21.12 20.75-20.76 20.18-20.19 20.11 20.19 Newbern
Weldon
-3 days 1.66 in. high 86 low 39. mean 83
November
Memphis, Tenn
1 day
0.99 in. high 84 low 42 mean 63
December_ 20.47-20.48 20.95-20.97 21.1220.72-20.73 20.14-20.15 20.1
,
January _ _ 20.46 Bid 20.8321.04 Bid 20.66 Bid 20.11
20.11
The following statement we have also received by teleFebruary _
March
_ 20.47 Bid 20.9421.06 Bid 20.68 Bid 20.13 Bid 20.01 20.12 graph, showing the height of rivers at the points named at
Tone
8 a. m. of the dates given:
Spot
Steady
Steady
Steady
Quiet
Quiet
St, ady
May 5 1928.
StRadv
Strnmr
May 7 1927.
Rtpluiv flaralv Rev Raralv Rt'v Rti
Feet.
Feet.
New Orleans
Above zero of gaugePINK BOLLWORM QUARANTINE EXTENDED TO Memphis
14.0
20.4
Above zero of gauge33.0
40.8
NINE MORE TEXAS COUNTIES.
Nashville
Above zero of gauge-Nine Texas counties
22.3
11.7
Above zero of gaugeand parts of two others have just been added by the Secretary Shreveport
22.2
30.g
Above zero of gauge
45.6
56.0
of Agriculture to the areas under regulation on account of the Vicksburg
*Decrease.
pink bollworm. All cotton lint from those counties must hereafter be fumigated and compressed before shipment interstate, and all cottonseed is prohibited movement interstate
to points outside the area. The amendment becomes effective
on April 25. Similar regulations governing intrastate shipments were issued by the State of Texas on April 2.
The territory now brought under regulation consists of that part of west"
central Texas involved in the new and very serious outbreak announced by
the department several weeks ago. It includes Winkler, Andrews. Ector,
Crane, Upton, Midland, Martin, Dawson and Glasscock Counties, the
southwest quarter of Borden County, and all of Ifoward County exceptthe
northeast corner.
The department says this is the most threatening outbreak of the pink
bollworm since its original introduction into the United States more than
10 years ago. The fact that this new outbreak brings the insect into connection with the unbroken Cotton Belt Is the menacing situation, and unless
drastic measures can be promptly undertaken to eradicate the pest in this
area, its natural spread will carry it rapidly throughout the Cotton Belt.
The only known and demonstrated means of effecting eradication is by the
establishment of a noncotton zone for one or two years covering the area;
and this method has a long record of successes in previous campaigns
against similar outbreaks. An effort is now in progress to get such Federal
support as will make it possible, in co-operation with the State of Texas.
to enforce such plan of eradication.
Under authority conferred by the plant quarantine act of August 20,
1912 (37 Stat. 315). as amended by the act of Congress approved March
4 1917 (39 Stat. 1134, 1165). it is ordered that regulation 3 of the rules
and regulations supplemental to notice of quarantine No. 52 (revised),
on account of the pink bollworm, which were promulgated July 9 1927,
be and the same is hereby amended to read as follows:
Regulation 3. Regulated areas.
In accordance with the first proviso to Notice of Quarantine No. 52
(revised), the Secretary of Agriculture designates as regulated areas the
following counties and parts of counties in Texas, New Mexico,and Arizona,
including all cities, towns, townships, and other political subdivisions
within their limits:
-The counties of Terrell, Presidio, Brewster, Pecos, Jeff
Texas area.
Davis, Reeves, Ward, Loving. Culberson, Hudspeth, El Paso, Winkler.
Ector, Crane, Upton. Midland, Martin, Dawson, Glasscock,
Andrews,
and all those portions of Howard and Borden Counties lying south and west
of the following described boundary lines: Beginning at a point on the
Dawson-Borden County line where the south fork of the Colorado River
crosses said line: thence in a southeasterly direction following the meander
trigs of said South fork of the Colorado River to a point in Borden County
where the Big Spring-Gail public road crosses said river;thence In a southerly
direction following the said Big Spring-Gail road to a point one mile south
of Morris School house in Howard County. the same being at intersection
of the Vincent road; thence south along fence to Morgan creek: thence
southeasterly along the meanderings of said Morgan creek to the HowardMitchell County line; thence south along said county line to the southeast
corner of Howard County.
-The counties of Chaves, Eddy, Otero, Dona Ana,
New Mexico Area.
Luna Grant,and Hidalgo.
Arizona area.
-The counties of Cochise, Graham and Greenlee.
This amendment shall be effective on and after April 25 1928.
Done at the city of Washington this 18th day of April. 1928.
Witness my hand and the seal of the United States Department of
Agriculture.
(Signed) W. M. Jardine,
Secretary of Agriculture.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
WeatI
Receipts at Ports.
1927. 11926.i 1925.
2,st
Socks at Interior Towns.
1927. I 1926.
1925.
7ecetptsfrom Plantation
,
1927.
1926.
1925.
Jan.
120,4
U
171.1 1.180.09f 1,467,421 1,966,781 82.95t 138,38( 158,778
139.567 235,19t 173,227 1,134,087
4.7
71,95$ .88.781
10_ _ 111,825 228.441 148,354 1,087,654 1,6,0,1791,912,997 gq
65,392174 4., 151.006
17__ 107.419 206,775 148,404 1.049,180 1.305,58i i,e1
,
3,776 68,946162.171 123351.
0
24__ 75,323 210,193 120,512 1,023.12 1,279,199
1.866,324 414263 ios.nu.V6,610
Mar.
62,281 196.159 118,766 987.384 1,224.580 1,838,791 26,545
s
g
70,755 217.975 105.260 941.043 1,168,286 1,810,852 24,434 141.541 88,669
73,234 227,58 121,458 916,246 1,097.531 1,760,002 48,437 181,681 79,322
156.801 70,608
23._ 76,637 185,888 104.414 887.170
30._ 88.473168,766110,433 863.788 1,036,360 1,730.985 47,561 124,717 75,397
984.188 1,679,443 65,091 116,599 58.891
Apr.
80,232140.928 91,081 835,361 922,735 1,630.305,
51,80 79.475 41,896
18
73.01 131,29 104,943 803,203 889.925
20._ 72,882 102,307 71,673 773,381 1,541.773 1,575,256 40,861 98.792 49,891
27._ 92.37 86,136 115,448 737,026 824,696 594,768 43,060 38,190 14,711
1,479,275 59,006 50,162 62,498
May
109,891 108,689 76.81 691.224 784,47 1,438,322 64.08111
268.471 35,857
Feb.
Lawns)Lon
The above statement shows: a) That the total receipts
from the plantations since Aug. 1 1927 are 8,018,472 bales:
in 1926-7 were 12,035,379 bales, and in 1925-6 were 10,114,r argas (2) That although the receiRtLat the outp9rts the
i
--.
past week were 109,891 bales, the actual - inoWinent from
plantations was 64
.2089 bales, stocks at interior town_s
having decreased 45,802 irales during the week:
--•tastWar
-reempaLfrom7the plantations for thW-- were 68,471
veek
Gies and for 1926 they were 35,857 bales.
WORLD SUPPIY - NVITAKINGS OFCOTTON
.
A
.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable, also the taldngs or amounts
gone out of sight for the like period.
MAY 5 1928.]
FINANCIAL CHRONICLE
2843
Hales.
GALVESTON-To Havre
-Apr. 27-Eldena. 951__-Apr. 28- *••• 4
West Moreland, 1.397__ -Apr. 27-Skipton Castle, 630_ _- 2,978
To Dunkirk-Apr. 27-Eldena, 467Apr. 28
-West Moreland, 250
717
Visible supply April 27
6,022,896
7,380,071
To Antwerp-Apr. 27-Eldena, 100
100
Visible supply Aug. 1
4,961,754
3,646,413
To Ghent
-Apr. 27-Eldena, 354; Skipton Castle, 2.664_ '
American in sight to May 4
-- 167,411 13.104,314 193,577 18,073,841
Apr. 28
-West Moreland, 300
3,318
Bombay receipts to May 3
91,000 2,757.000
55,000 2,553,000
To Rotterdam-Apr. 27-Eldena, 1,950___Apr. 28
-West
7.000
Other India ship'ts to May 3
506,500
14,000
354,000
Moreland. 100
2.050
Alexandria receipts to May 2_ _ _
28,000 1.226.860
22,000 1,530,400
To Liverpool
-West Cressey, 5,519
-Apr. 28
5.519
6,000
Other supply to May 3_*b
491,000
10,000
609,000
To Manchester-Apr. 28
-West Cressey, 751
751
To Bremen-Apr. 28-Cliftwood, 2,998
2,998
Total supply
6,322,307 23,047,428 7.674,648 26,766,654
To Bombay
-Apr. 30
-Seminole. 9,777
9,777
Deduct
To Oporto
-Apr. 30-Jomar, 3,625
3.625
Visible supply May 4
5,938,516 5,938,516 7,187,658 7,187,658
To Copenhagen-Apr. 23
-Olaf. 191
191
To Pasages-Apr. 30-Jomar, 400
400
Total takings to May 4_a
383.791 17.108.912 486,990 19,578,996
To Japan
-May 1-Oregon Maru-5,486
5,486
Of which American
245,791 12.460,552 342,990 14,743,596
To Barcelona-May 1-Coulton,4.065
4.065
Of which other
138.000 4,648.360 144,000 4,835,400
NEW ORLEANS
-West Totant.2.061_ 2,061
-Apr. 26
-To Liverpool
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
To Manchester-Apr. 26
-West Totant, 1.902
1,902
a This total embraces since Aug. 1 the total estimated consumption by
To Havre
-Apr. 27
-Kentucky, 450
450
Southern mills. 4,281.000 bales in 1927-28 and 4,178.000 bales in 1926 To Dunkirk-Apr. 27
-Kentucky, 864
-27
864
-and the aggregate amounts taken by Northern
takings not being available
-Apr. 27
To Antwerp
-Kentucky,375
375
foreign spinners. 12.827.912 bales in 1927-28 and 15.400.996 bales in
and
To Genoa-Apr. 26-Monviso, 2.089
2,089
1926-27 of which 8,179.552 bales and 10,565,596 bales American.
To Guayaquil-April 28-Parismina,60
60
b Estimated.
To Bremen-May 1-Bayou Chico. 125
125
To Rotterdam-May 1-Bayou Chico. 374
374
INDIA COTTON MOVEMENT FROM ALL PORTS.
To Hamburg
-May 1-Mayou Chico, 126
126
-May 1-Invincible, 1,100
To Japan
1,100
HOUSTON-To Havre
-Apr.27-Eldena, 2,750
2.750
1927-28.
1926-27.
1925-26.
To Ghent
-Apr. 27-Eldena, 1,007
1,007
May 3.
To Rotterdam-Apr. 27-Eldena, 400
400
Receipts atSince
Since
Since
-Asuncion de Larrinaga,3.197
To Liverpool
-Apr.30
3.197
Week. Aug. 1. Week. Aug. 1. Week. !Aug. 1.
To Manchester-Apr.30
-Asuncion de Larrinaga, 1,491
1.491
To Barcelona-Apr. 30
-Carlton, 825... May 2
-Mar AdriBombay
91.0002757000 55.one 2 553 nen 47.000 2.010.000
atic°, 4,619
5,444
-May 1-Olaf,759
To Copenhagen
759
For the Week.
-May 2-Sydlitz, 2,800
To Bremen
Since August 1.
2,800
Exports
CHARLESTON
-To Bremen-Apr. 27
473
-Tulsa, 473
Great j Conti- Japan&
from
To Roterdam-Apr. 27
-Tulsa, 100
Great I Conti- Japan &
100
Britain! neat. China. Total. Britain. I tient. I China.
-Apr. 27
To Antwerp
-Tulsa. 2,395
2,395
Total.
-To Bremen-Apr. 28
NORFOLK
1.578
-Hannover, 1.578
Bombay-To Bremen-Apr.27
LAKE CHARLES
49
-West Tacock,29
1
1
1927-28_ _
38,000 57,000 93,000 83,0001 489,000 950,00011,502,000
-Apr. 27
To Antwerp
-West Tacock, 269
269
1926-27__
3.00
To Rotterdam-Apr. 27
7,000 10,000
-West Tacock, 50
50
7,000 276.0001,308,0001,59i,000
1925-28._
16,00 37,000 53,000 42,000; 440,000 1.489,000 1.971,000 MOBILE
-To Japan-Apr. 25
-Invincible, 1,000
1.000
Other IndiaTo Genoa-Apr. 30
-Teresa Odero, 1.120
1,120
1
1
1927-28.. 1,000 6,000
____I 7,006 90,500, 416,006,
506,500 SAVANNAH-To Bremen-Apr. 26-Manchester Hero, 5,464: ..' 4
1926-27._ 4,000 10,000
__ __I 14,000 35,000: 319,000
Apr. 30
-Tulsa 1.400
6.864
354,000
1925-26_ 1,0001 4.000
To Hamburg-Apr. 26
-Manchester Hero, 259.....Apr. 30
5.00t
94.006 420,000:
514.000
937
Tulsa, 687
Total all
100
To Oporto-Apr. 26
-Manchester Hero, 100
1927-28_ 1,000 42,
6.861
-Apr. 30-Sundance. 6,861
57,0001100,000l 153,5001 905,0001 950,0002,008,500
To Liverpool
,
1928-27._ 4,000 13,0
To Manchester-Apr. 30-Sundance, 2.260
2,260
7,000 24.00
42.0001 595.000 1,308,0061,945,000
1925-28_ _ 1,000 20.0
783
To Rotterdam-Apr. 30
37,000 58.000 136.000 860.0001.489.0002,485,000
-Tulsa, 585; Escherheim, 198
300
To Antwerp
-Apr. 30
-Tulsa. 300
According to the foregoing, Bombay appears to show an
550
To Genoa-May 1-Scantic, 550
34
ihcrease compared with last year in the week's receipts of NEWPORT NEWS-To Liverpool-Apr.30-34
5,200
5,200
36,000 bales. Exports from all Indian ports record an increase TEXAS CITY-Murmansk-Apr. 26-Willowpool, 5,000
5,000
WILMINGTON-To Bremen-May 1-Wildwood,
1 556
of 76,000 bales during the week, and since Aug. 1 show an SAN PEDRO-To Liverpool-Apr. 29-Loclakatrine, 556
580
To Japan-May 1-Manila Meru, 580
increase of 63,500 bales.
,
A
125,541
W4
3
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Cotton Takings,
Week and Season.
1927-28.
Week.
1926-27.
Season.
Week.
Season.
-We
now receive weekly a cable of the movements of cotton at
COTTON FREIGHT.
-Current rates for cotton from
Alexandria, Egypt. The following are the receipts and New York, as furnished by Lambert & Burrowes, Inc., are
shipments for the past week and for the corresponding week as follows, quotations being in cents per pound.
of the previous two years.
High Stand
High Stand
High StandAlexandria, Egypt,
May 2.
Receipts (cantars)Thls week
Since Aug. 1
1927-28.
1926-27.
140,000
5.793.588
1925-26.
110,000
7.655.355
110,000
7.359.256
ard.
Density
Liverpool .400. 550.
Manchester.400. .550.
Antwerp .300. .450.
.373.4*. .52340.
Ghent
.31o. .480.
Havre
Rotterdam .350. .500.
Genoa
.500. .1350.
This Since
Week. Aug. 1.
Density.
Oslo
Stockholm .600.
'Trieste
.500.
Fiume
.50o.
Lisbon
.450.
Oporto
.60e.
Barcelona .300.
Japan
.650.
ard.
.750.
.850.
.850.
.600.
.750.
.450.
.80o.
Shanghai
Bombay
Bremen
Hamburg
Piraeus
()Monica
Venice
Density.
.700.
.600.
.450.
.450.
.85o.
.850.
.50o.
ard.
.85o.
.750.
81.00
$1.00
.85e.
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
-By cable from Liverpool we have the fol- -- LIVERPOOL.
Liverpool
To
4,000 125,232 2,750 200,745 4,000 1690,56 lowing statement of the week's sales, stocks, &c., at that port.
To Manchester, &c
5,000 138,936 6,500 161.846 ____ 169,081
April 13. April 20. April 27. May 4.
To Continent & India- - - 5,000 332,092 8,750 325,211 4,250 294,399
of the week
25.000
49,000
41.000
38.000
To Amdrica
---- 100.290 6.000 119,472
300 136,467 Sales which American
Of
17,000
27,000
22.000
20,000
1,000
2,000
Total(3:marts
1,000
1,000
14.000 696.550 24.000 507.274 55.60 76e nnu Actual exports
Forwarded
49,000
71,000
61,000
57,000
Note.
-A canter is 99 lbs Egyptian ba es weight about 750 bis.
Total stocks
79,000 763,000 773,000 802,000
This statement shows that the receipts for the week ending May. 4 were
Of which American
559,000 541,000 554.000 591.000
00
140,0 canters and the foreign shipments 14,000 bales.
Total imports
80,000
46,000
69,000
82,000
Of which American
48,000
32,000
53,000
49.000
MANCHESTER MARKET.
-Our report received by Amount afloat
214,000 228,000 211,000 195.000
Of which American
cable to-night from Manchester states that the market in
129,000 127,000 102,000
84,000
Export (bales)-
both yarns and cloths is quiet. Manufacturers are generally
The tone
complaining. We give prices to-day below and leave those each day of of the Liverpool market for spots and futures
the past week and the daily closing prices`of
of previous weeks of this and last year for comparison.
spot cotton have been as follows:
1928.
82s Cop
Twtst.
1927.
834 Les. Shin- Cotton
trigs, Common Middrg
to Finest.
UpTtit
d.
.8.
d. s. d.
Feb.
14)4415)1 13 5 0)13 7
10--- 14)40218 13 5 @137
17---- 14840113)( 18 6 414 0
414 0
1434018) 13
(
,
Mar.
15 41834 13 5 0'13 7
is €163.4 13 5 5(13 7
le-- 15 418)4 13 5 613 7
014 0
23--- 15)4417 0 13
1534617 0 13 6 02)14 1
Apr15)4417 0 13 7 414 1
13.- -- 115)(017)4 14 0 414 2
15544 1791 14 0 @14 2
27-- -- 18 417)4 14 1 414 3
MAY
163 01 17 Si 14 2 1514 4
i
,
32s Cop
Twist.
Spot.
834 Lbs. Shirt- Cotton
Mos. Common ltliddrg
to !lust.
UPI'di
d.
79
10.07
10.25
10.40
d.
8. a. d.
s
.
11)i 13)i 12 1 412 8
12 413)4 12 2 012 4
12)4414 12 3 @12 8
12)40 14)4 12 4 1512 6
d.
7.47
7.69
7.78
7.77
10.63
10.54
10.77
10.96
10.86
125(151434 12 6 @130
12)4614)4 12 5 412 7
1244014)4 12 5 012 7
1234151434 12 4 1512 8
1234414% 12 4 412 8
7.93
7.70
7.54
7.71
7.86
10.91
11.11
11.25
11.81
12)4414%
12)( 41434
12)4414)4
12)401444
7.78
7.77
8.07
8.35
12 3
12 8
12 3
12 4
612 5
412 5
612 5
(4)12 7
11.60 13
15 12 5 am 0
8.75
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 125,541 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
-Apr. 27
-Scythia, 1,882; Baltic,
NEW YORK-To Liverpool
1,931-------------------------3.813
-5,a)/3
Bombay-Apr.
To
5.308
To Genoa-Apr. 28-Winona, 100
100
-Manuel Arnus, 975
To Barcelona-Apr. 28
975
-Lucia C. 300
-Apr. 30
To Venice
300
-May 2-Roussillon, 500_ __May 3-Rochambeau,
To Havre
20. Schodack, 103
623
To Bremen-Apr. 28-Yselhaven, 7,435_ _ _May 3, Dresden,
250
7,685
To Manchester-Apr. 28-Nirian, 329
329
Saturday.
Monday,
Tuesday. Wednesday. Thursday,
Quiet,
Market, I
12:15
P. M.
A fair
business
doing.
A fair
business
doing.
Quiet.
Quiet.
Friday.
Quiet
Mid.UpTds
11.71d.
11.67d.
11.968.
11.908.
11.858.
11.608.
Sales
3.000
7.000
7,000
5,000
7,000
7.000
Futures.{ Steady, un- Steady at Firm at Barely sty Quiet at
Steady
Market
changed to 1 to 4 pts. 30 to 35 11 to 15 10 to 18 22 to 29pts.
decline
opened 4 put. adv. advance. pts. adv. pts. dec. pts. dec.
Market.
4
P. M.
Quiet but
steady, unchanged to
1 pt. dec.
Steady at Steady at
3 pts. dec. 45 to 48
points
to 3 pts.
advance, advance,
Steady at
10 to 13
points
decline.
Easy
Steady at
13 to 15 28 to 29 pts
decline
points
decline.
Prices of futures at Liverpool for each day are given below:
Sat.
April 28
to
May 4.
Mon.
Tues.
Wed.
Thurs. 1
Frt.
12.1512.30 12.1. 4.'' 12.15 4 1 t 12.15, 4.01512.1. 4.0612.18 4.00
p. m p. m.p. m p. m.p. m p. m.p. m.'p. m.p. m.p. m.p. m p. m.
d.
d.
d.
d.
d. 1 d.
d.
d.
d.
d.
d.
d.
April
; 11.2
_
May
11.15 11.15 11:15 11;16 1155 11.46 11;15 11.55 11.56 11.io fiTai
June
11 09 11 08 11 08 11.41 11.53 11.35 11.40 11.31 11.25 11.05 10.97
11.0811.0511.0511.3811.4s 11.32111.3711.2811.2211.02,10.(14
July
August ---------10.9810.97 10.98 11.31 11.43 11.28,11.32 11.22 11.17 10.98 10.89
_
.
. 11.21111.27 11.16 11.1510.92 10.85
September --------10.91 10.89 0.
October ----------10.83 10.82 10.85 11.21 11.33 11.15111.21 11.1011.07 10.88,10.79
November --------10.7510.7410.77 11.12 11.24 11.06111.12 11.0111.98 10.77110.7C
December --------10.75.10.7410.7711.1211.2411.0611.11 11.0110.98 10.7610.69
January ----------10.7410.7310.7611.1211.2311.0611.11 11.01 10.9810.76 10.64
February
-_ 10.73 10.72'10.76 11.11 11.22 11.0511.11 11.00 10.97 10.76 10.69
March
_ _ .... 10.73 10.7210.76 11.11 11.22 11.05 11.11 ll.00iO.971076l06c.
10.72 10.71:10.7511.10 11.2011.04 11.10 10.99 10.96 10.75 10.W
April
_ _ ____q0.70 10.74 11.09 11.19 11.02 11.07 11.97 10.94 10.73 10.6(
May
2844
FINANCIAL CHRONICLE
BREADSTUFFS
Friday Night, May 4 1928.
Flour recently advanced sharply in company with wheat
as it mounted to new high levels for the season. But while
mills marked up quotations some dealers are said to
have undersold them. Spring patents were quoted at one
time at $8.30 to $8.90; and hard winter straights at $1.25 to
$8.60 in some cases. Whether these prices were always obtained is another matter. Shipping directions were not
good. Prices were reduced noticeably following the collapse in wheat prices. Consumers may be carrying small
stocks but it is plain enough that they are not worrying
about the market.
Stocks of flour in New York at the important railway
terminals according to the Inspection Department of the
New York Produce Exchange were 813 against 1,118 cars
a week ago and 1,043 cars last year.
Wheat ended at a big decline. It advanced 3 to 4c. late
last week to new high levels owing to dry weather over
the West and Southwest. Europe has recently bought freely. That is taken as a broad hint as to its requirements
and the need of a good crop in this country. The winter
wheat prospects cause much uneasiness at home and abroad.
Liverpool closed / to %d. higher on the 28th. High winds
1
2
and dust storms were reported in Nebraska. On April 30
prices advanced 4 to 42 on heavy buying with an ab/
1c.
sence of rains in the Southwest and the West and a dry
forecast with possible frosts for Indiana and Illinois. Chicago cut loose from Liverpool which was only % to %d.
1
2
1d.
2
higher at the close and at one time was even / to /
1c.
2
lower. Buenos Aires was unchanged to / higher. It
is believed that private reports would indicate a crop of
not over 450,000,000 bushels against 552,000,000 harvested
last year. World shipments were 15,106,000 bushels which
were something less than had been estimated. The United
States visible supply decreased last week 2,004,000 bushels
against 3,682,000 in the same week last year. The total
is 61,616,000 bushels against 38,295,000 a year ago. Winnipeg lagged with better weather for seeding and a good
supply. On the 1st inst. private crop reports were bullish
but after a small and brief rise prices fell 4 to 6c. as the
reports had been discounted. Liquidation was heavy. The
average of the private reports was 472,000,000 bushels of
winter wheat or 80,000,000 less than last year's harvest.
The reports suggest an abandonment of 26% of acreage
and leave 35,500,000 acres for harvest or more than 2,000,000 less than last year. The condition of 75.4% is the
lowest on record, with three exceptions. Dry weather continued in Nebraska and northwestern Kansas and there
were complaints of dryness in the Northwest. Deliveries
at Winnipeg on May contracts were very heavy, 9,500,000
bushels. Weather conditions in Canada were very favorable for seeding. Export sales of only 250,000 to 300,000
bushels were reported. Minneapolis reported 800,000 bushels going to Chicago for May delivery. Towards the close
/
1
2
there was a moderate rally leaving the net decline 3 to 4c.
Bradstreet's world visible supply for the week showed a
decrease of 4,124,000 bushels against a decrease last year
of 5,863,000 bushels.
On May 1 the reaction that was overdue came early in
/
1
2
/
1
2
a drop of 2 to 3 c. after the issuance of the private crop
reports which though very bullish had plainly been discounted. The average condition of three of the reports
was 75.7% and the average crop of four 472,000,000 bushels.
The indicated crop by these authorities on April 1 was
534,000,000 bushels and the Government final last year was
552,000,000 bushels. There was a bearish statement regarding Kansas conditions, claiming that the State now had
plenty of moisture with the possible exception of the
northwest counties. On the 2nd inst. prices early were
firm with cables from Liverpool strong, a good export demand, and no rain reported in the dry areas. But a decline soon set in on heavy selling and later reports of rain
in western Nebraska, Colorado and southern Kansas. The
forecast pointed to showers and thunderstorms in the Central and Southwestern States. Export sales were estimated at 500,000 to 600,000 bushels, mostly Manitoba.
They included some durum, however. Winnipeg was lower.
/
1
2
/
1
2
Chicago was 3 to 5 c. lower for the day. The Price Current & Grain Reporter said: "Reports from many of our
correspondents say moisture is badly needed for oats and
winter wheat, but that aside from unfavorable cold weather,
the ground is in good condition for spring plowing. These
reports also largely show that in States east of the Mississippi River, as well as in northwestern Kansas, winter
wheat is in perhaps the poorest condition ever known at
this time of year and with comparatively little opportunity
for improvement. Our winter wheat reports vary; figures
made by Chicago crop experts in their May 1 estimates
indicate the smallest crop with two exceptions in fifteen
years."
On May 1 Liverpool opened lower on good private reports as to conditions in Kansas and outside selling. Futures declined 11d. to 1%d. with large tenders and the
/
2
lack of demand for forward shipment. It steadied later.
On May 2 reports that the rains were scanty all over the
winter wheat area and conspicuously firm cables caused
[Vol.. 126.
an opening rise of 11 to 12
/
2
/
1c. Then came a break of 3 to
4c. on big selling. An estimate of 140,000,000 to 160,000,000 bushels for Kansas, private advices that conditions in
Oklahoma were the best in the State's history, and the
weather forecast of showers and thunderstorms for the
central West, hit the market hard. Reports from the northwest were good, with seeding progressing rapidly. Reports from South Dakota said that seeding on an area of
10,000,000 acres had been about completed. On the 3rd
inst. prices advanced at first and then fell 5 c. to 6c.
/
1
2
below the high on rains in the West and Southwest. Liverpool was unchanged to '
/ lower. Export business was
1
2d.
small.
To-day prices fell 3% to 4 c. and then rallied sharply
/
1
2
and closed %c. lower to / net higher. Winnipeg ended
1
2
c.
/ to 12 net higher, Minneapolis / lower to 11 high1
2
/
1c.
1c.
2
c.
