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VOL. 127.
SATURDAY, NOVEMBER 17 1928.
financial Chronicle
NO. 3308.
of 100 billion dollars. Here are his remarks on that
point.
PUBLISHED WEEKLY
"It is sometimes represented that this country
made a profit out of the war. Nothing could be
further from the truth. Up to the present time our
own net war costs, after allowing for our foreigndebt expectations, are about $36,500,000,000. To retire the balance of our public debt will require
about $7,000,000,000 in interest.
"Our Veterans' Bureau and allied expenses are already running at over $500,000.000 a year in meetTerms of Advertising
ing the solemn duty to the disabled and dependent.
Transient display matter per agate line
45 cents
Contract and Card rates
On request With what has been paid out and what is already apCHICAGO OFFICE—In charge of Fred. H. Gray, Western
Represent
208 South La Salle Street, Telephone State 0613.ative parent, it is probable that our final cost will
run
LONDON OFFICE—Edwards & Smith, I Drapers' Gardens,
London. E. C. well toward $100,000,000,000, or half
the entire
WILLIAM B. DANA COMPANY, Publishers,
wealth of the country when we entered the conflict."
Front, Pine and Depeyster Streets, New York
Thus even in a pecuniary sense this country is seen
Published every Saturday morning by WILLIAM B. DANA
COMPANY. to have suffered most
President and Editor, Jacob Seibert; Business Manager, William
heavily. The President did
Treas.. William Dane Seibert; See.. Herbert D.Seibert. Addresses of all. D. Riggs;
Office of Co. not go into
the question of the tax burdens involved,
but these tell a story quite their own, and a very
The Financial Situation.
impressive one at that. These tax burdens are cerThe whole country owes President Coolidge a debt
tain to remain with us for many years to come, and
of gratitude for the frank and outspoken way in
their significance lies in the fact that they go to show
which in his address last Sunday night in the Washthat not only has the cost of the war been of frightington auditorium, at the exercises held under the
ful magnitude, but that a very considerable portion
auspices of the American Legion, to commemorate
of the vast sum still remains to be paid and will
the tenth anniversary of the signing of the armistice
constitute a charge upon the country's resources and
which ended the war, he defined the attitude of the
its revenues and net income for a long time to
United States towards the rest of the world and
come.
showed that this country did its full duty during the
Consider simply the income taxes and their na'war and has not failed to meet all requirements in
ture and extent. There have been successive reducthat respect by its conduct since then. Europe is intions in these taxes since the war and yet to-day
clined to find fault with us and to think that in all
the Federal Government by its schedule of surtaxes
our acts we are governed by self-seeking motives, takes
20% of a man's income in excess of $100.000.
while even among our own people there are a well- This
is in addition to the normal taxes on individumeaning few who are disposed to criticize the United
als, which are 1 % on the first $4,000 of taxable
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States for a variety of things, such as our failure to
net income, 3% on the next $4,000 of taxable in;oin the League of Nations and our refusal to cancome, and 5% upon the remainder of the taxable net
cel the war debts owing to this country by the alincome. The Federal Government therefore takes
lied nations.
25% of the net income of individuals in excess of
To all these the President spoke in most enlight
- $100,000. Besides this, the State Government here
ened and enlightening fashion, presenting the situin New York takes 3% more, making 28% together,
ation in all its phases and aspects with such force
there being a graduated State income tax which
and cogency that no disinterested person, free from
reaches its maximum of 3% on amounts of income in
prejudice and bias, can take exception to his
decla- excess of $50,000.
ration: "No citizen of the United States needs
to
In the case of those who derive their income from
make any apology to anybody, anywhere, for
not corporations, the levy of Federal and State Govern
having done our duty in defense of the cause of
world ments combined is vastly higher, for in additio
n to
liberty." The facts which the President
submits, the taxes on the individual the burdensome
corporaand his analysis and arguments in support of them,
constitute incontrovertible proof sustaining the cor- tion taxes, State and national, have to be taken into
consideration. Under the Revenue Act of 1928 the
rectness of his conclusion.
Federal Corporation tax has been reduced 1 %,but
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We discuss the address at length in a separate
is still 12%. New York State, independently,
article on a subsequent page and also print the full
taxes business corporations 41 2% upon their
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net
text of it in our news columns and will only allude
incomes, which joined to the 12% Federal Corpohere to what he says regarding the pecuniary cost of
ration tax, makes 16 % of the income of
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corporathe war to the United States. He finds that the full
tions which has to be turned over to the
two Govcost of the war to this country will fall little short
ernments, Federal and State, before any
profits can
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11.50
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COMPENDIUMS-MONTHLY PUBLICATIONS—
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". 2724
FINANCIAL CHRONICLE
be paid over to the proprietors in the shape of divi2
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dends. Adding this 16 % to the surtax rate of 20%
on the amount of income in excess of
2
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/
makes 36 %
$100,000 that has to be paid over. But even that is
not all. New York State, as already stated, has a
personal income tax which reaches its maximum at
3% on amounts of income in excess of $50,000 and
this tax (unlike the normal tax on individuals in
the ca se of the Federal law) is levied, whether the
income is derived from corporations or in some other
way. Altogether, therefore, there is an inescapable
2
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/
income tax of no less than 39 % on amounts of income over $100,000—and this ten years after the
close of the war! Who will say, in face of such figures, that profit has accrued to the United States
as a result of the war and that the citizens of this
country are not obliged to carry a heavy and onerous
burden as the sequence of that great conflict.
[Vox. 127.
with no more than $367,436,000 on Nov. 16 last
year. Another gratifying feature is that the whole
of the reduction in the discount holdings occurred
at the Federal Reserve Bank of New York, where
the amount during the week was reduced from $294,522,000 to $194,397,000.
However, the Reserve Banks still keep adding to
their holdings of acceptances purchased in the open
market, thereby thrusting Reserve credit into use.
During the week the Federal Reserve Bank of New
York increased its holdings of acceptances from
$131,564,000 to $142,770,000 and the twelve Reserve
banks combined, including New York, increased
their acceptance holdings from $448,645,000 to $474,400,000. The holdings of U. S. Government securities show only inconsequential changes as far as
the total of such securities is concerned (the separate items, however, going to make up the total having changed somewhat). The result altogether is
that total bill and security holdings the present
week are somewhat lower than they were a week
ago, being $1,558,133,000 against $1,632,447,000. At
the same time the amount of Federal Reserve notes
in circulation was reduced during the week from $1,742,409,000 to $1,732,051,000, while gold reserves increased from $2,642,767,000 to $2,659,132,000.
Brokers' loans on the Stock Exchange still keep
mounting, though the further addition this week has
not been large or striking. Considering the gigantic
speculation prevailing on the Stock Exchange, the
further addition the present week will be looked
upon quite generally as surprisingly moderate and
as thereby furnishing occasion for gratification.
Yet the total of such loans is of huge extent and
There has been no abatement of the frenzy on the
this week's increase, which amounts to not quite
ge the present week. On the contrary,
$2,000,000 establishes a new high record in all time. Stock Exchan
more intense. Never in the preIn brief, the grand aggregate of loans to brokers it has become still
Exchange have such hectic
and dealers by the 45 reporting member banks in vious history of the
been witnessed sincethenews
New York City has risen during the week from $4,- times been seen as have
last week that Herbert Hoo978,968,000 to $4,980,817,000, bringing it yet nearer came on Wednesday of
ent of the United States
to the $5,000,000,000 mark. A year ago, when the ver had been elected Presid
majority continuing the Repubtotal of brokers' loans was already of inordinate by an overwhelming
insuring four years more
size, the grand aggregate was only $3,456,115,000, lican party in power and
interpretation) of prosperity to the
showing a further expansion during the 12 months (in the popular
a line of stocks has
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of considerably over 1 billion dollars. In the case country. The desire to acquire
tions, which, grown more ardent with each further advance in
of the monthly Stock Exchange compila
was decidedly
as is known, are more comprehensive than those prices. Though outside participation
ued advance prior to
of the Federal Reserve Bank of New York, the in evidence in the long-contin
community from one end
grand total at the beginning of the month,it will be the election, now the whole
drawn into the specrecalled, hovered in the neighborhood of $6,000,- of the land to the other is being
be a bold man who
ulative vortex and he would
000,000.
the craze is to end,
Unfortunately, too, the present week's further in- would venture to predict when
compila- though obviously the end is inevitable.
crease in the case of the Federal Reserve
For the time being there is an insatiate thirst for
tion was in the most objectionable form of these
which, it seems,
loans, namely, those made "for account of others," stocks at whatever cost—a thirst
though selling to rerepresenting loans made by the banks for their large it is impossible to satisfy even
after day on a huge
depositors, corporate and State. The total of these alize profits is proceeding day
also that new stocks are
loans for account of others jumped during the week scale and notwithstanding
speculative markets
from $2,188,164,000 to $2,234,990,000, bringing the all the time appearing in the
ing furthermore that splitting-up
amount close to 2% billion dollars. This compares and notwithstand
g companies is in progwith only $993,067,000 on Nov. 16 last year. The of share units by many leadin
been given for one old
loans made by the 45 reporting member banks for ress, 7 new shares having
instance, thereby multiplying
account of out-of-town institutions also increased share in one recent
ng counters to that extent.
during the week, rising from $1,726,406,000 Nov. 7 the 'umbel. of gambli
splitting-up is merely to add fuel
to $1,751,460,000 Nov. 14. On the other hand, the The effect of such
It makes the zest to acquire
loans made by the reporting member banks for their to the speculative fires.
keen. With the new shares sellown account, fell during the week from $1,064,898,- stocks all the more
ing much lower than the old shares by reason of the
000 to $994,367,000.
possession of the mind of the
Perhaps comfort ought to be derived from the cir- split-up, riot takes
especially in the case of the outside pubcumstance that the further swelling of brokers' speculator,
omed to making keen analysis of the
loans has not been attended by increased borrowing lic not accust
of things, and in his flight of fancy the
of the member banks at the Federal Reserve institu- actual value
sees the new shares selling up to the same
tions. Instead, this borrowing shows a substantial speculator
the old shares before the sub-division.
diminution during the week, the discount holdings of high figures as
the huge upward swing in prices day
the twelve Reserve banks having fallen during the The result of
thus is simply to whet the speculative appeweek from $957,390,000 Nov. 7 to $857,539,000 Nov. after day
14, though even at this latter figure comparison is tite.
Nov. 17 /928.]
FINANCIAL CHRONICLE
The facilities of the Stock Exchange are utterly
inadequate to cope with the immense volume of business which keeps pouring in. New high records in
the daily totals of the sales are constantly being
made as well as new high records in prices. At the
half-day session last Saturday the transactions for
the first time in Stock Exchange history reached
the 3,000,000-share mark for any Saturday half-day
business, the dealings aggregating no less than
3,260,090 shares. Previous to the present week,
5,000,000 shares as a full day's business were a rarity, having indeed been recorded only twice before
in Stock Exchange history, namely, on Nov. 8 when
the transacticns totaled 5,037,330 and the previous
June 12 when the sales footed up 5,052,700 shares.
But the present week the 5,000,000-share mark was
passed again and again, the dealings on Monday
reaching 5,745,560 shares; on Tuesday 5,404,260
shares; on Wednesday 5,377,995 shares; on Thursday 4,786,380 shares, while on Friday no less than
6,733,500 shares were dealt in. The ticker all the
time was far behind in recording the dealings—on
Saturday last at one time as much as 45 minutes
behind; on Monday at one time as much as 62 minutes; on Tuesday 20 minutes; on Wednesday 49
minutes; on Thursday 20 minutes and on Friday at
one time 73 minutes. On the New York Curb Exchange also the dealings were of extraordinary magnitude, the sales on Saturday being 1,069,800 shares;
on Monday 1,590,600 shares; on Tuesday 1,361,500
shares; on Wednesday 1,476,900 shares; on Thursday 1,367,000 shares, and on Friday 2,054,600 shares,
this last, too, being a total that has never previously
been even closely approached.
Violent upward movements occurred every day
all through the list, but there were also violent reactions in different stocks at times. On Saturday
and on Monday the course of values was almost uniformly upward, barring some sharp downward
plunges in specialties that had previously bounded
upward with great rapidity and now were reacting
on profit-taking sales. On Tuesday and Wednesday
selling was on a very extensive scale and the declines
were almost equally divided with the gains, but the
selling was readily absorbed, after which the stocks
affected once more bounded upward. On Thursday
the trend was again quite generally upward, though
the market moved higher in a much more orderly
manner. On Friday with brokers' loans recording
only a moderate further increase, new zest was given
the speculation and all trading records were left
far behind, with further spectacular' advances all
around. Money rates played little or no part in
affecting the course of prices one way or the other,
the call loan rate on the Stock Exchange having
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never got above 6 %. The list of stocks recording
new high figures for the year,the most of them new
high figures in all time, is extensive and includes,
among others, the following:
Atchison Topeka & Santa Fe
Canadian Pacific
Great Northern pref.
Missouri Kansas & Texas
New York New Haven & Hartford
Northern Pacific
Pere Marquette
St. Louis Southwestern
Union Pacific
Industrial & Miscellaneous—
Abraham & Straus
Ahumacta Lead
Allied Chemical & Dye
Allis-Chalmers
American Can
American Express
American Home PrOdUcts
American International
American Linseed
American Radiator
American Smelting & Refining
American Snuff
American Sugar Refining
American Tobacco class A & B
American Type Founders
Anaconda Copper
Associated Dry Goods
Barnsdall Corp., class A
Beech-Nut Packing
Bethlehem Steel
Brooklyn Edison
By-Products Coke
Case Threshing Machine
Central Alloy Steel
Cerro de Pasco Copper
Chicago Pneumatic Tool
Chile Copper
Commercial Credit
Commercial Solvents
Commonwealth Power
Corn Products Refining
Coty
Drug
Electric Storage Battery
Federal Mining & Smelting
Fidelity Phoenix Fire Insurance
First National Stores
General Cable
General Electric
General Gas & Electric, class A
Glidden Co.
Gold Dust
Greene Cananea Copper
Hershey Chocolate
Inland Steel
Inspiration Cons. Copper
International Business Machines
International Cement
International Nickel
Jewel Tea
Johns-Manville
Kayser
Kennecott Copper
Holster Radio
Ludlum Steel
Mallinson & Co.
Mathieson Alkali Works
May Department Stores
Maytag Co.
McCrory S'ores, class A
Mexican Seaboard Oil
Mid Continental Petroleum
2725
Montgomery Ward
National-Belies Hess
National Cash Register
Nationsl Dairy Products
National Enameling & Stamping
National Power & Light
Nevada Cons. Copper
North American Co.
Otis Elevator
Otis Steel
Pacific Gas & Electric
Packard Motor Car
Paramount Famous Lasky
Phillips Petroleum
Producers & Refiners
Public Serivce Corp. of N.J.
Radio Corp. of America
Real Silk Hosiery
Richfield Oil of California
Sears, Roebuck & Co.
Shell Union Oil
Simms Petroleum
Skelly Oil
Spiegel-May-Stern
Standard Oil of California
Stewart Warner
Sun Oil
Superior Steel
Texas Corp.
Transcontinental Oil
UniN ersal Leaf Tobacco
United States Steel
Vanadium Corp.
Virginia-Carolina Chemical
Weber & Heilbroner
Westinghouse Electric & Mfg.
White Eagle Oil
As heretofore, the stocks especially distinguished
for their sharp upward movements have been the
high-priced specialties. Montgomery Ward & Co.
sold up to 417 on Nov. 16, and closed yesterday at
414 against 384 the close on Friday of last week;
Radio Corporation of America reached a new high
for the year at 298 on Nov. 16 and closed yesterday
at 297 against 250 the previous Friday. Sears,
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Roebuck & Co. closed at 1931 8 yesterday against 157
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the previous Friday; International Nickel closed
at 196 against 190; American Can at 11678 against
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1093 ;Victor Talking Machine at 1281 2 against 125;
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Allied Chemical & Dye at 23834 against 230; Tim/
ken Roller Bearing at 151y against 148/ Ameri8
14;
can Express at 295 against 300; Warner Bros. Pictures at 12814 against 12478; American Tel. & Tel.
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at 195
/ against 188; General Electric at 18538
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against 18214; National Dairy at 122 against 11 ni/g ;
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Western Union TeL at 197% against 193; Westinghouse Electric & Mfg. at 139 against 118 ;
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Johns-Manville at 184% against 165; National Bellas Hess, a large mail order house, at 17078 against
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152 ; American Radiator at 187% against 173;
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Associated Dry Goods at 57 against 541 8; Com/
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monwealth Power at 9558 against 88; Lambert at
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1352against 12858; Pullman at 92/ against 81%;
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Texas Gulf Sulphur at 7714 against 75 , and Kol/
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ster Radio at 913 against8514
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.
As a group, the oil shares have been unusually
prominent, in part as the result of the improved condition of the industry, and in part as a result of
some recent good statements of earnings together
with some dividend increases. The South Penn Oil
Company declared a stock dividend of 50% subject
to approval of the shareholders at a meeting to be
held in January and also declared an extra cash
dividend of 25c. a share in addition to the regular
quarterly dividend of 50c. a share. Sinclair Consolidated closed yesterday at 45 against 42 on Friday
of last week; Texas Corporation closed at 7414
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against 70; Richfield Oil at 53
%;
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%;
Phillips Petroleum at 493 against 503 Atlantic
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/ against 5714; Marland Oil
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new at 55
Refining
at 46 against 45, Standard Oil of New Jer/
sey at 54 against 5178; Standard Oil of New
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York at 38% against 3758; Pure Oil at 28
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against 27%.
2726
FINANCIAL CHRONICLE
[VOL. 127.
In the motor group General Motors has been under war in Europe, when all trade values were enorselling pressure much of the time and suffered sharp mously and artificially expanded, not only in the volrecessions on occasions. It closed yesterday at 213 ume of the business, but also by reason of the very
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ex-div. of 33/4 against 218 on Friday of last week; high prices then prevailing. In normal peace-time
Chrysler closed at 135 against 127; Studebaker at markets, last month's shipments abroad from the
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77% against 75 ; Packard at 117% against 99 ; United States have never been equaled. In part, the
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at 9658 against 921 8; Hudson at 8414 against increase was due to large exports of cotton, which
Nash
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82 , and Hupp at 751 8 against 712 The rubber were greater in value than a year ago, by about 4%,
stocks were not especially prominent in the week's but increased in quantity 10%. The increased value
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dealings. U. S. Rubber closed yesterday at 3814 of merchandise exports in October, other than cotagainst 39 the previous Friday and the preferred ton, however, was more than 17%. Merchandise
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at 671 4 against 691 4; Goodyear Tire & Rubber imports increased slightly, but the import move/
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closed at 83 against 7478 and B. F. Goodrich at ment continued lower, having been considerably re/.
80 against 7814 In the steel group U. S. Steel re- duced since the beginning of 1928; it has been less
sumed its leadership as on so many previous occa- this year to date than in either of the preceding
/ two years, and there was very little change in the
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sions and sold up to a new high for the year at 172
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on Nov. 16. It closed yesterday at 172 against trend during October. Merchandise exports in Oc163 on Friday of last week; Bethlehem Steel closed tober reached the exceptional total of $555,000,000.
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at 7858 against 70%; Republic Iron & Steel at 903 This figure has not even been closely approached,
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against 83 ; Inland Steel at 75 against 73, and except for October 1924, since January 1921. For
September the value of merchandise exports was
Ludlum Steel at 87 against 85 .
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The copper stocks continued to manifest strength $421,748,000 and for October 1927 $488,675,000.
and most of them established new high records for Merchandise imports were valued at $357,000,000 in
the year as is apparent from the list of stocks dis- October the present year, this amount comparing
tinguished in that way, given above. Kennecott with $319,561,000 for September and $355,738,000
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Copper closed yesterday at 14358 against 13738 the for October 1927. The excess value of exports over
previous Friday; Anaconda Copper closed at 105 imports was $198,000,000. Cotton exports in Octo/
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against 96%; Andes Copper at 46 against 39 ; ber exceeded a million bales for the first time in just
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Granby Copper at 821 8 against 80%; American a year, the amount being 1,241,000 bales compared
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Smelting & Refining at.282 against 274 ; U. S. with 1,126,500 bales a year ago. In value cotton
exports were $130,465,000 last month against $125,/
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Smelting & Rfg. & Mining at 582 against 5814
The railroad list also participated in the upward 652,000 in October 1927. It is in exports other than
movement, but not uniformly so. Speculative inter- cotton where the notable improvement is shown, the
est centered chiefly in the high-priced specialties like value beiiig $425,000,000. The figures for the correUnion Pacific and New York Central. Some divi- sponding month of last year were $363,023,000, an
dend increases helped the upward movement along. increase this year of $62,000,000 or 17:1%; the inThe Chicago & North Western declared an extra crease in this movement for October this year over
dividend of 50c. a share on its common stock in addi- September was $88,500,000 or 26.3%.
For the ten months of this year total merchantion to the regular semi-annual disbursement of $2
a share, the par value being $10C. The Rutland dise exports have amounted to $4,113,592,000, and
Railroad declared a dividend of $1 a share cu its imports to $3,427,069,000, an excess of exports of
preferred stock (only an inconsequential amount of $686,523,000; corresponding figures for 1927 are excommon stock is outstanding) this being the first ports $3,996,795,000 and imports $3,509,240,000, an
payment for two years. New York Central closed excess in exports of $487,555,000. Exports this year
/ against 177 the close the pre- to date exceed those for the similar period last year
1
2
yesterday at 185
vious Friday; Union Pacific closed at 218 against by $116,797,000, while imports this year show a de/
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216 ; Baltimore & Ohio at 116% against 116 ; cline of $82,171,000. Cotton exports for the ten
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New York Chicago & St. Louis at 128% against 128, months this year have contributed $17,497,000 to
and Delaware & Hudson at 194 against 194. In the $116,797,000 increase in all exports, owing to a
the Southwestern group Atchison resumed leader- higher range of cotton prices in 1928. As to quanship and moved above 200, reaching a new high for tity, however, cotton exports have been much less for
the year at 204 on Nov. 16; it closed yesterday at the year to date, 6,183,000 bales comparing with
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202 against 194 , the close the previous Friday; 7,709,000 bales exported in the ten months of 1927,
Southern Pacific closed at 125 against 124; Texas a loss this year of 20% in the cotton movement.
Exports of gold continue only nominal, but im& Pacific at 180 against 184; Missouri-Pacific at
7012 against 72; Kansas City Southern at 72 against ports of the precious metal last month increased
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71; St. Louis Southwestern at 121 against 121 ; again, the former showing a total of but $990,000;
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St. Louis-San Francisco at 118 against 118 ; Mis- while the latter was $14,310,000. For the ten months
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/.
souri-Kansas-Texas at 53 against 481 8 As for of the calendar year total gold exports have been
other Western roads, Rock Island closed at 133% $536,206,000 and imports $114,335,000, the excess
4; Great Northern at 109% against of exports being $421,871,000. Corresponding figagainst 1333
103%; Northern Pacific at 110% against 104%; ures for 1927 show gold exports of $68,340,000 and
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Milwaukee & St. Paul pref. at 53 against 5414; imports of $195,622,000, an excess of imports of
79 against 80. Canadian Pacific $126,682,000. Silver exports last month were $7,and Wabash at
238,000 and imports $7,319,000.
closed at 233 against 225%.
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In our news columns on a subsequent page we
Merchandise exports from the United States in
October exceeded by a considerable amount the ex- give a portion of. the proceedings at the annual
ports of any preceding month back to the five-year meeting on Oct. 9 of the stockholders of the Southperiod 1916-1920 inclusive, covering the time of the ern Railway Co. As our readers know, the South-
Nov. 17 1928.]
FINANCIAL CHRONICLE
ern Railway has had a very distinctive career—and
in more than one particular. One instance of this
is found in the annual meetings of the shareholders.
Corporation annual meetings in this country are
largely perfunctory affairs. They rarely attract
any considerable number of shareholders and they
seldom go beyond the customary routine of electing the directors and passing such resolutions as
the management may submit for adoption, all of the
proceedings being conducted with the utmost expedition, after which adjournment follows, the desire
being to get through with the business as quickly
as possible.
This is far different from the practice at shareholders' meetings in Great Britain. There the shareholders attend in person and do not hesitate to put
questions to the management and to express their
views—often in a very emphatic manner. President
Fairfax Harrison of the Southern Railway has from
the first sought to get the shareholders of his company, to pursue a similar plan and to take a personal interest in the annual meetings. His efforts,
too, have been in large part successful. His aim
has been to make the shareholders personally acquainted with the affairs of the company. He has
invited the shareholders to be present and, what is
more, has asked them to unburden their minds and
put questions frankly and freely when they were
troubled about anything. In a word, he has tried
to get in intimate touch with the shareholders, the
small ones as well as the large ones, and in turn to
get the shareholders in touch with the management.
Nor have the shareholders,in attendance, failed to
avail of the privilege of making inquiries. And that
is the reason why the proceedings of the stockholders' meetings of the Southern Railway are always
sure to be interesting. The arrangement also promotes mutual understanding between the management and the proprietors, being in that way beneficial to both. The Southern Railway has been managed with great conservatism, as also with great
enlightenment. As one illustration, dividends were
not begun on the stock of the company until enormous amount of income had been plowed back into
the property. The benefits appear to-day not only
in the fact that the company occupies a financial
position of exceptional strength, but also in the fact
that it has been able to endure the large losses of
revenue which it has suffered during the last two
years by reason of the business depression in the
South—one of the worst in the history of that section of the country—without impairing its dividend
paying capacity. At the stockholders' meeting, Mr.
Harrison in enlarging upon some remarks made by
Mr. George S. Kemp of Richmond, who was one
of the stockholders in attendance, was able to point
out that since the organization of the company in
1894 total profits have been $230,000,000, of which
$105,000,000 has been put back into the property,
$100,000,000 has been paid out in dividends, "and
we have $25,000,000 in Government securities to represent the balance." With such a record the stockholders had nothing to criticize and their remarks
were largely in the nature of well-deserved praise,
which we have not endeavored to reproduce, but the
whole thing is quite unusual in the management of
corporate properties in this country and accordingly
we deem it worth while to make a record of it
here.
2727
European securities markets followed distinctly
different trends the past week, local political and
financial news playing an apparently greater part
than for some time past in influencing the course
of trading and the movement of prices. The London
Stock Exchange witnessed a succession of dull days
and moderately declining prices, this trend contrasting with the active and advancing markets of
the preceding week. Prices began to sag early
Monday, after the beneficial effect of better political
news from the Continent had worn off. Selling pressure was absent, but there was an easier tendency
in almost all sections of the market, with rubber
shares in particular showing the effects of declining prices of the raw material. Quotations dropped
further in the trading Tuesday, oil, rubber and industrial shares declining generally. The gilt-edged
securities market also was dull, owing to fairly large
exports of gold. Liquidation continued Wednesday,
affecting chiefly the shares of a number of recently
formed companies. In the international list some
advances occurred on the basis of favorable American advices. With the exception of the gilt-edged
market, prices declined all around on Thursday, a
long list of miscellaneous shares showing losses.
Rumors of a coming loan for the purpose of refunding the Treasury bonds and national war bonds maturing early in 1929 gave tone to the British Government obligations. The London market steadied
yesterday, with firmness shown in some groups,
although the movements on the whole were still
irregular. The strength in the gilt-edged division
continued.
The Paris Bourse began a general recovery Monday morning on the strength of the week-end news
of the formation of another Poincare Cabinet. Brisk
trading followed throughout the session, causing
improvement to such an extent that the entire
ground lost during the Cabinet crisis was regained.
The firmness continued Tuesday with French banks
and industrials in good demand. International
shares also were in keen demand and showed advances on the day's trading. The rise continued
Wednesday and Thursday, with the activity spreading to almost the entire list on the latter day. Coal,
electrical, metal and chemical shares joined the bank
stocks in the upward movement. The Berlin Boerse
was somewhat weak in the initial trading Monday,
prices moving downward through most of the list.
A boom developed in electrical shares, however, and
gave a generally better tone to the market. The
boom continued Tuesday and gradually the entire
market took on a firm and active appearance. Speculators bought extensively the stocks of concerns
entitled to the return of their confiscated property
from the United States. Reports that a Cabinet
crisis was impending caused a weak opening Wednesday, but on assurances that the difficulties would
be settled without a fall of the Government, values
began to climb. Shipping shares were especially
in demand after the announcement of an increase
in capitalization by the North German Lloyd. The
volume of trading diminished subsequently, but the
firm tone continued with Reichsbank shares the
strongest point in the German market.
A notable speech by President Coolidge in which
American foreign policy was thoroughly examined
was the chief event as already stated in widespread
ceremonies commemorating the tenth anniversary
2728
FINANCIAL CHRONICLE
of the World War armistice last Sunday. This
address was received throughout Europe, "with
all the attention due to the most vigorous utterance
which has come from an American President in the
past eight years," according to Edwin L. James,
special Paris correspondent of the New York
"Times." In Great Britain the speech was regarded
on the whole as satisfactory, although there was
a tendency to comment on it ironically in some
quarters. The influential London "Times" questioned the "imminent dangers threatening the long
coast line and growing oversea commerce," of the
United States. The President's utterances, it added,
will dispel foolish illusions about American foreign policy. "The United States," the London
"Times" commented, "will take by the building of
warships, or receive through agreed limitation, the
world's acknowledgment of its influence and its
importance among nations." In a summary of the
British reaction to the speech, drawn up by Reuters,
it was noted with satisfaction that Mr. Coolidge
"is very clear in his recognition of the right of everybody to every one's self-defense."
Disagreement was expressed by the French with
some of the statements of the American President,
according to the Paris correspondent of the New
York "Times." "They refuse to see the logic of
his advising European nations to disarm," a dispatch of Nov. 12 reported, "while proclaiming that
America must have a larger fleet that ever. It will
not be admitted here that France, in a vulnerable
position and with powerful neighbors, has any less
need for large defenses than the United States,
which is in a strong strategic position and without
powerful neighbors." The President's argument that
America did not benefit materially from the war was
received unsympathetically, since "it is impossible
to show that America has not been better off in
every way since the war than she was before." German circles were inclined to view the address as
somewhat of a lecture delivered by President Coolidge to the Old World. The President's statements
as to war expenditures were not accepted unreservedly, but on the other hand the observations on armaments limitation were said to be wholly in accordance with German ideas. Japanese officials saw
no reason to criticize the speech or to make any
alterations in the Japanese naval program.
Public addresses of high import were made by Prime
Minister Stanley Baldwin in London, and by Secretary of State Frank B. Kellogg in New York, over
the last week-end, both these Ministers of the world's
greatest nations dealing with the general treaty renouncing war as an instrument of national policy
which fifteen world powers signed at Paris August
27. Mr. Baldwin's speech was made at the annual
banquet of the Lord Mayor of London at the Guildhall on Nov. 9. The British statesman praised the
Kellogg treaty as a thing of such great weight and
moment that its real significance is hardly to be
grasped. He also considered briefly many of the
other problems in foreign affairs at present confronting his Government. Socretary Kellogg, as co-author with Foreign Minister Briand of France, of
the treaty, told a New York audience on November
11, that the new pact in no sense involves the United
States in foreign entanglements. His speech was
part of solemn ceremonies held in commemoration of
the tenth anniversary of Armistice Day and he plead-
[VoL. 127.
ed for acceptance of the treaty as one means of avoiding such conflicts as the World War in the future.
Fidelity to the Kellogg pact, or the downfall of
Europe, were held out as the simple alternatives
facing the Old World by Prime Minister Baldwin,
in his striking endorsement of the treaty. "Believe
me," the Premier said, "the alternative before us in
Europe is very simple and the choice ought to be
easy. We must either keep faith with the spirit of
the pact or in time we must go down the steep place
altogether like the Gadarene swine and perish eternally. Let us all to-night—and there are representatives here of many great powers—accept this opportunity which has been given to us for a new start
and go forward with new faith and new hope." The
assembly greeted these statements with cheers, and
Mr. Baldwin then expressed the wish that Ambassador Houghton were present to hear his opinion of
the Pact of Paris. "I believe the time may come,"
he continued, "when in the histories of this period
there will be no greater act credited to the United
States than this—that in this year she had the high
honor of voicing the aspirations and desires of mankind in presenting that pact to the nations for signature. Only let us remember what it is that we
have signed. It is so tremendous a thing that few
of us realize it, and the result of every signature
will be nothing unless the nations, realizing to what
they are committed, make up their minds that their
signatures will be honored to the end of time. In
that spirit every nation that signs the pact has got
to keep it before its mind whenever it examines its
own armaments and whenever it prepares estimates
of its own armaments. When so much of the world
that signed the pact realizes and believes the implications of that pact, then for the first time will the
nations be able to talk disarmament in a way that
will lead us into that path."
France and Germany, Mr. Baldwin said in his
review of international relations, understood each
other better, perhaps, than ever before, and the close
co-operation between London and Paris did not and
could not react to the detriment of either Germany
or any other great power. "Peace means not less
collaboration but more," he added, "and the fact
that his Majesty's Government has so often begun
by seeking collaboration with their nearest neighbor does not mean that they, in the slightest degree,
are less eager to co-operate with others." A picture
of restored Germany was then painted by the Prime
Minister, a dispatch from London to the New York
"Times" said. "Germany's relations with her former enemies are restored to a position of mutual
frankness and understanding," he remarked. "She
stands today as a great country among equals." The
British leader also referred with satisfaction to
the improved relations with the Chinese Nationalist
Government, saying:"Now that they have definitely
rejected the counsels of the Third International, having realized that these were not given in the interests of China but of world revolution, we believe
that if they now turn to us for advice and assistance they will not find us unresponsive." Mr. Baldwin concluded with words of high praise for radio
communication which, he asserted, "will be one of
the greatest bonds between the common peoples of
the whole world."
The address by Secretary Kellogg was considered
a virtual plea for the acceptance of the treaty by
the United States Senate at its next session. It was
Nov. 17 1928.]
FINANCIAL CHRONICLE
2729
made November 11 at the opening of a Good-Will treaty made any such claim, and there is not a word
Congress of the World Alliance for International in the treaty or in the correspondence that intimates
Friendship Through the Churches, which continued that there is such an obligation. I made it perfor two days in New York. "It is evident," the Sec- fectly plain, whatever the other countries might
retary said, "that there is a great forward move- think, that the United States could not join in any
ment all over the world and a growth of an enlight- such undertaking. In the first speech I made on the
ened sentiment for the settlement of international subject, which was afterward circulated to the nacontroversies by means other than the arbitrament tion, I said: "I cannot state too emphatically that
of war." The best way to abolish war as a means it [the United States] will not become a party to
of settling international disputes, he continued, is to any agreement which directly or indirectly, exextend the field of arbitration to cover all juridical pressly or by implication, is a military alliance. The
questions, to negotiate treaties applying the princi- United States cannot obligate itself in advance to
ples of conciliation to all questions which do not use its armed forces against any other nation of the
come within the scope of arbitration, and to pledge world. It does not believe that the peace of the
all the nations of the world to condemn recourse world or of Europe depends upon or can be assured
of war. "Thus may the illegality of war be' estab- by treaties of military alliance, the futility of which
lished in the world as a principle of international as guarantors is repeatedly demonstrated in the
'
law," he said.
.1
pages of history."
Mr. Kellogg reviewed briefly the steps leading
It is true, Mr. Kellogg explained, that some of
up to the conclusion of the accord and also recon- the press in Europe have indicated that the United
sidered some of the questions which arose during States will now be under some moral obligation *to
the negotiations. All such matters were fully re- punish a treaty-breaking state, but no Government
ported in these columns, as the notes exchanged be- has made any such claim, he declared. As for the
tween the various Governments were made public. interest which the United States is again taking
The treaty is, therefore, perhaps the finest example in European affairs, "I for one," he said, "believe
that the world affords of an "open covenant openly the United States has always had a deep interest in
arrived at." Additional matters which have been the maintenance of peace all over the world. Why
the subject of much press comment then engaged the should not our Government and our people feel a •
attention of the Secretary. "I have been asked," deep interest in this question? In modern times no
he said, "why we did not attempt to negotiate the great war can occur without seriously affecting
treaty with all the nations of the world and make every nation. Of course, the United States is anxious •
them original signatories. The reasons are these:
for the peace, prosperity and happiness of the people
was my opinion that to attempt to negotiate of Europe as well as of the rest of the world. Be- •
"It
a treaty with over sixty nations would entail so cause we did not approve of the Treaty of Vermuch discussion and so prolong the negotiations as sailles and the League of Nations in all reto make it difficult, if not impossible, to sign a spects, it has been assumed by some that we
treaty and obtain its ratification within a reason- no longer take any interest in Europe and
able time. Furthermore, if any one country failed world affairs. I, for one, do not accept
this as
to ratify, the treaty would not go into effect, thereby a just estimate of our
national character and vision.
postponing the matter for an indefinite period. It
seemed to me best to select the principal nations of I am sure that the people of this country are willEurope, the seat of the last war, where there was ing to try this last and greatest step, the solemn
perhaps more danger of conflict than anywhere pledge of peoples and of nations. I cannot believe
else, and Japan in the Far East, and to negotiate that such a declaration, entered into not in the
with them a treaty which would be open to adhesion frenzy of public excitement but in the cool deliberaby all the nations of the world. I felt sure after tion of peoples, can fail to have a world-wide moral
very careful consideration, that a treaty satisfactory effect. I believe that this
treaty is approved by
to those powers would be readily accepted by the almost
unanimous sentiment in the United States
others. My expectations have been more than fulfilled. Up to the present time sixty nations have and in the world. Such approval means advanceeither signed the treaty as original parties or have ment in the ideals of government and of civilization."
adhered to it or have notified the department of
their intention to adhere to it. 'It is my belief that
Nations throughout the world joined in the stirall the nations of the world will adhere to this treaty ring services by which the tenth anniversary of
the
and make it one of the principles of their national World War armistice was
commemorated last Sunpolicy. I, believe that this is the first time in history day.
For many peoples the day was not merely one
when any treaty has received the approval of so
for remembering the war dead and doing them honor,
many nations of the world."
but also for celebrating the momentous changes of
It has also been said, Mr. Kellogg continued, that Government and the creation of new
nations which
the treaty entangles us in the affairs of Europe. "I that eventful day made possible.
Everywhere, howcannot understand why such an argument should be I ever, the two minutes' silence in
tribute to the war
made," he declared. "It no more entangles us in the dead were observed at 11 o'clock
on the morning
political affairs of foreign countries than any other of November 11, and in the United
States this mute
treaties which we have made and if, through such tribute was the major feature of the
observance.
fear, the United States cannot take any step toward In Britain and in France, also, the two-minute
hush
the maintenance of world peace, it would be a sad was reverently observed, the occasion in those
councommentary on our intelligence and patriotism. But, tries being marked with a solemnity
that befits the
it is said, we are under moral obligations,. to apply counting of war dead by the million. In London,
'
not under binding writting obligations, to apply King George stood bareheaded before the'
Cenotaph'
sanctions to punish a treaty-breaking state or to in Whitehall, while multitudes all over England
paid
enforce its obligations. No one of the Governments the same tribute of remembrance. Throngs in
Paris
in any of the notes leading up to the signing of this moved by the same sentiments, gathered at
the grave'
1
2730'
FINANCIAL CHRONICLE
of the unknown poilu under the Arc de Triomphe,
while in the early afternoon some of the old troops
paraded before stands which held President Doumergue and Premier Poincare. Dublin gave the ceremonies a present-day political tinge, several bomb
explosions shaking portions of the city in an attempt, imputed to republicans, to blow up two statues of Kings of England.
Germany observed the day with quiet ceremonies,
having two days previously taken for the first time
something like official cognizance of the November
revolution that led to the establishment of the Republic. It was recalled generally that on Nov. 9,
11918, the German Republic was proclaimed from the
balcony of the Reichstag, and press correspondents
in Berlin were able to report on this tenth anniversary of the event that the revolution is looked upon
by all but the die-hard reactionaries as having been
for the good of the country. Vienna celebrated the
tenth anniversary of the establishment of the Austrian Republic on Monday, November 12, with the
playing of bands and brilliant illuminations. A
commemorative session of Parliament was held in
the morning and special thanks were offered President-elect Hoover for his aid in the dark days ten
years ago. Poland observed the tenth anniversary
of her establishment as a nation in ceremonies extending from November 10 to 12, special emphasis
being laid in sessions of the Senate and the Diet
on the role of Woodrow Wilson in creating the new
independent Poland. Russia celebrated the eleventh
anniversary of the Bolshevist revolution on November 7, with the customary military parades in Moscow and other centers.
[Von. 127.
be forthcoming from all Governments in the very
near future.
Official steps for the formation of an experts'
committee to consider a final settlement of German
reparations were again taken up the past week in
Paris, the fall and reconstitution of the Poincare
Cabinet occasioning only a slight delay. Premier
Poincare received Dr. von Hoesch, the German Ambassador to Paris, Nov. 14, and handed him France's
formal reply to Germany's formal suggestion that
a committee of experts be formed to carry out the
plans formulated at Geneva Sept. 16 at the conferences between representatives of six nations. It
is understood, a Paris dispatch to the New York
.
"Times" reported, that the Premier and the Ambassador found that the French and German points
of view on the nature of the committee had come
much closer together and that there was every prospect of an early agreement on the powers of the committee members. Although they will not have the absolute range requested by Germany, there will be
large scope for their suggestions, it was said. France
definitely accepted the German suggestions for a
committee of experts, the "Times" dispatch said,
and gave assurance that she will ask for no more
from Germany than is needed to pay her foreign
creditors, plus payment for war damage to property.
Notwithstanding assertions in some quarters that
differences had developed between Great Britain
and some of her Continental Allies in the plans for
setting up the experts' commission, Premier Poincare was able to assure the French Cabinet, Wednesday, that England and France are in complete aces to be followed. A disGreat significance was attached everywhere to cord on the general principl
that patch to the United Press to this effect also indithe announcement, made late November 9,
Premier denied emphatically any inPresident-elect Herbert Hoover will depart shortly cated that the
ip through South tention of going to London or Berlin before the exon a tour of good-will and friendsh
took place. It was reported from
American and Central American countries. Mr. Hoo- perts' sessions
however, in a special cable of Nov. 9 to the
ver's intentions were disclosed through the inter- London,
"Times," that there was some conflict
change of messages between him and President Cool- New York
British claim of arrears due under the prinidge. The President assigned as Mr. Hoover's aid on over the
ador ciple of the Balfour note. Britain insists, under
the trip, Henry P. Fletcher, American Ambass
battle- this principle, that she must receive from the comto Italy, and a noted Spanish scholar. The
t- bined reparations account and allied indebtedness,
ship Maryland was detailed to take the Presiden
while the enough to reimburse her for her payments to the
elect southward from the Pacific Coast,
United States. So far she has paid America £198,Utah or Florida will meet him at Buenos Aires and
the dispatch said, while she has received
bring him back to the Eastern seaboard. The com- 000,000,
from Germany and from allied creditors only £83,plete itinerary has not yet been fixed, but Mr. Hoo000,000. It appears possible that Germany will pay
ver expects to visit most of the South and Central
a capital sum in the coming reparations settlement
American capitals and many other important cities.
as well as annuities for a considerable period, and
Owing to his many activities, the President-elect is
conti- Great Britain, it is indicated, has laid claim in the
known to have expert knowledge of all other
diplomatic negotiations for a considerable portion
nents, and he is understood to have planned the
familiarity of that sum to go toward making up the deficit of
journey partly in order to gain some
£115,000,000.
with Latin-America as well. On his journey, Mr.
The British note to Italy, Belgium and Japan,
y the same status as a PresHoover will have virtuall
laying claim to arrears in international war indebtident of the United States. The decision to make
edness, was forwarded Nov. 5, it was stated, just
the trip was hailed throughout the Americas as a
the British and French Treasuries had exmaster stroke. The growing importance of United after
changed memoranda on conversations between M.
States trade with Latin America was stressed in this
Mr. Churchill in which the same Britcountry, while in the Latin Republics emphasis was Poincare and
inti- ish viewpoint was expressed. The British note said,
laid on the need of the United States for more
to the "Times" cable, that any surpluses
mate knowledge of the twenty Republics south of according
of the reparations account and on
the Rio Grande. Formal invitations for Mr. Hoover from receipts
indebtedness account above what Britain
to visit the various lands were promptly received the allied
to the United States in coming years
at the State Department in Washington from many would pay
have to be retained by Britain until arrears
of the Executives of Latin-American countries, while would
been cleared. This claim clashed imassurances were given that such invitations would due her had
Nov. 171928.]
FINANCIAL CHRONICLE
mediately with the views of France, it was reported,
because the French are looking forward to increased
revenue with which to pay the United States the
commercial debt of $407,000,000 due next August.
Both France and Belgium cited their losses in reply,
the dispatch indicated, the former country maintaining that its claims for the rebuilding of wardevastated territory ought to come prior to Britain's
claims.
Premier Poincare of France announced formally
late Thursday that the preliminary negotiations between the German and former Allied Governments
had been satisfactory and that nothing now stood
in the way of the formation of the committee of
experts to prepare a final settlement of reparations. In an announcement in the Chamber of Deputies in Paris, he expressed the sincere hope that
American experts will co-operate, pointing out that
Americans had contributed largely to the success of
the Dawes Committee. "We are not tiding from
ourselves that the task is difficult," the Premier
said. "But if it fails, it must not be by the fault of
France. We shall do everything and be happy if out
of this getting together peace emerges stronger and
more smilingly. Once it is admitted that Germany's
payments shall be calculated in such a manner as
to enable us to pay our debts to England and America and leave us a reasonable indemnity for our reparations, we will probably be able to begin to talk
about the possibility of mobilization of the German
debt and perhaps even of inter-allied debts." One of
the most important tasks of the experts, it now appears from a Paris dispatch to the New York
"Times," will be to study the possibility of converting the German debt to the Allies into a form of German Government bonds capable of being marketed
or otherwise used as a means of liquidation. "There
appear to be under consideration bonding plans
of a much larger scope than has been generally realized," the dispatch added.
Sessions of the British Parliament this week were
again occupied to a great extent with consideration
of the Anglo-French Naval Compromise Agreement
and its effect on the United States, while some discussion also developed regarding President Coolidge's Armistice Day speech on American foreign
policy. Strong criticisms of the Conservative Government last week by the Labor leader, Ramsay
MacDonald, and the known objections of the Liberals to the Anglo-French compromise, left no room
for doubt as to early declarations on that accord.
The expected move for a vote of censure on the Goveminent for its conclusion of the agreement was
made Tuesday by David Lloyd George, leader of the
Liberal Party. In a lengthy speech, Lloyd George
• asked the Government to state specifically that it
had dropped not only the pact, but the policy of
which the pact was evidence. He urged immediate
return to the naval policy of the Washington agreement, with limitation of all classes of warships. He
found himself unable to criticize American suspi• dons of the agreement, suspicions with which he
said President Coolidge's Armistice Day speech was
filled.
Prime Minister Baldwin replied promptly to the
speech of the little Welsh Liberal leader. Lloyd
• George's citing of American suspicions of Britain
brought the Prime Minister to President Coolidge's
speech. "President Coolidge has said that it is al-
2731
ways plain that Europe and America are lacking in
understanding," he remarked. "I think President
Coolidge is right. I think there is lacking between
Europe and America mutual understanding, and I
regret it profoundly. But if I am asked why it is,
it is very difficult to find the answer." The Premier cited as a highly advantageous thing the frequent conferences between European ministers at
Geneva, by which they have come to know each
other idiosyncrasies as individuals and he regretted
that European and American statesmen do not meet
each other similarly. "Some of the best work that
has been done financially since the war," he said,
"has been the work of financial reconstruction in
which America has been engaged with us and other
countries. I attribute this largely to the fact that
the protagonists, the Governor of the Bank of England and the Governor of the Federal Reserve Bank,
were not only close personal friends in constant
touch, but every time a difficulty was seen coming
ahead one or the other would cross the Atlantic at
once, either the Englishman to New York, or the
American to London or Paris, as the ease might be,
and discussions took place instead of dispatches."
Continuing his speech, Mr. Baldwin expressed the
view "that it is most important that all of us may be
called upon to speak about America in her foreign
relations or about our relations with America
should really get to understand, by studying its political system, that country, because it is so different from any European system. On that difference
shipwreck has more than once been reached. It is
important for the avoidance of future shipwreck and
for the avoidance of possible ill relations after such
shipwreck that we should be familiar, on this side,
with the marked difference in political systems in
the two countries." Replying more directly to Mr.
Lloyd George, the Premier appealed to him to cease
writing articles which imputed folly or evil intentions to Great Britain and France in newspapers
of other countries. Mr. Baldwin quoted Gladstone
on the difficulty of using in a ministerial position
"the language which I used in regard to more than
one foreign power when in a position of greater
freedom and less responsibility." Beneath this ironic
chiding, Mr. Lloyd George went fiery red, a London
dispatch to the New York "Times" said, while the
Tory benches rocked with glee. In a reference to
the Anglo-French agreement, it was noted that Mr.
Baldwin spoke in the past tense. It had been, he
said, "an honest, straightforward attempt to escape
from the deadlock which developed at Geneva and
which was threatening the cause of disarmament"
The Liberal amendment, when put to a division, was
defeated by 326 votes to 163.
A new French Cabinet, embodying several important changes, was formed by Raymond Poincare late
last Sunday, after lengthy conferences with Pi'esident Doumergue and many leaders Of other parties.
M. Poincare was also Premier in the previous Cabinet, which held office from July 1926 until it was
overthrown Nov.6 through the machinations of Radical-Socialist party leaders. The chief change in the
new Ministry was the appointment of Senator Henri
Cheron as Minister of Finance, M. Poincare having
held that post himself in his previous Cabinet. The
Premier himself will hold no office except that of
President of the Council. Senator Cheron, a Pari9
dispatch to the New York "Times" said, "is a man
2732
FINANCIAL CHRONICLE
who has everyone's confidence and who has just
such tremendous power of work as to assure that
the budget will be driven through both houses by the
end of the year." The Ministry was held to be less
representative of political opinion than its predecessor, but possibly even stronger in the quality of the
men who will help in the Government. Aristide
Briand remained, of course, as Minister of Foreign
Affairs, assuring the continuance of his policies of
conciliation in French foreign affairs. Andre Tardieu relinquished his post as Minister of Public
Works and took the important position of Minister
• of the Interior.
The change whereby M. Poincare became the first
Premier of France without a Portfolio was held to
be a very favorable one from almost every point of
view. "It means," the "Times" dispatch said, "that
. he will have a well-merited respite from the harassing and unthankful task of conducting the debates
in the Chamber on the Finance Bill during the next
• two months, and will be able to devote his time and
• talents to the general direction .of affairs and the
. important matter of the reparations settlement. This
solution is probably the only one by which the Pre- mier could have maintained his dignity, for to-day
• the Radicals, by issuing orders to their members not
• to take any part in the new Government, declared
,. open warfare against him and against the budget
.provisions."
M. Poincare issued a statement of policy Thursclay, shortly before the Chamber of Deputies met to
.
consider it. In this statement he prophesied ;that
• the future of France and of Europe would depend
upon the outcome of the negotiations for revising
the German war reparations settlement. Negotiations for the changes in reparations will be undertaken late in December by experts of the Allied
• countries and Germany, and with unofficial Americans as advisers, an Associated Press dispatch from
Paris indicated. When the declaration came before
. the Chamber, M. Poincare accepted immediate discussion of all interpellations concerning the compo• sition of the Cabinet and the general policy of the
Government. This acceptance he made conditional,
• however, upon.an immediate vote of confidence or
p non-confidence. "The Chamber must decide immediately whether it wishes us to continue," he said.
A question of Parliamentary procedure precipitated
the desired vote, by which the newly formed Poincare Government was sustained 335 to 147. The
Ministerial declaration by M.Poincare expressed his
belief that the coming reparations conference would
.arrive at a final solution of the problem. In the ex• changes among the different Governments thus far,
no unresolvable incompatibility of views had developed, he said. The war debts question was not
dwelt upon by the Premier. The composition of the
• new French Cabinet is as follows:
• President of the Council without portfolio—Raymond Poincare.
Vice President and Minister of Justice
—Louis Barthou.
Foreign Affairs—Aristide Briand.
Interior—Andre Tardieu.
Finance—Henri Cheron.
War—Paul Painieve.
• Public Instruction—Pierre Maraud.
Marine—Georges Leygues.
Public Works—Pierre Forge,ot.
Commerce—George Bonnefous.
Agriculture—Jean Hennessy.
Labor—Louis Loucheur.
Colonies—Andre Maginot,
Pensions—Louis Anteriou.
Air—Laurent Eynac.
The German Reichstag began its winter session
in Berlin, Monday, in an atmosphere that was anything but optimistic. Hopes prevalent in some German quarters that the United States might still
take steps to reduce the war debts and thus permit
[Vol,. 127.
of a lightening of the reparations obligations were
rudely shattered by President Coolidge's Armistice
Day speech. Moreover, the formation of a new
Poincare ministry in France without the aid of the
Radicals, was a decided disappointment. The.Mueller Government, in addition, was obliged to face the
Reichstag without unity in its ranks. Two vital
points divide the Ministers, according to a dispatch
dated Monday to the New York "Times." The first
point is the question of the Ruhr lock-out of approximately 250,000 metal workers, and the second is
the program for warship construction.
The Ruhr lock-out, which began Nov. 1, involves
the German Government directly, owing to the machinery set up some years ago for the settlement
of such disputes. In the mandatory arbitration of a
wage dispute between the Ruhr industrialists and
the labor unions, the men were awarded an average
wage increase of 11 2 cents an hour, which they
/
agreed to ffecept. The employers declined to accept
the settlement, however, and locked out the men,
starting court action to determine whether the
award of the arbitration court is legally correct. As
a result of the lock-out, other industries and transportation in the Ruhr were rapidly affected, making the matter a grave one for all of Germany. The
position of the Government was not made more comfortable by a decision of the Duisberg Labor Court
that the arbitrator's award does not constitute a
wage agreement between employers and employees.
The Reich Labor Minister, Herr Wissell, had declared, however, that the claims of the industrialists
were unfounded and that the arbitration decision
must be carried out. The problem, therefore,loomed
as a critical one for the German Government.
Opposition to the program for warship construction began to be aired in the German Parliament
Tuesday, when attempts were made to prevent Socialist legislation to annul the naval construction
program from reaching the floor. Chancellor Herman Mueller, as a Socialist, was understood to be
in favor of the legislation which would cancel the
contracts for a $20,000,000 armed cruiser, but his
Defense Minister, General Groener, opposed him
vigorously. The latter referred the matter to President von Hindenburg, Monday, with the result that
the German Chief Executive came to the active support of the naval construction program. He demanded that Chancellor Mueller withhold his vote
in the Reichstag if the motion should come up.
Dissolution of the Rumanian Parliament and the
holding of new elections in December were proclaimed by the Regency in Bucharest, last Saturday, as a result of the overturn of the Bratianu Ministry and the formation of a new Cabinet by Julia
Mania, leader of the National Peasants Party. The
elections are scheduled for Dec. 12 for the Chamber
of Deputies and Dec. 15 for the Senate. M. Maniu
took the oath of office last Saturday morning, gaining. additional support by his loyal adherence to the
present monarchy and the Regency. The new Government marks the first real break in many years in
the rule of the Bratianu family and its so-called Liberal Party. These interests began an immediate and
bitter program of vilification against the new Premier. • The latter, however, received newspapermen
and outlined his program, of which the Important
points were given in a dispatch to the New York
"Times," as follows: (1) Complete freedom of the
Nov. 17 1928.]
FINANCIAL CHRONICLE
press; (2) the slogan of equality between men and
lawful procedure in Government; (3) work in the
open and not in the dark; (4) free elections; (5)
continuation of the loan negotiations for the stabilization of the currency; (6) repeal of all unfair
economic laws enacted in the past, giving again to
foreign capital equal rights and privileges with domestic capital in Rumania, and (7) downward revsion of the customs tariff.
A statement issued by the National Peasants
Party said:"We have accomplished a bloodless revolution and all credit is due to the Council of the
Regency, whose wise handling of a most critical
situation averted a national disaster for Rumania."
M. Maniu made some changes in. his Cabinet last
Saturday and completed it. The new Government
will be constituted as follows:
Premier—Julius Maniu.
Foreign Affairs—Prof. Mironeacu.
Interior—A. Vaida-Voevod.
Finance—Michael Popovich.
War—General Chikoski.
Education—M. Costakesco.
Labor—M. Raducanu.
Health—M. Severdan.
Public Works—M. Halippa.
Transportation—M. Alevra.
Agriculture—I. Mihilachi.
Justice—G. Junian.
Cutture—Aurelvlad.
Commerce—V. N. Madgearu.
Without Portfolio—Messrs.Nitzesco,
Bocu and Savenu.
Japanese traditions of great age and mellowness
were carefully observed in lavish ceremonies of the
past two weeks at Kyoto, where Emperor Hirohito
was formally enthroned. The rites began Nov. 6,
when the Emperor departed from Tokio for Kyoto.
The chief ceremonies by which Hirohito, as the
124th of his line, ascended the throne founded by
his "heavenly and imperial ancestors," occurred
last Saturday. The climax of the enthronement
came with the Emperor's pronouncement that the
spiritual union between the sovereign and the people is the essence and flower of Japanese nationality and should remain forever as unchanged as
Heaven and earth. "This lofty tone was sustained,"
a Kyoto dispatch to the New York "Times" said,
"in a passage in which he proclaimed his resolve to
promote the moral and material betterment of the
people and called on his "beloved subjects" to sink
all selfish aims and work with one accord in helping
him attain those aspirations in order—here he entered on a deeply religious note—that'we may with
a good conscience face the heavenly spirits of our
ancestors.'" Only the Emperor and Premier Tanaka played an active part in this part of the enthronement rites, which took place before approximately 2,000 of the principal people of Japan. In
additional ceremonies this week the Emperor prayed
in solitude to the Shinto gods of his people, the rites
ending Thursday, when the year of mourning for
the Emperor Yoshihito was officially ended.
No changes have been reported this week in discount rates by any of the central banks of Europe.
The Imperial Bank of India, however, on Nov. 15
raised its rate from 5%,the figure which had been in
effect since July 18, to 6%. Rates continue at 7%
inlGermany; 6
in Austria; 53/2% in Italy, and
Norway; 5% in Denmark and Madrid; 4
London, Holland and Sweden; 4% in Belgium, and
33/2Y0 in France and Switzerland. In London open
market discounts are 43'% for short bills, the same
as on Friday of last week, and also 4h% for three
monthsibills, as against 4%% the previous Friday.
Money'on call in London was 4%% on Tuesday,
but down:to 33.L% yesterday. At Paris open market
discounts remain at 33.i% and in Switzerland 3 5-16%
2733
The Bank of England in its latest weekly statement, issued on Wednesday, reports a loss in bullion
of £2,522,310, but due to a contraction in note circulation of £590,000, the reserve of gold and notes
in the banking department decreased only £1,931,000.
The ratio of reserve to liabilities dropped from
43.30% down to 42.51%; in the corresponding period
last year the ratio was 31.34%, and in 1926 31.35%.
Both the "deposit" items declined, public deposits
falling off £2,196,000 and other deposits £172,000.
Loans on Government securities decreased £195,000
and loans on "other" securities £230,000. Gold holdings continue their downward course, the decline
having been only temporarily halted by last week's
comparatively small gain in gold, and now total
£162,467,000, against £151,596,982 in the same week
last year. Notes in circulation aggregate £133,346,000, against £135,206,625 in 1927. The Bank's rate
of discount remains at 43/2%. Below we furnish
comparisons of the various items of the Bank of England return for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1927.
1926.
1924.
1925.
Nov. 15.
Nov. 16.
Nov. 17.
Nov. 18.
Nov. 19.
Circulation
133.346,000
Public deposits
15,543,000
Other deposits
99,418.000
Governm't securities 44,358,000
Other securities
39,460,000
Reserve notes & coin 48.872,000
Coin and bullion_a_162,467,073
Proportion of reserve
to liabilities
42.51%
Bank rate
4SS%
135,206,625
16,598,673
98.712,702
41,335,178
55,621,348
36,140,357
151,596,982
138,109,000
20.482,486
100,217,687
34,407,539
69,422.801
34,640,634
152,999,634
141.202.550
15,149,961
106631,663
40,247,794
73,061,558
26,227,465
147,680,115
122,235,025
18,977,557
107.063,146
41,768,443
75.994,814
26,012,338
128,497,363
31.34%
434%
28.48%
5%
2154%
4%
2034%
4%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
Previously held as security fcr currency notes issued and which was transferred to the•
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 ot Bank
of England notes issued in return tor the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
In its statement for the week ending Nov. 10, the
Bank of France showed a decrease in note circulation
of 804,000,000 francs. Total circulation now amounts
to 61,955,166,255 francs as against 62,759,166,255
francs last week and 61,327,166,255 francs the week
before. On the other hand creditor current accounts
rose 1,279,000,000 francs and current accounts and
deposits 445,000,000 francs. Gold holdings increased
58,342,545 francs during the week, and now aggregate
30,830,139,316 francs. Credit balances abroad
show a gain of 4,017,559 francs, French commercial
bills discounted rose 974,000,000 francs and bills
bought abroad 6,000,000 francs, while advances
against securities dropped 48,000,000 francs. Below
we furnish a comparison of the various items of the
bank's return for the past 3 weeks.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as Or
Changes
Noe, 10 1928. Nov. 3 1928. Oa. 27 1928.
for Week.
Francs.
Francs.
Francs.
Gold Holdings—
Francs.
Gold holdings_ _ _ _Inc. 58,342,545 30,830.139,316 30,771,796,771 30,785,710,782
-13,904,044,680 13,900,027.121 13,982,906,351
Credit halo. abrd_Inc. 4,017,559
French commercial
bills dlscounted_Inc. 974,000,000 3,346,236.252 2,372,236.252 3,070,236.252
Bills bought abed_Inc. 6,000,000 18,648,447.083 18,642,447,083 18.493,447,083
Adv.aget.securs__Deo. 48,000,000 2,225,471,422 2,273,471,422 2,098,471,422
Note circulation_ _Dec.804,000,000 61,955,166.255 62,759.166,255 61,327,166,255
Cred.curr. accts__Ine.1279.000,000 18,778,379,423 17,499,379.423 18,807,379,423
Curr.accta.ds dep-Inc. 445,000,000 5,506.897.230 5,061,897,230 6,520,897,230
In its statement for the first week of November
.
the Bank of Germany reports a decrease in note circulation of 261,681,000 marks, reducing the total to
4,410,332,000 marks. Note circulation for the corresponding week last year aggregated 4,020,458,000
marks and for the year before 3,184,775,000 marks.
Other daily maturing obligations rose 91,254,000
marks, while other liabilities declined 2,024,000
marks. On the asset side of the account gold and
bullion gained 7,108,000 marks, reserve in foreign
2734
currency 4,869,000 marks, silver and other coin
323,000 marks, notes on other German banks 8,876,000 marks and other assets 34,372,000 marks, while
bills of exchange and checks dropped 165,414,000
marks, advances 61,379,000 marks and investments
1,206,000 marks. Deposits abroad remained unchanged. Below we furnish a comparison of the
various items of the Bank's return for the past three
years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Week.
Nov. 7 1928. Nov.7 1927. Nov.9 1926.
Reichsmarks. Reichsmarks. Reichsmark:.
Reichsmarks.
Assets—
Inc. 7,108,000 2,539,923,000 1,852,143,000 1,736,976.000
Gold and bullion
67,516,000 179,993,000
85.626,000
Of which depos.abr'd_ Unchanged
Res've in ior'n curr_ _ _Inc. 4.869.000 168,116,000 298,342,000 412.538,000
Billscfexch.&checksDec. 165,414,000 2,182,866,000 2,388,211,000 1,347,982,000
49,393.000 116,114,000
86,831,000
323,000
Silver and other coin Inc.
15,687,000
16,880,000
17.615.000
Notes on oth.Ger.bks_Inc. 8,876.000
10,793,000
32,005,000
Dec. 61,379,000 113,848,000
Advances
91,274,000
92,075,000
92,308,060
Dec. 1,206,000
Investments
Inc. 34,372.000 557,652,000 619,445,000 711,302.000
Other assets
Liabilities—
Notes in circulation_ _Dec.261,681.000 4,410,332.000 4.020,458,000 3,184.775,000
Oth.dally matur.oblig.Inc. 91,254,000 585,157.000 616,759,000 680,813,000
Dec. 2,024,000 266,687,000 345,096,000 216,235.000
Other liabilities
Rates for money in the New York market have
shown only slight changes the past week, with the
quotation for call loans still ranging between 6% and
63/2% in the case of call money, while time loans were
fixed as high as 7%. These rates compare wih an
for call funds in this week
undeviating charge of 3
last year, the rates for time money at that time rangi
ing from 4% to 43(%. Money was in good supply
at the figures named early in the week, a decline taking place in call money from 63/2% to 6% Monday,
while slight concessions from the minimum were
offered in the street trading.The rate ruled at6% Tuesday and Wednesday, withdrawals of $15,000,000 and
$10,000,000 respectively causing sufficient tightening
to prevent outside offerings. In Thursday's market
the demand for accomodation increased, while banks
at the same time withdrew $20,000,000, these factors
bringing about a rise in call money to 63/2%. Bank
withdrawals again amounted to $15,000,000, yesterday, but no change resulted in the call money rate,
which remained at 63/2%. Brokers loans against
stock and bond collateral, as reported Thursday by
the Federal Reserve Bank on the basis of returns
from 45 member banks, showed the further slight
increase of $1,849,000, carrying the total figure to
another high weekly record. Although the increase was
moderate in comparison with the increases recently
reported, it indicated continued absorption of credit
in the violent securities speculation. Imports of
gold for the week ended Wednesday night were placed
at $9,888,000 in the summary issued by the Federal
Reserve Bank, while exports amounted to $160,000.
Dealing in detail with the call loan rates on the
Stock Exchange from day.to day, the renewal rate on
Monday was 63/2%, but the rate on new loans dropped
to 6%. On Tuesday and Wednesday all loans were
put through at 6% including renewals. On Thursday renewals were again at 6%, but with an increase
in the general rate to 63'%. On Friday all loans
were negotiated at 63/%, including renewals. Time
loans for all maturities from 30 days to six months
have ruled throughout the week at 6W7%, with
the sixty day and ninety day rate at times quoted
at the single figure of 7%. For commercial paper
market the ruling rate the present week for four to
six months names of choice character has been 53/27o.
A few extra choice names sold at 53%. For names
less well known the rate has been 5%. New
England mill paper continues at 53'@5%%.
[you 127.
FINANCIAL CHRONICLE
The posted rates of the American Acceptance
Council for prime bankers' acceptances eligible for
purchase by the Federal Reserve banks have again
asked
remained unchanged at 4V% bid and 4
also for bills running
for bills running 30 days and
A
60 and 90-days, 43 % bid and 45 % asked for 120
4
days, and 4 8% bid and 43 % asked for 150 and
4
180 days. The posted rate of the Acceptance Council for call loans against acceptances remained at 5%
until Friday when there was an advance to 53/27o.
Open market rates for acceptances have also remained
unchanged and are as follows:
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days—
Asked.
Bid.
Asked.
Bid.
434
434
434
434
Prime eligible bills
—90Days— —60 Days— —30 Days—
Asked.
Bid.
Asked.
Bid.
Asked.
Bid.
434
434
434
434
434
434
—120 Days—
Asked.
Bid.
434
43(
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
434 bid
434 bid
There have been no changes this week in Federal
Reserve Bank Rates. The following is the schedule
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 Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Nov. 16.
Date
Established.
Preview
Bate.
5
5
5
5
5
5
July 19 1928
July 13 1928
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
Apr. 25 1928
June 7 1928
May 7 1928
June 2 1928
434
434
434
434
434
434
414
434
4
4
4
4
5
5
434
434
434
434
Sterling exchange continues under pressure and
except on Thursday and Friday was on offer the entire week. Until the last two days, rates were slightly
lower than last week, with the result that the gold
movement from London to New York was greatly
accelerated. The range this week has been from
2
4.84 5-16 to 4.843/ for bankers' sight, compared with
4.8434 to 4.84 9-16 last week. The range for cable
transfers has been from 4.84 11-16 to 4.85 1-16, compared with 4.84 25-32 to 4.84 29-32 the previous week.
The rate of 4.84 11-16 for cable transfers was registered on Wednesday, and marked a new low for the
year. The chief factor causing weakness in the rate
has been, of course, the seasonal pressure resulting
from the accumulation of import bills for cotton,
grain and other produce from this side, and from
Canada and South America. The firm money rates
here also exert a marked influence contributing to
the seasonal pressure. The increasing volume of
gold exports and the failure of sterling to rally in
the face of large gold purchases has caused considerable speculation as to the probability of a higher
Bank of England rate of rediscount. According to
London dispatches, bankers there believe that the
43/2% rediscount rate will be maintained for the remainder of the year, and they point out that within
a month at most the seasonal pressure should normally come to an end. If the New York Federal
Reserve Bank were to reduce its rate of rediscount
from the present 5% to 06%, such action would
support sterling effectively and would also tend to
cut short the gold import movement to this side.
But considering the high volume of brokers' loans,
there is little probability that such a reduction will
be made. The Bank of England has throughout the
Nov. 17 1928.1
FINANCIAL CHRONICLE
period of high money rates here shaped its policy in
a manner calculated to prevent a severe drain of gold
and to obviate the necessity of a higher Bank rate.
New York bankers are of the opinion that if the
pressure on sterling continued even for a few weeks
the Bank of England will be compelled to raise its
rediscount rate to 5%. British imports of gold from
Spain in the last few weeks have offset to a large sextent the outflow to the United States and Germany.
In view of the prevailing rate for sterling, some
surprise is expressed in various quarters that more
gold has not been engaged for shipment to New
York from London. Probably one explanation lies
in the known desire of the banks to respect the wishes
of the Federal Reserve authorities here and of the
central bank officials on the other side not to disturb the gold holdings of the European countries
from any excessive motive of profit. The impression prevails that the Bank of England does
not look with favor upon shipments to New York,
and profit on the imports at present rates of exchange are not sufficiently great to compensate
bankers for the possibility of arousing unfavorable
opinion. It is understood that a number of New
York banks have approached their London correspondents regarding the shipment of gold on a
partnership basis, but the responses of the London
banks have been unfavorable to the idea, clearly
indicating that London sentiment is strongly averse
to the gold movement. While money rates continue
relatively firm in the New York collateral, loan
market, they have eased off considerably from
those prevailing a few weeks ago, doubtless retarding a further decline in sterling quotations.
There is undoubtedly an increasing tendency on
the part of London industrial and commercial concerns to invest their unemployed funds in the New
York market. Through a typographical error it
was stated here last week that London dispatches
announced that the amalgamation of the British
currency will be put into effect on Nov. 27. The
correct date is Nov. 22.
This week the Bank of England shows a more
considerable loss in gold holdings that in many
months, the reduction amounting to £2,522,310,
and the total standing at £162,467,073,against £164,989,000 on Nov. 8 and comparing with £151,596,000
a year ago. On Monday the Bank received £150,000
in sovereigns from South Africa and sold £5,000 in
gold bars. On Tuesday the Bank sold £2,069,000
in gold bars and exported £5,000 in sovereigns to
Spain. It is believed that the greater part of the
£2,069,000 was engaged by New York bankers.
On Wednesday the Bank of England sold £55,000 in
gold bars, and on Thursday £304,000 in gold bars,
while on Friday it sold £9,000 in bars and exported
£10,000 in sovereigns to Holland. The American
Exchange Irving Trust announced on Tuesday
that it had purchased £1,000,000 gold in London for
shipment to New York. The National Park Bank
is importing $2,000,000 in gold from England on
the steamship Olympic, which sailed from Southamptbn. Since the movement began, about the
middle of September, the total imports of gold from
England to date, including gold engaged but not
actually arrived in New York, amount to $37,750,000. At the Port of New York the gold movement
-Nov. 14, inclusive, as reported
for the week Nov. 8
by the Federal Reserve Bank of New York, consisted
of imports of $9,888,000, of which $7,309,000 came
2735
from the United Kingdom, $2,500,000 from Argentina, $3,000 from France, and $76,000 from Latin
America. Gold exports totaled $160,000, of which
$100,000 was shipped to Venezuela, $53,000 to Germany, and $7,000 to Mexico. There was no Canadian movement of gold either to or from the Port of
New York. Canadian exchange continues at a discount. Montreal funds have been at a range this
week from 1-32 to 7-64 of 1% discount.
Referring to day-to-day rates, sterling on Saturday
last was dull in the usual half-holiday market. Bank2
ers' sight was 4.84%@4.843/; cable transfers 4.84%
@4.84 27-32. On Monday sterling was depressed.
/
The range was 4.84%@4.841 for bankers' sight and
4.84%@4.84 13-16 for cable transfers. On Tuesday
sterling was steady. Bankers' sight was 4.84%@
4.84; cable transfers 4.84%@4.84 13-16. On
Wednesday sterling continued on offer and under
pressure, going to a new low for the year. The range
2
was 4.84 5-16@4.843/ for bankers'sight and 4.8411-16
@4.84 13-16 for cable transfers. On Thursday the
market was stronger. The range was 4.84%@4.843/
for bankers' sight and 4.84 25-32@4.84% for cable
transfers. On Friday the market further stiffened;
the range was 4.84 7-16@4.84 11-16 for bankers' sight
and 4.84 27-32@4.85 1-16 for cable transfers. ClosA
ing quotations on Friday were 4.845 for demand
and 4.85 for cable transfers. Commercial sight bills
2
finished at 4.843/; 60-day bills at 4.809/s; 90-day bills
at 4.78%; documents for payment (60 days) at
4.80%, and seven-day grain bills at 4.83/. Cotton
2
.
and grain for payment closed at 4.843/
The Continental exchanges have on the whole
been steady. German marks have been in demand
for reasons frequently stated here—the transfer of
funds from New York and other centres for participation in the Berlin money market and for investment
in German securities. Germany continues to draw
gold from London, but the movement has been less
noticeable this week than for some time past. As
noted above in the discussion of sterling exchange, a
shipment was made of $53,000 in gold from New
York to Germany. This brings the total of these.
small shipments to New York to $711,000 in a period
of 14 weeks. As a result of the recent large imports of gold to Germany from London, and due also
to the steady flow of capital from New York and
other centres, the money situation in Germany is
more comfortable, so much so that there is considerable speculation in foreign exchange circles as to
the probability of a reduction in the rediscount rate
of the Reichsbank. The rate has been at 7% since
Oct. 4 1927. Berlin dispatches this week state that
a revised estimate shows that Germany's long-term
foreign loans in the first four reparation years, ending
Aug. 31 1928 reached an aggregate of 6,459,000,000
marks. This includes the Dawes loan of 1924. Of
this total American interests supplied 4,282,000,000
marks, Dutch interests 769,000,000 marks, and
British interests 745,000,000 marks. A London dispatch to Dow, Jones & Co. during the week stated:
"Following settlement of German-Rumanian difficulties, Reichsbank will participate to extent of $5,000,000 in a stabilization credit to the National Bank
of Rumania. German private banks, headed by
Disconto Gesellschaft and including Deutsche Bank,
Berliner Handelsgesellschaft and Commerz und Privat Bank, are expected to take from $6,000,000 to
$8,000,000 of the Rumanian loan, to be made by
2736
FINANCIAL CHRONICLE
[VoL. 127.
been under pressure during the week, largely because
of the seasonal accumulation of import bills in Holland, but due also perhaps as much to the flow of
funds from Amsterdam to Germany and other markets, where lending rates are more attractive than in
Holland. The supply of capital in the Dutch money
market for many years has been favorably influenced
by the booming conditions in Holland's East Indian
colonies.
Money rates have been hardening gradually in
Amsterdam since October, but not sufficiently
to prevent the flow of funds to other centers. The
Scandinavian currencies have been dull. Although it
is only about six weeks since the crisis of the Copenhagen Privatbanken, the banking situation in Denmark has become normal again. Uneasiness has subsided completely. This is largely attributable to the
foreign support received in the form of a loan of
15,000,000 krone. Though the amount is moderate
and could easily have been raised by Danish interests,
it was of importance because foreign participation in
the reconstruction plan was considered desirable for
psychological effect. The economic situation in Denmark, as in all the Scandinavian countries is essentially sound. During the past few years Sweden has
become an exporter of capital, instead of an importer,
as formerly. However, owing to recent labor disputes
and the heavy imports of merchandise, the tendency
appears to be changing, although for the first threequarters of 1928, the net export of capital amounted
to 63,000,000 krona.
Fluctuations in Spanish pesetas, it would seem,
have practically ceased. The Spanish Government
recently issued a statement regarding measures to
control peseta exchange. In answer to criticisms
as to the manner in which the official control board
has operated, it was stated that the board was not
constituted to peg the exchange, but to reduce fluetuation, which has been accomplished. The statement concluded with an announcement that the
Government has instructed the Minister of Finance
to mobilize available gold to counteract depreciating tendencies. Spain has about £6,000,000 in
sovereigns which it will probably ship to London,
after which bar gold may be sold abroad if necessary.
The Government also raised to 50% the proportion
of customs duties to be paid in gold equivalents by
importers. A large short interest, mostly in Europe,
has been built up in pesetas in the past few weeks,
but feeling regarding the exchange has improved to
such an extent that any tendency towards strength
will probably cause a wave of short covering. Foreign exchange traders consider it likely that fluetuations will be kept at a minimum.
Bankers' sight on Amsterdam finished on Friday
at 40.13, against 40.12 on Friday of last week cable
transfers at 40.15, against 40.14, and commercial
2
.
sight bills at 40.09, against 40.083/ Swiss francs
closed at 19.243 for bankers' sight bills and at 19.25
for cable transfers, in comparison with 19.23% and
19.243/ a week earlier. Copenhagen checks finished
at 26.64 and cable transfers at 26.6534, against 26.65
and 26 663/2. Checks on Sweden closed at 2d.713/2
.
and cable transfers at 26-.73, against 26.72 and 26.733/2
while checks on Norway finished at 26.63% and cable
transfers at 26.65, against 26.64 and 26.653/s. Spanish pesetas closed at 16.113/ for checks and at
2
16.123/i for cable transfers, which compares• with
The exchanges on the countries neutral during the 16.11 and 16.12 a week earlier.
war have been dull. Holland guilders have at times
Blair & Co., if the loan is concluded. It is undecided
whether this portion of the loan will be floated in
Germany or sold to either an American or English
banking group. German industry is willing to grant
an export credit for several years, totaling 120,000,000 marks, on Rumanian orders, guaranteed by
Rumanian Government. Railroad material will be
especially exported under this agreement. The German Government is willing to secure these credits
by a 60% guaranty up to 70,000,000 marks. Payments of 75,500,000 marks, which the German Government has undertaken to make under the GermanRumanian agreement, will be made in four annual
installments. The first will amount to 30,500,000
marks and is to be made immediately after ratification of the agreement which is expected to be done
before the end of this year."
There is little alteration in the situation of the
French franc. The political changes of the past few
weeks have not been reflected in exchange movements. The position of the Bank of France is so
strong that it is able to keep the franc pegged at whatever rate may be necessary to prevent a drain on its
gold holdings. French funds continue to flow to
German centres as the result of the low return on
money in France and the higher returns in the German centres. This week the Bank of France shows
an increase in gold holdings of 58,342,545 francs.
This increase has been brought about largely by the
cashing in of foreign exchange holdings. Italian
lire have been steady and with the exception of
German marks are in greater demand than most
of the European units, the demand arising, as frequently stated here, from 'the steady flow of immigrant remittances and an increasing interest in Italian
security markets. Advices from Bucharest received
in New York by way of Paris this week state that the
new Rumanian Government will resume negotiations
for a stabilization loan abroad after the coming
elections, though it has not as yet communicated
its intentions to the Bank of France or to the international banking group which had been negotiating
with the Bratianu government. It is believed that
Premier Maniu is anxious to secure a credit for currency stabilization. It is also understood as most
unlikely that Rumania will apply for a loan under
the sponsorship of the League of Nations.
The London check rate on Paris closed at 124.09
on Friday of this week, against 124.13 on Friday of
last week. In New York sight bills on the French
%
centre finished at 3.903', against 3.903 a week ago;
%
cable transfers at 3.90%, against 3.905 , and commercial sight bills at 3.90 5-16, against 3.903/g. Antwerp belgas finished at 13.893 for checks and at
%
.
13.90 for cable transfers, as against 13.893 and
on Friday of last week. Final quotations
13.903/
for Berlin marks were 23.813/ for checks and 23.823/
for cable transfers, in comparison with 23.803/ and
%
23.813/ a week earlier. Italian lire closed at 5.241
%
for bankers' sight bills and at 5.243 for cable trans%
fers, as against 5.233' and 5.233 . Austrian schillings have not changed from 143'. Exchange on
Czechoslovakia finished at 2.9615, against 2.9615; on
Bucharest at 0.603, against 0.609'; on Poland at
11.19, against 11.19, and on Finland at 2.52, against
2.52. Greek exchange closed at 1.29 for checks and
at 1.293/i for cable transfers, against 1.29 and 1.2934.
Nov. 17 1928.]
FINANCIAL CHRONICLE
2737
The South American exchanges continue steady and
comparatively inactive. As noted above, $2,500,000
gold was received at New York from Buenos Aires
and smaller amounts from other Latin American
countries. The shipments from Argentina may reach
a total of $5,000,000, but hardly more, as at the
present price of peso exchange, gold imports from
that country are not profitable. Besides, there is
strong opposition in Buenos Aires to an outflow of
gold. The recent improvement in the value of the
peso is attributed in part to the gold shipments, but
is also due in some measure to the approach of the
export season, which promises to be of record proportions. Argentine paper pesos closed on Friday at
423/i for checks, as compared with 42.19 on Friday
of last week, and at 42 3-16 for cable transfers, against
42.24. Brazilian milreis finished at 11.93 for checks
and at 11.96 for cable transfers, against 11.93 and
11.96. Chilean exchange closed at 12 1-16 for checks
and at 12A for cable transfers, against 12 1-16 and
12A, and Peru at 4.00 for checks and at 4.01 for
cable transfers, against 4.00 and 4.01.
5% rate had been in force since July 19 of this year.
Closing quotations for yen checks yesterday were
46.40@46% against 46.56@463 on Friday of last
week. Hong Kong closed at 503/@50, against
8
50@50Yd.; Shanghai at 641 @6438, against 64@641 1
%
/
/
.;
3
Manila at 499., against 49%;Singapore at 56%@57,
against 56%@57; Bombay at 364, against 36%,
Calcutta at 36%, against 36/.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
NOV. 10 1928 TO NOV. 16 1928. INCLUSIVE.
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers to New York,
Value in United States Money.
Noe. 10. Nov. 12. Nov. 13. Noe. 14. Nov. 15. Nov.
16.
EUROPE$
6
$
Austria,((chilling
.140594 .140510 .140566
Belgium. beige
138965 .138970 .138945
Bulgaria, lev
.007180 .007175 .007182
Czechoslovakia, kron .029629 .029624 .029622
Denmark, krone
.266490 .266488 .266500
England. pound ster
log
4.847703 4.847758 4.847798
Finland, markka
.025169 .025173 .025171
.039056 .039057 .039053
France, franc
Germany, reichsmark. .238135 .238097 .238096
Greece, drachma
.012934 .012932 .012928
Holland, guilder
.401334 .401315 .401342
Hungary, pengo
.174153 .17423/ .174250
Italy, lira
.052370 .052369 .052375
Norway, krone
.266473 .266467 .266473
Poland. zloty
.111980 .111980 .111980
Portugal, escudo
.044890 .044840 .044695
Rumania,leu
006047 .006038 .006040
Spain, peseta
161150 .161161 .161142
Sweden,krona
.267269 .267251 .267270
Switzerland, franc_
.192430 .192429 .192437
Yugoslavia, dinar.... .017577 .017578 .017579
ASIAChinaChefoo tadl
.655000 .656041 .655000
Hankow teal
.655416 .655625 .655000
Shanghai tadl
.639285 .642321 .641071
Tientsin tael
.678333 .678125 .676666
Hong Kong dollar__ .499392 .500625 .500357
Mexican dollar_- .464000 .467000 .466750
Tientsin or Pelyang
dollar
.462083 .466666 .466250
Yt1111:1 dollar
.458750 .463333 .462916
India, rupee
.364564 .364564 .364546
Japan, yen
465672 .463950 .463772
Singapore(S.S.)dollar- .565583 .564583 .564583
NORTH AMER.Canada, dollar
.998888 .999040 .998997
Cuba, peso
.999312 .999312 .999281
Mexico, peso
.479166 .478833 .479166
Newfoundland, dollar .996562 .996656 .996593
SOUTH AMER.Argentina, peso (gold) .958172 .957968 .958282
Brazil, milreis
.119420 .119427 .119400
Chile, peso
.120518 .120517 .120467
Uruguay, peso
1.021035 1.022108 1.023108
Colombia, peso
.970900 .970900 .970900
$
.140605
.138936
.007212
.029627
.266489
$
.140606
.138942
.007222
.029624
.266455
$
.140566
.138945
.007170
.029621
.266471
4.847635 4.847676 4.848369
.025168 .025172 .025164
.039055 .039057 .039062
.238153 .238176 .238188
.012929 .012925 .012927
.401307 .401352 .401389
.174178 .174209 .174171
.052380 .052380 .052394
.268464 .266427 .266453
.111975 .111980 .111980
.044950 .044925 .044760
.006041 .006040 .006035
.161136 .161156 .161138
.267277 .267271 .267255
.192444 .192438 .192443
.017579 .017581 .017577
.654583
.654583
.640446
.675833
.499910
.466000
.654166
.654375
.640178
.675416
.499910
.465750
.654583
.654583
.640535
.675833
.499910
.465250
.465416
.462083
.364684
.464027
.564583
.465000
.461666
.364596
.464125
.564583
.465000
.461666
.364648
.464227
.564583
.999010
.999218
.478833
.996593
.999114
.999218
.478666
.996750
.999531
.999206
.479166
.997093
.958178 .958148 .958254
.119397 .119379 .119390
.120466 .120516 .120522
1.023523 1.023099 1.023708
.970900 .970900 .970900
The Far Eastern exchanges have been steady,
although Japanese yen have been relatively weaker
than a week ago. The political and economic
conditions throughout the Far East show wholesome and steady improvement. This is especially
true of the Chinese situation. The Japanese Finance
Minister Mitsuchi in an address delivered on Tuesday said that the Government is giving serious
consideration to various opinions expressed by many
leading financial organizations as to the desirability
of removing the gold embargo. The Government,
he said, continues to maintain its policy because
owing to the nature of the problem, a definite statement should not be published at present. He added
that the Government is not neglecting the necessary
steps toward the settlement of the question and is
trying to ascertain the proper time for such action.
It is of interest this week to note that the Indian
bank rate has been advanced to 6% from 5%. The
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920,it is also no longer
possible to show the effect of Government operations in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
Saturday,
Noe. 10.
116.000,000
Tuesday, 1Wednesd'y, Thursday, Friday,
Noe. 13. Nos. 14. Nov. 15. Noe. 16.
Monday.
Nos. 12.
90,000.000
5
83,000,000 147,000.000 113,000,000 154,000,000
Aggregate
for Week.
Cr. 703.000.00
Note -The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve bank rom all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Nov. 15 1928.
Nos. 17 1927.
Banks of
Gold.
I
Silver.
I
Total.
Gold.
Silver,
Total,
£
162,467,0 151,596,982
151,596,982
England__ 162,467,073
246,641,11 146,220,324 13,917,320,160,137,644
d
a24664111
France
89,236,350
994,600 90,230,950
Germany b 122,714,850 094,600 123,709,4
104,367,000 27,692,000132,059.000104,128,000 26,991,000131,117.000
Spain
54,527.000 46,929,
3.732
54,527,000
50,661,000
Italy
1,808,000 38,039,000 32,175,000 2.254.000]34,429,000
Nethlands 36,231,
Nat.Belg.. 23,217,000 1,286,000 24 483.000 19.746 000 1,197,000 20.943,000
Switeland. 18,781,000 1,902,000 20,683.000 18,457.000 2,511,000 20,968.000
I 13,180,000 12,826,000
12,826,000
Sweden- 13,180.000
661.000 10,777,000
519,000 10,121,000 10,116,000
Denmark - 9,602,000
8,168,000 8,180,000
8,180,000
8.168,
Norway
Total week 799,896,038 34,181,600834,077,683639.608,656 52,257,920 692,866,576
Prey. week 80t.288,2071 34,301,600835.587,807639.437,721 52,203,600691,641,321
a These are the gold holdings of the Bank of France as reported in the new form
of statement. 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. c As of Oct. 7 1924.
d Sliver is now reported at only a trifling sum.
Keeping Our Feet on the Ground.
-Mr.
Coolidge's Armistice Day Speech.
Mr. Coolidge seized the occasion offered by Armistice Day to say some things about American foreign policy and the relations between Europe and
America that may well be pondered on both sides
of the Atlantic. Taking issue sharply with those who
have insisted that the World War imposed no very
heavy burdens upon the United States, Mr. Coolidge pointed out that while the enormous colonial
possessions of Germany were parcelled out among
the victorious Allies, the United States gained
neither territory nor any other material advantage
out of the war, and made no profit out of the struggle. The net cost of the war to the United States
down to the present time, after allowing for the
expected receipts from foreign debt payments,
amounts to about $36,500,000,000, while the final
cost will probably be not far from $100,000,000,000,
"or half the entire wealth of the country when we
entered the conflict." This outlay, Mr. Coolidge declare'd; with be ninth grtater,than that Of any other
2738
FINANCIAL CHRONICLE
country. "Whatever may be thought or said of us,
we know, and every informed person should know,
that we reaped no selfish benefit from the war. No
citizen of the United States needs to make any
apology to anybody anywhere for not having done
our duty in defense of the cause of world liberty."
Assuredly, with this enormous burden of war
costs to be borne for years to come by the American
people, there will be no dissent from Mr. Coolidge's
assertion that "every dictate of humanity constantly
cries aloud that we do not want any more war,"
and that "we ought to take every precaution and
make every honorable sacrifice, however great, to
prevent it." It was with the hope of preventing war
that the Kellogg pact, which Secretary Kellogg himself ably defended in his address before the World
Alliance for International Friendship at the Metropolitan Opera House in this city on Sunday, has
been framed and signed, and has already been adhered to, in fact or by formal assurance, by sixty
nations. It was with the object of lessening the likelihood of war that the United States has labored to
secure a substantial reduction of naval armaments
beyond the limitations imposed by the Washington
Conference, has revived and brought effectively into
force, as Secretary Kellogg showed, nineteen of the
Bryan treaties of arbitration and conciliation, has
negotiated five new treaties and has others in process, and is to participate in a conference on arbitration and conciliation of all the States of the PanAmerican Union which is to meet at Washington
on Dec. 10.
The international world is a world of facts, however, and Mr. Coolidge indulges no illusions regarding the immediate certainty of peace or the continuing need of national defense. Military or naval preparedness for war is an invitation to war, but preparedness for defense is a national necessity. The
American army, Mr. Coolidge declares, is "entirely
adequate, but it should continue to be supplemented
by a national guard and reserves, and especially
with the equipment and organization in our industries for furnishing supplies." Our naval situation,
on the other hand, is different. "Having few fueling stations, we require ships of large tonnage, and
having scarcely any merchant vessels capable of
mounting five or six inch guns, it is obvious that,
based on needs, we are entitled to a larger number
of warships than a nation having these advantages."
It was with this need in mind that the United States
refused to consider the suggestions of Great Britain and France, contained in the notorious secret
treaty of last summer, "which would limit the kind
of cruisers and submarines adapted to the use of the
United States, but left without limit the kind adapted to their use." It is to meet this need that the
United States is building eight cruisers to replace
one that has been lost and 22 that are nearly obsolete, and has embarked upon a naval program
which, when completed, will give the United States
40 cruisers, against 68 which Great Britain will
possess when its own building program is completed.
But it is not alone by limiting its military and
naval equipment to the legitimate requirements of
national defense that America has sought to contribute to international understanding and world welfare. Mr. Coolidge was well within his rights in
calling attention to some of the things which the
United States has done to aid Europe since the war.
American foodstuffs and Americas financial re-
[VOL. 127.
sources "delivered Europe from starvation and
ruin." The war debts have been settled "not in accordance with what was due, but in accordance with
the merciful principle of what our debtors could
pay." "Immediately following the war we went
to the rescue of friend and foe alike on the grounds
of humanity." American experts joined in the formulation of the Dawes plan; the American people
loaned $110,000,000 to Germany to put the plan
into operation, and have since loaned to national,
state and municipal governments and to corporations in Germany more than $1,100,000,000, against
which may be set the $1,300,000,000, approximately,
which Germany has paid in reparations; and further
loans in large amounts have been made to governments and corporations in other European countries
in aid of their financial rehabilitation. The only
restriction that the American Government has
placed upon such loans has been that they should
not be used for armament purposes. "We have given
of our counsel when asked, and of our resources
for constructive purposes, but we have carefully
refrained from all intervention which was unsought
or which we believed would be ineffective."
Mr. Coolidge is far from suggesting that Europe
owes the United States anything in the way of
tangible return for these 'aids which it has received
in its time of need. The regrettable thing is, as he
points out, that in spite of all that Europe has
needed and the United States has done, criticism
and misunderstanding continue to keep Europe and
America apart. The criticisms, unfortunately, have
come from this side of the Atlantic as well as from
the other. "We have heard an impressive amount
of discussion," Mr. Coolidge reminded his hearers,
"concerning our duty to Europe," and "our own
people have supplied considerable quantities of it.
We have such duties," and "we have acknowledged
them and tried to meet them," but they are "not
all on one side." We have been accused of "lecturing Europe," although we are probably "not the only
people who sometimes engage in gratuitous criticism and advice;" we have been charged with isolation, although we are not the only people "who desire to give their attention to their own affairs."
If, on the one hand, the American people, with no
interest in the old animosities of Europe and no
experience of its frequent wars, do not readily see
how difficult it is for European peoples to trust
each other, European peoples, in turn, "appear to
think that we are going to do exactly what they
would if they had our chance."
In place of all this mass of playing at crosspurposes, Mr. Coolidge invites America and Europe
to "a more complete reciprocity in good-will." The
United States wants to see a prosperous Europe
quite as much as Europe itself does. It would like to
see all the Government debts settled, "although it is
probable that we could better afford to lose them
than our debtors could afford not to pay them." We
are intent upon preserving our high standards of
living, but we should also be glad to see living standards in every other country equally high. "We want
limitation of armaments for the welfare of humanity." The United States, in short, has no merely
selfish purpose to serve in its dealings with Europe,
and if it declines to be drawn in to controversies in
which it obviously has no clear interest, it is simply
because it is convinced that such participation
would in the end be as unfortunate for Europe as
Nov. 171928.]
FINANCIAL CHRONICLE
for ourselves. It is no fault of the United States if
European statesmen, unmindful of repeated declarations of American policy, continue to harp upon discordant strings, as M.Poincare appears to have done
in his speeches at Chambery and Caen about war
debts and reparations, or if European newspapers
seize eagerly upon such occasions to reproach America for its "aloofness" and its alleged willingness
to play the part of Shylock; but there would surely
be less of this unseemly interchange if the leaders
of public opinion in Europe would take the trouble,
as Mr. Coolidge suggests, to "give a little more attention to our history and judge us a little more
closely by our record, and especially find out in what
direction we believe our real interests to lie."
It is hard to see what justification there is for the
hostile comments upon Mr. Coolidge's speech which
have appeared in certain sections of the British and
French press. European editors and statesmen are
much disposed to pride themselves in believing that
in matters of international politics they, at least,
keep their feet on the ground, and they can hardly
complain overmuch if an American President takes a
similar stand. The language of Mr. Coolidge's address was undoubtedly frank, and some of his
thrusts were keen, but he evidently felt that the
time had come for him to speak out, and there was
no lack of courtesy or kindliness in what he said
or in the way he said it. As far as American policy
toward Europe is concerned, he voiced, we feel sure,
the opinion of an overwhelming majority of the
American people. It can not be too often repeated
that that opinion, while it regrets the persistence
of misunderstandings and feels ill at ease in the
face of misrepresentations, is fundamentally one of
convinced good-will.
• Criticism of the speech as out of harmony with the
call to peace embodied in the Kellogg pact seems
also quite beside the mark. The naval program
which Mr. Coolidge briefly outlined is such as meets
our needs for national defense; it is in no sense
an invitation to the American people or to any
other to prepare for war. The Kellogg pact enunciates a great principle to which the signatory
powers have agreed to adhere, and which, it is to be
hoped, will as time goes on be given the sanction
of practical reality. There is no reason, however,
why the most convinced opponent of war, and all
those who with high motives seek a reign of universal peace, should nevertheless not recognize frankly
that the war spirit is not yet dead in Europe, that
the interests of the United States are too many, too
important, and too far-flung to be left without protection in a world that is still heavily armed, and
that the obvious requirements of national police
may not safely be minimized. It is in insisting upon
the maintenance of adequate means of defense, while
doing all that is possible to induce the nations to
abandon war, that Mr. Coolidge has again shown
his characteristic practicality. If his plea for more
reciprocity in good-will shall serve to temper the
criticisms which have long been levelled at our national policy by Americans who are partisans of
Europe, and at the same time make clear that competition for military or naval preparedness has no
,lodgment in the American mind, it will not only
have accomplished a much-needed task, but will also
have paved the way for the better understanding of
American policy in Europe which Europe should
certainly wish to see brought about
2739
Thanksgiving.
Pursuant to custom, President Coolidge on the
23d day of October issued the usual Thanksgiving
Proclamation calling upon the people to "cease
from their daily work and in their homes and in
their accustomed places of worship devoutly give
thanks to the Almighty for the many and great blessings they have received, and seek His guidance that
they may deserve a continuance of His favor." For,
says the President: "Through His divine favor,
peace and tranquillity have reigned throughout the
land. He has protected our country as a whole
against pestilence and disaster and has directed us
in the way of national prosperity. Our fields have
been abundantly productive; our industries have
flourished; our commerce has increased; wages have
been lucrative and contentment has followed the undisturbed pursuit of honest toil. . . . As we
have prospered in material things, so also have we
grown and expanded in things spiritual. Through
divine inspiration we have enlarged our charities
and our missions; we have been imbued with high
ideals which have operated for the benefit of the
world and the promotion of the brotherhood of man
through peace and good-will."
It is a pleasure to all our serious-minded citizens, irrespective of class, creed, or condition, to
read,from year to year, these Presidential proclama.
dons calling the people from the grind of commerce
to the glory of contemplation. To have accomplished
great things without thought and thanks to the
"Power that makes for righteousness" is to have
lived as mere drift in the ever-flowing current which
is life. Our material and spiritual existence is compounded of the actual and the ideal. These two are
not only correlative but co-operative. Every new
achievement in the physical opens the way for a
corresponding achievement in the realm of the immaterial. Every wonder-working invention opens
the mind to the infinite wonders that lie beyond.
The soul may be the "center of the universe," but
with every light, which science sheds upon the vast
environment around us, new "island universes" appear—"end is there none!" Whence came this power of vision, this insight into self, this appreciation
of the purpose, if it be not from the cause that was
and is and will be, the "Giver of all good and perfect
gifts?" And man, "lifting up his eyes unto the
hills," searching "the heavens that declare His glory
and the firmament that showeth His handiwork,"
must ever find in humility that worship which uplifts and energizes and absolves.
One of the abiding dangers of progress is egotism.
We are wont to say that what man has done, man
can do. From power to power advancing, man is
prone to forget the source of his own strength, the
life that giveth life, and the love that embraces all
love. To pause for a single day in the march of
material events to contemplate the meaning of the
unfolding, is to kneel in the dust of the ephemeral,
and to sense, however ineffectually, the eternal,
which is the spiritual. Man is as the grass, but he
it is who sees the divinity in all things.
The giving of thanks is not some vague attempt
to return in thought and reverence compensation for
the priceless gift of life. It is knowing that life and
love exist. And just as prayer is oftentimes no more
than aspiration, so thanksgiving is realization of the
relation of man to God. Songs of praise and F oun-di
2740
FINANCIAL CHRONICLE
of prayer are but tinkling cymbals without the deepfelt gratitude for the opportunity and liberty of living. So that we may give thanks for adversity as
well as for prosperity, when we possess the true
spirit of appreciation. And in the recognition that
there is behind all man's works and institutions a
spirit and a law that are uncreated must he find
his timid and hesitating approach to the Cause of
All. Our abundant harvests, which are they but the
communion of labor with the infinite energy; our
industrial advance. What is this but a union of the
law of insight with ever-existent expression of the
higher law; and our prosperity, what can this be
but a feeble appreciation of the purpose that lies
behind the things as they are. So that in our thanksgiving we do not follow the pagan rejoicing over the
abundance and glory of our social and economic accomplishments, rather we bow in humble adoration
of the sublime power that is around and above and
in us—who are conscious of life and its opportunities, privileges and purposes. We thank "whatever
gods there be" for our "unconquerable wills" and
our "immortal souls"!
The pagan philosophy of rejoicing over the returns of the harvest-time in the fall of the year,
by our deeper insight into the relations of God and
man, we have transformed into a day for the acknowledgement of our divine dependence and the
thankfulness for the great gift of life. Whatever
we may do in the material without the recognition
of the light that lies in all things is as dross in the
crucible of people's existence. He who works for
some good, he who gives of self for the sustenance
of others, he who achieves something, be it small or
great, with his one talent of life, worships in the
highest sense "the divinity that shapes our ends
rough hew them as we will."
And the now old-time custom of meeting together
on an appointed day to return thanks to the Author
of All is in itself an obeisance to the reign of the
spiritual over the material. When we try to put
this into words we sometimes reach no higher than
the common things of our daily life. And, if we
may be permitted to use the illustration, it is nothing in the mighty advance destined for mankind,
that "wages have been lucrative," unless we measure wages in terms of life and love. It is nothing
that our industries reach mass-production unless
they give us food for thought on the deeds of helpfulness that sanctify and save the things of the
spirit that have no measurement in dollars; and it
is nothing that our "commerce has increased" unless through the exchange of truth and trust we come
upon peace; and it is nothing that "our fields have
been abundantly productive" unless our vineyards
of good-will and gratitude to others have borne a
bountiful harvest. There is and there should be no
supine endeavor to make our "thanks" known to
the Divine Power and Order. We are not suppliants
for favors, who know and realize the religion of
Acceptance. pur true thanksgiving is not in a day
of songs and petitions, it lies in a life given to good
deeds.
To do this as a people, this resolution to make life
brighter and better; this coming together in unity
and thankfulness; the announcement of .the resolve
to recognize the spiritual in life and labor, uplifts
the nation, absolves society, and commemorates the
giving of the gift of life, than which there can be
'prayer.
no greater worship and no more holy
[VoL. 127.
There is a double meaning in the symbolism of this
occasion—there is a giving of thanks and a thanks
giving or offering. The pagan, in the celebration of
the harvest, gave to its mystic deities not only an
oblation in which the beneficiaries participated but
in which the gods received the tribute of the wine
and corn and oil. Later, in the religious ceremony,
appeared the sacrifice; and still later under a new
dispensation there was the gift offering for the purposes of charity, devotion and love. But whether
Puritan or pagan, there attaches to the significance of the day, through its symbolism, the thought
of sympathy and sacrifice that the mere lip service
of thanks for life and love may be exalted by an offering that must take a material shape as proof of
an essential inner spirituality.
So that in proclaiming a national festival of
thanks and prayer, people and nation proclaim not
only the thanks of the heart, but the work of the
hands, as the true emblems of service and sacrifice.
And it is not too much to say that in so doing the
whole material accomplishments of a century and
a half of toil and trust are thus dedicated to that
betterment of man upon which is based the righteous
appeal for continued blessings. This appeal is
founded in the willingness to use the gift of life
for the works of love. The resolve and the resignation are more of aspiration than of petition. We
truly live in the inescapable material, but in that
material shines the undying light of the spiritual.
Without this the material would be false and futile. When, therefore, living in a material environment of our own accomplishing, in a mechanistic
age of our own achievement, in an intellectual age
of our own upbuilding, we come to this day of contemplation, worship and aspiration (because the
spiritual is the life of the material), we consecrate
all that we are, all that we have, all that we hope to
be, through production and trade, to the Divine—
that is in and over all things, giving value to effort
and purpose to life, love to toil and welfare to the
world!
The Aftermath of the Election.
Now that the campaign and the election are over,
and before we forget them, we may well take stock
of some of the incidental results. In the first place,
a confusion and lack of clarity in the issues does not
warrant us in holding great expectations. The Eighteenth Amendment is not on the way to repeal; the
farmers have no assurance of the kind of relief, if
any, they may hope for; and the immigration law
has not been changed, whatever its fate. So intense
was the feeling over the choice of a President that
among the masses at large the political complexion
of Congress was well nigh lost sight of and the candidates for the highest office became almost the
whole matter at issue. Business does not feel itself
to be in danger. Our perennial scapegoat, the tariff,
still waits on the judgment of legislation. And water power in all its phases stands much as it did before.
There are some strange anomalies in our political
system. The President executes laws, he does not
make them. Yet in a campaign he stands out as the
embodiment of all the legislation to be enacted,
though he can do no more than recommend. Congress does not take up seriatim the planks of the
platform no matter which party has a majority as a
result of the election. Moreover, the Congress that
Nov. 17 1928.]
FINANCIAL CHRONICLE
is selected to do the work does not meet for more
than a year afterward, unless convened in extra session. There has been, for long, talk of a change
in this behalf, but it has not yet been accomplished.
So that after all the contest, more or less always bitter and acrimonious, there is much time to readjust
the public mind to what may possibly follow.
Thus, to some ex-tent, in our quadrennial encounter we pursue, with high hopes at least, a will-o-thewisp. But there are more immediate, more pertinent, aspects to consider. And among the most
important is the ensuing attitude of the people toward government. Promises do not always result in
policies, however belated. Each year as efforts are
made to turn government into a helper of class, section or industry, the insidious poison of paternalism
grows. Yet, as fated from the beginning, when it
is found that nothing really worth-while comes from
these promises, for the reason that a republican representative government is not constituted to fulfill
them, there is an expanding, latent distrust of our
form of government itself. This does not make itself known by loud outcries; rather it shows itself
in indifference and apathy.
While the election just closed brought out the
largest vote ever recorded, this does not mean the
same outpouring will continue into the next election. Questions social, religious, and purely ministerial, were dragged into this campaign, arousing
prejudice, passion, and false hopes; questions, some
of them, not likely to appear again in a quarter of
a century. And it is to these questions, incidental to
this particular campaign, to which we must turn for
collateral evil results. As for our two-party system, if our parties in their desire to win, trim to
such an extent that they both look alike, they only
hasten the day when a multi-party system
will arise.
Take the purely ministerial question of consolidation and economy in the departmental service at
Washington. Not strictly a party matter it was
thrust into the campaign to enhance the chances of
a single candidate, attracted little attention, swayed
few if any votes, and left nothing tangible in its
wake. As to religion, made a subterranean issue, it
will leave much bitterness and even hate to be fought
out, if it ever is, in the churches themselves, to the
great detriment of brotherly love and unity of faith
and worship. It may be said that a mistake was
made somewhere in making a place for this controversy. Perhaps it was emphasized by the religiously
antagonized candidate by pleading for tolerance in
justice to himself. But it could not be suppressed
or repressed as must have been known from the
start, for religious prejudice, strange as the fact is,
does not easily succumb to reason. Invoke the Constitution as we may, there are so many whose fixed
religious beliefs are so much a part of their natures
that they cannot themselves eradicate them. Now
that it is all over, a lingering resentment obtains,
and though not in future elections, still in future
relations of Church and State there will be unpleasant memories that bode ill to reconciliation and
to harmony.
As to prohibition itself, if the result, negative as
it is bound to be, shall show the people the way
toward a fair and square referendum upon the bare
question "to repeal or not to repeal," there will have
been something gained. But the promise in this field
is not good. As it stands, so many other questions
2741
entered into the determination of the voters that the
result is indecisive. How to mak the vote at any
future time rest upon the "Constitutionality" of an
Amendment already written in, already countenanced by the Supreme Court, is very difficult to foresee. There may come a time in the next election
when personal interpretation •according to feeling
will be laid aside to view prohibition from the standard of personal and inalienable rights, but that is a
far hope. Later there may come a change in the
Volstead Act, and with light wines and beer permitted, there may be, by an ignoring of the Constitutional status, and a further disintegration of enforcement, a result approaching a dead letter, a subsidence by avoidance, but that will not come at once.
In any event, it will take a decisive victory one way
or the other to eliminate the question from our politics where as a purely social question it has no
right to be. As for the rest, nothing worth-while
has been gained by this campaign of contradiction.
As to the Tariff, a matter of controversy between the politicians, the people showed little interest and may be expected to make no demands. Gradually it will sink out of sight, as has followed other
recent elections. In the campaign it was tweedledee and tweedle-dum between the parties as to its
provisions and there was a drawing together as to
principles. Not because of any particular influence in the election, but because of great power projects under way, a "public utilities" question looms
before the country. It will enter politics and legislation by way of the penchant to revive the cry
against the evil of monopolies. The Federal Trade
Commission investigation will increase in bringing
the question to the fore. Touched on in the campaign,it did not become a leading issue, because confined to the examples contained in Muscle Shoals,
Boulder Dam and St. Lawrence River projects. This
question of ownership, control and distribution of
water power, we may remark in passing, will always
be a vexed one because the Government already owns
the rivers and cannot evade its responsibility,
though private vs. public ownership of utilities is
involved as a great and important principle. Little
aid in the solution was afforded by campaign or election.
As we turn to our own affairs again as individuals
we are conscious of relief mingled with a sort of
nostalgia. We feel an aching for campaigns with
important principles of government and statecraft
at stake. Why all this bother and fuss every four
years merely to put a few men in office and a few
out? We have had a lively jamboree over "politics,"
we have had a diversion from business, but what
have we accomplished for human betterment?
"Whispering" we have had in abundance, and of a variety not encountered in previous contests. We have
had the Church in politics, whether by its own volition or otherwise, and though an influential factor
in determining results, will not stay permanently in
the issues of another campaign. Much harm has
been done to this eternal and ordinarily pacific element in life, bitterness remains between the sects,
but it is impossible to see a "war" to follow, even
a spiritual one. And while we may contemn evidences of religious bigotry, no man can ask or receive special consideration because his peculiar faith
is not looked upon kindly by the voters. And the
more the liberal element pleads for tolerance, un-
2742
FINANCIAL CHRONICLE
fortunate though it be, the more those of opposing beliefs are hardened in their right to vote as they
pray.
But the resilience of the American people is magnificent. Millions though unhappy over the result
do not believe that all is lost, that the country will
now go to the bow-wows, that "prosperity" will meet
with new obstacles. Happily, we are learning to distinguish between politics and economics. Business
stood the campaign well. That is a decided gain.
And the time may come when business will not shiver at any proposal of politics, knowing and realizing that trade makes its own laws no matter which
party is in power and that natural laws must in the
end prevail over artificial and political.
The danger of these indecisive and innocuous campaigns lies, as we have said, in an ensuing apathy.
When the people see nothing vital at stake to the
whole country, they are more likely to grow intellectually lazy. Take religious prejudice, sectional interests, industrial demands out of this last campaign and little remains. It does not point the way
to any recognizable future. It has turned out to be
a dud. Overwhelming vote means nothing unless
there are clear-cut issues that touch the form and
function of government. It was only in one of his
last addresses that Mr. Hoover introduced the issue
of bureaucracy—that remains the "leading issue"
for the future.
Venizelos and the New Day for the Near
East.
The recall of Venizelos to the direction of Grecian
affairs and his election by what is described as an
"overwhelming majority" to the Presidency of the
State is an event of prime importance not only to
Greece but also to the region of which she is the
geographical center and in which historically her
part has been so great.
There is now ground for confidence in the stability of Greece and the efforts she has made for
reconstruction politically and economically since
the war. The great addition of territory given her
by the Allies, or resulting from her own subsequent
aggression, fell far short of reestablishing her position, as her swift expulsion from Asia Minor by the
Turks in 1923 soon proved. Her government was overturned almost as fast as it was recreated and she
was overwhelmed by the 1,500,000 destitute victims
thrown back upon her from Asia Minor by the
Turks. Meanwhile, her extended area in Europe
was proving a burden, and not a benefit, by reason
of the transfer from Macedonia to Asia of the mass
of its Mohammedan population and the difficulty
of meeting the cost of making use of Salonika.
To-day the work of caring for and settling the
refugees, undertaken in her behalf by America, is
so far done that the exiles have found new homes
and the relief organization is preparing to wind
up its initial work. Macedonia is being repeopled
and Salonika is fast becoming a new city, extending
Greece's facilities for that commercial expansion
which is her historic role and her chief source of
prosperity. The new President, coming originally
as he does from Crete, long held by Turkey, has in
the minds of the people been identified with this
move for better things, and now that rival contestants for power are disposed of, all eyes of her united
six and a half millions of population turn to him
for bringing in the new day.
[Von. 127.
It is already announced that a treaty of friendship has been signed with Italy. That closes the
Corfu incident of Mussolini's unwarranted aggression in 1923, and is a step toward settling troublesome questions concerning the North African coast.
More important is the overture for friendly relations with Turkey. It is obviously in recognition
of the great advance Turkey is making in an effort
to prove herself worthy of European recognition.
In this Turkey is instituting an almost incredible
array of changes. With her population of fourteen
millions, and a half-dozen cities of over 400,000
inhabitants, of which Constantinople has 800,000,
Smyrna 550,000 and Angora, the capital, usually
thought of as a mountain fastness, over 400,000,
Turkey is evidently supporting Kemal, the President
of the Republic, in his bold moves. Rejecting the
caliphate, discarding for men and women the Turkish dress, emancipating the women both politically
and socially, forcing the men to learn handicrafts
and to go to work, making the Roman alphabet the
universal substitute for the Arabic, removing the
ban from the higher schools, and seeking to establish universal education, Kemal seems to hesitate
at no step that will aid Turkey's change of face after
some six centuries in her attitude toward Western
civilization. Now Venizelos publicly announces that
he has no thought of regaining lost territory in Asia
Minor, and friendly intercourse has reopened between Athens and Constantinople.
Our immediate connection appears in the rapidly
increasing amount of American capital and American business already to be found in both Turkey and
Greece, and the new importance assigned to the
many American colleges and schools in the chief
cities of Turkey, Syria and Greece, together with
the new freedom accorded to other than Mohammedan religions. Peoples of every nationality are
flocking to these schools. The religion of the 230,000,000 world Moslems whose caliph was driven out
of Constantinople an exile and the caliphate abolished in 1924 was of course not destroyed or the
devotion of its followers seriously impaired, but
the way was opened for a better understanding of
its place among the religions of the world. Christians are recognizing the excellent traits of many
individual Mohammedans and their confession of
faith in the one God. Mohammedan young people
are crowding into the foreign schools where all
nationalities mingle, and their parents are far from
indifferent to the many benefits coming to them in
the freer contacts. An observant Turk said recently
in Australia:"We Turks have always been destroyers; we have to learn to build." To a peculiar degree the future lies with the young people, but it
is at hand.
Turning to the north, Greece confronts the agelong troubles of the Balkans. In the background
Russia with her eye on Constantinople and the Dardanelles is always a menace. Since the failure of
the League acting through our Mr. Walter D. Hines
and his staff to secure co-operative action of the
States along the Danube, the pressure has been
greater especially for the newly created Yugoslavia
to secure access to the sea through Salonika. This
is sure to be granted by Greece, as it will greatly
benefit her own Macedonia, as it will her various
able and restless neighbors, the Serbians, Bosnians,
Montenegrins and Czechs, now united in Yugoslavia.
Nov. 17 1928.]
FINANCIAL CHRONICLE
2743
Bulgaria occupies a strategic position related to put through with the sole idea of benefiting the farmer—
the Federal Farm Loan act.
i.
the Danube, the Black Sea and also the Aegean, and
Both of these men surely are aware that the Kansas City
as a peculiar people, travels alone. She has been Joint Stock Land Bank, with over $44,000,000 of bonds outspecially hostile to the Greeks, both because of their standing; the Bankers Joint Stock Land Bank of Millordship over many of her people in Macedonia and waukee, with over $15,000,000 of bonds outstanding, and
of her loss of direct communication to the South. the Ohio Joint Stock Land Bank, with over $1,000,000 of
bonds outstanding, are in receivership and are paying no
But new negotiations are already opened. King interest on the bonds which were issued by them to aid
Boris is well established in Sophia, and the large the farmer.
number of Robert College graduates among BulThese bonds are without question moral obligations of
garia's leading men gives assurance that she will see the Government and, in the case at least of the Kansas
her way to active co-operation in the new efforts that City Joint Stock Land Bank are in default largely because
look to more direct contact with the European the agents of the Government failed to properly perform the
duties required of them under the law. Because of the
States, and their civilization and trade.
above-mentioned defaults, the entire joint stock land bank
Hardly less concerned are the States further market is thoroughly demoralized and, with few exceptions,
north, Rumania and Hungary along the Danube, all joint stock land bank bonds are selling below par.