/
2
er. Trading was on a very large scale. The technical position was better. The market acted oversold. Winnipeg's
strength helped the rally. Export sales were 500,000
bushels of Manitoba and durum. The foreign inquiry was
larger. Crop reports were better from Oklahoma and
southern Kansas, but much wheat has already been killed.
Argentine exports for the week were 2,194,000 bushels;
Australian 1,488,000 and Bradstreet's North American
6,553,000 pointing to a total for the world of 11,643,000
bushels. Final prices show a decline for the week of 5
to 7 cents.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Man. Tues. Wed. Thurs. Fri.
No.2red
227% 230% 226% 221% 217 216%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
167
170 1660 1611 156% 156
July
165% 169% 165 1617 157% 157
September
162% 166% 161A 158
154 154
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
1564 157% 156% 154% 151% 1531
159 160% 158% 157% 154% 155
July
October
150 152
150% 148% 146 146
Indian corn showed a moderate net decline for the week.
It declined / to / on April 28 under heavy liquida1
2
1c.
2
tion after an earlier rise of % to %c. Country offerings
to arrive were small but consignment advices point to an
early increase in receipts. Shipping demand was not urgent. Oa April 30 prices advanced 4 to Sc. with big operators buying on a dubious crop outlook. The Southwest
bought. The weather was better for field work although
frost was forecast which would naturally delay seeding.
Some Illinois seeding reports were favorable. But the
United States visible supply fell off last week 3,833,000
bushels against 3,550,00 last year. The total is 33,555,000
bushels against 36,621,000 a year ago. On May 1 prices advanced 12 to 11c. to new highs; then they dropped about
/
1
/
2
3 to 3 c. from the high of the day on heavy realizing,
/
1
2
due to very favorable weather with showers and warmer
temperatures to aid seeded areas. May contract deliveries
were 2,307,000 bushels. A fair cash demand prevailed.
The net decline on the 1st was 1% to 2c. Consumers were
not much inclined to follow advances. On the 2nd inst.
/
1
brices closed 2% to 32c. lower on beneficial rains with
liquidation general. Country offerings to Chicago were
larger from Illinois points. Deliveries on contracts were
nearly 1,000,000 bushels. Rains were predicted over a
large section where seeding was completed. Nat C. Murray estimated the amount remaining on farms May 1 at
590,000,000 bushels against 730,000,000 last year. Corn
needs a much better shipping demand, some say, if prices
are to be permanently advanced. On the 3rd inst. with
wheat down, corn fell 2c., rallied 3e. and then slumped
2c., closing % to 12 net lower. The rally was on Mur/
1c.
ray's estimate of farm reserves of 590,000,000 bushels
of 140,000,000 less than a year ago and 376,000,000 less
than two years ago. Beneficial rains fell in the West and
Southwest.
To-day there was big trading. Rains caused an early
decline of / to %c. Later came a rise of 2 to 2 c. from
1
2
/
1
2
the low. The ending was 1,6 to ic. net higher for the day.
There was not much pressure. Bad weather reports were
received. Argentine shipments were large. But prominent
commission houses were buying. Corn was bought against
sales of lard. There were some rumors of export business though nothing really developed. Predictions of frost
had some effect. Realizing caused a reaction. Final prices
were % to 1c. lower for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
129% 133% 131% 127% 127% 128%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
106% 1104 109 105% 105% 1054
July
110% 114
112% 109% 108% 109
September
110% 114
112% 110% 109% 109
Oats advanced a fraction on April 28 in the face of con
siderable profit taking. Foreign crop news was bad even
if export demand did not appear. On April 30 prices advanced 1 to 1%c. in response to a sharp rise in other grain
with unfavorable crop reports from the central West. But
later in the day liquidation of May and new July caused
a setback ending / lower to 11c. net higher. The United
1c.
2
/
2
States visible supply decreased 1,322,000 bushels against
3,205,000 last year. The total is now only 11,168,000 bushels
against 29,574,000 a year ago. On May 1 prices eaded 2 to
MAY 5 1928.]
FINANCIAL CHRONICLE
2%e. lower. In the abandoned soft wheat area the acreage
of oats will be increased. Deliveries were 485,000 bushels.
Cash people will take them. Premiums were still tight.
4
On the 2nd inst. prices declined 1 to C. with other grain
lower and some liquidation. The weather was more favorable for the new crop. Yet there was a good cash demand and premiums were firm. Receipts were small and
stocks not burdensome.
On the 3rd inst. oats cut loose from the rest of the grain
list on reports of an export business in United States oats
4
with the Continent and prices advanced Y to Ihc. net.
Cash oats were conspicuously strong and the premiums still
4
notable. To-day prices ended 1 to lc. higher. May led the
rise. There was steady buying throughout the day. Big
commission houses were doing it. Final prices show a decline for the week of % to %c.
United States-New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
Toledo
Detroit
Chicago
afloat
Milwaukee
" afloat
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Canal and River
2845
GRAIN STOCKS.
Wheat.
Corn,
Oats,
Rye,
bush,
bush,
bush,
bush.
89,000
4,000
84,000
148,000
8,000
3,000
48,000
51,000
60,000
11,000
276,000
27,000
137.000
6,000
249,000
278,000
10,000
72,000
581,000
55,000
8,000
1.317,000
41.000
185,000
2,000
535,000
1,451,000
203,000
57,000
1.211.000
63,000
23,000
7.000
56,000
72,000
13,000
220,000
561,008
3,030,000 13,516,000 4,024,000
472,000
132,000
56.000
9,000 1,985,000
918,000
31,000
657,000
104,000
161,000
22,950,000
480,000 3,744,000
376,000
1,188,000
18,626,000 1,357,000 3,800,000
369,000
179,000
130,000
1189.000
955,000 1,364,000
195,000
3,000
5,422,000 7,125,000
35,000
107.000
216,000
1,748,000
751,000
355,000
75,000
58,000
3,000
156,000 1,297,000
82,000
1,090,000 3,117,000
666,000
8,000
338,000
Barley.
bush.
51,000
26,000
4,000
7,000
18.000
57,000
6,000
20,000
89.000
60,000
587,000
442,000
720,000
6,000
75,000
86,000
DAILY ()LOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
80% 804 80
80
80
81
No.2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
42,000
Sat. Mon. Tues. Wed. Thurs, Fri.
20,000
64R 64% 63% 62% 63
63 7
May
57
58
56% 55% 55% 56
Total Apr. 28 1928
61,616.000 33,555,000 11,168,000 5,532,000 2,316,000
July
September
48
49% 47% 47% 47
Total Apr. 21 1928
63,620,000 37.388.000 12,490,000 5,410,000 2,676,000
48%
Total Apr. 30 1927-38,295.000 36,621,000 29,574.000 8,211,000 1,601,000
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
-New York, 12,000 bushels:
Note.
-Bonded grain not included above: Oats
75% 754 754 734 754 77% Boston, 6,000; Philadelphia, 3,000; total, 21,000 bushels. against 116,000 bushels
May
71% 71% 71% 704 71
72% in 1927. Barley-New York, 16,000 bushels; Boston. 40,000: Baltimore, 23,000:
July
Duluth, 44,000; Canal, 101,000; on Lakes, 395,000: total, 619.000 bushels, against
October
57% 58
574 57% 57
58
-New York, 1,048,000 bushels; Boston, 258,000:
2.431,000 bushels in 1927. Wheat
Rye advanced late last week some 1 to 2c. and then Philadelphia, 550,000: Baltimore. 640.000: Buffalo, 3,494,000; Duluth, 351,000:
reacted under profit taking. The total rye area for the on Lakes, 1,813,000; Canal, 190,000; total, 8,344,000 bushels. against 13,075,000
bushels in 1927.
1928 harvest in 12 countries is stated at 26,684,000 acres
Canadian
4,469,000
519,000
200,000
387.000
against 25,854,000 acres in 1927. The condition of the win- Montreal & Pt.
1,851,000 2,682,000 3.179.000
Arthur.58,829,000
rye in Poland on April 1 was below the average and Ft. William
ter
.•
afloat
7,261,000
7,000
386,000
6,132 000
396,000
also below the condition on April 1 1927. Rye production Other Canadian
Total April 28 1928......76,691,000
2,377,000 3,268,000 3,962,000
for 1927 in 28 countries was at 876,490,000 bushels against
Total April 21 1928-76,773,000
2,413,000 3,305,000 3.978,000
801,885,000 bushels in 1926. The third estimate of the
Total April 30 1927__,37.341,000
6,092,000 2,825,000 4,075,000
Summary
1928-29 rye crop in the Argentine is 6,614,000 bushels as American 61,616,000 33,555,000 11.168.000 5,532,000 2,316,000
compared with the previous estimate of 6,693,000 bushels. Canadian
76,691,000
2.377,000 3,268,000 3,962,000
Total April 28 1928_ _ _138.307,000 33,555,000 13,545.000 8,800,000 6,278,000
On April 30 prices were 1 to 3c. higher, the latter on SepTotal Apri121 1928_140,393,000 37,388,000 14,903,000 8,715,000 6,654,000
tember in company with the big upturn in other grain.
Fetal Apri130 1927._ 75,636,000 36,621,000 35,666,000 11,036,000 5,576,000
But some of the rise was lost later, owing to profit taking.
The United States visible supply increased last week 122,000 bushels against a decrease last year in the same week
of 2,536,000 bushels. But the total is still only 5,532,000
bushels against 8,211,000 a year ago. On May 1 prices ended
some 2% to Sc. lower in sympathy with the drop in other
grain and with no talk of export business. Early in the
day there was a somewhat firmer tone with the crop estimated at 41,000,000 bushels, but it soon gave way to a perpendicular drop in prices.
On the 2nd inst. prices fell 2% to 5%c. with wheat lower,
export demand quiet and liquidation heavy, especially in
July.
Nat C. Murray estimated the American crop at 42,000,500 and the condition at 77.2%. On the 3rd inst. prices
fell 2% to 4%c. on good rains, dullness of export trade
and heavy liquidation. To-day prices broke early 1 to 4
cents, but later rallied 4 to 6 cents from the low and ended
at 2 to 3 cents net higher. Export sales were estimated at
500,000 bushels or more. Liquidation of May is believed to
be about over. Buying was active. Final prices show a
net decline for the week of 3 to 6 c. In Germany the
/
1
2
abandoned acreage is estimated at 6 to 9%. There were
larger foreign inquiries but the market ran above the European limits.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
1384 139% 136% 133% 130% 1324
1364 136% 1344 128% 124
126%
124
126
1234 119% 116
118%
May
JulY
September
Closing quotations were as follows:
INDIAN WHEAT FORECAST.
-The Indian Government issued as of March 15 its third wheat forecast for the
season of 1927-28. This report shows that the area now
planted is 31,332,000 acres, as against 31,184,000 acres
planted a year ago. We give below a summary of the report:
This forecast is based on reports received from provinces and states,
which comprise a little over 98% of the total wheat acreage of India. The
statistics given in this forecast, therefore, cover all the important wheat
growing areas, except Kashmir for which no forecast is prepared. The
condition of the crop stated below generally relates to that prevailing in
the latter half of February.
The total area sown is estimated at 31,332,000 acreas, as against 31,184,000 acres at the corresponding date of last year, showing an increase of
148,000 acres only. The present conditions and prospects of the crop.
on the whole, are reported to be good.
The detailed figures for the provinces and states are given below
Second Forecast, March.
Area
)
Inc•(-1- or
1927-28.
1926-27. Dec.(-)
Provinces and StatesAcres.
Acres.
Acres.
Punjab _ a
9,978,000 10,708,000 --730,000
United Provinces a
7,381.000 6,944,000 +437.000
Central Provinces and Berar_a
3,775,000 3,743,000
+32.000
Bombay_ a
2,172,000
1.994.000 +178.000
Bihar and Orissa
1.168,000
1,172,000
-4,000
Northwest Frontier Province
1.056,000 1,026.000
+30.000
Bengal
107.000
129,000 -22,000
Delhi
42,000
42.000
Ajmer-Merwara
23,000
13,000
+10,000
Central India
1,962,000 2.200.00n -238,000
Gwalior
1.469,000
1,361,000 +108,000
Rajputana
1,096,000
994,000 +102.000
Hyderabad
1,018,000
788,000 +230.000
Ilaroda
82,000
67,000
+15,000
Mysore
3,000
3.000
Total
a Including Indian States.
31,332,000 31.184.000
+148.000
WEATHER BULLETIN FOR THE WEEK ENDED
GRAIN
Wheat, New YorkOats, New York
May 1.
-The general summary of the weather bulletin
2.16%
No. 2 red, f.o.b
No. 2 white
81
issued by the Department of Agriculture, indicating the inr No.2 hard winter,f.o.b- --1.76%
No. 3 white
774784 fluence
of the weather for the week ended May 1 follows:
Rye, New York
Corn, New YorkNo.2 yellow
1 284
No. 2 f.o.b
1.47
At the beginning of the week temperatures, under the influence of an
1 25% Barley. New York
No.3 yellow
area of low pressure central over eastern Quebec, were above normal over
Matting
1.09
the Northeast and the Atlantic Coast States, and precipitation had ocFLOUR.
curred in many parts of this area. At the same time it was also warmer
$R.40 $S.85 Rye flour, patents
spring patents
$8.104$8.30 than the seasonal average over the Southwest, duo to a "low" central •
7.25b 7.75 Semolina No. 2. poundClears first spring
over New Mexico, but no precipitation had been reported. The latter
454
soft winter straights__ __--__ Oats goods
3.704 3.75 depression moved eastward on the succeeding days of the week and brought
god winter straights__ 8.1Oc 8.50 Corn flour
3.004 3.05 general heavy to excessive rains to many sections of the Southeast and
Bard winter patents__ 8.4Os 8.80 Barley goods
East. Rainfall was especially heavy over many parts of the Middle Atlantic
Coarse
7.75
States on the 28th, with the center of the disturbance over Delaware at the
lord winter clears__ __ 7.25
3.40
morning observation, while snow was reported from the Appalachian
Fancy Minn. patents__ 9.80i 9.65Fancy Pearl Nos. 1,2,
3 and 4
9.96©10.65
City mills
6.504 7.00 Mountain sections.
It continued warmer than normal in Southern States until the 28th,
other tables usually given here, see page 2749.
For
when a rather extensive area of high pressure overspread the Mis.sissippi
The world's shipments of wheat and corn, as furnished by Valley, bringing subnormal temperatures to most of the East. while the
day
Broomhall to the New York Produce Exchange, for the week following with was cool for the season in most southern and southeastern
districts,
some stations in Florida reporting the
temperatures
eliding Friday, April 27, and since July 1 1927 and 1926, of record for so late in the season. At the same timelowest was a trough
there
of low pressure over Minnesota, with relatively mild weather in the Great
are shown in the following:
Plains and western Lake regions, and near the close of the week it was
Wheat.
Corn.
warmer than usual over most of the East, with rather general precipitation in the Northern States from the Great
eastward.
1926-27.
1927-28.
1927-28.
Chart I shows that the week, as a whole, was abnormally cool over the
I 1926-27.
If:Ports.
eastern half of the country and considerably warmer than normal over
111nee
Week
Since
Shire
Week
Since
most of the western half. In the East, and extending as far west as the
Ayr. 27. July 1.
July 1. Apr. 27. July 1.
July 1.
Mississippi and lower Missouri Valleys, the weekly means were subnormal by from about 4 degrees to as much as 11 degrees, the greatest depression
Bushels. Bushels. I Bushels.
Bushell. Bushels.
Bushels.
appearing in the Mississippi Valley. In the Great Basin and northern
404.0001 14.239,000 4,954,000 Rocky Mountain sections, on the other hand, the period was from about 6
North Amer. 6,951.000408.075.000412,282,0
9,480,000 42,404,000 2
Black Bea_
04.00 1 19,233,000 32,594,000 degrees to 13 degrees warmer than normal. In the Appalachian Mountain
0
Argentina__ 5,579,000143,070,000100,939,000 4,244,000221,573,000204,748,000 districts freezing weather during the week extended as far south as western
Australia ___ 2,208,000 57,263,000J 75,720.000
North Carolina, but in the central valleys it did not reach farther than the
8,312.000 4,416,000
India
lower Missouri and central Ohio Valley districts.
Chart II shows that precipitation was substantial to heavy, or excessive,
Otis. countr's 368.000 27.040.000 20.425,000 382,000 23,323,000 3.385.000
In most of the Atlantic Coast States, and was moderately heavy in some
Total -- - 15,106,000853,240.000658,186.000 5,234.000278,368.000245.681.000 central Gulf districts and in the Pacific Northwest. There was heavy
snow in central Appalachian Mountain areas with the depths
ranging in
supply of grain, comprising the stocks in some places from 1 to 2 feet. Elsewhere precipitation was generally
The visible .
light
with amounts scarcely sufficient for
granary at principal points of accumulation at lake and sections. the western Great Plains, measurement over most interior valley
and in central and southern dIstrict
4
seaboard ports Saturday, April 28, were as follows:
west of the Rocky Mountains.
2846
FINANCIAL CHRONICLE
The week, on the whole, was generally unfavorable for farm interests
especially in the South. though the latter part of the period brought more
seasonable temperature conditions in practically all of the eastern half of
the country. In the Southeast the cool weather, following the heavy to
excessive rains of the preceding week, and in some places additional rather
heavy falls during the current period, retarded growth of all warm weather
crops, with numerous complaints of deterioration, and prevented field
operations in many places; at the same time lack of rain and prevailing
high winds were detrimental in much of the Southwest. Very little work
was possible in the northeastern portion of the country, but considerable
was accomplished in the interior calleys. particalarly in the upper Mississippi Valley,during the later part of the period when more seasonable
weather prevailed.
Over the western half of the country the weather conditions were much
more favorable and both vegetation and field operations made favorable
advance in most districts, though it was rather too cool in parts of the far
Northwest. Rain is needed over large areas of the Great Plains southward to the Rio Grande, and moisture would be helpful In the western
Lake region. Warm, dry weather is needed in the East and general warm
rains over most of the trans-Mississippi area, though southeastern sections of the latter are too wet. There was some additional frost damage
to early fruit, but it was not serious or extensive, while strawberries suffered to some extent in Atlantic districts.
SMALL GRAINS.—Reports on weather conditions as affecting the winter wheat crop and its progress during the week continued pessimistic, except in the far Northwest, parts of the Great Plains area, and the Atlantic
Coast States. Further deterioration was noted in Nebraska and much
of the Ohio Valley area. In Kansas progress continued satisfactory, except in the west, and benefical rains occurred in western Oklahoma, but
in other portions of the Great Plains continued cool, dry weather was
detrimental. In most of the Spring Wheat Belt toward the close of the
week more seasonable weather and better conditions for seeding prevailed.
except that in North Dakota the period, ass whole, was generally unfavorable, with much freezing and some damage to early wheat in places. Farther
west seeding made good progress, with favorable warmth prevailing.
The oat crop continued backward in the interior valleys, and much is
still unsown in the Lake region. In Iowa seeding and reseeding have
pracitically ceased due to the lateness of the season, with much still uncetain because of thin stands and late start. Moisture is needed in northcentral areas. Rice made fair progress in Louisiana. and the weather
was generally favorable for this crop in California.
CORN.—Planting corn made fair advance in the western half of the
belt and eastward to the central Ohio Valley, but farther east the cold,
rainy weather retarded field work,and but little planting was accomplished.
Some was seeded during the week as far north as the central portions of
Indiana and Illinois, and considerable was accomplished in southern Iowa,
while this work is nearly half completed in south-central and southeastern Kansas. The early-seeded in the southern half of the country made
poor /progress because of unfavorable weather.
COTTON.—Recent weather conditions in the Cotton Belt have been decidedly unfavorable, but some improvement was noted. particularly in
the Southeast, during the latter part of the week Just closed. In this
latter area, however, especially in much of Alabama, Georgia, and northern Florida, the heavy to excessive rains of the preceding week did much
damaged to young cotton, and these,followed by the unseasonable coolness
of the current week, made very unfavorable conditions. It was too cool
also, and in many places too wet, in the Carolinas, Tennessee, and other
States bordering on the Mississippi River. In Texas the cool nights,
windy weather, and dryness were likewise detrimental, with progress and
condition of the crop rather poor to only fair; planting and replanting
made very good advance, but the soil is too dry for germination in parts
of the central and west, and is too wet in the northeast. It was also too
wet and cool in Oklahoma, with slow progress in planting and indications
of poor germination.
[vol.. 126.
THE DRY GOODS MARKET
New York, Friday Night, May 14 1928.
Textile markets have ruled firm as prices in most divisions have sought still higher levels following last week's
advances. This has succeeded in stimulating a better buying interest. Moreover, the advent of more summer-like
weather following a rather protracted unseasonable period
has prompted consumer buying and helped release many
lines such as wash fabrics, summer silks and other similar
requisites. Some claim that consumer activity is more
pronounced than at any time since Easter. The tendency
of fabric prices to seek higher levels has been more definite
this week, and, as a result, many buyers are said to be
beginning to place forward business on a larger scale.
However, the latter is not of sufficient proportions to make
much impression, but factors believe that prospects favor
increasing commitments. In the cotton goods section, quotations have been raised from one-quarter to one cent, on
the medium weights and from one to two cents on the heavier cloths. Woolen goods, following last week's advance of
from five to ten cents a yard on men's wear goods, have
continued firm, and many manufacturers have marked up
women's wear fabrics in proportion. While finished silks
have not been raised in keeping with the price of the raw
product, quotations on many lines are firmer with a
stronger movement noted in first hands. Manufacturers
expect advances on broad silks for the Fall season to bring
them in line with the higher raw material costs. Burlaps
have also ruled at higher levels, owing to reports of smaller
stocks. In the floor covering division, it is expected that
May will witness even larger sales than April, which proved
to be highly satisfactory. On the other hand, linen, hosiery
and knit goods have not reflected advances as generally
as the other sections of the textile industry, owing to the
keen competition for sales in these goods.
DOMESTIC COTTON GOODS.—With price advances
ranging from one-quarter to two cents a yard established
on various cloths, some further improvement is noted in
the markets for domestic cotton goods. Although total
sales are still below normal, they have
The Weather Bureau also furnishes the following resume agingly steady expansion. This was shown an encourchiefly noticeable
of the conditions in the different States:
the earlier part of the week, when prices for raw cotton
part of week. advanced sharply, owing to
Virignia.—Richmend: Cool, with heavy rains later
poor weather conditions
Good prowess in planting corn, bat soil too wet latter part. Rains improved winter grains, pastures, and meadows. Strawberries damaged by throughout the Cotton Belt. Speculators freely predicted
frost. Extent of damage to apple bloom by cold and snow latter part of that
the staple would reach the twenty-five cent level beweek not determined, but probably not serious.
North Carolina.—Raleigh: Much too cold and wet until near close of fore the new crop is moved. As a result, a number of agents
week. Considerable damage to fruit in mountain region; no material withdrew
prices until the raw market became more settled,
damage to fruit or truck elsewhere, though cold winds unfavorable and
growth retarded. Very unfavorable for cotton; crop deteriorated and while others advanced prices. However, this did not frightsome seed rotting in ground: much to plant and replant.
South Carolina.—Columbia: Winter cereals, truck, and potatoes ha- en or hurry buyers very much, and the latter continued to
proved and some oats heading, but cool nights and rather frequent heavy place business much the same as they had, but in the marains and wet soil detrimental to young cotton and corn, resulting in irregular germination, some seed rot, and considerable replanting. Spring jority of cases, individual orders were larger and better
diversified. During the latter -part of the week, prices for
plowing and planting backward. Tree fruits generally excellent.
Georgia.—Atlantia: Soil did not dry out enough to enable resumption
of farm work in central and south, and coolness checked germination and the staple eased off, due to an overbought and technically
growth, making very unfavorable week. Considerable damage to cotton weakened condition, but quotations which had been establast week by washing rains and much must be replanted, with seed scarce: lished for finished cloths have
been generally maintained.
some planted this week to northern border where drier; progress poor
and stands podr: very little chopping and much yellow and sickly: delay lt appears that mills are much firmer in their attitude—
in planting serious. Peaches not injured by frost and prospects good.
there being a more determined effort to obtain a livable
Florida.—Jacksonville: Heavy rain Friday west and north, with streams
much above flood, but now falling. Work suspended most of week and margin of profit. Among the cloths advanced this week
much corn, cotton, tobacco, and truck lost. Beneficial. moderately heavy are included denims, which have been
marked up another
rains central and south Friday, attended by high winds and local hail in
central. Corn, melons, trucks, and some citrus damaged. Potato digging half cent a yard, and colored cottons, which are being
delayed several days narth. Cold, wet soil unfavorable: light frost extreme held for similar advances. Flannels have
become more
north Sunday was latest of record.
Alabama.—Montgomery: Farm work greatly delayed by wet soil and active with prices advanced by some houses, while gray
coolness. Corn planting continues: crop up to mostly poor stands and cloths have also been marked up on moderate sales. Print
some replanting necessary. Condition of oats varies from poor to fair. cloths 28-inch 64 x
64's construction are quoted at 61 3c.,
Potatoes, pastures, truck, and fruits doing fairly well; condition mostly
4
fairly good. Much cotton acreage in south not yet planted; early-planted and 27-inch 64 x 60's at 5%c. Gray goods in the 39
-inch
badly deteriorated and stands very poor and some ruined; much replant- 68 x 72's construction are
quoted at 9%c., and 39-inch 80
ing necessary; planting progressed slowly in scattered areas of north.
Mississippi.—Vicksburg: Cool Friday to Sunday, with light frost cen- x 80's at 11%c.
tral and north, affected progress of planting and germination. Color and
WOOLEN GOODS.—Markets for woolens and worsteds
growth of cotton and corn poor: planting and replanting cotton as conditions permit, but soil mostly too cool and wet. Progress of pastures continue firm with further price advances
noted for van-good; truck fair.
• Louisiana.—New Orleans: Continued unfavorable conditions, which out finished cloths owing to the increased costs of raw wool.
have seriously damaged cotton and retarded other crops. Later half As mills have replenished their staple needs at
higher
favorable and much farm work resumed. Planting and replanting cotton prices
to provide for manufacturing requirements, they have
well advanced, but condition generally poor, and warmth needed. Corn
growing slowly. Rice making fair progress
found it impossible to produce finished goods for the levels
and cane
Texas.—Houston: Cool nights, high winds, and no rain, except In northeast, unfavorable for plant growth. Progress and condition of pastures. established at the openings some weeks ago. As a result,
oats, and barley poor to fair; oats heading higher quotations are being asked for both
winter wheat, oats, track, spring
men's and womshort. Condition of corn fair to good: growth slow. Progress and condition en's wear fabrics, and
while this has stimulated dupliof cotton rather poor to fair: planting and replanting made good pregrs
of central and west, while cate business in the men's wear division,
but soil too dry for germination in portions
women's wear has
cold sell.
seed rotting in portions of northest account wet,heavy general rains hone_ been more or less quiet, owing to the
between season period.
Oklahoma.—Oklahoma City: Moderate to
ficial in west, but farm work mostly suspended in east where soil too wet, However, factors look for increase activity shortly.
Progress or winter wheat generally fair, but crop not normally advanced;
FOREIGN DRY GOODS.—A slight improvement is noted
condition spotted, ranging from poor to fair. Progress of corn poor, as
too cool and wet; uneven stands and much yet to be planted and replanted. in the linen market this week. Larger
sales of printed and
Slow progress in planting cotton as too wet and cold, necessitating conplain costume linens have tended to offset, somewhat, the
siderable replanting. Oats fair to good.
Cotton deteriorated due to cold, wet soil from disappointingly
Arkansas.—Little Rock:
small request for linen suitings. Manufacmuch
Previous heavy rains: ground packed; replanting large acreage; seed scarce
replant- turers, particularly those in the South, have carried the
and work progressing slowly. Progress of corn atso poor and
meadows, pastures, and apples. Too latter over
ing. Very favorable for wheat, oats,
from last year and are finding it difficult to
cold for truck, strawberries, and vegetables.
rains were unfavorable interest buyers at almost any price. Similarly, no improveTennessee—Nashville: Coolness and occasionalBut litt.e corn
planted. ment is
for farm work due to moist condition of soil.
reported in household linens, which continue dull
Progreso and condition of late-sown winter wheat poor in thin soil. No with
replanting problittle promise of early improvement. On the other
cotton planted, except locally in west; condition poor andsmall.
ably neressan.y. Tobacco beds showing green, but plants
hand, printed handkerchiefs are doing fairly well with
KEniucky.—Louisville: Temperature mostly low, with several frosts,
and planting delayed, but increase in corn and cotton wanting, with rising prospects favoring further expansion in distribution as
temperature near end; germination unsatisfactory and growth slow. Early the season progresses. Reports from abroad also state that
gardens poor; oats small, but doing fairly well. Tobacco plants small business is
better with interest centering in dress linens.
last half and
and some killed; large percentage yellow. Plowing resumed
largely completed. Condition of winter wheat very poor to poor in west Burlaps are steady, with sales fair. Light weights are
and scarcely any In east; growth irregular and weak. Young clover fair: quoted
at 8.20c., and heavies at 9.70c.
considerable killed.