As an American citizen I am ashamed to admit that bonds
and even Czechoslovakia already in close alliance
them. Their troubles, mainly due to changed printed on Government paper by a bureau of the Governwith
their face, "These bonds are instrumenboundaries, forcibly mingled alien populations, ment, which say on
talities of the Government of the United States," are now
deeply rooted difference of languages and traditions, in default, and I should be very glad to join with any
depend largely for settlement upon the development others who feel as I do to give due publicity to this situaof a new and extended prosperity to which new lines tion, feeling confident that if the public knew of this conof communication and of trade will most effectively dition a remedy would be found and put into force as soon
contribute. These will open new markets and bring as Congress opens its doors.
GEORGE KROUSE.
to them much needed capital for new industries and
Jersey City, N. J., Nov. 5, 1928.
local development. Nothing has so effectively
thwarted helpful effort in their behalf, or is so certain to prevent any advance, as antagonism with Brokers' Loans in Relation to Commercial
Paper.
their neighbors. In thwarting intercourse, setting
[From the New York Journal of Commerce, Nov. 15, 1928]
up barriers to trade and creating a spirit of hosSome months ago when the so-called LaFollette resolutility, it makes continued peace impossible. This
tion was before the Senate Committee on Banking and
constitutes Greece's opportunity for which VenizeCurrency, the whole question of brokers' loans and the
los has come into office with the power of doing philosophy which underlies them was drawn into the discuswhat Masaryk has done in widely different circum- sion. At that time testimony before the committee exstances but in conditions not unlike for difficulty, plained the great growth of brokers' loans as being not simand with happiest results, in Czechoslovakia. That ply the result of speculative excesses, but as being also the
was the case of a leader with no standing ground outgrowth of a method of financing business, wherein the
older habit of depending upon banks
for himself and no outside support beyond the good- ing capital had been superseded by afor supplies of workresort to the securiwill of observers. This is the case a a leader, Veni- ties market. It was pointed out that one effect of this
zelos, now with Greece, his country behind him, hav- change was the reduction of the amount of actual coming the opportunity of spreading the spirit of peace mercial paper made for business purposes and discounted
which he has produced in his own country, into the with banks (as witnessed, for instance, ioy the Federal Reserve Board in its annual
regions around. Should he succeed by creating a the increase of the amountreports), and at the same time
of paper created by borrowers
new day characterized by the well-being found in who had converted their deposits into securities and now
the new intercourse, the new industry, the new use these from time to time as collateral, or who employed
thrift, the new neighborliness, in short, the new life their spare cash in buying the securities on margin.
The notions thus set forth were derided in Wall Street,
for much distracted peoples, he may change the
and it was then contended by stock exchange authorities
Balkans from being the ever menacing sore spot of that there was no such change in
methods of financing,
Europe into being what it once was, the earliest but that the growth of brokers' loans was due to the "natscene of the union of the transcendent art of Greece ural" enlargement of speculation consequent upon the listwith the age-creating civilization of Rome.
ing of a great many more stocks than formerly. ApparThis may be only a vision; but that way lies peace ently they regarded a certain proportion of dealings as
for the world, and to carry one's nation even one necessarily "speculative," so that when more stocks were
listed it inevitably followed that
step in this direction would be no small achieve- more brokers' loans) would ensue. more speculation (and
Now comes the presiment for any man. Should it succeed, it would not dent of the New York Stock Exchange, and in an address
be the first time that a man with a vision and a stout before credit men of this city takes the view that "we must
heart, to whom the opportunity came, had with more and more accustom ourselves to a financing of business
little thought of himself introduced a new day for turnover in this country through the use of brokers' loans
instead of through commercial paper or unsecured banking
his country.
Attitude of Candidates on Defaulted Joint
Stock Land Bank Bonds Criticized.
The following taken from the columns of the New York
"Times" is self explanatory:
To the Editor of The New York Times:
During the political campaign the thing that astonished
me was that neither Mr. Hoover, who proposes to devote
hundreds of millions of dollars toward helping the farmer,
nor Mr. Smith, who repeatedly expressed his desire to aid
the farmer, breathed a word about the condition now existing in the one great piece of legislation which was actually
advances." This is a confused and rather oblique way of
stating the situation, but a reading of the address as given
to the public indicates that the thought behind it is the
same already referred to—a change in the method of financing business, wherein the bank is called upon to analyze commercial credit less, and at the same time to put more of
its funds into the buying of securities or the making of
loans with such securities as collateral.
The facts at least are thus admitted by the head of the
Stock Exchange, and they are tacitly admitted by a great
many bankers who do not care to speak as frankly. There
is in short a revolution in progress in banking methods in
the United States. Just here it becomes necessary to inquire whether it is true that in future we "must more and
more accustom ourselves" to this change in methods of
2744
FINANCIAL CHRONICLE
financing. Why "must" we do any such thing? It is implied that the present over-expansion of speculation in the
United States has so commended itself to the public in its
effects that it is an absolutely unavoidable feature of further progress and that no possibility of any alteration in it
can be contemplated. If it be true that within the past
five years one great change has occurred, why should it
not be true that within the next five a similar change
might take place? Certainly the time is too soon to hail
the definite arrival of a new "permanent" plan of financing business.
The truth of the matter is that the present Stock Exchange
situation is very far from having attained any such basis
as is suggested in the address of its president. If one
could have a public meeting of the heads of banks in
New York City today, and if those heads were willing to
throw off the traditional reticence by which their utterances are governed, we should have a collection of opinions
[vole. 127.
anything but favorable to the present money situation, or
to the banking or lending methods which it reflects. They
are alarmed by it and not a few of them are already making
preparations for bad results to follow. Some have entirely
left the call market, others nearly so, and several are
accumulating very large portfolios of paper eligible for
discount with Reserve banks in case of necessity.
It is never well to praise a new situation or to regard
is as established until it has been subjected to some severe
test. That is not true of the present brokers' loans and
securities condition in the United States today. It is a state
of things which calls for very careful review and in the
absence of such review is likely to lead to severe hardship
to a great many people and banks if nothing worse. Why
not recognize the facts in the case, instead of dealing with
the question wrong end foremost and presenting abuses
as if they were the dawn of a new day to which everyone
"must" look with rejoicing?
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, November 16 1928.
Activity at last marks some departments of trade and
industry, although it is apparent that the transactions would
be larger but for the abnormally high temperatures at times
in various parts of the country. To-day for instance in New
York it was more like Indian summer
-70 degrees—than
what would naturally be expected in November. It is a
fact too that as usual at this time of the year, there is some
seasonable falling off in certain industries. But the total
is equal to that of the early autumn of the present year and
is noticeably larger than at this time in 1927. The temperatures have been too high for extensive dealings in heavy
weight in the higher latitudes of the United States. Dullness
is plainly apparent, too, in the fur trade. But carloadings
according to the latest data are larger than in 1927 if smaller
than in 1926. In some southern cities the weather has
has been cool enough to stimulate trade though it is mild
now. On the Great Lakes relatively high temperatures
have had a tendency to slow down business for the moment.
But in the nature of the case it can only be for the moment.
The opening month of winter is near. One gratifying
circumstance, too, is that there was generally a satisfactory
amount of employment throughout the country during
October. It included a further improvement in this respect
in the textile industries. It comprehended the cotton mills,
especially in the southern states. It is noticed, moreover,
that at the big Amoskeag Mills of Manchester N. H.eleven
thousand operators are at work, including one thousand on
night shifts. Also, it may be a significant straw that at the
auction sale yesterday in Boston of textile shares most of the
changes were in the direction of higher prices and in one case
there was an advance of thirty points.
Steel sheets have advanced $2 with a fair business. Pig
iron has been firm or higher. Heavy steel scrap has declined
another 25c. making it 75c. in three weeks. Steel sales are
larger than they were a year ago. Tin plates are higher.
In the automobile trade there is something of the usual
falling off in demand at this time of year and also in accessory
lines, such as tires, etc. That is to be expected;in spite of this
decrease the business in cars is larger than at this time last
year. The Ford works are running at the highest point of
operation of the present year. The decrease in the general
automobile business is on the eve of work on new models.
In the shoe manufacturing trade there is less business.
Packer hides have been firmer, however, and this is expected
to react on leather prices and inspire greater activity in the
manufactured product later on. Large sales are being made
of radio goods which show greater activity than they did last
week. Rayon,by the way, is competing steadily with certain
descriptions of cotton goods. Some finished cottons sell
very well, especially wash fabrics, percales and denims. But
in other lines the demand is only moderate an apparently to
supply needs. Coarse yarn cotton cloths were firm in the
main, but trading was unsatisfactory and on Thursday there
were reports that on some descriptions prices were being
shaded. Sheetings were quiet but steady. Fine and fancy
cloths met with a better sale though the business did not
run beyond fairly large proportions. Reverting to rayon the
trade in fancies and rayon and cotton mixtures for spring
dress goods shirtings and linings was stressed as making an
encouraging exhibit. Fine cloths were firmer than for some
time past. Woolen and worsted fabrics were rather quiet,
except overcoatings, which sold briskly, while the available
supply of many heavyweight lines was small. Manchester,
N. H. reported that there was a good demand for worsted
yarns, which was keeping the mill there busy. New York
has had a rather better trade of late in yarns. Broad silks,
especially prints, have a quicker sale. Raw silk was firmer
with rather more activity. Wool in Boston has been in
somewhat better demand although there was no activity
whatever and sales it is stated are often made at prices below
cost. The point is, however, that they show some tendency
toward greater firmness and the outlook is considered in
the main encouraging both for the raw and manufactured
product.
Building has been less active which is not unusual at this
time. Yet in October the permits for building were somewhat larger than in October last year and slightly larger
than in September. Cement production though decreasing
as usual at the end of the year, is somewhat larger than in
October last years At some centers of the business instalment buying of furniture is on a larger scale and there has
been a good attendance at exhibits of furniture at Chicago,
Grand Rapids and other cities. Chicago reports that
furniture manufacturers are buying hardwoods on a larger
scale. Bituminous coal has been in better demand both
from the industries and the households. The October production was 213/% higher than that of September. Anthracite shipments in October were 16% larger than in the same
month last year. October exports of merchandise in
general by the way were $555,000,000 or over 13% larger
than in the same month last year. In fact they were the
largest for any month in the last seven years. Carloadings
continue to show a diminution from the peak of the end of
September, but they were, as already stated, larger than for
the same week last year. In Detroit employment fell off
nearly 2000 this week but a total employment there of 279,737
is 85,400 larger than a year ago and about 68,000 larger
than in 1926.
Cotton has advanced somewhat during the week, owing to
steady trade demand more than anything else. The general
belief is that the consumption this year will be on a relatively
large scale, while there is no suggestion of anything like a
burdensome supply. Cotton speculation suffered from the
activity in stocks but in this respect it is in the same case
with other commodities. There is a belief that as the facts
of supply -and demand become more obvious with the
progress of the season, higher prices are not beyond the
range of probability. Wheat has advanced on the idea
partly that big supplies in this country have been discounted
and partly because the official Canadian crop estimate of
501,000,000 bushels was 70,000,000 bushels below some of
the private estimates and 50,000,000 under the estimate
of September. One drawback is that the export demand
is backward largely because of the competition from Argentina. It is underselling North American wheat in Europe.
Some expressed the hope that there would be something in
the radio statement on the subject of farm relief expected
from President Coolidge tonight which would tend to
Nov,17 1928.]
FINANCIAL CHRONICLE
2745
strengthen prices. As it is, the professional operators ments in October were 19,836,000 bbls. against 18,105,000
begin to fight shy of the short side of wheat. Corn has in October last year; stocks on hand October 31st were 14,advanced with a retarded movement of the crop owing to 495,000 bbls. against 16,799,000 on September 30 and 13,wet or snowy weather in the belt which has interfered with 141,000 bbls. October 31 1927. The statistics of the Bureau
husking although over 50% of this work has now been done indicate that the cement plants of the country during October
and it is noticed that receipts are larger than they were a operated at 87.1% of capacity as compared with 87.4 in
year ago. Yet cash corn of late has been advancing and it, October, 1927.
may be added that Winnipeg reports an excellent cash deThe weather here has been mild. On the 14th inst. it was
mand for wheat. In other grain there have been no striking 38 to 54; at Boston it was 38 to 62, Chicago 44 to 60, Cinfeatures.
cinnati 38 to 64, Cleveland 38 to 56, Milwaukee 44 to 60,
Coffee has advanced in what curiously enough seemed to Minneapolis 52 to 56; Montreal 30 to 52, Omaha 58 to 70,
be a short market which the Defense Committee of Brazil Philadelphia 40 to 76, Portland, Me. 30 to 54, and Seattle 46
once more exploited in the now perfectly familiar manner. to 48. Yesterday the temperature here was 46 to 64. At
There is a report that may or may not be true that the com- the South the mercury has been abnormally high for this
mittee is making financial arrangements here to take up time of the year. At Boston the temperature was 50 to 70,
some 40,000 bags on the December tenders. European in- at Chicago, 54 to 68, at Cincinnati 56 to 64, at Cleveland
terests have been buying coffee and needless to say so have 54 to 66 and at Kansas City 52 to 74 which curiously enough
the shorts on this side of the water. Sugar has declined with was as high as the temperatures at Jacksonville, Florida.
sales on the basis of 2 1-16c. cost and freight. There is At Milwaukee they were 54 to 64, at St. Paul 38 to 41; at
rather significantly some Wall Street investment demand at Montreal 40 to 52, at Philadelphia 46 to 54, at Portland, Me.
this level for sugar. Rubber has declined to three quarters of 46 to 68, at Seattle 54 to 70. The forecast here is probably
a cent here and is lower in London and Singapore with the de- cloudy for to-night and rain Saturday with mild tempera..
mend none too good as prices fall and the Malayan shipments 'son To-day temperatures here were 45 to 70.
to all appearance largely being estimated in some quarters at
35,000 tons thus far this month. Lard advanced somewhat
Federal Reserve Board's Preliminary Report of Retail
for a time with corn but has latterly been held back by deTrade Shows 3% Increase in October as Compared
prices for hogs. Cattle prices are still low. Failures
clining
with Year Ago.
for the week are smaller than last or for the same week, endSales of department stores showed an increase of 3%
ing November 15th last year, or in 1926, 1925 or 1924.
1928, as compared with the corresponding month
The stock market has been in the throes of an almost de- in October
lirious speculation with the ticker at times 73 minutes late last year, according to reports made to the Federal Reserve
with the total sales on Monday 5,745,000 shares, something system by 496 stores. When allowance is made for the fact
contained one more business day this year
of course unparalled in the history of the New York Stock that October
Exchange. The market was deluged with orders from traders than in 1927, however, average daily sales were in about
on both sides of the Atlantic. But Mondays' dealings of the same volume this October as a year ago. In the preextraordinary magnitude were surpassed to-day, when the ceding month average daily sales had been 10% larger than
aggregate of the sales reached 6,733,500 shares It was one a year earlier. The Federal Reserve Board's survey, issued
adds:
of the most boisterous markets ever seen in Wall Street. Nov. 10,more than half of the reporting department stores
Slightly
Prices advanced 2 to 25 points. What helped to put spurs increases in total sales in October compared with a year ago. Theshowed
largest
to the trading was the fact that the weekly statement of the increases were shown in the Chicago, New York and San Francisco Federal
Reserve districts, while substantial decreases were reported for the MinFederal Reserve Bank showed that member bank borrow- neapolis, St. Louis, and Atlanta districts.
ings had been reduced by over $100,000,000. That excited
Sales of mail order houses were 25% larger, and those of five-and-tenmore comment than the prolonged increase in collateral cent chain stores 6.7% larger than in October a year ago. The changes
mail order houses and chain stores reflect
borrowings. Radio sold to-day at 298 at a time it was said in the volume of business of bothto month in
in part an increase from month
the number of retail outlets
when the ticker was reporting it at 287. Radio rose 22 points, operated.
Percentage changes in dollar sales between Oct. 1927, and Oct. 1928.
Montgomery Ward 16, Midland Steel 8, Wright Aero 10,
Packard 8. Many of the purchases were in large blocks. together with the number of stores reporting, are given in the following
table:
Big institutions were said to be buying freely, among them
bank and insurance companies. It is unnecessary to go
Number of Stores.
Percentage of Increase
into details. Let if suffice that it was indeed a historic day
or Decrease is Sales—
Federal Reserve District.
Number Reporting.
Oa. 1928, Compared Total
in Wall Street, exemplifying in its own way that "truth is
with Oct. 1927.
Reporting Increase Decrease.
stranger than fiction." For only in fiction could such transBoston
+2.9
72
37
35
actions as these approaching 7,000,000 shares have been New York
+6.9
48
26
22
Philadelphia
+3.5
43
23
20
imagined in former times. It deserves to be noted that Cleveland
42
17
25
Richmond
+0.2
44
22
22
Bonds were almost neglected.
Atlanta
—3.7
30
7
23
reports that the outstanding recent development Chicago
Boston
+9.2
65
36
29
St. Louts
—8.1
20
8
12
in New England industry is the improvement which has Minneapolis
—16.2
14
1
13
+1.9
26
17
9
place in the textiles. A much better demand is Kansas City
taken
Dallas
+0.1
17
8
9
+6.9
75
51
24
noted for woolen goods and leaders in the industry believe San Francisco
that the corner has been passed. Cotton goods are selling
Total
+3.2
496
253
243
Mall order houses, +25.0(2 houses). Five-and-ten-cent stores, +6.7(8 chains)
better and operations at the mills are increasing. At East
Greenwich, R. I. the Greenwich mills has duplicate orders
for spring goods and they are working full days and half
Decrease in Wholesale Prices in October.
nights on orders up to the end of January. At Manchester,
A reaction from the recent upward trend of wholesale
N. H. the Amoskeag Manufacturing Co. is operating on prices is shown for October by information collected in
the busiest schedule since the strike in 1922. About 11,000 representative markets by the Bureau of Labor Statistics
operatives are on the payroll. More than 1,000 are working of the U. S. Department of Labor, issued Nov. 16.
The
on night shifts. There is a big demand for yarns and worsted Bureau's weighted index number, computed on prices in
yarns, which has kept this department on overtime schedule. the year 1926 as the base and including 550 commodities
Charlotte, N. C. reports a falling off in the trade in goods or price series, stands at 97.8 for October, compared
with
and yarns with sales in fact very small and prices unsatis- 100.1 for September, a decrease of nearly 2 1-3%. Comfactory as they are below a replacement basis. Greenville, pared with October 1927, however, with an index
number
S.C. wired a significant fact, e., that constitutional amend- of 97.0, an increase of over % of 1% is shown. In its
3
manufacturing enterprises in Greenville
ment exempting
report the Bureau further says:
County from County taxes for a period of five years was
Farm products led in price declines from the previous month, due mainly
overwhelmingly in last Tuesday's election. The to marked decreases in cattle, hogs,sheep and lambs, and potatoes. Corn
passed
wheat prices
amendment provided that all manufacturing plants having a and barley, also, were cheaper, while rye, oats, and mostlower than in
were higher. The group as a whole averaged almost 5%
more than $50,000 will be exempted from payment the preceding month. Foods also averaged lower, with weakening prices
capital of
of taxes for a period of years. The passage of this measure for butter, meats, lard, flour, and sugar. showed an appreciable decrease
Hides and leather products likewise
is expected to attract many new textile concerns to Green- in average prices, while minor decreases were recorded for the groups of
Keyser West Virginia the Keyser Woolen fuel and lighting materials and housefurnishing goods. Negligible price
ville County. At
in the groups of textile
metals and metal
Mills will soon resume operations, though on a reduced scale. increases took place materials, chemicals andproducts, and
drugs,
products, building
miscellaneous
of Portland cement in October was 17,533,000 commodities.
Production
Of the 550 commodities or price series for which comparable information
bbls. against 17,174,000 bbls. in October, 1927 according to
the Bureau of Mines of the Department of Commerce. Ship- for September and October was collected, increases were shovrn in 132
2746
FINANCIAL CHRONICLE
[VOL. 127.
With this vast broadening of corporate activities, the machinery for
instances and decreases in 142 instances. In 276 instances no change
carrying on the business of the country has grown in equal ratio. Banking
in price was reported.
with those of a year ago, as measured by facilities for the financing of this modern business giant have become
1p Comparing prices in October
changes in the index numbers, it is seen that appreciable increases took immensely greater than ever before; investment banking, for the mobilizing
place among foods, hides and leather products, fuel and lighting materials. of investment capital, has become one of the gigantic cogs in the wheel of
metals and metal products, and building materials. On the other hand. American life. And all other activities necessary to serve this economic
farm products, textile products, chemicals and drugs, and housefurnishing giant, such as engineering, auditing, research and statistical facilities, have
goods were somewhat lower in price, while a considerable decrease took been obliged to steadily expand their facilities.
• If there is any logical explanation for the unprecedented volume of
place in the group of miscellaneous commodities.
sustained stock trading during the past year or two, it is wrapped up in
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBthe facts that I have outlined above. It is being overdone, yes; but its
GROUPS OF COMMODITIES. (1926-100.0.)
basic causes are those which I have stated.
Groups and Subgroups.
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese, and milk
Meats
Other foods
Bides and leather products
Hides and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goods--Other textile products
Fuel and lighting
Anthracite coal
Bituminous coal
Coke
Manufactured gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
'Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Fertilizers
Elousefurnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and Pulp
Rubber
Automobile tires
Other miscellaneous
Saw materials
3emi-manufactured articles- -Finished products
Von-agricultural commodities-•Data not yet available.
October
1927.
September
1928.
97.0
105.0
99.2
105.5
106.7
100.0
107.2
100.0
97.2
113.0
128.0
116.5
105.6
108.9
98.4
106.0
85.4
98.0
95.7
83.8
96.9
99.6
93.9
97.5
67.5
97.1
94.0
89.9
98.9
102.2
100.7
91.6
91.2
93.3
96.5
91.9
87.0
91.7
97.1
101.8
86.2
94.1
92.5
98.5
97.0
99.4
88.3
116.7
91.6
70.5
74.9
99.9
99.5
97.6
95.5
94.8
100.1
108.8
97.5
124.0
102.3
106.9
109.3
126.5
94.0
120.7
141.9
126.2
110.8
109.0
95.6
100.1
82.7
100.1
86.5
85.1
91.2
93.2
84.9
94.6
77.1
100.5
94.7
93.8
98.8
108.7
96.9
94.7
91.3
92.4
94.6
94.5
85.8
104.2
95.1
101.1
70.1
93.5
97.5
97.2
97.5
97.0
79.7
121.1
88.8
38.1
61.6
98.0
100.5
96.9
100.5
97.8
October
1928.
97.8
103.5
96.6
106.4
103.9
102.3
108.4
116.4
91.2
117.5
129.9
124.2
110.4
109.0
96.1
100.7
84.4
100.0
86.1
84.9
91.2
93.9
85.0
•
76.3
101.0
95.1
95.8
98.8
108.7
96.9
95.0
91.7
92.4
94.6
94.5
87.1
104.3
95.6
101.8
70.7
93.8
97.5
98.5
95.5
97.1
80.3
128.2
89.0
38.8
60.9
98.5
97.4
96.9
98.5
98.4
Purchasing
Power of the
1926 Dollar
Oct. 1928
(Cents).
102.2
96.6
103.5
94.0
96.2
97.8
92.3
85.9
109.6
85.1
77.0
80.5
90.6
91.7
104.1
99.3
118.5
100.0
116.1
117.8
109.6
106.5
117.6
131.1
99.0
105.2
104.4
101.2
92.0
103.2
105.3
109.1
108.2
105.7
105.8
114.8
95.9
104.6
08.2
141.4
106.6
102.6
103.6
104.7
103.0
124.5
78.0
112.4
257.7
164.2
101.5
102.7
103.2
101.5
103.7
Loading of Railroad Revenue Freight Higher than in
1927, but Lower than in 1926.
Loading of revenue freight for the week ended Nov. 3
totaled 1,103,342 cars, the Car Service Division of the
American Railway Association announced on Nov. 13.
This was an increase of 64,267 cars above the same week
in 1927 but a decrease of 28,490 cars under the corresponding
week two years ago. The details follow:
Miscellaneous freight loading for the week totaled 427,670 cars, an
increase of 17,450 cars above the corresponding week last year and 8,195
cars above the same week in 1926.
Coal loading totaled 196,350 cars, an increase of 30,021 cars above
the same week in 1927 but 31,057 cars below the same period two years ago.
Grain and grain products loading amounted to 52,652 cars, an increase
of 4,445 cars above the same week last year and 4,103 cars above the
same week in 1926. In the Western districts alone, grain and grain products
loading totaled 36,042 cars, an increase of 2,858 cars over the same week
In 1927.
Livestock loading amounted to 33.944 cars, a decrease of 1,135 cars
under the same week last year and 3,130 cars below the same week in
1926. In the Western districts alone, livestock loading totaled 25,635
cars, a decrease of 2,252 cars compared with the same week in 1927.
Loading of merchandise less-than-carload-lot freight totaled 267,134
cars, a decrease of 2,894 cars below the same week in 1927 and 1,351 cars
below the corresponding week two years ago.
Forest products loading amounted to 66,494 cars, 335 cars above the
same week last year, but 3.063 cars under the same week in 1926.
Ore loading totaled 48,243 cars. 13.999 cars above the same week in
1927 but 115 cars below the corresponding week in 1926.
Coke loading amounted to 10,855 cars, 2,046 cars above the same
week in 1927 but 2,072 cars below the corresponding week in 1926.
All districts reported increases in the total loading of all commodities
compared with the same week last year except the Centralwestern, which
showed a small decrease, but the Pocahontas was the only district to
report an increase compared with the same period two years ago.
Loading of revenue freight in 1928 compared with the two previous
years follows:
1926.
1927.
1928.
3,686.696
3,756.660
Four weeks in January
3,447,723
3,677,332
3,801.918
3,589,694
Four weeks in February
4,805,700
4.982.547
4,752,031
Five weeks in March
3,862,703
3,875,589
3,738,295
Four weeks in April
4,145,820
4,108,472
4.006,058
Four weeks in May
5,154.981
4.995,854
4,923,304
Five weeks in June
4,148,118
3,942,931
3,913,761
Four weeks in July
4,388.118
4.249.846
4,230,809
Four weeks in August
5,703,161
5,586.284
5,488.107
Five weeks in September
4,787,527
4,464.872
4,700,796
Four weeks in October
1,131,832
1,039,075
1,103,342
Week of Nov. 3
45,491,988
44,676,701
44,021.267
Total
Continued Prosperity Forecast by Moody's Investors
Service.
Further Decrease in Detroit Employment.
In predicting in the next decade an expansion and extenThe Detroit Employers' Association reports employment
the present era of America's development
sion far beyond
John Moody, President, Moody's Investors Service, says: for the week ended Nov. 13 as 279,737, a decrease of 1,963
The eight years which have passed since the Presidential election of 1920 from the previous week and comparing with 194,301 in
have been epochal years in the economic and financial history of the United
the corresponding week last year.
States. Not only have they been years of progress and growing prosperity.
but a silent revolution has been going on in methods of production and
distribution. The introduction and development of new industries, the
W. Straus & Co. See a Check to Building Decline
expansion in volume and output of older industries, the perfection of S.
in October Figures.
methods for developing efficiency, cutting out waste and speeding up
deliveries of goods; the knitting together of business activities of every
Building activities throughout the country in October, acof the things
kind into larger and more harmonious units; these are a few
which have characterized the period since the abnormal years of the cording to reports made to S. W. Straus & Co., continued
World War.
to show a downward trend, but not quite as pronounced as
More and more, the corporate industries of the United States are becomreported between May and September. The October
ing the property of the public; more and more are individual citizens was
investing their wealth and their savings in corporate securities. It is esti- total of building permits in 585 cities and towns was $293,mated that perhaps 15,000,000 men, women and children to-day own 006,602 compared with $296,172,437 in October 1927, a loss
stocks or bonds of one type or another; millions more are indirectly affected
of 1%. The September total in these same cities was $272,by such ownership. And the end is not yet.
In my view,this new era in America 113 in its first stages only. The coming 564,200. October thus made a gain of 8% from that month.
decade will witness its expansion and extension far beyond its present State. It will be remembered that September showed a loss of 14%
It therefore behooves the American business man, the banker, the security
slight decline in October, from October
dealer, the many who perform constructive service in these fields, to grow from August. The
with the country, scan the future in the light of the present, and con- last year and the gain of October from September would,
tinuously develop facilities for the larger business life which is looming in therefore, seem to indicate, they say, a checking of the buildthe years ahead.
during the past Spring. They add:
The background of American wealth production has undergone profound ing decline which set in
political unsettleIt will be necessary to await the November and possibly the December
changes since the pre-war days. Unsound banking,
are a few of the things that were reports, however, in order to determine what reasonably may be expected
ment, high finance and labor unrest
None of these things of the building industry during the early months of 1929. It is to be realways a menace to business in the pre-war days.
the last eight years, while called that last year a downward trend was substantially checked in October,
has been outstanding in this country during
the last four years) has had a to be followed in November with a sharp upturn. It is possible that histhe steady recovery of Europe (especially in
tory in this respect may be repeatee this year. It can not be gainsaid that
continuously constructive influence on America.
of pros- the entire tone of the industry at this time is wholesome and very promising.
Thus has the stage been soundly set for the remarkable period
structure which has been
perity in which America now finds itself. And the
Twenty-five Lading Cities.
The American economic
built up on this foundation is still in the making.
In the twenty-five leading cities there were October gains in unexpected
Europe for much of its
child of thirty years ago (then so dependent on
a 7%
increased in size but sources, giving the group an increase of 4% over October 1927, and
financing) has become a giant; not only has it vastly
corporate mechanism. Wealth production gain over September this year.
over
it has evolved into a mammoth
Fifteen of the twenty-five leading city group showed October gains
form and all industries
of almost every nature has gone into the corporate
but Chicago and
corporate units. Industries last year. Greater New York reported a loss of 17%
which are
are steadily changing into larger and larger
other cities
infancy eight years ago Detroit both had substantial increases. Among the
Boston, Minneand methods which hardly existed or were in their
life. Witness the always in the twenty-five group of leaders, San Francisco.
are now becoming outstanding features in our economic
Akron, Indianapolis and Baltimore,
Houston, Washington,
the chain store and mail order movements, the apolis, Seattle,
Akron.
marvelous development of
all reported October gains; and, with the exception of Washington.
astounding development of the motion picture and motor industries, the
and Baltimore they reported gains over September this year.
radio and aeronautical industries.
Nov. 171928.1
FINANCIAL CHRONICLE
Three unusual increases were reported in October from Asbury Park,
N. J., Greater Palm Beach and Long Beach, California. Yonkers, N. Y.,
which has been in the leading group frequently during the past two years.
occupied twentieth place in October. Oklahoma City also came within
this group in October. The increase in the leading group in October, in
fact, was due more to unexpected gains in a few cities than to a general
increase of building activities in the centers of population.
Building Materials.
Building material wholesale prices and markets were firm during the
last month. The demand for construction materials for purposes other
than the erection of buildings strengthened the position of materials.
especially steel.
Real Estate Financing.
Financing through real estate bonds, debentures, collateral trust obligations and land trust certificates totaled 668,007,900 in October, a loss
of 4% from the same month a year ago and of 2% from September. For
the ten months period, the par value of issues offered was $723.762,587
compared with $666,364,600 for the first ten months of 1927, the gain being
9%. The number of issues decreased from 902 to 790 for the period.
The Labor Situation.
Winter prospects for labor in the building industry have an upward
tendency. There are a number of reasons for this trend, but more particularly that by means of better planning on the part of contractors and
by improved methods in construction, labor can be fairly well employed
In the industry throughout the year, depending, of course, upon the demand.
The effort to off-set the so-called winter building slump is in no way perfected, but both craftsmen and contractors are realizing more and more
the importance of a full working year as agair St the three-quarter year
construction period which has been customary in the industry for so many
years. With the political campaign over and the new administration
pledged to a continuation of prosperity, the construction industry should
reflect a healthy tone for the next twelve months. No labor disturbances
of importance are reported.
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF
PERMITS FOR OCTOBER 1928, WITH COMPARISONS.
October 1928. October 1927. October 1926. Sept. 1928.
New York (P. F.)- 651,600,977 $62,312,440 $120.313,918 $57,549,387
27.840.400 25,076,800 49,439,600
Chicago
19.670,700
Detroit
12,522,648
7,812,667
14,031,350
10,567.879
Angeles
Los
7,655,526
10,388,098
9.950,229
8,505,327
Philadelphia
5,735,455
8,047,420
8,362,595
6,255,770
San Francisco
5.687,396
2,518,374
5,649,690
2,442,080
Boston (P. F.)
5.388.906
3.505.053
4.350,072
4.003,188
Milwaukee
4,504,495
6,035.934
4,024.495
4,071.925
Cleveland
3,717,225
3,773,125
3,146,950
2.028.725
Cincinnati
3.420.360
3.542,575
2,920,435
3,231.990
Minneapolis
3,217,015
1,304,755
1,564.640
2,234,985
Seattle
3,113,030
1,296,255
1,457,965
1,474.210
Houston
3.014,223
2,317,929
2,068,147
1,904,054
St. Louis
2,939,807
3,181,922
2
.109,474
2.911.732
Washington,D.C.
2,905,020
2,272,680
3
.975.215
3
.967.155
Akron
2,432,123
1,347.113
1,076,238
2.868,922
Indianapolis
2,381,580
1,556,574
2
.292.530
2,041,038
Baltimore
2,342,100
1,200.960
2.598.800
6,605,500
Asbury Park
2,193,700
233,325
493.400
35.150
Yonkers
2,146,195
1,853,862
1,087,065
1,855,450
Oklahoma City..2.144,436
3,117,086
480,834
1.468.125
Newark
2,112,917
2,206,751
1,909,240
4,046.501
Or. Palm Beach.._ _
2.053,000
139,197
469,689
48.800
Buffalo
1,781,352
2,377,228
1,762,051
1,329.221
Long Beach, Cal_ -1.772,970
634,655
497,120
2,041,460
$164,622,856 $158.052,778 $246.301,741 $153,159,274
(P. F.) indicates Plans Filed.
Union Trust Co. of Detroit Finds Fewer Irregularities
In Business Than At Any Time In Past Two Years—
Manufacturing Activity In Michigan.
Stating that "business in the United States continues to
progress," Wayne W. Putnam, Assistant Vice-President of
the Union Trust Co., Detroit, under date of Nov. 12, adds
that "not in recent years has there been as much confidence
in the general economic situation as at the present moment."
He goes on to say:
Fewer irregularities exist to-day than at any time during the past two
years. With four years of uninterrupted prosperity behind us and a future
full of promise for our manufacturers and tradesmen, we have reason for
national thanksgiving.
As autumn moves to its close there is further assurance than new high
records for the year will be established in numerous lines Including steel,
automobiles and building. The steel industry is operating in excess of
of capacity, which is considerably higher than at this time last year. 85%
Automobile outputfor October was 75% greater than it was for the
corresponding
month a year ago. Construction activity continues at a high
level and
promises to exceed $7,000,000,000 for the current year. There
are other
strong factors which point toward continued good times for the
remainder
of this year and the first part of 1929. Our farm population is in
a better
financial position than at any time since the war. The labor
situation is
unusually good. It is estimated that the nation's total income
for the
year will amount to close to $100,000,000.000. Industrial and
railroad
earnings are making a better showing. Inventories the country
over are in
excellent condition. Exports continue to climb to higher levels,
indicating
Improvementin the purchasing power abroad. The cotton textile,
petroleum,
coal and shoe industries are working into a better position. In
short,
practically all lines are on a firmer basis than they were at the
opening of
the year.
High money rates remain the principal restraining factor in the business
outlook, although some easing off seems likely after the holiday trade
and
year-end requirements are taken care of. Increasing speculation
in
securities and mounting brokers' loans continue. to be the
outstanding
features in the business situation. The New York Stock Exchange
reports
an increase of $366,081,000 in brokers' loans for October, bringing the
total to not far from six billion dollars. The chief danger with respect
to these loans Us in the fact that more and more of the money that is
being loaned to security brokers is coming from so-called "outsiders."
A serious situation would probably develop if this outside money should
be suddenly withdrawn from the market.
2747
Practically all of the industrial plants in Michigan are busy. Manu
facturing generally throughout the State is much more active than it
was at this time a year ago. There is a seasonal tapering off in the automobile factories which are making preparations to bring out new models
at the coming shows, but the decline is considerably smaller than usual.
Parts and accessory manufacturers are increasing production schedules
slightly following the receipt of orders from passenger car companies.
The 102d semi-annual furniture market is in progress at Grand Rapids
and there is a marked betterment throughout the woodworking industry.
Paper manufacturers are somewhat busier. Farm implement manufacturers are increasing production schedules 50% to meet the prospective
demand in 1929. Cereal plants are exceptionally busy for this season.
Michigan's exports in the first quarter of 1928 were six million dollars
greater than in the first three months of 1927. ranking second in amount
of increase and third in the total value of exports from 26 leading States
during this period, according to a recent compilation by the Department of
Commerce.
Automobile output for October totaled approximately 397,000 cars and
trucks compared with 434.915 in September and 227,467 for October last
year. Output for the first 10 months of 1928 amounted to 4.068,727 units.
Ford production is climbing steadily, the present daily output totaling
5,800 vehicles.
Electrical power consumed by manufacturing plants in Michigan for the
month of October amounted to 203,633.861 kilowatt hours, as against
146,934,432 kilowatt hours in October 1927. an increase of 39%•
Industrial employment in Michigan at this season of the year has never
shown as impressive totals as at the present time. Numerous factories are
working overtime. Labor released from farm work and road building is
being absorbed by other lines. The supply of skilled labor in the metal
trades does not equal the demand. A shortage of woodworkers in the near
future is anticipated. Based on the reports of the Employers' Association
of Detroit there are approximately 422.550 workmen on the city's payrolls,
an increase of more than 131,000 compared with a year ago. Ford employment in Detroit exceeds 123,000.
Twenty Michigan cities in October issued permits for buildings valued at
$18,207.785, an increase of $2,179,248 compared with the preceding month,
and a gain of $3,348,341 over October 1927.
Debits to individual accounts in Detroit for the month of October, as
reported by the Detroit Clearing House Association,totaled $1,920,515,000.
topping the debits for the preceding month by $121,892,000 and those of
October 1927 by $586,944,000.
Unsatisfactory weather during October did considerable damage in some
localities to beans, potatoes and beets. Many farmers are holding potatoes refusing to sell at the present low prices. The sugar beet harvest was
the smallegit on record for the state. In general, however, the crops this
year have been fair to good.
Trade conditions are good. Wholesalers in almost all lines are enjoying
a larger voume of business than at this time last year. Stocks of both
retailers and whoesalers are larger but the turnover is faster. Collections
are fair to good. The busiest season of the year for the retail trade is
beginning to set in, record Christmas savings funds are about to be released
and merchants are optim.stic over the outlook.
Large
in New York Factory Employment in
October.
Employment in New York State factories continued its
rapid improvement in October, according to Industrial
Commissioner James A. Hamilton. This conclusion announced Nov. 13 summarizes the monthly reports to the
State Department of Labor contributed by manufacturing
firms employing about one-third of the factory workers of
the State. The list of reporting concerns has been practically
the same since 1914 and represents the various industries
of the State. In his summary Commissioner Hamilton says:
Gains
The index number of factory employment in New York State rose 2%
above the September figure which stood at 92.6. This gain of 2% is a large
increase for the month of October although October regularly marks the
peak of the fall season.
In 1925 when industry was recovering from the 1924 depression the
September to October increase was also about 2%. The difference between
that period and the present is that in 1924 the depression was sharp, the
Index of employment falling fifteen points in four months, while the decline in 1926 and 1927 was more gradual and less severe. Factory employment was falling almost continuously from the spring of 1926 until the spring
of 1928, the net decrease being about 13%.
In March of this year when spring production was at its height the index
of factory employment was 6% below March 1927 and 10% below March
1926. In October there is a difference of only 2% between this year and last.
More workers were employed in October than in March 1928. the first time
since 1925 that fall production has equalled the spring peak.
Gains General Among Industries, Larger in New York City.
The gains this month were shared by most of the industries of the
-State
except the strongly seasonal ones which regularly reduce activity in the fall.
These are the canning, men's clothing, cement and brick plants and lumber
mills. The striking exception to the general increases was in the automobile
and automobile parts factories, enough of which cut forces to bring their
total employment below the September figure.
The number of workers taken on in the New York City factories from
September to October was proportionately larger than up-State. The
increases in the printing and clothing establishments were largely responsible for this difference because of their concentration in the city.
The photographic, chemical, automotive and food preserving industries
did not share in the declines reported up-State, on account of their different character in New York City. On the other hand, most shoe man
facturers in the city were cutting forces, while up-State the shoe factories
continued to expand. The net decrease in New York City was more than
10%.
Declines in Auto Plants While Other Metals Gain.
The increase in employment in the metal group in the State was larger
this month than from August to September, for it was more widespread
among the constituent industries. The brass, copper, aluminum and pig
iron mills and machinery and electrical apparatus factories continued the
expansion that has been such a marked feature of the reports throughout
this year. The reported check in the expansion of automobile and automotile parts factories is the first that has appeared this year. There was
no general tendency apparent, but several of the up'State manufacturers
cut forces enough to offset gains in other plants. The structural steel,
sheet metal and hardware firms continued to lay off workers, although
they have usually been operating with large forces in October.
2748
[VOL. 127.
FINANCIAL CHRONICLE
Employment.
Reductions of 110.n's Clothing Factories Counteract Gains in Other Clothing.
The Chamber of Commerce Index of Employment, based on confidential
For the clothing group as a whole there was practicall^ no net change in
September to October. The production of reports covering over eighty thousand employees, stood at 109.7 for the
number of employees from
men's clothing always slows up after the early fall, and cuts in forces from month of October, as compared to 116.9 for September and 112.0 for
September to October were general throughout the State. October is the October 1927.
This marks the first month in the past six months that the index figure
peak of the fall season in the manufacture of women's clothing, and these
firma were continuing expansion at a rapid rate. The other clothing in- has shown a downward trend, and the first time in the past four months
dustries continued the August to September gains with further increases that the 1928 figure did not surpass the figure for the same month last year.
The decrease is caused by two main factors. First, the shutdown of
most marked in the men's furnisnings factories, especially those in New
York City. These gains among wearing apparel firms extended to the fur slowing down of fruit canning plants, and second, the decreased activity
in the manufacture of clay products. Slight decreases also were noticeable
shops, and to makers of small leather, rubber, pear, born and none proin the iron and steel industry, mill work plants, fixture manufacturing
ducts.
and the printing and lithographing shops.
The motion picture industry showed a fair gain in employment, while
Agricultural and Financial Conditions in Minneapolis employment in the oil industry took a big jump, now standing higher than
in Some In- at any time for the past year.
Federal Reserve District-Business
Wearing apparel and rubber goods manufacture remain about the same.
stances in Excess of Last Year.
The announced 50% increase in production on the part of the Pacific
financial Goodrich Tire & Rubber Co., together with the early opening of the FireIn its preliminary summary of agricultural and
stone Tire & Rubber factory, will give a big impetus to the employment
conditions in its district the Federal Reserve Bank of Min- in this line.
neapolis has the following to say under date of Nov. 16:
October business in this district exceeded the volume in October a year
ago outside of the larger cities. In the larger cities, the volume was slightly
under October last year. The daily average of debits to individual accounts
in October was 2% smaller than the average in October last year. Minneapolis, St. Paul and Duluth reported smaller volumes of debits to individual accounts, as compared with last year. and the smaller cities in the
wheat belt and mixed farming regions reported increases. The country
check clearings index increased 6% over October last year. Building
permits and contracts, freight carloadings of miscellaneous commodities
and ore, postal receipts and linseed product shipments exceeded the records
of October last year. Department store sales, flour production and carloadings of grains, livestock, coal and forest products were smaller than in
October last year.
Farm income from cash crops and hogs was 14% smaller in October than
in the corresponding month last year. Wheat receipts during August.
September and October amounted to 113 million bushels, as compared with
121 million bushels in the corresponding months last year. In spite of the
fact that the 1928 crop exceeded the 1927 crop. The income from dairy
products during September exceeded the September income from this
source a year ago by 34%. or 5 million dollars. October prices of corn, rye.
flax, milk, hens, butcher cows and steers, feeder steers and veal calves
exceeded prices a year ago. Prices of wheat, oats, barley, butter, eggs,
potatoes, prime butcher steers, hogs and lambs did not exceed last year's
October prices.
Estimated Value of Important Farm Products Marked in the Ninth Federal
Reserve District.
% Oct. 1928
Oct. 1928. Oct. 1927 of Oct. 1927.
$41,683,000 $52,600,000
79
Bread Wheat
25,962,000 18,432,000
141
Durum Wheat
3,627,000
5,922,000
61
Rye
15.008,000 16,667,000
90
Flax
6,312,000 11,620,000
54
Potatoes
73
Hogs
11,720,000 16,052,000
% Sept. 1928'
Sept. 1928. Sept. 1927.0!Sept.1927.
Dairy Products
$20,448,000 $15,273,000
134
Business Conditions in Southwest as Viewed by Los
Angeles Chamber of Commerce-Downward Trend
in Employment-Los Angeles Stock Exchange
Transactions at Record Figure.
From the Southwest "Business Review" covering the
month of October, issued by the Los Angeles Chamber of
Commerce, we quote the following:
General Business Condition.
October has been a month in which there has been no particular trend,
-not so
rather a general "marking time." Good activity in some lines
good in others. The general retail volume Is normal with the best records
having been reached by mail order and chain store houses.
Wholesale business shows little change except that there is now a very
distinct demand for holiday goods.
Stock exchange transactions have set a new record for all time.
Construction industry is continuing to run slowly. Employment somewhat below record of September, as well as somewhat below the record of
this same month in 1927.
Rains are very much needed in the live stock sections.
Harvesting of agricultural crops is now confirming early high record
estimates. Cotton crops are showing up especially well and seem to be
protected at fair prices.
There is a continued demand for copper with prices becoming stronger,
the price having reached over 16c. a pound during the past week.
Stock Exchange Transactions.
A new record for all time was set by the volume of transactions on the
Angeles Stock Exchange during the month of October. The total
Los
of over $121,000.000 far surpasses the previous record of $98,000,000 set
in May of this year. Comparative figures are
$31,164,521
October 1927
121,113,995
October 1928
170,268,150
months 1927
First 10
736,747,455
First 10 months 1928
Transactions for the first ten months of this year are approximately
400% greater than for the same period of 1927, and are already over 300%
greater than the transactions of all last year. Noticeable was the increase
in the curb trading, which exceeded $23,000.000 for the month.
Construction Industry.
With no very large projects announced, the building permits for the
behind those for 1927, both in number and in value.
month are running
The figures to date are as follows:
Permits.
Total.
3.676
$10.388.098
October 1927
3,121
7,655,526
October 1928
32,088
98.932,409
First 10 months 1927
28,574
88,046,447
First 10 months 1928
An examination of the figures for the year to date shows that the decrease
in permits has affected nearly all groups, with the exception of apartment
houses, which number many more during 1928 than last year. Barring
the early commencement of several large structures which are programmed
for the near future, it appears that 1928 building will run about 10%
below the record of last year.
Continued Gain in Industrial Employment in Ohio
Reported by Bureau of Business Research, Ohio
State University.
Surveying the industrial employment situation in Ohio
and Ohio cities during the month of October, the Bureau of
Business Research of the Ohio State University, says:
Industrial employment during October continued its upward trend which
started last January. October industrial employment was 1% greater
than September and 9% greater than October 1927. This increase over
September was shared by 423 of the 824 reporting concerns: 336 showed
decreases and 65 showed no change from September. Average employment during the first ten months of 1928 was the same as during the same
period of 1927.
Manufacturing employment in Ohio during October was 1% greater
than September and 9% greater than October 1927. This increase over
September was shared by 337 of the 624 reporting concerns; 242 showed
decreases, and 45 showed no change from September. Ohio construction
employment during October was 1% greater than September and 12%
greater than October 1927. Of the 200 reporting concerns 86 showed
Increases of October employment over September. 94 showed decreases
and 20 showed no change from September.
INDUSTRIAL EMPLOYMENT IN OHIO.
In each series average month 1923 equals 100.
Average employment for first half of each month from individual concerns.
City and Industry.
Change Change Average
Indexes.
No.
-Oct.
from from Jan.
of
Change
Oct.
Sept. Oct.
Report'g Sept.
Firms, 1928. 1928, 1928. 1927. from 1927.
Chemicals
Food products
Iton and steel
Lumber products
Machinery
Paper and printing
Rubber products
Stone. clay and glass products
Textiles
Vehicles
Miscellaneous Industries
19
50
168
25
104
40
30
54
39
64
31
110
117
101
95
108
126
141
108
105
98
113
109
116
102
101
109
131
138
110
112
92
117
-1%
-1
+1
+6
+1
+4
-2
+2
+6
-5
+4
-4%
-2%
+16
-8
+4
+1
+15
0
+2
+36
+8
+1
-8
-2
+3
+5
-2
-7
+4
+4
Total manufacturing
Construction
624
200
109
135
110
137
+1
+1
+9
+12
-0
• -2
524
111
112
-1-1
-4.0
-0
All InrInatry
I
o
+5
Akron.
Industrial employment in Akron during October was 1% less than during
September, but 16% greater than October 1927. Of the 42 reporting concerns, 23 showed increases of October employment over September, 14
showed decreases, and five showed no change from September. Average
employment during the frst 10 months of 1928 was 5% greater than during
the same period of 1927.
Employment of the manufacturing industries of Akron during October
was 1% less than during September and 16% greater than during October
1927. Construction employment in Akron was 7% greater during October
than during September, and 14% greater than October 1927.
Cincinnaoti.
Industrial employment in Cincinnati during October reached its highest
point since November 1927. October employment was 3% greater than
September and 4% less than October 1927. This increase from September
was shared by 61 of the 111 reporting concerns; 37 reported decreases and 13
showed ne change from September. Employment during the first 10
months of 1928 was 2% less than during the same period of 1927.
Manufacturing employment in Cincinnati during October was 4% greater
than during September and 3% less than October 1927. October construction employment was 17% less than October 1927, and the same as September 1928.
Cleveland.
Industrial employment in Cleveland during October was 3% less than
September and 17% greater than October 1927. Of the 193 reporting
concerns, 103 showed increases of October employment from September,
77 showed decreases, and 13 showed no change from September. Employment during the first 10 months of 1928 was 1% greater than during the
same period of 1927.
October manufacturing employment in Cleveland was 3% less than
September and 18% greater than October 1927. Employment in the construction industry during October was 1% greater than September and 6%
greater than October 1927.
Columbus.
Industrial employment in Columbus during October was 3% greater than
September and 17% greater than October, 1927. This increase from
September was shared by 26 of the 54 reporting oncrns. 25showed decreases,
and three showed no change from September. Average employment
during the first 10 months of 1928 was 1% greater than during the same
period of 1927.
October manufacturing employment was 2% greater than September
and 12% greater than October 1927. Employment in the construction
industry during October was 7% greater than during September and 53%
greater than October 1927.
Nov. 17 1928.]
2749
FINANCIAL CHRONICLE
unfilled orders were 631,085.022 feet, as against 628,783.487 feet for 190
Dayton.
Industrial employment in Dayton during October was 6% less than mills a week earlier.
Altogether the 541 reporting softwood mills had shipments 90% and orders
during September and 6% greater than during October 1927. Of the 53
reporting concerns, 32 shared in the decrease from September, 15 showed 87% of actual production. For the Southern Pine mills these percentages
change from September. Employment dur- were respectively 101 and 89; and for the West Coast mills 86 and 89.
increases, and six showed no
Of the reporting mills, the 495 with an established normal production
ing the first ten months of 1928 was 4% less than during the same period
for the week of 375,876.000 feet, gave actual production 88%, shipments
of 1927.
October manufacturing employment was 5% less than September and 80% and orders 77% thereof.
The following table compares the lumber movement, as reflected by the
14% greater than October 1927. Construction employment during October
reporting mills of eight softwood, and two hardwood, regional associations,
was 10% less than September and 41% less than October 1927.
for the two weeks indicated:
Toledo.
October industrial employment in Toledo was 2% greater than September
Preceding Week 1928.
and 11% greater than October 1927. This increase from September was
Past Week.
(Revised).
shared by 27 of the 48 reporting concerns, 18 showed decreases, and 3
Softwood. Hardwood. Softwood. 1Hardwood.
showed no change from September. Average employment during the first
ten months of 1928 was 5% greater than during the same period of 1927. Mills (or units)*
396
541
542
381
Manufacturing employment in Toledo during October was 1% less than Production
336,017,000 53.616,000 349,210,000 55,197,000
303,701,000 59,159,000 350,582.000 64,493,000
September and 8% greater than October 1927. October construction em- Shipments
292,982,000 56,722,000 332.100.000 55,056,000
ployment was 15% greater than September and 29% greater than Oct. 1927. Orders(new business)
* A unit is 35,000 feet of daily production capacity.
Youngstown.
West Coast Movement.
October industrial employment in Youngstown was 3% greater than
The West Coast Lumbermen's Association wires from Seattle that new
September and 11% greater than October 1927. Of the 20 reporting con- business for the 192 mills reporting for the week
ended Nov. 10 totaled
cerns, 11 showed increases of October employment over September;7showed 154.814,392 feet, of which 47,455,742 feet was for
domestic cargo delivery,
decreases, and 2showed no change from September. Average employment and 36.666,428 feet export. New business by rail
amounted to 52.627,221
during the first ten months of 1928 was 4% less than during the same
feet. Shipments totaled 150,408,720, of which 51,687.940 feet moved
period of 1927.
coastwise and intercoastal, and 22.493.166 feet export. Rail shipments
October manufacturing employment was 2% greater than September
totaled 58,162.613 feet. and local deliveries 18,065.001 feet. Unshipped
and 6% greater than October 1927. Construction employment during orders totaled 531.085.022 feet, of which domestic cargo orders totaled
October was 6% greater than September and 73% greater than Oct. 1927. 196.295.317 feet, foreign 291,869.453 feet and rail trade
142,920.252 feet.
Stark County.
Southern Pine Reports.
Industrial employment in Stark County during October was 3% greater
The Southern Pine Association reports from New Orleans that for 144
than September and 29% greater than October 1927. Of the 43 reporting mills reporting, shipments were 0.74% above production and orders were
concerns, 19 showed increases of October employment over September, 11.47% below production and 12.12% below shipments. New business
22 showed decreases, and 2 showed no change from September. Employ- taken during the week amounted to 61.312,179 feet (previous week 79,ment during the first ten months of 1928 was 7% greater than during the 769,764);shipments 69,767,609 (previous week 85,379.220). and production
69,255,902 feet (previous week 72,238,550). The normal production
same period of 1927.
October manufacturing employment in Stark County was 6% greater (three-year average) of these mills is 80,621,134 feet.
The Western Pine Manufacturers Association of Portland, Ore., reports
than September and 24% greater than October 1927. Construction employment during October was 13% less than September and 77% greater production from 35 mills as 34.091,000 feet, as compared with a normal
than October 1927.
production for the week of 28,820,000. Thirty-four mills the previoult
week reported production as 32,078,000 feet. Shipments and new business
showed some decrease last week.
Business Conditions in Colorado and Rocky MounThe California White & Sugar Pine Manufacturers Association of San
Francisco, reports production from 21 mills as 26,459.000 feet (64% of
tain Region Reviewed by University of Denver.
the total cut of the California pine region) as compared with a normal
The following current statistical summary is furnished by figure for the week of 23,982,000. Nineteen mills the week earlier reported
the University of Denver in its October Business Review production as 26,254,000 feet. Shipments were larger, new business
slightly
a 25% increase last week.
which it presents statistical indexes of business activity in showedCaliforniamore than Association of San Francisco,reports production
The
Redwood
Colorado and in eight States of the Rocky Mountain Region: from 14 mills as 7,573,000 feet, compared with a normal figure of 8,288,000.
No very pronounced change is apparent recently in the general level of Thirteen mills the week before reported production as 6,258,000 feet.
business in this region or in the United States. It is possible to show statis- Shipments were about the same last week, with new business approximately
tistically that the leading lines of production are, for the most part, in- 90% larger.
creasingly active and there is no strong evidence pointing toward a change
The North Carolina Pine Association of Norfolk. Va., reports producfor the worse during the final quarter of the year. In the mountain region tion from 80 mills as 11,881,000 feet, against a normal production for the
hank clearings made a good showing during September. In addition to week of 16,320,000. Seventy-eight mills the preceding week reported
the cities shown in the table below, clearings in Great Falls, Helena, Boise, production as 12.030.000 feet. Shipments and new business last week
Phoenix, and El Paso ran substantially ahead of those of September 1927. were about the same as for the week before.
Although clearings in mountain cities were particularly lower in September
The Northern Pine Manufacturers Association of Minneapolis. Minn..
It is noteworthy that debits to individual accounts in these cities have reports production from 9 mills as 7,812.000 feet, as compared with a
more recently been registering a decrease from last year, and no such normal figure for the week of 7,898.000, and for the week earlier 8.767.000.
tendency is apparent in Rocky Mountain cities to the south. Both number There were notable reductions in shipments and new business last week.
and value of Denver building permits declined rather sharply in September.
The Northern Hemlock and Hardwood Manufacturers Association of
Colorado pig iron production remained about the same, and coal pro- Oshkosh, Wis.(in its softwood production) reports production from 46 mills
duction showed some increase, although remaining considerably below as 4.578,000 feet, as compared with a normal production for the week of
normal. Car loadings originated in Colorado in September were consid- 19.206,000. Forty-seven mills the week before reported production as
erably below the figure for September 1927. Livestock was a notable ex- 4,864.000 feet. Shipments were about the same last week, with new
ception to the general tendency toward decrease loading of livestock being business slightly less.
Hardwood Reports.
about 24% greater than last year. At the same time livestock prices in
Denver were tending to decline. Car loadings originated in Utah were
The Northern Hemlock & Hardwood Manufacturers Association of
about 15% ahead of those in September 1927, with nearly all of the agri- Oshkosh, Wis., reports produttion from 67 mills as 6,404,000 feet, is
cultural commodities and livestock showing marked increases. In Wyoming compared with a normal figure for the week of 14.089,000. Seventy-four
and Idaho, the only other mountain states, for which data upon car load- units the preceding week reported production as 6,176,000 feet. There
ings are available, September figures show little change from last year.
was a nominal decrease in shipments last week, with a good gain in new
business.
The Hardwood Manufacturers Institute of Memphis. Tenn., reports
production from 314 units as 47,212,000 feet. as against a normal proElection Day Restricts Lumber Movement.
of 56,43,000. Three hundred and thirty-two
Allowing for Election Day, the average daily demand for duction for the week reported production SB 49.021,000 feet. Shipments
units the previous week
lumber during the week ended Nov. 10 was shown as slightly fell off to some extent last week, with new business about the same as
stronger than during the previous week. With nine fewer that reported for the week earlier.
statistics for reporting mills of the
Detailed
mills reporting, the decrease in orders was less than an comparablysoftwood and hardwood
reporting regional associations follows:
average full day demand for the week before. Reports from LUMBER MOVEMENT FOR 45 WEEKS AND FOR WEEK ENDED NOV. 10.'
855 softwood and hardwood mills to the National Lumber
Manufacturers Association for the current period gave production as 389,633,000 feet; shipments 362,860,000 feet and
new business 349,704,000 feet. The election suspension restricted production and shipments as well as orders in the
softwood field. Hardwood orders, with fifteen fewer mills
reporting, and despite the holiday, showed a slight, but
actual increase for the week. The West Coast Lumbermen's
Association reported for 234 identical. mills production as
195,101,601 feet, as compared with an average weekly
operating capacity for three years of 242,434,315, and an
average weekly production this year of 194,430,995. The
Southern Pine Association for 144 mills reported production
as 61,312,179 feet, which was 11,365,232 feet under the
three-year average. The National Lumber Manufacturers
Association further states:
Unfilled Orders.
The unfilled orders of 336 Southern Pine and West Coast mills at the
and of last week amounted to 876,828,690 feet, as against 882.982,585 feet
for 334 mills the previous week. The 144 identical Southern Pine mills
in the group showed unfilled orders of 245,743,668 feet last week, as against
254,199,098 feet for the week before. For the 192 West Coast mills the
Association.
Southern Pine, total 45 weeks
Week ended Nov. 10, 144 mills
West Coast Lumbermens, total 45 weeks_
Week ended Nov. 10, 192 mills
Western Pine Mfrs., total 45 weeks
Week ended Nov. 10, 35 mills
Calif. White Or Sugar Pine, total 45 weeks
Week ended Nov. 10, 21 mills
California Redwood, total 45 weeks
Week ended Nov. 10, 14 mills
North Carolina Pine, total 45 weeks_ _ _ _
Week ended Nov. 10,80 mills
Northern Pine Mfrs., total 45 weeks
Week ended Nov. 10, 9 mills
Northern Hemlock & Hardwood (Softwoods). total 45 weeks
Week ended Nov. 10, 46 mills
Softwoods, total 45 weeks
Week ended Nov. 10. 541 mills
Pioduclion.
Shipmeats.
3,114,174
69,256
5,891,763
174.367
1,293,282
34,091
1,206,795
26,459
354,600
7,573
382,237
11,881
422,128
7,812
3,395,133
69,758
6,069,985
160,409
1,415,628
29,940
1,230,463
23,482
341,709
5,456
400,769
11,249
404,338
8,835
229,079
4,578
203,127
4,562
Normal
Produolion for
Week.
-3,394,390
61,312 80,621
6,166,205
154,814 209.947
1,429,567
26,040 28,820
1,195,621
24,311 23,982
348,243
7,753 8,288
334,683
9,872 16,320
386,088
5,512 7,898
Orders.
187,674
3,368 19,206
12,894,068 13.461,152 13,492,471
303,701
292,982
336,017
Northern Hemlock & Hardwood (Hard385,936
360,334
350,544
woods), total 45 weeks
9,576
6.404
9.367 14.089
Week ended Nov. 10.67 units
Hardwoods Mfrs. Inst. total 45 weeks.- 1,883,715 2,040,667 2,094,877
47.212
49,583
'
47,355 56,437
Week ended Nov. 10, 314 units
Hardwood, total 45 weeks
Week ended Nov. 10. 381 units
2,269,651 2,401,001 2.445,421
53.616
59.159
56 722 741R25
2750
FINANCIAL CHRONICLE
[VOL. 127.
West Coast Lumbermen's Association Weekly Report. Proposed Amendments to Constitution of New York
Cotton Exchange Approved By Members.
According to the West Coast Lumbernien's Association,
Members of the New York Cotton Exchange at a meetreports from 194 mills show that for the week ended Nov. 3
1928, orders were 4.58% under production, while shipments ing on Nov. 14 decided to have a ballot taken on the prowere 5.09% below output. The Association's statement posed amendments to the by-laws and rules providing for
follows:
limitation of interest in contracts, a control committee
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
169 mills report for week ending Nov. 3 1928.
(All mills reporting production, orders and shipments.)
Production.
Orders.
shipments.
174,263,480 feet
183,597,265 feet
175,190,154 feet
100%
4.58% under production
5.09% under production
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (234 IDENTICAL MILLS).
(All mills reporting production for 1927 and 1928 to date.)
Actual Production
x Weekly
Average Weekly
Average Weekly
Week Ended
Operating
Production 44 Weeks
Production
Capacity.
Nov. 3 1928.
Ended Nov. 3 1928.
During 1927.
203,770,920 feet
194,481,851 feet
193,740,697 feet 242.510,827 feet
z Weekly operating capacity is based on average hourly production reported for
years 1925, 1926, 1927 and 4 months of 1928 and the normal number of operating
the
hours per week.
WEEKLY COMPARISON FOR 190 IDENTICAL MILLS
-1928.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
Oct. 13.
Week Ended—
Oct. 20.
Oct. 27.
Nov. 3.
Production (feet)
181,402,512 187.420,793 188,318,666 186.424,252
Orders (feet)
172,465,183 168,424,515 154,526,365 156,747,524
Rail (feet)
63,542,883 60,371,687 64,141,159 65,453.696
Domestic cargo (feet)
48,274,856 45,115,958 46,033,496 40,296,994
Export (feet)
46,170,951 51,868,303 33,352,659 32,695,126
Local (feet)
14.476,493 11,068,567 10,999,051 18,301,708
Shlmpents (feet)
172.570,743 165,174.004 159,850,887 161,513,465
Rail (feet)
63,689,347 68,660,693 69,168,985 70,826,597
Domestic cargo (feet)
60,487,881 52,765,772 47,769,715 49,473,566
Export (feet)
33,917,022 32,678,972 31,913,136 22,911,594
Local (feet)
14,476,493 11,068,567 10,999,051 18,301,708
Unfilled Orders (feet)
628,783,487 634,636,181 639,280,779 644,758,083
Rail (feet)
148,972,026 149,563,452 163,716,103 170,843,306
200,108,299 210,545,481 221,088,575 229,662,922
Domestic cargo (feet)
279.703,162 274,527,248 254,476,101 244,251,855
Export (feet)
and deliveries at five southern points as well as at New
York. The deciding ballot was taken on Nov. 16, a twothirds vote in favor of the amendments being necessary
to secure their adoption. Regarding the approval of the
change by the members, the "Wall Street Journal" of yesterday (Nov. 16) said:
By a vote of 260 to 45, much more than the two-thirds majority required, members of the New York Cotton Exchange adopted an amendment
to the by-laws providing for cotton deliveries at five points in the South,
in addition to New York, in fulfillment of futures contracts. Time for
amendment to go into effect will be designated by a committee. Number
of delivery points may be increased or decreased on proper notice by the
committee. The amendment provides also for limitation of interest In
'entracte, and for formation of a control committee.
President Gardiner H. Miller presided at the meeting
on Nov. 14 which was held in the Board of Governors'
room of the Exchange after the close of the market. The
meeting was well attended and the three proposals were
briefly discussed before the question was put to decide
whether the members wished a deciding ballot to be taken.
The vote was 203 in favor to 20 opposed. At the balloting
Nov. 16 the three proposed amendments were voted upon
as a single unit, as recommended by the Committee of
Fifteen from whose report to the Board the amendments
were drawn up. At the conclusion of the Nov. 14 meeting
100 IDENTICAL MILLS.
(AB mills whose reports of production, orders and shipments are complete for 1927 a vote of thanks was unanimously extended to the Comand 1928 to date.)
mittee of Fifteen, of which John H. McFadden, Jr., ViceAverage 44 Average 44
Week Ended Weeks Ended Weeks Ended President of the Exchange, is Chairman, for the work
Nov. 3 '28. Nov. 3'28. Nov. 5 '27.
107,178.532 102,612,040 98,686.326 done by the committee in bringing forward a plan which
Production (feet)
108,743,502 107,615,802 100,318,523
Orders (feet)
99,957,509 107,586,508 98,501,759 so highly commended itself to the membership at large.
Shipments (feet)
In its report the Committee of Fifteen said "it is our
opinion that the success of our recommendations depends
New Automobile Models and Price Changes.
upon the entire plan being adopted as a unit."
An item regarding the proposed amendments appeared
The Chevrolet Motor Co., a division of the General
Motors Corp., is introducing a new line of six cylinder In our issue of Nov. 3, page 2439. The New York "Times"
passenger cars to replace the present four cylinder line. in its issue of Nov. 13 stated that the regulations, the most
drastic ever proposed by the New York Cotton Exchange,
Factory prices of the new six and the old four are as follows:
were proposed to meet the criticism of methods of tradSix.
Four.
ing in cotton here which were made by legislators in WashCoach
$595
$585
595
Coupe
595
ington early this year. The proposals, in large part, said
675
Sedan
675
the "Times," approximate measures embodied in bills pro695
Sport cabriolet
695
715
725
Convertible landau
posed at the last session of Congress.
495
Roadster
525
The "Times" account added:
495
525
Under the proposals, the Control Committee will be able to limit
The convertible landau is a new body type supplanting the imperial definitely the number of contracts either for purchase or sale held by
folded down. The phaeton member brokers in any given month or position. This will prevent a
landau. The top rear quarter may be entirely
in the new line takes the place of the old touring model and many improve- recurrence of the situation caused by the large amounts of cotton held by a
ments have been made on the roadster.
few interests early this year which were made a subject of investigation
The Reo Motor Car Co. announces that a new model at a in Washington. However, bona fide hedge transactions against actual or
the
existent
price below that for the Flying Cloud line and intended farmers cotton will not be affected by use limitations. This means that
the Exchange to any extent
and manufacturers may freely
replace the Flying Cloud will be that they may find necessary to protect theinselves against future fluctuato supplement, but not
offered in the near future. Public announcement is expected tions of price in the sale or purchase of the staple.
The Control Committee will
around the middle of December, but the new model is already the position which the United have wide powers and in effect will hold
States Government might have held had
in process of going into production, according to a dispatch suggested legislation become a law.
If the Exchange adopts the measure providing for Southern delivery
from Chicago.
executed
delivery
Price reductions ranging between $150 and $250 were of cotton, it will haveat various an about-face. Southernfailed of has come
times but always has
up for consideration
approval
recently announced on a limited number of Dodge Victory Meanwhile, to facilitate New York delivery, the Exchange leased a large
and Standard Six lines by Bishop, McCormick & Bishop of tidewater terminal near Bayonne, N. J. It was once objected that the
provision of Southern delivery would aid certain interests with many
New York City. The reduced prices follow:
branches in the South and adversely affect houses without such wideNew Price. Saving. spread representation.
New Victory Six—
New
New
Both the New Orleans and Chicago cotton markets provide for SouthNew Stand. Six— Price. Saving. ern delivery. Under the proposals of the New York Cotton Exchange
New Victory Six— Price. Saving.
sedan.__ $795
$175 there would be about five Southern delivery points, and their
$250 De luxe
$995
Sport roadster
actual
165 number would be subject to increase or decrease by the
225 Sed.(cloth-leather) 765
946
Four-pass. coupe _ _
appropriate com150 mittee. Cotton would sell at these places at 35
725
1,045
250 Coupe
Sport sedan
points under the New
170 York price, thus giving effect to freight costs
Cabriolet
225
775
945
De luxe sedan
from Southern to Northern
175 points.
200 Sport cabriolet_ --- 795
Sod. (cloth-leather) 895
845
200
Coupe
All prices are f.o.b. Detroit.
Phaeton
A number of dealers this week announced reductions in the
price of Pontiac Sixes, as follows:
Old
New
Old
Price.
Price.
Price.
Cabriolet_ _ - - -$785
$595
$745
Four-door sedan_ _ - 825
595
745
Coupe
Sport landau sedan- 875
595
745
Sport roadster
775
625
Phaeton
All prices f.o.b. Pontiac, plus delivery charges.
Two-door sedan__ _
New
Price.
$645
675
725
The Chandler-Cleveland Motors Corp. announces the
following new models: The new Six, 6:5, in the following
types, a four-door sedan at $895, and a coupe at 8875; the
New Royal Eight, 75, two-door sedan at $1,295 and fourdoor sedan at $1,385; a new Big Six at $1,525, and a new
Royal Eight,85, at $1,795, all prices f.o.b. Detroit.
Motion Picture of Trading on New York Cotton
Exchange.
Members of the New York Cotton Exchange on Nov. 17
saw themselves as others see them, when the first motion
pictures ever taken of actual trading around the "ring" were
exhibited in the board room of the Exchange after the close
of the market. The various scenes were filmed on Oct. 8,
a Government report day. One view showed the call being
made from the rostrum with the brokers crowded five deep
around the ring, offering and bidding the different months
traded in. Another showed the blackboards where prices
were marked up as soon as transactions were made at the
"ring," A view, taken from the skylight directly over the
2751
FINANCIAL CHRONICLE
Nov. 171928.]
"ring" showed pages and messengers were dashing to and Secretary Jardine Urges Farmers Not to Rush Corn
from the crowd of brokers. The pictures will be exhibited
Crop to Market-Looks For Increased Export
In news reels throughout the country.
Demands.
Farmers who have corn to sell this year should be enTransactions in Grain Futures During October on couraged by the recent improvements in market prospects
for the new crop, according to a statement issued Nov. 3
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain by Secretary of Agriculture .Jardine. He also says:
the estimate of the Rumanian crop indicates
The downward
futures on the Board of Trade of the City of Chicago, by that the corn crop revision inthis year will be about 23% less than it was last
of Europe
days, during the month of October, together with monthly year. This, together with comparatively high prices for Argentine corn,
new
totals for all "contract markets," as reported by the Grain should increase export demand for our corn, at least untilofthe corn
old
Argentine crop is available. There was a very small carryover
Futures Administration of the United States Department of in the United States this year and the new crop is estimated to be less than
Agriculture, were made public Nov.5 by the Grain Exchange 5% greater than last year's. Total suppdes of corn available this year are
Supervisor at Chicago. For the month of October 1928 the estimated to be about 2,967 million bushels as compared with 2,909 million
year. Although the domestic situation as regards the size of the corn
total transactions at all markets reached 1,494,030,000 last the stocks of old corn, and the corn hog cycle is very much the same
crop,
bushels, compared with 1,641,821,000 bushels in the same as in 1925,it should be borne in mind that we have a very different foreign
month last year. On the Chicago Board of Trade the trans- situation and that cattle are now much higher than they were three yearn
ago. These indicate that corn prices should not fall as low this year as they
actions in October this year amounted to 1,227,868,000 did in 1925-26. If farmers will refrain from rushing the new crop to market
bushels, against 1,367,126,000 bushels in October last year. and will adjust their feeding to produce slightly heavier cattle and hogs,
Below we give the details for October-the figures represent- the market should be well maintained and improvement is likely before the
end of the season.
ing sales only, there being an equal volume of purchases.
VOLUME OF TRADING.
Expressed in Thousands of Bushels, i.e. (000) Omitted.
Date-October 1928.
Wheat. Corn.
Oats.
Rye.
Barley. Flax.
Total.
28,424
34,151
26,918
24.363
27,460
31,846
15,970
14,366
20.632
28,450
30,950
16,690
968
811
1,241
2,568
2,138
2,305
1,717
1,972
2,915
3,291
3,020
2,050
--------47,079
--------51,300
____
____
51,706
--------58,672
--------63,568
------52,891
32.288
25,092
41,403
22,729
1
2
3
4
5
6
7 Sunday
8
9
10
11
12 Holiday
13
14 Sunday
15
16
17
18
19
60
21 Sunday
22
23
24
25
26
27
28 Sunday
29
30
31
18.401
11,635
25,005
12,720
2.397
1,383
1,350
1,089
3,015
1.664
2,335
2,449
-_____56,101
--------39774
--------70,093
--------38,987
16,641 12,264
1,779
1,668
--------32,352
30,499
24,445
19,662
17,486
16,592
34,271
17,598
16.839
13,019
21,280
25,375
10,512
1,958
1,054
1,975
1.370
1,499
814
2.081
1,511
1.183
890
891
820
--------52,136
--------43,849
--------35,819
--------41,026
--------44,357
--------46,417
32,013
27,888
27,597
10,868
24,905
54,767
15,367
10,414
18,493
15,713
11,240
13,279
1,059
1,116
659
670
814
798
1,38
1,24
1.28
50
1,26
1,23
--------49,822
--------40,664
--------48,038
--------27,758
--------38,222
--------70,077
33,222 14,962
28,255 10,472
21,131 14,074
841
497
802
1,58
75
56
--------50,613
--------39,981
--------36,568
Chicago Board of Trade 714,916 435,720 33,955 43,277
--------1,227.868
Chicago Open Board- - - _ 31,257 13,127
135
24 ------- - 44,543
Minneapolis C. of C_..- 84,305
___
5,333 3,434 6.841 4:598 104,501
Kansas City Bd. of Trade 32,301 15:155
---------------47,456
Duluth Board of Trade .48,970
--------6,737
23111 6:041
62.028
St. Louis Merch. Exch
1.454
897
----------------2,351
Milwaukee C. of C
2,070 2,064
355
391 --------4,880
Seattle Grain Exchange
-------395
------------ 395
Loa Angeles Grain Exch._
___
___ __----8
San IIancisco C.of C
Total all markets
915,688 466,963 39,778 53,853
Total all markets Oct.'27 917,444 587,388 72,234 47,174 7,129 10,639 1,494,030
Total Chic. Board Oct.'27 722.415549.944 60.538 1422q 3.810 13,771 1,641,821
1 qA7 19A
•Durum wheat with the except on 01 185 wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF
TRADE
.
FOR OCTOBER 1928(BUSHELS).
(Short side of contracts only, there being an equal volume open on the long
side.)
October 19281
2
3
4
5
6
7 Sunday
5
g
10
11
12 Holiday
13
14 Sunday
15
16
17
18
19
20
21 Sunday
22
23
24
25
26
27
28 Sunday
29
Wheat.
Corn.
Oats.
al11 214000 a70,155,000 28,502,000
113,566,000 71,476,000 28,651,000
113,329,000 74,076,000 28,631.000
113,225,000 75,370,000 28,460,000
112,793,000 76,031,000 a28,179,000
112,230,000 76,073,000 28,262,000
112,619,000
113,130,000
117,216,000
116,899,000
77,127,000
76,111,000
77,961,000
78,413,000
Rye,
OCTOBER REPORT OF COTTON CONSUMED, ON HAND. IMPORTED
AND EXPORTED,AND ACTIVE COTTON SPINDLES.
(Cotton in running bales, counting round as half bales, except foreign, which Is
in 500-1b. bales.)
Cotton
Spindles
In Con- In Publ
Active
Three
During
Months sinning
Storage
Year
Estaband at
October
Ending
Oct. 31 ishments. Comp'ses
Oct.
(Bales.) (Bales.) (Bales.) (Bales.) (Number.)
United States
Cotton-growing States
New England States
All other States
11928 618.78811.637,738 1,194,961 4,635.981 30,315,086
1927 613,52 1,875,824 1,323,703 5,419,193 32,535,200
1928 474,26 1,259,180
1927 449,29 1,376,205
1928 121,412 317,017
1927 135.711 414,222
61,541
1928 23,109
85,397
1927 28,512
Included Above
Egyptian cotton
1928 19,592
1927 19.413
1928 6,718
1927 6,875
American-Egyptian cotton 1928 1,32
1927 1,19
Not Included Above
{ 192 76,09
Linters
1927 75.33
Other foreign eottein
905,910 4,554,750 17,827,738
969,856 5,132,526 17,771,338
252,414
64,212 11,204,956
74,121 13,278,956
298,105
17,019 1,282,392
36,637
55,742 212,546 1,486.906
54,324
61.677
18,589
21,003
3,181
3,386
39,253
46.075
26,811
22,377
2,708
2,506
13,19
17,03
14,298
7,905.
6,46
6,17
212,820
231.905
109,047
144.319
45,98.
46,633
Imports of Foreign Cotton (500-1b. Bales).
11,555,000 a221,426,000
11,516,000 225,209,000
11,752,000 227,788,000
11,146,000 228,201,000
10,793,000 227,796.000
10,530,000 227,095,000
28,422,000 al0,213,000
28,412,000 10,316,000
28,664,000 11,030,000
28,679,000 11,582,000
Cotton on Hand
Oct. 31-
Cotton Consumed
During
Total.
228,381,000
2
27,969,000
234,870,000
235,573,000
118,082,000 78,643,000 29,086,000 11,934,000 2
37,725.000
123,175,000 78,872.050 29,485,000 12,433,000 2
122,872,000 79,328,000 29,577.000 512.735,000 43,965,000
122,874,000 80,069,000 29,788,000 12,678,000 244,312,000
122,945,000 82.670,000 29,894,000 12,586,000 245,409,000
124,187,000 83,080,000 530,125,000 12,572,000 248,095,000
127,957,000 83,547,000 30,081,000 12,551,000 249,964,000
254,136,000
128.558,000 84,682,000 30,023,000 12,482,000 2
6129 056000 85,519,000 29,760.000 12,536,000 55,745,000
127,261.000 87,296,000 29,865,000 12,453.000 256,871,000
127,075,000 89,117,000 29,929,000 12,224,000 256,875.000
258,345,00C
127,745,000 89,456.000 30,001,000 11,985,000 5259,187,000
124,608,000 90,331,000 29,849,000 12,090,000 2
56,878,000
124,885,000 91,067,000 29,961,000 11,959,000 2
124,716,000 91,303,000 29,899,000 11,899,000 57.872,000
ao
124.752.000 592,463,000 29,978,000 11.931,000 257,817,00C
31
259,124,000
Average
120,644,000 81,548,000 29,314,000 11,826,000
October 1928
90.071,000 68,679,000 36,353,000 10,038,000 243,332,000
October 9127
114,061,000 77,168,000 29,562,000 10,431,000 205,141,000
September 1928
231,222,000
August 1928....- - 111,279,000 79,207,000 26,765,000 9,005.000 226,256,000
90,257,000 78,156,000 23,824,000 10,381,000
July 1928
92,547,000 83,174,000 23,901,000 10,249,000 202,618,00C
June 1928
104,123.000 82,361,000 30,890,000 7,763,000 209,871,00C
May 1928
105,609,000 91,532,060 34,559.000 8,551,000 225,137,000
April 1928
88,281,00 98,849,000 33.671,000 8,355,000 240,251,00(
March 1928
229,156,00(
86.679.000 98,133,000 37,221,000 9,580,000 2
February 1928
31,613,00(
81,733.000 83,525,0(0 36,132,000 9,882,000 21
January 1928
1.272,00(
December l927__._ 75,934,000 /5,150,000 34.430,000 9,746,000 195,260,0l)(
Mnvanlhar 1097
PI :113 000 77.134 000 15 026 000 In 7/111 nnn 91 d ,1 1 nno
,
a Low. b High.
Census Report on Cotton Consumed in October.
Under date of Nov. 14 1928 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles, and imports and exports of cotton for the
month of October 1928 and 1927. Cotton consumed
amounted to 618,788 bales of lint and 76,093 bales of linters,
compared with 613,520 bales of lint and 75,330 bales of
linters in October 1927, and 492,221 bales of lint and 68,562
bales of linters in September 1928. It will be seen that
there is an increase over October 1927 in the total lint and
linters combined of 16,031 bales, or 2.3%. The following
is the statement complete:
3 Mos. Ended Oct. 31.
October.
Country of Production.
1928.
Egypt
Peru
China
Mexico
British India
All other
Total
1927.
1928.
I
1927.
15,885
1,331
2,425
4,455
3,745
4
13,620
787
2,826
176
1,736
90
46.6131
4.1491
7,3071
4,844
8,794
19
48,384
9,072
5,676
231
11,576
684
27.845
19.235
71.726
75,623
Exports of Domestic Cotton and Linters
(Running Bales-See Note for Linters).
October.
3 Moe. Ended Oct. 31.
Country to Which Exported.
1928.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
1927.
1928.
1927.
284,461
119,780
84,384
347.943
106,099
236,739
61,296
162,255
164.906
73.557
378,828
93,772
197,906
41,794
407.199
233,336
179,453
638,235
324,480
410,577
110,002
270,692
290,525
121,390
702,965
306,332
289.473
73.848
1,240,702 1,113,018 2.303,282 2,055,225
Note.-Linters exported, not included above, were 11,264 bales during October in
1928 and 13,491 bales in 1927; 22.742 bales tor the 3 months ending Oct. 31 in 1928
and 42,636 bales in 1927. The distribution for October 1928 follows: United
Kingdom, 426; Netherlands. 490; France, 3,128; Germany, 4,544; Belgium, 631;
Italy, 204; Spain, 400; Canada, 1,432; Mexico, 2; Newfoundland. 7.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1927, as compiled from various sources, is 23,370,000 bales. counting
American in running bales and foreign in bales of 478 pounds lint, while the consumption of cotton (exclusive of linters in the United States) for the year ending
July 31 1928 was approximately 25,285,000 bales. The total number of spinning
cotton spindles, both active and idle, is about 168,000,000.
FINANCIAL CHRONICLE
2752
Cottonseed Oil Production During October.
On Nov. 13 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on
hand, and exports during the month of October 1928 and
1927:
[VoL. 127.
The new season's prices of the Mohawk Carpet Mills show some downward revisions, none of which run into a very high percentage. They
are quoted on a zone basis, and the f. o. b. mill figure on 9 by 12 sizes
of some of the leading brands run this way: Mohawk seamless axminster,
$33.80; Norwood velvet. $25.55; Imperial Kernel seamless worsted wilton.
$91.05, and Akbar seamless wool wilton. $55.80. A new washed seamless
rug in Persian designs was offered under the name of Kamaran by this
concern at $131.60 in the 9 by 12 size. A novelty line of small oval rugs
for nursery use, designed by Tony Sarg, was also shown.
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Smith Offering Through Sloan.
Offerings of the Alexander Smith & Sons Carpet Co. lines of tapestry,
velvet and axminster rugs and carpets were made through the wholesale
department of W.& J. Sloane, as were the Barrymore seamless wilton lines
State.
1928. 1927.
1927.
1928.
1927.
1928.
and the products of C. H. Masland & Co. Prices on them, which were
following
71,551 zoned, were generally in line with competing merchandise. The
42,257
114,254 188.243
72,110 117,475
Alabama
2,304 prices on the 9 by 12 sizes give an indication of the new Smith quotations:
5,108
13,684
22,296
15,815
Arizona
17,290
49,319 Carlton special axminster, $29.50; Yonkers axrainster, $34.65; Smith
73,936
Arkansas
187,969 152,516 114,266 104,878
5,692 axminster. $40.65; Meadowbrook worsted. $47.05; Manor tapestry. $16;
19,608
12,183
16,680
15,106
California
36,050
75,698
49,294
Georgia
169,402 257,118 120,582 183,802
52,212 Palisade velvet, $26.65. and Colonial velvet, $32.
63.895
67,590
132,109 109.174
68.331
Louisiana
All of the foregoing prices apply only to Zone 1, as do these quotations on
Mississippi
352,094 325,769 164,536 188,086 191,557 150,354
49,406 9 by 12 rugs of the Barrymore concern' Barrymore seamless wilton,$100.85;
61,827
69,877
121,267 118,529
59,582
North Carolina
96,673 Washington worsted wilton.
94,251 102,036
192.656 169,368
90,946
Oklahoma
$74.25, and Malabar seamless wilton, $58.50.
30,261
27,915
72,632
52,997
80,747 101,578
South Carolina
38,566 Many new patterns in Oriental, modernistic and other popular design
48,184
68,824
69,981
115,296 106,274
Tennessee
1,007,921 985,743 535,485 596,560 485,230 423,114 motifs were offered through the Sloane firm in all-over and open-ground
Texas
9,255 effects.
11,328
18,744
14,923
27,974
26,251
MI other
A new rug called Persharack was offered by Stephen Sanford Sons, Inc.,
2 5F5t 219 9 572 2071 207 ma 1 0115 MR 1 152 17511 054 405
Unitpr1 St,t
in eleven designs. The 9 by 12 size of this rug was priced to retail at about
on hand Aug. $85. The Beauvais grade of axminsters was priced by this firm to bring
*Includes seed destroyed at mills but not 21,972 tons and 89,784 tons
I; nor 19,517 tons and 19,575 tons reshipped for 1928 and 1927, respectively.
around $50 at retail for the 9 by 12. Sanford prices were unchanged
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT AND ON throughout. The outstanding feature or the offerings of the M. J. Whittall
HAND.
Associates was the advancing of the retail list price of Anglo-Persian seamed
wiltons to $150 for the 9 by 12 size, against $142.50 in the Fall list. A new
On Hand
Shipped Out
Produced
On Hand
9 by 12 Anglo-Persian seamless wilton was priced at $167.50. It is also
Oct. 31.
Aue.1-0a.31. Aug.1-Oct.31.
Aug. 1.
Item.
offered in two larger sizes.
Prices were also announced yesterday by the leading linoleum and felt
1928-29 *20,350,682 427,829.833 361,487,468 *123,167,045
Crude oil
16,296,641 494,084,111 401,247,786 143.788,642 base manufacturers, among them the W. & J. Sloane Manufacturing Co.,
1927-28
(pounds)
8220,448,612 the G. W.
1928-29 8335,993,223 y285,821,683
Refined oil
Congoleum-Nairn
Illabon Co., the Armstrong Cork Co., and the
310,567,084
1927-28 378,612,700 327,735,245 •
(Pounds)
124.196 Co. All lines but printed linoleum; were advanced about 4% over the
534.085
625,633
32,648
_
Cake and meal_ .1928-29
179,458 corresponding Fall prices. Several printed linoleums were cut about
601,151
716,977
63,632
1927-28
(tons)
122,596
290,748
384,053
29,291
1928-29
Hulls
%. A number of novelties were offered, among them two by the Arm248,222
377,934
458,111
168,045
1927-28
(tons)
147,408 strong Cork Co. which simulated a garden path paved with pieces of slate
179,362
282,776
43,994
1928-29
Linters
and a Colonial board flooring effect.
138,584
191,643
284,050
46,177
(running bales) 1927-28
3.012
13,343
13,580
2,775
1928-29
Hull fiber
22,122
15,598
15,790
21,930
(500-lb. bales). 1927-28
°rabbets, motes,
7,235 Germany Continues until Dec. 31 Restrictions on
9,825
4,493
1,903
1928-29
fre
6.645
9.529
4.728
1.842
e500-1h 001W 1927-28
Barley Imports from United States.
Received at Mills.•
On Hand at Mills
Crushed
Aug. 1 to Oct. 31. Aug. 1 to Oct. 31.
Oct. 31.
* Includes 3,093,476 and 9,828,971 pounds held by refining and manufacturing
establishments and 3,290.652 and 33,029,155 pounds in transit to refiners and
consumers Aug. 1 1928 and October 31, 1928 respectively.
a Includes 7,594,021 and 3,303,000 pounds held by refiners, brokers, agents,
and warehousemen at places other than refineries and manufacturing establishments
and 10.166,451 and 7,488,709 minds in transit to manufacturers of lard substitute,
oleomargarine, soap, dee., Aug. 1 1928 and October 31, 1928 respectively.
y Produced from 310,197.882 pounds crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR TWO MONTHS
SEPT. 30.
1928,
Item1,609,620
-Crude, pounds
011
1,699,952
Refined, pounds
22,957
Cake and meal, tons
1,478
Linters, running bales
ENDED
Ill
1927.
1,902,600
1,573,734
41,428
29,145
Spring Opening of Rugs and Other Floor Coverings
Quotations Show Little Change as Buyers Throng
the Market.
Practically every jobbing and retail buyer of floor coverings
of any importance in the United States was in the New York
market on Nov. 12 to attend the first general spring opening
of these lines that has been held by the industry in several
years. The "Times," in observing this in its issue of Nov.13
also had the following to say regarding the opening:
From Associated Press advices from Berlin it is learned
that the restriction on the importation of barley from America was extended Nov. 14 to Dec. 31 by joint decree of the
Ministers of Finance and Food. The restriction, it Is
stated, was to expire on Nov. 16. It was imposed in September, when a malady affected hogs after they had eaten the
barley. Stations for examining the barley have been installed at Kiel, Wesermuende and Muenster. The station at
Bremerhaven has been cicsed.
Volume of Trading in Silk Futures on National Raw
Silk Exchange from Opening of Exchange, Sept. 11,
-New Tables Added to Daily Market
to Oct. 31
Report.
Trading in silk futures on the National Raw Silk Exchange totalled 18,900 bales with an approximate value of
$13,000,000, from Sept. 11, when the Exchange opened, to
Oct. 31, it was announced Nov. 2 by Secretary A. H. Korndorfer. The volume during October was 2390 bales, compared with 1390 during the seventeen days of trading in
September. An item regarding the first week's operation of
the Exchange appeared in our issue of Sept. 22, page 1589.
The Board of Governors of the Exchange has granted
corporation privileges to the following companies under the
rules of the Exchange: Schwarzenbach Huber Co., Oscar
Heineman Corp., Stehli Silks Corp., Post & Sheldon Corp.,
Real Silk Hosiery Mills and D. I. & C. H. Stern, Inc.
Members of the Exchange voted on Nov. 14 to amend the
by-laws so as to fix the twenty-second day of each month
for the regular meeting of the Adjustment Committee. The
committee has heretofore met on the last Monday of the
month. The new date of meeting will enable the committee
to publish its report prior to the first notice day for delivery
In the following month.
The Exchange voted on amends, Section 37 of the by-laws,
by striking out the seventh and eight lines of the first paragraph, reading: "A regular monthly meeting of the Committee shall be held on the last Monday of each month,"
and substituting therefor the following:
"A regular monthly meeting of the Committee shall be
held on the 22nd day of each month. If the 22nd day in any
month shall fall upon a holiday or Saturday, the meeting
shall, in that month, be held on the next succeeding business day."
The daily market report of the National Raw Silk Exchange on Oct. 31 added five new tables to its report covering:
They found two things. The first of these was the greatest number of
really new offerings in weaves and patterns in a decade. The second was
the greatest price stabilization the trade has seen in the last five years.
Not only were revisions from the fall levels relatively unimportant in
the new lists, but, in the judgment of some of the best posted buyers in
the courtry, the general variance of prices in the lists of the principal
producers of carpets and rugs does not exceed one-half of 1%. A summary
of the changes shows that except where it was necessary to bring a certain
brand and type of rug into line with competing merchandise, the price
revisions were small.
On a quantity basis, prices on the lowest grade of axministers in the
leading lines were said to show an average drop of about 50 cents on the
9 by 12 foot size. Other grades of axministers were practically unchanged.
In the Wiltons about the only thing that really stood out was the advancing
Of a well-known brand $7.50 on the 9 by 12 foot size in the manufacturers'
retail list.
Issue Prices on Zone Basis.
An interesting point was that two members of the so-called big four
In the carpet and rug field Issued price lists on a zone basis. These give
the wholesalers in the various zones the laid-down cost of the merchandise
to them. In effect, this method of quoting gives the wholesalers tentative
resale prices.
The outstanding feature in the new weaves was the stress laid on domestic Oriental types. which promise to play a larger part in the rug business
of the future than anything that has been introduced in many years. In
patterns,the thing that stood out was the evident aim of the manufacturers
to match up designs in rugs and Carpets with those in draperies, wall papers
and other furnishings, and even with furniture.
In the new price list of the Bigelow-Hartford Carpet Co. the only change
made in rugs was a reduction of $2 in the retail list of 9 by 12 Marmon
Axminsters. Carpet prices were not revised. Outstanding in the design
offerings of the company were novel French and Spanish patterns, an unusual brocade effect, and an ancient Polish motif. These were worked
out in taupe, green, henna, egg plant, rose. peace, ivory, tan and black.
Modernistic and primitive designs in small rugs also were offered, the latter
in Peruvian and Indian motifs. Hooked rugs featuring geometric patterns
and other modernized effects were also offered, as were special rugs in
bright colors for use in breakfast nooks and sun parlors. The company's
(1) A ten-day comparison of spot and futures prices of Yokohama.
carpet designs were based principally on conservative modernistic and
(2) The total of sales and settlements in the Yokohama spot market for
naturalistic floral effects.
FINANCIAL CHRONICLE
Nov. 171928.]
the current month to date, with comparisons extending back several
months. (3) High, low and closing prices in the New York spot market. (4) Both spot and future yen exchange in New York. (5) Composition of the certificated stock in the warehouse of the United States
Testing Company.
Jesse L. Livermore was on Oct. 30 elected a member of
the National Raw Silk Exchange. At the same time the
Board of Governors also elected to membership the following:
Edwin H. Muir, of John Muir & Co.; Perry E. Moore, of Robert
Moore et Co.; Georges Blum, of Paris; Arthur 0. Lowry, of A. J. Buston de
Co., Liverpool, England, and Risahuro Nakamura, Japan Cotton Trading
Co., of Osaka, Japan.
The National Raw Silk Exchange has issued a book, descriptive of the silk industry and the relation of the Exchange to it. The book, which was written by Julius B.
Baer, counsel for the Exchange, contains chapters on the
tradition and culture of silk, reeling, the commerce of silk,
the economic services of a futures exchange, hedging, price
hazards, etc. Copies of the book will be distributed to
banks, chambers of commerce, colleges, etc. The chapter
devoted to price hazards in silk, says in part:
Price fluctuations in silk during past years have been great, and the
risk of loss from sudden changes is ever present. The owner of unhedged
raw silk is exposed to the risk of loss over a period of possibly many
months. The hazards which he faces are entirely beyond his control.
Such factors as weather conditions in Japan, diseases of the silk 'worm,
the number of egg cards available for hatching, economic influences
affecting the financial condition of the silk worm raiser, political disturbances, all influence directly the course of silk prices.
Petroleum and Its Products-Heavy Drilling on at
Seminole.
Steady to firm markets for crude oil prevailed this week,
with the industry still looking for further price advances
on light oil, both in the Mid-continent and some of the
Eastern fields which have not yet advanced in line with
the recent increases on Pennsylvania grades. While production showed a slight decline for the week ended Nov. 10,
it is obvious that an early gain in light oil production is in
sight. With removal of the ban on drilling Nov. 14, 92
wells started drilling in the Maud and Mission pools in the
Seminole area. The Oklahoma Corporation Commission
has approved a plan allowing one well for each 20
-acre
tract, and two to each 40
-acre tract. That a considerable
increase in production may be expected in this area is
indicated by the fact that two wells which the Gypsy Oil Co.
was recently permitted to complete have been flowing at
the rate of 10,000 barrels a day. Among the companies
prominent in the drilling campaign are Amerada, Sinclair,
Independent, Twin States Oil and Gypsy Oil Co.
Reports from Tulsa indicate that refiners in the Midcontinent area are further reducing their runs, in consequence of a heavy accumulation of gasoline from October
operations. This fact, together with the expected increase
in output of the Seminole area, was expected by some to
make unlikely an increase in posted prices in the Midcontinent fields, although majority opinion seems to incline
to the belief that a mark-up may be looked for on high
gravity crude by the end of the year.
A heavy drilling program continues under way in California. It is not expected that increased output from the
drilling operations now getting under way in California
and Oklahoma will become apparent in the production
column before January or February.
Venezuela crude production was reported by O'Shaughnessy's South American Oil Reports at 10,519,588 barrels
for October, a daily average of 339,342 barrels, against
6,023,704 barrels, a daliy average of 194,313 barrels, in
October last year.
Prices are:
Pennsylvania
83.60
1.80
Corning
1.45
Cabell
Wortham, 40 deg- 1.56
1.33
Rock Creek
Smackover,24 deg. .90
3.25
Buckeye
Bradford
$3.60
Lima
1.60
Indiana
1.37
Princeton
1.55
Canadian
2.00
Corsicana, heavy.. 1.00
Eureka
3.40
Illinois
$1.55
Wyoming, 37 deg.. 1.41
Plymouth
1.28
Wooster
1.77
Gulf Coastal "A"_ 1.20
Panhandle,44 deg.. 1.38
2753
Nov. 13.
-Standard Oil Co. of Ohio announced a new schedule of prices
for gasoline, effective Nov. 15, by which no discounts will be given on
coupon books or at service stations. Dealers will be allowed a discount
of 3c. a gallon from tank wagons, with other customers given lc. a gallon off.
Nov. 13.-U. S. Motor gasoline at Chicago Hc. lower at 9 to 930.
per gallon.
Nov. 13.
-Pennsylvania refiners reduced motor gasoline He. per gallon
Nov. 14.
-Standard Oil Co. of New Jersey announced,effective Nov.21,
that it will discontinue giving discounts from its tank wagon price throughout its terrirory. A true tank wagon price of 15c. per gallon will be established, plus the tax in each State. The service station price will be
3c. a gallon above the tank wagon schedule.
-Standard Oil Co. of Ohio, effective Nov. 17, will reduce
Nov. 16.
kerosene 2c. a gallon in Ohio to 12c. tank wagon and 14c. service station.
GASOLINE LOWER IN MID-CONTINENT
-TANK WAGON
MARKETS REVISED.
Gasoline prices again went lower in the Mid-continent
this week, under heavy offerings. The weakness is confined to U. S. Motor gasoline and motor fuel of lower
gravity, high gravity stocks being firm on heavy export
buying. Some of the smaller refiners are quoting U. S.
Motor gasoline as low as 8Y a gallon, although the larger
1c.
interests continue to quote 94c. It is reported that stocks
of gasoline in the Mid-continent Nov. 1 approximated
2,150,000 gallons, a gain of 250,000 barrels for the month.
As a result of this development, refiners are further curtailing their runs.
Eastern refiners are still holding tank ear gasoline at
Ile. a gallon at principal points, although there were reports
in the market of business done at
to Xc. under this
figure. Demand is holding up fairly well.
The chief development in the East was the announcement
by Standard Oil Co. of New Jersey of the elimination of
all special discounts in its territory, establishment of a
true tank wagon schedule, and maintenance of retail prices
at a fixed margin over this quotation. This action is
expected to lead the way for similar readjustments by other
companies.
Kerosene has been moving in good volume this week,
and was steady. Fuel oil was firm, with continued heavy
consumption of furnace oil a factor. Pennsylvania refiners
advanced lubricating oil, and paraffin wax is also in strong
position. Gas oil gallonage was large and the market
holds firm.
Gasoline (U. S. Motor)
Portsmouth
1131 Norfolk
1131
11
Jacksonville
Tampa
11
sOklahoma
0854 New Orleans
1131
Providence (deliv.)_ 1234 Houston
1014
Chicago
California
09
0814
Marcus Hook
.11
*North Texas
0844
Philadelphia
.11
Note.
-The above prices are f.o.b. refineries, tank car ota, unless otherwise noted.
Delivered prices are general y lc. a gallon above the refinery quotation.
*A number of the large refiners were still quoting 944.
New York
Chelsea
Tiverton_
Boston (delivered).Carteret
Baltimore
11
12
1134
13
11
11
Gasoline (Service Station).
20
Richmond
New York
.251 Charlotte_ - _
Boston
.20 San Francisco
Charleston
21
.24
24
Baltimore
Wheeling
Chicago
Parkersburg
Norfolk
New Orleans
.21
25
Note.
-The above prices are retail prices at service stations and include
taxes In States where a tax is Imposed.
24
24
17
1934
State
Kerosene.
05141 Philadelphia (delis.) .10
091 Chicago
New York
New York (dolly.).... .101 Philadelphia --------09 1 Oklahoma
.0534
Note.
-The above prices are f.o.b. refineries, tank ear lots, unless otherwise noted.
Delivered prices are generally is. a gaPon above the refinery quotation.
Bunker Fuel OIL
New York
1 05 1 Norfolk
1.051 New Orleans
95
1.05 1 Charleston
Baltimore
901 California
86
Note -The above prices are f.o.b. refineries; a charge of Sc. a barrel Is made for
barging alongside.
Gas and Diesel OIL
Gas oil, New York
.0514'Diesel oil, New York
200
Note.
-The above prices are f.o.b. refineries.
Export Quotations
Gasoline, Navy, New York eases. .26401Kerosene,s. w., New York,eases__ .1765
Bulk
1890
1034 1 W. W., New York, eases
Gasoline, New York
Tank Wagon Prices.
18 !Kerosene. w. w., New York
15
Crude Oil Output in the United States Shows Small
Change.
The American Petroleum Institute estimates that the
Oklahoma, Kansas and Texas
daily average gross crude oil production in the United
$1.56 Elk Basin
-40.9
40
$1.49 States for the week ended Nov. 10 1928 was 2,497,000
1.16 Big Muddy
32-32.9
1.33
1.76 Lance Creek
44 and above
1.48 barrels, as compared with 2,497,150 barrels for the preBellevue
Louisiana and Arkansas1.25
1.16 Markham
32-32.9
1.00 ceding week, a decrease of 150 barrels. Compared with
1.31 Somerset
35-35.9
1.75
the output of 2,469,500 barrels per day for the week ended
Spindletop, 35 deg. and up_ _ _ _ 1.37
chronological summary of the week's price changes Nov. 12 1927, the current figure shows an increase of 27,500
A
barrels daily. The daily average production east of Califollows:
fornia for the week ended Nov. 10 1928 was 1,858,000
Nov. 10.-U. S. Motor gasoline at Chicago ;ic. lower at 931 to 934c.
barrels, as compared with 1,866,150 barrels the previous
per gallon.
-Pennsylvania refiners reduced neutral lubricating oils Hc. week, a decrease of 8,150 barrels. The following are
Nov. 10.
estiDer gallon.
-Atlantic Refining Co.reduced gasoline lc. a gallon in Pennsyl- mates of daily average gross production (in barrels) by
12.
Nov.
districts for the periods shown below:
vania and Delaware to 16c. tank wagon and 18c. service station.
[VOL. 127.
FINANCIAL CHRONICLE
2754
DAILY AVERAGE PRODUCTION.
North and South American refiners and producers on Nov. 1
Nov. 10'28. Nov.3 28. Oct. 27 '28. Nov. 12'27. amounted to 45,648 short tons, as compared with 51,812
768.950
738,050
725,450
721,100
107,800 tons on Oct. 1, a reduction of 6,164 tons and a new low.
97,200
96,950
96,700
84.550
68,650
68,200
65,050
78,300 Blister stocks Nov. 1 totaled 257,604 tons, compared with
90,100
88,600
87,700
58,800
55,150
55,400
55,250
219,250 255,727 Oct. 1, an increase of 1,877 tons. Total copper to
335,650
329,250
328,900
28.650
22,200
21,800
21,300
including metal in
26,050 blister stage and beyond above ground,
28,600
26,850
26,550
50,050 process and transit Nov. 1, came to 303,252 tons, compared
38,550
38,150
39,400
99.150
83,250
83,300
83,200
123,150 with 307,539 tons on Oct. 1, according to the "Wall Street
113,150
115,600
117,250
16,050
19,500
21,250
20,750
115,000 Journal," which further states:
115,000
113,000
111,000
50,950
63,900
Copper stocks in official warehouses in Great Britain on Nov. 1 came to
61,300
61,150
13,700 9,629 tons, of which 1,983 tons were refined and 7,646 were in other forms.
12,350
11,800
11,750
6,450
7.300
6,950
7,350
and 7,979, tons
2.150 These figures compare,respectively, with 9,603 tons, 1,624
1.900
2,500
3,600
620.500 on Oct. 1.
635,200
631,000
639,000
Stocks of copper at Havre on Nov. 1 came to 2,898 tons, compared with
Total
2,523,700 2,469,500 2,613 tons Oct. 1. Stocks in Japan Oct. 1, last date available, were 3,034
2,497,150
2,497,000
The estimated daily average gross production of the Mid-Continent tons compared with 3,172 tons Sept. 1.
field including Oklahoma, Kansas,Panhandle, North. West Central. West.
Shipments of copper by North and South American producers and refiners
East Central and Southwest Texas, North Louisiana and Arkansas, for the in October were 155,363 tons, compared with 139.999 tons in September
week ended Nov. 10 1928 was 1,525,150 barrels, as compared with 1,533,750 and 143,638 tons in August, previous high, breaking the record by 11,725
barrels for the preceding week, a decrease of 8.600 barrels. The Mid- tons, or 8%. Domestic shipments in October came to 100,371 tons, comContinent production, excluding Smackover, Arkansas, heavy oil, was pared with 88,701 tons in September, the previous high, an increase of
1,470.600 barrels, as compared with 1,479,050 barrels, a decrease of 8,450 11.664 tons,and breaking the record by 13%. Foreign shipments in October
barrels.
came to 54,992 tons, compared with 51.292 tons in September.
The production figures of certain pools in the various districts for the
Production of refined copper in October came to 149,199 tons a daily
current week, compared with the previous week, follow (figures in barrels average of 4,813 tons, a new record, compared with 137.018 tons in Septemof42 gallons):
ber a daily average of 4,567 tons, and with 143,560 tons in August, a daily
- average of 4,631 tons, the previous record.
-Week Ended
-Week Ended
Nov. 10 Nov. 3.
North LouisianaProduction of copper by United States mines in October came to 85,801
Oklahoma-Nov. 10 Nov. 3.
5.800 5,800 tons compared with 77,085 in September. being a new record for United
Tonkawa
11,900 11,950 Hayneeville
6,400 6,150
Burbank
26,550 Urania
States mines. Buster production of North America in October came to
Bristow Slick
20,600 20,650
110.618 tons, another record, compared with 95.102 tons in September,
Arkansas
Cromwell
8,850
8,800
7,250 while blister production of South America, including refined output of
7,250
Seminole
42,700 43,300 Smackover, light
54,550 54,700 Chile and Braden companies. was 33,643 tons compared with 31.697 tons
Bowlegs
50,100 50.400 Smackover, heavy
11,900 11,950
&aright
10,800 10,950 Champagnolle
In September, another record.
Little River
115,250 120,500
Coastal Tan:
The following table gives in short tons, blister production of North and
Earlsboro
78.600 76,900
8,050 South America and stock of copper at the end of each month for North
7,850
St. Louis
127,050 125,100 West Columbia
11,000 11,400
Allen Dome
23,500 23,350 Pierce Junction
producers, together with stocks of Copper
11,950 12,000 and South America refiners and
Hull
Panhandle Texas
39,600 39,300 In Great Britain and at Havre:
Hutchinson County_ _ _ _ 30,100 30,600 SpindletoP
Oct.
Sept.
Aug.
July.
April May. June.
ProductionCarson County
6,350
6,000
Coastal Louisiana
Mines, United States__ 69.721 73,729 73,224 73,426 76,952 77,085 85,801
Gray County
27,000 28,850
4,400 4,300 Blister, No. America__ 90,564 94.796 97.528 98.109 98,376 95,102 110,618
Wheeler County
800 Vinton
700
4,100 3,300 Blister,So. America x__ 26,228 28,334 30,620 32,014 30,674 31,697 33,643
East Hackberry
North Texas1,950 2.300
Stocks(End of Period)
31,400 31,950 Sweet Lake
Wilbarger
3,000 3,600 No. and So. America:
Archer CountY
19,500 19,600 Sulphur Dome
Wyoming
Blister (including "in
West Central Texas
37,150 36,950
235,392 241,755 251,694 257,873 254,433 255,727 257,804
Shackelford County_ _ _ _ 10,500 10.600 Salt Creek
process")
Montana
72,893 66,288 58,809 54,871 54,793 51,812 45,648
Brown County
10,700 10.800
Refined
8,300 8,300
Sunburst
West Texas
California
308,285 308,043 310,503 312,544 309,226 307,339 303,252
17,300 17,400
Todd
Reagan County
50,000 41.500 Great Britain y:
29,600 31,800 Santa Fe Springs
Howard County
1,983
1,624
187,500 189,000
2,318 2,243
1,046
1,795
1,988
72,550 71,100 Long Beach
Refined
Pee(s County
7,979 7,646
7,726
51,500 50,500
7,894
8.007 8,035 7,886
Other forms
Crane Sr Upton Counties 53,400 54,000 Huntington Beach
18,000 16,000
145,700 144,300 Torrance
Winkler County
10,000 10,000
Dominguez
East Central Texas
9,995 9,830 8,912 10,212 9.989 9,603 9,629
Total
5,000 5,000 Havre
1,332 2,542 2,836 2,612 2,898
9,700 Rosecrans
3,162 2,404
9,700
Corsicana Powell
z
28,000 28,000 Japan
1,934 2,715 3.172 3,034
700
1,599 2,208
700 Inglewood
Nigger Creek
74,000 74.000
Midway-Sunset
Southwest Texas
by Chile and Braden companies. y Official
production
z Includes refined
52.000 52,500 warehouses only. z copper available.
13,300 13,400 Ventura Ave
Luling
Not yet
25,500 25,500
8,850 9,000 Seal Beach
Laredo District
The following table shows in short tons shipments and production of
refined copper by North and South American producers and refineries:
Weeks Ended'Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Shipments of Slab Zinc in October Exceeds Output
Stocks Decrease.
According to the American Zinc Institute, Inc., production
during the month of October amounted to 50,259 short
tons of slab zinc, compared with 49,361 tons in the preceding
month and 50,185 tons in October 1927. Shipments last
month totaled 52,106 short tons, of which 50,126 tons went
to domestic consumers and 1,980 tons were exported. In
the month of September 1928 there were shipped a total of
45,862 tons and in October last year 48,239 tons. Stocks
of slab zinc at Oct. 31 amounted to 46,068 short tons, a
decrease of 1,847 tons as compared with Sept. 30 1928 and
9,845 tons more than at Oct. 31 1927. The Institute has
also released the following figures:
Metal sold, not yet delivered, at the end of October 1928 totaled 19,522
tons; total retort capacity at Oct. 31 amounted to 116,126 tons; the number of idle retorts available within 60 days. 50.300: the average number
of retorts operating during October. 63,103; the number of retorts operating at the end of the month.59,832. The monthly statistics are as follows:
PRODUCTION. SHIPMENTS AND STOCKS AT END OF PERIOD
(FIGURES IN SHORT TONS).
Stocks at
Total
Shipments, End. of M.
Exports.
Shipments.
ductlon.
Month of
46,068
52,106
1,980
50,126
50,259
-October
1928
47,915
45,862
1,759
44,103
49,361
September
44.416
49,951
2,901
47,050
52,157
August
42,210
53,148
3,638
49,510
50,890
July
44,468
51,582
1,802
49.780
50,825
June
45,225
52,956
3,138
49,818
53.422
May
44,759
50,283
8,746
46,517
53,493
Apr11
41,529
55,642
3,786
51,856
55,881
March
41,290
4,134
50,888
46,754
50,042
February
42,163
51,002
5,231
45,771
52.414
January
Total 10 mos. 1928-518,744
52,347
-December
1927
49,217
November
50,185
October
47,735
September
49,012
August
47,627
July
49,718
June
51,296
May
51.628
April
56,546
March
51.341
February
56,898
January
481,285
48,483
44,374
46,602
44,038
49,739
43,359
43,122
45,560
44,821
48,107
43.555
45,884
32,115
4,433
1,746
1,637
4,007
4,009
4,803
4,784
4.898
1,876
5.098
4,760
2,989
513,400
50,916
46,120
48,239
48,045
53.748
56.162
47,907
50,458
46,697
53,205
48,315
48.873
40,751
39,320
36,223
34,277
34.587
39,320
43,858
42,046
41,208
36,279
32,938
29,912
Shipments.
Production.
primary. Scrap.
1928.
Jannary
February
March
April
May
June
July
August
September
October
Total, 1928
1927.
January
February
March
April
May
June
July
August
September
October
November
December
Total 1927
116,245
117,788
123,162
117.088
122,738
125,076
127,718
137,574
130,897
143,624
Total.
6.478 122.723
7.060 124,848
5,810 128,972
5,736 122,824
6,498 129,236
5,948 131,024
7.374 135,092
5,986 143,560
6,121 137.018
5,575 149,199
1,261,910 62,586 1,324,496
128,736
119,528
123,885
121,610
121,889
108.911
113,849
114,142
114.465
118.965
111.152
121.683
4,374
3,145
3.090
4,186
3,692
4,322
4,284
6,644
4,635
5,962
7,117
7.240
133,110
122,673
126,975
125.796
125.881
113,233
118,133
119,786
119.100
124,927
118,269
128.923
1,418,815 57,691 1.476,506
Daily
Rate.
3,959
4,305
4,160
4.094
4,169
4,367
4.358
4,631
4,567
4,813
Es- Domestic.
port.s
56,721
60,603
55.970
64,989
56,738
57.067
55.785
60,240
51.292
54.992
64,824
73,789
72,642
72,234
79,103
81,436
82.245
83,398
88,707
100,371
Total.
121.545
134,392
128.612
137,223
135,841
138.503
139.030
143,638
139,999
155,363
____ 575,397 798,749 1,374,146
4,294
4,381
4.096
4.193
4,051
3,774
3,811
3,864
3,970
4,030
3.942
4.159
48,130
43,690
49,767
55,636
46,979
61,487
48.140
58,784
54,683
58,919
52,013
63.637
76,499
67,564
79,537
73,976
69,779
63,465
61,965
71,736
71,578
68,619
59,264
60,862
124.629
111,254
129,304
129,612
116,758
124,952
110,105
130,520
126.261
127,588
111,279
124,499
4,045641.865 824.844 1.466.709
1,136,624 27,261 1,163.885 3,189 421,872 735,521 1.157,898
1923
1,267,810 32.522 1,300.332 3.553566.395 753.389 1.319,783
1924
1,299,832 52,477 1.352.309 3.705584,553 831,171 1,415,724
1925
141.1150 1.440.454 3.948 525.551 002.174 1 425 02A
1 552 one ,
1926
a Beginning 1926. Includes shipments from Trail refinery in British Co umbla.