MAY 5 1928.]
FINANCIAL CHRONICLE
#tatt anti Titg p.epartutent
MUNICIPAL BOND SALES IN APRIL.
The principal long-term municipal financing during the
month of April was undertaken by the City of Chicago, Ill.,
and the Chicago Sanitary District, Ill. The aggregate
amount of municipal bonds sold during the month was $128,873,736. This figure compares with $129,616,205 which
represented the output of long-term bonds in March 1928.
In April 1927 the aggregate of municipal issues was 3134,881,048. The City of Chicago, Ill., disposed of $11,655,000
bonds bearing interest at the rate of 4% and maturing serially
from Jan. 1 1929 to 1947, inclusive; they were awarded to a
syndicate headed by the First Trust & Savings Bank of Chicago at 99.664, a basis of about 4.05%. The Sanitary District of Chicago, Ill., sold two issues of 43% bonds aggregating $11,000,000, maturing in equal annual instalments
from 1929 to 1948, incl.; the award having been made to a
syndicate headed by the Illinois Merchants Trust Co. of
Chicago on its unconditional bid of 101.07, a basis of about
4.12%. A summary of the other large offerings during the
mouth follows:
$5.575,000 bonds consisting of 11 issues bearing interest at the rate of 4
maturing serially in 40 years. of the city of Dallas. Tex.,
awarded to George L. Simpson & Co. and Fred Emert & Co.,
jointly, at 100.95, a basis of about 4.17%.
5,072,000 Oakland County, Mich., bonds consisting of two issues $2,952,0008% bonds were awarded to a syndicate headed by Benjamin
Dansard & Co., at 101.13 and $2,120,000 special assessment
bonds awarded to a syndicate headed by the Griswold-First
State Co. of New York City, at 100.181.
5,000,000 road and highway and bridge bonds of the State of Alabama,
awarded to a syndicate headed by the First National Bank,
taking $2,800,000 bonds maturing from 1929 to 1958, inel.;
as 4s, and $2,200,000 bonds maturing serially from 1931 to
1941. incl., as 43(s. The price paid for the entire issue was
100.027.
3,500,000 State of Tennessee bonds awarded to a syndicate headed by
Eldredge & Co., taking $3,125,000 bonds as 4s, and $375,000
bonds as 3}id. Of the total issue $3,000,000 bonds were sold
at par and $500,000 bonds at 100.076, a basis of about 3.99%•
3.475.000 4,4% Mahoning Valley Sanitary District, Ohio, bonds maturing serially from 1932 to 1951. incl., awarded to a syndicate
headed by Illinois Merchants Trust Co., at 100.04. a basis of
about 4.23%.
2.017.000 45i% City of New Orleans, La., bonds, consisting of two issues
maturing serially
1929 to 1938, incl.; awarded to a syndihman Bros. at 99.64, a basis of about 4.58% •
cate headed by
2.000.000
% Miami, Fla., bonds, consisting of three issues maturing
serially from 1931 to 1938, incl.; awarded to a syndicate headed
by B. J. Van Ingen & Co. at par.
1,975,000 bonds of the City of Syracuse, N. Y., consisting of five issues
maturing serially from 1929 to 1968, incl.; awarded to a syndicate headed by George B. Gibbons & Co. of New York, at 100.057, a net interest cost of 3.766%, taking $1.340,000 bonds as
4s and $635,000 bonds as 3
1.900,000 Nassau County, N. Y.. bonds, consisting of two issues bearing
interest at the rate of 4% and maturing serially from 1930 to
to 1941, incl.; awarded to a syndicate headed by the Bancitaly
eorp. at 100.43, a basis of about 3.94%.
1,800.00043.4% Richland, Lexington and Saluda C08.. Bo. Caro., bonds,
awarded to a syndicate headed by the William R. Compton
Co. at 101.029, a 4.37 basis.
1,768,000 4)j% bonds of North Bergen Twp., N. J., consisting of two
Issues maturing serially from 1930 to 1958, incl.; awarded to the
Steneck Trust Co. of Hoboken. taking $1,225,000 bonds at
100.061 and $543,900 bonds at 100.041.
1,618,000 5% Irandequoit, N. Y., bonds, maturing serially from 1929 to
1943. incl.; awarded to a syndicate headed by Lehman Bros.
at 104.221. a basis of about 4.40%.
1.600.000 6% West Palm Beach. Fla.. refunding bonds maturing serially
from 1930 to 1952, ind.; awarded to R. M.. Grant & Co.of New
York City.
1.500,000 53 % Lakeland, Fla., refunding bonds awarded to the Florida
,
5
National Bank of Jacksonville and the Hanchett Bond Co. of
Chicago. jointly, at par.
1,500,000 school bonds of the City of Beaumont. Tex., awarded to a syndicate composed of Eldredge & Co. of New York at
a
4.32 basis, taking $837,000 bonds maturing seriallyfrom 1929 to
100.015.
1957. incl. as 43.45 and $663.000 bonds maturing serially from
1957 to 1968. incl.; as 43-45.
1.430.184.37 bonds of the city of Portsmouth, Ohio, awarded to a syndicate composed of Otis & Co., Braun, Bosworth & Co., and the
Federal Securities Corp., taking $300,184.37 bonds as 4;is.
$900.000 bonds as 4s, and $230,000 bonds as 43is.
1,150,000 Aiken County, So. Caro., 43.4% bonds, maturing serially from
1936 to 1945, incl.; awarded to a syndicate headed by the
Guaranty Co. of New York at 101.449,a basis of about 4.34%.
1.005.0004% Grand Rapids, Mich., bonds, consisting of three issues maturing serially from 1929 to 1938, incl.; awarded to M. F
Schlater & Co. of New York at 100.177, a basis of about 3.97%.
*
1.000,000 Multnomah County School District No. 1, Ore., bonds,awarded
to Halsey, Stuart & Co.and Stone & Webster and Blodget. Inc
jointly, at 100.09, a basis of about 4.018%, taking $275 000
b nds maturing from 1931 to 1935. incl., as 43 and $725,000
-is
o
bonds maturing from 1936 to 1948. Incl., as 4s.
1.000,900 Oakland. Calif., harbor improvement bonds, maturing serially
from 1929 to 1966, incl., awarded to the Detroit Co.of New
York and Anglo-California Trust Co. of California, at 10.5.30.
a basis of about 4.06%.
Temporary loans negotiated during April totaled $77,..
979,000 of which $58,573,000 was borrowed by the City of
New York, including $20,250,000 general fund bonds maturing Nov. 1 1930. No financing was done by any of the
United States Possessions. Canadian bond disposals aggregated $2,497,124 none of which were placed in the United
States.
A comparison is given in the table below of all the various
securities placed in April in the last five years:
1926.
1925.
1927.
1928.
1924,
$
S.)9128,873,736 134,881,048 111,151,259 94,671,659 13 : 86:926
83 238 881
08
Perm. loans (13.
*Temp. loans (U.S.) 77,979,000 6.5,531,000 78,149,500
1,050,000 2,285,000
525,000
Bonds U.S.Poss'ns,
Canadians Ills(perm.):
yi Placed in Canada_ 2,497,124 2,524,194 5,900.474 6,035.419 13,207,187
29,240,000 1,050,000
22,694.000
Placed in U. S. Can.fd.bds. N.Y.C. 20,250.000
229.599.860 226,155,242 195,201,233 130,997,078 230,667,994
Total
**Includes temporary securities Issued by New York City, $58.573.000 in Apr.
1928, 842,500,000 in April 1927, $58,750,000 In April 1926, 877,300,000 In April
1925, and 961,025,000 in April 1924.
The number of municipalities emitting permanent bonds
and the number of separate issues made during April 1928
were 449 and 592, respectively. This contrasts with 456
and 548 for March 1928 and with 529 and 711 for April 1927
2847
For comparative purposes we add the following table,
showing the aggregate of long-term issues for April and the
four months for a series of years:
Month of
For the
Month of
For the
April.
Four Months.
April.
Four Masa/.
1928
1128,873,736 8483,024,582 1910
$20,691,260 9124,708,581
1927
134.881,048 472,494,813 1909
37,462,552 117,402,998
1926
111,151,259 472,734,013 1908
21.428,859 112,196.084
1925
94,671,659 421,599,166 1907
19,909.004
78,235,067
1924
133,288.881 428,848,418 1906
8,725,437
65.755,686
1923
81.426.486 328,000,9801905
40,409,428
76,137.234
1922
a137,176,703 429,237,993 1904
11,814,584
58.333,230
1921
88,104,218 292,561,134 1903
17,626,820
48,803,588
1920
88,194,759 240.267,877 1902
6.735,283
38,254,819
1919
52,713,484 158,952,753 1901
9,298.268
33,192,622
1918
14,999,882
90,130,471 1900
14,157,809
48,650,275
1917
*68,277,482 169.324.775 1899
7,477,406
26,098,992
1916
z86,899,155 206,902,393 1898
3,570,963
27,336,696
1915
26,402,049 171,261.2511897
13,060,323
48,631.385
9103,224,074 268,986,826 1896
1914
4,521,850
19,672.118
1913
23,644,915
96,258,461 1895
8,469,464
29,496,406
1912
22,317,243
97,951,422 1894
11,599,392
35,718,205
1911
38,562,686 162,026,305 1893
9.175.788
26,680.211
* Includes $25,000,000 bonds sold by New York State and $3,000,000 purchased
by the Sinking Fund of New York City.
a Includes $45,000,000 bonds Issued by New York City at public sale.
z Includes 955.000,000 bonds Issued by New York City at public sale.
V Including $70.000,000 bonds sold by New York City-965.000,000 at public
sale and $5,000,000 to the Sinking Fund.
Owing to the crowded condition of our columns we are
obliged to omit this week the customary tables showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS
Akershus (Department of), Norway.
-$8,000,000 5%
Gold Bonds Sold.-A syndicate composed of Brown Bros.
Co., New York Trust Co., and Halsey, Stuart & Co.
&
offered and quickly sold on May 3, $8,000,000 5% external
sinking fund gold bonds of the Department of Akershus at
97.25 and int. to yield about 5.17%. Dated May 1 1928.
Coupon bonds in denoms. of $1,000 registerable as to prin.
Due May 1 1963. Int. payable May 1 and Nov. 1. Prin.
and int. payable in N. Y. City at the office of Brown Bros.
& Co., Fiscal Agents for the loan, in United States gold coin
of or equal to the present standard of weight and fineness,
without deduction for Norwegian taxes. Red. on May 1
1933 aid on any interest date thereafter as a whole or in
on 30 days' notice at par and mar. in
Cumul. sinking
fund beginning May 1 1933 calculated sufficient to retire
the entire issue by maturity, operating semi-annually, by
drawing by lot for redemption at par and accrued interest.
The Department reserves the right to deliver bonds to the
sinking fund at principal amount in lieu of cash. Further
information regarding this loan may be found in our "Department of Current Events and Discussions" on a preceding
page.
Massachusetts (State of).-Additions to Legal List of
Investments.-The securities listed below have been found
eligible for investment of savings banks funds, according
to
the Bank Commissioner's bulletin of May 1:
Chicago & North Western Ry equip Trust.
Series U 06s. Serially to
19m0
43'blle & Ohio Railroad Equip Trust. Series Q 4s.
Serially to 1943.
Minneapolis, Minn.
-Debt Limit Litigation Goes to
Supreme Court.
-Richardson Phelps, whose suit to prevent
the issuance of $1,150,000 bonds on the ground that their
sale would raise the city's debt beyond the legal limit was
dismissed by district Judge H. A. Dickinson
-V.126, p. 2195
has appealed to the State Supreme Court for reversal of the
decision against him, according to the Minneapolis "Journal"
of April 24, which said:
The Minneapolis bonded debt tangle was submitted to the Minnesota
Supreme Court today for settlement, with indications that a verdict
would
be possible by May 15.
To clear up the question of what is the real debt limit of the city, arguments and brief were presented to the Supreme Court on petition of Richardson Phelps as a taxpayer,for an injunction to prevent issuance of $1,150,000
In bonds. The suit was started in the belief that sale of the bonds would
make the city debt greater than the legal limit.
City Attorney Neil M. Cronin for the city and 0. E. Safford for the
taxpayer presented arguments and briefs and Judge C. J. Rockwood,
president of the Taxpayers Association also submitted a brief. Mr. Cronin
emphasized his contention that the debt limit should be based on full and
true value of more than 2900,000,000, thus increasing the debt limit some
250,000,000. Mr.Safford opposed this claim.
The case was before the court on an appeal from a decision by District
Judge H. D. Dickinson. Members of the Supreme Court indicated that because of the emergency, decision would be speeded up.
Mississippi (Sate of).
-Legislature Adjourns.
-The 1928
session of the state legislature came to a close on April 27.
BOND PROPOSALS AND NEGOTIATIONS.
ADAMS, Berkshire County, Mass.
-BOND SALE.
-Charles S. Butler
of Boston, was awarded on May 2. an issue of $12,500 33•;/% coupon bridge
bonds, at 100.12. The only other bidder was E. H. Rollins & Sons offering
par for the issue.
ALABAMA (State of) (P. 0. Montgomery).
-BOND SALE.-Tbe
$1,000,000 issue of coupon harbor improvement, 10th series bonds offerd for
sale on May 1-V. 126, p. 2532
-was awarded to a syndicate composed of
the First National Bank of Mobile, Marx & Co., Ward. Sterne & Co., the
First National Bank and the American Traders National Bank, all of
Birmingham; the First National Bank,the Chase Securities Corp., Kountze
Bros.. Eldredge & Co., Barr Bros. & Co., Redmond & Co., Phelps, Fenn &
Co. and Caldwell & Co., all of New York City. as 43-4% bonds. for a premium of $24,001. equal to 102.40. a basis of about 4.11%. Denom,$1,000.
Dated Apr. 1 1928 and due $25,000 yearly from Apr 1 1938 to 1977, incl.
The second highest bid was a premium of $17,015 for
% bonds,
tendered by the First National Bank of Montgomery in conjunction with
several New York firms.
ALBANY, Albany County, N. Y.
-SALE OF $2,452,500 BONDS
POSTPONED.
-The sale of the $2,452.500 bonds consisting of $1,352,600
4s, and $1,100,000 334s, scheduled for May l-V. 126, pp. 2533
-2689
-was postponed until May 17, according to Lawrence J. Ehrhardt. City
Comptroller. The Comptroller In announcing the postponement of the
bonds explained that due to the Federal Reserve Banks raising the rediscount
rate which has affected market conditions he considered it in the best
Interests of the city to reefer the bonds atgt, later date.
2848
FINANCIAL CHRONICLE
BOND OFFERIA0.-Sealed bids will be received by Lawrence J. Ehrhardt, City Comptroller, until 2 p. m. (Eastern standard time) May 17,
for the purchase of the following coupon or registered bonds aggregating
82.452.500:
$800,000 series A water bonds. Due $40,000. Apr. 1 .929 to 1948 incl.
765,000 4% street inapt. bonds. Due 176.500, Apr. 1 1929 to 1938 incl.
300,000 series B water bonds. Due $7.500, Apr. 1 1929 to 1968 incl.
300,000 4% river front refunding bonds. Due 115,000, Apr. 1 1929 to
1948 incl.
105,0004% series B public impt. bonds. Due 17,000, Apr. 1 1929 to
1943 incl.
100,000 4% series A public impt. bonds. Due 15,000, Apr. 1 1929 to
1948 Incl.
55,000 4% series C public impt. bonds. Due $5,500, Apr. 1 1929 to 1938
inc.'.
27,5004% series D public impt. oonds. Due 15,500, Apr.1 1929 to 1933
incl.
Dated Apr. 1 1928. Rate of interest on water bond issues to be stated in
multiples of X %,same rate to apply to both issues. Prin. and int. payable in gold in New York City. A certified check payable to the order of
the City for 2% of the bonds offered, is required. Legality approved by
George A. Reilly of Albany and Reed, Hoyt & Washburn of New Yorg City.
-BOND SALE.
ALAMANCE COUNTY (P. 0. Graham), N. C.
The $100,000 issue of coupon road and bridge bonds offered for sale on
-was awarded to N. S. Hill & Co. of Cincinnati,
April 27-V. 126, p. 2533
as 43.4% bonds at a price of 101.4165, a basis of about 4.34%. Dated
April 1 1928 and due on April 1 as follows: 15,000, from 1930 to 1937,
and 16,000 from 1938 to 1947. all Incl. The following is a complete list
of the bids and bidders, all for 4345:
Price Bid.
Bidder1101,030.00
Taylor, Wilson & Co.. Inc. Cincinnati
100,599.00
'
& Co., Toledo
W. K. Terry
100,585.00
Bray Brothers & Co., Greensboro
100.459.00
Harris, Forbes & Co. and Wachovia Bank & Trust Co
100,770.00
Griswold First State Co., Detroit
100,450.00
National Bank of Alamance. Graham
100,591.91
W. McNear & Co
C.
101.416.50
N. S. Hill & Co., Cincinnati*
100,661.00
Security Trust Co., Detroit
100,880.00
Stranahan, Harris & Oatis, Inc
100,841.00
A. T. Bell & Co., Toledo
100,677.00
Assel, Goetz & Moerlein, Inc., Cincinnati
100,663.00
Provident Savings Bank & Trust Co.. Cincinnati
100,230.00
First National Co.. Detroit
100,165.00
Federal Securities Corp., Chicago
100,929.00
Braun,Bosworth & Co., Toledo, and the Detroit Co., Toledo
101.083.00
Otis & Co.. Cleveland
100,580.00
Bank of Detroit. Detroit
100,436.00
Kauffman, Smith & Co., Inc., St. Louis
100,682.00
Ryan, Sutherland & Co.. Toledo
100.626.00
Sea,songood & Mayer, Cincinnati
*Successful bid.
-The
-BOND SALE.
COUNTY (P. 0. Oakland), Calif.
ALAMEDA
tube bonds offered for sale on Apr.
1247,000 issue of 5% semi-annual estuary Central
National Bank of Oakland
-was awarded to the
30-V.126, p. 2689
for a premium of $26,228.91, equal to 11061, a basis of about 4.05%. Due
In 1942 and 1943.
-BOND OFFERING -Malcolm
ALLENTOWN, Lehigh County, Pa.
W. Gross, Mayor, will receive sealed bids until 9.30 a. m. May 22, for the
purchase of an issue of $1,000,000 4% coupon sanitary sewer bends. Dated
May 1 1928. Denom. 11.000. Due May 1, as follows: 885,000, 1933;
121.000, 1934; $22,000. 1935 and 1936: 124,000, 1937: 825,000, 1938:
$26,000, 1939; 127,000, 1940; 828,000, 1941; 129,000, 1942; 131.000, 1943;
332,000, 1944: 133,000, 1945; $35,000, 1946; 137.000, 1947; 838.000, 1948;
140,000, 1949; 141,000, 1950; 144,000, 1951: 1545,000, 1952; 147,000, 1953;
349,000, 1954; 152,000, 1955; 854,000, 1956: 156,000, 1957, and $57,000,
1958. These bonds are offered for sale subject to the approval of the Department of Internal Affairs of Pennsylvania. A certified check, payable
to the order of the City for 2% of the bonds offered, is required.
ANNE ARUNDEL COUNTY (P. 0. Annapolis), Md.-BOND OFFERING -Elmer E. Parkinson,President Board of County Commissioners,
will receive sealed bids until 12 m.(eastern standard time) May 15, for the
purchase of an issue of $50,000 434% water extension bonds. Dated
Jan. 11928. Due Jan. 1 1943. Prin.& int. payable in gold at the Annapolis Banking Trust Co., Annapolis. A certified check, payable to the order
of the County Treasurer for 2% of the bonds offered, Is required. Legality
L. Smith. Attorney for the Board, and Niles, Barton,
w s,
agroved by
i
o
trr T
-BOND SALE.
-The 1202,000
ARKADELPHIA, Clark County. Ark.
Issue of 5% coupon paving bonds offered for sale on Apr. 20-V. 126, P.
-was awarded on Apr. 26 to the American Southern Trust Co. of
2533
Little Rock, at a price of 99.50, a basis of about 5.065%. Denoms. $1,000
and $500. Dated May 1 1928. Due from 1931 to 1948. Int. payable
on Feb. & Aug. 1.
-BOND OFFERING.-Lotta
ASHLAND, Ashland County, Ohio.
Westover, Director of Finance, will receive sealed bids until 12 m. May 26,
for the purchase of an issue of $18,760 434% special assessment improvement bonds. Dated Feb. 15, 1928. Due Oct. 1, as follows: 81,000, 1929;
12,000, 1930 to 1933 incl.; $1.000, 1934; 82,000, 1935 to 1937 incl.; and
$2,760, 1938. A certified check payable to the order of the City for 1%
of the bonds offered is required.
-BOND OFFERING.
ATHENS, Athens County, Ohio.
-Sealed bids
will be received by the City Auditor, until 1 p. m. May 18, for the purchase
of the following issues of 5% North Hill Sanitary Sewer bonds, aggregating
36,524.29:
13,891.29 City's portion bonds. Due as follows: 1200 March and $49,120
Sept. 15 1929, and 3200 March and Sept. 15 1930 to 1937, incl.
2,633.00 special assessment bonds. Due as follows: $150 March and
$83 Sept. 15 1929 and $150 March and Sept. 15 1930 to 1937,
inclusive.
Dated March 15 1928. A certified check payable to the order of the
City Treasurer, for 2% of the bonds offered Is required.
-BOND OFFERING.
ATLANTIC CITY, Atlantic County, N. J.
J. A. Paxson, Director of Department of Revenue and Finance, will receive
sealed bids until 12 m. (daylight saving time) May 17, for the purchase
of the following coupon or registered bonds, interest rate not to exceed
5% and to be stated in multiples of X of 1%, all issues to bear the same
rate. No more bonds to be awarded than will produce a premium of
11,000 over the above given below:
1800,000 convention hall bonds. Due June 1 as follows: 820.000, 1930 to
1934, incl.; 825.000. 1935 to 1940, incl.; 130.000, 1941 to 1958,
incl., and 310,000, 1959.
686,000 school bonds. Due June 1 as follows: $15,000, 1930 to 1947,
incl.; 120,000, 1949 to 1967. incl., and $16,000, 1968.
489,000 general impt. bonds. Due June 1 as follows: 116,000, 1930;
$17.000, 1931 to 1939. incl., and 120,000, 1940 to 1955, incl.
300.000 water bends. Due 110.000 June 1 1930 to 1959, incl.
85,000 city improvement bonds. Due June 1 as follows: /8,000, 1930
to 1939, incl., and $5,000, 1940.
issue matures June 1
Dated June 1 1928. Denom. $1,000, the entire ncl.• 175,000, 1935 to
1934. i
as follows: 169,000. 1930; $70,000, 1931 to$60,000. 1956 to 1958, incl.;
'
1947, incl.; 180.000, 1948 to 1955, incl.; and $16,000, 1968.
140,000, 1959; 820.000. 1960 to 1967, incl., the Hanover National Bank,
gold at
Principal and interest payable in
Trust Co. N. Y., will
New York City. The United States Mtge. &
'
to their genuinesupervise the preparation of the bonds and will certify as for 2% of the
of the city
ness. A certified check payable to the order by Clay, Dillon & Vandeis required. Legality to be approved
bonds bid for
water of New York City.
Los Angeles),Los Angeles
AZUSA CITY SCHOOL DISTRICT(P.O. bids will be received until
-Sealed
-BOND OFFERING.
County, Calif.
for the purchase of a
on May 21, by L. E. Lampton, County Clerk,
2 p. m.
Denom 31,000. Dated May 1 1928 and
$60,000 issue of 5% school bonds. 1958, incl. Prin. and semi-annual int.
due 12,000 May 1, from 1929 to A certified check for 3% of the bonds,
payable at the County Treasury.
the Board of Supervisors, is rePayable to the order of the Chairman of
quired.
District has been acting as a school district under the
Azusa City Sch000l
July 1 1900.
laws of the State of California continuously since in said school district for
property
The assessed valuation of the taxable amount of bonds previously issued
.553.280.00, and the
the year 1927 is $3
and now outstanding is $78,000.00.
[VOL. 126.
Azusa City School District includes an area of approximately 35.9 square
miles, and the estimated population of said school district is 5,000.
BARBERTON, Summit County, Ohio.
-BOND OFFERING.
-Floyd
S. Dutt, City Auditor, will receive sealed bids until 12 m. May 14, for the
purchase of an issue of 815,140 5% city's portion improvement bonds.
/Dated June 1 1928. Denom.$500 one bond for 8640. Due Oct. 1 as follows:
$1,140, 1929; $2,000, 1930 to 1932 incl.; and $1,500, 1933 to 1937 incl.
Prin. & int, payable at the office of the City Treasurer or at the Hanover
National Bank, New York City. A certified check payable to the order of
the City Treasurer, for 2% of the bonds offered is required.
BATAVIA INDEPENDENT SCHOOL DISTRICT (P. 0. Batavia).
-An 18,000 issue of school bonds has been purchased
lowa.-BOND SALE.
by a local investor.
BEAUMONT, Jefferson County, Tex.
-BONDS OFFERED FOR
INVESTMENT.
-The 11,500,000 issue of school bonds purchased on
Apr. 24-V. 126, p. 2690
-by a syndicate composed of Eldredge & Co.
and the Detroit Co., both of New York, Geo. L. Simpson and Co. of Dallas
and Caldwell & Co. of Nashville, is now being offered to the public by the
successful bidders priced as follows: the 434% bonds yield from 4.10 to
4.25%, according to maturity. The 451% bonds are priced at 100 and
interest. The issues are divided as follows: $837,000 as 454% bonds, due
as follows: 115,000 from 1929 to 1938; $30,000, 1939 to 1948; 145,000.
1949 to 1956, all incl. and $27,000 in 1957. $663,000 as 4 X % bonds, due
as follows:118,000, 1957; 145,000. 1958 and $60,000from 1959 to 1968 Incl.
These bonds, issued for school purposes, are direct obligations of the city
and are payable, both prin. and int., from ad valorem taxes levied against
all taxable property with an assessed valuation in 1927 of 155,224,600.
Total net bonded debt Is 16,527,638.
BELL SPECIAL TAX SCHOOL DISTRICT (P. 0. Trenton), Gil-BOND OFFERING.
christ County, Fla.
-Sealed bids will be received
until June 6, by Mrs. Murray H. Johnson, Superintendent of the Board
of Public Instruction, for the purchase of a $45,000 issue of 6% semi-annual
school bonds.
BELTRAMI COUNTY (P. 0. Bemidji), Minn.
-BOND OFFERING.
Sealed bids will be received until 11 a, m. on May 14, by A. D. Johnson.
County Auditor, for the purchase of an issue of 1100,000 drainage funding
bonds. Int. rate is not to exceed 554%. Denon. $1,000. Dated June 1
1928 and due on June 1, as follows: $2,000, 1933 and 1934; 112.000, 1935;
111,000, 1936 to 1938; 118,000, 1939 and 1940 and 115,000, 1941. Prin.
and semi-annual int. is payable at the bank or trust company suitable to
purchaser. A certified check for 2% of the bid, payable to the County
Treasurer, is required.
-BOND SALE.
BENTON COUNTY(P.O.Fowler),Ind.
-The 814,400
road construction bonds offered on Apr. 30-V.126, p. 2358
-were awarded
to the Inland Investment Co. of Indianapolis, at a premium of 1476.00.
ual to 103.30. a basis of about 3.82%. Elated Apr. 15 1928. Due 1720
May and Nov. 15 1929 to 1938 incl. Other bids were as follows:
BidderPremium.
Meyer-Kiser Bank
$418.50
Fletcher American Co
467.00
Union Trust Co
447.00
Fletcher Savings & Trust Co
457.00
City Securities Corp
438.00
BETHLEHEM SPECIAL TAX SCHOOL DISTRICT. NO. 8 (P. 0.
-BOND OFFERING.
Fla.