The following table shows output in short tons of mines in the United
States for the past six months:
Oct.
Aug.
June
Sept.
Arthly May
July
Av.'27. 1928. 1928. 1928. 1928. 1928. 1928.
28,605 30,289 31,383 31,310 33,201 33,992 38,740
Porphyry mines
7,447 8,199 6,978 7.087 7,307 6.847 8,221
Lake mines
29,467 31,641 31,293 31,249 32,539 32.748 34,640
Vein minas
3,846 3,600 3,570 3,800 3,905 3,498 z4.200
Custom ores
Total crude produen_89,165 73,729 73,224 73,426 76.952 77,065 85.801
g Partly estimated.
Production and Shipments of Portland Cement in
October Higher Than Last Year-Stocks Lower.
594.884
45.040
The Portland cement industry in October 1928, produced
549,644
613,548
Total in 1927
17,533,000 barrels, shipped 19,836,000 barrels from the mills,
Copper Smaller-Production and and had in stock at the end of the month 14,495,000 barrels,
Stocks of Refined
according to the United States Bureau of Mines, DepartShipments Establish New High Record.
by the American Bureau ment of Commerce. The production of Portland cement in
According to figures compiled
of 2.1% and shipments
of Metal Statistics, stocks of refined copper in the hands of October 1928, showed and increase
FINANCIAL CHRONICLE
Nov. 171928.]
2755
Mr. Sharpe, in reviewing world conditions of zinc Nov.
an increase of 9.6%, as compared with October 1927.
Portland cement stocks at the mills were 10.3% higher than 17, says in part:
a year ago. The total production from January to October
World production for 1928 is shaping for a total of 1,390,000 metric
1928, inclusive, amounts to 148,569,000 barrels, compared tons, which is substantially ahead of the 1927 output of 1,329,000 tons.
with 145,460,000 barrels in the same period of 1927, and the What a different story we should have to tell today had there been
total shipments from January to October 1928, inclusive, the same voluntary curtailment in the production of zinc as has been
amount to 156,120,000 barrels, compared with 153,103,000 practised in the case of lead. While zinc will show an increase of 61,000
metric tons this year, the output of lead will in our estimation register
barrels in the same period of 1927.
In the following statement of relation of production to capacity the total
output of finished cement is compared with the estimated capacity of 159
plants at the close of October 1928, and of 154 plants at the close of October
1927:
RELATION OF PRODUCTION TO CAPACITY.
Oct. 1928.
Oct. 1927. I Sept. 1928. Aug. 1928 July 1928.
87.1%
73.8%
87.4%
91.7%
93.1%
87.0%
73.5%
73.6%
73.7%
73 7
.%
SHIPMENTS AND STOCKS OF FINISHED PORTLAND
PRODUCTION,
CEMENT BY DISTRICTS, IN OCTOBER 1927 AND 1928. (IN BBLE3.)
The month
The 12 months ended
Shipments.
Production.
Stock End of Month.
District.
1928.
1927.
Eastern Pa., N.
_
.1. Iv Md
N. Y. & Me.b
Ohio, West Pa.
& W. Va....
Michigan _ - - _
Wis.. Ill., Ind.
& Kentucky
Va.,Tenn.,Ala.,
1928.
1927.
1927.
1928.
3,799,000 3.743,000 3,924,000 4.753,000 3,389,000 3,976,000
1,143,000 1,204,000 1,171,000 1,375,000 1,142,000 1,102,000
1,746,000 2,120,000 1,964,000 2,294,000 1,513,000 1,985,000
1,557,000 1.550,000 1,560.000 1.673,000 1,077,000
757 000
2,280,000 2,238,000 2,570,000 2,646,000
885 000
876 000
1,567,000 1,561,000 1,505,000 1,576,000 1,178,000 1.619,000
East.. Mo., Ia.,
Minn.&S.D. 1,572,000 1.599,000 1,811,000 1,705,000
991 000 1.466,000
West.Mo.,Neb.,
992 000
Kan.& Okla 1,109.000 1,190,000 1,208,000 1,361,000 1,213,000
617,000
532,000
552,000
535,000
346.000
270,000
Texas
Colo., Mont. &
187,000
258,000
199,000
282,000
313,000
304,000
Utah
1,388,000 1,177,000 1,268,000 1,257.000
California
687.000
824,C00
322,000
335,000
362.000
346,000
Oregon & Wash. 294,000
385,000
Total______ 17,174.000 17.533,000 18.105,000 19,836.000 13,141,000 14,495,000
PRODUCTION. SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT. BY MONTHS. IN 1927 AND 1928 (IN BBLSJ.
Production.
Shipments.
Stocks at End of Month
Afotash.
1927.
JanMarch._
APril--May.
July. -.
Nov.
-
8,258,000
7,377,000
11,450,000
14,048.000
16,701,000
17,224.000
17,408,000
18,315,000
17,505,000
17,174,000
14,449,000
11,999,000
1928.
9,768,000
8,797,000
10,223,000
13,468,000
17,280,000
17,469.000
17,445,000
18,730,000
17,856,000
17,533,000
1927.
1928.
5,968,000 6,541,000
6,731,000 6,563.000
11,100.000 10,135,000
14,350,000 13,307,000
16,865,000 18,986,000
19,761,000 18,421,000
18.984.000 19,901,000
21.411,000 21,970.000
19,828,000 a20,460,000
18,105,000 19,836,000
11,619,000
6,200,000
1927.
1928.
22,914,000 25,116,000
23,563,000 27,349,000
23,922,000 27.445,000
23,654,000 27,627.000
23,503,000 25.984,000
20.972,000 25,029.000
19,397,000 22,580,000
16,292,000 a19,374,000
13,996,000 a16,799,000
13.141.000
14.495
16,022,000
22,082,000
171,908,000
170,922,000
a Revised. b Maine began producing April 1928, and shipping May. 1928.
The statistics above presented are compiled from reports for October from
all manufacturing plants except two for which estimates have been included
in lieu of actual returns.
Fair Copper Sales at Steady Prices-January Needs of
Consumers Mostly Covered.
Demand for non-ferrous metals was in average volume
in the past week with prices generally steady. In copper
the situation underwent little change, "Engineering and
Mining Journal" reports, with the metal obtainable from
all sellers at 16 cents, delivered in the Connecticut Valley,
and 16Y cents in the Middle West. The report goes on to
say:
It is thought that most of the January requirementsin coppexihave been,
purchased, and also about a third of the February needs of consumers.
About 60% of the week's business was for February shipment, 30% for
January and 10% for December.
The foreign call for copper has been quiet so far this month at the unchanged level of 16M cents, c.i.f. basis. A good amount of November
remains to be bought for foreign account, though the strike in Germany
may have a slightly adverse effect on consumption.
Continued weakness in the London price of spot lead culminated in a reduction of the contract price here, the revised quotation being 6.35 cents.
New York. Business was moderate and virtually all of the sales were for
prompt or nearby delivery.
Zinc sold in good tonnage for the fourth successive week at unchanged
prices. The galvanizing business is more active.
Tin prices have been firm, advancing about M cents per pound during
the week. Consumer business has been about normal.
World Stocks of Slab Zinc Decline-Total on Nov. 1
Estimated at 67,200 Tons.
A. J. M. Sharpe, honorary foreign correspondent of the
American Zinc Institute, Inc., estimates world stocks of
slab zinc Nov. 1 at 67,200 metric tons of 2,204.6 pounds each,
compared with 68,300 tons on Oct. 1, a decrease of 1,100
tons. The following table gives in metric tons Mr. Sharpe's
estimate of zinc stocks in the various countries:
Nov.1'28. Oct.1'28. Sept.1'28. July 1'28. Jan.1'28. Jan.1'27.
43,500
40,300
41,800
40,300
37,000
19,800
United States
4,200
4.000
4,300
4,500
2,400
3,200
Canada
4.000
4,200
x3,800
4,000
2,800
2,400
Australia
4,600
5,800
3,800
6,100
Germany and Poland- 5,500
9,500
6,000
5,600
6,200
5,200
4,200
4,000
Belgium
1,400
1,100
700
1,300
1,100
1,000
Great Britain
800
800
800
800
600
500
Far East
3,700
4,300
y3,700
3,800
1,900
3,200
Elsewhere
67,200
68,300
65,100 64,200
Total
a Including afloat. y Including 700 tons in France.
56,100
43,600
a decrease of 64,000 tons. The result is that the lead industry has
just reached that point when a steady improvement in the statistical
position can be expected, whereas the zinc industry is still suffering
from slight over-production coupled with the fear that output will expand
next year to a further extent beyond consumptive needs.
How moderate the producers need have curtailed zinc production this
year is apparent from a glance at world stocks. These in 10 months
have only grown by approximately 14,000 tons, which in turn proves that
the bulk of the enhanced production has passed readily into consumption. Had, therefore, producers agreed among themselves to voluntarily
"cut" output to the trifling extent of 5,000 tons a month, the statistical
situation at the present time would have been strong in the extreme and
the market would not have remained in the doldrums.
With various new works operating, approaching completion, and
planned, it is more necessary than ever for the producers of the world
to get together for the purpose of bringing about rectification. That
surely ought to present no insuperable difficulty today, having regard to
the fact that the European smelters are members of a cartel and can
thus talk with one voice with the American Zinc Institute as representative of the smelting interests in North America.
At time of writing hopes are centered upon an understanding being
reached at the next conference in Brussels, whereby American interests
will agree in principle to a revised proposal to be submitted to them
and thus permit of the present European zinc cartel being converted
into a powerful organization of worldwide scope. Given such an outcome, zinc would enter upon a new era with results perhaps in time as happy
as in the 1928 history of copper.
Belgium has taken the leading part in this new zinc organization,
and German smelters have now fallen into line in approving the steps
taken by the Belgians for widening the scope of the cartel by inclusion
of Australian, Canadian and United States interests. The Belgian zinc
industry has perhaps more to gain than the German or the French industry, where the entire domestic production is fabricated locally. In
Britain, also, the combined output of the home smelters is required for
domestic consumption; indeed, the annual production of 55,000 metric
tons is but a small proportion of the zinc consumed in Great Britain.
But, as we have emphasized on so many occasions, the zinc smelting industry in England is unlikely to ever grow into anything worth while,
and will need some kind of protection even to be maintained at Its
present level after June 1930, when the arrangement whereby it is
provided by H. M. Board of Trade with Australian concentrates on
ultra-favorable terms expires.
To yield a reasonable return upon the capital employed, a higher selling price is as necessary to the majority of producers In the United
'States as elsewhere; thus, the sooner the world situation is regulated
and established on such a footing that production is strictly limited to
consumptive needs the better for everyone concerned. The accomplishment
of that end requires such a slight trimming of output, if carried out
nationally, as to create a minimum of embarrassment if there be unanimity
on the question. In such discussions the principal bone of contention will
be the increasing production of high grade zinc.
Unfilled Orders of United States Steel Corporation
Again Show Increase.
The United States Steel Corp. in its usual monthly report
released last Saturday (Nov. 10) placed unfilled tonnage on
books of the subsidiary corporations as of Oct. 31 1928 at
3,751,030 tons, an increase of 52,662 tons compared with
the previous month. Unfilled orders on books as of Oct. 31
1927 aggregated 3,241,040 tons and on Oct. 31 1926 were
3,683,661 tons. A comparison of the amounts back to
1923 is shown below. Figures for earlier dates may be
obtained from our issue of April 17 1926, page 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF U.6 5 EEL CORPORATION.
192S
.
9
1927.
1924.
End of'Month 1928.
4,275,947 3,800,177 4,882,i39 5.037,323 4.798,429 6,910,778
January
February, __
3.597,1194,616,822 5.284.771 4.912,901 7,283,989
4..335.206 3,553.140 4,379,935 4,863,584 4,782,807 7,403.332
'
March
3,872,133 3.456,132 3,867,976 4.446,568 4,208,447 7,288,509
April
May
3,416,822 3.050.941 3.649.250 4,049.800 3,628,089 6.981,851
3,037,009 3.053.246 3,478,642 3,710,458
6.3.262,505386,261
June
3,570,927 3,142.014 3,602,522 3,539,467 3,187.072 5,910,763
July
3,624,043 3.196,037 3.542.335 3,512.803 3.289,577 5.414.663
August
3,698,368 3.148.113 3,593,509 3,717,297 3,473,780 5.035,750
September
3,751,030 3.341,040 3,683.661 4.109,183 3.525,270 4,672,825
October
3.454.444 3,807.447 4,581.780 4.031,969 4,368,584
No vember
3,972,874 3.960.969 5.033.364 4.816.676 4.445.339
December ......
Steel Output Declines-Further Advance in Pig Iron
Prices-Steel Prices Maintained at Recent High
Level.
Steel production, although still heavy, has receded from
the record-breaking rate of October, says the "Iron Age" on
Nov. 15 in its weekly summary of the iron and steel markets.
The reduced raw material needs of steel works have tended
to relieve the tension in the pig iron market, notably in
the Valleys, and have been reflected in another decline
in heavy melting scrap at Pittsburgh-the third drop of
25c. a ton in three consecutive weeks, continues the "Age,"
adding:
Pig iron prices in territories where surplus stocks of steel company blast
furnaces are not an important market factor continue to gain in strength.
Advances of 50c. a ton have been made by producers in Buffalo, eastern
Pennsylvania, southern Ohio, and Michigan.
Steel prices, likewise, remain buoyant. Several independent mills have
announced increases of $2 a ton on sheets and $1 a ton on sheet bars,
which are likely to win general adoption. Bars, plates and shapes are
2756
FINANCIAL CHRONICLE
expected to be marked up to 2c. Pittsburgh, or $1 to $2 a ton above current
prices. With consuemrs well covered on their requirements through the
rest of the year, the new quotations will apply principally to contracts
for first quarter. While some inquiry for that period has appeared,
especially sheet tonnage,inventory considerations and the volume ofdemand
between now and the year end may affect the success of the advances.
The decline in steel output since October has not been sharp. In the
Greater Pittsburgh district ingot production now averages 85%. compared
with a recent rate of over 90%. Steel Corporation subsidiaries are operating
at 80% of capacity, against 85% last week. Making liberal allowance
for possible further recessions in output, total production for the year will
be close to 50.000,000 tons, a gain of more than 6% over the previous
record, made in 1926.
November thus far has seen a gradual reduction in mill backlogs. The
unfilled tonnage statement of the Steel Corporation for October, however,
indicates that producers are well fortified for a less active market. Despite
record-breaking output, the Corporation's unfilled orders on Oct. 31
showed a gain for the month of nearly 53,000 tons and also stood 67,000
tons higher than on the same date in 1926.
Further curtailment in the operations of the automobile industry has
been a major factor in Influencing the current trend of steel specifications
and production, but some recovery is looked for in the motor car field
next month, and generous first quarter inquiries for sheets and strip steel
point to heavy automotive requirements next year.
Meanwhile, the outlook in other steel consuming lines is distinctly
favorable. Railroad equipment purchases, totaling 6,800 freight cars
mostly for Canadian roads, were the heaviest in many weeks Structural
steel awards. at 55,000 tons, were also unusually large. The rail buying
movement brought out an order for 19,500 tons from the Burlington.
Farm equipment makers, road machinery manufacturers and a wide miscellany of consumers continue to take steel at a virtually unchanged rate.
A gas line from Tulsa. Okla., to Lockport, Ill., requiring 60.000 tons
of pipe, Is reported placed with a Youngstown mill. A pipe line in Philadelphia will take 10,000 tons of plates, on which bids have been taken.
Improvement in the oil industry is expected to result in a heavier demand
for drill pipe and casing.
The rising trend of pig iron prices has brought out further buying for
first quarter, as well as for current needs. Sales at St. Louis, at 46,000
tons, bring the total for the past two weeks to over 90,000 tons. A large
part of this pig iron was basic grade for melters catering to the railroads.
Bookings by Cleveland furnaces, at 55,000 tons, compare with 69,000 tons
in the previous week.
Proposed advances in finished steel prices include an increase of $2 a
ton on wire products for first quarter delivery. Greater strength in cold
rolled strip is evidenced by the fact that the recent advance of $2 a ton
is holding and small tonnages are commanding 2.95c., Cleveland or Pittsburgh, a further increase of $2 a ton. On the other hand, a softer situation
in alloy steel bars is indicated by reports of 2.65c., base mill, a concession
of $2 a ton from recent quotations.
Steel ingot production in October established new records for both
total output and production per day. The figure for the 31 days. 4,647,891
tons, compares with 4.535,272 tons in March, 1927, the previous record.
The daily average, 172.144 tons, surpassed the rate of 172,103 tons of
April, 1928, the former peak.
The lockout of German steel workers has been reflected in higher quotations on Continental steel by New York importers.
Another rise in the "Iron Age" pig iron composite price-the ninth in
-has pushed it up to $18.50 a ton, the highest figure since
three months
July. 1927. Last week it was $18.34. Finished steel remains at 2.369c.
a lb., as the following table shows:
Pig Iron.
Finished Steel.
Nov. 13 1928, 518.50 a gross ton.
Nov. 13 1928, 2.369c. a pound.
$18.34
2.369e. One week ago
One week ago
17.84
2.3620. One month ago
One month ago
17.63
2.293c. One year ago
One year ago
15.72
1.6890. 10-year pre-war average
10-year pre-war average
Based on average of basic Iron at Valley
Based on steel bars, beams, tank plates.
Chicago,
wire, rails, black pipe and black sheets, furnace and foundry Irons at and firthese products constituting 87% of the Philadelphia, Buffalo. Valley
mingham.
United States output of finished steel.
Low.
High.
Low.
High.
1928_2.3690. Oct. 30 2.314c. Jan. 3 1928-$18.50 Nov. 13 $17.04 July 24
Nov. 1
1927__2.453o. Jan. 4 2.293c. Oct. 25 1927___ 19.71 Jan. 4 17.54 July 13
1926-_2.453c. Jan. 5 2.403c. May 18 1926._ 21.54 Jan. 5 19.46 July 7
Jan. 13 18.96
1925-2.560c. Jan. 6 2.396c Aug. 18 1925._ 22.50
Nov. 3
1924_2.789c. Jan. 15 2.460e Oct. 14 1924._ 22.88 Feb. 26 19.21 Nov.20
1923-_2.824c. Apr. 24 2.446c. Jan. 2 1923._ 30.86 Mar.20 20.77
Advances of $2 per ton on sheets and cold rolled strip and
$1 on some semi-finished steel lines, following the recent
extraordinary upswing in pig iron, are undoubtedly forerunners of a general steel price rise, reports the "Iron Trade
Review" of Cleveland in its summary of iron and steel
conditions. The "Review" further states:
for the
An increasing volume of inquiry for steel bars, plates and shapes
products shortly,
first quarter is likely to develop a stand on these major
finishers are
and present indications point to a higher market. Cold bar
plate
expected to reflect any change in hot bars. Wire product and tin
prices are under discussion.
advances they may exIf producers can establish another series of price
months.
tinguish the buyers' market which has harried them for many
extensive,
Coverage for the remainder of the year at current prices has been
early, the
and
but with inquiry for first quarter material unusually broad
the new prices.
desire of consumers for protection may expedite a test of
is strengthened 6y the all-time
Sentimentally the position of producers
is the more notesteel ingot record which was set In October. This record
and has not
worthy because it occurred in the fall instead of the spring hands. Alconsumers'
bequeathed large stocks either in producers' or
Steel corporation
though the fifth consecutive gain in unfilled tonnage of the
contracting for track
may be partially discounted because of seasonal
is unprecedented
material, neverthelss an increase at a time when production
being taken by inIs significant. The lead in advancing prices this time is
dependents.
than a month ago.
Participation in the steel markets continues less broad
the past week have
but the total is scarcely affected. Freight car orders
line projects call for
been the heaviest of the year. Four active pipe
steel are passing the
250.000 tons of pipe. Automotive specifications for
schedule new models.
low point and should turn up shortly as makers
peak. At Cleveland
Activity in pig iron Is only a shade off the recent
majority being for first half
55.000 tons has been sold the past week, the
Louis is 32,000 tons of
delivery. Included in 50.000 tons placed at St.
the past two weeks.
basic, making 70,000 tons of this grade covered in
rate of the year, and in the
Bookings at Chicago have been at the highest
the Detroit and Toledo
Past ten fully 50,000 tons has been ordered. With
-ye exhausted its
ha
furnaces stronger, the market at Chicago may not yet Mahoning valley
the
strength on this rise. Bessemer iron Is up 50 cents in
established. First-quarter
and recent advances in other grades are being
[VOL. 127.
books may be opened at Birmingham this week. In the eastern markets
pig iron displays little of the activity of the Middle West.
Canadian car builders benefit exclusively from the 3,745 freight and passenger cars distributed by the Canadian National and 3,379 by the Canadian
Pacific railroads. The American Refrigerator Transit Co. has placed 1,000
refrigerator cars and the Northern Refrigerator Co. 300. Repairs to 500
hopper cars have been ordered by the Buffalo, Rochester & Pittsburgh.
The Burlington has ordered out 20,000 tons of rails from western mills.
Fully 100,000 tons of rails and 30,000 tons of track fastenings are actively
on inquiry in Chicago.
When steel ingot output in October reached 172.144 gross tons daily
It surpassed the 172,103 tons of last April and set a new high record. The
4,647.891-ton total for October constitutes the greatest tonnage for any
month. In October 91.3% of ingot making capacity was engaged, compared with 88% in September and 69.3% last October. Steelmaking this
week holds at 85 to 87% with steel corporation subsidiaries below 85%•
Connellsville beehive furnace coke has reacted slightly as increased production has outrun demand. Iron and steel scrap prices are somewhat easier
though efforts to cover at reported weaker levels are generally unavailing.
Sheet bars are up $1 to $34, at Pittsburgh, Youngstown and Cleveland,
with one maker quoting $35 at Chicago. Some makers of billets are asking
D10113.
Since steel producers and labor locked horns in the Ruhr district 60
blast furnaces have been banked and the daily loss in production is 32,000
tons of pig iron and 45,000 tons of steel, states an "Iron Trade Review"
cable from London. French and Belgian works are booking good export
orders. British steel output increased 5% in October and 5 more blast
furnaces were active Nov. 1 than Oct. 1.
Pig iron continues to give marked impetus to the "Iron Trade Review"
composite of fourteen leading iron and steel products. This index this
week is up 12 cents, to $35.93. the highest since Sept. 1927.
Rogers Brown & Crocker Bros., Inc., writing under date
of Nov. 15, say that pig iron inquiry for next year is expanding, and the tone of the market buoyant with some
farther price advances recorded. In most districts the foundry melt continues to increase and prospects appear bright.
In spite of the favorable operating conditions which now
prevail, furnaces are scarcely able to keep up with their
customers' requirements. They add:
Ferro Alloy consumers continue to cover their next year's needs. There
are no price changes.
Foundries are calling for heavy deliveries of coke. New sales are few
and there Is little change in price. Despite the warm weather, domestic
sizes are active and the market is strong. Some price advances have been
made a number of producers are sold up for the time being.
Shipments October, 1928, Heavier Than in
1927.
The shipments of anthracite for the month of October,
1928, as reported to the Anthracite Bureau of Information,
Philadelphia, amounted to 6,618,256 tons as compared with
5,701,707 tons during the same month last year, indicating
an increase of 916,549 tons. Compared with the preceding
month of September, October shipments show a decided increase amounting to 1,025,628 tons. Shipments by originating carriers for October were as follows:
Anthracite
Reading Company
Lehigh Valley
Central RR. of New Jersey
Delaware, Lackawanna & Western
Delaware & Hudson
Pennsylvania
Erie
New York, Ontario & Western
Lehigh & New England
Oct. 1928. Oct. 1927.
1,128.115
1.1136 .326
855,244
1,155,891
597,743
662,115
877,481
970,571
698,441
860,478
542,917
532,037
536,257
676,390
184,286
184,267
281,223
240,181
6,618,256
5,701,707
-Running Far Ahead of 1927
Bituminous Coal Output
-Anthracite Production Lower.
According to the United States Bureau of Mines, the
production of bituminous coal during the week ended Nov.3
1928 totaled 11,166,000 net tons, an increase of 2,139,000
tons as compared with the output for the week ended Nov.5
1927. The production of anthracite for the week ended
Nov. 3 1928 amounted to 1,388,000 net tons, a decrease of
180,000 tons as compared with the corresponding period
in 1927 and 571,000 tons less than the total output for the
week ended Oct. 27 1928. This latter decrease was due in
part to the observance of Mitchell Day, Oct. 29 1928 as a
holiday. The Bureau of Mines report is as follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended Nov. 3. including lignite and coal coked at the mines, is estimated at 11,168.000
net tons. Compared with the output in the preceding week, this is a
decrease of 82,000 tons, or 0.7%.
Estimated United States Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
1927
1928Cal. Year
Cal. Year
to Date.a
Week.
to Date.
Week.
423,992,000
10,285,000
386,119,000
10.832,000
Oct. 20
1,705,000
1,714,000
1,552,000
1,805,000
Daily average
434,011,000
10,019,000
397,367,000
11,248,000
Oct. 27_13
1,704,000
1,670,000
1,560,000
1,875,000
Daily average
443,038,000
9,027,000
408.533,000
11,166,000
Nov 3 c
1.699.000
1,505,000
1,566,000
1,861,000
Daily average
a Minus one day's production first weel. In January to equalize number of digs
two years. b Revised since last report. c Subject to revision.
in the
The total production of bituminous coal during the present calendar
year to Nov. 3 (approximately 261 working days) amounts to 408.533,000
net tons. Figures for corresponding periods in other recent years are given
below:
308,032,000 net tons
443,038,000 net tops 1924
1927
483,707,000 ret tons
465,883,000 Pet tons 1023
1926
333,944.000 net tons
422,927,000 net tons 1922
1925
2757
FINANCIAL CHRONICLE
Nov. 17 1928.]
As already indicated by the figures above the total production of soft
coal for the country as a whole during the week ended Oct. 27 amounted to
11.248,000 net tons.
Estimated Weekly Production of Coal by Stales (Net Tons).
Week Ended
Oct. 1923
Average.a
Oct. 27'28. Oct. 2028. Oct. 29'27. Oct. 3026.
State
330,000
452,000
333,000
312,000
398,000
Alabama
50,000
61,000
46,000
45,000
28,000
Arkansas
229,000
92,000
247,000
192,000
217.000
Colorado
1,124.000
1,186.000 1,164,000
1,683.000
1,558,000
Illinois
277,000
332,000
550,000
275,000
520,000
Indiana
70,000
43,000
108,000
116,000
67.000
Iowa
122,000
55,000
54,000
67.000
91.000
Kansas
1,053,000
942.000
995,000
764,000
Kentucky-Eastern _ 1,116,000
371.000
318,000
334,000
325,000
238,000
Western
62,000
59,000
56,000
72,000
35,000
Maryland
3,000
1,000
11,000
19,000
28,000
Michigan
78,000
78,000
77,000
82,000
70,000
Missouri
93,000
96,000
71,000
78.000
82,000
Montana
59,000
56,000
68,000
62.000
58.000
New Mexico
64,000
49,000
61,000
49,000
36.000
North Dakota
435,000
408.000
182,000
731,000
817,000
Ohio
70,000
74,000
74,000
70,000
60,000
Oklahoma
2,880,000 2,744,000
2.604,000 3,563,000 3,149,000
Pennsylvania
113,000
90,000
113,000
122,000
118,000
Tennessee
18,000
20,000
21,000
29,000
26,000
Texas
125,000
130,000
99,000
96.000
121,000
Utah
279,000
254.000
250,000
311,000
231,000
Virginia
50,000
50,000
53,000
68,000
68,000
Washington
2,355,000 1,521,000
W. Va.-Southern b_ 2,310,000 2,179,000 2,004,000
850,000
824,000
859,000
929,000
772,000
Northern c
168,000
143,000
190,000
160,000
184,000
Wyoming
1,000
1,000
6.000
5,000
4,000
Other States
Total bituminous-11,248,000 10,832,000
1,994,000
Pennsylvania anthra_ 1,959,000
9.980,000 13.374,000
1,727,000
1,793,000
11,310,000
1,968,000
13,207,000 12,826,000 11,707,000 15,167,000 13.278,000
Total all coal
a Average rate maintained during the entire month. b Includes operations on
the N. St W.; C. de O.; Virginian; K. & M., and Charleston division of the B.& G.
c Reet of State, including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended Nov. 3, is
estimated at 1.388,000 net tons. The decrease of 571,000 tons, or 29.1%
was due in part to the observance of Mitchell Day, Oct. 29, as a holiday.
The average rate of output for the five active days was 15% lower than
for the preceding week.
Estimated United States Production of Anthracite (Net Tons).
1928
1927
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.a
Week Ended
1.994,000
60,409,000
1,799,000
65,460,000
Oct. 20
1,959,000
62,368,000
1,727,000
67,187,000
Oct. 27
68,755,000
Nov. 3_b
a Minus one day's production first week in 'January to equalize number of days
n the two years. b Subject to revision. Five-day week.
BEEHIVE COKE.
The total production of beehive coke during the week ended Nov. 3
1928 is estimated at 99,000 net tons, a decrease of 1% as compared with
the preceding week, but represents an increase of 5.3% as compared with
the total output for the week ended Nov. 5 1927.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1928
1927
to Date.a
Nov.3'28.b Oct. 27'28. Nov.5 . to Date.
Pennsylvania and Ohio__
80,000
79,000
66,000 2,583,000 4,803,000
15,000
499,00
West Virginia
7,000
8,000
683,000
5,000
129,000
222,000
Ala., Ky., Tenn. and Ga..
2,000
4,000
Virginia
5,000
211,000
5,000
279,000
7,000
4,000
193,000
311,000
Colorado. Utah & Wash
6,000
United States total____
99,000
100,000
94,000 3,615,000 6,298,000
16,700
15,700
13,700
23,900
Daily average
16,500
a Minus one day's production first week in January to equalize number of days
in the two years. b Subject to revision.
Higher Spot Prices for Bituminous Coal
-Production
Shows Large Gain.
Higher average spot prices in the face of a substantial
increase in output over September was the outstanding
feature of the bituminous coal markets of the country last
month, the "Coal Age" on Nov. 15 stated. The weighted
average spot price of bituminous coal for October was $1.87
per ton, f.o.b. mines, against $1.81 in September. The index
/
1
,
number for October settled at 1542 which compares with
1481 in September, adds the "Coal Age," which is further
/
2
quoted:
The increase in production reflected a slightly broader industrial market, heavier buying on the part of domestic consumers and retail distributors, and larger production from union districts where wage differences between operators and miners had been composed. Inasmuch
as a substantial portion of this tonnage carried a high sales price, this
increase had a marked effect upon country price levels.
Production of bituminous coal in October totaled 60,267,000 tons,
as against 41,301,000 tons in September. About 8% of this tonnage was
absorbed by the lake trade.
October was a good month for anthracite with production rising to
8,621,000 net tons, as compared with 6,036,000 tons in September and
7,363,000 tons in October 1927. Domestic sizes were in good demand in
the leading Eastern markets. At times there was a scarcity in some sizes,
particularly during the last week, when stove was short and some shippers
endeavored to use it as a leverage to force the sale of other sizes.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Nov. 14, made public by the Federal Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows decreases for the week of
$100,000,000 in holdings of discounted bills, of $10,400,000
in Federal Reserve note circulation and of $9,300,000 in
Government deposits, and increases of $25,800,000 in holdings of bills bought in open market, of $34,700,000 in member
bank reserve deposits and of $19,700,000 in cash reserves.
Total bills and securities were $74,300,000 below the amount
held on Nov. 7. After noting these facts, the Federal Reserve Board proceeds as follows:
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
thefollowing Monday, before which time the statistics covering the entire body of reporting member banks-now 630
cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
The principal changes in holdings of discounted bills for the week were in advance of the full statement of the member banks, which
decreases of $100,100,000 at the Federal Reserve Bank of New York,
will not be available until the coming Monday. The
$26,900,000 at Chicago and $9,700,000 at San Francisco, and increas?s of latter
$18,300,000 at Boston, 39,500,000 at Philadelphia and $9,100,000 at New York statement, of course, also includes the brokers'
Cleveland. The System's holdings of bills bought in open market increased loans of reporting member banks, which this week show a
$25,800,000 and of Treasury csrtificates $5,000,000, while holdings of
comparatively small change of $1,849,000, an increase over
Treasury notes declined 35,300,000.
Federal Reserve note circulation shows an increase of 54.000,000 at the last week's total, the grand aggregate of these loans on Nov.14
Federal Reserve Bank of Cleveland. $3,100,000 at Philadelphi and 31,600,- being $4,980,817,000 against $4,978.968,000 on
Nov. 7.
000 at Richmond, and decreases of $9,300,000 at New York, 35,400,000 at
The total for this week sets a new high figure for these loans,
Chicago, and $10,400,000 at all Federal Reserve banks.
The statement in full, in comparison with the preceding the previous record being the amount reported last week
week and with the corresponding date•last year, will be ($4,978,968,000).
found on subsequent pages-namely, pages 2784 and 2785. CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
A summary of changes in the principal assets and liabilities
New York-45 Banks.
banks during the week mill the year ended
of the Reserve
Nov. 14 1928. Nov. 7 1928. Nov. 16 1927.
Nov. 14 is as follows:
Loans and investments, total
7,226.308,000 7,328,503,000 6,987,762,000
Total reserves
Gold reserves
Increase 1+) or Decrease (-)
During
Week.
Year.
+519,700,000 3238,500,000
+16,400,000
-230,300,000
Total bills and securities
Bills discounted. total
Secured by U. EL Govt. obligations
Other bills discounted
-74,300,000
-99,900,000
-59,200,000
-40,600.000
Bills bought in open market
U.S. Government securities, total
+25,800,000
+140,600,000
-300,000
-5.300,000
+5,000,000
482,500,000
-210,400,000
+56,400,000
328,500,000
10,400,000
+25,600,000
+21,000,000
+34,700,000
-9,300,000
160.300,000
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government dePOSlin
+151,500,000
+490,100,000
+298.000.000
+192.100,000
-135.500mo
4 12.300.000
-
Loans and discounts, total
5,322,184,000 5,419,689,000 5,137,473,000
Secured by U. S. Govt. obligations-- 37,134,000
49,529,000
39.556,000
Secured by stocks and bonds
2,505,971,000 2,596,820,000 2.451,646,000
All other loans and discounts
2,779,079,000 2,773.340,000 2,646,271,000
Investments, total
1,904,124,000 1,908,814,000 1,850,289.000
1 084,457,000 1,098,944,000
U. S. Government securities
Other bonds, stocks and securities_ -. 819.667.000 809,870.000
Reserve with F. R. Bank
Cash in vault
707,016,000
56,230,000
712,138,000
60,561,000
943,202.000
907.087,000
791,877,000
58.038,000
Net demand deposits
Time deposits
Government deposits
5,198,350,000 5,209,778,000 5.461,548,000
1,215,304,000 1,206,311,000 1,057,203,000
22,047,000
27,561,000
74,581,000
Due from banks
Due to banks
111,263,000
98,495,000 105,769,000
1.191,886,000 1,193,185,000 1,325,368,000
Borrowings from F. K. Banks, total
Secured by U. S. Govt. obligationsAll other
108,343,000
202,813,000
64.818.000
89,505.000
18,838,000
162,440,000
40,373,000
49,660,000
15.268,000
FINANCIAL CHRONICLE
2758
.7
Nov. 14 1928. Nov. 1928. Nov. 16 1927.
$
$
$
Loans to brokers and dealers (secured by
stocks and bonds:
994,367,000 1,064,398,000 1,202,833,000
For own account
For account of out-of-town banks-1.751,460,000 1,726,406,000 1,260,215,000
2,234,990,000 2,188,164,000 993,067,000
For account of others
4,980,817,000 4,978,968,000 3,456,115,000
Total
4,347,490,000 4,368,173,000 2,641,797,000
633,327,000 610,795,000 814,318,000
On demand
On time
Loans and investments, total
Summary of Conditions in World's Markets According
• to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication Nov. 17, the following summary of market
conditions abroad, based on advices by cable and radio:
-43 Banks.
Chicago
2,056,338,000 2,069,325,000 1,997,402,000
Loans and discounts, total
1,596,083.000
Secured by U. S. Govt. obligations—. 14.869,000
804,038,000
Secured by stocks and bonds
777,176,000
All other loans and discounts
460,255,000
Investments, total
203,840,000
256,415,000
U.S. Government securities
Other bonds, stocks and securities
Reserve with F.R.Bank
Cash In vaul
Net demand deposits
Time deposits
Government deposits
186,231,000
18,153,000
ARGENTINA.
Business throughout the week was good; the weather favorable; and the
is optomistic. Imports continue to be heavy and exports are imoutlook
1,607,491,000 1,528,962,000 proving. As
compared with the corresponding period of the previous year.
14,449,000 exports during the first ten months of 1928 decreased 9.9% in tonnage,
14.217,000
804,970,000 839,196,000 but increased 2.4% in value, the decrease in tonnage being principally
788,304,000 675,317,000 due to a decline of 1.526,000 tons in the case of corn and 174.000 tons in the
461.834,000 468,440,000 case of meats.
BRAZIL.
204,249,000 207,276.000
Business has been quiet and exchange steady with few transactions and a
257,585,000 261,164,000
scarcity of export bills. Two large failures in Rio de Janeiro and one in
180,120,000 183,826.000 Maranhao have caused general uneasiness and uncertainty. Bank discount
18,747,000 rates remain unchanged, but money is tight. Coffee has been steady.
18,512.000
1,262,471,000 1,273.023,000 1,314,822,000
671,941,000 673,551.000 623,626,000
27,252,000
5,366,000
4,293,000
Due from banks
Du to banks
Borrowings from F. It. Bank, total
Secured by U.S. Govt. obligations—
All other
177,828,000
349,448,000
163,483,000
349.062,000
167,223,000
379,769,000
67,786,000
64,301,000
8,486,000
38,688,000
29.098,000
26,998,000
37,303,000
5,686.000
2,800,000
Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
numbering 630, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Nov. 12:
Complete
[VOL. 127.
BRITISH MALAYA.
Business conditions are unchanged, trade remaining quiet. Merchants
are still cautious, awaiting the clearing up of the rubber situation.
CANADA. •
No important change is recorded in the Canadian economic situation for
the week ended Nov. 10. Colder but open weather is stimulating retail
trade in the Eastern Provinces while maintaining the volume of construction
at higher than the usual level for this season. Trade and manufacturing
continue generally active, and employment good. Grain movement to
seaboard continues heavy, with shipments from Atlantic and Pacific ports
very much ahead of last year. Exports from Vancouver during the week
included a cargo of 285,000 bushels of No. 3 Northern wheat consigned to
Calcutta for milling.
CHINA.
Race
-week holidays and local celebrations of the enthronement of the
Japanese Emperor have caused the temporary suspension in Shanghai of
practically all business activities other than routine matters. However.
during the past week the Nationalist Government closed contracts with an
American communications concern for supplying equipment for a wireless
station at Shanghai. The equipment is valued at 3170,000, exclusive of
installation costs, with a guaranteed range varying from 2,500 to 9,000
miles. It is also semi-officially reported that the Nationalist Government
has signed contracts with German interests providing for the construction
of four one-kilowatt automatic short-wave length stations to be located at
Shanghai, Tientsin, Hankow,and Canton. The general situation in North
China remains unchanged. Slight improvement is reported in conditions
on the Pei Ho and Hai Ho rivers, permitting vessels of ten foot draft to
enter Tientsin harbor.
COLOMBIA.
Puerto Colombia (the port for Barranquilla) is congested with ships and
there are no indications of amelioration of the situation. For this reason
certain American steamship companies are considering the discontinuance
of their freight steamer service to that port, and the European steamship
companies have already increased their freight rates in Europe 15%•
Present indications point to low water in the Magdalena river next year
similar to the very bad river condition experienced in 1926, and although
more river steamer tonnage is now available, no improvement in the movement of freight on the river has been effected. Business in the Barranquilla
district is dull and it is suggested that caution be exercised in accepting
orders against further credit except to a very few established firms of proved
reputation.
GERMANY.
German business conditions at the beginning of November were irregular
but in the main unsatisfactory. Domestic sales continue to decline and only
the export industries are fully occupied. Wage difficulties have led to an
extensive lockout in the steel industry, resulting in almost complete suspension of production which is in turn adversely effecting the coal and steel
consuming industries. The textile industry is still operating on a parttime basis and the shoe and leather trades continue dull. Conditions in the
chemical, paper and electrical industries remain satisfactory due largely
to recent substantial increases in export sales. Unemployment is at a
considerably higher level than at this time last year, but the rate of increase
has so far been moderate. The credit situation is favorable and interest
rates are relatively low with money plentiful. While the existing easiness
of the money market reflects a diminished demand for commercial credit,
it is due also to the continued presence of a large volume of foreign, particularly American, short-term money. Foreign borrowing was again at a
low level in October following a temporary revival in September while the
domestic investment market revived to some extent. The foreign trade
situation improved greatly in September. Imports, amounting to 1.078,000,000 marks, were approximately the same as in August. Exports increased, however, from 1,026.000,000 marks in August to 1,059,000,000
marks in September, thereby exceeding any previous month in the post-war
period. The wholesale and retail price indexes remained unchanged.
The Federal Reserve Board's condition statement of 630 re's:Int-nig
member banks'in leading cities as of Nov. 7 shows increases for the week
of 832,000.000 each in loans and discounts and in borrowings from the
Federal Reserve banks, and decreases of $57,000,000 in investments,
of 819,000,000 each in net demand and time deposits, and of $43,000,000
in Government deposits.
Loans on stocks and bonds, including U. S. Government obligations,
were 867,000,000 above the Oct. 31 total at all reporting banks, an increase of $58,000,000 being reported by member banks in the New
York district, of $7,000,000 in the Chicago district and of $5,000,000
In the Boston district. "All other" loans and discounts declined 815,000.000 each in the New York and Chicago districts, $10,900,000 in the
Boston district and $6,000,000 in the Dallas district, and increased $8.000,000 in the San Francisco district, all reporting banks showing a net
reduction of $35,000,000.
Holdings of U. S. Government securities were $18,000,000 lower than
the week before, the San Francisco and Cleveland districts reporting
declines of 88.000.000 and $7,000,000, respectively, and the Boston district
an increase of $6,000,000. Holdings of other bonds, stocks and securities
declined $27,000,000 in the New York district, $6,000,000 in the Chicago
district, and $38,000,000 at all reporting banks.
Net demand deposits, which at all reporting banks were 819,000,000
below the Oct. 31 total, declined $57,000,000 in the New York district
and $16,000,000 in the Cleveland district, and increased $25,000,000
in the Chicago district $9,000,000 in the San Francisco district. $8,000,000
In the Philadelphia district and 87,000,000 each in the Richmond and
Atlanta districts. Time deposits show a decrease of $10,000,000 at reporting banks in the New York district and of $19,000,000 at all reporting
banks.
The principal changes in borrowings from the Federal Reserve banks
for the week were increases of $336.000,000 at the Federal Reserve Bank
of New York, $14,000,000 at Cleveland and $6,000,000 at San Francisco,
and decreases of $15,000,000 at the Chicago bank, $8,000.000 at Philadelphia and $7.000,000 at St. Louis.
A summary of the principal assets and liabilities of 630 reporting member
banks, together with changes during the week and the year ended Nov. 7
1928 follows:
Increase (+) or Decrease (—)
During
JAPAN.
Year.
Week.
Nov. 7 1928.
$
Seasonal improvements are evident in the cotton trade. Trade with
22,474.402,000 •-24,688,000 +1,175,066,000 China is reported good, and the boycott apparently Ineffective. Stock exLoans and investments, total
believed that the enthronement of
16,098,670.000 +31,800,000 +934,982,000 change transactions are weak. It is
Loans and discounts, total
the Emperor will deter any unusual Government or industrial activities
—2,261,000 this month.
+9,021,000
obligations 123,242,000
Secured by 11.8. Govt.
6,796,122,000 +28,129,000 +581,403,000
Secured by stocks and bonds
PERU.
9,179,306,000 —35.350,000 +355,840,000
All other loans and discounts
The general trade situation continued to be abnormally dull during the
6,375,732.000 *-56,668,000 +240,084,000 past week but with the movement of the cotton crop increasing in volume as
Investments, total
cotton prices advance an increased retail trade during the balance of the
3,013,745,000 *-18,211,000 +425,882,000 year is
Government securities
U.S.
looked tor. The Chamber ot Deputies have approved the Peruvian
Other bonds,stocks and securities. 3,361,987,000 —38,457,000 --185,798,000 Government's contract with the Compania Administradora del Guano
—50,399,000 (Peruvian Corporation) under the terms ot which the Corporation returns
1,705,819,000 —39,268,000
Reserve with F. R. banks
--17,201,000 its concession to the Government in exchange for a fee simple title to the
270,496.000 +20,426,000
Cash in vault
railroads which it has been operating.
13,345,384,000 *-18.877,000 —231,574,000
Net demand deposits
6,920,738,000 —18,938.000 +457,704,000
.
PHILIPPINE ISLANDS.
Time deposits
—28,267,000
91,767,000 --42,966,000
Government deposits
Arrivals of copra at Manila and Cebu are slightly less, partly because
arrivals at Manila
—29,212,000 the farmers have been busy harvesting rice. Total
1,200,199,000 +39,078,000
Due from banks
3,321,938.000 +12,398.000 —250,758.000 during October were 528,134 bags. All oil mills are operating. Present
Due to banks
f. o. b. prices for resecado (dried copra) delivered at Manila are 12.65 Pesos
Borrowings from F.R.banks,total_ 734,603,000 +32,085,000 +424,165,000 per picul of 139 pounds; Cebu, 12.37 pesos; and Hondagua, 11.87 pesos.
The abaca market remains firm but quiet. Buyers are offering 50 centavos
Secured by U. S. Govt. obligations 488.147,000 +25,070,000 +282.524,000
prices at which
+7,015.000 +141.641,000 (24 cents) to one peso (50 cents) per picul below last week's
246,456.000
All other
sellers are holding. Sellers of gradesfor the United States are holding firmly
• Oct. 31 figures revised.
Nov. 17 1928.]
FINANCIAL CHRONICLE
2759
criticism and advice.
the New York • the only people who sometimes engage in gratuitous
to their prices, while buyers are waiting indications from
pursuing a policy of isolation. We are
market has receded one pound We have also been charged with
market, which is now dormant. The London
attention to their
Japan are temporarily not the only people, either, who desire to give their
sterling per ton, due to heavy arrivals. Orders from
affairs. It is quite evident that both of these claims cannot be
account of the lower yen exchange, but local prices of grades own
reduced on
to be unchanged. Prices are true.
for Japan are firm. Arrivals are reported
I, 25; JUS, 21; JUK. 17; and
to mention the part played by the
nominal at 26.50 pesos per picul for grade F;
L, 14.50.
PORTO RICO.
in most nonBusiness remains steady with satisfactory sales reported
strong and large orders are
luxury lines. The demand for lumber continues
report that stocks on hand
still going forward to the mills but importers
demand. Staple foodstuffs are
and afloat are adequate to meet the current
which is now inactive following
selling well with the exception of rice,
weeks of October. Sales of beans
the heavy movement during the first three
price asked for this product. Conare slowing up on account of the high
are beginning to arrive from Europe,
siderable quantities of holiday goods
from Germany.
especially food specialties from Spain and earthenware
been reported heretofore still
The improved status of collections which has
and drug trades.
continues in most lines, the exceptions being the furniture
agriculture In the last seven
The weather has been generally favorable to
beginning to appear in local markets. From
weeks and minor crops are
grinding the 1928-29 crop
present indications few sugar mills will begin
not begin much
before the middle of January, so that the movement will
of nearly a million and a half
before the end of that month. Recent sales
leaves but a small stock in the hands of
pounds of tobacco at good prices
are good.
growers and prospects for an early sale of the remainder
SWEDEN.
Swedish saw mill workers have
The Federation of the Trade Unions of
now in
decided to give notice of the cancellation of the wage agreements
workers are involved under the existing agreement
force. About 18.000
workers have now given
which expires on Feb. 1 1929. A total of 56,400
, or actually have cancelled
notice that they will cancel wage agreements
by the wage agreements which
them. About 103,000 workers are affected
by those on which a decision has
have been prolonged, and about 46.000
workshops and the saw mills involved
not yet been made. The engineering
most important branches of industry
in these agreements are among the
in Sweden.
UNITED KINGDOM.
Representatives of all British district colliery associations have held a
coal marketing arrangefurther meeting in London looking to national
satisfactorily. Welsh
ments; the negotiations were said to be proceeding
d Cambrian group and norcolliery companies, comprising the consolidate
annually, are reported as
mally producing over 3,000,000 tons of coal
proposing voluntary liquidation as a result of unprofitable operations.
for amalgamation of the
An Order-in-Council sets Nov. 22 as the date
note issue, according
(Treasury) currency notes and the Bank of England
The amalgamation will cause
to an announcement in the London Gazette.
in the Bank. Unemployment registers showed
all note issue to be centered
in Great Britain
that the total of persons listed for work stood at 1,375,000
27, as compared with 1,295,000
and 46,000 in Northern Ireland on Oct.
and 47,000, respectively, on Sept. 24.
President Coolidge in Armistice Day Address Discusses
Cost of World War to United States—Urges Adequate National Defense to Preserve Peace—Would
Restrict Loans Abroad Since European Stability
Is Achieved.
In an Armistice Day address delivered in the Washington
(D. C.) Auditorium on Nov. 11 under the auspices of the
American Legion, President Coolidge recounted America's
part in the World War, declaring that "no citizen of the
United States needs to make any apology to anybody anywhere for not having done our duty in defense of the cause
of world liberty." The President called attention to the
fact that "the great organizing ability of our industrial
leaders, the unexpected strength of our financial resources,
the dedication of our entire man power under the universal
service law, the farm and the factory, the railroad and the
bank, 4,000,000 men under arms and 6,000,000 men in
reserve, all became one mighty engine for the prosecution
of the war. Altogether," he added, "it was the greatest
power that any nation on earth had ever assembled."
Taking cognizance of the fact that "it is sometimes represented that this country made a profit out of the war," the
President went on to say:
Nothing could be further from the truth. Up to the present time our
for our foreign debt expectations, are
own net war costs, after allowing
retire the balance of our public debt will
about $36,500,000,000. To
in interest. Our Veterans' Bureau and
require about $7,000,000,000
at over $500,000,000 a year in meetallied expenses are already running
the disabled and dependent. With what has been
ing the solemn duty to
apparent, it is probable that our final cost
paid out and What is already
0,000, or half the entire wealth of the
will run well toward $100,000,00
country when we entered the conflict.
"While our own losses were thus very large," the President
added, "the losses of others required a somewhat greater
proportionate outlay, but they are to be reduced by territorial acquisitions and by reparations. While we shall
receive some further credits on the accounts I have stated
be much greater than that of
as our costs, our outlay will
any other country."
Noting that "we have heard an impressive amount of
discussion concerning our duty to Europe," the President
said:
supplied considerable quantities of it. Europe
Our own people have
very definite ideas on this subject. We do have
itself has expressed
have acknowledged them and tried to meet them. They
such duties. We
side, however. They are mutual. We have someare not all on one
for lecturing Europe, but probably ours are not
times been reproached
He took occasion
United States in extending financial assistance to the nations
abroad following the war, and in indicating that further
loans abroad would be restricted, he said:
Europe on the whole has arrived at a state of financial stability and
prosperity where it cannot be said we are called on to help 'or act much
beyond a strict business basis. The needs of our own people require that
any further advances by us must have most careful consideration.
The subject of national defense also formed part of the
President's address; in his observations he stated that "all
human experience seems to demonstrate that a country
which makes reasonable preparation for defense is less
likely to be subject to a hostile attack and less likely to
suffer a violation of its rights which might lead to war."
He declared it to be "our duty to ourselves and to the
cause of civilization, to the preservation of domestic tranquility, to our orderly and lawful relations with foreign
people, to maintain an adequate army and navy. In
part he further said:
We do not need a large land force. The present size of our regular
army is entirely adequate, but it should continue to be supplemented by
a national guard and reserves, and especially with the equipment and
organization in our industries for furnishing supplies. When we turn to
the sea the situation is different.
We have not only a long coast line, distant outlying possessions, a
foreign commerce unsurpassed in importance, and foreign investments unsurpassed in amount, the number of our people and value of our treasure
to be protected, but we are also bound by international treaty to defend
the Panama Canal. Having few fueling stations, we require ships of
of
large tonnage, and having scarcely any merchant vessels capable
we
mounting 5 or 6-inch guns, it is obvious that, based on needs,
are entitled to a larger number of warships than a nation having these
advantages.
g
1212.....sigat,7of theliKellogetreaty7to"outlaw war, was
also referredltolbylthe President, as to which he said:
While this leaves the questions of national defense and limitation of
armaments practically where they were, as the negative supports of peace,
it discards all threat of force and approaches the subject on its positive
side. For the first time in the world, the leading powers bind themselves
to adjust disputes without recourse to force.
The President made the statement that "it is always
plain that Europe and the United States are lacking in
mutual understanding." "If," he said, "we could secure
a more complete reciprocity in good-will, the final liquidation
of the balance of our foreign debts and such further limitation
of armaments as would be commensurate with the treaty
renouncing war, our confidence in the effectiveness of any
additional efforts on our part to assist in the further progress
of Europe would be greatly increased." The address follows
in full:
Fellow Countrymen:—We meet to give thanks for ten more years of
peace. Amid the multitude of bounties which have been bestowed upon
us, we count that our supreme blessing. In all our domestic and foreign
relations our chief concern is that it should be permanent. It is our belief
of
that it is coming t obe more and more realized as the natural state
mankind. Yet, while we are placing our faith in snore complete underwe ought
standing which shall harmonize with the universal conscience,
not to forget that all the rights we now possess, the peace we now enjoy,
have been secured for us by a long series of sacrifices and of conflicts.
We are able to participate in this celebration because our country had
the resources, the character, and the spirit to raise, equip and support
with adequate supplies an army and a navy which, by placing more
than 2,000,000 men on the battle fields of Europe, contributed to the
making of the armistice on the 11th day of November, 1918.
Our first thought, then, is to acknowledge the obligation which the
nation owes to those who served in our forces afloat and ashore, which
contributed the indispensable factor to the final victory. Although all
our people became engaged in this great conflict, some in furnishing
money, some in producing food and clothing, some in making munitions,
some in administering our Government, the place of honor will always
be accorded to the men and the women who wore the uniform of our
country—the living and the dead.
When the great conflict finally broke upon us we were unprepared to
meet its military responsibilities. What navy we possessed at that time,
as is always the case with our navy, was ready. Admiral Sims at once
carried new courage and new energy to the contest on the sea. So cold.
in
plete was the defense of our transports that the loss by enemy attack
sending our land forces to Europe was surprisingly small.
As we study the record of our army in France we become more and
more impressed by three outstanding features. The unity of the Amer.
ican forces and the integrity of the American command were always preserved. They were trained with a thoroughness becoming the tradition
of McClellan, they were fought with a tenacity and skill worthy of the
memory of Grant. And finally, they were undefeated. For these outstanding accomplishments, which were the chief sources of the glory of our
arms, we are indebted to the genius of General Pershing
Country's Part in War.
unnecessary to recount with any detail our experience in the war.
It is
It was a new revelation not only of the strength but of the unity of our
people. No country ever exhibited a more magnificent spirit or demonstrated a higher degree of patriotic devotion.
The great organizing ability of our industrial leaders, the unexpected
strength of our financial resources, the dedication of our entire man power
under the universal service law, the farm and the factory, the railroad
2760
FINANCIAL CHRONICLE
and the bank, 4,000,000 men under arms and 6,000,000 men in reserve, all
became one mighty engine for the prosecution of the war. All together
it was the greatest power that any nation on earth had ever assembled.
When it was all over, in spite of the great strain, we were the only country that had much reserve power left. Our foodstuffs were necessary to
supply urgent needs; our money was required to save from financial disaster. Our resources delivered Europe from starvation and ruin.
In the final treaty of peace, not only was the map of Europe remade,
but the enormous colonial possessions of Germany were divided up among
certain allied nations. Such private property of her nationals as they
held was applied to the claim for reparations. We neither sought nor
took any of the former German possessions. We have provided by law
for returning the private property of her nationals.
Yet our own outlay had been and was to continue to be a perfectly
enormous sum. It is sometimes represented that this country made a
profit out of the war. Nothing could be further from the truth. Up to the
present time our own net war costs, after allowing for our foreign-debt
expectations, are about $36,500,000,000. To retire the balance of our
public debt will require about $7,000,000,000 in interest. Our Veterans'
Bureau and allied expenses are already running at over $500,000,000 a
year in meeting the solemn duty to the disabled and dependent. With
what has been paid out and what is already apparent, it is probable that
our final cost will run well toward $100,000,000,000, or half the entire
wealth of the country when we entered the conflict.
For,. 127.
altogether the heaviest sacrifice in scrapping work which was already
in existence. That should forever remain not only a satisfaction to ourselves, but a demonstration to others of our good faith in advocating the
principle of limitations. At that time we had twenty-three cruisers and
ten more nearly completed. One of these has since been lost, and twentytwo are nearly obsolete. To replace these, we have started building
eight.
The British have since begun and completed seven, are building eight
and have five more authorized. When their present legislation is carried out they would have sixty-eight cruisers. When ours is carried out,
we would have forty. It is obvious that, eliminating all competition, world
standards of defense require us to have more cruisers.
•
This was the situation when I requested another conference, which the
British and Japanese attended, but to which Italy and France did not
come. The United States there proposed a limitation of cruiser tonnage
of 250,000 to 300,000 tons. As near as we could figure out their proposal,
the British asked for from 425,000 to 600,000 tons. As it appeared to us
that to agree to so large a tonnage constituted not a limitation, but an
extension of war fleets, no agreement was made.
Since that time no progress seems to have been made. In fact, the movementa have been discouraging. During last summer France and England
made a tentative offer which would limit the kind of cruisers and submarines adapted to the use of the United States, but left without limit
the kind adapted to their use. The United States, of course, refused to
accept this offer. Had we done so, the French Army and the English
Navy would be so near unlimited that the principle of limitations would
be virtually abandoned. The nations have already accomplished much in
the way of limitations and we hope may accomplish more when the preliminary conference called by the League of Nations is reconvened.