Bonifay), Holmes County,
-Sealed bids will
be received by Ira C. Bush, Superintendent of the Board of l'ublic Instruction until noon on May 21, for the purchase of a 20,000 issue of 6% semiannual school bonds. Denoms. 11,000 and $600. Dated June 1 1928
and due on June 1. as follows! 1600, 1931 to 1945 and 11.000, 1946 to
1956, all incl. A $500 certified check, payable to the above Board, must
accompany the bid.
BILLINGS, Yellowstone County, Mont.
-BOND SALE.
-An $86.000
issue of 434% funding bonds has recently been purchased by Kelley &
Lynn of Portland.
BLACK ROCK SCHOOL DISTRICT (P.O. Black Rock), Lawrence
-BOND OFFERING.
County, Ark.
-Sealed bids will be received until
May 10, by R. W. Moore, President of the School Board, for the purchase
of a 116,000 issue of school bonds.
BLADEN COUNTY (P. 0. Elizabethtown), N. C.-130ND OFFER-Sealed bids will be received until noon on May 9, by W.A.Ferguson,
ING.
Clerk of the Board of County Commissioners, for the purchase of a 160,000
Issue of 5% coupon. road and bridge funding bonds. Denom. $1,000.
Dated Apr. 1 1928. Due $5,000 yearly from Apr. 1 1930 to 1941 incl.
Prin. & lot (A. & 0.) payable in gold at the Hanover National Bank in
New York City. Clay ,Dillon & Vandewater of New York will furnish
legal opinion without charge. A certified check payable to the order of
the above Board, for 2% of the bid, is required.
BOSTON, Suffolk County, Mass.
-BOND SALE.
-Of the 14,200,000
registered bonds offered on May 1-V. 126, p. 2690-13,150,000 bonds
were awarded to a syndicate composed of Harris, Forbes & Co., R. L. Day
& Co.,Estabrook & Co.and the Atlantic-Merrill Oldham Corp., at 100.011.
3
All of the 34% bonds aggregating 13,000,000 offered were taken by the
successful bidders and 1150.000 bonds of the 11,200,000 354 %Dorchester
Rapid Transit bonds maturing on May 1 1973. The 13,000,000 334%s
are composed of:
750,000 street widening and extension bonds. Due 350,000, May 1 1929
to 1943, incl.
500,000 Long Island, new buildings and additions and equipment and
furniture bonds. Due 125,000, May 1 1929 to 1948, incl.
500,000 sewerage bonds. Due 125,000, May 1 1929 to 1948, incl.
500,000 highways, making of bonds. Due 325,000, May 1 1929 to 1948,
incl.
170,000 Boston City Hospital, Act of 1924, House Officers' Bldg. Due
May 1 as follows: 112,000, 1929 to 1938, incl., and 110,000, 1939
to 1943 incl.
100,000 sewerage bonds. Due 15,000, May 1 1929 to 1938, incl.
90.000 Boston City Hospital Loan, Act of 1924. Power plant additions
and alterations. Due 16,000, May 1 1929 to 1943 incl.
85,000 Columbus Ave. bridge bonds. Due May 1 as follows: 15,000.
1929 to 1933, incl.; and $4,000, 1934 to 1948 incl.
50,000 New Central Fire Station bonds. Due May 1 as follows: $3,000
1929 to 1938 incl., and 12,000, 1939 to 1948 incl.
50.000 Tenean Beach purchase and improvement of Beach Land bonds.
Due May 1 as follows: 13,000, 1929 to 1938, incl., and 12,000.
1939 to 1948 incl.
50,000 Boston City Hospital, Act of 1924, new surgical building. Due
May 1 as follows: $4,000, 1929 to 1938 incl., and 12,000, 1939 to
1943 incl.
45,000 Boston City Hospital, Act of 1924, power plant additions and
alterations bonds. Due $3,000, May 1 1929 to 1943, incl.
25,000 Boston City Hospital, Act of 1924, new surgical building. Due
May 1 as follows: 12,000, 1929 to 1938 incl., and 11,000, 1939 to
1943 incl.
85,000 Boston City Hospital, Act of 1924, house officers' building bonds.
Due May 1 as follows: 16,000. 1929 to 1938, incl., and 15,000.
48.
19 3
192 incl.
939 t°
Dated1May 1
-The 3%% bonds are being
BONDS OFFERED FOR INVESTMENT.
offered to the public for investment at prices ranging from 100.10 for the
1929 maturity to 101.41 for the 1948 maturity all bonds priced to yield
3.65%. The $150,000 334% bonds are priced at 97.78 yielding 3.60%.
The bonds it is stated are exempt from all Federal and Massachusetts
Income taxes and are considered a legal investment for savings banks in
New England and New York.
-BOND SALE.
-A $50,000 issue
BONHAM, Fannin County, Tex.
of school bonds was awarded on Apr. 27 to a Houston bond house for a
premium of 12,511, equal to 105.022.
-Sealed
BOYLE COUNTY (P.O. Danville), Ky.-110ND OFFERING.
bids will be received until 2 p. m. on May 5, by J. P. Nichols, County
Clerk, for the purchase of a 110.000 issue of 434% semi-annual road bonds.
Due in 1936.
BRIGHTON COMMON SCHOOL DISTRICT NO. 1 (P. 0. Roches..
-BOND OFFERING.
-Homer C. Wyant,
ter) Monroe County, N. Y.
Clerk Board of School Trustees, will receive sealed bids until 3:30 p. m.
(standard time) May 8, for the purchase of an issue of $120.000 coupon orregistered school bonds rate of interest not to exceed 5%. Dated March 1
1928. Denom. 51.000. Due $5,000 Dec. 1 1933 to 1956, incl. Prin. and
Int. payable in gold at Union Trust Co., Rochester, or at the Bankers.
MAY 5 1928.]
FINANCIAL CHRONICLE
Trust Co., New York City. A certified check payable to the order of the
Board of Trustees, for 32.400 is required. Legality approved by Clay,
Dillon & Vandewater of New York City.
BROOKFIELD, Linn County, Mo.-BONDS VOTED.
-At a special
election held on Apr. 25, the voters authorized the issuance of $180,000
in bonds for the building of a new high school by a count of 1,841 for and
152 against.
BROWN COUNTY (P. O. Green Bay), Wis.-BOND SALE.
-The
$250,000 issue of 434% tuberculosis sanatorium bonds offered for sale on
-was awarded to the First Wisconsin Co. of MilMay 1-V. 126, p. 2690
waukee for a premium of $3,645. equal to 101.458, a basis of about 4.15%•
Dated July 1 1927 and due $25000 annually from July 1 1928 to 1937 had.
The following is a complete list of the other bidders:
BidderPremium.
Hill, Joiner & Co. Chicago
'
Citizens Sec. Co., Green Bay
I3,E5:88
B. H. Rollins & Sons, Chicago
3,405.25
Harris Trust & Savings Bank, Chicago
3,333.00
Continental Nat'l Co., Chicago
3,039.00
National City Co., Chicago
2,953.25
Ames Emerich & Co., Chicago
2,905.00
A. B. Leach & Co., Chicago
2,584.00
Eldredge & Co., Chicago
2,247.50
• BROWNSVILLE, Cameron County, Texas.
-BOND SALE.
-The
$100,000 issue of park bonds offered for sale on April 20-V. 126, p. 2533
-was awarded to A. C. Allyn & Co. of Chicago, as 43(% bonds, at a
price of 102.80. a basis of about 4.48%. Dated April 15 1928 and due on
April 15 as follows: $2,000 from 1929 to 1933: $3.000, 1934 to 1938: $4.000.
1939 to 1943: 95,000. 1944 to 1948 and $6,000. 1949 to 1953. all incl. W.
B. Sellers, of Brownsville, was second highest, offering $2,775.
BROWNWOOD, Brown County, Tex.
-BOND OFFERING.
-Sealed
bids will be received until 80. m.on May 8, by J. B.Leach, City Secretary,
for the purchase of a $50,000 issue of 5% school building bonds. Denom.
$1,000. Dated Apr. 1 1928. Due as follows: $3.000, 1933; 95,000, 1933;
$6,000, 1943 and 1948; $7,000, 1953 and 1958 and $8,000, 1963 and 1968.
prin. and semi-annual int. Is payable at the Hanover National Bank in
New York City. A $2,500 certified check must accompany the bid.
BUCHANAN COUNTY (P. 0. Independence), Iowa.
-MATURITY
-BASIS.-The $100,000 issue of 4% coupon primary road bonds sold
on Apr. 17-V. 126, P. 2533
-to the Iowa National Bank of Des Moines
at a price of 100.55, is due from May 1 1933 to 1942. incl., giving a basis of
about 4.19%.
BUFFALO,Erie County, N. Y.-$10.500,000 BONDS TO BE SOLD IN
-The city according to the New York "Times" of Apr. 28, has
JUNE.
tentatively set June 20, as the date on which it will issue $10,500,000 bonds.
According to the extract the city will deviate from its usual course of naming
the interest rate and request bids for bonds to bear interest at not to exceed
4X% with a minimum rate of 355%•
BUNKER HILL SCHOOL DISTRICT NO. 164, Macoupin County,
BL-BOND SALE.-Matheny. Dixon & Co. of Springfield, were recently
awarded an issue of $30,000 school building bonds bearing interest at the
rate of 5% and maturing serially from 1931 to 1947, incl.
BURBANK CITY SCHOOL DISTRICT (P. 0. Los Angeles), Los
-BOND OFFERING -Sealed bids will be reAngeles County, Calif.
ceived until 2 p. m. on May 7, by L. E. Lamton, County Clerk, for the
purchase of a $263,000 issue of 5% school bonds. Denom. $1,000. Dated
May 1 1928 and due on May 1, as follows: $5.000, 1929 to 1949; $10.000,
1950 to 1952: $14,000, 1953 and 1954 and $25,000. 1955 to 1958, all incl.
prin. and semi-annual int. payable at the County Treasury. A certified
check for 3% of the bonds, payable to the order of the Chairman of the Board
of Supervisors, is required.
(This is a more detailed report than given in V. 126, p. 2690).
Burbank City School District has been acting as a school district under
the laws of the State of California c ontinuously since July 1 1900.
The assessed valuation of the taxable property in said school district for
the year 1927 is $22.293,295,00. and the amount of bonds previously issued
arid now outstanding is $477,000.00.
Burbank City School District includes an area of approximately 16.35
quare miles, and the estimated population of said school district is 30,000.
BURBANK CITY HIGH SCHOOL DISTRICT (P. 0. Los Angeles),
-BOND OFFERING.
Los Angeles County, Calif.
-Sealed bids will be
received by L. E. Lampton, County Clerk, until 2 p. m. on May 7, for the
purchase of a 9502,000 issue of 5% high school bonds. Denom. $1,000.
May 1 1928 and due on May 1, as follows: $5,000 in 1929;910.000.
Dated
1930 to 1953; $15.000, 1954 to 1962: $16,000, 1963 and 1964;920,000. 1965
and 1966 and $25,000, 1967 and 1968, all incl. Prin. and semi-annual int.
payable at the County Treasury. A certified check for 3% for the bonds,
payable to the order of the Chairman of the Board of Supervisors, is re-
2849
CEDAR CREEK TOWNSHIP, Lake County, Ind.-BOND1OFFERING.-Sealed bids will be received Py Merritt W. Kelsey, trustee. until
2 p. m. May 15, for the purchase of an issue of $41,00 5% school building
bonds. Dated May 15. 1928. Due as follows: $1.000. Jan. 15 and
$2.000. July 15 1929:$2.000, Jan. and July 15 1930 to 1938 incl.:and $2,000.
January 1929. Prin.and hit. payable at the First National Bank,Lowell.
CHICAGO SANITARY DISTRICT, Cook County, 111.
-BOND
-Thefollowing issues of4X% bonds aggregating $11.000,000 offered
SALE.
on May 3-V. 126, p. 2691-were awarded to a syndicate composed of the
Illinois Merchants Trust Co., Guaranty Co. of New York. Continental
National Co. Northern Trust Co., First Trust Co., William R. Compton
Co., Harris, Forbes & Co., Field, Glore & Co., Ames, Emerich & Co.,
'
Detroit Trust Co., Kissel, Kinnicutt & Co., First National Co. and Foreman Trust & Savings Bank,at 100.593,a basis of about 4.18%;
810.000.000 sewer bonds (55th issue). Due $500,000, May 1 1929 to 1948
inclusive.
tie* P..%
1,000,000 sewer bonds (54th issue). Due $50,000, May 1 1929 to 1.• Mil
1943
inclusive.
Dated May 11928. The bonds are now being offered for investment at
prices to yield 4.00%. According to the offering circular, these bonds,
the opinion of counsel, are direct obligations of the Sanitary District in
of
Chicago, and are payable from taxes on all the taxable property therein.
The District comprises the entire City of Chicago and a large amount of
adjacent territory including Evanston. Wilmette, Kenilworth, Winnetka,
Glencoe, South Chicago, Harvey and Blue Island. As officially reported,
the assessed valuation a the District is $4,597,395,603; the total bonded
debt $104,169,000, and the population is estimated at 3.450.000. The
"Herald-Tribune" of May 4, published the following list of other bids:
Bidder
stow
StAillowil Bale Bid.
A.B.Leach & Co.; Phelps. Fenn & Co.; H.L.Allen & Co.; A.G.
Becker & Co.; E. H. Rollins & Sons; Taylor, Ewart & Co.;
Eldredge Sr Co.; Hill Joiner & Co.; Central Trust Co. of III.;
Union Trust Co.; Minton Lampert & Co.; J. R. Thompson100.55
Securities Corp.; Mississippi Valley Trust Co
Bankers Trust Co. and Lehman Bros., also Bancitaly Corp.; Federal Securities Corp.; Guardian Detroit Co.; W. A. Harriman &
Co., Inc.; Kean, Taylor & Co.; Arthur Sinclair, Wallace &, Co.:
Hannahs. Bailin & Lee; R. M. Schmidt & Co.; Second Ward
Securities Co.(Milwaukee); Graham,Parsons & Co.; Otis & Co.;
R. H.Moulton & Co.;Pulleyn & Co.; Dewey,Bacon & Co
100.309
National City Co.and Halsey,Stuart & Co
First National Bank; White, Weld & Co.; Old Colony' Corp.: Stone100.2181
& Webster and Blodget; Estabrook & Co.; Redmond & Co.:
Kountze Bros.; George B. Gibbons& Co.,Inc.; R.W. Pressprich
& Co.; Remick, Hodges& Co
100.10
CITRUS COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1.
(P. 0. Inverness), Fla.
-BONDS NOT SOLD.
-The 942,000 issue of 6%
semi-annual school bonds offered for sale on Apr. 25-V. 126, p. 2534
-has
not as yet been sold.
_ow.
I
CLARK COUNTY(PO. Duliois), Ida.-INT. RATE
-PRICE PAID.
-The $100,000 issue of highway bonds that was purchased by the Eccles
Browning Bank of Salt Lake City
-V.126, p. 2534
-bears interest at5(
%
and the bonds were awarded at par. IN
COLFAX SCHOOL DISTRICT (P. 0. Spokane), Whitman County,
-BOND SALE.
Wash.
-A $28,000 issue of 4Si% school bonds has been
purchased recently by the Farmers State Bank of Saint John at a price of
100.55.
COLORADO, State of (P.O.Denver).
-BOND CALL.
-State Treasurer Fairwall has issued a call for a $600,000 block of a $6,000.000 illflUe
of series E & F State highway bonds of 1923. The bonds are called for
called for payment as of May 1, interest ceasinf on that date.
COLUMBIA, Richland County, S. C.
-BOND SALE.
-The $117,000
issue of coupon assessment bonds offered for sale on May 1-V. 126, p.
2691-was awarded to the Peoples Trust Co. of Charleston for a premium
of $513.40, equal to 100.43. Dated May 1 1928 and due from May 1 1929
8 lwin
toThe rouo
193 inc.
g is a complete list of the other bidders:
BidderRate.
9.41111e, Isla Mk
Price Bid.
Caldwell &Co4.50 $117,051.11
Bankers Trust Co.,and S. C. National Bank
4.50
117,246.05
Braun, Bosworth & Co
4.50
117,305.00
Seasongood & Mayer
4.50
117.024.00
Assel, Goetz & Moerlein
•
4.50
117.120.00
O!
A
4.50
117,164.00
W . Law & Co.,and Harris, Forbes & Co
!
M Co
4.50
117,132.21
Well, Roth & Irving Co
4.50
117,035.19
J. H.Hilsman & Co..and Citizens & Southern Bank- 4.50
117,126.50
CONCORD,Merrimack County, N.H.
-BOND SALE.
-The$130.000
4% public improvement and refunding bonds offered on May 2-V. 126.
p. 2691-were awarded to Harris, Forbes & Co. of New York City, at
100.333, a basis of about 3.925%. Due 813,000 May 1 1929 to 1933,
incl.
Other bids were as follows:
BidderRate Bid.
Bidder
Rate Bid.
Estabrook & Co
100,078 Atlantic-Merill Oldham Corp. 99.67
E. H. Rollins & Sons
99.82 National City Co
99.63
Old Colony Corp
99.7781R. L. Day & Co
99.54
COOPER COUNTY(P. O.Boonville), MO.
-ADDITIONALINFORMTION.-We are now informed that Stix & Co. of St. Louis were
in joint
account with the Mississippi Valley Trust Co.of St. Louis in the
purchase of
the two issues of 4%% township bonds
-V. 126. p. 2196
-aggregating
•
This report is more detailed than that given in V. 126. p. 2690).
Burbank City High School District has been acting as a high school district under the laws of the State of California, continuouslysince July 1 1909.
The assessed valuation of the taxable property in said high school district
for the year 1927 is 922.293,295.00, and the amount of bonds previously
issued and now outstanding is 017,000.00.
Burbank City High School District includes an area of approximately
16.35 square miles, and the estimated population of said high school district
30.000.
OURICBURNETT, Wichita County, Tex.
-BOND SALE.
-An issue of
$106,000 6% coupon street improvement refunding bonds has been purchased by the First Municipal Securities Corp.of Houston. Denom.91,000.
Dated Mar. 101928. Due on Sept. 1, as follows: $2.000, 1929, 1931, 1943, $9C UPEVILLE, Island County, Wash.
5'000.
0
-BOND
-Sealed
1945 and 1949; $3,000 in 1930; $1,000 in 1941: $4,000, 1942 and 1955: bids will be received until8 p.In. on May 12. by Julia OFFERING.
46,000 in 1946;$7,000, 1947 and 1951;$8,000, 1948, 1952 and 1957;$12,000, for the purchase of an $8,500 issue of semi-annual A.Trott,Town Clerk,
coupon water bonds.
1953 and $14,000, 1954 and 1958. Prin. and int.(M & S 10)Payable at the Int. rate is not to exceed 5%. Dated June 11928. Due in from 2
to 25
years. Preston, Thorgrimson & Turner of Seattle will furnish
the Chase National Bank in New York City.
legal apCAIRO CONSOLIDATED SCHOOL DISTRICT (P. 0. Cairo), proval. A certified check for 5% of the bid is required.
County, Ga.-BOND OFFERING.
-Sealed bids will be received
CRESCENTA SCHOOL DISTRICT 'P.O.Los Angeles), Los Angeles
Grady_
-BOND OFFERING.
until May 7. by J. B. Wright, Chairman of the Board of School Trustees, County, Calif.
-Sealed bids will be receuved until
2 p. m.on May 21, by L. E. Lampton, County Clerk, for the purchase of a
for the purchase of a $40,000 issue of 5 % semi-annual scheol bonds.
$39,000 issue of 5% school bonds. Denom.91.000. Dated May 1 1928 and
CALIFORNIA, State of, (P. 0. Sacramento).
-BOND SALE POST!'
PONED.-The sale of the 0,000.000 issue of 4% semi-annual veterans due on May 1, as follows: $1,000, 1929 to 1939 and 2,000from 1940 to 1953,
all incl. Prin. and semi-annual int. is payable at the County Treasury. A.
welfare bonds previously scheduled for May 3-V. 126, p. 2533
-has been certified check for 3% of the
bonds,Payable to the order of the Chairman of
deferred until May 31.
the Board of Supervisors, must accompany bid.
CAMBRIDGE, Middlesex County, Mass.
Crescents School District has been acting as a school district under the
-LOAN OFFERING.
Lehan, City Treasurer, will receive sealed bids until 12 m. May 8, laws of the Sate of California continuously since July 11900.
gory
The assessed valuation of the taxable property in said school district for
for the purchase on a discount basis of a $1,000,000temporary loan. Dated
y 9 1928. Denoms. to suit purchaser. Payable Oct 15 1928 at the the year 1927 is $4,323,120.00. and the amount of bonds previously issued
Ma
National Shawmut Bank of Boston or at the Chase National Bank, New and now outstanding is $177.000.00.
York. Legality to be approved by Ropes, Gray, Boyden & Perkins of
Crescenta School District includes an area of approximately 37.17 square
Boston.
miles, and the estimated population of said school district is 6.000.
CAMERON COUNTY (P. 0. Brownsville), Tex.
-BOND SALE.CUSTER COUNTY (P. 0. Arapaho), Okla.
-BOND SALE -The
The 0,000,000 issue of coupon, series C road bonds offered for sale on $900,000 18.9110 of road bonds that was voted on Feb. 27-V. 126. p. 1392
gay 1-4'. 126. p. 2690
7
-was awarded to Mr. John Gregg. as 5% bonds, has recently been purchased
by a syndicate Composed of the First Trust &
premium of $21,150, equal to 102.115,a basis of about 4.82%. Dated Savings Bank of Tulsa;
for a
the American First Trust Co. and C. Edgar HonMay 1 1928. Due 00.000 yearly from Mar. 1 1933 to 1957 incl.
fold, both of Oklahoma City.
CANTON, Stark County, Ohio.
-BOND SALE.
-The $100.833.10
CUYAHOGA COUNTY
-BOND OFFERING
coupon special assessment bonds offered on Mar. 27-V. .26, p. 1701- Louis Simon, Clerk Board(P.O.Cleveland),Ohio.
of County Commissioners, will receive
wero awarded to Stranahan, Harris & Oat's, Inc., of Toledo as 4(s,at a bids until 11 a. m.(eastern standard time) May 16. for the purchase sealed
of the
remium of $507.00, equal to 100.50. The bonds are dated Feb
1928 following issues of 4%% coupon improvement bonds aggregating $279,493.
Reias
d
and mature from 1930 to 1940 incl. Other bids wera ei follows:
special asst. North Woodland road bonds. Due
.idPremium.$142.143 $14.145. 1928: $14,000, 1929 to 1935 incl.; Oct. 1 as follows:
and$15,000. 1926
Sessongood & Mayer
4X
$10.00
and 1937.
4
Detroit Trust Co
1,486.00
116,200 County's portion, North Woodland road bonds. Due Oct. 1,
4
Detroit Trust Co
318.00
as follows: $11.300, 1928: $11,000, 1929 to 1931 incl.; and $12,000
4
Title Guarantee & Trust Co
170.94
1932 to 1937 incl.
10,860 special asst. Walter Road bonds. Due Oct. 1, as follows: $800,
CANTON,Stark County, Ohlo.-BOND SALE.
-The following issues
of 4yi% bonds aggregatin& $55,566.55 offered on April 30-V. 126,
1928; 31,000. 1929 to 1936 incl.; and 32.000, 1937.
p.
10.248 special asst. Sawyer road bonds. Due Oct. 1, as follows: $1,248.
-wore awarded to the Provident Savings Bank & Trust Co. of Cindn2196
1928: and $1,000. 1929 to 1937 incl.
nettat premium of$440.37 equal to 100.79:
$42, a property owner's portion improvement bonds. Due serially
1786.86
Dated Apr. 1 1928 prin. & int. payable at the office of the County Treasurer. A certified check pa,yable to the order of the County Treasurer,
from 1930 to 1937 inclusive.
12,776.70 Property owner's portion improvement bonds. Due serially for 1% of the bonds offered is required.
from 1929 to 1938 inclusive.
DALLAS, Gaston County, N. C.-BOAD SALE.-Tne£6 p 253
1- . $15 000 1sLue
v 2; .
Dated Mar. 11928.
of water worgs extension bonds offered for sale on May
-An issue of was awarded to Magnus & Co. of Toledo as 5% ponds, for a
CASEY COUNTY (P. 0. Liberty), Ky.-BOND SALE.
premium of
$140,000 road bonds has been purchased by an unknown investor.
$241.50, equal to 101.61, a basis of about 4.86%. Dated Apr. 1 1928
2850
FINANCIAL CHRONICLE
and•clue $500 yearly from Apr. 1 1931 to 1960 incl. The other bids and
bidders were as follows:
Price Bid.
Rate.
Strider$15,166
5
Durfee, Niles & Co
15,161
Ryan. Sutherland & Co
15,237
W.R.Terry & Co
15,022
Spitzer, Rorick & Co
15,089
Well, Roth & Irving Co
15,066
5
Silos, Carpenter & Roose
-The
-BOND SALE.
DEKALB COUNTY (P. 0. Auburn), Ind.
-were
$15,70043 % gravel road bonds offered on Mar.31-V. 126, p. 1868
awarded to the Farmers Loan & Trust Co. of Columbia City, at a premium
of $400.35 equal to $102.55. Dated May 15 1928. Due on May and Nov.
15,from 1929 to 1938, inclusive.
DRAPER UNION FREE SCHOOL DISTRICT NO. 14 (P.O. Schen-The $75.000.
-BOND SALE.
ectady), Schenectady County, N. Y.
school bonds offered on Apr. 28 (V. 126, p. 2535) were awarded to the
Mohawk National Bank of Schenectady as 4315 at 100.31, a basis of about
4.23%. Dated July 1 1928. Due $5,000 July 1 1946 to 1960 incl. Other
bids were as follows:
Int. Rate. Rate Bid.
100.10
4.33
Dewey, Bacon & Co
100.149
4.35
Pulleyn & Co
101.27
4.50
R. F. DeVoe & Co
100.12
4.25
George B. Gibbons & Co
100.334
4.30%
Manufacturers & Traders Peoples Trust Co_ ,
City), San
EAST PALO ALTO WATER DISTRICT (P. 0. Redwood be received
-Sealed bids will
-BOND OFFERING.
Calif.
Mateo County,
for the
until 10 a. m. on May 7, by Elizabeth M. Kneese, County Clerk,
semi-annual water bonds. Denom.
purchase of a $45,000 issue of 6% follows: $1,000, 1929 to 1933:32,000,
as
$1,000. Dated Jan. 151928. Due
all incl. A
1934 to 1943; $3.000, 1944 to 1947 and $4,000. 1948 and 1949,
of Supervisors,
$500 certified check, payable to the Chairman of the Board
must accompany the bid.
-BOND SALE.-Pulleyn
EAST HAMPTON, Suffolk County, N. Y.
& Co. of New York were awarded on Mar. 27, an issue of $60,000 4g%
Due $12,"Home Sweet Home" bonds at 100.09, a bash of about 4.24%.Nov. 7-V.
bonds
000, Jan. 1 1929 to 1933 incl. These of Newwere awarded on
York at 100.19 the sale howBacon & Co.
-to Dewey,
125, p. 2703
ever was not consummated as the proceedings were declared irregular.
-The
SALE.
N. Y.
EAST SYRACUSE, Onondaga County,bonds -BOND on Apr. 27$100,000 coupon or regis. municipal building Corp.offered
of Chicago, as 43s.
-were awarded to the Estmor
V. 126, p. 2197
basis of about 3.97%. Dated
at a premium of $2,111.11 equal to 102.11.8 1948 incl.
May 11928. Due 55.000. May 1 1929. to
The following is a list of other bids submitted for the issue: Price Bid.
Int. Rate.
Biddcr4g $100,663.00
Manufacturers & Traders Peoples Trust Co
434100,577.00
Rutter & Co
100.409.00
4g
Pulleyn & Co
100,168.00
4g
Dewey, Bacon & Co
100,362.00
4
Parson. Son & Co
100.582.00
Batchelder, Wack & Co
43107100,450.00
Deposit Co
First Trust &
4% 0 100,263.00
City Bank Trust Co
100,220.00
4
H. L. Allen & Co
100,379.00
341 100,030.00
A. B. Leach & Co
431%
Estabrook & Co
three issues
-The
-BOND SALE.
ELIZABETH, Union County, N. J.
-were
126. p. 2535
of eoupen or registered bonds offered on May 3-V.
awarded as follows:
Van Ingen
Fenn & Co., Graham, Parsons & Co. and B. J.