Our Outlays Greater Than Any Other Country.
Viewed from its economic results, war is the most destructive agency
that ever afflicts the earth. Yet it is the dead here and abroad who
are gone forever. While our own losses were thus very large, the losses
of others required a somewhat greater proportionate outlay, but they are
to be reduced by territorial acquisitions and by reparations. While we
Kellogg Treaty to Outlaw War.
shall receive some further credits on the accounts I have stated as our
Meantime, the United States and other nations have been successfully
costs, our outlay will be much greater than that of any other country. What- engaged in undertaking to
establish additional safeguards and securities
ever may be thought or said of us, we know and every informed person to the peace of the world
by another method. Throughout all history
should know that we reaped no selfish benefit from the war. No citizen war has been occurring until
it has come to be recognized by custom
of the United States needs to make any apology to anybody anywhere and practice as having a
certain legal standing. It has been regarded
for not having done our duty in defense of the cause of world liberty.
as the last resort, and has too frequently been the first. When it was
Such benefits as came to our country from our war experience were not proposed that this traditional
attitude should be modified between the
represented by material values, but by spiritual values. The whole standard United States and France,
we replied that it should be modified among
of our existence was raised; the conscience and the faith of the nation all nations. As a result,
representatives of fifteen powers have met in
were quickened with new life. The people awoke to the drumbeats of a Paris and signed a treaty
which condemns recourse to war, renounces it
new destiny.
as a national policy, and pledges themselves not to seek to resolve their
In common with most of the great powers, we are paying the cost differences except by peaceful action.
of that terrible tragedy. On the whole, the war has made possible a great
While this leaves the questions of national defense and limitation of
advance in self-government in Europe, yet in some quarters society was so armaments practically where
they were, as the negative supports of peace,
near disintegration that it submitted to new forms of absolutism to pre- it discards all threat of force
and approaches the subject on its positive
vent anarchy. The whole essence of war is destruction. It is the negation side. For the first
time in the world the leading powers bind themselves
and the antithesis of human progress. No good thing ever came out of to adjust disputes
without recourse to force. While recognizing to the fullest
war that could not better have been secured by reason and conscience.
extent the duty of self-defense, and not undertaking, as no human ingenuity could undertake, an absolute guarantee against war, it is the
Urges Every Precaution Against War.
most complete and will be the most effective instrument for peace that
Every dictate of humanity constantly cries aloud that we do not want
was ever devised.
any more war. We ought to take every precaution and make every
So long as promises can be broken and treaties can be violated, we
honorable sacrifice, however great, to prevent it. Still, the first law of
progress requires the world to face facts, and it is equally plain that rea- can have no positive assurances, yet every one knows they are additional
safeguards. We can only say that this is the best that mortal man can
son and conscience are as yet by no means supreme in human affairs.
The inherited instinct of selfishness is very far from being eliminated; do. It is besides the mark to argue that we should not put faith in it.
The whole scheme of human society, the whole progress of civilization,
the forces of evil are exceedingly powerful.
The eternal questions before the nations are how to prevent war and how requires that we should have faith in men and in nations. There is no
to defend themselves if it comes. There are those who see no answer other positive power on which we could rely. All the values that have
except military preparation. But this remedy has never proved sufficient. ever been created, all the progress that has ever been made, declare that
We do not know of any nation which has ever been able to provide arms our faith is justified.
For the cause of peace the United States is adopting the only practical
enough so as always to be at peace.
Fifteen years ago the most thoroughly equipped people of Europe were principles that have ever been proposed, of preparation, limitation and
Germany and France. We saw what happened. While Rome maintained renunciation. The progress that the world has made in this direction in
a general peace for many generations, it was not without a running con- the last ten years surpasses all the progress ever before made.
Recent developments have brought to us not only a new economic but
flict on the borders which finally engulfed the empire. But there is a
wide distinction between absolute prevention and frequent recurrence, and a new political relationship to the rest of the world. We have been conpeace is of little value if it is constantly accompanied by the threatened stantly debating what our attitude ought to be toward the European
nations. Much of our position is already revealed by the record. It can
or the actual violation of national rights.
truthfully be characterized as one of patience, consideration, restraint and
Reasonable Preparation for Defense Makes Nation Less Liable to Attack. assistance. We have accepted settlement of obligations, not in accordance with what was due, but in accordance with the merciful principle
If the European countries had neglected their defenses, it is probable
of what our debtors could pay. We have given of our counsel when
that war would have come much sooner. All human experience seems
asked, and of our resources for constructive purposes, but we have careto demonstrate that a country which makes reasonable preparation for defully refrained from all intervention which was unsought or which we
fense is less likely to be subject to a hostile attack and less likely to
believed would be ineffective, and we have not wished to contribute to the
suffer a violation of its rights which might lead to war. This is the
support of armaments. Whatever assistance we may have given to finprevailing attitude of the United States and one which I believe should
ishing the war, we feel free from any responsibility far beginning it.
constantly determine its actions. To be ready for defense is not to be
guilty of aggression. We can have military preparation without assuming We do not wish to finance preparation for a future war.
a military spirit. It is our duty to ourselves and to the cause of civilizaOur Duty to Europe.
tion, to the preservation of domestic tranquility, to our orderly and lawful
We have heard an impressive amount of discussion concerning our duty
relations with foreign peoples, to maintain an adequate army and navy.
We do not need a large land force. The present size of our regular to Europe. Our own people have supplied considerable quantities of it.
army is entirely adequate, but it should continue to be supplemented by a Europe itself has expressed very definite ideas on this subject. We do have
national guard and reserves, and especially with the equipment and or- such duties. We have acknowledged them and tried to meet them. They
are not all on one side, however. They are mutual. We have sometimes
ganization in our industries for furnishing supplies.
When we turn to the sea the situation is different. We have not only been reproached for lecturing Europe, but probably ours are not the only
a long coast line, distant outlying possessions, a foreign commerce un- people who sometimes engage in gratuitous criticism and advice.
We have also been charged with pursuing a policy of isolation. We are
surpassed in importance, and foreign investments unsurpassed in amount,
the number of our people and value of our treasure to be protected, but not the only people, either, who desire to give their attention to their
we are also bound by international treaty to defend the Panama Canal. own affairs. It is quite evident that both of these claims cannot be
Having few fueling stations, we require ships of large tonnage, and having true. I think no informed person at home or abroad would blame us
scarcely any merchant vessels capable of mounting 5 or 6-inch guns, it Is for not intervening in affairs which are peculiarly the concern of others
obvious that, based on needs, we are entitled to a larger number of war- to adjust, or when we are asked for help for stating clearly the terms on
which we are willing to respond.
ships than a nation having these advantages.
Advocates Principle of Armament Limitation.
Important, however, as we have believed adequate national defense to
be for preserving order and peace in the world, we have not considered it
to be the only element. We have most urgently and to some degree successfully advocated the principle of the limitation of armaments. We
think this should apply both to land and sea forces, but as the limitation
of armies is very largely a European question, we have wished the countries
most interested to take the lead in deciding this among themselves. For the
purpose of naval limitation we called the Washington conference and
secured an agreement as to capital ships and airplane carriers, and also
as to the maximum unit tonnage and maximum caliber of guns of cruisers.
But the number of cruisers, lesser craft and submarines have no limit.
It no doubt has some significance that foreign Governments made agreements limiting that class of combat vessels in which we were superior,
but refused limitation in the class in which they were superior. We made
Assistance Extended to European Nations.
Immediately following the war we went to the rescue of friend and
foe alike in Europe on the grounds of humanity. Later our experts
joined with their experts in making a temporary adjustment of German
reparations and securing the evacuation of the Rhur. Our people lent
$110,000,000 to Germany to put that plan into immediate effect. Since
1924 Germany has paid on reparations about $1,200,000,000, and our
people have lent to national, State and municipal governments and to
corporations in Germany a little over $1,100,000,000. It could not be
claimed that this money is the entire source from which reparations
have been directly paid, but it must have been a large factor in rendering
Germany able to pay. We also lent large sums to the governments and
corporations in other countries to aid in their financial rehabilitation.
I have several times stated that such ought to be our policy. But
there is little reason for sending capital abroad while rates for money in
Nov. 17 19281
FINANCIAL CHRONICLE
London and Paris are at 4 or 5%, while ours are much higher. England
is placing very considerable loans abroad; France has had large credits
abroad, some of which have been called home. Both are making very
large outlays for military purposes.
Further Advances Must Have Careful Consideration.
Europe on the whole has arrived at a state of financial stability and
prosperity where it cannot be said we are called on to help or act much
beyond a strict business basis. The needs of our own people require
that any further advances by us must have most careful consideration.
For the United States not to wish Europe to prosper would be not only
a selfish, but an entirely unenlightened view. We want the investment
of life and money which we have made there to be to their benefit. We
should like to have our Government debts all settled, although it is probable that we could better afford to lose them than our debtors could afford
not to pay them. Divergent standards of living among nations involve
many difficult problems. We intend to preserve our high standards of living and we should like to see all other countries on the same level. With
a whole-hearted acceptance of republican institutions, with the opening of
opportunity to individual initiative, they are certain to make much progress in that direction.
Seeks Mutual Understanding Between Europe and U. S.
It is always plain that Europe and the United States are lacking in
mutual understanding. We are prone to think they can do as we can do.
We are not interested in their age-old animosities, we have not suffered
from centuries of violent hostilities. We do not see how difficult it is
for them to displace distrust in each other with faith in each other.
On the other hand, they appear to think that we are going to do exactly
what they would do if they had our chance. If they would give a little
more attention to our history and judge us a little more closely by our
own record, and especially find out in what directions we believe our
real interests to lie, much which they now appear to find obscure would
be quite apparent.
We want peace not only for the same reason that every other nation
wants it, because we believe it to be right, but because war would interfere with our progress. Our interests all over the earth are such that a
conflict anywhere would be enormously to our disadvantage.
If we had
not been in the World War, in spite of some profit we made in exports,
whichever side had won, in the end our losses would have been very great.
We are against aggression and imperialism not only because we believe
in local self-government, but because we do not want more territory inhabited by foreign people. Our exclusion of immigration should make
that plain.
Our outlying possessions, with the exception of the Panama Canal Zone,
are not a help to us, but a hindrance. We hold them, not as a profit,
but as a duty. We want limitation of armaments for the welfare of humanity. We are not merely seeking our own advantage in this, as we do
not need it, or attempting to avoid expense, as we can bear it better than
any one else.
If we could secure a more complete reciprocity in good-will, the final
liquidation of the balance of our foreign debts, and such further limitation
of armaments as would be commensurate with the treaty renouncing war,
our confidence in the effectiveness of any additional efforts on our part to
assist in the further progress of Europe would be greatly increased.
As we contemplate the past ten years, there is every reason to be encouraged. It has been a period in which human freedom has been greatly
extended, in which the right of self-government has come to be more widely
recognized. Strong foundations have been laid for the support of these
principles. We should by no means be discouraged because practice lags
behind principle. We make progress slowly and over a course which can
tolerate no open spaces. It is a long distance from a world that walks
by force to a world that walks by faith. The United States has been
so placed that it could advance with little interruption along the road of
freedom and faith.
It is befitting that we should pursue our course without exultation,
with due humility, and with due gratitude for the important contributions
of the more ancient nations which have helped to make possible our present
progress and our future hope. The gravest responsibilities that can come to
a people in this world have come to us. We must not fail to meet them
in accordance with the requirements of conscience and righteousness.
Colombian Senate Approves Kellogg Anti-War Treaty—
Reserves Right to Repel Aggression.
Bogota (Colombia) Associated Press advices, Nov. 10 said:
Tho Colombian Senate approved a bill yesterday authorizing the Government to adhere to the Kellogg 13riand Pact renouncing war. with certain
reservations.
The reservations, which were inserted in the bill by a large majority,
declared in principle that Colombia condemned war as defined in the pact,
but did not renounce the right to repel by force any aggression which the
country considered unjust.
The bill also said Colombia held that the pact condemned not only war
but also measures of violence which practically amount to war, such as
peaceful blockades, military occupation of custom ports of a debtor and
armed interventions of one State in the internal affairs of another.
Amalgamation of British Treasury and Bank of England
Note Issues—Effective Nov. 22.
It appears that the effective date for the amalgamation
of the British Treasury and Bank of England Notes issues
is Nov. 22, and not Nov. 27, as indicated in these columns
last week, Nov. 10, page 2627. We find in the London "Financial News" of Nov. 3 the following regarding the date
fixed for the change:
Is is announced in last night's "London Gazette" that the King by
Order in Council has appointed November 22 as the day on which the
provisions of the Currency and Bank Notes Act shall come into
operation.
This is the Act passed this year vesting the sole right to issue legal
tender notes in this country in the Bank of England.
The "Gazette" notice is the necessary official preliminary to the
new issue of £1 and 10s. notes by the Bank to replace the £285,000,000
worth of Treasury notes signed by Sir Warren Fisher as Secretary of
the Treasury, now in circulation.
2761
The notes have been printed in closest secrecy at the printing department of the Bank of England, and, it is believed, are of such a design as
to make forgery virtually impossible.
The colour of the £1 notes is understood to be green and that of the
ten shilling notes red.
The section of the Act relating to Northern Ireland banks is not
included in the Order. The provisions affecting these banks are to
operate from the day on which the Bankers (Northern Ireland) Act,
1928, comes into force.
Additional items in the matter appeared as follows in the
Nov. 5 issue of the London "Financial News."
The announcement that the "appointed day" for the amalgamation of
the note issues is to be the 22nd of the present month has naturally
aroused great interest in the City. It did not come as a surprise to
readers of this column, as a few weeks ago we foreshadowed an early
decision. In a sense, of course, the formal amalgamation means little,
in that it will not in itself involve any changes in the country's credit
position. All that will happen will be that on November 22 the outstanding Treasury Notes, including the Certificates, will be taken over
by the Bank of England, and in due course the new Bank Notes themselves will gradually make their appearance.
The chief practical interest of the operation lies in the effects it will
produce on the Bank of England's reserve position. What these will
be it is impossible to foretell, but one imagines that they may be fairly
large. The possibility of the Bank'a reserve being affected by the
fusion arises, of course, because any margin of notes below the new
fiduciary limit of £260,000,000 unissued at the time when the fusion
takes place will go automatically into the reserve in the Banking Department against a transfer of a corresponding amount of securities from
the Banking to the Issue Department.
Reserve Expansion Probable
Thus, at the time when the Currency and Bank Notes Bill was
introduced early in May, the fusion of the issues, allowing, of course,
for the cancellation of the £56,250,000 Bank of England notes held in
the Currency Note Redemption Account, would have given a margin of
Amaglamation on the basis of last
elasticity of nearly £3,000,000.
week's Bank Return shows a margin of over £6,000,000, the permissible
issue of notes amounting to £423,456,840—the aggregate of the gold
holding in the Issue Department and the new fiduciary limit of
£260,000,000—while the actual amount of notes which would have been
taken out was only £417,276,219.
Consequently, if the fusion had taken place last Wednesday, the
Bank of England's reserve would have been automatically increased
from £50,168,472 to £56,349,093, raising the ratio to liabilities from
42.6% to nearly 48%. Between now and November 22 there is
plenty of time for considerable changes in the actual position. On the
one hand, there is every likelihood of a further loss of gold, although
this may be partially or wholly offset by the promised influx from
Spain. On the other hand, the actual amount of notes to be taken
over is likely to be reduced by the gradual return of currency notes
front the Irish Free State for cancellation here. It is probable,
therefore, that when amalgamation actually takes place it will involve
a considerable automatic expansion in the Bank of England's reserve.
Withdrawal of Sir Ernest M. Harvey as Comptroller
of the Bank of England.
In addition to the item published in our issue of Nov. 3
(page 2446) regarding the withdrawal of Sir Ernest M.
Harvey as Comptroller of the Bank of England, we find
the following in the London "Financial News" of Nov. 2:
Sir Ernest Musgrave Harvey, K.B.E., the Comptroller of the Bank, is retiring on a pension next Tuesday, November 6, and the Court of Directors are recommending him to the Proprietors for election as a Director
in the room of the late Mr. C. G. Arbuthnot, states an official announcement emanating from the Bank of England.
A General Court for this purpose will be held on Wednesday next.
Sir Ernest, who has been Comptroller since 1925, entered the Bank of
England in 1885, being appointed ten years later assistant to the Auditor.
In 1897 he became Joint Auditor. After serving as Deputy-Principal of
the Branch Banks Office, he became Deputy-Chief Cashier to Sir Gordon Nairne, whom he succeeded as Chief Cashier in 1918.
Early last year Sir Ernest visited Australia with a view to investigating local banking conditions and making a recommendation to the
Director of the Commonwealth Bank that, so far as was practicable and
wherever advisable, the central banking system of Australia might be
co-ordinated with that of the Bank of England and the other central
banks of the Empire.
Sir Ernest, who is 61, received the K. B. E. in 1920. He is also
Chevalier Legion d'ilonneur (1918) and Chevalier Order of Leopold
(1919).
Montagu Norman Recommended for Re-election as
Governor of Bank of England—Sir E. Harvey
Deputy Governor.
The following London advices appeared in the "Wall
Street Journal" of Nov. 16:
Directors of Bank of Enkland have agreed to recommend re-election of
Montagu Norman as Governor on April 10 next.
The proposal to elect Sir E. Harvey a Deputy Governor is the first occasion that an ex-official of the Bank of England has been chosen for this
position, marking a break in the tradition by which professional bankers are
excluded from the Bank of England in official capacities.
Geneva Conference Accepts Plan of Professor Adams
of Yale—Aimed Against Double Taxation,
The International Double Taxation Conference approved
at Geneva on Oct. 30 a treaty introduced by Professor T. F.
Adams of Yale University, designed to prevent injustice
arising from double taxation. Associated Press advices state:
Professor Adams is one of the American delegates and the action of the
conference is regarded as a notable victory for the general policies advocated
2762
FINANCIAL CHRONICLE
by him. The treaty in its present form was held to be suitable for States
which have similar fiscal regulations.
Earlier in the day Professor Adams addressed the conference and took
strong exception to a projected treaty providing severe penalty for tax
evaders. He supported the view that the international tax collecting
problem would be simplified by governments seeking to gain the confidence
of taxpayers instead of threatening them with strongarm methods.
Agreement was expressed with Professor Adams that it would be an
admirable plan to create a permanent organism in the League of Nations
to handle all taxation problems of international scope.
The attitude of the American professor was generally interpreted as an
indication of the evolution of the American position toward the League.
since Professor Adams had previously assured the conference that he had
no objection to League organs considering disputes which might arise
under the proposed double taxation treaty.
The Soviet delegate strove to keep out all reference to the League, but
was defeated.
Italian Fascisti Number 6,814,703—They Comprise the
Membership of Eight Different Organizations.
The following Rome (Italy) advices appeared in the
"Times":
There are now 6,814.703 enrolled members of the various Facist organizations. figures compiled last week and announced to-day show.
In the party proper there are 1,027,010 men and 88,006 women,66.253
"Young Italians," 365,781 "Little Italians" and 16,965 members of the
university group, a total for the party of 1,564.015.
The Avanguardisti, or youth's organization on military lines, has 325,127
members and the BaUlla or boys' organization has 780,937 members. There
are 3,577,128 members of the snydicate confederations group and 567,496
members in other associations.
Death of Baron Jean de Neuflize, Dean of Bank of
France.
The following letter has come to us from de Neuflize &
Co. of Paris regarding an item appearing in our issue of
Sept. 29, page 1747, regarding the death of Baron Jean de
Neuflize:
Paris, le 3rd of November 1928.
Financial Chronicle, New York.
Dear Sirs,—We have read with the greatest interest the article you were
good enough to publish in your number of September 29 concerning the
death of our senior partner, Baron Jean de Neuflize.
We observe, however,in the report of the New York "Times," mentioned
in your article, that a confusion took place in that paper between our chief
partner, Baron Jean de Neuflize, dead on the 20th of September last and
our partner, Baron Jacques de Neutlize, his son, who represented the Bank
of France in the States during the war, who is still partner of our firm
and in good health.
Yours truly,
DE NEUFLIZE & CO.
Bulgarian Parliament Approves Stabilization Loan
Authorized by Council of League of Nations—
Bonds to Be Issued in United States and Abroad
Next Week.
The Kingdom of Bulgaria 734% stabilization loan authorized by the League of Nations was approved and ratified by
the Bulgarian Parliament on Nov. 15. The bonds will be
simultaneously issued here and in Europe early next week.
The forthcoming loan was referred to in our issue of Nov. 3,
page 2446.
[VOL. 127.
Prof. Kemmerer, who was introduced by Robert E.
Christie, Jr., President of the Bond Club, said in part:
The question is often raised, "Why do foreign governments call foreign
advisors, chiefly Americans, to give recommendations for the bolstering
up of their financial and currency structures?" This is due in part to the
fact that foreigners are free from local prejudices and also to the fact that
the world believes we have no ambitions for political aggrandizement; also
because Americans, financially are successful, and it is natural that they
should look to the most successful countries for advice and recommendations. The question of borrowing funds is another factor. The United
States is in a position to lend funds and consequently when seeking such
funds foreign governments know they are the more easily obtainable if
their finances are rehabilitated along the lines Americans understand and
believe in.
As to the suggestion that our Government might be interested, Mr.
Kemmerer stated that he always entered into the situation as a private
citizen but that he would nob undertake any commission if the same was
opposed by the government, and that while he has at no times had any ties
with our government he always received the co-operation of the officials
at Washington.
Some of the numerous plans suggested to foreign governments by the
Commissions headed by Prof. Kemmerer have received some opposition,
but in all of them, he said, the recommendation have been adopted as to
fundamentals and generally the governments follow the advice given.
Nineout of the ten countries to which plans were submitted, he said, have
established the gold standard, and the tenth, Mixico, is reforming its gold
standard. In six there is a new general banking law; in five a new budget
law; in seven a revision of the systems of accounting, audit and fiscal control; in eight extensive reforms in the tax laws; in five in the customs law,In
eight there was the problem of the formation of a foreign loan policy; In
four, questions involving the organization or reorganization of government
railways and in two, industrial monopolies.
Americans Evince Increasing Interest in British
Securities According to Bulkley, Vallance & Co.
Increasing interest among American investors in English
stocks and bonds, particularly those listed on the London
Stock Exchange, is reported by Bulkley, Valiance & Co. of
New York. Trading in British securities has been growing
here for several months, according to this firm, with the
result that more and more business is handled every day by
American brokers having connections in London. It is
only comparatively recently that leading industrial shares of
British companies have aroused interest in this market.
Among the factors which offer advantages to the American
trader in dealing in British stocks are noted the following:
the system in vogue on the London Stock Exchange which
permits carrying stocks up to two weeks on credit; the yield
on many of the more generally favored stocks, ranging from
4 to 10%; the practice of continuing market operations
after formal closing of the London Stock Exchange at 4
o'clock, the New York Stock Exchange being open four
hours after the London Exchange closes. Besides the
yields and other considerations, improved industrial outlook
in England, which is reflected in advancing prices of British
securities, is pointed to as one of the important factors
for the present popularity of British industrial shares. In
previous years British Government bonds and war loan
stocks have received the princial attention in the American
market.
with $6,000,000 Surplus.—
Negotiations Concluded in Paris for Revolving Credit Persia Ends Financial Year
for Stabilizing Finances.
of $25,000,000 to Rumanian National Bank for Sta- Shah Thanks Government
According to a "Times" Washington dispatch Nov. 11, the
bilization of Currency.
issued by the Persian Legation:
United Press advices from Bucharest, Rumania, Nov. 16 following statement was
"After all expenses, at the end of the Persian financial year, March 21,
were published as follows in last night's "Sun":
1928, were paid, the Government was left with more than $6,000,000
It was announced officially that negotiations have been concluded with
Paris whereby a group of foreign banks will grant the Rumanian National
Bank a revolving credit of $25,000,000 to stabilize the currency.
Prof. E. W.Kemmerer Explains How Foreign Government Finances Are Rehabilitated—Reviews Operations Before Bond Club of New York.
Prof. Edwin W. Kemmerer of Princeton University, who
has drawn up more plans for the rehabilitation of the financial
and currency structures of foreign governments than probably any other of the noted economists of the present day,
was the principal speaker at the monthly luncheon
on Nov.9 of the Bond Club of New York held at the Bankers
Club. Prof. Kemmerer, during his talk, explained the
procedure the various commissions which he headed followed in making recommendations to foreign governments
which needed the advice of "financial doctors."
In addition to some two hundred members of the Bond
Club, various prominent bankers in the financial district
attended the luncheon, including Paul M. Warburg, Chellis
A. Austin, Stevenson E. Ward, Gordon S. Rentschler,
William Woodward, Theodore H. Banks, Charles Hayden,
Reeve Schley, Howard M. Jefferson, Walter S. Marvin,
F. J. Lisman, J. Herbert Case, Pierpont V. Davis, Cleveland E. Dodge, Dean Mathey, Gerard B. Lambert, J.
Stewart Baker and C. M. Keys.
surplus, and his Imperial Majesty, in his message from the throne when
opening the Seventh Persian Parliament a few weeks ago, expressed his
high appreciation and satisfaction for the great achievement of his Government, especially during the last year, for the complete restoration and
stabilization of Persian finances."
Arrival in U. S. of Commission of Russian Soviet Engineers Engaged in Construction of Dzherzinsky
Tractor Plant, purchase Equipment here.
A commission of thirteen Soviet engineers engaged on
the construction of the new $17,500,000 Dzherzinsky
tractor plant at Stalingrad, has arrived in the United States
for the purpose of purchasing equipment and arranging for
engineering cooperation on the construction and layout of
the plant. The delegation is headed by Mr. Tsentsipper,
chief engineer on the construction work, who, under date
of Nov. 4, said:
"The Dzherzinsky plant, on which work was recently begun, will have
an annual capacity of 20.000 tractors and will be the largest tractor factory
in the U. S. S. R. It should play an important part in the development
of Russian agriculture, the growth of which will depend largely on the employment of machinery. The traditional backwardness of Russian farms
in regard to tractive power was aggravated during the world and civil
wars by the loss of millions of horses. This has rendered the need for machinery and tractors still more acute. The State Planning Commission
calculates that a minimum of 220,000 tractors will be required by Russian
farms during the next ten years.
"At present about 1,500 workers are employed on the construction of
the Dzherzinsky Plant. We expect to complete the work by 1930 and to
Nov. 17 1928.]
2763
FINANCIAL CHRONICLE
attain an output of 4,000 tractors in 1932. The full capacity of the plant
will be reached by 1935."
According to the Amtorg Trading Co. tractors are also being produced
In the U.S. S. R.in the Tractor Division of the Putilovetz Works in Leningrad, which has been producing 1,500 tractors annually and is being enlarged to an annual capacity of 5,000 tractors. During the current year it
Is expected to turn out 3,000 tractors at the Putilovetz plant. The Dzherzinsky commission will visit a number of American tractor plants and will
and will arrange with a number of firms for special training of Soviet engineers in American production methods.
Morocco Currency Reform.
The following is from the London "Financial News" of
Nov. 1:
As French Morocco has autonomy in regard to currency, the French
monetary reform in June last did not apply to that country. The notes
of the Banque d'Etat du Maroc remained inconvertible. An agreement
has recently been concluded between the Banque d'Etat and the French
Treasury, reaffirming the principle of monetary union with France. The
Moroccan franc will be maintained at par with the French franc. Silver
coins of 101. and 20f. will be minted shortly, to meet the requirements
of the hinterland where notes are still unpopular.
A decree has abolished the gold unit of account established in Syria
in 1926. The Syrian pound, established in 1920, has become once more
the legal tender in the Protectorate. The exchange rate between the
old and the new currency has been fixed at 492 paper piastres for one
Syrian gold pound. The new currency system became operative as from
Sept. 1 1928.
Opening in Shanghai of Central Bank of China
Proposes Standardization of National Currency.
In the summary of Market Conditions abroad, made
available November 10 by the Department of Commerce
at Washington, we find the following:
Formal opening in Shanghai, China, of the principal office of the new
Central Bank of China, with an authorized capital of 20.000,000 silver
dollars (approximately $9,300,000, was celebrated during the past week.)
According to the Minister of Finance, the bank as now organized has no
.
organic relationship with the Central Bank in Hankow and Shantung
Province. Its program includes the standardization of the national currency, creation of a national treasury, and the stabilization of the money
market. The Bank is authorized to issue notes, mint coins, direct foreign
and domestic loans, and act as a Government depositary.
Money Tangle Hurts Manchurian (China) Business.
In its issue of Nov.6 the New York "Times" printed the
following special correspondence, dated Mukden, Manchuria, Sept. 27:
The Mukden Government, now that it has decided to maintain Manchurian autonomy and to adopt an attitude of watchful waiting, instead
of joining the Nationalist regime at Nanking, is giving serious thought to
stabilizing the Manchurian currency, and in this measure it will have the
cordial co-operation of the Japanese and Russian railroad interests in
Manchuria.
At present the money tangle here levies a frightful tax upon business of
all kinds. Manchuria prospers amazingly in spite of this money handicap
but would develop much more rapidly if there were a uniform and stable
currency.
Suppose a traveler lands at Dairen from Tientsin. His Tientsin dollars
are no good in Dairen; they must be exchanged for Japanese yen if he wants
to buy a ticket northward over the South Manchurian Railway. Indeed,
the yen (about 50 cents American) is the standard money in all the Japanese
towns and cities along the railway.
If the traveler wants to go east or west from Harbin, he is expected to
have Russian gold rubles (about 51M cents) or else lose heavily on his yen
exchange. The Chinese Eastern Railway is under Russian control.
If the traveler wants to make a trip on a Chinese line, he will have to
change his money either into Mukden dollars or into Harbin dollars, according to the zone in which he boards a branch system.
Mukden uses the same silver dollars that are used in Peking, Tientsin
and Shanghai, but the small silver used south of the Great Wall will not
pass in Mukden. Mukden has its own paper dollars. Originally they were
on a par with the yen; now one yen will buy twenty-seven Mukden dollars.
Harbin, fourteen hours away by train, one of the three large cities of
Manchuria, has its own paper money. One Harbin dollar is worth 76-100
of a yen, and 74-100 of a Mukden dollar. And Harbin has, to. its own
5, 10. 20 and 30 cent paper money, which is useless elsewhere.
Suppose the traveler returns to Mukden from Harbin, and wants to
mall a parcel to friends in the northern city. He goes to the main postoffice, and, while a taxicab chugs outside at $4 an hour, he has the parcel
weighed. The postage is 47 cents.
He tenders in payment a Harbin dollar. Rejected.
Then a yen is offered. Rejected.
Next he offers a Tientsin banknote. Rejected.
A Peking banknote. Scorned.
Then Tientsin 10 and 20% silver pieces. Handed back.
In the end the traveler will have to run his taxicab seventeen blocks to
the nearest money changer, be cheated on exchange, and then drive seventeen blocks back to the postoffice. The taxi fare amounts to more than
three times the cost hf 47 cents' worth of stamps he has tried to buy.
In opening their discussion of this region to the south of
us, the bankers say, "There can be no doubt about the increating commercial relations which exist between the
United States and Latin American countries as compared
with a few years ago. Government statistics reveal this
clearly. Imports from Latin America, which averaged
$435,500,000 for the years 1910-14, increased to $1,018,900,000 in 1927, a gain of 133.8 per cent. Latin America, on
the other hand, has been becoming an increasingly important market for exports from the United States. The average amount of these exports for the years 1910-14 was
$332,800,000, while in 1927 the amount increased to $839,800,000, a gain of 152.3 per cent.
"The financial relations which exist between the United
States and Latin America are quite as close as are the
commercial relations. The Latin American countries have
been increasingly heavy borrowers in the United States. In
1914 they floated loans in this country to the amount of
$13,903,750, while in 1927 the volume of financing had increased to $365,269,300, a growth of 2518 per cent."
Economic stability of the principal nations of Latin
America has increased 9.9 points since 1922, as reflected
in the average stability of all South American currencies.
This stability, or lack of fluctuation, in foreign exchange,
was 95.2 in 1927 as compared with 91.7 in 1926 and 84.3
in 1922. This increase, according to Ames, Emerich & Co.,
investment bankers, who have compiled the data, is one
of the clearest indications of South America's prosperity.
Following is a comparative table showing the stability
of foreign exchange of eleven of the principal Latin American countries:
Country
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Ecuador
Mexico
Peru
Uruguay
Venezuela
1922
87.1
73.1
78.9
65.5
90.5
99.5
80.8
96.9
79.7
83.0
92.6
1923
80.7
76.3
72.5
77.0
89.5
99.7
81.6
98.1
92.8
82.8
94.2
1924
78.9
87.9
78.2
72.2
90.9
99.8
72.0
97.0
93.2
76.6
97.4
1925
90.1
88.9
66.5
84.6
97.8
99.8
76.7
97.2
90.6
99.8
97.4
Average
84.3
85.9
85.7
89.4
1927
1926
96.3
93.5
94.2
96.7
95.9
71.2
97.2
97.8
98.9
99.4
99.8
99.8
89.2
73.9
95.3
94.1
90.0
88.8
95.2
95.8
95.5
96.1
91.7
95.2
"It is particularly satisfying," say the bankers in this
volume, "to note the steady progress in exchange stability
which has been made by these countries in recent years,
for it shows that they are becoming more steady and dependable elements in the economic structure of the world,
that they are rapidly recovering from the past-war business
and financial depression, and that they are reaching the
point where extensive amounts of foreign capital can be
invested there with safety and profit, bearing in mind that
there are marked individual differences existing among
them. Latin America is still in the formative stage from
the economic standpoint, but there appears to be no question that many of the countries will not experience an
economic development such as came to the United States
a generation or two ago."
The book, written by Dr. Paul M. Atkins, economist for
the bankers, is a companion volume to "Economic Briefs
of Europe," which was published by them last year. It is
gotten up in very attractive form, and though only a limited edition for private circulation has been issued, and
there are to be no reprints, we understand a few copies are
still available for distribution. Our copy came from the
New York office of Ames, Emerich & Co., at 5 Nassau
Street. The Chicago office of the firm is at 105 South
La Salle Street,
Two Brazilian Failures With Liabilities of $2,000,000.
A cablegram from Rio de Janeiro Nov. 10 to the "Times"
said:
The de Britt) failure on Wednesday has been followed by two others.
Development of Latin American Nations in Recent Years
It was announced today that the Vieira Soares Company,dealers in notions,
A Study by Ames,Emerich & Co.
had requested a creditor's agreement. Its liabilities are about $1,000.000
The prospective good-will trip of President-elect Hoover and it proposes to pay all debts within a year.
The Cunha Soares Company has requested a creditors' agreement on a
to the countries of Latin America is focusing public attenbasis of 21% of its liabilities, about $1,000,000.
tion on the ever-increasing intimacy of the economic, poAdriano de Britt), attempting to escape to the interior, has been captured
litical and cultural relations between the United States and in Bello Horizonte and sent to Rio de Janeiro. Current rumors among
business houses say that a number of firms owe the Banco do Brazil
these countries. The latest data to appear on these coun- local than they are able to pay. The Banco do Brazil is a principal creditor
more
has just been published by Ames, Emerich & Co., in- of the Almeida Lisboa Company, which also failed on Wednesday, and of
tries
vestment bankers, under the title "Economic Briefs of Latin the Adriano de Brito Company,and there is much speculation as to whether
Brazil and other banks will continue to support weak firms.
"America." In this book is discussed in a concise but com- the Banco do is not suffering much as a result of the failures, as the losses
The market
fashion, the economic development of the Latin are concentrated on a limited number of firms and on nearly all the banks
prehensive
except the American and Canadian houses.
American nations during recent years.
2764
FINANCIAL CHRONICLE
Bill Proposing Loan of $300,000,000 for Consolidation
of Cuban Public Debt Passed by Senate—Establishment of Agricultural Bank Also Provided for.
From the "Wail Street Journal" of Nov. 13 we take the
following Havana advices:
Cuban Senate passed Consuegra bill providing for loan of $300,000,000
which will be used to consolidate all public debt, establish an agricultural
bank,distribute land for immigration and complete public works projects.
Public debt now, Including $50,000,000 contracted by Chase National
Bank and $10,000,000 Just advanced for public works, amounts to $153.000.000. Half of the remainder Is needed for public works. The rest Is to
go toward colonization and banking Plans.
Bonds of Kingdom of Belgium Drawn-for Redemption.
J. P. Morgan & Co. and the Guaranty Trust Co. of New
York, as sinking fund administrators, have issued a notice
to holders of Kingdom of Belgium external loan 30
-year
sinking fund 6% gold bonds, due Jan. 1 1955, issued under
contract dated Dec. 16 1924, to the effect that $1,591,800
principal amount of the bonds have been drawn by lot for
redemption at par on Jan. 1 next, out of moneys in the
sinking fund. Bonds so drawn will be redeemed and paid
on presentation and surrender on or after Jan. 2 1929, at the
office of J. P. Morgan & Co., 23 Wall St., New York, or
the principal office of the Guaranty Trust Co. of New York,
140 Broadway.kanterest on the drawn bonds will cease on
-Jan. 1.
Definitive Bonds of State of Rio Grande do Sul Ready
for Delivery.
White, Weld & Co., as fiscal agents for the State of
Rio Grande do Sul 6% external sinking fund gold bonds
of 1928, announce that on and after Nov. 14 1928 definitive
bonds of that issue will be ready for delivery at their offices
upon surrender of outstanding temporary bonds.
Definitive Bonds of Republic of Peru Ready for Delivery
J. &. W. Seligman & Co. and the National City Bank
of New York, fiscal agents, announce that definitive bonds
for $50,000,000 Republic of Peru, Peruvian National Loan
6% external sinking fund gold bonds, first series due Dec. 1
1960, are now ready for delivery in exchange for and upon
surrender of temporary bonds at the transfer department
of the National City Bank of New York, 52 Wall St.,
New York.
Charles S. Barrett Retires as President of National
Farmers' Union.
Charles S. Barrett, of Union City, Ga., announced at
Atlanta, Ga., on Oct. 27, that he will retire as President of
the National Farmers' Union at the Annual Convention in
Denver on Nov.20, Mr.Barrett is quoted by the Associated
Press as saying:
"Twenty-two years of continuous service, unanimously reelected 19 times.
and only three times meeting with any opposition, I have been permitted
to lead this group of American farmers into great accomplishments. Let
me point out a few easily proven facts.
"To-day we have the greatest live stock marketing organization in the
world. Our creameries are numerous and in most instances doing a good
business. Our banks are well managed and operating safely and profitably. Great numbers of warehouses and elevators are doing a satisfactory
and safe volume of business and at a profit. Our insurance companies
are not only protecting policy holders, but are saving them vast sums of
money. Our cooperative buying has grown until we contract for complete
factory outputs of various lines et supplies. The idea of cooperative buying
and selling has grown into such a practice by more and more farmers until
the annual volume of Farmers' union business reaches close to a billion
dollars.
"Much has been said by those who feel themselves capable of attending
to their own affairs and the intricate affairs of the famers, as well. After
two years of witness. I still hold that it is up to the farmers to work out
their own salvation rather than turn the Job over to the others. One of
the big issues of to-day, has been for some time past, and will continue to
be, is the farm problem. Nearly everybody is giving time and thought
to it. The farmer has literally millions of friends, and I want to say In
this connection that more has been done for the farmer, which he never
got, than was ever done for any other class in the history of the world.
"Farmers do not ask for special favors. They simply insist that they
should realize a reasonable profit from the products of their soil and when
these profits are deposited in theIr pockets that they shall not have their
pockets that they shall not have their pockets picked by chscriminatory legislation. About all the average farmer wants is just a plain square deal."
[VOL. 127.
Having lost, the Grain exchange will appeal to the State Supreme Court
from Judge Stewart's decision.
Judge Stewart held that the law,forbidding the Grain exchange to compel
weighing of grain going through the Omaha market, was valid. The Grain
exchange attorneys contended the law was unconstitutional.
The inspection rules at which the new statute takes a Jab are necessary
the exchange contends to maintain its integrity.
The new Nebraska law was passed in 1927. On its authority the attorneygeneral proposed to have the Omaha exchange's license canceled when it
continued to try and enforce its own Inspection rules despite the statute.
Thereupon the exchange brought suit for Injunction against the attorneygeneral. The law would obviate the necessity of always weighing and inspecting grain as it passed through the market.
W. H. Steiner Discusses Investment Trusts at New
York University Forum at Stock Exchange.
W. H. Steiner, Associate Professor of Economics, College
of the City of New York, addressed the forum at the New
York Stock Exchange, which is conducted by the New York
University graduate school of Business Administration concerning problems and policies of international and domestic
finance, on Thursday, November 8, on the subject of "Investment Trusts." Dr. Steiner had made a study of the
subject both in America and in England and Scotland, and
is the author of a forth-coming book on American Investment Trusts, to be published by the Adelphi Company.
In his lecture November 8, Dr. Steiner directed attention
to the so-called corporate trusts, taking up the salient
features in both the American and British movements'
He considered the questions of capital structure, investment policies, and computation and treatment of income.
The differences between British and American trusts, Dr.
Steiner believes, can be traced to certain underlying differences in the economic life of the two countries. British
trust promoters purchase units of common and preferred
stock on the same basis as do investors, whereas,
American trust organizers desire a direct promotional
return for their services. This they obtain by selling
the public the senior securities, together with some participation in the additional earnings above the rate that the
senior securities bear, while they, themselves, retain the
greater part of the additional earnings through their holdings
of common stock. The result is that American trusts structures show but a small proportion of junior capital in contrast to the usual British proportions. He added:
"Due to the thinness of junior equity, as well as to the attitude of the
American investor, American trusts emphasize turnover of their portfolio.
The investor looks not so much to current return as to capital profits. This
turnover American trusts achieved with the aid of an elaborate investment
organization which compiles extensive statistics and which seeks to time
purchases in relation to general market conditions. British trusts, instead,
rely upon directors' contacts and make careful selection of individual
Issues which they seek to hold for a considerable time."
The speaker explained that a cardinal principle of British
trusts is that turnover profits be regarded as increase in
capital, not as income. And from their current income they
even build up certain further reserves. The result is that a
British investmenttrustsubstantially understatesits position.
American trusts must, however,show their turnover profits
if the common stock is to be worth anything. The greater
part of interest and dividends they receive on the securities
they hold is taken up in interest and dividends on their own
senior securities. Furthermore, the capitalization has been
created largely in view of the possibility of turnover profits
which the last few years have afforded and hence have included large common stock issues. Dr. Steiner pointed out
that these observations were by no means to be regarded as
criticisms of American trust managers. They have merely,
he believed, taken over the devices from the British practices and applied them in a modified form to American conditions. The changes that they have made have reflected
the attitude of the American investor and the security
policies and practices to which he is to-day accustomed.
Fifth National Financing Conference at Hotel
Roosevelt, New York, Nov. 20-21.
The Fifth National Financing Conference and Annual
Meeting of the National Association of Finance Companies
will be held on Nov. 20-21 at the Roosevelt Hotel in this
city. The program, it is announced, covers matters of vital
concern to finance companies, bankers, dealers, merchants,
Omaha Grain Exchange Loses in Action to Contest manufacturers, and the general public. The speakers at the
Nebraska Law Forbidding Weighing of Grain.
conference will be George E. Roberts, Vice-President of the
From the Omaha "Bee" of Oct. 25 we take the following National City Bank of this city; George M. Graham, VicePresident of Willys-Overland Company, Toledo, Ohio; 0.
Lincoln Dispatch Oct. 24:
The state of Nebraska's demurrer to the suit of the Omaha Grain ex- F. Meredith, Vice-President Foreman National Bank, Chichange to enjoin enforcement of a law, which the exchange claimed threat- cago;
Milan V. Ayres,.Economic Analyst, Chicago; Major
ened its very existence, was sustained to-day by Districtaudge W. E.
E. V. (Eddie) Rickenbacker, Ace of Aces, and J. Gibson
Stewart.
Nov. 17 1928.]
FINANCIAL CHRONICLE
Jarvie, General Manager of the United Dominions Trust,
Limited, of London, England. The conference -will be opened
by E. M. Morris of South Bend, Ind., President of the
National Association of Finance Companies. Mr. Morris
will also preside at the banquet which will take place Tuesday evening, Nov. 20.
2765
The New York Stock Exchange announced yesterday that shortly after
Dec.1 it would omit from its ticker the figures on volume where transactions
involved fewer than 500 shares. Advance notice will be given of the exact
date of the change. Transactions involving 100. 200, 300 or 400 shares
will be printed as though they were 100 shares, without any figures. An
exception will be made in the case of opening sales, in which the volume will
be shown as usual.
The Exchange will compile the total of transactions and telegraph it
periodically during the day to the press associations and afternoon newspapers in New York City. At the end of the day the total transactions in
each issue will be tabulated and furnished to the morning newspapers.
National Park Bank on Failure of Presidential Election
to Disturb Business.
The proposed change was referred to in these columns
Referring to the recent Presidential campaign as the most Nov. 10 page 2629.
interesting since the first Bryan contest of 1896, the National
Park Bank of New York points out that it closed under most
Brokers' Loan Measure Urged by Senator Brookhart
extraordinary conditions, adding:
The "Wall Street Journal" in its issue of Nov. 15 reported
There has been no disturbance to business, the upward trend of stock the following from Washington:
has
•
market prices has suffered scarcely any interruption, the labor market
shown no unsettlement, and the people generally have evinced a healthy
optimism about the future.
It is easy to see, however, that with underlying conditions less secure
and the great basic industries unsettled or confronted with serious problems, the country's business might have been a good deal disturbed by the
uncertainty inherent in any Presidential year when the people have to
consider a possible change in administration affairs. This applies regardless of the personnel of the candidates, the dominant issues of the campaign, or the methods used by both parties to approach the voters, or to
secure the things that the Presidential nominees want most to say. In
no great campaign of the past, however, have the signs of the times pointed
more consistently to sustained strength in the different divisions of business and finance. The industrial output has been seasonably larger. factory payrolls have risen, commodity distribution has increased, and the
higher trend of farm products and food prices have reflected the heavily
Increased purchasing power of vast producing areas which in 1924, and in
other Presidential election years. were more or less depressed. This in
Itself marks a great advance, for let it not be forgotten that the United
States is still a vast agricultural country with a farm population so large
as to make It difficult for the nation ever to enjoy genuinely good times in
periods of agricultural depression. Current Government estimates indicate
that the production of all crops this year will surpass the 1927 output by
5%. Highly important farm legislation of some sort may be expected at
the coming session of Congress, or at a special session which seems inevitable should such action be required to carry out the ideas of those best
fitted to frame scientifically sound laws of this type.
Indications that the insurgent group in Congress would get behind
the La Follette brokers' loan resolution, or some other similar measure, at the coming short session of Congress, are seen in an informal
statement by Senator Smith W. Brookhart of Iowa, given to Dow,
Jones & Co. At the last session of Congress, Federal Reserve Board,
and administration opposed new legislation, and nothing was done.
According to Senator Brookhart, the credit structure of the nation
is in grave danger because of heavy absorption of credit in the
speculative markets, and Congress cannot long delay in taking some
remedial action. The Senator said he expected to push legislation
along this line more vigorously than ever before at the coming
session.
Due to the shortness of the session, Mr. Brookhart said that complete action might be impossible, but he expects the creation of a
sub-committee and the holding of hearings.
The Federal Reserve System has failed completely to gain any
degree of control of the situation, according to the senator. He
reiterated his belief that the power to change discount rates should
be taken from the system. This power should rest solely with Congress, he believes. He hopes that the Reserve System may become
more of a redepositary system.
Senator Brookhart considers the present situation unsound, and
doubts that it can be corrected before a crash comes. Complete control
of brokers' loans through legislation, both loans by the banks and by
others, is his idea of remedying the situation.
Col. Ayres of Cleveland Trust Co. Traces 12 Bull Markets
on Stock Exchange in 50 Years—Each Lasted About
Two Years—Present Market Completing Second Year
of Upward Movement.
The Business Bulletin of the Cleveland Trust Company,
issued Nov. 15, contains the following observations by Col.
Leonard P. Ayres, Vice-President of the Company, on the
bull markets which marked the course of the past fifty
years (we omit the diagram referred to therein):
Annual Convention of Associated Stock Exchanges—
Uniform Commission Rates for Brokers Advocated.
Establishment of uniform commissions for brokerage
firms holding membership in the Associated Stock Exchanges was a matter referred to a special committee at the
closing session Nov.9 of a two-day convention held at Cleveland. The Cleveland "Plain Dealer," from which we quote,
adds:
W. M. Louderman, Vice-President of the Associated Exchanges, precipiIn the 50 years that have elapsed' since this country returned to tated a spirited discussion when he related that nothing definite was ac-
the gold basis for its money system in 1879 there have been 12
well-defined bull markets on the stock exchange. In the diagram at
the foot of this page the irregular, heavy line marks the course of
the average selling prices of standard industrial stocks during the
past half century. For the last 32 years of the period the figures
used are those of the Dow Jones averages.
The path that these prices have followed has been one of irregularly
spaced slumps and booms, with at least 12 periods during which
prices rose so consistently and for so long a time that they may
properly be designated as true bull markets. Dashed lines have been
drawn running up front the points marking the beginning and the
termination of each of these periods, and the figures at the upper
ends of these lines give the number of months that the bull market
lasted from bottom to top.
In each of the cases the duration of the bull market has been in
the neighborhood of two years. One of them lasted but 19 months;
one lasted 21 months; there were two that lasted 22 months, one
each of 23 and 24 months, two of 25 months, one of 26, and two of
27 months. The present market has lasted 24 months. It may be
objected that the advance of stock prices since the summer of 1924
has been so nearly continuous that it should be considered as one bull
market rather than as two. However, most industrial stock indexes
agree in showing that the averages of the prices made little or no net
advance in 1926, so it is probably better to consider the advance of
1924 and 1925 as constituting one bull market, and that of the past
two years as being another one.
It is interesting to note that during the eight years from 1885
through 1892 there were three bull markets in rapid succession, with
only slight and brief declines intervening. In a very minor way that
period resembles the eight-year span running from 1921 up through
this present year, with three rapidly successive bull markets, separated
by short declines from which the recoveries were prompt.
It would be a mistake to infer from the diagram that earlier bull
markets were almost insignificant when compared with the present one.
During the past two years the increase in these Dow Jones averages
for industrial stocks has amounted to 62%. This is a very great
advance, but it is worthy of note that the advance in the bull market
of 1897-99 was over 90%, while in the market of 1904-06 it was
100%, and in the war market of 1914-16 the price increase was
almost 100%.
The fact that all the bull markets for industrial stocks in the past
50 years have lasted only about two years does not necessarily indicate
that the end of the present one is to be expected in the immediate
future. It is, however, decidedly interesting to note that this present
market has now completed its second year of upward movement.
complished when an effort was made to inaugurate a uniform rate in
St. Louis.
Louderman gave it as his opinion that it would be some time before
there would be anything done.
W. E. Fox of Cincinnati thought the convention should take some definite action on the matter. Cincinnati firms, because of the difference
in commissions, had lost considerable business to New York brokers because of a lower rate, Fox said.
Eugene E. Thompson of Washington, president, suggested the matter
be referred to a special committee to gather data and report to the Board
of Governors. The next convention would then have something definite
to work on. Fox moved for such a committee, which will be appointed later
by Thompson.
Short selling, both from an ethical and economic standpoint, is justifiable, according to E. M. Baker, Cleveland, of Livingston & Co., who discussed "Short Selling and Loan Markets."
The present officers who were re-elected include: E. E. Thompson,
Washington, President; W. M. Louderman, St. Louis, Vice-President; and
Clark C. Wickey, Detroit, Secretary-Treasurer. B. Preston Schoyer, Pittsburgh, and W. E. Fox, Cincinnati, were elected for the two-year term
to the board.
Members of the organization, says the "Plain Dealer," include stock exchanges of Baltimore, Cincinnati, Cleveland,
Columbus, Detroit, Hartford, New Orleans, Philadelphia,
Pittsburgh, St. Louis and Washington. The object is to
promote the general welfare and influence of stock exchanges and to broaden the scope of their activities. Regarding the opening session on Nov. 8, the "Plain Dealer"
said:
Care in purchasing securities of investment trust type, a campaign
for more Federal investigation of fraudulent securities and efforts on
the part of the stock exchanges to enforce stricter listing requirements
were discussed at the third annual convention of Associated Stock Exchanges at Hotel Hollenden yesterday.
That management is paramount in the successful operation of the investment trust was brought out last night at the banquet at the Mid-Day
Club by Fred Y. Presley, Detroit, former manager of the Harvard Economic Bureau and now head of the National Investors Corp.
"I believe that investment trust management, in so far as it relates to
Investments and the reinvestment of funds, should be unrestricted," Presley said. "I also believe in State regulation as far as thorough examination of applications to sell securities."
Preceding Presley at the dinner was Samuel L. McCune, President
York Stock Exchange To Omit From Ticker of the Ohio-Pennsylvania Joint Stock Land Bank, who referred to the nuNew
Volume of Trading Under 500 Shares Beginning merous remedies being discussed for farm relief as political bunk.
Earlier in the day a warning against indiscriminate buying of investDec. 1.
ment trust securities was sounded by Rollin A. Wilbur, Vice-President
From the "Times" of yesterday (Nov. 16) we take the of the Herrick Co. and President of the Investment Bankers Association.
He called attention to the possibility of misconception by the public.
following:
2766
FINANCIAL CHRONICLE
"I believe this may occur in the investment trust which is simply an
investment company but which has taken the name of trust," he said.
Plans of the Investment Bankers Association to ask the Post Office Department for a greater number of investigators to cope with fraudulent
traffic in securities also were discussed by Wilbur.
Eugene E. Thompson, Washington, President of the Associated Stock
Exchange, in his opening address declared he doubted if business on
Stock Exchanges would ever return to the small volume of old times.
Referring to the great bulge in stock prices, he said:
"Common sense and ordinary caution admonish us that there is some
point at which sane and sensible buyers will stop.
"It may be that some of us are pioneers in a new field and our
blinders prevent us from seeing the guide posts, if indeed there be
any, on this road to prosperity that lies before us. My belief in this
prosperity is unbounded, but I feel caution should be observed."
M. C. Harvey, President of the Cleveland Stock Exchange and a Governor of the Associated Stock Exchanges, spoke briefly at the banquet
before introducing the toastmaster, E. E. Thompson.
[VOL. 127.
stated in the "Wall Street News" that no particular significance is attached to the fact, as the joint meeting is an
annual occurrence. The meeting of the Governors was
referred to as follows on Nov. 14 by the Washington correspondent of the New York "Journal of Commerce":
Federal Reserve Bank Governors met at the Treasury today (Nov.
14) in quarterly session, while the Reserve agents were participating
in their semi-annual gathering.
The agents and governors will meet in joint session either tomorrow
or Friday and will go over a number of important matters of Federal
Reserve policy, te credit situation, the placing of the Government's
new abbreviated currency into circulation and possibly matters that
will develop at the coming session of Congress.
There is a probability that the question of the large use of funds
for speculative purposes will come up at the December Congress with
the Senate Banking and Currency Committee inquiring as to the
record-breaking brokers' loans from the New York member banks,
which are close to $5,000,000,000.
While neither Governors nor Agents would authorize any statement
Incorporation of Oakland (Calif.) Stock Exchange.
concerning their deliberations, it was thought likely that they discussed the brokers' loans and the possibility of a new investigation
Articles of incorporation for the Oakland Stock Exchange
were forwarded to the office of the Secretary of State at when Congress meets. over high brokers' loans early in the year,
After the first flurry
Sacramento on Nov. 7 to be officially filed, according to the which resulted in the rapid increase in the Eastern Federal Reserve
San Francisco "Chronicle" of Nov. 8, from which we also Bank rediscount rates to high levels, there has not been much evidence
that either the Reserve Board or the Treasury Department has requote the following:
garded the situation seriously.
The organization is formed without capital stock, with a membership
Some officials pointed to the great number of shares of stock on the
limited to seventy-five seats, ten of which will be reserved for distribu- exchange, the adequate availability of money for all purposes and
tion among San Francisco brokers. The remainder will be taken up in other developments to back up their belief that brokers' loans have
not gone high enough to endanger the credit structure of the United
Oakland and in the valley and southern districts.
Incorporators were named as W. T. Dinneen, R. L. Schneider, E. J. States. They pointed out that if these loans proved a real drain on
Brul, E. J. Holland and E. C. Smith.
the loaning facilities of the banks—that is if commercial borrowers
Interviewed yesterday, Dinneen, who is an internationally known mining were deprived of necessary capital—drastic action to curb the tendency
engineer and San Rafael capitalist, admitted that articles were to be filed might be justified.
Abnormal speculative activity, however, is not favorably viewed,
but was not inclined to discuss plans for the exchange in detail other than
to state that the move was the result of almost two years' study on the although there is a grave question as to what the Federal Reserve
part of Eastern experts and intended to organize along the lines recom- Board or the Treasury Department can do about it. Officials said
mended by them. He admitted that the originally named incorporators that it is difficult to justify the statement that the brokers' loans and
speculative activity have reached decidedly dangerous ground as yet,
represented other interests which he would not disclose at this time.
Dineen stated further, however, that membership seats would be dis- in view of the fact that legitimate business for 1928 in many lines
tributed only after unusual selection as to the character and reputa- probably will break the records of 1926 and that in virtually all lines
tion of those applying for admission, and that the manager to be se- will surpass the business of 1927.
lected would be distinctly Western, although thoroughly experienced in
The general belief seemed to prevail among the Federal Reserve
advanced exchange methods and practice.
Governors and Agents assembled here that economic conditions of the
Further plans are under way but no additional announcement is exUnited States are wholesome and that 1929 should prove one of the
pected for some weeks.
best years in history. It was agreed that the banking structure of the
country is much sounder than at any time since the war. There will
Governor Roy A. Young of Federal Reserve Board be a material reduction in the number of bank failures in 1928 as
Addresses Annual Stockholders Meeting of Federal compared to any previous year since 1920, this applying both to member and non-member banks.
Reserve Bank of Boston—Says Loans of Member
Banks Have Increased in Response to Seasonal
Demands.
Governor Roy A. Young of the Federal Reserve Board,
Washington, addressed several hundred delegates and other
representatives of member banks at the annu9A stockholders
meeting of the Federal Reserve Bank of Boston on Nov. 9.
In indicating that his subject was "The Present Business
Situation." The Boston "Transcript" said:
From Washington Nov. 12 the same paper reported the
following advices:
Agents of the Federal Reserve System at the semi-annual meeting at
the Treasury Department today held a general discussion of the
situation and considered the gigantic task of the Reserve banks in
putting the Government's new abbreviated currency into circulation.
The principal feature of the present situation is found in speculative
activities on the stock market with the rapidly increasing volume of
money in brokers' loans. Last week the New York member bank
loans amounted to $4,978,968,000, and if the rate of increase maintained
in the last month continues Thursday's report will show the brokers'
What he had to say is known only to those who attended the meeting. loans over $5,000,000,000.
as the public was barred, the same as last year. A very brief summary of
It was pointed out, however, that despite the tremendous volume of
Governor Young's talk was handed out and was noteworthy chiefly for loans
for speculative purposes, there is still an abundance of money
what It did not say. It reads as follows:
for all legitimate requirements, while there will be a new record in
"Autumn activity in production and trade this year has exceeded that of
the capital placed in foreign countries by American investors. There
previous years. Manufacturing production has been especially large and
prices of many important manufactured goods and minerals have advaned seemed to be a general feeling in official circles that there is little the
somewhat within recent weeks in response to the active demand for indus- Federal Reserve System can do about these loans.
trial products. Production of crops in the aggregate for 1928 will exceed
The Treasury is now planning to place the new paper currency in
the 1927 total by about five per cent and prices of agricultural commodities.
As
which had advanced considerably last year and until September of this circulation about July 1, through the Federal Reserve banks.
year, declined somewhat in recent weeks.
yet it has not been determined whether all denominations will be put
"Compared with last year, prices of field crops are generally lower, while
There is a possibility that the Govthose of livestock and livestock products continue to be higher. Building into circulation simultaneously.
contract awards, which declined somewhat during the summer. increased ernment will circulate the ones and twos first.
again to high levels in September and October. Railroad shipments of
Many millions of dollars in the new paper already has been printed
commodities have been larger than a year ago, and department store sales
of ageing at the Bureau of Engraving and Printfor the last two autumn months exceeded sales for the same months of last and is in the process
ing. The Government will need approximately $500,000,000 in silver
year.
"Commercial loans of member banks have increased recently in response certificates, $1,500,000,000 in gold certificates and several hundred milto seasonal demand for credit to finance autumn activity in trade and in- lion in other paper to adequately supply the demand.
dustry and there has also been an increase in bank loans on securities.
Volume of reserve bank credit has shown a seasonable growth to meet the
usual autumn demand for currency. Money rates have been somewhat
easier since early in October, but continue at higher levels than in previous
years."
Notice of Treasury Department Regarding Payment
Governor W. P. G. Harding and Frederic H. Curtiss, chairman of the
of Treasury Savings Certificates.
board of Directors of the Federal Reserve Bank of Boston, were other
speakers. Among matters that were up for discussion were the proposals
The following is from the "United States Daily" of
recently made in Congress with reference to the taxation of banks, the
reginal clearance of checks, now being tried by a group of Massachusetts Nov. 12:
Treasury savings certificates are not to be sent to the Third Assistant
and Connecticut banks, and other subjects that had been submitted through
the secretary. Later the proposed resolutions were referred to a com- Postmaster General, R. S. Regar, but should be sent by the owner directly
mittee and a recess was taken so that the delegates could be guests of the to the Division ot Loans and Currency, Treasury Department, Washington,
host bank at luncheon served In the bank's building. At three o'clock D. C., according to a notice sent to postmasters by Mrs. Regar which folthe meeting was reconvened in order to discuss and take action on the lows in full text:
resolutions.
The attention of postmasters is called to Paragraph 118, page 49, of
---the 1928 Postal Guide, which provides that Treasury savings certificates
Governors of Federal Reserve Banks Meet in Quarterly must not be sent to the Third Assistant Postmaster General, but should
Session—Federal Reserve Agents Also Meet—Reserve be sent by the owner of the Treasury savings certificate direct to the
Secretary of the Treasury, Division of Loans and Currency, Washington,
Banks to Assist in Putting New Paper Currency in Cir- D. C., at the owner's risk and expense.
Postmasters at many offices are sending Treasury savings certificates to
culation.
Following the quarterly meeting earlier in the week of the Third Assistant Postmaster General for payment contrary to explicit
Instructions that such Treasury saving certificates must not be handled
the Governors of the Federal Reserve Banks, and the semi- by a postmaster for the owner of such certificates.
Hereafter, all Treasury savings certificates received in the Departannual meeting of the Federal Reserve Agents, a joint
ment
meeting of the Federal Reserve Bank Governors, the Fed- the from a postmaster will be returned to the postmaster for delivery to
owner, who should send the certificates to the Secretary of the
eral Reserve Board members and Federal Reserve agents 'Treasury, Division of Loans and Currency, Washington, D. C., at his own
Washington yesterday (Nov. 16). It was risk and expense.
was held in
Nov. 17 1928.]
FINANCIAL CHRONICLE
2767
that he would like to have the battleship "Maryland" placed at his
disposal. This President Coolidge will be glad to do.
The purpose of the trip is to evidence the good will and desire for
mutual co-operation on the part of the United States and also that Mr.
Hoover may familiarize himself with the common problems of the two
In promising the South his heartiest co-operation in fur- continents. The matter, however, has not yet been fully decided.
President Coolidge is having the Department of State make the usual
therance of the development of its waterways and electric
inquiries as to whether the places Mr. Hoover expects to visit will be
power for flood protection of the Mississippi Valley country,
agreeable to receiving him.
President-elect Hoover, in a letter to Richa d H. Edmonds,
Mr. Hoover spoke to President Coolidge about the trip the last time
Editor of the "Manufacturers' Record" of Baltimore, adds he called at the White House, and said it was a matter he would like
to do after his election. President Coolidge told him that he was
that he "shall know no difference between North, South,
willing to do anything in the way of co-operation.
East and West, but shall seek to deal with absolute fairFurther advices regarding the proposed trip were conness and justice to every section of our common country."
tained in the following Palo Alto advices Nov. 12 to the
The letter, dated Nov. 7, was made public at Washington
New York "Times":
on Nov. 14. We give it herewith
President-elect Herbert Hoover will leave Palo Alto for San Pedro,
Palo Alto, Cal., November 7, 1928.
the port of Los Angeles, Sunday night and will sail for Central and
Mr. Richard 11. Edmonds, editor Manufacturers' Record, Baltimore, Md. South America on the battleship Maryland the following day, probably
Dear Mr. Edmonds.—I am profoundly appreciative of the extremely some time before noon.
With Mr. Hoover will go Henry P. Fletcher, the American Amheavy vote throughout the South for Mr. Curtis and myself. I accept
this vote, not as a personal tribute but as an expression of a developing bassador to Italy, whose status will be that of personal representative of
sentiment throughout the South in behalf of the things for which the President Coolidge and the State Department, as well as an official
Republican Party has stood in this campaign; and while desiring to adviser to Mr. Hoover.
From San Pedro the Maryland will steam direct for Balboa, the Pacific
express to those who voted for Mr. Curtis and myself my profound
appreciation of the honor thus done us, I want to make very emphatic terminus of the Panama Canal. It will be due there about five days
give full credit to those who voted for my opponent for the after leaving San Pedro. The time of arrival at the South American
that I
Pacific ports is being worked out by Captain V. A. Kimberly, comsincerity and honesty of their convictions.
I am not at all unmindful of the conditions which for years brought manding the Maryland, and his staff officers and will be announced in the
about the political solidarity of the South. I firmly believe, however, course of the next few days.
The Maryland, now in drydock at Hunter's Point, San Francisco,
that the time has come when in all sections men and women should
vote from their convictions as to conditions at the present time and will leave there in time to arrive at San Pedro Sunday night or early
next Monday morning. Mr. Hoover will go aboard immediately after
not based on things of former generations.
The safety of this country and its continued progress toward this his special train arrives at San Pedro.
exalted position for which Providence seems to have destined it, can
Formal Invitations at Hand.
in my opinion be best served by a diversity of thought and action
Formal invitations from most of the South American Republics have
which will cause all of the voters of this country to recognize their
individual responsibility to take part in every political campaign. In already been received by Mr. Hoover and it is known that invitations
every community and every State, as well as in national elections, all from the other countries will arrive in the next day or two. In all
the people should recognize this duty to express their views on local, instances the messages are couched in the most cordial terms and there
State and national affairs through the ballot box; and in such contests can be no question but that the plans of Mr. Hoover's receptions will
all bitterness of spirit should be wiped out. However strong may be assume memorable proportions.
It is understood that Mexico will likely be added to the list of counconvictions or issues before the public, these political contests should
be waged in a spirit of friendly, active rivalry, but not in a spirit of tries to be visited; and if so, Mexico City will be the last of the Latin
American capitals on the itinerary to see the next President, who would
bitter denunciation of any one party against the other.
I trust that it is needless for me to say to the people of the South reach there some time in January.
In such an event Mr. Hoover will probably land at Vera Cruz and
I am fully appreciative of the great potentialities of that section.
that
With one-third of the nation's land area, with about three-fifths of its proceed to Mexico City, where he will be welcomed by Senor Portez
sea frontage, with vast resources in soil, climate and minerals, no limit Gil, who is to succeed President Calles on December 1. Mr. Hoover,
can be set to the continued progress and ever-increasing prosperity of if this part of the program goes through, will be the first United States
President or President-elect to visit the capital of the Mexicans.
the whole South.
The personnel of Mr. Hoover's party has not been announced, but it
There are great water powers awaiting development and, as I have
said before, every drop of water that unutilized runs its course idly to will not number many persons. Besides Mr. Fletcher, George Akerson,
the President-elect's executive assistant, and Allan Hoover, his son, it
the sea is an economic loss.
There are great potentialities in the extension of the intercoastal will total not more than ten persons, it was said.
canal system, which eventually should extend all the way from Boston
We also quote the following from Washington advices
to the end of Texas. And to the furtherance of the development of
these waterways and the possibilities for hydroelectric power not yet Nov. 12 to the same paper:
Five countries, the State Department announced, were originally inutilized for the fullest upbuilding of the Mississippi River Valley
country by adequate flood protection, I can promise to the South my cluded in Mr. Hoover's South American itinerary. Since then invitations have been received from other Latin-American nations urging
heartiest co-operation.
I can assure the people of the South, as well as those of the entire him to visit them. The latter have all been referred to the Presidentmy Administration I shall know no difference between elect, who has not indicated whether be can accept any or all.
country, that in
North, South, East and West, but shall seek to deal with absolute
The five countries originally on the itinerary were Peru, Chile, Argentina, Uruguay and Brazil. All save Argentina have sent enthusiastic
fairness and justice to every section of our common country.
There are great economic issues and vast economic potentialities in messages welcoming the opportunity to greet Mr. Hoover. The response
every part of this country, from the Atlantic to the Pacific and from from Argentina is expected soon.
Among the countries which have since invited Mr. Hoover to visit
the Lakes to the Gulf. It is well said that "the development of
the South means the enrichment of the nation," and this is true not them are Colombia, Ecuador, Bolivia, Cuba and Costa Rica.
only in the material sense, but also in the broader sense of the development of the spirit of Americanism which will permeate the lives
of the people of the entire country, rounding out to a greater extent Bids for Sale of Royalty Oil in Salt Creek (Wyoming)
than we have ever known before a genuine Americanism instead of a
Field Invited by Secretary West.
certain degree of sectionalism.
On Oct. 30 Roy 0. West, Secretary of the Interior, inright that every State and every section should seek its utmost
It is
advancement, but there should be no spirit of
or rivalry, for vited sealed bids to be submitted at his office at the Inthere is enough for all and possibilities for growth and prosperity in terior Department before Dec. 10, next, for the royalty oil
every part of this land greater far than the world has ever yet seen.
Again would I express to the people of the South who have in such accruing to the United States from leases on government
vast numbers by their votes shown their confidence in Mr. Curtis and land within the Salt Creek oil fields in Wyoming. The
myself, my profound appreciation. If it is within my power to prevent
leases are to be for a period of three years beginning Jan.
it, they shall never feel that they made a mistake in this particular.
1 1929. A dispatch Oct. 30 from Washington to the "Times"
Faithfully yours,
President-Elect Hoover Declares He Will Deal With Fairness and Justice with Every Section of Country—Appreciates Potentialities of South.
said:
To-day's action was a natural sequence to the recent cancellation of the
five-year contract of 1922 between the Interior Department and the Sinclair Crude Oil Purchasing Company, under Attorney-General Sargent's
President-Elect Hoover to Make "Good Will" Trip to decision, holding that contract illegal because it contained an option for
South America Before Assuming Office.
renewal that was beyond the legal power of fowler Secretary A. B. Fall
grant.
The intention of President-elect Herbert Hoover to make to
In the calendar year 1927 the total Government royalty oil from the Salt
will" trip to South America was made known in Creek field amounted to approximately 1,920,000 barrels, and for the
a "good
press advices from Palo Alto, Cal., on Nov. 9. A statement period from Jan. 1 to Aug. 31 1928, to approximately 1,280,000 barrels.
Issued by Mr. Hoover said:
The Attorney-General's ruling holding invalid the Sin"I have had the suggestion of a visit to certain Latin-American countries before me for several days. It has been cordially supported by clair contract for the sale of Government's royalty oll
President Coolidge and Secretary Kellogg. There are considerations of In the Salt Creek field was referred to in our issue of Oct.
the time required and other matters which delay final determination 27, page 2315.
for a few days."
According to the United State8 Daily of Nov. 10, an oral
statement on behalf of Mr. Hoover was made on Nov. 9 by Attorney-General Holds Invalid Contract for Sale of
Government Royalty Oil in Cat Creek (Mont.) Oil
President Coolidge, the President's views being indicated in
Fields.
that paper as follows:
The Department of the Interior has been advised by AtAs has been already announced from Palo Alto, Mr. Hoover is thinking of making a trip to South America. President Coolidge has tele- torney-General Sargent that the latter has decided that the
graphed Mr. Hoover to advise him regarding whatever he could do to
contract for the sale of royalty oil in the
assist him in making plans for the trip, and Mr. Hoover has replied Government
HERBERT HOOVER.
2768
FINANCIAL CHRONICLE
Cat Creek field, Montana, to the Lewistown Oil and Refining Company of Detroit, is invalid. The AttorneyGeneral, as noted in our issue of Oct. 27 (page 2317), was
asked to pass upon the validity of the Cat Creek contract
following the conclusion by his department (also referred
to in these columns Oct. 27, page 2315), that the contract
between the Government and the Sinclair Crude 011 Producing Company for the sale of the Government's royalty
oil in the Salt Creek (Wyoming) field was not binding
upon the United States because it failed to conform with
the law governing such transactions by the Government.
As a result of the Attorney-General's opinion in the case
of the Cat Creek field, the Department of the Interior
issued an order, effective Nov. 19, stopping the delivery of
oil under the contract. The Department of the Interior
issued the following announcement Nov. 12, regarding the
opinion of the Attorney-General:
[VOL. 127.
decision the man selected is not the President of the Republican Party but the President of the United States. He is
the President of all the people,and as such he is entitled to the
co-operation of every citizen in the development of a program
calculated to promote the welfare and the best interests of
this country."
We give the address in full as follows:
Now that the dust and smoke of battle have cleared away. I am grateful
for the privilege extended to me by the Democratic National Committee
of speaking to millions of my fellow-citizens and of presenting to them some
reflections on the campaign just ended.
The Democratic Party is the oldest political organization in the United
States. So well defined are the doctrines and the principles upon which it is
founded that it has survived defeat after defeat. In the 65 years that have
passed since the Civil War only two Presidents were elected on the Democratic ticket. No political organization otherwise founded would have been
able, during all these years,to maintain an appeal to the people that brought
to the polls on last election dal 14.500.000 voters,subscribing once more to
,
Its platform and renewing their allegiance to the principles which it has
upheld throughout its long history.
Democratic Party Live, Vigorous and Forceful Major Minority Party.
In reply to its request for advice, the Department of the Interiur has
The verdict of the American people last Tuesday was not the crushing
received an opinion from the Attorney-General on the question of the
legality of the contract for the sale of Government royalty oil in the defeat of the Democratic Party that some of the headlines in the public
press would have us believe. On the contrary, let us see what the facts
Cat Creek field, Montana, with the Lewistown Oil and Refining Co.,
axe. Take the popular vote—a change of 10% of the total number of
whose home offices are in Detroit, Michigan, and whose refinery is in
votes cast would have changed the popular result. Considering it from the
Montana.
viewpoint of our Electoral College system, a change of less than 500,000
This contract was made by former Secretary Fall in December, 1922,
votes,spread around the country, would have altered the result.
and after exercise by the contractor of an option for renewal provided in
We have, therefore, the assurance from the election returns that the
the original document, was renewed by the First Assistant Secretary in Democratic Party is a live, a
vigorous and a forceful major minority party.
March, 1928, on the recommendation of the General Land Office and the
The existence of such a party is necessary under our system of governGeological Survey.
ment. The people rule negatively as well as affirmatively, and a vigorous
The Attorney-General's opinion is based entirely upon the legal con- and intelligent minority is a necessary check upon the tyranny of the
elusion that the contract was invalid because it contained an option majority.
of renewal not provided for in the advertisement for bids, and that the
Experience has always shown in our smaller political- subdivisions that
Secretary of the Interior had under the law no authority to grant such when the minority party is weak and helpless, grave abuses creep into the
an option of renewal.
structure of government and the administration of its affairs. When the
The Secretary of the Interior, following the opinion, to-day advised majority party believes that it has everything its own way, it loses its fear
the Lewistown Oil and Refining Co. by wire that delivery of oil under of reprisal at the polls for mismanagement or misconduct of the Government.
the contract would be stopped at 7 a. in., Monday, Nov. 19. The various
Political Party Organized to Help Country.
lessees in the field have also been notified by wire that beginning at the
A political party is organized to help the country and not merely to
same time the Government would collect its royalties from them in cash;
pending negotiation of a new contract for the disposition of the royalty achieve victory. It survives not on the basis of the rewards it secures
for its followers, but on the strength and on the soundness of the principles
oils.
Steps will be taken in the immediate future to advertise the royalty for which it stands. A political party can only justify its existence in so
far as it operates for the purpose of promoting the welfare, the well-being
oils in the field for sale under the provisions of the applicable law.
and the best interests of the people.
The Attorney-General's opinion is as follows:
The principles for which the Democratic Party stands are as sacred in
OFFICE OF THE ATTORNEY
-GENERAL
defeat as they would have peen in victory. If the cause of democracy
Washington, D. C.
was right before the election, it is still right,and it is our duty to carry on and
NovemberT8 1928.
"Under date of Oct. 22 1928 you asked me for my opinion regarding the validity vindicate the principles for which we fought. The Democratic Party
of the contract of Dec. 26 1922, between the United States and the Lea istown 011 to-day is the great liberal party of the nation. It leads the progressive,
& Refining Co., which was renewed under its terms on March 24 1928.
forward-looking thought of the country. It holds out the only hope of
"For the reasons set forth in my letter to you of Oct. 13 1928, in relation to the
so-called Salt Creek royalty oil contract. 1 am of the opinion that the contract now return to the fundamental principles upon which this country was built and
under consideration has no binding effect upon the United States. Specifically, as a result of which it has grown and prospered.
To the young men and women of the country the Democratic Party.
I consider the contract invalid because, first, it contains a clause giving to the
Lewistown Oil & Refining Co. an option of renewal not provided for in the adver- with its fine traditions, its high idealism and its breadth of vision, offers
tisement for bids, and second, the Secretary of the Interior under the statute had no the only inspiration.
authority to grant such an option of renewal."
Constructive Program Urged.
The Democratic Party certainly would not be in a position four years
from now to solicit the confidence and support of the American people
May Repeal Rumanian Oil Restrictions.
if during that period it neglected to build up a constructive program and
From its London bureau, the "Wall Street Journal" on relied entirely upon the failure of the opposition party. That cannot be
done by the minority party permitting itself to become a party of obstrucNov. 13 announced the following:
Advices from Bucharest state that Minister of Industry Madzearu says tion and opposition for political purposes only. We have seen too much of
Rumanian Government intends to repeal restrictions on development of that in this country and in many of its civil divisions.
It has been particularly noticeable in the State of New York, where great,
Rumanian oil industry, and to revise the mining law and reorganize the
forward-looking, constructive measures were delayed for years by partisan
stock exchange.
opposition seeking to withhold from the Democratic Party credit for their
accomplishments. The party responsible for such obstructive tactics
Gov. Smith Urges Development of Constructive Pro- has been rebuked by the people at the polls no later than last Tuesday. Too
gram Embodying Declarations of Democratic Plat- often a minority has atempted to ride into power by taking advantage of the
failure of the majority to translate into an actuality the campaign promises
form—Does Not Regard Defeat at Election as Im- and pledges upon which it sought the suffrage of the people.
While it is true that every party must adhere to its fundamental principles
pairing Soundness of Principles.
obstruction and blockade for the sole purpose of embarrassing the party
In a message to the American people delivered on Nov. 13, in power are not calculated to promote the best interests of the country.
from the studio of the National Broadcasting Company in It would be regarded as a constructive achievement if the Democratic Party
New York, Governor Alfred E. Smith, the Democratic at Washington were to formulate a program, adopt It, offer it to the Congress of the United States and there defend it. A refusal on the part of the
candidate for President at the election on Nov. 6, declared party in power to accept it or their inability to bring about party unity
that "the Democratic Party to-day is the great liberal party for the solution of these problems would then fix the responsibility and make
of the Nation. It represents the progressive, forward- a record upon which a successful campaign can be waged four years from
now.
looking thought of the country." He went on to say that "it
In other words, the Democratic Party would not be acting in good
faith with the people of the country nor in good faith with the millions
holds out the only hope of return to the fundamental prinof those who rallied to its support if it were to sit by and adopt a policy
ciple upon which this country was built and as the result of of inaction with the hope of profiting solely by the mistakes or failures of the
which it has grown and prospered." Gov. Smith in stating opposition. What this country demands is constructive and not destructive
that "I do not regard the defeat of the Democratic Party at criticism. A constructive program embodying the declarations of the
developed.
this election as impairing in the slightest degree the sound- Democratic platform should be promptlyminority party is educational in
Above all things, the function of a
ness of the principles for which it stands," added, "I am character. It will not do for the great rank and file of the American
just as anxious to see them succeed as I was when the party people to be intensely interested in the issues and party programs for a
couple of months
and then permit that
honored me with its nomination, and with all the vigor that when the result isbefore electionPolitical platforms andinterest to die out
announced.
political promises
I can command I will not only stand for them but I will are not self-enacting. The political history of the United States clearly
indicates that every progressive step, every great Governmental reform has
battle for them."
been won only after a period of persistent effort and by the slow progress
He urged that "a constructive program embodying the of educating the
electorate.
declarations of the Democratic platform be promptly deSuccessful Candidate not President of Party but President of the People.
veloped" with a view to its presentation to Congress. In
The first and indispensable element of education is information. A
advocating this he said "a refusal on the part of the party full and complete presentation of the facts. That is easier to do to-day
than it was years ago with the use of the radio and the increasing interest
in power to accept or their inability to bring about party
of our young people in public affairs. It
remembered that while
unity for the solution of these experiments, would then fix political parties may seriously divide publicmust be throughout the country
opinion
the responsibility and make a record upon which a successful during the progress ofa campaign, afterthe American people have madetheir
decision the man selected is not the President of the Republican Party, but is
campaign can be waged four years from now."
the
States. He is
President of all the people,
Governor reminded those whom he addressed over and President of the Unitedthe co-operationtheevery citizen in the developThe
as such he is entitled to
of
the radio that "after the American people have made their ment of a program calculated to promote the welfare and best interests of
Nov. 17 1928.]
FINANCIAL CHRONICLE
this country. He is entitled to a fair opportunity to develop such a program. Only when he fails to accomplish it does the Administration become
the subject of proper criticism by the opposition party.
Premature criticism not only fails of its purpose but often results to the
disadvantage of the critic himself. Party responsibility is not confined
to its handling of Governmental affairs. A political party must also be
accountable to the people of the United States for the management of its
internal affairs, and no political party can afford to accept the support of
forces for which it refuses to accept responsibility. It will not do to let
bitterness, rancor or indignation over the result blind us to the one outstanding fact, that above everything else we are Americans.
No matter with what party we aligned ourselves on election day, our
concern should be for the future welfare, happiness, content and prosperity
of the American people.
Gratitude to Those Who Worked for His Election.
At this point I desire to express my gratitude from the bottom of my
heart to the millions who voted for me,to the millions who worked for me,
to the party leaders throughout the United States who rendered loyal and
devoted service to the Democratic Party and to our country.
I want this to include also the men and women throughout the country,
not members of the Democratic Party, who took inspiration from the progressive platform adopted at the Democratic Convention and supported
my declarations of purpose with respect to those principles. Thousands
of letters and telegrams have come to me since election day, asking that I
not lose interest in the future welfare of the Democratic Party.
Democratic Principles not Impaired by Defeat at Election.
Let me take this modern means of making reply to them by making
the definite statement that I do not regard the defeat of the Democratic
Party at this election as impairing in the slightest degree the soundness of the
principles for which it stands. I am just as anxious to see them succeed
as I was when the party honored me with the nomination, and with all the
vigor that I can command I will not only stand for them but I will battle
for them.
It would be unnatural for me not to be disappointed at the result. Tonight, however, as I address these few remarks to my friends all over the
country. I look back on my 25 years of public service. I recall them from
the first time the Democratic Party selected me. a struggling youth, for
elective office as member of the Legislature. I recall my first official visit
to the Capitol at Albany, and never shall I forget the thoughts that ran
through my mind at that time.
Many years later I felt that I had achieved my greatest ambition when
the Democratic Party made me its standard bearer in the State. To that
party and to the people of this State, who have four times elected me as
their Chief Executive. I shall alwayt be profoundly grateful. I have in a
measure attempted to express that gratitude in the form of devotion to
public service. In return for the confidence reposed in me by the people of
my State I endeavored to administer the affairs of the State with an eye
single to the welfare and the happiness of her people.
The Democratic Party this year conferred upon me the gratest honor
that it can offer to any of its members, the nomination for the Presidency
of the United States. Regardless of the outcome. in a spirit of the deepest
appreciation of the opportunities afforded me and of the loyal support
given to me by upwards of 14,500,000 of my fellow-citizens. I pledge my
unceasing interest and concern with public affairs and the well-being of the
American people.
A man cannot be unmindful of the blessings that have been showered
upon him by an Almighty and a Divine Providence. The history of our
country 'indicates that His sustaining hand has guided us since the very
hour of our discovery. Nobody can read our history and be unmindful
of the proclamation of the President of the United States asking that on
Thanksgiving Day in grateful appreciation we offer thanks by prayer and at
the same time pray for a continuance of that benediction. Nor should we
ever fail upon each recurring anniversary of Thanksgiving Day to invoke
the aid of the Ruler of the Universe that we may never lose our faith in the
fundamental principles upon which this country was founded and that
must have been born of divine inspiration.
2769
Gotham Loan Company Chartered Under New York State
Banking Laws Will Confine Operations to Industrial
Banking.
What is believed to be the first instance of the granting
of a New York State charter to an industrial loan enterprise in New York City since the investigation by the Attorney General'sDepartment of the small loan business and
the exposure of the "Loan Shark" evil is revealed in the
announcement of the organization of the Gotham Loan
Company by bank and insurance executives. The State
Superintendent of Banks, Frank H. Warder, has approved
the granting of a charter to this company, which, according
to the organizers, was prompted by the need for additional
facilities in the small loan business in New York City, as
well as in other cities of the State. The new company has
been incorporated under State banking laws to do an industrial banking business under the "Investment Company
Act" of the State.
The organizers of the Gotham Loan Company have subscribed for the entire capital stock of the company, thus
providing an initial capital of $500,000 and a surplus of
$150,000. No bonus stock will be issued and no commissions will be paid on the sale of stock in the company.
Owing to the desire to have the stock of this institution
widely held, the organization committee will receive applications from the public for a limited time at the rate of
$130 per share, the same price paid by the incorporators.
The right is reserved to allot less than is applied for or to
reject any application. This committee has established
temporary quarters at 37 Wall Street. According to James
A. Hoyt, one of the incorporators, certain improved methods of procedure will be instituted by the Gotham Loan
Company in harmony with the provisions of the Investment
Act. The company will not lend on chattels or pawns.
The incorporators of the Gotham Loan Company, who will
also act as directors, include the following: James V. Barry, Vice-President, Metropolitan Life Insurance Co.; Thos.
B. Boss, President,. American Reserve Insurance Co.;
Fred Billman, formerly Treasurer of the Morris Plan
Insurance Society; Benjamin S. Catts, real estate: Ellis P.
Earle, President, Nipissing Mines Co., Ltd.; William A.
Gray, President, William A. Gray & Co., Inc.; Edgar F.
Hazleton, President, Queensboro Savings Bank, Jamaica;
James A. Hoyt, formerly President of the Morris Plan Corporation of America, and former Vice-President of the
First National Bank of Detroit; Henry R. Johnston, VicePresident and Cashier, Chatham Phenix National Bank
and Trust Co.; Raymond E. Jones, First Vice-President,
Bank of the Manhattan Company; Fred E. Linder, VicePresident of Edmund Seymour & Co., Inc.; C. F. Sturhahn,
James A. Beha, New York State Superintendent of InsurPresident, Rossia Insukance Company of America; Wallace
ance, Resigns—To Become Chairman of International
T. Stock of Lewis, Garvin & Kelsey; A. T. Tamblyn, PresiGermanic Trust Company.
dent, Lincoln Fire Insurance Company, and John T. WhaJames A. Beha, Superintendent of Insurance of the State len, President of J. T. Whalen Co., Inc.
of New York since July, 1924, announced on Nov. 15 his
resignation to become active Chairman of the Board of
directors of the International Germanic Trust Company. Exchange of Bank of Italy and Bancitaly Stocks for
He will devote his full time to the new post, beginning
-America Corporation Stocks Expires
New Trans
Nov. 20. Mr. Beha has been a director of the International
Nov. 26.
Germanic Trust Company since its organization in 1927,
According to the San Francisco "Chronicle" of Nov. 8, anand has been elected a director of the International Germanic Company, Ltd. Incident to his acceptance of the nouncement was made on that day that the privilege of
Chairmanship of the Board of Directors of International exchanging stock of the Bank of Italy National Trust &
Savings Association and Bancitaly Corporation for shares
Germanic Trust Company, Mr. Beha said:
"The activities of the International Germanic Trust Company have of the new Trans-America Corporation, on the basis origiengaged my attention from the outset and I have been a director since nally outlined (one and three-quarters shares of Trans.
its establishment over a year ago. In addition to its ordinary commerand share for
cial banking functions, this institution has, from the beginning, had a America for each share of Bank of Italy,
definite objective which has greatly interested me and I believe, with share in the case of the Bancitaly Corporation) would be
the other companies of the Germanic group, the International Germanic effective only during the next two weeks. A. P. Giannini,
Trust Company offers a splendid opportunity for constructive influence
in this era of international reconstruction. These purposes and rapid President of the new corporation, was reported in the paper
progress of the International Germanic companies make me confident mentioned as saying:
that they have a real place in the international banking world and are
"Stockholders have been offered the privilege of exchange, on an amply
already a useful and recognized instrumentality in the development of
German and American commercial and financial relationships. There
are sound reasons for believing that Germany is destined to be the
dominant commercial and financial power of Central Europe, and to the
extent that we strengthen the present ties, financial and otherwise, between America and Germany, mutual benefits must accrue to both
nations."
Mr. Beha was appointed Insurance Superintendent in
1924 by Governor Smith. He received the honorary degree
of Doctor of Laws from Manhattan College in 1927. He
Is a member of the Bar Association of the City of New
York, the New York State Bar Association, the Lawyers
Club, in addition to various other social and fraternal
organizations.
adequate basis, and that a majority is entirely favorable to the proposal
is evidenced by the fact that more than the necessary controlling ownership is already committed to the proposal. We wish, however, to have
the agreement of all our stockholders, and we have in consequence decided to hold open the offer until November 26."
The San Francisco paper furthermore said that a letter
was addressed to all stockholders of the Bank of Italy
and Bancitaly Corporation under date of Oct. 24, asking
them to turn in their holdings for exchange with Trans
America Corporation. "The terms of this communication,
it is said, will be made applicable to all who send in their
stock certificates by Nov. 26." Our last reference to the
matter appeared in the "Chronicle" of Nov. 3, page 2456.
2770
FINANCIAL CHRONICLE
[Vol.. 127.
The combined
Certificates of the New Trans-Corporation Now Traded in subsidiary from $2,250,000 to $3,250,000.
capital and surplus of the Seaboard National Bank will be
on the York Curb Market.
approved by the
A news item issued Thursday (Nov. 15) regarding the $25,000,000, as soon as the capital issue
a Corporation — the recently Directors is authorized by the stockholders and approved
affairs of the Trans-Americ
formed holding company of the Bank of Italy and the by the Comptroller of the Currency.
It is expected that the present dividend rate of 16% on
Bancitaly Corporation and their affiliated institutions —
Seaboard Bank stock will be continued after the consummasays:
Certificates of the newly organized Trans-America Corporation, formed tion of the capital increase. Subscription warrants for
to acquire the various Giannini holdings and which will exercise a uni• the new shares will be issued on Dec. 14 1928 to stockfled control over institutions with resources in excess of $1,000,000,000, holders of record on that date, and the right to subscribe for
will be traded in beginning today (Thursday) on the New York Curb
Market. The corporation will have an authorized capital of $250,000,000 these shares will expire Dec. 29 1928.
represented by 10,000,000 shares of $25 par value stock. The Bank of
Italy will account for almost 75% of the total resources over which
Trans-America will have control. On the basis of exchange of shares
proposed to the principal Giannini companies, Bank of Italy National
Trust & Savings Association and to the Bancitaly Corporation, its outstanding capital will comprise 8,700,000 shares or _$217,500,000.
It is planned that for each share of Bank of Italy there will be ex4
/
changed 13 shares of Trans-America and for each share of Bancitaly
Corporation 1 share of Trans-America stock. Dividends on the new
Trans-America stock are planned at a rate of 34 annually, which represents an increase of $1.76 per share over the rate paid on Bancitaly
stock and an equivalent of $7 on Bank of Italy stock, on which annual
payments of $6 have been made in the past.
Total assets of the Bank of Italy alone stood at the end of last June
at over $800,000,000 And the earnings of the Bank of Italy in the first
half of this year were approximately $11,000,000, or almost double the
half year dividend requirements at the rate of $6 annually. Bancitaly
Corporation in the first half of this year reported earnings equivalent
to $6.74 a share on the 5,200,000 shares of stock outstanding.
ITEMS ABOUT BANKS, TRUST COMPANIES,' ETC.
Two New York Stock Exchange memberships were reported posted for transfer this week, that of Hugh Potts
of the firm of Harde & Ellis to William H. Eshbaugh, who
is with W.E. Hutton & Co. for $480,000 and that of Frank
W.Savin to Clarence F. Gould for $475,000.
At the regular weekly meeting of the directors of the
National City Bank of New York this week, Colonel Edward A. Deeds of Dayton, Ohio, was elected a director of
the bank. Colonel Deeds, who began his career with the
National Cash Register Company which he served as VicePresident and General 'Manager for several years, brings
to the directorate of the bank broad industrial experience,
his more recent activities being directed toward the development of commercial aviation. As Chairman of the
Board of the Niles
-Bement-Pond Company and a director
of the Pratt & Whitney Aircraft Company, its subsidiary,
Colonel Deeds has directly supervised the development of
the Wasp and Hornet aeroplane engines. These motors,
both of which are used in quantities by the United States
Navy and by large air transportation companies, share
with Wright leadership in the aeroplane engine field. Colonel Deeds was one of the organizers of the Miami Conservancy District, a sub-division of the State of Ohio organized
for flood prevention work in the Miami Valley, and as
President of the district since its inception has supervised
the expenditure of more than $39,000,000 to make impossible the recurrence of the disastrous flood of 1914. He was
also among the organizers and for many years President
of the Delco Lighting Company, pioneer 'builders of automobile starting and ignition systems in America. He is at
present President of the General Sugars Company, and
a director of the Mead Pulp and Paper Company. Following the underwriting by the National City Company of
the securities of Boeing Aeroplane and Transport Company,
the election of Colonel Deeds as a director of the bank is
regarded as reflecting the growing interest of the board
in the aviation industry and confidence in its future development.
Arrangements were reported made this week for the sale
of a New York Curb Market membership for $150,000, an
advance of $10,000 over the last preceding sale and a new
high record.
The following are the names of the buyers and sellers of
seven memberships in New York Curb Exchange, the
prices for which have previously been announced: William
A. Titus, Jr., to Andrew J. Fox,Jr.; A. W.Phelps to Harvey
P. Whitcomb for legal consideration; Frederick E. Ziegler
to T. W. Donohue for $103,000; George D. Provost to
R. W. Torney for $110,000; A. B. Sturges to Frank X.
Decry for $120,000; Samuel Schmukler to Louis F. Fechheimer for $125,000, and Albert Seligman to I. W.Steele for
The Bank of America National Association announces the
$125,000.
opening of a branch office at Franklin and Hudson Streets,
in the heart of the wholesale produce district, under the
Six New York Produce Exchange regular memberships
management of Frank M. Rohn. With the opening of this
were reported sold this week as follows: $18,300, $18,500,
office, the bank will enlarge its chain to thirty-one offices
$18,800, two at $20,000 each and the last at $21,000. The in
Greater New York. The new branch is the fourth to be
last preceding sale was for $17,500. An associated memberopened since the consolidation of the Bowery and East
to have been sold for $16,000.
ship is reported
River National Bank and the Commercial Exchange Bank
Chicago Board of Trade memberships were reported sold with The Bank of America. A complete banking service will
this week as follows: $21,000, $28,500 and $29,000, the last be available.
being the highest on record.
The World Exchange Bank of this city will celebrate its
Sale of Chicago Curb Exchange was reported this week for Fifth Anniversary with a dinner at the Hotel Commodore
to-night (Saturday). Eight hundred guests have been
$4,650.
invited to attend.
A new high record for San Francisco Stock Exchange
The Farmers' Loan & Trust Co. of this city has leased
seats was established this week when Robert M. Ridley of
McDonnell & Co. paid $225,000 for a membership. This eight floors and the basement in the 25-story building at
43 Exchange Place and the fifth floor of the building at 37
is $25,000 over the last preceding sale.
Wall St. as temporary quarters pending the erection of
At a special meeting of the Board of Directors of the Sea- their new 20
-story building at 22 William St. An item
board National Bank of New York, held Nov. 13, it was regarding the plans for a new building appeared in these
decided to call a meeting of the stockholders to authorize columns July 21, page 362.
an increase in the bank's stock from 90,000 to 110,000
Dr. Nicholas C. Partos, president of the Partos Realty
shares. It is proposed also to increase the stock of the Seaboard National Corporation by a like number of shares. Corp., has been elected a member of the Board of Directors
Units consisting of one new share in each institution will be of the International Union Bank of New York.
offered for subscription to shareholders pro rata at the rate
C. Bertram Mahler, President, Richmond Hill National
of $300 per unit. Accordingly, each holder of four and onebe entitled to Bank, has been elected a director of Bankinstocks Holding
half shares of stock of each institution will
Corp.
subscribe to one new unit.
which will be paid
The $6,000,000 of additional capital
Charles Aubrey Nicklas, Vice-President and Treasurer
In as result of this proposal is to be employed as follows: of the Empire Construction Co., has been made director of the
An increase of $2,000,000 in the capital stock of the Sea- Sixth Avenue Bank of New York.
board National Bank, bringing it from $9,000,000 to $11,William C. Potter, President of the Guaranty Trust Co.
000,000; an increase in the surplus of $3,000,000, bringing
the surplus from $11,000,000 to $14,000,000; and the re- of New York, has announced the appointment of Alfred C.
maining $1,000,000 to be allocated to the Seaboard National Howell and William L. Kleitz as Vice-Presidents of the comCorporation for an increase in the capital funds of that pany. Mr. Howell was President of the Ames Shovel &
Nov. 17 1928.]
FINANCIAL CHRONICLE
Tool Co. of Boston, and became associated with the Guaranty
Trust Co. a few months ago. He began his business career
with the Carnegie Steel Co. in Pittsburgh and Cincinnati,
became manager of the Steel Department of the W. Bingham
Co. of Cleveland, and was sales manager of the Midvale
Steel & Ordnance Co. in Philadelphia when the latter became part of the Bethlehem Steel Co., of which Mr. Howell
was made sales manager of the Plate Department. Mr.
Kleitz has been an Assistant Vice-President of the Guaranty
Trust Co. for the last five years.
At a meeting this week of the board of trustees of the
Bank of New York & Trust Co., Joseph Andrews, a senior
Vice-President, was elected a trustee. Mr. Andrews' connection with the institution dates back to 1884 when he
joined the staff of the Bank of New York, N. B. A., with
which the New York Life Insurance and Trust Company
was merged in 1921. He has been a Vice-President since
1016 and is a director in the following companies: American Salamandra Corporation, Eagle Fire Company of New
York, North Star Insurance Company, Norwich Union Indemnity Company, and a trustee of the United States Casualty Company.
2771
of $12,000,000, and total resources of $18,434,040. Main
offices are at Broadway and 40th Street, with three
branches: Burnside and Jerome Avenues, 62-64 East Mt.
Eden Avenue, 82d Street and First Avenue. A fourth branch
Is to be opened the first part of January at Sunnyside,
L. I.
Under the caption "The Pocketbook," a new periodical
has been issued the current month (Nov.) by the Union
Trust Company of Rochester, N. Y. In booklet form, comprising 24 pages, the publication presents in a readable and
interesting way discussions on subjects tending to promote
thrift. A survey of business conditions is a feature of the
booket, and under the head "Perception and Progress,"
President Frederick W. Zoller says:
Local newspapers recently carried articles announcing the merger of
the National Bank of Rochester into the greater Union Trust Co.
It is quite probable that to the average reader, this merely signified
a bigger banking institution—the largest between New York and Buffalo.
It is gratifying perhaps that Rochester can point to so great a bank.
But mere figures after a dollar sign, mere volume of deposits, mere
marble columns and mahogany desks, do not, indeed, make a banking
Institution really great.
There's a vastly more vital element—the human element—that plays
the major part in the building of the worthwhile enterprise of today.
Minds of men first have to visualize; then to make plans that are
practical, and finally to construct, and that soundly, before any great
fully
The Bowery Savings Bank and the Union Square Savings achievement is fairly accomplished. great business achievement, unquestionanalyze any
And if you
Bank of New York have raised their interest rates from T7 ably you will find that unless It is conceived in the spirit of service,
to 43% and have adopted the policy of paying interest on and develops in the betterment of service, it fails to register ultimate
deposits from the day they are made to the date of with- success.
Our greater Union Trust Co. could not have materialized had it not
drawal. The Bank for Savings has increased its interest been that its bigger, broader, better banking service would help to defor the present quarter from 4% to 4%%.
velop further the thrift, the industry and the civic welfare of Rochester.
rate
This is in slight recognition of the very human and farseeing efforts
Regarding the Bank of Manhattan rights, the "Sun" of Of those whose constructive plans, courage and co-operation, we believe
hare set up for Rochester another milestone in its financial history. We
last night (Nov. 16), said in part:
refer to the directors, the officers and the employees of the combining
The brief but stormy market career of "rights" to subscribe to addi- banks.
tional shares of the Bank of the Manhattan Co. stock at $450 a share came
to a close at 3 p. m. today, when the rights expired and payments on subThe public offering of 40,000 shares of the Fidelity Union
scriptions were made at the bank.
The price of rights today closely corresponded with that of the stock, Stock & Bond Company of Newark, formed through the
rights plus $450 theoretically being equivalent to one share of stock.
seven
the Fidelity
At one time when something very much like a corner appeared to exist, consolidation of the investment departments of
there was a disparity of some $200 or more between the price of rights Union Trust Co. and the Public Service Stock & Bond Co.,
and stock in favor of the rights.
both of Newark, has been over-subscribed approximately ten
The National American Co., which recently reaped substantial profits
on the sale of a block of over 10,000 shares of the Bank of the Manhattan times. Due to the large subscription for the stock of the
Co. stock, has been the largest purchaser of rights. It was stated by an company, the directors held a special meeting on Nov. 13
official of the company that the purchase of these rights was for the pur- and
gave consideration to a revision of the financial structure
pose of keeping the Bank of the Manhattan stock holdings of the National
American Co. at approximately the same ratio that its investment formerly in order that the subscribers might get a larger proportion of
bore to the total of outstanding capital of the bank.
their subscription, but after due consideration decided to
When the rights were selling below 40, the National American Co.
period of weeks accumulated over adhere to the original plans. The subscribers will get onestarted to acquire rights and over a
80,000 of the 129.500 rights issued. It is self-evident that the National tenth of the amount subscribed, the only exceptions being
American Co. could not have purchased In the open market the equivalent those who subscribed for from two to fifteen shares, who will
number of shares of stock except at extremely high prices, much more than
get a minimum of two shares, and those who subscribed for
the average price paid for the rights.
From the "Sun" of last night (Nov. 16) we take the fol- an amount in excess of 2,000 shares the maximum amount
issued to any one subscriber being 200 shares. Allotment
lowing:
The Bank of the Manhattan Company is completing arrangements to notices will be mailed on November 19. The stock is being
absorb the Bronx Borough Bank and operate it as a branch, it was learned offered at $50 and has a par value of $25. The institution
to-day. The acquisition will be made through an exchange of Manhattan
Company stock on the basis of four shares for each six of Bronx Borough. has a capital of $3,000,000 and a surplus of $3,000,000.
The Manhattan Company has had control of the Bronx institution, into
which the Bronx National Bank had been merged for about a year.
Directors of the Bank of the Manhattan Company were authorized to
use a part of the additional stock recently created to acquire a larger interest
in the Bronx bank.
The Central National Bank, one of the younger banking
Institutions of the city, in the Mid-Manhattan district, has
undertaken to bring to the attention of the public interesting facts concerning the growth of Mid-Manhattan in a
series of "Factual Essays" which it will publish. The area
to be described extends north from 30th to 50th Streets
and west from Lexington to Ninth Avenues. Special essays will be devoted to building projects, hotels, theatres,
transit facilities, manufactories, retail stores, professional
occupations, and the various and many industries located
within the confines of this strategic commercial center.
Earnest V. Connolly, President of the Central National
Bank, said: "Our Head Office is located in the heart of
the city and it is quite natural that we should be vitally
Interested in the development and progress of the MidManhattan area. We believe the average person is not
familiar with the many facts we have obtained concerning
this prospering district of New York. These essays should
be of exceptional interest to the general public. They will
reveal the constant trend and growth of business in this
uptown section. Mid-Manhattan is undoubtedly destined to
become in the near future one of the most important commercial centers of the world."
The Central National Bank of this City of New York began its business Jan. 28 1926 and now has a capital of $2,500,000, surplus and undivided profits of $800,094, deposits
David M. Runyon, Assistant Secretary and Assistant
Treasurer of the Plainfield Trust Co. of Plainfield, N. J.
died on Nov. 8 at his home in Plainfield. Mr. Runyon
was in his 70th year. Mr. Runyon was born in Springfield,
Ill., and began his banking career in Plainfield with the First
National Bank, where he was employed for 49 years, serving
as its cashier for 20 years. In 1923 he resigned and became
Assistant Cashier of the City National Bank, continuing
in that post until that bank was consolidated with the Plainfield Trust Co. in 1926. He was also a director of the
Plainfield Savings Bank for many years.
The Philadelphia "Ledger" of Nov. 15 reports that the
North Philadelphia Trust Co. of that city has transferred
$100,000 to surplus account, making the same $1,200,000.
Undivided profits are now $71,190 and the capital $500,000.
Daniel F. Deal has been elected a director of the Market
Street Title & Trust Co. of Philadelphia.
Andrew S. Webb, President of the S. B. & B. W. Fleisher,
Inc., recently became a member of the Board of Directors
of the Colonial Trust Co. of Philadelphia.
A special meeting of the stockholders of the Industrial
Trust, Title & Savings Company of Philadelphia will be held
on Dec.9 to vote on a proposed increase in the bank's capital
from $500,000 to $1,000,000.
At the annual meeting of the stockholders of the Colonial
Trust Co. of Pittsburgh, Pa., on Nov. 8, William M. Duff,
2772
FINANCIAL CHRONICLE
President and Manager of the Edward A. Woods Co., and
J. B. Orr, President of Fownes & Orr, Inc., were elected
directors of the institution, as reported in the Pittsburgh
"Post Gazette" of the following day. Mr. Duff is head of
the Pittsburgh agency of the Equitable Life Assurance Society, a director and past President of the Pittsburgh Life
Underwriters' Association, and Secretary of the American
College of Life Underwriters, while Mr. Orr is a member of
the Allegheny County Bar Association, a director of the
McKinney Manufacturing Co., President of the Vandalia
Coal Co., and Vice-President and a director of the Boiler
Tube Co. of America. C. F. Niemann, President of the
Parkersburg Iron and Steel Co., William M. Furey, General Agent of the Berkshire Life Insurance Co., and L. A.
.
Meyran, a Pittsburgh business man, who were placed on
the board since the last stockholders' meeting, were reelected as were the old members of the board.
The Indianapolis "News" of Nov. 12 stated that depositors
of the defunct J. F. Wild & Co. State Bank of Indianapolis
will receive a Christmas present in the form of a 5% dividend on their claims, according to an announcement on that
day (Nov. 12) by Richard L. Lowther, one of the two receivers for the institution. This payment, the third to be
made, (the others having been 40% and 172 respectively)
/
1
%,
brings the total to 62 %. Mr. Lowther stated, it was said,
/
1
2
that the 5% payment would not be the last, but would be
followed by other dividends which would bring the total
amounts recovered to approximately 80% of the amounts
deposited. After the Christmas dividend is paid, there will
remain assets valued at approximately $800,000, with which
to satisfy claims of $1,400,000, Mr. Lowther said. Judge
Mahlon E. Bash of the Marion County Probate Court, the
"News" said, would be asked to approve the payment "some
time the latter part of this week or early next week." The
Court's approval, however, "is a matter of routine, inasmuch as the Court has left the business of winding up the
affairs of the bank in the hands of Lowther and Eugene
H. Iglehart, co-receivers for the institution." Following
the failure of the J. F. Wild & Co. State Bank on July 30
of last year, John Ffl Wild, the President, along with other
officers of the bank, was indicted for bank embezzlement.
Motion to quash the indictment, which charges that the
officials under indictment accepted deposits while knowing
the institution to be insolvent, are pending in the Marion
County Criminal Court, and Judge James A. Collins is
expected to rule on them shortly, the paper mentioned said.
The failure of the J. F. Wild & Co. State Bank was noted in
the "Chronicle" of Aug. 6, 1927, page 739, and its affairs
referred to in several subsequent issues, our last reference
appearing May 5, 1928, page 2742.
[Von. 127.
writes for it to the Public Relations Department of the
Union Trust Company of Detroit, of which the Union Title
& Guaranty Company is a subsidiary organization.
That stories of still another large Chicago bank merger
were current in that city—the institutions involved this time
being the Chicago Trust Co.and the State Bank of Chicago—
was reported in a dispatch from Chicago on Nov. 9 to the
New York "Times," which stated that the rumors were accompanied by an announcement of a "melon" of $1,920,000
by the Chicago Trust Co. We quote from the dispatch as
follows:
The change in capitalization was discussed here as preliminary to a consolidation of the Chicago Trust and the State Bank of Chicago.
The Chicago Trust directors announced that a proposed $600,000 increase in capital stock will be offered to stockholders at $200 a share. ir the
proportion of one new share for each four shares held.
- It was said that tentative conversations looking toward a merger have
been in progress for several weeks between officials of the Chicago Trust
and the State Bank of Chicago.
Consolidation of the two banks would result in an It stitution with total
resources around $121.000.000, capitalization of about $19,500,000 and
total deposits around 598.000.000.
Acquisition of a 50% interest in the Old Dearborn State
Bank (successor to the Lake State Bank) of Chicago by
individuals identified with the management of the Chicago
Trust Co. of that city was announced by the former bank on
Nov. 13, according to the Chicago "Journal of Commerce"
of the following day. No consolidation of the two institutions is contemplated, it was stated, and the stock of the
Old Dearborn State Bank will be owned by the officials of
the Chicago Trust Co. as individuals and not by the bank
itself. Lucius Teter, President of the Chicago Trust Co..
will become Chairman of the Board of the Old Dearborn,
succeeding J. L. Kraft, who will continue with the institution as a member of the Board. Other changes in the directorate, to be announced at a later date, the Chicago paper
said, were forecast, but it was stated that no changes in the
official staff or personnel of the bank were contemplated.
The institution will continue to operate in its newly occupied
building at Wabash Avenue and Lake Street. The Old
Dearborn State Bank was organized in 1919 as the Lake
State Bank, its name being changed upon its recent removal
to its present quarters. It is capitalized at $500.000 and
has combined surplus and undivided profits of $125,000.
Total resources, as of Oct. 3, were $5,390,798.
Referring to the proposed union of the Second Ward Savings Bank of Milwaukee with the First Wisconsin National
Bank of that city to.form a new organization with resources
of $200,000,000, indicated in our issue of Nov. 10, page
2639, the respective directors of the institutions on Nov. 8
approved the consolidation,and special meetings of the shareholders of both banks will be held on Dec. 10 to vote on the
proposition. In its issue of Nov. 9 the Milwaukee "Sentinel" stated that Walter Kasten, President of the First
Wisconsin National Bank, returned to Milwaukee from
Washington the previous day with the Comptroller of the
Currency's sanction of the deal. The same paper in its issue
of the next day (Nov. 10) printed the following regarding
the terms under which the banks propose to unite:
Realizing the interest which women are taking in financial matters and in investments, the Union Trust Company
of Detroit has arranged a series of lectures to be held on
successive Wednesdays, beginning Nov. 14, in the directors'
room of the old Union Trust Building. At these lectures,
officers of the trust company will explain various phases
of financial service. The speakers and their subjects folIt is proposed to issue 90,000 ($9,000,000) shares of First Wisconsin
low: Nov. 14, John N. Stalker, Vice-President, Union Trust
exchanged for the present shares of that bank and the SecCompany, "How a Trust Company Can Serve You"; Nov. stip& to be Of the total 63.900 will be issued to First Wisconsin shareond Ward.
21, Joel H. Prescott, Vice-President, "Your Will and Your holders for the 60,000 shares now outstanding. This is equivalent to
Trust"; Nov. 28, Roy C. Carpenter, Assistant Manager, 1,065 simres for each share of present stock.
Stockholders of the Second Ward Savings bank will receive 26,100
Bond Department, "Investments for Women"; and Dec. 5, shares for the 10,000 shares of stock in that institution now outstanding
John A. Reynolds, Vice-President, "Property Management." or 2.61 shares for one. With First Wisconsin stock having a market
The wives of directors and officers will act as hostesses value around $400 a share this is equal to approximately $1.044 for Second
Ward stock.
and patronesses at the tea which will be served in conTransferable scrip certificates will be issued instead of fractional shares
nection with each of these lectures. Mrs. Frank W. Blair, In making the exchange. It will be necessary to obtain enough fractions
actual stock is issued.
wife of the President of the Union Trust Company, will to round out a full share before
act as hostess for the first and fourth lectures. Mrs. John
R. C. Irvine, formerly Vice-President and Cashier of
N. Stalker will be hostess for the second, and Mrs. Henry
Bankers Trust Co. at Little Rock, Ark., has been elected
H. Sanger, wife of the President of the National Bank of
Assistant Vic-President of National Park Bank of New
Commerce, will be hostess on Nov. 28.
York.
"And Hearing, They Believed," is the title of a playlet
written by James E. Sheridan, Vice-President of the Union
Title & Guaranty Company of Detroit, Michigan, which has
been issued by that company in booklet form. Arguments
for title insurance and answers to knotty questions on abstracts and titles are cleverly sugar-coated in this dramatized version. The play was staged at the annual convention of the American Title Association at Seattle, Washington, in June and was one of the features of the convention.
The booklet form of the play is available for anyone who
The election of J. P. Hummel of the Hummel Ross Fibre
Corporation of Hopewell Va., as a director of the American
National Bank of Richmond and its affiliated institution,
the American Trust Co., was announced recently by Oliver
J. Sands, President of both banks.
As of Nov. 1, the title of the American Exchange National Bank of Greensboro, N. C., was changed to the
American National Bank & Trust Co. of Greensboro.
Nov. 17 1928.]
FINANCIAL CHRONICLE
2773
F. E. Meredith, K.C., D.C.L., LL. D., head of the legal
firm of Meredith, Holden, Heward & Holden of Montreal,
was elected a director of the Royal Trust Co. of that city,
according to the Montreal "Gazette" of Nov. 14. At the
same meeting of the Board of Directors, Ross Clarkson,
Manager of the institution's Montreal branch for the past
six years, was appointed Assistant General Manager of the
company, as successor to R. P. Jellett who recently was
promoted to the General Managership of the bank. Another
appointment made was that of J. H. Woods, managing director of the Calgary (Alta.) "Herald" and President of
The Los Angeles-First National Trust & Savings Bank the Canadian Press, to the Calgary Advisory Board of the
of Los Angeles on Nov. 10 formally opened the new building Royal Trust Co.
and banking/quarters of its Jefferson and Arlington Branch
Proposed merger of the Standard Bank of Canada and the
with an all-day reception. The following description of
Canadian Bank of Commerce was consummated on Nov. 5,
the building has been furnished us by the Institution:
consent of the Federal Cabinet to the consolidation
The new building erected by the bank is on the southeast corner of the final
Jefferson Boulevard and Arlington Avenue. The architectural style is having been given the previous Saturday, Nov. 3. DisMayan. The exterior has a base, sill height, of granite terra cotta. cussing the matter a Canadian Press Despatch from Ottawa
The piers and superstructure show the natural material, concrete. Over on Nov. 4, appearing in the Toronto "Globe" of Nov. 5
the entrance and all window openings are cast stone lintels. The two contained the following:
E. C. Cornish, formerly President of the First American
Bank & Trust Co. of West Palm Beach, Fla., which was
closed in June last, committed suicide in a New Orleans
hotel on Nov. 5. Mr. Cornish was associated with banks
In Little Rock, Ark., from 1900 until 1924. He disposed of
his holdings in the American Southern Trust Co. of Little
Rock while serving as its President in 1924, to accept the
Presidency of the National Cotton Seed Products Corporation of Memphis. From the latter city he went to West
Palm Beach.
street fronts are crowned with a triplicate row of large Granada tile.