To Phelps,
& Co.:
$675,000, equal to 100.10,
$669,000 temporary bonds as 4s. at a premium of
a basis of about 3.98%•
To Elizabeth Trust Co. as 431s:
of$620.00,equal to 100.10
876,000 street improvement bonds at a premium as follows: $4,000. 1929
a basis of about 4.14%. Due May 1
to 1938, incl., and $6,000. 1939 to 1944, incl. $480.00, equal to
36,000 police building site bonds at a premium of
1930 to
101.33. a basis of about 4.16%. Due 31,000, May 1
1965, incl.
list of bids submitted for the issues. All
The following is a complete
bids were for the total amount offered: •
Amount
Int.
of Bid.
Rate.
Name of Bidder(4% $669.675.06
Phelps,Fenn & Co., Graham, Parsons & Co.,B.J. Van 4g
76,083.60
Bank
Ingen & Co. and Peoples National
36,165.60
4g
669,101.30
4
76,249.88
43
Old Colony Corp. and E. L. Allen & Co
36,252.52
674,210.50
4
76,620.00
4
Elizabeth Trust Co
36,480.00
673,482.30
Lehman Bros., and E. H. Rollins & Sons
672,612.12
76,372.72
Union County Trust Co
36,396.96
672,416.79
76,368.60
National State Bank
36,309.96
671,678.00
76,095.00
Central Home Trust Co
36,090.00
671.267.91
4
Varris, Forbes & Co
669,755.00
4
Pressprich & Co
F. L. Putnam & Co., and R. W.
Hampton), Va.-BOND SALE.
ELIZABETH CITY COUNTY (P.O.
on Apr. 16aggregating 540,000. offered for sale Baltimore for
The two Issues of bonds
& Sons of
-were awarded to Robert Garrett are as follows: $30,000
V. 126. p. 2197
102.25. The issues
a premium of 3900, equal toheating bonds and $10,000 43 % refunding
% jail, court house and
43
jail bonds.
-BOND DESCRIPTION.
Paso), Tex.
EL PASO COUNTY (P. 0. El 5326,000 that were recently purchased
aggregating
The two issues of bondsfurther described as follows:
-are
-V. 126, p. 2535
bonds.
$100,000 4 X% coupon refunding bonds..
% coupon refunding
226,000 45
Due serially from 1929 to 1958,
Dated Apr. 101928. to the Brown-Crummer Co. of
Denom. $1,000.
Sold
without option of prior payment.
equal to 100.245.
Dallas for a premium of $800.,
-The 8500,000 4%
-BOND SALE.
Pa.
ERIE COUNTY (P. 0. Erie), 126, p. 2691-were awarded to R. M.
on Apr, 30-1.
road bonds offeredPhiladelphia, at 102.98 a basis of about 3.80%. The
Snyder & Co. of
1 1948 to 1952 incl.
bonds mature $100,000, on May
bids submitted for the bonds:
The following is a list of other
$14,636.57
Biuder13,699.50
Mellon National Bank
12.895.00
Erie Trust Co
11,935.00
Peoples Bank & Trust Co
11,400.00
Union Trust Co
Co
M. M. Freeman &
-Sealed
-BOND OFFERING.
County, Colo.
.
OP ESTES PARK, Larimer a. m. on May 14, by Charles F. Hix, Town
bids will be received until 10$4,000 issue of semi-annual refunding bonds.
Clerk, for the purchase of a
Due $1,000 yearly from June 1 1929 to
Int. rate is not to exceed 5%. 3% must accompany the bid.
for
1932 incl. A certified check
-Sealed bids
-BOND OFFERING.
Ala.
EUFAULA, Barbour County,May 24, by Ruby D. McEachern, City
m. on
will be received until 8 p. a 520.000 issue of school bonds. Int. rate is
purchase of
Clerk, for the
payable semi-annually. Dated Mar. 1 1928.
not to exceed 6%. Jut .is
Mar. 1 1931 to 1950, incl. Storey, Thorndike,
Due $1,000 yearly trim
Boston will furnish legal approval. A $1,000 certified
Palmer & Dodge of
bid.
check must accompany the
-BOND OFFER(P. 0. Winnsboro), S. C.
FAIRFIELD COUNTY received by W. W.Turner, County Superinwill be
INC.-Sealed bids
of Douglas & Douglas, attorneys of
at the office
tendent of Education,on May 8, for the purchase of a $30,000 issue of 5%
Winnsboro, until noon
will be the order of sale. Dated May 1
school bonds. Public auction
[VOL. 126.
1928. Due on Jan. 1 as follows: $3,500, 1929 to 1931; $3,000, 1932 and
1933:$2,500, 1934;$3,000, 1935; 52,500, 1936 and 1937 and $3,000 in 1938.
Prin. and int. (J. & J. 1) payable at the Chatham & Phenix National Bank
in New York City. Legality and printing of bonds to be furnished by
purchaser. A $1,000 certified check must accompany the bid.
-TEMPORARY LOAN.
FALL RIVER, Bristol County, Mass.
The Old Colony Corp. of Boston, was awarded on May 2, a $5001000
temporary loan on a 4.025% discount basis. The First National Bank of
Boston, offered to discount the loan on a 4.05% basis.
FARRAGUT CONSOLIDATED SCHOOL DISTRICT (P. 0. Farra-The $75,000 issue of
'rut), Fremont County, lowa.-BOND SALE.
4% coupon school building bonds offered for sale on May 1-V. 126.j). 2692
-was awarded to Geo. M. Bechtel & Co. of Davenport at par. Denom.
$1,000. Dated May 1 1928. Due from May 1 1930 to 1948, incl. Optional on:any interest paying date.
-A
-BOND SALE.
FERGUS FALLS, Otter Tail County, Minn.
$63,000 issue of 4% city hall bonds has been purchased at par by the State
of Minnesota. Due from 1934 to 1948, incl.
-BOND SALE-The ,
FLAGLER COUNTY (P. 0. Bunnell), Fla.
$150,000 issue of 6% semi-annual road bonds offered for sale on Apr. 23
-V. 126, p. 2197
-was awarded jointly to the Weil, Roth & Irving Co.
of Cincinnati and Wright, Warlow & Co. of Orlando for a premium of
16,165, equal to 104.11, a basis of about 5.62%. Dated Apr. 1 1928.
Due in from 5 to 30 years.
FOND DU LAC, Fond du Lac County, Wis.-BOND OFFERING.
Sealed bids will be received until 9 a. m. on May 15, by 0. J. Fay, City
Clerk,for the purchase of two issues of 434% semi-annual bonds aggregating
$110.000 as follows:
$60,000 general Liability sewer bonds. Due $6,000 yearly from Mar. 1 1929
to 1938, incl.
50,000 general liability water works bonds. Duefrom Mar. 1 1929 to 1948.
incl.
The expenses of legality and printing are to be borne by purchaser: bids to
be made on that basis.
FOREST HILLS SCHOOL DISTRICT, Allegheny County, Pa.
-Sealed bids will be received by the Secretary Board
BOND OFFERING.
of School Directors, until 7 p. m. (eastern standard time) May 14, for the
purchase of an issue of $120.000 bonds to bear interest at either 4 or 410p•
Due $10,000. May 1. in each of the following years, 1933 and 1934: 1937
and 1938; 1942 and 1943; 1947 to 1949 incl.: 1952 and 1953: and 1958. A
certified check payable to the order of the School District, for $2,500 le
required. Legality approved by Burgwin, Scully & Burgwin of Pittsburgh.
FRANKFORT, Franklin County, Ky.-BOND SALE.
-An issue of
$120.000 improvement bonds has been tentatively awarded to a local
investor, pending decision by the court.
-The $70,000
-BOND SALE.
FREEPORT, Brazoria County, Tex.
Issue of 5% coupon sewer bonds offered for sale on Apr. 24-V. 126. P•
-was awarded to Caldwell & Co. of Nashville at a price of 101.10. at
2535
basis of about 4.887. Denom. $1,000. Dated Apr. 10 1928. Due from
1929 to 1952. incl. ° No option of prior payment. Int. payable on Apr.
& Oct. 1.
-The $5,000
-BOND SALE.
FREMONT, Sandusky County, Ohio.
-were
5% coupon sewer system bonds offered on May 1-V. 126, p. 2692
awarded to Ryan, Sutherland & Co. of Toledo, at a premium of $17.00
equal to 100.74. The bonds mature serially from 1929 to 1933,incl. There
were no other bids submitted for the issue.
,
GENEVA-ON-THE-LAKE,Ashtabula County, Ohlo.-BOND OFFER
ING.-Sealed bids will be received by the Village Clerk, until 12 m. May 12,
for the purchase of an issue of $13,500 5% Village's portion sanitary sewer
construction bonds. Dated Dec. 11927. Due Oct. 1, as follows: $1,000.
1929 to 1940 incl.; and $1,500, 1941. A certified check payable to the order
of the Village Treasurer, for $500 Is required.
GIBSONBURG, Sandusky County, Ohio.
-BOND OFFERING.
Sealed bids will be received by the Village Clerk, until 12 m. May 21, for
the purchase of the following issues of 69' bonds aggregating $5,850:
$4,150 sewer construction bonds. Due $830 April 1 1929 to 1933 incl.
1,700 sewer construction bonds. Due $340 April 1 1929 to 1933 incl.
Dated April 1 1928. A certified check payable to the order of the cur
Treasurer, for $50 is required.
GILA COUNTY LOWER MAIN SCHOOL DISTRICT (P.O. Miami).
-The $50,000 issue of school bonds offered for sale
-BOND SALE.
Ariz.
-was awarded to the Valley Bank of
on April 11-V. 126. p. 1869 and 2197
,
Phoenix as 4%% bonds, for a premium of $233.92. equal to 100.46, a bash
of about 4.67%. Dated Mar. 12 1928. Due $5,000 yearly from 1929 30
1938 incl.
GILLESPIE COMMUNITY HIGH SCHOOL DISTRICT NO. 150,
-An Issue of $40,000 school bonds
Macoupin County, III.
-BOND SALE.
bearing interest at the rate of 5% and maturing serially from 1938 to 1947
incl., was recently awarded to Matheny, Dixon & Co. of Springfield.
-BOND...
GLASSPORT SCHOOL DISTRICT, Allegheny County, Pa.
-A. A. Mllligan, Secretary Board of School Directors. will '
OFFERING.
receive sealed bids until 7.30 p. m. May 16, for the purchase of an Woo of
% school bonds. Dated May 1 1928. Denom. $1,000.
$200.000
Due May 1, as follows: $5,000. 1930 to 1933 incl.: $5.000. 1935 to 1938
incl.; 310.000. 1939; $5,000. 1940 to 1942 incl.; $10,000, 1943; 35,000, 1944;
$10.000, 1945; 35,000, 1946: 310.000 1947 and 1948; $5,000, 1949; 110,000.
1950 to 1953 incl.: $15,000, 1954; $10.000, 1955; and $15.000, 1950, A
certified check payable to the order of the District Treasurer, for $1,000 Is
required.
GLENCOE SCHOOL DISTRICT, Cook County, III.
-BOND SAGS:
A. B. Leach & Co. of Chicago, were awarded on Mar. 12, an issue of '
3150.000 school bonds at a premium of $82.50. equal to 100.05.
-The
GLOUCESTER, Essex County, Mass.
-TEMPORARY LOAN.
Gloucester National Bank of Gloucester, was recently awarded a $150,000
loan on a 3.805% discount basis maturing on March 1 1929.
temporary
GREAT BEND, Barton County, Kan.
-BOND SALE-The $4,268
s
Issue of 5% - emi-annual improvement bonds offered for sale on March 5-has been purchased at par by the State School Fund ComV. 126. P. 1393
mission. Dated March 11928, and due from March 1 1929 to 1938, incl.
-BA srs.GREENWOOD, Leflore County, Miss.
-MATURITY
The $20,000 issue of 5% street improvement bonds that was sold on Air. 17
-sr. 126. 2692
-to the Meridian Finance Corp. of Meridian at a price of
101.08, is due on Apr. 15. as follows: $1,000, 1929 to 1932 and $2,000, 1933
to 1940, all incl. Basis of about 4.83%.
GRISWOLD INDEPENDENT SCHOOL DISTRICT(P.O.Griswold).
-BOND SALE POSTPONED.
Iowa.
-The $68,000 issue of 4% couPell
school bonds that was scheduled for sale on Apr.17-V.126.p. 2361-was
not sold as the sale has been indefinitely postponed. The bonds are described
as follows: Denom .51,000. Dated July 1 1928. Due Jan. 1 as follows:
$2,000, 1930 and 1931: $3.000, 1932 and 1933: 32.000. 1934: $3,000. 1935:
84.000. 1936: 33,000, 1937 and 1938;$4.000. 1939:53,000. 1940:54,000, 1941
to 1944: 35.000, 1945: 34,000, 1946;55.000, 1947 and $6.000, 1948. Optional
after Jan. 1 1930. Prin. and Int. (J. & J.) payable at any bank or office
designated by purchaser but without expense to tho district. Legain7
will be approved by Chapman & Cutler of Chicago.
,
GROSSE POINTE FARMS (P. 0. Grosse Pointe), Wayne County
Mich.
-BOND OFFERING.
-Sealed bide will be received by the Village
Clerk, until 8 p. m. May 7, for the purchase of an issue of $80,000 park and
Dated June 11928. Deharbor bonds rate of interest not to exceed 57
°
nom. $1,000. Due June 1, as follows: $1,000, 1929 to 1938 incl.: $2,000.
.
1939 to 1943 incl.; $3,000. 1944 to 1948 incl.; $4,000, 1949 to 1953 incl.
and $5.000, 1954 to 1958 incl. A certified check payable to the order of
the Village for $2,500 is required.
0
-The $50.00
-BOND SALE.
HARRIMAN, Orange County, N. Y.
-were awarded
5% coupon water bonds offered on May 1-V. 126, P. 2692
to Pulleyn & Co. of New York, at 108.166,8 basis of about 4.33%. Dated
00
July 1 1927. Due July 1, as follows:83,000, 1938 to 1953 incl.; and $2.0 .
1954.
Among the other bidders were:
Rate Did.
Role Bid.I BidderBidder0
George B. Gibbons & Co-.. 107.434J Orange County Trust Co----103.0
102.755
- 106.21 I Monroe National Bank
W. A. Harriman & Co
---100.00
106.269 *Newburgh Savings Bank..
B.F.DeVoe & Co
'
MAY 5 1928.]
FINANCIAL CHRONICLE
HARRISON COUNTY (P. 0. Cynthiana), Ky.-BOND SALE.
-An
issue of $125.000 5% semi-annual road and bridge bonds has recently been
purchased by the Bohmer-Reinhart Co. of Cincinnati for a premium of
t5,338, equal to 105.07.
HAVERFORD TOWNSHIP SCHOOL DISTRICT (P. 0. Upper
-BOND OFFERING.
Darby), Delaware County, Pa.
-E. S. Moore,
Secretary Board of Education, will receive sealed bids until 12 m. (eastern
standard time) May 7. for the purchase of an issue of $77.000 4% coupon
school bonds. Dated Mar. 1 1928. Denom. $1,000. Due Mar. 1, as
fellows: $2.000, 1929 to 1957 incl.; and 119.000, 1958. A certified chock
payable to the order of Arthur E. Garwood, Treasurer, for $500 is required.
egality approved by Townsend, Elliott & Munson of Philadelphia.
HEMPSTEAD CENTRAL HIGH SCHOOL DISTRICT NO.1(P.0.
Valley Stream), Nassau County, N. Y.-$750.000 SCIIOOL BONDS
OFFERED.
-The $750.000 coupon school bonds awarded on April 24, as
-to a syndicate
4.20a. at 101.10 a basis of about 4.13%-V. 126. p. 2692
oomposed of the National City Co., Harris, Forbes & Co. and the Bankers
Trust co., are now being offered by the successful bidders at prices ranging
from 100.27 for the 1930 maturity to 102.83 for the 1964 maturity all maturities priced to yield 4.05%.
Pinancial Statement (Officially Reported).
Estimated value taxable property
$25,000.000
Assessed valuation taxable property
9,124,007
Total bonded debt, including this issue
787,000
Population, present estimate. 8.000.
HENDERSON COUNTY (P. 0. Henderson) Ky.-MATURITYBASIS.-The $200,000 ifiSUO of 4 j% road and bridge bonds that was
jointly awarded to Taylor. Wilson & Co. and the Title Guarantee & Trust
.co.. both of Cincinnati on Apr. 17-V. 126. p. 2536
-at a price of 100.249,
Is due on Apr. 1, as follows: $15.000. 1933 to 1935: $5.000. 1936 to 1947:
110.000, 1948 to 1953; $5,000 in 1954 and $10,000. 1955 to 1957,all incl.,
giving a basis of about 4.23%.
HUDSON, Middlesex County, Mass.
-BOND OFFERING.
-A. W.
Morse, Town Treasurer, will receive sealed bids until 8 p. in. May 4 for the
purchase of the f.Mowing issues of 3%% coupon bonds, aggregating $44.500:
$20,000 surface drainage bonds. Due $1.000 Apr. 1 1929 to 1948 incl.
$14.500 bridge bonds. Due Apr. 1 as follows: $1,000. 1929 to 1942 incl.,
and $500 1943.
10,000 water mains loan bonds. Due $1.000 Apr. 1 1929 to 1938 incl.
Dated Apr. 1 1928. Denom. $1,000 and $500. Prin. and int, payable
at the First National Bank. Boston. Legality approved by Ropes, Gray,
Boyden & Perkins of Boston.
Financial Statement April 5 1928.
Not valuation for year 1927
$7,220,426.93
Debt I m t
210.261.82
Total gross debt, not including these issues
470.750.00
Exempted debt
--Water bonds
$113.750.00
School bonds
126,000.00
Sewer bonds
41,500.00
Light and power bonds
38.000.00 319,250.00
Net debt
$151,500.00
Borrowing capacity April 5 1928
$58,761.82
HUTCHINSON, Reno County, Kan.
-BOND SALE.
-The $42,139.30 issue of 4% semi-annual refunding bonds offered for sale on Apr. 24
-v. 126, p. 2536
-was awarded to the Central Trust Co. of Topeka at a
price of 100.084,a basis of about 3.98%. Dated Mar. 1 1928. Due serially
la from 1 to 10 years.
ILLINOIS (State of), P. 0. Springfield.
-BOND OFFERING.llornelius R. Miller. Director Department of Public Works and Buildings,
will receive sealed bids until 9 a. in. (standard time). May 15, for the purchaso of an issue of $7,000.000 4% coupon highway bonds. Due $500.000
May 1 1945 to 1958 incl. Prin. and int. payable at the office of the State
'Treasurer. A certified check payable to the order of the State Treasurer,
for $140.000 is required. Legality approved by Thomson, Wood & Hoffman of Now York City.
JACKSON COUNTY (P. 0. Edna), Tex.-130ND SALE.
-The $175,a0O issue of 5% semi-annual road bonds offered for sale on Apr.30-V. 126.
-was awarded to Roger H. Evans & Co. of Dallas for a premium of
p. 2362
$8,910, equal to 105.09.
JACKSON TOWNSHIP SCHOOL DISTRICT (P. 0. Zelienople)
Butler County, Pa.
--CORRECTED REPORT.
-We are in receipt of a
corrected circular in connection with the award on Feb. 20, to E. II. Rollins
,st Sons of Philadelphia, of $25,000 4%7, school bonds
-V. 126.
According to the revised statement the bonds are dated March 1 P. 1394
1928. not
Fob. 1 1928 as previously reported, and mature $5,000 on Feb. 1 1929 to
1933. incl. The bonds are being offered for investment priced to yield
3.90% for all maturities.
JEFFERSON COUNTY (P. 0. Rigby), Ida.
-BOND SALE.
-A
S54,000 Issue of 4% %
refunding bonds has been purchased by the
Burton Co. of Salt Lake City. Due serially from 1930 to 1948. Edward
KEENE, Cheshire County, N. H.
-BOND SALE.-Estanrook Sr Co. of
Boston. were awarded on April 26, an issue of $165,000 4%
struction bonds at $101.83 a basis of about 3.97%. The % highway conbonds
offered to investors at prices to yield 3.60% for the entire issue. are being
KENMORE, Summit County, Ohio.
-BOND SALE.
-The $85,000
viaduct bonds offered on Apr. 25 (V. 126, p. 2536) were awarded to W. L.
Slayton & Co. of Toledo as 4%s at a premium of $1.542, equal to 101.81,
a basis of about 4.32%. Dated Apr. 15 1928. Due Oct. 15 as follows:
s3,000 1929; 13.500, 1930 to 1933 incl.; $3,000. 1934; $3,500. 1935 to 1938
WI.;$3,000. 1939; $3,500. 1940 to 1943 incl.: $3,000. 1944:$3,500. 1945 to
948 incl.; $3,000. 1949, and $3,500, 1950 to 1953 incl. Other bids were
as follows:
BiddersInt. Rate.
Premium.
yforrick Company
4
$1,539.00
Well. Roth & Irving Co
4
1,088.00
Ryan. Sutherland & Co
4%9
1.080.00
Ode & Co
1,076.00
Seasongood & Mayer
4
gianchet, Bowman & Wood
4 %
1,040.00
KERSHAW COUNTY (P. 0, Camden), S. C.
-LIST OF BIDDERS.
..rho following is a complete list of the bidders that bid on Apr. 24-V. 126,
0
,2693
-for the purchase of the $100,000 issue of57 coupon highway bonds:
0
BidderPremium.
*Braun, Bosworth & Co. and Detroit Trust Co
Taylor, Wilson & Co., Inc
" 29
'
32
4.01
geasongood & Mayer
3.388
Robinson-Humphrey Co
3,471
Griswold First State Co
4.00
40 0
.16
(:), W. McNear & Co
A. T. Bell & Co. and S. C. National Bank
3,559
Weil, Roth & Irving Co
3,090
peoples securities co. and Caughman-Smith
4,236
Ryan, Sutherland & Co
4,317
Asset. Goetz & Moorlein
4,111
*Successful bidders.
2851
the legal approval. The required bidding forms will be furnished by the
Director of Finance or the above attorney. A $25,000 certified check,
payable to the City Treasurer, must accompany the bid.
Financial Statement.
Assessed valuation for taxation 1927
$164.698,996.25
Estimated true value
225.000,000.00
Total bonded and other debts, including special assessment debt and Including bonds now offered
20,014.240.90
Water debt
34.594,001.62
Sinking fund, except for water debt
785,596.60
Uncollected special assessments applicable to
a portion of above debt
1.434.592.73
Special assessments to be levied and made
applicable to improvement bonds
784,851.54
Total deductions
7.599,042.49
Net debt, including this issue
$12,415,198.41
Population, Federal census, 1910, N,346; 1920. 77.818: 1928, 102.100.
LA CROSSE SPECIAL TAX SCHOOL DISTRICT (P. 0. Gaines
villa), Alachua County, Fla.
-MATURITY.
-The $20.000 issue of 6%
semi-annual school bonds sold on Apr. 16. to Prudden & Co. of Toledo
V. 126. p. 2693,at a price of 90. is due as follows: $750 from 1928 to 1942;
31.000, 1943 to 1945: 31.250. 1946 to 1948 and $2,000 in 1949. giving a basis
of about 7.20%.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND SALE.
-The
$114,000
% highway improvement bonds offered on Apr. 30-V. 126
-were awarded to the Fletcher Savings & Trust Co.,ofIndianapolis,
p. 2536
at a premium of $3,900. equal to 102.70. Dated Mar. 15 1928. Due
semi-annually in from 1 to 15 years. The Fletcher American National
Bank of Indianapolis, offered a premium of 13.850.
LAKEHURST, Ocean County, N. J.
-BOND SALE.
-An issue of .57
0
coupon Water Supply Funding bonds offered on April 26-V. 126, p. 2362
was awarded to the First National Bank of Lakehurst, taking $90,000 bonds
($95,000 offered) paying $95.885.85 equal to 106.539 a basis of about 4.40%.
Dated May 1 1928. Due as follows: $3,000. 1928 to 1943 incl.; $2,000.
1944 to 1965 incl.; and $1,000. 1966.
LAKE PLEASANT CENTRAL SCHOOL DISTRICT NO. 1 (P. 0.
Speculator) Hamilton County, N. Y.
-BOND SALE.
-The $70.000
coupon school bonds offered on May 1-V. 126, p. 2536-were awarded
to George B. Gibbons & Co. of New York. as 4%s. at a premium of $952,
equal to 101.36. a basis of about 4.37%. Dated May 1 1928. Due May
1 as follows: 32,000. 1929 to 1932, incl., $2,500, 1933 to 1956, incl., and
51.000. 1957 and 1958.
The following is a list of other bids submitted for the bonds:
Price Bid.
Manufacturers & Traders Peoples Trust Co.
$70.949.20
Redmond & Co
70,923.30
Pulleyn & Co
70.789.60
Clinton H. Brown & Co., Inc
70,343.00
Batchelder. Wack & Co
70,338.10
R. F. DeVoe & Co
70.245.00
Dewey, Bacon & Co
70.189.00
LAKE TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0. St. Claire
Shores R. F. D. No. 1), St. Clair County, Mich.
-BOND SALE.
-The
1135.060 school bonds offered on Apr. 23 V. 126. p. 2536) were awarded
to Whittlesey, McLean & Co. and the Union Trust Co., Jointly, as 4%s
at a premium of $405, equal to 100.30, a oasis of about 4.23%. Dated
May 11928. Due May 1 as follows: $4,000. 1929 to 1943 incl., and $5,000.
1944 to 1958 incl. Other bids were as follows:
Pd. Rate.
Premium.
GuardiaBiader Dotrott Company
n
3:578337..6050
$3,577.50
Griswold First State Bank
41 ,
s ,
4. ?j
Howe. Snow & Co.and Burapus & Co
3.039.00
Trust Co
Security
111.00
Detroit Trust Co
4l'%76.00
Citizens Savings Bank
44
108.00
Bank of Detroit
4
3,650.00
First Nat. Bank and Merchants Nat. Bank
4
2.850.00
Stranahan, Harris & Oatis, Inc
2,229.00
LEBANON, Lebanon County, Pa.
-BOND SALE.
-The 1105.0004%
coupon city improvement bonds offered on April 27-V. 126, p. 2693
-were
awarded to M.M.Freeman & Co.of Philadelphia, at 101.08 a basis of about
3.89%. Due serially on May 1 1933 to 1939, inclusive.
LEE COUNTY (P. O. Tupelo), Miss.
-ADDITIONAL INFORMATION.
-The $55,000 issue of 6% court house and Jail bonds scheduled for
saloon May 7-V. 126. p. 2537
-is duo on Apr. 4, as follows: $2,000 from
1929 to 1933 and 33,000, 1934 to 1948, all incl. Prin. and semi-annual int.
is payable at the Ilanover National Bank in New York City.
LEOMINSTER, Worcester County, Mass.
-BOND SALE.
-The following issues of 4% coupon bonds, aggregating $94.000, offered on May 1
(V. 126, p. 2693), were awarded to E.II. Rollins & Sons of Boston at 102.14.
a basis of about 3.657e.
$50,000 sower bonds. Dated May 1 1928. Due May 1 as follows: $3,000,
1929 to 1938 incl.. and 32.000. 1939 to 1948 incl.
44,000 permanent pavement bonds. Dated Mar. 1 1928. Due Mar. 1
as follows: $5,000, 1929 to 1932 incl., and $4,000, 1933 to 1938 incl.
The following bids were also received:
737dderRate Bid.
Estabrook & Co
102.03
R. L. Day & Co
101.89
Old Colony Corporation
101.64
National City Company
101.61
Eldredge & Co
101.35
LIBERTYVILLE, Lake County, III.
-BOND SALE.
-The $51.000
5% water plant and fire truck bonds offered on May 1-V. 126. p. 2693
were awarded to the First National Bank of Libertyville, at 102.959. LINCOLN COUNTY (P. 0.Stanford),Ky.-MA TURITY-BA SIS
The $125,000 issue of 434% road and bridge bonds that was purchased by
Caldwell & Co. of Nashville at a price of 102.76-V. 126, p. 1870, 2199
is due $5,000 yearly on Apr. 12 1933 to 1957. incl., giving a basis of about
4.27%.
LINCOLN COUNTY (P. 0. Merrill), Wis.-BOND SALE.
-The
$110,000 issue of 5% coupon highway improvement third series bonds offered for sale on May 1 (V. 126, p. 2362) was awarded to the Second Ward
Securities Co. of Milwaukee for a premium of 33.117, equal to 102.833. a
basis of about 4.41%. Denom. $1,000. Dated May 1 1928 and due on
May 11933.
LINCOLN COUNTY (P. 0. Fayetteville), Tenn.
-BOND SALE.
The $50,000 issue of 5% coupon Central High School bonds offered for sale
on Mar. 14-V. 126. P. 1394
-has been awarded to the National Life &
Accident Insurance Co. of Fayetteville at par. Denom. $1.000. Dated
Mar. 11928. Due from Mar. 1 1929 to 1933 and optional at any time.
LOCKPORT, Niagara County, N. Y.
-The Niagara
-BOND SALE.
County National Bank & Trust Co. of Lockport was awarded on May 3
an issue of $25,000 school site extension bonds as 4%s at 100.015.
KIANTONE(P.O. Jamestown), Chautauqua County, N. Y.
SALE.
-The $17,500 coupon or registered hignway bonds offered-BOND
LOGAN,Hocking County, Ohio.-BOAD OFFERING.
-Della Bishop,
on April
30-V. 126, p. 2693-were awarded to Pulleyn & Co. of New York City, as City Auditor, will receive sealed bide until 12 in., May 22,for the purchase
40s. at 100.038 a basis of about 4.38%. Dated April 1 1928. Due April of an issue of $6,500 53470 bonds. Dated May 1 1928.. Due April 1 as
f as follows: $1,500. 193)to 1940 Inclusive; and $1.000, 1941.
follows: 31.000, 1929 to 1931 incl.: and $500, 1932 to 1938 incl. Prin. &
int. payable at the office of the City Treasurer.
The following is a list of other bids submitted for the bonds:
Bidder
Int. Rate. Rate Bid.
LOGAN COUNTY (P. 0. Sterling), Colo.
-WARRANT CALL.
-The
Toy, Gilson & Co
4.50
100.189 County Treasurer has issued a call for outstanding registered warrants on
Clinton II. Brown & Co
4.50
100.025 school districts ranging from No. 14 to No. 99, incl. These warrants are
Devoe & Co
R. F.
4.50
100.369 either general or special funds and all were registered either in 1927 or 1928.
Rutter & Co
4.50%
100.676 Interest ceases on the called warrants on May 10 and they should be preGeorge B. Gibbons & Co
4.70%
100.413 sented at the office of the Treasurer.
KNOXVILLE, Knox County, Tenn.
--BOND OFFERING.
-Sealed
LOUISVILLE, Jefferson County, Ky.-BOND SALE.
-The $1.500,bids will be received until 10 a. m. on May 8, by L. M. Emert, Director of
Issue of 4% coupon park bonds offered for sale on May 1-V. 125, P.
Finance, for the purchase of two issues of 4 Si% coupon or registered im- 000 -was awarded to Caldwell & Co. of Naahvile at a price of 102.01. a
2537
ows,
provement bonds aggregating $1,257,000 as fear
basis of about 3.90%. Dated Mar. 1 1928 and due on Mar. 1 1968.
$157.000 series E bonda. Due on Apr. 1, as follows: $76,000 from 1930 to
The other bidders and their bids were as follows:
1938, incl. and $73,000 in 1939.
BidderPrice Bid.
500,000 series F bonds. Due $50,000 yearly from Apr. 1 1930 to 1939,Incl. J. J. B. Hilliard of Louisville
$1,522.607.00
Dfoom. $1,000. Dated Apr. 1 1928. Prin. and list. (A. & 0.) Payable in
Louisville National Bank of Louisville
1.506,565.50
gold In New York City. Chester B. MassItch of New York City will furnish James C. Willson & Co. of Louisville
......_ 1,512.885.00
2852
FINANCIAL CHRONICLE
LOWER MOUNT BETHEL TOWNSHIP (P. 0. Bangor R. F. D.
-Sealed bids
-BOND OFFERING.
No. 2) Northampton County, Pa.
be received
Secretary Board of Supervisors, until 12 m. (eastern
% coupon
purchase
standard time June 2,for the purche of an issue of $60,000
township bonds. Dated May 1 1928. Denom. $1,000. Due May 1 1958
, optional after May 1 1938. Principal and int, payable in gold at the
Bangor Trust Co., Bangor. A certified check payable to the order of the
above-mentioned official for 2% of the bonds offered is required. Legality
approved by Townsend, Elliott & Munson of Philadelphia.
-Sealed
LYNCHBURG, Campbell County, Va.-BOND OFFERING.
bids will oe received by John M. Otey, City Auditor, until 11 a. m. on
June 9 for the purchase of a $600,000 issue of 4% coupon or registered
public imprsvement bonds. (The sinking fund commission of the city
will purchase $100,000 of the bonds, maturing from 1930 to 1938 incl.
leaving $500,000 for sale.) Denom. $1,000. Dated July 1 1928 The
$500,000 block matures on Jan. 1,as follows: 315,000, 1939 to 1941;$20,000,
1942 to 1947: $25,000, 1948 to 1952 and $30,000, 1953 to 1959, all incl.
Prin. and int.
& J.) payable in gold at the Equitable Trust Co. in New
York City. Thomson, Wood & Hoffman of New York City will furnish
the legal opinion to the purchasers free of charge. A certified check for
2% faee value of the bid, payable to the City Treasurer, is required.
FINANCIAL STATEMENT AND STATISTICS.
Population, 1920, U. S. Census, 30,070: 1926. Special Census, 38,493.
Population 1928 (estimated). 45,000. Incorporated as a village October
1786; ass town, Jan. 10 1805; as a city, May 20 1852. Area, 13.93 square
miles. Assessed value for 1927 taxation, appraisal as of Jan. 1 1927, real
estate, $36.259.680. 1927 rate of taxation on per thousand dollars of
assessed value. $23.50.
--F. S. Moseley
-TEMPORARY LOAN.
LYNN, Essex County, Mass.
& Co. of Boston, were awarded on Apr. 27, a $300,000 temporary loan on
basis plus a premium of $6.25. The loan matures
a 3.89% discount
on Nov. 2 1928.
-BASIS.
-MATURITY
McNAIRY COUNTY(P.O.Selmer),Tenn.
The $200,000 issue of 5% highway bonds sold to Little, Wooten & Co. of
-at a price of 102, is due on Feb. 1, as follws:
-V. 126, p. 2537
Jackson
$5.000, 1934 to 1938;$10,000, 1939 to 1943: 315.000, 1944 to 1948:320.000.
1949 to 1951; $25,000, 1952 to 1955 and $30,000. 1956 to 1958, all incl.
Basis of about 4.83%.
-The
-BOND SALE.
MADISON COUNTY (P. 0. Anderson), Ind.
0
two issues of 43.5 5' bonds aggregating $23.500 offered on Mar. 20-V. 126,
-were awarded to tne Union Trust Co. of Indianapolis, at a premp. 1394
ium of $837 equal to 103.56. The bonds are $18,500 Alfonte Bridge bonds
and 35.000 Pendleton Newcastle Pike bridge bonds.
MAHON1NG VALLEY SANITARY DISTRICT (P.O. Youngstown)
-The 32.475,000 series A coupon water supply
-BOND SALE.
Ohio.
-were awarded to the Illinois
bonds offered on Apr. 30-V. 126, p. 2537
Merchants Trust Co., Chicago, Detroit Trust Co., Detroit, and the Herrick
of Cleveland, as 4 gs, at a premium of $2,255 equal to 100.09 a basis
Co.
of about 4.23%. Dated May 1 1928. Denom. $1,000. Due Nov. 1
as follows: 3123,000. 1932; 3124.000. 1933 to 1935 incl.; 3123.000. 1936:
$124,000, 1937 to 1939 incl.; $123,000, 1940; 3124.000, 1941 to 1943 incl.;
3123.000, 1944; $124,000. 1945 to 1947 incl.; $123,000,1948,and $124,000.
1949 to 1951 incl.
Among the other bidders were:
Price Bid.
Bidder
$2,526,480
W. L. Slayton & Co
2,521.377
Seasongood & Mayer
2,516,583
Otis & Co
2,516,580
Taylor, Wilson & Co
2,491,730
Butler, Beadling & Co
2,481.700
R. 51. Grant & Co
All the above bids were for 45i% bonds.
-The $16,000
-BOND SALE.
MALVERNE, Nassau County, N. Y.
-were awarded to Batchelder
fire bonds offered on May 2-V. 126, p. 2693
of about 4.29%.
Wack & Co. of N. Y. City, as 4.30s. at 100.015, a basis
Dated Apr. 1 1928. Due 32,000, Apr. 1 1929 to 1936 incl. Other bids
were as follows:
Rate Bid.
Rate.
Bidder100.111
4.40%
'Sherwood & Nlerrifield
100.0623
Farson. Son & Co
100.039
4.50%
R. F. DeVoe & Co
100.142
4.60%
George B. Gibbons & Co
-BOND OFFERING.
MAMARONECK, Westchester County, N. Y.
Fred T. Wilson, Village Clerk, will receive sealed bids until 8 p.in.(daylight
saving time) May 15, for the purchase of the following issues of coupon or
registered bonds aggregating $81,500 rate of interest to be stated in a multiple of 1-10 or X of % and not to exceed 5%.
$67,500 street improvement bonds. Dated Jan. 1 1928. Due $13.500,
Jan. 1 1929 to 1933 incl. A certified check payable to the order
of the Village for $2,500 is required.
14,000 fire apparatus bonds. Dated May 1 1928. Due $2,000, May 1
1929 to 1935 incl.
A certified check payable to the order of the Village for $1,000 is required.
Prin. and int. payaole at the National Bank of Commerce N. Y. City.
Legality approved by Clay, Dillon & Vandewater of N. Y. City.
-The
MARSHALLTOWN, Marshall County, lowa.-BOND SALE.
$125,000 issue of coupon Liberty Memorial bonds offered for sale on Apr.
-was awarded to Geo. M. Bechtel & Co. of Davenport
30-V. 126, p. 2694
as 4(% bonds at par. Dated May 1 1928. Due as follows: $12,000
on May 1. and 37,000, Nov.I 1933; $3,000, May and Nov. 1 1934 to 1937;
33.000.May land $4.000, Nov. 1 1938 to 1940: $4,000 May and Nov.1 1941
to 1943; $4,000, May and 35,000 Nov. 1 1944 to 1946; 34.000, May 1 and
$6,000 on Nov. 1 1947. Optional after May 1 1929. The other bidders
and their bids were as follows:
,
l ad
Pr
& cityice pii3
Bidders
Par & accr. int.,4 %
White-Phillips Co.. Davenport, Ia.
for printing bonds.
315
Par & accr. Int. 1st 25 at 1
Fidelity Say. Bank, M•town, Fi
balance at 44i %•
,
-Stark County, Ohio:- BOND OFFERING.-La ter
MASSILLON,
S. Lash, City Auditor, will receive sealed bids until 12 m.(eastern standard
19, for the purchase of an issue of $45,150 4;4% city's portion
time) May
sewer bonds. Dated Apr. 1 1928. Due Oct. 1, as follows: $3,000, 1929
of
to 1943 incl.; and 3150, 1944. Prin. & hit, payable at the State Bank
Treasurer,
• Massillion. A certifired check payable to the order of the City
for 3% of the bonds offered is rquired.
-II. A.
-BOND OFFERING.
MAUMEE, Lucas County, Ohio.
for
until 12 in. May
Rhinehalt. Village Clerk, will receive sealed bids assessment street 23
irnpt.
$17,750 5% special
the purchase of an issue offollows: $1,750. 1929; $2,000. 1930 to 1936,
Sept. 1 as
bonds maturing
impt.
incl., and $1,000. 1937 and 1938 and 310,250 5% Village's portion 1938.
and $1,000. 1930 to
bonds maturing Sept. 1 as follows: 31.250, 1929. and int. payable at the
June 11928. Principal
incl. Both issues are dated
check payable to the order
office of the Sinking Fund Trustees. A certified
bonds offered is required.
of the Village Treasurer, for 1% of the
-NOTESALE.
MECKLENBURG COUNTY(P.O.Charlotte), N.C.
recently been purchased as follows:
Two issues of revenue notes haveCo. of Charlotte at 3.90% and $60,000
Trust
$75,000 by the Independence of Charlotte at 4.00%. Due in 3 months.
by the Union National Bank
-BOND
(P. 0. Dearborn) Wayne County, Mich.
MELVINDALE
OFFERIN(L-Sylvester A. Mable. Village Clerk, will receive sealed bids
following special assessment
p. in. May 9, for the purchase of the
until 8
not to exceed 6%:
bonds, aggregating $13,000 rate of interest as follows: $3,000. 1930. and
3150)0 Roll No. 10 bonds. Due May 15
to 1933, incl.
$4,000. 1931
May 15 1931 to 1933, incl.
1,500 Roll No. 102 bonds. Due $500 May 15 1931 to 1933. incl.
1,500 Roll No. 103 bonds. Due $500
(P. 0. Mena), Polk County, Ark,
MENA SCHOOL DISTRICT school bonds has recently been purchased
-A $70,000 issue of
BOND SALE.
by an unknown investor.
-At an election
-BONDS VOTED.
• MERCER, Mercer County, Pa. Issuance of $50.000 bonds by a count
held recently the voters authorized the
the bond issue will be used
of
of approximately two to one. The proceeds and an auditorium.
to defray the expense of erecting a gymnasium
-The $88,000
-BOND SALE.
Troy), Ohio.
MIAMI. COUNTY (P. 0.
originally scheduled to
5% special assessment road improvement bondsnot awarded on that date
-were
Mar.16-V. 126, p. 1395
have been sold on
[VoL. 126.
according to the County Auditor. The bonds were subsequently disposed or
at private sale to Ryan, Sutherland & Co. of Toledo. Dated Mar. 1 1928.
Due Sept. 1, as follows: $9,000, 1929 to 1932 incl.; $8,000, 1933 and
$9,000. 1935 to 1938 inclusive.
-Sealed'
-BOND OFFERING.
MIAMI SHORES, Dade County, Fla.
bids will be received until May 14, oy H. H. Hawthorne, Town Clerk, for
the purchase of 315.000 issue of 6% semi-annual street and sidewalk bonds.
-BOND OFFERING.
MIDDLEBURY, Addison County, Vermont.
C.E.Pinney. City Treasurer, will receivesealed bids until 3 p.in. (standard
time) May 8. at the National Bank of Middlebury, Middlebury, for the
purchase of an issue of $70,000 49' coupon water bonds. Dated May 1
1928. Denom. $1,000. Due $2,000, May 1 1934 to 1968 incl. Prin. &
int. payable at the National Park Bank, New York. Legality approved
by Ropes, Gray, Boyden & Perkins of Boston.
MIDLAND, Midland County, Mich .-BOND SALE.
-The $95,000'
-were awarded to Whittlessewer bonds offered on Apr.25-V. 126, p. 2537
ley, McLean & Co. of Detriot, as 440, at a premium of $915 equal to
100.963 a basis of about 4.30%. Dated May 1 1928. Due May 1. as
follows: $11,000. 1930; and 312,000. 1931 to 1937 incl.
-NOTE SALE CANMINNEAPOLIS, Hennepin County, Minn.
CELLED.
-The $1,500,000 issue of certificates of indebtedness awarded on
Mar. 10-V. 126, p. 1705
-to the Guaranty Co. of New York at a rate of
3,888% has been cancelled by the purchaser because an opinion approving
the Issue could not be obtained from the city's New York bond attorneys.
-BOND OFFERING.
MISSISSIPPI, State of (P. 0. Jackson).
Sealed bids will be received until neon en May 26. by Theodore G. Bilbo.
Governor, for the purchase of a $2,374,500 issue of 434% State bonds.
Denoms. $1,000 and one for $500. Dated May 1 1928 and due on May 1
as follows: $1,065,000 in 1948: $723.500, 1949 and $586,000 in 1950.
Prin. and semi-annual int. is payable at the office of the State Treasurer
or at some bank in New York City designated by the State Bond Commission. Public outcry or public sale of bonds can be resorted to. A
$25.000 certified check, payable to Webb Walley. State Treasurer, must
accompany the bid.
MONTGOMERY COUNTY (P.O. Red Oak),Iowa.
-MATURITY
BASIS.
-The $200,000 issue of4X'7 Primary road bonds that has recently
0
been purchased by Geo. M. Bechtel & Co.of Davenport
-V. 126,p. 2694
at a price of 100.662. is due $20,000 yearly from 1934 to 1943, incl. and
optional after 6 years. Basis of about 4.11% .
MORNINGS1DE (P. 0. Minneapolis), Hennepin County, Minn.INT. RATE
-The $15,000 issue of water system bds. that
-MATURITY.
has recently been purchased at par by the State
-bears
-V. 126. p. 2537
4% interest and is due $3.000 yearly from July 1 1937 to 1941,incl.
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BOND OFFERING.-Benjamln C. Perry, President Board of County Commissioners,
will receive sealed bids until 12 m. May 15, for the purchase of the following
Issues of 43
,
6% bonds aggregating $450,000:
$250,000 court house bonds. Due June 1, as follows: 35,000, 1938 to
1945 incl., and 310,000. 1946 to 1966 incl.
150,000 school gymnasium bonds. Due June 1, as follows: 36.000, 1938to 1940ncl.,• $10,000, 1941 to 1962 incl.; and 315,000, 1953. •
50,000 jail bonds. Due 35,000, June 11057 to 1966 incl.
Denom. $1,000. 1-rin. & int. payable at the Farmers Blunting & Trust
Co., Rockville. A certified check of $500 for each issue payable to the
order of the County Commissioners, is required. Advance notice of the
scheduled sale of these bonds appeared in -V. 126, p. 2363.
• MOTT, Hettinger County, N. Dak.-BOND SALE.
-The $55,000
Issue of coupon water works bonds offered for sale on Apri117-V. 126.
-was awarded as 53.4% bonds, to theDrake-Jones Co. of Minp. 2200
neapolis. A 330.000 issue of 1331i% sower assessment warrants has also
been purchased by the above company.
MUSKOGEE, Muskogee County, Okla.
-The two
-BOND SALE.
issues of Honor Heights Park bonds offered for sale on April 23-V. 125.
-were awarded to the First Trust & Savings Bank of Tulsa at
e• 2538
par as follows: $48,000 as 4j9'. bonds and $12,000 as 49' bonds. Dement.
$1,000. Dated May 1 1928. The other bids were as follows:
Other BiddersRate Bid.
4
$21,000
R.J. Edwards, Inc
4
30.000
4
9.000
American First Trust of Oklahoma City
4
30,000
4
30,000
C. Edgar Honnold
4
24,000
4%
36,000
Piersol Bond Co. of Oklahoma City
39,000
4
4%
21,000
NASHUA, Hillsborough County, N. H.
-TEMPORARY LOAN. S. N. Bond & Co. of Boston, were awarded on Apr. 27, a$100,000 tempo rary loan on a 4.05% discount basis pita; a premium of $2.50. The loan
matures within eight months. Old Colony Corp. of Boston offered t0
discount the loan on a 4.05% hems.
NASHUA, Hillsborough County, N. H.
-BOND OFFERING.
Samuel Dearborn, City Treasurer, will receive sealed bids until 10 a. ni
(eastern standard time) May 11,for the purchase of an issue of $175,000 4/6
bridge bonds. Dated May 11928. Due May 1. as follows: $10,000, 19 •
to 1933 incl.; 39,000, 1934 to 1938 incl.; and $8,000, 1939 to 1948 incl.
Prin. and int. (M. & N.) payable at the First National Bank, Boston
Legality to be approved by Ropes, Gray, Boyden & Perkins of Boston.
Financial Statement Apr. 11 1928.
Assessed valuation for year 1927
$43,682,278.0Bonded debt:
Bridge bonds
$304,500.00
Fire department bonds
131,000.00
Refunding bonds
200,000.00
Funding bonds
145,0(10.00
School bonds
745,500 00
Sewer bonds
189,000.00
Comfort station bonds
10,000.00
Paving and road bonds
196,000.00
Highway bonds
85.000.00
Garage bonds
45,000.00
32,051,0000j
,0
Sinking fund
259,144 7
$1,791,855.80
Net debt
NEW BALTIMORE, Macomb County, Mich.
-BONDS DEFEATED.
-At the election held on Apr. 24-V. 126, P. 2538
-the voters rejected the proposal to bond the city for $125,000 bonds the proceeds of which W.st
to be used for the construction of a new school building. Of the OW
amount of votes cast 67 were for the issue and 147 against it.
NEW MEXICO (P. 0. Santa Fe), State of.
-BOND SALE POST
PONED.
-The sale of the $76,000 issue of not to exceed 6% Valentea
County road bonds which was scheduled for May 22-V. 126, P. 2694'
has been postponed until June 2.
-Sealed
NEW ORLEANS, Orleans Parish, La.
-BOND OFFERING.
bids will be received until noon on May 21, by T. Semmes Walmsley, Commissioner of Public Finance, for the purchase of a 51.000,000 issue of 4 %
coupon public belt railroad bonds. Denoms.ELM and $500. Dated Apr.
1 1928. Due $40,000 from Apr. 11042 to 1966, incl. Thomson Wood
o
Hoffman of New York City and H. Generes Dufour of New Orleans
furnish the legal approval. A certified check for 3% of the bid, payable to
the City,is required.
NEWPORT NEWS, Warwick County, Va.-BOND SALE.-Thetheee
issues of coupon oonds aggregating $115,000, offered or sale on Apr. 30
-V. 126, p. 2200
-were awarded to N. S. Hill & Co. of Cincinnati as
4% bonds, at a discount of $3.055.50, equal to 97.343, a basis of about
4.38%. The Issues are described as follows:
Due
370,000 permanent public improvement bonds. Denom.
on May 1, as follows: 52.000. 1929 to 1931:$3.000. 1932 to 1939;
30,000 municipal equipment bonds. Denom. $500. Due on may 1,
as follows: $2,500. 192910 1932: 33,000, 1933 and 1934 and $3,(500
from 1935 to 1938.
15,000 municipal neat harbor improvement bonds. Denom. $600, Due
on May 1. as follows: 31,000. 1929 and 1930: 31,500. 1931 t4)
1936 and 32,000, 1937 and 1938.
MAY 5 1.9V3.]
FINANCIAL CHRONICLE
Prin. and int. (M. & N.) payable at the National City Bank in New
York City. A complete list of the bids and bidders is as follows:
45
Bidders4%s
$111,312.80 $115,647.61
R. M. Grant & Co
111,233.00 115,668.00
Braun, Bosworth & Co
Stein Bras. & Boyce
115,793.50
111.944.50 116,332.80
*N. S. Hill & Co
Seasongood & Mayer
111.355.00 115,528.00
-CITY FINANCING FOR MONTH AGNEW YORK CITY, N. Y.
GREGATES $58,573,000
-The total financing by the city during the month
of April aggregated $58,573,000. Of this total $20,250.000 were general
fund bonds bearing interest at the rate of 3% maturing Nov. 1 1930 and
the remainder consisted ofcorpora te stock notes. special assessment bonds.
•and revenue bills, &c., which are described below:
Corporate Stock Notes of 1928.
Rapid Transit.
Dock Purposes.
lat.
Date
Int.
Date
Maturity. Rate. Issued. Amount.
Amount.
Maturity. Rate. Issued.
$1,928,000 July 27 1928 4.00% Apr. 27 1,170,000 July 27 1928 4.00% Apr. 27
500,000 July 27 1928 4.00% Apr. 27 1,000,000 Apr. 12 1929 334% Apr. 12
500,000 July 27 1928 4.00% Apr. 27
150,000 Apr. 2 1929 3.75% Apr. 2
250.000 Apr. 2 1929 3.85% Apr. 2
IVafer Supply.
100,000 Apr. 2 1929 3.75% Apr. 2
850,000 July 27 1928 4.00% Apr. 27
Various Municipal Purposes.
Rev. Bills of 1928.
5,100,000 July 27 1928 4.00% Apr. 27 10.000,000 July 9 1928 334% Apr. 9
1,500.000 Apr. 2 1929 3.75% Apr. 2 5,000.000 July 12 1928 334% Apr. 12
1,125,000 Apr. 12 1929 3;4% Apr. 12
Tax Notes of 1928.
School Construction.
1,000,000 Jan. 28 1929 4.00% Apr. 27
5,650.000 July 27 1928 4.00% Apr. 27
Special Rev. Bonds of 1928.
1,500.000 Apr. 2 1929 3.75% Apr. 2 1,000,000 Jan. 28 1929 4.00% Apr. 27
NILES,Trumbull County, Ohio.'
-BOND SALE.
-The $97,000 4ti%
'special assessment improvement bonds offered on Aprril 21-V. 126, P.
2041-were awarded to Assel, Goetz & Moerlein & Co. of Cincinnati, at a
premium of $1,382.50 equal to 101.32 a basis of about 4.25%. Dated
April 1 1928. Due Oct. 1. as follows: $7.000. 1929: and 910,000. 1930 to
1938, inclusive. The Detroit Trust Co. offered to pay a premium of
21,341.00.
•
NOBLE TOWNSHIP SCHOOL DISTRICT (P. 0. Logansport), Cass
County, Ind.
-BOND SALE.
-J, F. Wild & Co. of Indianapolis, were
awarded recently an issue of $51,000
% school bonds at a premium of
$1,836.50 equal to 103.60.
NORTH ADAMS, Berkshire County, Mass.
-BOND SALE.
-The
Old Colony Corp. of Boston, was awarded on April 27. two issues of 334%
bonds maturing serially from 1929 to 1938 incl., and aggregating 9260,000.
at a price of 100.362. The loan consists of $200,000 emergency flood bonds
and $60,000 bridge bonds.
OAKLAND, Alameda County, Calif.
-BOND SALE.
-The $1,000,000
issue of 4)4% harbor improvement bonds offered for sale on Apr. 26-V.
-was awarded on Apr. 30 to the Detroit Co. of New York and
126, P. 2695
the Anglo-California Trust Co. of San Francisco jointly, for a premium of
$53,013, equal to 105.301, a basis of about 4.06%. Denom. $1,000.
Dated July 1 1926 and due on July 1, as follows: $38,000. 1929 and $26,000,
1930 to 1966, incl.
BONDS OFFERED TO PUBLIC.
-The above bonds are now being
offered for subscription by the purchasers at prices to yield 4% on all
maturities.
The City of Oakland, with a stated assessed valuation of $281.936,663.
has a total bonded debt of $9,579,227. The population, according to the
1920 census, was 216.361, and the present estimated population Is 283,000.
These bonds, authorized by the voters for harbor improvements, are
according to report, a direct obligation of the entire city, and all taxable
property located therein is subject to the levy of a tax to pay principal and
interest at maturity.
OAK PARK SCHOOL DISTRICT NO. 97, Cook County, Ill.
BOND OFFERING.
-Sealed bids will be received by W. J. Hamilton,
Secretary Board of Education, until 8 p. m. May 18,for the purchase of an
issue of 1700,000 44% school bonds. Successful bidder to furnish blank
bonds and pay all legal expenses. Prin. and int. payable at the Illinois
Merchants Trust Co.. Chicago. A certified check for $1,000 is required.
OKANOGAN COUNTY SCHOOL DISTRICTS (P. 0. Okanogan),
Wash.
-BOND SALE.
-The three issues of bonds, aggregattng $61.000,
offered for sale on Apr. 11-V. 126, p. 2042
-were awarded as follows:
$16,000 school district No. 102 and $5,000 school district No. 105 bonds to
the Citizens State Bank of Omak as 5% bonds, for a $12 premium, equal
to 100.0a, a basis of about 4.99%. The Lands are due in from 2 to 20 years.
The $40,000 school ditrict No. 17 bonds were awarded to the State as 44%
3
bonds, at par.
OKEECHOBEE COUNTY (P.O. Okeechobee), Fla.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m. on May 19 by C. E.
mons, Clerk of the Board of County Commissioners, for the purchaseSimof
$98.000 issue of 6% refunding bonds. Denom. $1,000. Dated May a
1
1928. Due $7,000 yearly from May 1 1931 to 1944. incl. k rin. and semiannual int, payable at the Hanover National Bank in New York City or
the Peoples Bank of Okeechobee. The legal approval of Caldwell at
&
Raymond of New York City will be furnished. A certified check for 2%
par of the bid is required.
ONAWA, Monona County, Iowa.
-BONDS VOTED.
-At a
eltrtion held on Apr. 26,the voters approved the proposal to issue special
$110,000
in bonds for the construction of a new high school by a count of 701 to 177.
A similar proposition was defeated five years ago.
OPELIICA, Lee County, Ala.
-BOND SALE.
-The $65,000 issue of
6% coupon semi-annual sanitary sower bonds offered for sale on April 30-was awarded to the First National Bank of Montgomery
V. 126. p. 2695
$3,050, equal to 104.69, a basis of about 5.03%. Dated
for a premium of
May 1 1928. Due $6,500 from 1929 to 1938 incl. Other bidders were:
Ward, Sterne & Co. of Birmingham, and the First National Bank of
Opelika.
ORANGE,Orange County, Calif.
-BOND ELECTION.
-On May 151
the voters will pass approval on the proposition of issuing $95,000 in bonds
for a new school building.. The building it is said, will be erected on a
five-acre tract which is now planted to Valencia oranges and is valued at
$23,000, or about $4,600 an acre. Present plans provide for the retention
of two acres of oranges as a source of income for the school The new school
will face on Rose avenue and occupy a full city block.
OREGON,State of(P.0.Oregon).
-BOND OFFERING.
-Sealed bids
will be received by Thos. B. Kay, State Treasurer, until 11 a. m. on May
21, for the purchase of a $12,900 issue of district interest bonds. Int. rate
acceptable at par by bidder must be stated. Dated June 1 1928. Due on
July 1, as follows: $900, 1945 and $12,000 in 1948. Prin. and int. is payable
in gold at the Oregon fiscal agency in N. Y. City or at the office of the State
Treasurer. Teal, Winfree, McCulloch & Shuler of Portland will furnish
legal approval. A certified check for 5% of the bid, payable to the State
Treasurer, is required.
OSAWATOMIE, Miami County, Kan.
-BOND SALE.
-The $47,000
issue of improvement bonds unsuccessfully offered for sale on Feb. 6-V.
-has since been purchased by a local investor.
126, p. 752. 1077
OWEN COUNTY (P. 0. Owenton), Ky.-BOND SALE.
-A $25,000
issue of 4;4% refunding bonds has recently been purchased by the Well,
Roth & Irving Co. of Cincinnati. Denom. $1,000. Dated May 1 1928
and due on May 1, as follows: $5,000, 1933 and 1938 and $15,000, in 1958.
Prin. and in (M. & N.) payable at the National Bank of Commerce in
New York.
OXFORD, Lafayette County, Miss.
-BOND SALE.
-A $75,000 Lssue
of city bonds has recently been purchased at par as 44s, by Caldwell St
Co. of Nashville.
-BOND SALE.
PANAMA CITY, Bay County, Fla.
-An issue of $139,0006% street improvement bonds has been purchased by Prudden & Co. of
Toledo. Denom. $1,000. Dated Mar. 1 1928 and due on Mar. 1, as
follows: $19,000, 1932 and $20,000, 1933 to 1938, incl. Prin. and int.
(Si. & S.) payable in New York City.
PARK COUNTY SCH. DIST. NO. 4 (P. 0. Livingston), Park
-BOND SALE.
-The $45,000 issue of semi-annual school
County, Mont.
-was awarded to the
bonds offered for sale on Apr. 28-V. 126, P. 2693
State Land Board as 4;4% bonds, for a premium of $100, equal to 100.22,
a basis of about 4.46%. Dated July 1,1928. Due on July 1. 1948 and
optional after July 11933.
2853
The other bids were as follows:
Rate..
Bidder
Price Bid.
National Park Bank
4% (Serial)
945 w
45
,100
S. H. Nesbit
5% (Serial)
PATEROS, Okanogan County, Wash.
-PRICE PAID.
-The $5,000
issue of 44% water bonds that was recently purchased by the Methow
Valley Bank of Pateros-V. 126, p. 2364
-was awarded at par.
PAW PAW TOWNSHIP SCHOOL DISTRICT tP. 0. Urbana),
Wabash County, Ind.
-BOND SALE.
-The La Fontaine Bank of La
Fontaine, was awarded during 1927, an issue of $32,500
% school bonds
at a premium of $957 equal to t02.94 a basis of about 3.95%. Dated July l.
.
1927. Due as follows: $1,250. July 1 1928; $1,250. Jan. 1 1929: $1.500...
July 1 1929: $1,5CO3 Jan. and July 1 1930 to 1948, incl.; and $1.500. Jan. I
1949.
PEABODY, Essex County, Mass.
-TEMPORARY LOAN.
-F. S.
Moseley & Co. of Boston were awarded on May 2 a $100.000 temporary
loan on a 3.91% discount basis plus a premium of $2.25. Other bids
were as follows:
Bank of Commerce & Trust Co
BidderCentral National Bank
Salem Five Cents Savings Bank
Diswunt:Bas9
404
33
.
PERRY, Wyoming County, N. Y.-110ND SALE.
-The $50,000
4;4% highway bonds offered on May 2-V. 126, p. 2538
-were awarded
to the First National Bank of Perry, at 102.16, a basis of about 4.197 •
Dated April 11928. Due April 1 as follows: $3,000, 1929 to 1938, incl.,
and 84,000, 1939 to 1943, incl. Other bids were as follows:
BidderRate Bid. Bidder
Rate Bid.
George B. Gibbons & Co---101.274 Rutter & Co
101.388
Dewey, Bacon & Co
100.48 I Pulleyn & Co
101.658
Farson, Son & Co
101.079 Sherwood & Merrifield
101.17
H.L. Allen & Co
101.05
PICKENS COUNTY (P. 0. Pickens), S. C.
-BOND SALE.
-A
$240.000 issue of 4)4% highway bonds has recently been purchased by
Morris Mather & Co. of Chicago. Due from 1929 to 1940. incl. The
reports an assessed valuation of $7,100,000 and a net bonded debt
county
of $125,000.
PIERCE TOWNSHIP SCHOOL DISTRICT (P. 0. Pekin), Washing-BOND SALE.
ton County, Ind.
-The $12,500 5% school bonds offered
-were awarded to toe Inland Investment Co.
on April 16-V. 126, p. 2200
of Indianapolis, at a premium of $817.00 equal to 105.63.
PITTSBURGH SCHOOL DISTRICT, Allegheny County, Pa.BOND OFFERING.
-G. W. Gerrig, Secretary Board of Education, will
receive sealed bids until 3 p. m. May 22 for the purchase of an issue of
$1,500.000 334% school building bonds. Denom. S1.000. The bonds
mature serially from May 1, 1929 to 1958 incl. Interest payable on May
and Nov, 1. The School District of Pittsburgh will submit a bid for the
entire issue and, if awarded, said bonds will be purchased by the Sinking
Funds, Pension bund and Fire Insurance Fund of the School District.. The
bonds are registered. A certified check payable to the order of the District
Treasurer, for 2% of the bonds bid for is required. Legality approved by
J. Rodgers McCreery of Pittsburgh.
PITTSBURGH, Allegheny County, Pa.
-BOND ISSUES AGGRE-At the special election
GATING $7.248,000 APPROVED BY VOTERS.
-the following bond issues a5greatlng
held on April 24-V. 126. p. 2364
87,248,000 were approved by the voters by a majority vote of about to
according to the Pittsburgh "Post Gazette" of April 27:1
91.500,000 bonds for the complete rehanilitation of city streets.
4,200,000 bonds for opening new streets.
150,000 bonds for the construction of public comfort stations and int;
proving the parks.
498.000 sewer and drainage system improvement bonds.
300,000 bonds for the construction of playgrounds with all modern
equipment and for the improvement and equipment of City
owned buildings.
600,000 bonds for the improvement and •extension of the city water
supply system and for the construction of new buildings.
-BOND SALE POSTPOLK COUNTY (P. 0. Des Moines), Iowa.
PONED.
-The sale of the $17,000 issue of refunding bonds which was
scheduled for Apr. 23-V. 126, p. 2538
-has now been indefinitely postponed.
-The
POLK COUNTY (P. 0. Crookston), Minn.-BO.ND SALE.
8182.700 issue of coupon semi-annual ditch bonds offered for sale on Apr.
26-V. 126, p. 2364
-was awarded jointly to the First Minneapolis Trust
Co.of Minneapolis and the Northwestern Trust Co.of St. Paul as4% bonds,
for a premium of $795,equal to 100.435.a basis of about 3.96%. Purchasers
agreed to furnish legal opinion and blank bonds. Dated May 1 1928 and
due from May 1 1932 to 1948, incl. Int. payable semi-annually.
POLK COUNTY SCHOOL DISTRICT NO. 26 (P. 0. Rickreall),.
Ore.
-BOND SALE.
-The $20,000 issue of 4 % coupon school bonds
offered for sale on April 28-V. 126, p. 2538
-was awarded to the Lumbermens Trust Co. of Portland, at a irirIce of 103.10, a basis of about 4.285%.
Dated May 1 1928 and due on May 1 as follows: 81,000, 1931 and 1932;
91,500, 1933 to 1935:82,000. 1936 to 1938 and $2,500 from 1939 to 1941.
all incl. The other bids and bidders were as follows:
BidderPrice Bid.
Geo. H. Burr, Conrad & Broom
102.03
Ferris & Hardgrove
PONDERA COUNTY SCHOOL DISTRICT NO. 10 (P. 0. Conrad),
2
l red),
Mont.
-BOND SALE.
-The $82.100 issue of school bonds offered for sale.
on Apr. 28-V. 26, p. 2364
-was awarded to the State of Montana as
4ji% bonds, at par.
PONTIAC SCHOOL DISTRICT, Oakland County, Mich.
-BOND
OFFERING.
-Coe C. 'Pinson, Secretary Board of Education, will receive
sealed bids until 5 p. m.(eastern standard time) May 15, for the purchase
of an issue of $500,000 series "A" coupon school building bonds rate of
interest not to exceed 5%. Dated June 1 1928. Denom. $1,000. Due
June 1 as follows: 89,000. 1930: 810.000, 1931 to 1934, incl.; $12,000,
1935: $13,000. 1936: $14,000. 1937 and 1938; $15,000, 1939 to 1943, incl.::
16,000, 1944 $17,000, 1945: $18,000, 1946; $19.000. 1947 and 1948;
20,000, 1949 $21,000. 1950; $22,000. 1951; 823.000, 1952 and 1953;
24.000, 1954 825,000. 1955 to 1957, incl., and $26,000, 1958. Prin.
and int. payable at the office of the District Treasurer. A certified check
payable to the order of the Board of Education,for 5% of the bonds offered
Is required. Legality approved by Chapman & Cutler of Chicago.
POPLAR BLUFF SCHOOL DISTRICT (P. 0.Porr Bluff), Butler
County, Mo.-BOND SALE.
-A $56.545 issue of 4 o school bonds has
been purchased by the Wm. R. Compton Co. in St.
uis.
PORTLAND, Multnomah County, Ore.
-BOND OFFERING.
Sealed bids will be received until 11 am. m. May 8, by Geo. R. Funk,City
Auditor, for the purchase of an issue of $100,000 4% semi-annual assessment bonds. Denom. $1,000. Dated May 1 1928. Due in 12 years.
A certified check for 5% must accompany the bid.
PORTSMOUTH, Rockingham County, N. H.
-LOAN OFFERING.
-Sealed bids will be received by the City Treasurer,until 11 a.in.(standard
time) May 10, for the purchase on a discount basis of a $50,000 temPorarY
loan maturing on Nov. 30 1928.
PULASKI COUNTY (P. 0. Winamac), Ind.
-The-BOND SALE.
$2.669.90 6% Hugh Simshauser et al ditch bonds offered on Apr. 12-V.
126, p. 1706
-were awarded to the First National Bank of Minamac.
Dated Apr. 1 1928. Due June 1 as follows: 8299.90. 1929; and $300.
1930 to 1937 incl.
PUNTA GORDA, Charlotte County, Fla.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on May 29, by Chas. K. Dodd..
City Manager,for the purchase of a $58,000 issue of 6% local improvement
capital fund bonds. Denom. $1,000. Dated July 1 1928 and due on/JulY
1 as follows: $2,000, 1931 and $8,000 from 1932 to 1938,_inci. Prin. and
semi-annual interest payable at the American Exchange Irving Trust Co.
In New York City. Caldwell & Raymond of New York City will furnish
the legal approval. A certified check for 2% par of the bid, payable to the.
City Treasurer, is required.
-BOND
QUAKERTOWN SCHOOL DISTRICT, Bucks County, Pa.
OFFERING.
-C. W.Moyer, Secretary Board School Directors, will receive.
sealed bids until 6 p. m.(daylight savind time) May 18,for the purchase of
an issue of$150.0004% coupon school bonds. Dated May 1 1928. Denom.
91,000. Due May
as follows: $10,000. 1933: $15,000, 1938: 920,000.
1
2854
FINANCIAL CHRONICLE
[VOL. 126.
1943:$25,060. 1948;$35.000. 1953 and $45.000. 1958. Prin. & int. payable
SAN FRANCISCO (City and County), Calif.
-BONDS VOTED.
-At
In gold. A certified check payaole to the order oi the District Treasurer, the special election held on May 1-V. 126, p. I872
-the voters authorized
for 2% of the bonds offered is required. Legality approved by Townsend, the issuance of $65,000,000 in bonds for the following: $41,000,000 is needed
Elliott & Munson of Philadelphia.
to purchase the Spring Valley properties and $24,000.000 is for the compleRANGER, Eastland County, Tex.
-WARRANT SALE.
-A $25,000 tion of the Hach Hetchy water system.
issue of paving warrants has been purchased at par by the contractor.
SANPETE COUNTY (P.0. Manti), Utah.
-BOND SALE.
-A 525.000
RAVENNA, Portage County, Ohio.
-BOND OFFERING.
-W. A. issue of 4% Improvement bonds has recently been purchased at par by the
Ashton-Jenkins Insurance Co. of Salt Lake City. Due from 1941 to
Root, City Auditor, will receive sealed bids until 12 m. (eastern standard
time) May 19, for the purchase of the following issues of Walnut Street 1945. inclusive.
improvement bonds aggregating $35.762.47:
SALAMANCA, Cattaraugus County,
-BOND SALE.
-The fol$31,465.14 434% special assessment bonds. Due Sept. 15, as follows: lowing issues of East and West State StreetN. Y.
$3.465.14, 1929: and $4,000, 1930 to 1936 incl. A certified $152,987.55 offered on April 30-V. 126, improvement bonds aggregating
-were awarded to Dewey,
p. 2696
check for $300 is required.
Bacon & Co. of New York. as
basis
4.297.33 5% City's portion bonds. Due Sept. 15 as follows: $797.33, $114,587.55 series B city's snare 4.15s, at 100.117 a1, as of about 4.13%:
follows: $5,587.55.
bonds. Due April
1929: $1.000, 1930 to 1932 incl.: and $500. 1933. A certified
1929: $5,000, 1930 to 1934 incl.; and 36,000. 1935 to 1948 ind.
C:
check for $210 is required.
38,400.00 series A special assessment bonds. Due April 1, as follows:
r" Dated May 15 1928. All checks to oe made payable to the order of the
City Treasurer. Prin. & int. payable at the Second Nat, Bank, Ravenna. Dated April $2,000, 1929 to 1947 incl.; and $400. 1948.
1 1928.
The following bids were also submitted for the bonds:
READING VILLAGE SCHOOL DISTRICT, Hamilton County,
BiddersOhio.
-BOND SALE.
-The $100,000 school building oonds offered on
Int. Rate.
Rate Md.
Apr. 25-V. 126. p. 2201-were awarded to the Davies-Bertram Co. as Pulleyn & Co
100.224
411%
410, at 100.065. a basis of about 424%. Dated Apr. 1 1928. Due George B. Gibbons & Co
100.133
434%
$10,000. Sept. 1 1929 to 1938, incl. The following is a complete list of Batchelder, Wack & Co
4,1,1%
100.09
Manufacturers & Traders
other bids submitted for the bonds:
100.127
,
:
BidderInt. Rate. Rate Bid. People Trust Co
434%
Provident Savings Bank & Trust Co
SALEM, Columbiana County, Ohio.
-BOND SALE.
-The $13,721
Well Roth & Irving Co.; Bank of Commerce & Tr. Co
431
4
5% coupon fire
-were
Detroit Trust Co.. Detroit
101.068 awarded to Otis truck bonds offered on April 27-V. 126. p. 2696
434%
& Co. of Cleveland, as 4345. at a premium of $60, equal
W. K. Terry Co., Toledo
101.02
4Ji %
to 100.43. Due serially on Oct. 1 1929 to 1938, incl.
The Herrick Co., Cleveland
100.931
434%
Braun Bosworth Co.. Toledo
100.90
SALISBURY, Wecomico County, Md.-BOND SALE.
-The $50.000
Otis Co., Cleveland
100.86
4X 0
434% water and sewer system extension bonds offered on April 16-V. 126.
Howe Snow Co., Detroit
100.826 P. 2042 were awarded to Townsend, Scott & Son of Baltimore, at 107.76 a
434%
Guardian Trust Co., Cleveland
100.825 basis of about 4.01%. Due 35,000, May 1 1958 to 1967 incl.
454%
Asset Goetz Morelein
100.715
414%
Ryan Sutherland Co., Toledo100.677
SAN ANTONIO, Bexar Couaty, Texas.
-BOND ELECTION.
A. E. Aub Co
100.51
According to unofficial reports, a special election will be held on May 19.
I 7
/
Seasongood & Mayer
100.277 for the purpose of having the voters pass upon proposed bond issues,
4 X%
$4,7$5,000.
Federal Securities Corp.. Chicago
4X %
100.177 aggregating
First National Co., Detroit
434%
100.07
SANDUSKY, Erie County, Ohio.
-BOND SALE.
-The $140,500
REDMAN SCHOOL DISTRICT (P. 0. Los Angeles), Los Angeles harbor improvement bonds offered on April 30-V. 1z6.
-were
p. 2539
-BOND OFFERING.
-Sealed bids will be received until awarded to the Commercial Bank & Trust Co. of Sandusky. as
County, Calif.
434s, at a
2 p. m. on May 21, by L. E. Lampton, County Clerk, for the purchase of premium of $1,960 equal to 101.39 a basis of about 4.12%. Duo Nov. 1, as
$18,01)0 issue of 5% school ponds. Denom. $500. Dated May 1 1928 follows: $4,500, 1929; $4,000, 1930 to 1933 incl.; and 35,000,
an
1934 to 1957
and due on May 1, as follows: $500. 1929 to 1934; $1.000, 1935 to 1949. ncl.
all Incl. Prin. and semi-annual int. is payable at the County Treasury.
SARASOTA, Sarasota County, Fla.
-BIDS REJECTED.
A certified check for 3% of the bonds, payable to the order of the Chairman
-An issue
of 3248,000 6% semi-annual refunding bonds was unsuccessfully offered
of the Board of Supervisors, must accompany the bid.
Redman School District has been acting as a school district under the for sale on May 2, all bids being rejected. It is said that the bonds will
again be offered on May 16.
laws of the State of California continuously since July) 1911.
The assessed valuation cf the taxable property in said school district for
SARDINIA UNION
the year 1927 is $412.035, and the amount of bonds previously issued and dinia), Erie County, FREE SCHOOL DISTRICT NO. 8 (P. 0. SarN. Y.
-BOND OFFERING.
-Edward T. Miller,
now outstanding is $1,650.
Clerk Board of Education, will receive sealed bids until 7.30 p. m. May 23,
Redman Schoot District includes an area of approximately 85.5 square for the
purchase of an issue of 355.000 5% coupon school bonds. Dated
ndles, and the estimated population of said school district is 180.
June 1 1928. Denom. $1.000. Due May 1, as follows: $1,000. 1931 to
RICE ROAD DISTRICT NO. 12(P. 0. Corsicana), Navarro County, 1945 Ind.; and 32.000. 1946 to 1965 incl. Prin. and int, payable at the Bank
-The 130,000 issue of 5% road bonds offered of Holland, Holland. A certified check payable to the order of the Board
-BONDS NOT SOLD.
Tex.
-has not as yet been sold. Denom. of Education. for $1,100 is required. Legality approved by Reed, Hoyt &
for sale on April 23-V. 126, p 2042
Washburn of New York City.
$1.000. Dated Jan. 11928. Due from April 1 1946 to 1957 incl.
RICHLAND, Lexin ton and Saluda Counties (Joint County
SCALP LEVEL SCHOOL DISTRICT (P. 0. Johnstown), Cambria
Columbia), S. C.
-BONDS OFFERED BY BAN- County, Pa.
bligations) (P. 0.
O
-BOND SALE.
-The $20.000
senool bonds offered on
KERS.
-The $1,800,000 issue of 414% coupon highway bonds sold on April 28-V. 126. p. 2696
-were awarded to M.
-to a syndicate headed by the Wm. R. Compton Philadelphia. Dated May 11928. Due May 1, asM. Freeman & Co. of
2696
April 25-V. 126. p.
fodows:
Co. of New York City, is now being offered for public subscription by the $5,000, 1933: and $1,000, 1934 to 1948 incl.
purchasers at the following prices: $78,000 due 1929-30 to yield 4.15%
$650.000 due 1931-37 to yield 4.20%, and $1,072,000 due 1938-45 to
SCHENECTADY, Schenectady County, N. Y.
-BOND SALE.
-The
yield 4.25%.
following issues of coupon or registered bonds offered on Apr. 30-V. 126,
These bonds. it is reported, are direct, general and joint obligations of p. 2539
-were awarded to White, Weld & Co. of New York as 4s, at 100.45
Richland Lexington and Saluda Counties and are payable primarily a basis of about 3.94%.
from unlimited ad valorem taxes levied against all the taxable property $100.000 signal station bonds. Due $5.000, Mar. I 1929 to 1948 incl.
within the three Counties which had an assessed valuation for the year
260,000 city hall bonds. Due $13.000, Mar. 1 1929 to 1948 incl.
1927 of $38,736,402. In accordance with general practice in the State of
200,000 fire bonds. Due $10.000, Mar. 1 1929 to 1948 incl.
South Carolina, this assessed valuation represents a low 'proportion of the
36,000 sower bonds. Due $2,000, Mar. 1 1929 to 1946 incl.
actual valuation which is estimated at $260.000.000. The net bonded
Dated Mar, 1 1928.
debt of the three Counties, including this issue, is 16,302.028. The populaThe following is an official list of the bids submitted for the ponds:
tion, according to the 1920 census. was 135,886.
Bidder
mount Bid.
In addition to the full taxing power on all the taxable property. including White. Weld & Co
1598,682.00
-by Act of the Legislature, the Sherwaod & Merrifield
the City of Columbia, the State capital
598.623.00
State Highway Commission agrees to reimburse the Counties for the money Estabrook & Co
598,485.32
advanced by them on these bonds, the proceeds of which will be deposited Geo. B. Gibbons & Co., and Roosevelt & Son
598,409.63
to the credit of the State Highway Department for the construction of Dewey, Bacon & Co., and Kean, Taylor Co
507,722.44
State highways within the three Counties.
Citizens Trust Co., Schenectady. N. Y
597,770.12
-Salomon Rutter & Co
-NOTE SALE.
ROCHESTER, Monroe County, N. Y.
597,749.26
Mohawk National Bank, Schenectady
Bros. & Hutzler of New York were awarded on May 4 the following note IT.
596,983.40
L. Allen & Co., and Stephens & Co
Issues, aggreating $165,000, on a 3.99% discount basis plus a premium
596,876.12
National City Co
596,590.04
of $2:
.E iredge & eoo., Schenectady. N. Y
Card tol Trust C
1125.000 water works impt. notes.
$65.000 school construction notes
596,298.00
110,000 municipal building notes
35.000 transit subway notes
598.604.52
* For 4.10% bonds; all other bids for 4s.
Dated May 8 1928. Due Dec. 8 1928.
ROCKVILLE CENTRE, Nassau County, N. Y.
-BOND SALE.The $25,000 water works extension bonds offered on May 2-V. 126,
-were awarded to Batchelder, Wack & Co. of New York, as 4.355,
P. 2696
at 100.073, a basis of about 4.34%. Dated June 1 1928. Due June 1
as follows: 12,000. 1929 to 1940, incl., and 31.000. 1941. Other bids were
as follows:
Int. Rate. Rate Bid.
Bidder4.507
100.14
Dewey, Bacon & Co
4.40
100.27
Sherwood & Merrifield
100.112
4.40%
Roosevelt & Son
-BOND OFFERING.
ROSEVILLE, Macomb County, Mich.
-Sealed
bids will be received by Harry R. McReavy, Village Clerk, until 8 p. m.
the purchase of an issue of 1350,000 water bonds; int, rate
May 21 for
0
not to exceed 5 7. Due as follows: 310,000. 1929 to 1938 incl.: 512.000,
1939; 113.000. 1940; and $15.000. 1941 to 1955 incl. A certified check,
payable to the order of the Village Treasurer, for $7,500 is required. The
bonds are general obligations of the sillage.
-BOND OFFERING.
SAGINAW COUNTY (P. 0. Saginaw), Mich.
Sealed bids will be received by the Board of County Road Commissioners,
until 12.30 p. m. (central standard time) May 11, for the purchase of an
Issue of $236.000 assessment road bonds to bear interest at the rate of
434. 434 or 5%. Dated June 1 1928. Due serially in from 5 to 10 years.
Interest payable on May and Nov. 1.
SAINT CROIX COUNTY (P. 0. Hudson), Wis.-BONDS OFFERED.
-Sealed bids were received by S. N. Swanson, County Clerk, until 2 p. m.
on May 3, for the purchase of an issue of $135,000 434% semi-annual
series B highway bonds.
-BOND SALE.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
The following issues of 434% bonds aggregating $276,500 offered on man 7
-were awarded to the Meyer-Kiser Bank of Indianapolis,
-V.126, p. 1397
at a premium of $5,946 equal to
$166,000 George W. Tolk et al. Liberty Highway construction bonds.
Denom. $1,000 and $600.
59,000 Charles P. Wattles et al. Sample St. road bonds. Denom.
$1,000 and $950.
26,000 Charles Newhouse et al. Tamarach Road bonds. Denom. $650.
17,500 Charles E. Johnson et al. road construction bonds.
8,000 Mlle E. Linderman et al. Kerr Road construction bonds. Denom.
$400.
Dated March 15. 1928.
SAINT TAMMANY PARISH CONSOLIDATED SCHOOL DISTRICT
-Sealed bids will be
-BOND OFFERING.
NO. 1 (P. 0. Covington), La.
received until 11 a. m.on May 18, by Elmer E. Lyon, Secretary of the School
Board, for the purchase of an issue of 1150,000 coupon school bonds. Int.
rate Is not to exceed 6%. Denom. $1,000. Dated Mar. 1 1928. Due
from Mar. 1 1929 to 1948 incl. Prin. and int.(M.& S.) is payable at the
Chase National Bank in New York City. Thomson, Wood & Hoffman
of New York City will furnish the legal approval. A certified check for 2%
of the bid, payable to the School Board, is required.
SELLERSVILLE, Bucks County, Pa.
-BOND OFFERING.
K. Jacoby, Borough Secretary, will receive sealed bids until 8 p. -Robert
m.
for the purchase of an issue of $56,000 434% coupon borough May 7,
bonds.
Dated Apr. 1 1928. Denom. $1,000. Due Apr. 1 as follows: $6,000.
1933: $13.000, 1938: 316.000, 1943. and 521.000. 1918. A certified check,
payable to the order of the Borough Treasurer for 2% of the bonds offered.
Is required. Legality approved by Townsend, Elliott & Munson of Phila.
SHELBY SCHOOL DISTRICT,Shelby County, Ind.
-BOND SALE.
-The $43,000 434% school bonds offered on April 28--V. 126, p. 2201
were awarded to the Inland Investment Co. of Indianapolis, at a premium
of $1.849, equal to 104.38. Dated April 20 1928. Duo serially from
1929 to 1943, incl. The Union Trust Co. and the City Securities Corp..
both of Indianapolis, also submitted bids.
SOMERSET COUNTY (P. 0. Somerville), N. J.
-BOND OFFERING.
-Chester Van Tine, Clerk Board of Chosen Freeholders, will receive
sealed bids until 2 P. M.(daylight saving time) May 18. for the purchase
of an issue of 4 or 434% coupon or registered road and bridge bonds amounting to $836,000 no more bonds to be awarded than will produce a premium
of $1,000 over tile amount given above. Dated Juno 1 1928. Denom.
$1.000. Due June 1 as follows: $30,000, 1929 to 1932, incl.: $35.000, 1933
to 1935, incl.: 340,000.1936 to 1938. Incl.: $45.000, 1939 to 1948,incl., and
841,000, 1949. Principal and int. payable in gold at the Somerville Trust
Co., Somerville or at the Chase National Bank, New York City.
A
certified check payable to the order of the County for 2% of the bonds bid
for is required. Legality approved by Hawkins, Delafield & Longfellow
of New York City.
Financial Statement.
I. IndeldednessGross debt:
Bonds (outstanding)
$231,000.00
Flouingndieb) (including temporary bonds
ot ta d ngt
872,567.63
11.103,567.63
Deductions: Sinking funds
$140,369.92
140,360.92
Net debt
$963,206.71
Bonds to be issued:
Road and bridge bonds of 1928
3836.000.60
Floating debt to be funded by such bonds
833,131.13
2,868.87
Net debt. including bonds to be issued
$966,075.58
II. Assessed Valuations
Real property, including Improvements 1928
$54.903,771.00
Personal property 1928
7.925,322.00
Real property 1927
52.074,974.00
Real property 1926
49,621,464.00
Real property 1925
43,939,379.00
III. Population.
-Census of 1920, 47,991; estimated 1928. 60.000,
IV. Taz Rate.
-Fiscal year. 1928, 38.76 per thousand.
MAY
5 1928.]
FINANCIAL CHRONICLE
2855
-BOND SALE.
-The following
SIDNEY, Delaware County, N. Y.
TOLEDO, Lincoln County, Ore.
-BOND SALE.
-An $8,618.87 issue
issues of coupon or registered school bonds aggregating $135,000 offered on of improvement bonds has recently been jointly purchased at a price of par
-were awarded to the Manufacturers & Traders by the First National Bank and the Lincoln County Bank,both of Toledo.
April 30-V. 126, p. 2539
peoples Trust Co. of Buffalo, as aelow:
UPPER ARLINGTON, Franklin County, Ohio.
-BOND
$100,000 Sidney-Walton Highway improvement bonds as 43.4s, at 102.33 a -Nellie H. Copeland, Village Clerk, will receive sealed bids OFFERING.
until 12 in.
basis of about 4.01%. Due $4,000, April 1 1929 to 1953 incl.
Highway improvement ponds as 4 Xs, at 100.02 a (eastern standard time) May 11, for the purchase of the following issue of
35.000 Sidney-Youngs
5% bonds aggregating $71,161.40:
basis of about 4.23%. Due $1.750. April 1 1929 to 1948 incl.
$56.161.40 special assessment street improvement bonds. Due October 1,
Dated April 1 1928.
as follows: $5,161.40, 1929; $5,000. 1930 to 1932, incl.; and
$6,000, 1933 to 1938, incl.
-NOTE SALE.
SOUTH CAROLINA (P. 0. Columbia), State of
-A
15,000.00 park improvement bonds. Due Oct. 1. as follows: $1,500,
$2,000,000 issue of notes was awarded on May 4 to a syndicate composed
1929 to 1936, incl.; and 51.000, 1937.
of the Bankers Trust Co., the First National Bank and the Old Colony
Dated April 1 1928. A certified check payable to the order of the VilCorp., all of New York City, at 4.15%. Dated on or about May 10 1928.
Due as follows: $200,000, Jan. 9 1929, and $300,000 on Jan. 23; Feb. 6, lage Treasurer. for $1,000, covering bothissues, is required.
Feb. 13, Feb. 27, Mar. 13 and Mar. 27 1929.
VESTAL FIRE DISTRICT (P. 0. Vestal), Broome County, N. Y.
-The $6,000 5% registered fire bonds offered on April 30-BOND OFFERING.
SOUTH RUSSELL, Geauga County, Ohio.
- BOND SALE.
V. 126. P. 2366
-were awarded to the Union Trust Co. of Endicott, at a
Sealed bids will be received by the Village Clerk, until 12 M. May 10, for
the purchase of an issue of $3,000 51.1% special acssessment improvement premium of $25.00 equal to 100.31, a basis of about 4.886%. Dated May 1
bonds. Dated May 151928. Denom.$300. Due $300 Oct. 1 1929 to 1938, 1928. Due $1,200, May 1 1929 to 1933 incl. R. P. DeVoe & Co. of New
incl. Prin. Sr int. payable at the Chagrin Falls Banking Co., Chagrin Falls. York offered the only other bid of $6,022.77 for the issue.
SPRINGFIELD, Hampden County, Mass.
-BOND SALE.
-The
following bond issues aggregating $360,0(5) offered on Apr. 27-V. 126,
-were awarded to Curtis & Sanger of Boston, at 100.631 a basis
p. 2539
of about 3.62%.
% sewer bonds. Due $12,000, May 1 1939 to 1958 incl.
$240,000
120.000 4% sewer bonds. Due $12,000 May 1 1929 to 1938 incl.
Dated May 1 1928. The bonds are being offered on a yield basis of
3.45% for all maturities. Other bids were as follows:
B erRate Bid.
Stone & Webster and Blodget Inc
100.58
Kidder & Co
100.30
Estabrook & Co
100.229
Colony Corp
Old
100.13
R. L. Day & Co
100.09
B. H. Rollins & Sons
100.029
STARK COUNTY (P. 0.Knox), Ind.
-BOND SALE.
-The $30.000
4% asylum construction bonds offered on May 1-V. 126. p. 2690
were awarded to the Fletcher American Co. of Indianapolis. at a premium
of $963.04, equal to 103.23, a basis of about 3.61%. Dated May 1 1928.
Due $1 500. June and Dec. 1 1929 to 1938, inclusive. Three other bids
were submitted for the bonds.
STARK COUNTY (P. 0. Dickinson), N. Dak.-BOND OFFERING.
Sealed bids will be received until 10 a. m. on May 16, by A. S. Ward.
County Auditor, for the purchase of an issue of $100,000 road bonds.
Int. rate Is to be named by the bidder; payable annually (July 1). Denom.
$1,000. Dated July 1 1928 and due on July 1 as follows: $33.000. 1931
and 1934 and $34,600 in 1937. A certified check for 2% of the bid is
required.
STEELTON SCHOOL DISTRICT, Dauphin County, Pa.
-BOND
SALE -The $120,000 4% coupon school bonds offered on Apr. 127-V.
-were awardeed to the Harrisburg Trust Co. of Harrisburg,
126. lo• 2202
at a premium Alf $2,051 equal to 101.70. a basis of about 3.84%. Dated
May 1 1928. Due $4,000, Dec. 1 1928 to 1957 incl.
SUGAR CREEK TOWNSHIP (P. 0. Franklin ), Venango County
pa.
-BOND SALE.
-The $100,000 4)% coupon or registered bonds offered on Apr. 23-V. 126, P. 2202
-were awarded to A. B. Leach & Co.
Philadelphia, at a premium of $4,130 equal to 104.13 a basis of about
of
3.95%. Dated May 1 1928. Due May 1 1938.
The following bids were received:
Bidder
Rate Bid.
Franklin Trust Co
$103.100
j. H. Holmes & Co
103.250
prescott, Lyon & Co
103.710
M. M. Free:mans & Co
103.849
F. II. Rollins & Sons
103.89
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
-BOND SALE.
-The
$157,000 43 °A, concrete road bonds offered on April 27-V. 126, p. 2366
were awarded to the Peoples State Bank of Sullivan, at a premium of $2,541
equal to 101-61. a oasis ef about 4.15%. Dated April 15 1928. Due
$15.700. May 15 1929 to 1938 incl. There were no other bids submitted
for the bonds.
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
-BOND OFFERING.
Frank Wible, County Treasurer, will receive sealed bids until 2 p. m. May
9, for the purchase of an issue of $27.000 4%% park improvement bonds
maturing serially in from 1 to 10 years.
SULLIVAN COUNTY (P. 0. Blountville), Tenn.
-BOND OFFER-Sealed bids will be received until 10 a. m. on May 21. by Joseph A.
ING.
Caldwell, County Judge, for the purchase of a $762,000 Issue of 5% highway bonds. Denom. $1,000. Due serially from 1938 to 1948, incl.
Blank bonds and legal expenses to be furnished by purchaser. The
subject to the approval of the bonds by some recognized attorneys. sale is
Prin.
and int. Is Payable at the U. S. Mortgage & Trust Co. of New York City.
A $10,000 certified check must accompany the bid.
TACOMA, Pierce County, Wash.
-BOND OFFERING.
-Sealed bids
will be received until 2 p. m. on May 23, by Russell C. Peterson, City
Comptroller, for the purchase of six issues of coupon or registered bonds
aggremting $943,500, as follows:
$200,000 Pacific highway bonds. Due in from 2 to 30 years.
150,000 fire alarm system bonds. Due In from 2 to 20 years.
176,000 general street improvement bonds. Due In from 2 to 30 years.
171,500 fire boat bonds. Due in from 2 to 20 years.
130,000 docks, warehouses and waterfront improvement bonds. Due in
from 2 to 30 years.
87,000 fire stations bonds. Duo in from 2 to 30 years.
Int. rate is not to exceed 5%. Denoms. $1.000 or $500. Dated July 1
1925. Prin. and semi-annual int. is payable at the Washington fiscal
agency in New York or at the office of the City Treasurer. Thomson,Wood
& Hoffman of New York City will furnish the legal approval. Required
bidding forms will be furnished by the Sinking Fund Board. A certified
check for 5% of the bid, payable to the Secretary of the Sinking Fund
Board, is required. (This corrects the report given in V. 126, P. 2540.)
TEXAS,State of(P.O.Austin).-BONDSREGISTERED.-Thefollowing issues of bonds were registered by G. N. Holton, State
Comptrouer.
during the week ending April 28:
„wawa.
Place.
Purpose.
Mature.
Rate.
Ind. school district
$25.000 Lake View
Serially
5H %
Water system
25.000 City of Booth
Serially
5H%
Road Dist. No. 4
35,000 Pecos County
10-30 years 514i
.
Ind. school district
40,000 Coahoma
Serially
Road refunding
16.000 Grayson County
Serially
Road refunding
25,000 Grayson County
Serially
5%
Road refunding
41.000 Grayson County
Ind, school district
5.800 Bomarton
5-40 ears
W%
Nederland
Ind. school district
75,000
Serially
C. S. District No.6
3,000 Howard County
Serially
5
Courthouse & jail refdg. Serially
75.000 Hale County
4 %
Ind. school district
20,000 Eola
Serially
5
.10,000 Kaufman County Justice precinct and
No. 2 road
Serially
50
Ind. school district
50.000 Mt. Vernon
Serially
5;
THURSTON COUNTY SCHOOL DISTRICT NO.1(P.O.Olympia)
-BOND OFFERING-Sealed bids will be received until 10 a. m.
Wash.
on May 10 by W. E. Britt, County Treasurer,for the purchase of a $40.000
Issue of semi-annual school bonds. Int. rate is not to exceed 6%. A certified chock for 5% must accompany the bid.
TIFFIN, Seneca County, Ohlo.-BOND SALE.
-The $34,058.79 5%
special assessment improvement bonds, offered on April 26-V. 126. p
-were awarded to the City National Bank, at a premium of $348.
23,66
equal to 101.02, a basis of about 4.75%. Dated May 11928. Due Sept'
1 as follows: 84,058.79. 1929; and $5,000. 1930 to 1935, incl. Other bids
were as follows:
Bidder
Premium.
W. L. Slayton & Co
$138.50
Ryan, Sutherland & Co
170.00
slier, Carpenter & Reese
350.00
Tiffin National Batik
345.00
Ri
v
5e.
-BOND SALE.
-A $75,000 issue
VICTORIA, Victoria County, Tex.
of 434% refunding bonds has recently been purchased by the J. R. Phillips
,
Investment Co. of Houston. Due serially over a period of 30 years.
-BOND SALE.
-The $20.000 issue
VIDALIA, Concordia Parish, La.
of 53 % public improvement bonds unsuccessfully offered for sale on Oct.
-has since been purchased by a Mr. Wm. McCoghlan
11-V. 125. p. 1874
of McComb. Denom. $1,000. Due on Apr. 1, as follows: $1,000 in 1928;
$2.000, 1929 to 1936, and $3,000 in 1937.
VIENNA TOWNSHIP SCHOOL DISTRICT (P. 0. Clio) Genesee
County, Mich.
-BOND SALE.
-The $30.000 school bonds offered on
-were awarded to the Detroit Trust Co.of Detroit.
May 1-V. 126, p. 2697
as 44s. Dated May 1 1928. Due $1,500 May 1 1929 to 1948, Intl.
(Price paid not given.)
-BONDS REGISTERED.
WACO, McLennan County, Texas.
-An
Issue of 81,000,00044% water improvement bonds has been registered by
G. N. Holton, State Comptroller, during the week of April 28.
WAHTOKE SCHOOL DISTRICT (P. 0. Fresno) Fresno Count,
Calif.
-BONDS OFFERED.
-Sealed bids wore received until May 4 by
the County Treasurer, for the purchase of a $10,000 issue of 534% sendannual school bonds. Due from 1933 to 1942. incl.
-TEMPORARY LOAN.
-The
WALTHAM, Middlesex County, Mass.
-were
$200,000 temporary loan offered on April 30-V. 126. p. 2697
awarded to F. S. Moseley & Co. of Boston. on a 3.89% discount bards pins a
premium of $6.25. The loan is dated April 30 1928 and matures on Oct. 30
1928.
-Two
WAUWATOSA, Milwaukee County, Wis.-BOND SALE.
issue of 43. % coupon bonds, aggregating $263,000 were awarded on May 1
as follows:
$143,000 15th series school bonds to the Harris Trust & Saving Bank ef
Chicago at a price of 102.90. a basis of about 4.14%. Dated
Sept. 15 1927. Due on March 15 813 follows: $7,000. 1929 to
1937, and 88.000, 1938 to 1947.
120,000 7th series water works bonds to Paine, Webber & Co. of Chicago,
for a premium of 53.626, equal to 103.02. a basis of about 4.16%.
Dated March 15 1928, and due $6,000 from March 15 1929 to
1948, incl.
Denom. $1,000. Prin, and int.(M. & S.) payable at either of two local
banks.
WARSAW, Kosciusko County, Ind.
-BOND BALE.
-The Lake City
Bank of Warsaw, was recently awarded an Issue of $12,000 4% drainage
bonds at a premium of $126.00 equal to 101.05.
WASHINGTON COUNTY SCHOOL DISTRICT NO. 95 (P. 0.
Hillsboro), Ore.
-BOND SALE.
-The $12,500 issue of 43i% school
bonds offered for sale on Apr. 19-V. 126. p. 2366
-has been awarded to the
Lumbermens Trust Co. of-Portland at a price of 100.102.
WASHINGTON COUNTY (P. 0. Washington),Iowa.
-MATURITY
-BAS1S.-The $100.000 Issue of 4 X % road bonds sold on Apr.17-V. 126.
-to the Washington Loan & Trust Co. of Washington at a price of
p. 2540
100.10, is due $10,000 from May 1 1934 to 1943 and optional after May 1
1934, giving a basis of about 4.235%.
WATERTOWN, Jefferson County, N. Y.
-BIDS.
-The following Is
a complete official tabluation of the other bids submitted on April 26
for the $500.000 coupon or registered school bonds awarded to E. Lowber
Stokes & Co. of New York as 4s at 100.49, a basis of about 3.45%-V. 126.
-who subsequently re-offered the bonds for Investment at prices
p. 2697
yielding from 3.75 to 3.85%:
BidderInd. Rate.
Amt. Bid.
Harris, Forbes & Co
4.10%
$501.395
Batchelder, Wack & Co
4 10%
502.415
Pulleyn & Co
4.10%
502.330
Geo. B. Gibbons & Co
500.365
Estabrook & Co
501,035
Jefferson County National Bank
500,800
Sherwood & Merrifield, Inc
4502,400
Witter & Co
4
501,665
Northern New York Trust Co
4.10%
500.405
Manufacturers & Traders
-Peoples Trust Co
4.05%
500.445
WAUKON, Allamakee County, lowa.-BOND
810.000
Issue of 43.% refunding bonds has been purchased by Oeo. M. Bechtel &
Co. of Davenport. Due $500 yearly from 1930 to 1949. incl.
WAYNE COUNTY (P. 0. Detroit), Mich.
-BOND SALE.
-The following Issues of bonds aggregating $65,000 offered on Mar. 5-V. 126
-were awarded to Ramsey-Gordon Co. of Detroit, as 5s:
p. 1398
$36,000 Grosse Ile No. 2 tile drain bonds. Due April 15, as follows:
53,000, 1929 to 1935 incl.; $4,000, 1936 and 1937;and $7,000, 1938
29,000 Grosse Ile No. 3 tile drain bonds. Due April 15, as fellows:
52.000, 1929; and $3.000. 1930 to 1938 incl.
Dated April 1 1928.
WEED UNION GRAMMAR SCHOOL DISTRICT (P. 0. Yreka)
Siskiyou County, Calif.
-Sealed bids will be
-BOND OFFERING.
received by the County Treasurer, until May 8, for the purchase of a
$12.000 issue of6% 8=1
-annual school bonds. Due from 1929 to 1940,inel.
-The three issues
-BOND SALE.
WESLACO, Hidalgo County, Tex.
of bonds aggregating $160.000 that were toted on Mar. 29-V. 126. P. 1398
-have since been purchased by Caldwell & Co. of Nashville for a premium
of $3.20J. equal to 102. The issues are as follows: 590,000 street bonds:
$10,000 filtration bonds and $330.000 sewer bonds.
-BOND
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
SALE.
-The following issues of 4% coupon or registered bonds aggregating
-were awarded to asyndicate
$15,511.000 offered on May 2-V.126.p.2540
composed of the Chase Securities Corp., Haligarten & Co., Bancitaly Corp.,
Griswold-First State Co., Marine Trust Co., A. B. Leach & Co., A. G.
Becker & Co., B. J. Van Ingen & Co., First National Co., Clark, Williams
& Co., Rutter & Co., Batchelder, Wack & Co., Otis & Co., C. W. McNear
& Co., J. A. DeCamp & Co.. Gibson, Leefe & Co.. Stephens & Co. and
F. L. Putnam & Co., at 100.578, a basis of about 3.965%.
$14.084.000 park bonds. Due June 1, as follows: $44,00C1, 1938; and $360,000, 1939 to 1977 inclusive.
750,000 Blind Brook Sanitary sewer bonds. Due June 1,as follows: $5,000.
1929 to 1938 inel.; $10.000, 1939 to 1948 incl.; 515,000, 1949
to 1958 incl.; 820,000. 1959 to 1968 incl.; and $25,000, 1969 to
1978 inclusive.
348,000 highway bonds. Due June 1, as follows: $23,000, 1930; and
$25,000, 1931 to 1943 inclusive.
225,000 court house bonds. Due $15,000, June 1 1930 to 1944 incl.
70,000 hospital bonds. Due $10,000, June 1 1930 to 1936 inclusive.
34,000 bridge bonds. Due June 1 as follows: $4,000. 1930; and
$5,000, 1931 to 1936 inclusIve.
Dated June 11928.
BONDS OFFERED FOR INVESTMENT.
-The successful syndicate Et
now offering the bonds for investment priced tq yield 3.90% for all mattui
ties plus accrued interest. The bonds,it stated are exernw from all Federal
Income taxes and are tax free in New York State. They are also considered a legal investment for savings banks and trust funds In New York
State.
2856
FINANCIAL CHRONICLE
WHITE HALL SCHOOL DISTRICT, Greene County, 111.
-BOND
SALE.-Mataeny, Dixon & -Co. of Springfield, were recently awarded an
issue of 320.000 4 yi% school building bonds dated April 1 1928 and maturing serially from 1943 to 1947 Incl., at par. The bonds are coupcn in
form.
WILSON, Wilson County, N. C.
-BOND SALE.
-The $60,000 issue
of coupon gas plant,bonds offered for sale on Apr. 26-V. 126, p. 2540
was awarded to N.S. HB184 Co.of Cincinnati as 434% bonds,for a premium
of $186, equal to 100.31. a basis of about 4.46%. Dated May 1 1928.
Due $5.000 from Nov.,1 1929 to 1940 incl.
VVINOOSKI GRADED SCHOOL DISTRICT, Chittenden County,
Vt.-BOND OFFERING.
-Sealed bids will be received by C. G. Allard.
District Treasurer, until 12 m. (eastern standard time) May 10, for the
purchase of an issue of $95.000 4% coupon school bonds. Dated Mar.
15 1928. Denom.$1.000. Due $5,000, Mar. 15 1932 to 1950 incl. Prin.
and int. payable at the Merchants National Bank, Boston. Legality to
be approved by Ropes, Gray. Boyden & Perkins of Boston.
WINSLOW, Kennebec County, Maine.
-BOND SALE.
-The $150.000 4% coupon high school bonds offered on May 2-V. 126, p. 2698
were awarded to Eldredge & Co.of N. Y. City, at 100.384, a basis of about
3.957. Dated May 1 1928. Due $10.000. May 1 1930 to 1944 Incl.
°
The following is a list of other bidders:
BidderRate Bid.
Old Colony Corp
100.18
B. H. Rollins & Sons
100.143
Botabrook & Co
100.06 •
Atlantic-Merrill Oldham Corp
99.53
National City Co
99.529
Harris. Forbes & Co
99.39
'WINTER HAVEN, Polk County, Fla.
-BOND SALE.
-A $46.000
Liana of 53i% refunding oonds has been purchased by the Hanchett Bond
Co. of Chicago. Denom. $1,000. Dated Apr. 1 1927. Due on Apr. 15,
as follows: $3,000. 1932, 1934 and 1936; $4,000. 1939, 1940, 1943, 1944 and
1946: $2.000, 1947 and $5,000 in 1948, 1950 and 1951. Prin. and int.
(A. & 0.) payable at the Hanover National Bank in N. Y. City.
YANKTON, Yankton County, S. Dak.-BOND OFFERING.
-Sealed
bids will be received until 8 p.m. on May 28, by John W. Summers, City
Auditor, for the purchase of a $75.000 issue of semi-annual water works
bonda. Int. rate is not to exceed 5%. Due $3,750 from 1929 to 1948,
(nth A $2,000 certified check must accompany the bid. (These are the
bonds that were voted on Apr. 17-V. 126, p. 2698.)
YEMASSEE SCHOOL DISTRICT NO. 26 (P. 0 Yem
), Beau.
fort County, S. C.
-BOND OFFERING.
--Sealed bids will be received by
II. MeM. Williams. Chairman of the Board of School Trustees, until
10 a. m. on May 8, for the purchase of a $28,000 Issue of school bonds.
Int, rate is not to exceed 6%. Due from 1930 to 1948. Int. to be either
annual or semi-annual. A. $500 certified check, payable to the Board,
must accompany the bid.
(VOL. 126..
HULL, Quebec.
-BOND OFFERING.
-Sealed bids will be received by
H. Boulay, City Clerk. until 4 p. m. May 7, for the purchase of an issue of
$125,000 434% 20
-year serial bonds dated May 1 1928 and payable at
Montreal and Quebec.
KINCARDINE, Can.
-BOND SALE.
-year sewer
-The 822,000 5% 20
debentures offered on Apr. 25-V. 126, p. 2541--were awarded to A. E.
Ames & Co. of Toronto, at 100.15. Other bids were as follows:
BidderRate ma.
Harris, Mackeen & Co.
99.00
McLeod, Young, Weir & Co
98.77
C. H. Burgess &
99.68
Bell, Goulnlock & Co
99.68
NELSON, B. C.
-BOND OFFERING.
-Sealed bids will be received
until May 21, by the City Clerk, for the purchase of an issue of $45,000
Trafalgar School bonds bearing interest at the rate of 434% and maturing
serially in 20 years.
PARRY SOUND,Ont.-BOND SALE -The Bank of Toronto,Toronto,
was recently awarded an issue of $100,000 5% improvement bonds maturing
in 20 annual instalments at par. Other bids were as followk:
BidderRate Bid.
Dyment, Anderson & Co
99.00
C. H. Burgess & Co
98.02
Wood, Gundy & Co
98.00
MacKay & MacKay
97.00
RENFREW COUNTY (P. 0. Pembroke), Ont.-BOND SALE.
The $30,000 534% bonds offered on May 1-V.126,P.2541-were awarded
to A. E. Ames & Co. of Toronto, at 102.45. Dated Feb. 1 1928. The
bonds are payable in ten annual instalments at the Pembroke Branch of the
Bank of Nova Scotia. Other bidders were:
Rats Bid.
McLeod, Young, Weir & Co
101.79
0. H. Burgess & Co
102.03
Dyment, Anderson & Co
102.19
R. A. Daly & Co
102.19
RICHMOND TOWNSHIP, B. C.
-BOND SALE.
-Pemberton & Co.
were awarded on April 16,an issue of$56,000 debentures at a price of 102.78.
RIVIERE DU LOUP, Que.-BOND SALE.
-The $69,0005% improvement bonds offered on May 1-V. 126. p. 2698
-were awarded to J. Morency, Ltd.. of Quebec, at 100.10.
ST. LAMBERT, QUE.-BOND SALE.
-The $100.000 5% sinidng fund
bonds offered on Apr. 25-V. 126, p. 2541-were awarded to A. E. Ames
& Co. of Toronto, at 100.28, a oasis of about 4.98%. Due in 30 years.
The following bids were also received:
BidderRate Bid.
Rene T. Lerclerc
99.33
L. J. Beaubien & Co
99.38
Dominion Securities Corp
99.08
null
YOAKUM, Lavaca County, Tex.
-BOND SALE.
-The $80,000 issue
SEAPORTH, Ont.-BIDS.-The following is a list of other olds sunof5% paving bonds offered for sale Apr. 27-V. 126, p. 2541-was awarded
to the Detroit Trust Co. of Detroit for a premium of $4,928, equal to misted for the $32,500 5% local hriprovement pavement debentures awarded
on Apr. 14, to McLeod. Young, Weir & Co. of Toronto at 99.67. a basis of
106.16.
about 5.04%.-V. 126. p.2698.
YORKANA (P. 0. Hellam, R. D. No. 1), York County, Pa.
-BOND
Rate Bid.
SALE.
-The $5,800 5% coupon general improvement bonds offered on Dyment Anderson & co
99.61
Apr. 23-V. 126. p. 2203
-were awarded to the Guardian Trust Co. of Harris, MacKeen & Co
York, at a premium of $321.43, equal to 105.54, a basis of about 4.53%. C. H. Burgess & Co
999989...504562
Dated Apr. 1 1928. Due Apr. 1, as follows: 81,000, 1933: 31,100, 1938: R. A. Daly & Co
1943 and 1948: and 81.600. 1953. Other bids were as follows:
MacKay and MacKay
Bidder
Price Bid.
Red Lion Trust Co
$5.974.00
THOROLD, Ont.-BOND OFFERING.
-D. J. C. Munro, Town
York Trust Co
5,875.14 Treasurer, will receive sealed bids until 5 p. m. May 7 for the purchase of an
Issue of 860.000 5% 30
-instalment high school debentures payable9 a1fh .04
9
ZANESVILLE, Muskingum County, Ohio.
-BOND OFFERING.- yearly.
Sealed bids will be received by the City Officials until May 21, for the
Purchase of an issue of886.000 street improvement bonds to bear interest at
WINDSOR,Ont.-BOND OFFERING.
bids will
the rate of 434%,in denoms. of $1,000 and maturing annually in from 1 to M. A. Dickinson, City Clerk, until 12 m.-Sealed for the be received by
May 14,
10 years.
following issues of debentures, aggregating $802.835.82: purchase of the
$430,449.57
tonayo : .
lec i h roprovement debentures. Due in annual installments
for
230,000.00 45i% water works debentures. Due in annual installments
for twenty years.
75,000.00 5% fire ball bonds. Duo in annual installments
for twenty
FORT WILLIAM, Ont.-BOND SALE.
-The Canadian Bank of
years.
Commerce has been awarded the following issues of bonds: $88,000 4t%
67,386.25 5% local improvement debentures. Due in annual instailmente
bonds due 1948 of McKellar general hospital bonds guaranteed by the City
for twenty years.
on a Ml of 97.43 and $59.674
% bonds due 1953 of the City of Fort
Bids must be for each block separately. Principal and interest payable
WUllain at a price of 97.77
at Windsor.
CANADA, its Provinces and Municipalities.
FINANCIAL
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FINANCIAL
We Specialize in
City of Philadelphia
33
3 ,
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1
2
4s
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41 4s
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41 25
5s
51/ 5
4
525
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Biddle & Henry
1622 Locust Street
Philadelphia
Ft-irate Wire Co New York
Call Canal 8437
WHITTLESEY.
McLEANZ.CO;
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Building
PHILADELPHIA
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