Wrought iron entrance gates open into the main entrance lobby. The
concrete and stone on the two facades are stained to effect a weatherworn appearance. All window frames are steel, with burglar proof
windows rendering guard bars unnecessary. The building has all earthquake features.
The interior is executed in modified French renaissance. The fixtures
are walnut. There is ample customer lobby space and In conjunction
with safe deposit booths there is a heavy Mosier door for the vaults.
N. I. Busch and William E. Engelbert are Manager and
Assistant Manager, respectively, of the Jefferson and Arlington Branch.
The Canadian Bank of Commerce and the Standard Bank of Canada,
having complied with legal requirements of the Bank Act, the Treasury
Board and Cabinet Council. on the recommendation of the Minister of
Finance, granted consent on Saturday to the absorption of the Standard
Bank by the Canadian Bank of Commerce.
Questioned as to the reasons which prompted the two banks to merge at
this time, Hon.James A. Robb said it was obvious the bank most concerned
was the Standard. It would be recalled that tt e Standard Bank in 1923 was
compelled to reduce Its rest or reserve fund,and in 1924. when the Standard
and Sterling Banks applied for permission to combine, the Minister of
Finance, who is charged with the responsibilities of administering the
Bank Act, had special audits made of the affairs of the two institutions.
A merger was then recommended as being in the public interest and it took
place at the beginning of 1925. Since that date the regular reports of the
Standard Bank had been carefull— scrutinized and compared with the reports
of other banking institutions. It was apparent that the Standard had not
been keeping pace Mr. Robb said.
"Bank mergers," cortinued the Minister,"may displease some, but bank
failures hurt every one, and It is better to strengthen our financial institutions in good times than to wait until heavy strains develop weaknesses.
Having sweated through the troubles of the Home, Hamilton Molson's,
the old National and Union, I know whereof I speak."
That the French-American Corporation of San Francisco,
a subsidiary of the United Security Bank & Trust Co., with
headquarters in that city, plans to increase its no par value
stock from 400,000 to 800,000 shares, was reported in the
San Francisco "Chronicle" of Nov. 9, which also stated
that the announcement was made on Nov. 8 in conjunction
with the filing of a notice with Secretary of State Frank
THE NEW YORK STOCK EXCHANGE.
C. Jordan by President Leon Bocqueraz and Executive THE WEEK ON
The New York stock market continued its record breaking
Vice-President W. F. Duffy of the corporation. Continuadvance during the present week. Speculation has been
ing, the San Francisco paper said:
Until now there has existed a discrepancy between the number of nation-wide and the flood of buying has been enormous. The
authorized shares of United Bank and French-American Corporation. extent of the present boom with its amazing daily sales rangIt was obvious that both should be the same and the present move is
ing from 43% to 6% million shares per day over a period of a
primarily one to equalize the capitalization of the two institutions.
TI3is action is interpreted in some quarters as one more of several week is entirely unprecedented. New high records have
that are necessary for the final consummation of the organization's been established in many standard issues, only to be superplans in the direction of Southern California, where there is now pendseded by still higher prices on the following day, and huning the United Security-Merchants National deal.
It is also thought that perhaps there may be other moves in contem- dreds of separate issues have been traded in during the week
plation, of similar nature, in the Los Angeles banking field, but nothing that heretofore have shown little or no activity. Indeed,
official is obtainable.
the daily transactions have been on such a stupendous scale
ranged from 10 to 73 minutes behind
The San Francisco "Chronicle" of Nov. 9 stated that pur- that the tickers have
on the floor. At first the radio stocks and
of the State Bank of Romona,San Diego County, Calif., the transactions
chase
merchandising issues were in demand and later in the week
by the United Security Bank & Trust Co. (head office San
steel shares and industrial securities forged ahead. Copper
Francisco), was announced the previous day (Nov. 8) by
stocks were in strong demand throughout the week and both
W. F. Duffy, Senior Vice-President of the latter, who said
public utilities and oil shares have recorded big advances.
that the purchase of the Southern institution had been
The weekly statement of the Federal Reserve Bank made
accomplished through the French-American Corporation for
public after the close of the market on Thursday showed an
the bank, and that the State Bank of Ramona would conincrease of less than $2,000,000 in brokers'loans for the week
tinue to operate independently for the present. In time ending Nov. 13. Call money ranged from 6% to 6%.
it will be taken into the United Security system." In conThe buying rush continued during the short session on
tinuation, the paper mentioned said:
Saturday and trading moved on at a furious rate. Radio
The State Bank of Ramona has capital stock of $32,500, surplus and
at its high
undivided profits of $14,800 and total resources of $400,000. The town Corporation bounded forward 18 points to 268
%
of Ramona is an agricultural center about ten miles southeast of Es- for the day and closed at 2623 , as compared with its
condido. This purchase gives the United Security system a present previous close at 250. Montgomery Ward swung upward
total of 105 branches and subsidiary banks.
to 407 with a net gain of 23 points above the preceding final.
Vanadium Steel was the star of the steel group as it forged
The following changes in the personnel of the Peoples ahead more than 10 pouts to 108. United States Steel
Bank & Trust Co. of Seattle, affecting the bank's bond closed fractionally lower. Railroad stocks were also promidepartment, were announced by Albert Brygger, President nent, Canadian Pacific jumped ahead more than 10 points
of the institution, on Nov. 7, according to the Seattle "Post- to its highest peak since 1913. Union Pacific was at the
Intelligencer" of Nov. 8: Fred P. Loomis, who founded the highest in its history when it crossed 219; New York Central
bond department, has been made Assistant Vice-President, improved three points; Atlantic Coast Line was up four
in charge primarily of the bank's investment of its own points, and numerous others of the group were up from
funds, while Walter H. Tuesley, heretofore identified with three to five points. General Motors was somewhat higher,
the bond department of the First National Bank of Seattle, but the real leader of the group was Packard Motors which
has been made Manager of the bond department. The "Post- shot upward from 99Y to 105. New high records were
numerous and included such prominent issues as Electric
Intelligencer went on to say In part:
Tuesley Is Secretary-Treasurer of the Seattle Bond Club and is widely Storage Battery, Westinghouse Electric, Barnsdall "A",
-Carolina Chemical. The
known in financial circles. He is a native son of Washington and a Liquid Carbonic and Virginia,
graduate of the University of Washington. He has been in the investment
copper stocks also came in for considerable attention, Kendepartment of First National for about five years.
and Cerro de Pasco all
Loomis is a University of Wisconsin graduate and came to this State necott, Anaconda, Chile Copper
after discharge from the army in 1919. He saw service in the bond moving briskly ahead to higher levels. Radio Corporation
department of the Dexter Horton National Bank before going to the was again the outstanding feature among the spectacular
Peoples.
performers on Monday and sold up to 290 at its top for the
2774
FINANCIAL CHRONICLE
[VOL. 127.
day, and closed at 288 with a net gain of 253 points. Cop- point in its history. New York Central was up three or
per stocks moved up with the leaders in the early trading, more points and both Union Pacific and Norfolk & Western
Kennecott selling up to a new top at 141 on a block of 14,000 were higher. New tops were registered by many active
shares. American Smelting was bid up to 280, the highest speculative shares, including among others Westinghouse
price in the history of the company, and there was a sharp Electric & Mfg. Co., American Can, Johns-Manville,
demand for Anaconda, Calumet & Arizona, Tennessee Cop- Pacific Gas & Electric, National Dairy Products, General
per & Chemical and Greene-Cananea at higher prices. Electric, Consolidated Gas, Allis Chalmers, Commercial
Canadian Pacific was the feature of the railroad group as it Solvents, Case Threshing Machine, Gold Dust, Stewartpushed ahead to a new top in all time at 237. Atchison Warner and Mathieson Alkali. The final tone was buoyant.
followed with a gain of 23' points to 198 and Atlantic Coast
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
Line moved up a point. Chrysler and Packard were the
DAILY, WEEKLY AND YEARLY.
outstanding features of the motor group, the fomer gaining
Stocks.
Railroad,
State,
United
seven points to 1353/ and the latter advancing three points
Week Ended Nov. 16.
Number of
&c..
Municipal db
States
Shares.
Bonds.
Foreign Bonds.
Bonds.
to 108. United States Steel common, General Electric
American Can, Vanadium and Bethlehem Steel were some- Saturday
3,260,090
$4,572,000
81.830.000
$41000
Monday
5,745,560
6,688,000
2.000,000
919,000
what lower.
Tuesday
5,404,260
6,915,000
2,403,000
1,308,000
Wednesday
5,377,995
9,133,500
2.839,000
370,000
The most conspicuous feature of Tuesday's market was Thursday
4,786,380
7,927,000
9,824,000
226,000
*6,733,500
the upward swing of United States Steel common which was Friday
7,491,400
1,443,000
298,000
purchased in enormous blocks and broke through 167 to the
Total
31,307,785 542,728,900 813.139.000
83.162.000
highest peak in the history of the corporation though it was to •New record. Highest single day's transaction in the history of the Exchange.
see a still higherfigure later in the week. Higher priced induv
Sales at
Week Ended Nov. 16.
Jan. 1 to Noy. 16.
trials were erratic and moved up and down withouldefinite
New York Stock
Ezchange.
1928.
1927.
1928.
1927.
trend. General Motors was heavy and the other motor
shares ranged lower all along the line. Oil stocks also moved Stocks-No,of shares_ 31,307,785 12,920,126 747,117,428 493,019,102
Bonds.
downward. Consolidated Gas was one of the strong features Government bonds_ __ 83,162,000 $6,210,750 8166.214.250 8257,862,050
foreign bonds 13,154,000 15,961,000
671.144,135
738,733,700
and moved ahead four points to 85. Gold Dust was prom- State and& misc. bonds 42,726,900 47,129,000 2,020,448,176 1,898,512,900
Railroad
inent in the final hour and reached a new high above 115, Total bonds
859,042.900 869.300,750 32.857.806,561 82.895,108,650
closing with a net gain of six points at 114. Sears-Roebuck
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
spectacular uprush of nearly 18 points and closed at
had a
BALTIMORE EXCHANGES.
189%. On Wednesday speculative excitement again reached
a high pitch, many issues whirling upward to new high levels
Boston.
Philadelphia.
Baltimore.
Week Ended
in all time. United States Steel common was again prominent
Nov. 16 1928,
Shares. Bond Saks Shares. Bond Sales. Shares. Bond Sales.
and at one time touched 170, though it closed without ma- Saturday
.41,327
850,000 058,623
811,000
82.653
$9,000
.77,938
terial change from its preceding final. Westinghouse Electric Monday
37,150
HOLI DAY
HOLI DAY
Tuesday
•74,408
25,000 086,054
38,000
84,062
30,000
gained six points to 1283 . Public Utilities moved to the Wednesday
%
•79,570
28,500 0104,392
23,800
83,553
25,000
Thursday
*66,442
92.200 a178,524
36.000
84,907
50,000
front under the leadership of Consolidated Gas which sold Friday
51,135
8,000 075,220
23,000
4,194
34,500
above 88. Public Service of New Jersey rushed up to a new
Total
390,820 8240.850 502,813 8131,600
19,369 $148,500
peak and there was considerable buying of Peoples Gas of
Prey. week revised 298,560
888,800 415.771 8240.980
12.279 8101,700
Chicago, Commonwealth Power and other representative
• In addition sacs of
issues. The railroad shares also moved briskly ahead to 7,107; Wednesday, 9,446;rights were: Saturday, 2,819: Monday, 8.127; Tuesday,
Thursday, 2,103.
a In
higher levels. New York Central was higher for a time, but 11,300;addition sales of rights were: Saturday, 300; Tuesday, 9,000; Wednesday.
Thursday, 4,200; Friday, 2.300.
Pacific again sold off. Radio Corporation and Mont- 0 In addition sales of rights were: Saturday. 749; Tuesday,898; Wednesday. 1.073:
Union
Thursday, 8.
gomery Ward were lower in the early trading but improved
in the late afternoon and cancelled all of their early loss.
COURSE OF BANK CLEARINGS.
This was also true of Bethlehem Steel and Sloss-Sheffield.
Bank clearings the present week continue to show increase
Speculation proceded at a more moderate pace on Thursday, though many individual issues scored new highs during compared with a year ago. Preliminary figures compiled by
the early trading. As the day advanced prices turned more us, based upon telegraphic advices from the chief cities of
or less irregular as a result of heavy realizing sales and many the country, indicate that for the week ended to-day (Saturof the morning gains were lost. United States Steel com- day, Nov. 17), bank exchanges for all the cities of the United
mon was in strong demand and raised its top to 1703 , and States from which it is possible to obtain weekly returns will
4
both Republic Iron & Steel and Sloss-Sheffield registered be 6.9% larger than for the corresponding week last year.
substantial gains. Copper stocks moved upward under The total stands at $13,177,981,370, against $12,323,806,767
the leadership of Kennecott which sold up to 1413 , as for the same week in 1927. At this centre there is a gain for
4
compared with its previous final at 1363 . Oil shares the five days ending Friday of 22.0%. Our comparative
4
were in good demand at higher prices. Westinghouse summary for the week follows:
Electric was one of the strongest features of the day as it
Clearings-Returns by Telegraph.
Per
Week Ended November 16.
1928.
1927.
Cent.
advanced 10 points to 139. Motor issues were irregular.
Railroad stocks continued to improve. Norfolk & Western New York
37.158,000,000 85,866,000,000 +22.0
Chicago
838,832,116
695,595,500
-8.4
was especially active and advanced about four points to Philadelphia
493,000,000
670,000,000 -13.5
Boston
387,000,000
541,000,000 -28.5
193%. New York Central closed at 181%, as compared Kansas City
120,940,524
142,693,422 -15.2
127,800,000
162,000,000 -21.1
with its previous close at 1803', and Atlantic Coast Line St. Louis
San Francisco
200,115,000
239,284,000 -30.8
sold up to 171%. Old standbys like Radio Corporation, Los Angeles
198,488,000
195,391,000
+1.6
155,391,655
163,372,939
-4.9
Sears-Roebuck and Montgomery Ward worked lower. Pittsburgh
Detroit
200,415.072
161,853,312 +23.8
Cleveland
134,450,921
131,626,210
+2.1
National Bellas Hess attracted considerable speculative Baltimore
85,475.389
112,526,815 -24.0
53,972,830
attention as it advanced 13 points to above 170, its best New Orleans
63,361,576 -14.8
since listing. National Dairy Products was also in demand
Thirteen cities, 5 days
99,951,881,507 $9,044,704,774 +10.0
Other cities, 5 days
1,029,769,635
1.280,368,500 -19.8
and at 120 had reached a record top.
Total all
810,981,651,142 810,325,073,274
Another remarkable demonstration of bullish enthusiasm All cities, 1cities, 5 days
+6.3
2,196,330,228
day
1,998,733,493
+9.9
and speculative activity was witnessed on Friday as more
Total all cities for week
813377.981,370 $12,323,806.767
+6.9
more than a score of issues rushed upward from three to 16
Complete and exact details for the week covered by the
points. Trading was again on an enormous scale shattering
all records, and at the close the tickers were 73 minutes late. foregoing will appear in our issue of next week. We cannot
Radio Corporation bounded forward 213' points to 2973. furnish them to-day, inasmuch as the week ends to-day
Copper stocks continued their upward climb, Cerro de (Saturday) and the Saturday figures will not be available
Pasco leading the upward swing with a gain of eight points until noon to-day. Accordingly, on the above the last day
to 110. Anaconda advanced seven points; American of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
Smelting 7 points; Greene-Cananea 93' points; Chile Copper
43, points, and Calumet & Arizona 3% points. United present further below, we are able to give final and complete
States Steel common made a further advance to a new top results for the week previous-the week ended Nov. 10. For
and Bethlehem Steel gained 4% points. General Motors, that week there is an increase of 15.8%, the 1928 aggregate
selling ex-dividend, lagged behind, but Packard moved of clearings for the whole country being $10,763,835,938,
briskly forward and closed at 1173' with a net gain of eight against $9,291,155,845 in the same week of 1927. Outside
points. Railroad shares were again in the forefront, Atchison of this city the increase is only 9.8%. The bank exchanges
leading the upward swing as it crossed 200 to the highest at this centre record a gain of 20.1%. We group the cities
a
1
Nov. 17 1928.]
FINANCIAL CHRONICLE
1550.07
Dec.
1926.
1925.
$
Federal Reserve Dials.
528,358,479
tat Boston _ _ _ _12 cities
6,695.892,081
2nd New York_11 "
553,407,406
3rd Philadelphial0 "
382,034,070
8th Cleveland.- 8 "
168,129,695
5th Rtchniond _ 6 "
200,490,689
5th Atlanta-__13 "
988,993,511
7811 Chicago_ _ _20 "
222,262,116
8th 81. Louis_ 8 "
145,436.218
Dtb Minneapolis 7 "
289,464,54
1.0tb KallSaeCity12 "
50.551,435
5 "
11th Dallas
568,815,693
12611 5981 Fran_ -17 "
$
563,057,703
5,587,506,114
433,448,895
320,563,316
170,470,455
187,395,162
887,129,458
202,727,263
144,382,868
220,587,858
85,614,818
488,271,935
%
-6.2
+19.8
+24.8
+19.2
-1.4
+6.9
+11.5
+9.6
+0.7
+4.0
-5.9
+16.5
T
552,070,447
5,275,305,343
540,738,110
394,912,627
192,553,155
200,998,091
904,770,174
213,037,791
148,985,664
237,715,639
83,098,096
509,712,192
3
573,931,242
6,222,168,753
607,217,444
411,654,234
221,864,236
260,484,265
952.373,402
228,681,190
147,174,536
231,542,392
88,808,713
535,631,884
129 cities 10,763,835,938
Total
4,188,662,751
Outside N. Y.City
9,291,155,845 +15.8 9,253,937,929 10,481,532,281
3,814,992,751 +9.8 4,096,944,624 4,393,842,515
454 111 547 4-77,
157 1,1 AAA
Inc,, ivy,
on
r-,.........
21 Citi6f4
1928.
62719113?
We now add our detailed statement, showing last week's
figures for each city separately, for tho four years:
Week Ended Nov. 10.
Clearings 08
1928
1927.
First Federal Reserve Dist net-Boston
696,806
Maine-Bangor_ _
746,465
Portland
3.783,399
2,941,153
-Boston _
473,000,000 513,000,000
Mass.
1,442,811
Fall River
2,465,592
1,436,244
Lowell
1,424,321
1.003,582
New Bedford_
1,187,939
Springfield_ -6.637,039
4,860,103
3,753,489
Worcester
3,759,752
-Hartford
14,058,148
Conn.
12,662,478
7,774.049
New Haven_
6,732,752
R.I.-Providence
14,148,600
12,451,400
N.H.,-Manches'r
624,312
825,748
Inc. or
Dec.
-6.7
+28.6
-7.8
-41.5
+0.8
-15.5
+38.6
-0.1
+11.0
+15.5
+13.6
-24.4
1926.
768,813
3,479478
496,000,000
2,377,444
1,471.968
1.412,400
5,344,265
3,897,621
14,776,882
7,202,465
14,607,900
731,211
1925.
746,037
3,247,646
509,000,000
3,016,734
1,887,009
1,898,584
6,083,631
3,930,466
19,240.224
8,181,498
15,877,600
821,813
Total(12 cities) 528,358,479 563.057.703 -6.2 552,070,447
573,931,242
Second Feder at Reserve D Intact
-New York
-Albany_ _
5,369,922
N. Y.
5,375,662 -0.1
6,432,160
6,363,792
Binghamton__ _
1,371,329
1.591,438 -13.8
1,161,141
1,188,300
Buffalo
50,455,709
47,497,687 -14.8
52,401,344
67,948,578
Elmira
1,114,752
940,389 +18.5
936,249
998,442
Jamestown__._
1.906,373
1,485,826 -5.3
1.531,850
2,157,731
6,575,173,187 5,476,163,094 +20.1 5,156,992,70.5
New York
6,087,689.766
Rochester
13,651,492
12,940,288
+5.5
13.108,375
13,107,995
5,777,025
Syracuse
6,752,481 -14.4
5,956,474
6,721,572
-Stamford
3,799,762
Conn.
3,506,909 +8.3
3,389,648
3,579,377
-Montclair
660,079
N. J.
573,533 +15.1
685,075
689,813
37,112,451
Northern N. J..
30,678.807 +21.0
32,710,322
31,723,387
Total(11 cities) 6,695,892,081 5,587,506,114 +19.8 5,275,305,343
6,222,168.753
Third Federal Reserve Dist rict-Phil ad elphia
1,517,655
-Altoona _
1,178,001
Pa.
+2.7
Bethlehem__ _
9,260,785
3,961,641
+7.6
1,188,576
Chester
1,095,060 +8.5
1.846,997
Lancaster
1,985,118 -7.0
525,000,00
405,000,000 +29.6
4,280,221
3,663,273 +16.8
Reading
5,393,435
Scranton
4,973,858 +8.4
3,581,166
Wilkes-Barre.3,466,915 +3.3
1,976,741
York
1,670,253 +18.3
4,361,830
-Trenton _
6,154,776 -29.1
N. J.
1,689,363
4,000,000
1,399,907
2,187,626
509,000.000
4,636,145
6,599,106
3.162,740
1.848,723
6,214,500
1.522,231
4,300,433
1,428,909
2,559,681
574,000,000
4,391,109
6,034,055
4,775,148
1,784,901
6,420,974
540.738,110
607,217,444
4,245,000
4,779,460
72.464,163
121,031,240
17,386,300
1,646,671
5,552.284
167,807,509
5,709.000
4,397,823
76,014,042
121,944,074
17.917,900
1,843.854
7,107,300
176,720,241
394,912.627
411,654,234
1,470,707
7,661,469
50,776,000
2,319,799
101.570,405
28,794,775
1,825,046
9,011,927
66,988,000
2,153,919
112,734,065
29.151,279
-1.4
192,593,155
221,864,236
Sixth Federal Reserve Dist rict-Atlant a7,817,906
8,973,849 -12.9
Tenn.-Chatt'gs
.3,000,000
2,800,000 +7.1
Knoxville
22,272,960
23,039,286 -3.3
Nashville
55,704.338
48,249,401 +15.5
Ga.-Atlanta_
2,168,661
1,862,879 +16.4
Augusta
2,735,063
2,270,198 +20.5
Macon
13,698,117
13,741,035 -0.3
Fla.-Jack'nville
2,207.000
3,252,000 -32.1
Miami
26,795,709
24,037,509 +11.5
Ala.-Birming'M
1,964,367
1.642,797 +19.6
Mobile2.035,502
1.755,000 +16.0
-JacksonMiss.
481,733
498,969 -3.5
Vicksburg ---59,604,433
La.-NewOrleans
55,272,239 +7.8
7.663,131
3,144,961
21,052,731
62.299,574
2,136,038
1,913,693
21,446,128
7,249,757
23,228.467
2,042,207
1,868,689
446,350
56,506,365
6,719,734
2,892.000
21,551,380
74.763,944
2,369.200
2.012,320
31,057,590
24.576,244
25,189,879
2,159,359
1,880,000
523.600
64,789,015
200,998,091
260,484.265
Total(10 cities)
553,407,406
433.448,895 +24.8
Fourth Feder al Reserve D istrict-Clev land
5,790,000
5,337,000 +8.5
Ohio-Akron _
4,113,469
Canton _ ...4.091,407 +0.5
62,915,034
Cincinnati __
61,708,166
+2.8
124,224,961
Cleveland _
93,730,794 +32.5
15,767.200
Columbus _ _ _
14,834,600 +6.2
1,580,842
_
Mansfield
1,266,581 +24.8
4,500,000
Youngstown _
4,654,120 -3.3
163,142.564 135.440,648 +20.5
-Pittsburgh.
Pa.
382,034,070 320,563,316 +19.2
. Total(8 cities)Fifth Federal Reserve Dist rict-Richm ond1,194.036
1,081.228 + 10.4
W.Va.-Hunt'g'n
Va.-Norfolk
4,661.664
6.080,462 -23.3
45,190,000
45,590.000 -0.9
Mehra ond
2,389,750
-Charleston
2,000,000 +19.5
8.C.
85.519,747
Md.-Baltimore_
88,438,736 -3.3
D.C.-Washing'n
29,174,498
27,280,029 +6.9
Total(6 cities).
Total(13 Cities)
168,129,695
200.490.689
170.470,455
187.395.162
4.8.9
Inc. or
Dec.
$
$
%
Seventh Fader al Reserve D 'strict-Chi cago
-Adrian _
Mich.
284,711
308,177 -7.6
Ann Arbor_ 1,024,009
902,487 +13.5
Detroit- ...- 182,778.557 1.52,173,835 +20.1
Grand Rapids_
7,987.773
7,789,305 +2.5
Lansing
3,073,310
2,935,037 +4.7
-Ft. Wayne
Ind.
3,211.714
3,492,588 -8.0
Indianapolis _
24,812,000
24,766,000 +0.2
South Bend _ _
2,909,200
2,949,460 -1.4
Terre Haute 4,998,087
5.624,407 -11.1
Wis.-Milwauke
40,472.407
45,904,509 +11.2
Iowa-Ced. Rap.
2,736,815
2,394,813 +14.3
Des Moines_ _
9,022,078
9.251,217 -2.5
Sioux City
5,971,338
4.952,684 +20.6
Waterloo
1,555,189
1,106,364 +40.5
III.-Bloomingto
1,739,795
1.492.061 +16.6
Chicago
683,469,878 610,458,755 +12.0
Decatur
1,401,166
1.207,975 +16.0
Peoria_
5.056.527
3,880,199 +30.3
Rockford
3,749,106
3,503,170 +7.0
Springfield-.
2,739,251
2,036,415 +34.5
1926.
1925.
$
223,119
982.081
177,710,122
9,012,883
3.503,607
2,935,858
19,736,000
3,485,700
6,124,441
44,572,517
2,548,700
9,955,485
6,307,006
1,319,994
1.588,887
649,936,905
1,338,421
5,332,478
3,119,209
2.639.989
904,770,174
952,373,402
Eighth Feder al Reserve D Istrict-St. Louis--Evansville.
Ind.
5,211,517
5,969.892 -12.7
5.597,120
Mo.-St. Louis__ 130,500,000 115,100,000 +13.4 129.700,000
Ky=Louisville
35,732,787
33,161,250 +7.8
32,265,901
Owensboro_ __
366,143
304,936 +20.1
308,655
-Memphis
Tenn.
31.686,309
29,310,477
+8.1
26,654,711
-Little Rock
Ark.
17,001,133
17.289,576 -1.7
16,473,504
332,145
Ill.-Jacksonville
314.699 +5.5
333,604
Quincy
1,432.082
1.276,433 +12.2
1,704,296
5,203.998
145,900,000
31,732.473
373,156
28,026,162
15,667,926
364.161
1,413,314
Total(20 cities)
1927.
Week End. Nov. 10 1928.
1927.
1
1928.
Total(8 cities)
988.993,511
222,262.116
887,129,458 +11.5
202,727,263
+9.6
.
0
Ww&.0..00W.40420WN-4W.
SUMMARY OF BANK CLEARINGS.
Week Ended Not. 10.
,..'earings at
10.
,WW.CONWO00000.0000.4
NW0ONW0WW1,20N.q...WW,P.0001.
,
I010I...03141 .
0V03031400;$.0.
000
000N000.4w0w.v000000W0000
00-4-4,W.000.0000.0000.
now according to the Federal Reserve districts in which they
are located, and from this it appears that in the New York
Reserve District (including this city) clearings show an expansion of 19.8%, in the Philadelphia Reserve District of
24.8% and in the Cleveland Reserve District of 19.2%. In
the Boston Reserve District the clearings fall 6.2% behind,
and in the Richmond Reserve District 1.4% behind, but
the Atlanta Reserve District records an increase of 6.9%.
In the Chicago Reserve District the totals are larger by
11.5%, in the St. Louis Reserve District by 9.6%, and in the
Minneapolis Reserve District by 0.7%. The Kansas City
Reserve District shows a gain of 4.0% and the San Francisco
Reserve District of 16.5%, while the Dallas Reserve District
suffers a loss of 5.9%.
In the following we furnish a summary by Federal Reserve
districts:
2775
213,037,791
228,681,190
Ninth Federal Reserve DM trict-Min n capons-Duluth
Minn.
14,256,832
19,135,117 -25.5
14.853,188
Minneapolis -91,872,184
85,099,641
+8.0
95,305,152
St. Paul
30,437,888
31,779,509 -4.2
31,010,763
N. Dak.-Fargo
2,115,506
2,156,993 -1.9
2,072,379
-Aberdeen
1,583,678
S. D.
1,413,022 +12.1
1,547,981
-Billings
Mont.
955,130
881,586 +8.3
818.693
Helena
4,215,000
3,917,000 +7.6
3,377,508
14,756.468
91,855,797
33,133,003
2,078,248
1.661,818
691,132
2,998.060
Total(7 cities)
145,436,218
144.382,868
+0.7
148.985,664
147,174,526
Tenth Federal Reserve Din trict-K ans as City ......
Neb.-Fremont
392,710
383,372 +2.4
319,963
Hastings
455,380
455,413 -0.1
487,933
Lincoln
4,353,523
4,266,976
+2.0
4,310.975
Omaha
40,698,743
37,074,925 +9.8
39.828,928
Kan.
-Topeka -3.958,365
3,575,245 +10.7
3,061,442
Wichita
8,798,138
7.876,887 +11.7
6,919,642
Mo -Kan. City
131,569,953 116,962,412 +12.5 133,064,803
St. Joseph_ _ _ _
6,342,164
6,249,178 +1.5
6,452,794
-Okla.City
Okla.
29.923,271
41,374.317 -27.7
40,826,784
Colo.
-Col. Spgs
1,276,200
1,163,910 +9.6
1,205,972
Denver
a
a
a
a
Pueblo ____
1,696,098
1,205,223 +40.7
1,236.403
296.877
554.354
4,850,637
39,902,201
3,019,721
6.406,274
136,086,208
6,034,433
31,962.228
1,174.615
a
1111
1,254,844
Total(12 cities)
229,464.545
220.587,858
+4.0
237,715,639
231,542,392
Eleventh Feder I Reserve Dl, trict-DallasTexas-Austin _
1,821,339
1,747,400 +4.2
Dallas_ _ _ _ _
56.465,455
53,878,767 +4.8
Fort Worth__
15,002,861
17,416,740 -13.9
Galveston
6,695,000
7,246,000 -7.6
-Shreveport
La.
5,566,780
5,32.5,911
+4.5
1,927,568
49,963,020
14,998,143
10,785,000
5,424,365
1,916.196
56,290,899
13,592.523
11.137,000
5.872.095
83,098,096
88,808,713
Franci sco44,833.158
+7.2
+5.6
12,768,000
+6.7
1,844.882
+8.2
43.806.087
+4.7
18,035,488
-11.4
6,476,435
+31.6
5,845,463
+26.1 154,412,000
18,906,028
+6.6
+24.6
5,971,548
-1.9
8.626.477
+39.6
6,423,210
+15.1 171,280.000
+35.1
3.560,857
+19.2
1,372,931
+18.2
2,065.828
-4.0
3.483.800
46,C08,256
12.326,000
12,367,283
38,873,796
19,901,381
5,901,321
6,364,576
163,774,000
21,103.992
6,011,400
8,099,814
5,741,977
189,139,000
3.451,217
1,817.913
1,950,558
2,799,400
Total(5 cities)
80,551,435
85,614,818
Twelfth Fede al Reserve D 'strict-San
Wash.-Seattle_
42,901,517
40,030,002
Spokane_ _ _
12,617,000
11,946,000
Yakima
2,178,931
2,042,089
-Portland _
Ore.
38.178,026
35.291,984
Utah-S. L. Clt
18,080,377
17,260,788
Calif.
-Fresno.
4,778,053
5,394,444
Long Beach
7,588,794
5,765,782
194,817,000 154,500,000
Los Angles_ _
Oakland_ _ _
17,198,274
16,137,208
Pasadena
6,699,523
5,375,155
Sacramento_ _
7,748,155
7,898,981
San Diego_ _ _
6,185.852
4,429,984
199,312,094 173,155,000
San Francisco
3,842,339
San Jose._ _ •
2,813,701
Santa Barbara
1,834,824
1,539,102
Santa Monica •
2,019,034
1,708.815
Stockton
.
2,835,900
2,952,900
-5.9
Total(17 cities
568.815,693 488,271,935 +16.5 509,712,192 635,631,884
Grand (total (12 ,
10763835,938 9.291.155,845 +15.8 9,253,937,929 10481 532,281
cities)
Outside N.Y___. 4.188,662,751 3,814,992,751
+9.8 4,096,944,624 1,393,842,515
IVeek Ended Nov. 8.
Clearings al
1928.
Inc. or
Dec.
1926.
1925.
$
199,420,215
188,317.589
102,376,670
24,084,766
13,508,208
10,131,777
4,439,887
7,313,471
15,442,198
3,860,174
2,858.229
4,608,430
8,168.288
9,875,757
1,540.104
1.034.823
3,793,137
2,164,858
1,594,672
1,564,054
991,762
824,029
1,210,662
1,323,866
1,547,025
6,063,543
621.210
1,220.218
1,182,430
996,405
1,112,680
$
141,576,834
131.805,837
79,761,160
18,495,559
9,738,509
7,595,003
3.284,035
5,951,831
12,741,323
2,187,627
2,569,099
4,236 831
6,264,410
7,109,339
887.791
1,035.420
2,776,054
1,749,537
1.089,673
1,103,036
725,018
569,202
1,031,836
900,392
1,228,009
4,765,648
449.927
864,423
919,389
696.598
622,297
%
+40.9
+42.9
+28.4
+30.2
+46.2
+33.4
+35.2
+22.9
+21.2
+76.5
+11.3
+8.8
+30.4
+38.9
+73.5
-0.1
+36.6
+23.7
+46.3
+41.8
+36.8
+44.8
+17.3
+47.0
+26.0
+27.2
+38.1
+41.2
+28.6
+43.0
+78.8
$
110,338,097
87,712.254
72,308,141
16.593,842
7,333,509
8,072,608
3,046,321
5,111,357
10,078,436
2,471,246
1,973,906
2,370,343
5,044,797
6.300,948
811,557
710,386
2,461,040
1,537,434
981,443
1,246,893
615,688
381,258
1,027,281
951,156
905,084
3,974,533
465,238
878,889
630,453
571,792
415,739
$
103,959,712
88,056,813
62.042.674
14,462,254
6,880,994
6,276.616
2.872.285
4.685,678
7,281.446
2,518,808
1.794,330
2,450,537
4,282,361
6,698.788
680,952
425,393
2.687,819
1,372.575
876.517
722,800
537.020
319,261
866,140
769,102
929,143
3,368,860
365,757
784,349
719,870
I'Ol.o
CanadaMontreal
Toronto----- - _
Winnipeg
Vancouver_ _ _ _ _
Ottawa
Quebec
Halifax_ Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon.
Lethbridge_
Saskatoon
Moose Jaw
Brantford
Fort William_
New Westminster
Medicine Hat _
Peterborough
Sherbrooke
Kitchener
Windsor-- _ _
Prince Albert
Moncton
Kingston
Chatham
Sarnia-
1927.
oo,,o&n.000
a Manager refuses to report weekly clearings. •Estimated.
THE CURB MARKET.
Business on the Curb Market this week was on an enormous
scale, to-day's transaction breaking all previous records.
Prices at first advanced but later reacted and became
irregular. In the Oil group, Humble Oil & Refining sold
4
up from 95% to 1103‘ and ends the week at 1093 . Illinois
Pipe Line dropped from 2553. to 247, but recovered to
259. Ohio Oil moved up from 69% to 76. Standard Oil
(Kentucky) advanced from 161 to 175, reacted to 165 and
to-day reached 174%. The close was at 173%. Standard
Oil (Ohio) common moved up from 98 to 111% and finished
to-day at 1083.. Vacuum Oil gained almost twelve points
to 101, the final transaction to-day being at 99M. Gulf
Oil of Pa. after early loss from 139% to 1383. improved to
/
146,the close to-day being at 1443s. Houston Gulf Gas moved
4
up from 17 to 223 and ended the week at 22%. A broad list
-Pond Co., corn.
of industrials was traded in. Niles-Bement
to 139% the close
was conspicuous for an advance from 1073'
to-day being at 135%. Keystone Aircraft Corp. rose from
41% to 543/i and furnished to-day at 53. Massey-Harris Co.
/
corn. sold up from 625i to 93 and reacted finally to 85.
St. Regis Paper gained about ninety-four points to 1473,
the close to-day being at 145. Among utilities United Gas
deps. sold up 151% to 172% and at 171 finally.
A complete record of Curb Market transactions for the
week will be found on pa e 2803.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
*STOCKS (No. Shares).
Week Ended
Nov. 16.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
[Vol.. 127.
FINANCIAL CHRONICLE
2776
Indus. et
Miscall.
703.450
183,540
987.400
065.050
009,875
Oils.
186.850
220.500
196.000
230,150
189.525
310,900
Mining.
Total.*
BONDS (Pox Value).
Foreign
Domestic. Government.
179.500 1,069,800 51,231.000
186.560 1.590,600 1,589,000
178,100 1,361.500 1,859,000
1.968,000
181.700 1.476.900
167.600 1,367.000 1,581.000
230,700 2,054,600 2,131,000
8223.000
386.000
476,000
503.000
493.000
510,000
6 462,315 1.333,925 1,124,160 8.920,400 810,359,000 $2,591,000
•In addition, rights were sold as follows: Saturday, 36.200; Monday. 30,100:
Tuesday. 64,600: Wednesday. 90,900: Thursday, 111,900; Friday, 112.500.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 31 1928:
GOLD.
The Bank of England gold reserve against notes amounted to £165,the
008,275 on the 24th inst. (as compared with £165,108,740 onAprilprevious
29
Wednesday), and represents an increase of £11,101,960 since to the 1925
gold
-when an effective gold standard was resumed. In addition
market on
open
from South Africa this week, there was offered in the
source. It is understood
Monday about £200,000 bar gold from an outside
to have been resold on behalf of a continental country which had previously
was acquired
figured as an "undisclosed buyer." The whole of this parcel
announcement has been made, it would appear that the Indian Government is taking favorable opportunities to dispose of some of the elves' held
in the Indian currency reserve. The figures below show a further import
from British India of unrefined silver to the value of £120,000. The
following were the United Kingdom imports and exports of silver registered
from :nid-day on the 22d inst. to mid-day on the 29th inst.:
Exports.
Imports.
£49.300
£31.431 Egypt
166,800
129.972 China
27.000
19,632 New Zealand
27,176
120.347 Other countries
16,072
£270,276
£317,454
INDIAN CURRENCY RETURNS.
Oct. 7.
Oct. 15.
Oct. 22.
(In Lacs of Rupees.)
18445
18402
18384
Notes in circulation
10674
10631
10600
Silver coin and bullion in India
Silver coin and bullion out of India
2976
76
2976
Gold coin and bullion in India
Gold coin and bullion out of India
521
U51
4234
Securities (Indian Government)
561
561
574
Securities (British Government)
of about 58,300,000
The stock in Shanghai on the 27th inst. consisted
ounces in sycee, $82.000.000 and 9,320 silver bars, as compared with about
57,500,000 ounces in sycee, $81,700,000 and 13,240 silver bars on the 20th
inst. Statistics for the month of October are appended:
France
Mexico
Germany
British India
Other countries
-Bar Silver per or. std.- Bar Gold
Cash Deliv'y. 2 Mos. Del. per Or. Fine.
27d.
26 9-I6d.
Lowest price
26.727d.
Average
Quotations during the week: -Bar
Highest price
Cash.
27 1-16d.
26,4d.
26.8156.
84s. 11Sid.
84s. lid.
84s. 11.4d.
Silver per or. std.- Bar Gold
per or. Fine.
2 Mos.
84s. 11)d.
4d.Oct
26d.
26I4d.
263
25
26 13-16d. 26 15-16d. 84s. 1130.
Oct. 26
84s. 11d.
26 13-I6d. 26)(d.
Oct. 27
84s. 11.10.
26 11-16d. 2631d.
Oct. 29
26 13-16d. 84s. Ilhd.
26k'd.
Oct. 30
2634d.
26 13-16d. 84s. 110.
Oct. 31
26.843d. 848. 11.56.
26.760d.
Average
The silver quotations to-day for cash and two months' delivery are rePectivelT 1-16d. above and the same as those fixed a week ago.
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for October 1928
and 1927 and the three months of the fiscal years 1927-28
and 1928-29:
-PIUS Months
,
-Menthol October1927.
1928.
1927.
1928.
Receipts.
$
$
$
$
Ordinary-59.741.346 56,616.692 207,539.635 214.490,287
Customs
Internal revenue:
38,608,797 34.577,034 548,889,293 553,448,010
Income tax
55,775,895 49,160,027 205,827,421 212,813,891
Miseell. internal revenue
Miscellaneous receipts:
Proceeds Govt.-owned sec.:
Foreign obligations
Principal
Interest
400.328 49,633.758
Itailroad securities
483,049 2,682,395
All others
Trust fund receipts(reappro5,899,253 6,797,498
printed for investment)
264,747
123.798
Proceeos sale of surplus prop.
2,229,282 2,343,093
Panama Canal tolls, die
Receipts from misc, sources
882.142 1,039,297
credited direct to approp'ns
23,483,400 18,090,216
Other miscellaneous.
Total ordinary
10,019,360
1,611.070
53,425
10,028.970
83.202,342
20,173,721
3,483.658
8,552,371
22,707,466
2,155,488
9,028,076
3,523.777
63,165,485
2,405,306
73,798,440
792.580
3,416.668
187,627.289 221,204555 1,073.378.369 1,187,548,368
Excess of ordinary recta, over
total expenditures chargeable
against ordinarY recta
Excess of total expenditures
chargeable against ordinary
rects, over ordinary recta_ _181,025,494 192,015.393
24,126,710
365,088,154
Expenditures.
South Africa
Ordinary
for Germany. On Tuesday about £426,000 bar gold from
was taken for (Checks di warrants paid.&e.)
185,572,862 167,891.287 696.430.316 653,514,723
was offered in the open market. Of this amount £.350,000
General expenditures
the balance was divided between India and the Interest on public oebt_a
141,121.334 144,577,902 227,861,188 252,315,771
export to Germany and
The following movements of gold to and from the Bank of England Refunu of receipts:
trade.
7,028.295
6,732.143
1,904.480 2,058.387
the week Customs
52,411.902
56.696,691
have been announced, showing an efflux of £1,575,000 during
16.177.613 14.013,094
Internal revenue
13,000.000
30.000.000
10.000.000
under review:
Postal deficiency
2.980,655
2.806,130
760.821
839,581
Oct. 25. Oct. 26. Oct. 27, Oct. 29. Oct. 30. Oct. 31.
Nil Panama Canal
Nil Nil
Operations in special accounts:
Nil Nil
Nil
Received
165,479
6500.992
13.096
56,710
b885.226
£17.000 £546.000 £201,000 E245.000 £28,000 £538,000 Railroads .Corporation- 548.575 5292.000
5341,684
Withdrawn
War Finance
12,823.235
9.853,162
3.708.026 4,962.613
was for the U. S. A. and Shipping Board
550,267
51,948,034
Of the withdrawals in bar gold about £925.000
5389,036
61,785,511
Allen property funds
484.895
5320,167
720.188
432.388
about £550.000 for Germany. The £20,000 sovereigns withdrawn were Adjust. service(If.fund
173,832
19,927,254
123,824
76,145
for Holland. It is reported that the Bank of Spain is arranging Civil service retirement funddestined
trust funds:
country in order
to ship some of the gold forming Its reserve to thisof 52,000,000 hasto assist Investment of life insurance_ 5,895.917 6,744,121 19.897.124 22,358,850
Government
already
223,697
217.909
996
29.926
in stabilizing the Spanish exchange. A shipment
D.of C. teachers' retirement 156.817
consignments in the
135,376
349,336
54,725
Foreign service retirement
been arranged, and this may be followed by further
124,919
58.689
52,381
526.590
General railroad contingent_
The Southern Rhodesia gold output for the month of Sepnear future.
50,611 ounces
tember last amounted to 47.716 ounces, as compared with
364,046,683 341,231.848 1,068,524,123 1,016,601.608
Total ordinary
following
for August 1928 and 45.838 ounces for September 1927. Thefrom midwere the United Kingdom imports and exports of gold registered
day on the 22d inst. to mid-day on the 29th inst.:
Imports.
British South Africa
Other countries
Exports.
£567,594 Germany
5.760 Belgium
Netherlands
France
Switzerland
Austria
British India
Other countries
£1,691.246
401.485
56,948
18.695
13.680
27.950
26.834
26,575
£2,263.413
£573.354
SILVER.
buying on China
Business in silver has continued on a quiet scale, butpurchases have to
tone. These
account has helped to maintain a steadysame quarter, but the buying has
the
some extent been offset by sales from
shown little interest,
predominated. The Indian bazaars have American operators. and there
Stocks in
of
has been like reluctance on the part
substantial shipments of silver are
London will show some reduction as
Shanghai. Although no official
being made this week from London to
Public debt retirem'ts charge
able against ordinary recta.:
Sinking fund
Received for estate taxes_
Forfeitures, gifts. arc
Total
4,600.000 71,974.350 369,925.800 146.785,000
1,500
1,400
12,550
16,600
33,550
4,608,100 71,988,300
389.942.400
146,820.050
8,100
Total expennituree chargeable
against ordinary receipts_ _368,6.52.783 413.220.148 1,438,466.523 1,163,421,658
Receipts anti expenditures for June reaching the Treasury in July are included.
to date
a The tiguies tor the month include 884,507.84 and for the fiscal year 1929and for
series,
2281.011.10 accrues discount on war savings certificates of matured $477.186.22
and
the corresponding periods last year the figures include 4117,626.19
respectively. b Exam of credits (deduct).
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements.)
Aug. 31 1919
When War Debt Oct. 31 1927 Sept. 30 1928 Oct. 21
Last Month.
Was at Ifs Peak. A Year Ago.
26.596.701.648
Gross debt
Net bal. In gen.fund- 1,118,109,535
1928.
18,368,491,612 17,367.350,769 17,544.145.940
261,588,850 209.858.208 210.237,265
Gross debt less net
bal.in gen.lund.25,478.592,113 18,105.902.782 17.157.492.555 170774.905.075
Nov. 17 1928.]
FINANCIAL CHRONICLE
Public Debt of United States—Completed Returns
Showing Net Debt as of Aug. 31 1928.
The statement of the public debt and Treasury cash holdings of the United States as officially issued Aug. 31 1928,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparisons with the same date in 1927:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Aug. 31 1928. Aug. 31 1927.
$
Balance end of month by daily statement, ea
190.148,218
70,286.709
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated items._ _
—3,831,948
+1.699,485
186,316.270
71,986,194
27.342,218
78,936.066
6.340.350
1,163,596
33.505,266
75,634,966
7,556.510
1,461,223
113.782.230
118,157,965
+72.534.040
INTEREST
-BEARING DEBT OUTSTANDING.
Interest Aug. 31 1928.
Title of Loan—
Payable.
s
28 Consols of 1930
-J. 599.724,050
Q.
2s of 1916-1936
48,954,180
Q.
-F.
28 of 1918-1938
25,947.400
Q.
-F.
38 of 1961
49,800,000
Q.
-M.
3s conversion bonds of 1946-1947
28.894.500
Q.
-J.
Certificates of indebtedness
J.
-J. 1.220.408.000
Ityis First Liberty I.oan, 1932-1947
.L-J. 1,397.686.200
48 First Liberty Loan, converted
J.
-D.
5,155,650
J.
-D. 532.820.150
4345 First Liberty Loan, converted
J -D.
494a First Liberty Loan, second converted
3.492.150
LI, erty Loan. 1927-1942
48Second
M.
-N.
454s Second Liberty Loan, converted
1V .-S. 971,868.750
Atte Third Liberty Loan of 1928
434s Fourth Liberty L as of 1933-1938
A.
-O. 6,284,041.600
434s Treasury bonds of 1947-1952
758.984.300
48 Treasury bonds of 1944-1954
1,036,834.500
34s Treasury bonds of 1946-1956
489,087.100
. 3545 Treasury bonds of 1943-1947
493,037,750
359s Treasury bonds of 1940-1943
359,042.950
48 War Savings and Thrift Stamps
134,293,801
210 Postal Savings bonds
J.
-J.
15.875,560
5345 to 554s Treasury notes
J.
-D. 2,919,213.550
—46.171,751
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates._ _ _
Settlement warrant checks
Total
Balance, deficit(—) or surplus(+)
Aggregate of Interest-bearing debt
Bearing no interest
Matured, interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
Aug. 31 1927.
$
599,724,050
48,954,180
25.947.400
49.800.000
28,894,500
677,842.500
1,397,687.000
5,155,700
532,823.350
3,492.150
17,554
3,800
1,180.924.400
2,147,659,850
6.296,905.450
762,320.300
1,042.401,500
491,212,100
494,854,750
288,894,972
13,951,780
2,019,194,550
17,375,162.141 18,126.197,282
238.557,433
242,490,881
34,267,570
11,219.540
017,647,987,144 18,426.079.474
+72,534,040 +46,771,751
Net debt
b17,575,453,104 18,472,251.225
a The total gross debt Aug. 31 1928 on the basis cf dally Treasury
317,647,990,660.16, and the net amount of public debt redemption statements was
and receipts in
transit, &c.. was $3.516.00.
• No reduction Is made on account of obligations of foreign governments or othes
Investments.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Oct. 31 1928 are sot out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Oct. 311928.
Assets—
Gold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities—
1695,903,887.84 Oulu is. outstanding__1,417,708.209.00
2
-506,156,589.06 ()old fund, r. R. Board
(Act of Dee. 2.3 1913,
as amended June 21
1917)
1 442,011,109.77
Gold reserve.
156,039,088.03
Gold In general fund_ _
186.307.070.10
Total
3 202,065,476.90
Total
3,202,065,476.90
•Note.—Reserye against $346,681,016 of U. S. notes and $1,297,700 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SILVER DOLLARS.
Assets—
Liabilities—
Sliver dollars
480,520,692.00 Silver ctfs. outstanding- 470,067,834.00
Trees notes of 1890 outstanding
1.296,050.00
Silver dols.In gen.fund_
9,156,808.00
Total
480.520,692.00
Total
GENERAL FUND.
480,520,692.00
Asses--
Gold (see above)
186,307.070.10 Treasurer's checks out
Silver dollars (see above)
9,156,808.00
standing
5,503.634.07
United States notes_ __2,926,8.38.00 Deposits of Government
Reserve notes__
Federal
1.076,585.00
officers:
}ed. Res. IntlIk notes__
Post Office Dept
150,862.00
14,439,748.93
National bunk notes. ___
18.843,177.00
Board of trustees, PosSubsidiary '.liver coin_ __
5.269.045.14
tal Savings system:
MInorcoln.
5% reserve, lawful
2.251,377.29
Sliver bullion
5.510,151.28
money
7.521,880.23
Unelassified—Collec'ns.
Other deposits.._
339,325.74
2,958,994.24
Postmasters, clerks of
Deposits In F. It. banks_
30,014,829.38
courts, disbursing
Deposits in special deofficers, &c
43,412,138.14
positaries sect of sales
Deposits for:
of ctfs. of indebtedness 189,322,000.00
Redemption of F. R.
Deposits iii foreign denotes (5% fund,
pusitaries:
goich
174.410,390 86
To credit of Treasurer
Redemption of nat'l
United States
113,518.96
bank notes(5% Id.,
To credit of other
lawful money)
27,008,753.87
Government officers
561,206.56
Retirement of addl
Deposits In nat'l banks:
circulating notes
To credit of Treasurer
Act May 30 1908_
2.430.00
7,946,309.17 Uncollected items, exUnited States
To credit of other
changes, ace
2,278.033.77
20,911,421.11
Govt. officers
Deposits in Philippine
274,916,335.61
Treasury:
Net balance
210.237,265.34
To credit of Treasurer
933,407.72
United States
485.153.600.95
Total
Total
485,153,600.95
a Includes receipts from miscellaneous sources credited direct to appropriations.
Note.—The amount to the credit of disbursing officers and agencies to-day was
*366,345,913.27. Book credits for which obligations of foreign Governments are
held by the United States amount to $33.236,629.05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes and
2777
paid Into the Treasury as miscellaneous receipts. and these obligations are made,
under the Acts mentioned, a part of theapublie debt. The amount of such obligations to-day was 541,493,957.
5612,610 In Federal Reserve notes and $18,771,516 In national bank notes are in
the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Preliminary Debt Statement of the United States
Oct. 311 1928.
.
The preliminary statement of the public debt of the
United States Oct. 31 1928, as made upon the basis of the
daily Treasury statement, is as follows:
Bonds—
Consols of 1930
Panama's of 1916-36
Panama's of 1918-38
Panama's of 1961
Conversion bonds
Postal savings bonds
$599,724,050.00
44,954,180.00
25,947.400.00
49,800,000 00
28,894,500 00
15,875,560.00
5769,195,690.00
First Liberty Loan of 1932-47
Fourth Liberty Loan of 1933-38
Treasury
Treasury
Treasury
Treasury
Treasury
51,939,153,050.00
6,284,040,600.00
8,223,193,650.00
bonds of 1947-52
bonds of 1944-54
bonds 01 1946-56
bonds of 194347
bonds of 1940-43
$758,984,300.00
1,036,834,500.00
489,087,100.00
493,037,750.00
359.042,950.00
3,136.986.600.00
Total bonds
312.129,375,940.00
Treasury Notes—
Series A-I930-32, maturing Mar. 15 1932
Series 11-1930-32, maturing Sept. 15 1932
Series C-1930-32. maturing Dec. 15 1932
Adjusted Service—
Series A-1930
Series A-1931
Series B 1931
Series A-1932
Series s-1933
Civil Service—
Series 1931
Series 1932
Series 1933
Foreign Service—Series 1933
$1,210,553,200.00
615,095,700.00
607,399.150.00
25,800,000.00
53,500,000.00
70.000.000.00
123,400.000.00
123,400,000.00
31,200,000.00
14.400.000.00
39,300,000.00
529.000.00
$2,914,577 050 00
Treasury Certificates—
Series Ti) 1928, maturing Dec. 15 1928
Series TD2-192b, maturing Dec. 15 1928
Series TD3 1928. maturing Dec. 15 1928
Series TM -1929, maturing Mar. 15 1929
Series TM 2-1929. maturing Mar. 15 1929
Series T.1-1929. maturing June 15 1929
-1929, maturing Sept. 15 1929
Series TS
$224,972,000.00
187.183.500.00
175,522.000.00
360.947,000.00
210,884,000.00
549,310,700.00
308,758.000.00
2.017,577.200.00
Treasury Satings Certtftcaies (a)—
Series 1923. Issue of Sept.30 1922
Series 1923, issue of Dee. I 1923
Series 1924. issue of Dec. 1 1923
$7,654,443.55
23,427,797.65
94.373,184.30
125,455.425.50
Total Interest-bearing debt
Matured Debt on IVhich Interest Has Ceased—
Old debt matured—issued prior to Apr.! 1917_
Second Liberty Loan bonds of 1927-42
Third Liberty Loan bonds 01 1928
3%% Victory notes of 1922-23
454% Victory notes of 1922-23
Tteasury notes
Certificates of indebtedness
Treasury savings certificates
$17,186,985,615.50
$1,988,120.26
19,685.150.00
91,572,400.00
22,100.00
2,002,750.00
1,230,000.00
305,900.00
2.638.000.00
119,464,420.26
Debt Bearing No Interest—
United States notes
Less gold reserve
$346,681,016.00
156,039,088.03
$190,641,927.97
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassified sales. Ace
41,493,957.00
2,045,485.77
3,514,533.46
237.695.904.20
$17,544,145,939.96
Total gross debt
a Net redemption value of certificates outstanding.
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of August,
September, October and November 1928:
Holdings in U.S. Treasury Aug.1 1928. Sept. 1 1928 Oct. 1 1928 Nov. 1 1928.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes..
Net national bank notes..
Net Federal Reserve notes
Net Fedi Has, bank notes
Net subsidiary silver
Minor coin. drc
$
330.130,615
12,725,164
2.927,601
22,093,921
1,076,462
150.110
2.742.050
6,388,867
$
326.408,336
14,653.596
3,217.488
18.542.931
1,054.735
92,140
2,806,320
4,320.031
$
315,694.271
10.138.882
3.592.749
19.030.084
986,205
120.560
3.797.297
6,262,401
$
342.346.158
14,666.959
2.926.838
18.843,177
1,076,585
150.862
5,269.045
5,210,372
Total cash in Treasury_
_ _
Less gold reserve fund .
378,234,790
156.039.088
371.095,577
156,039.088
359,622,449
156.039,088
390.489.996
166,039.088
Cash balance in Treas'y
Dep.In spec'I depositories.
acct. Treasury bonds,
Treasury notes and certificates of Indebtedn'as
Dep. In Fed'I Res. banks.
Dep. in national banks:
To credit Treas. U. S.,
To credit dial). officers_
Cash in Philippine Islands
Deposits in foreign deidsDep. in Fecri Land banks
222,195.702
215,056,489
203.583.361 *234,450.908
96.727,000
28.331,644
165,012,000
34.054,394
198,649,000
31,368.009
189,322.000
30.914.829
7,128.950
19,101,288
897,436
469,845
7,634,700
17.862,670
837.930
510.497
7,722.355
19,600,030
983.761
592,489
7.946.309
20.911,421
933,408
674,726
374.851.865
258.101.580
440,968.679
250,820,461
462,499,005
252.640,797
485,153,601
274.916.336
ion
9A0 555 WW2
Net cash In Treasury
and In banks
Deduct current liabilities.
A ..,....1,....taa, ...Ian.-
SIR
7R(1985
155 91R
•Includes Nov. 185,510,151.28 silver bullion and $2,251.377.29 minor coin,&o.,
not included In statement "Stock of Money."
FINANCIAL CHRONICLE
2778
[VOL. 127.
-Record of transacSan Francisco Stock Exchange.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, Ste., at London, tions at San Francisco Stock Exchange, Nov.10 to Nov. 16,
both inclusive, compiled from official sales lists:
as reported by cable, have been as follows the past week:
Fri.,
Mon.,
Thurs.,
Tues.,
Wed.,
Nov. 10. Nov. 12. Nov. 13. Nov. 14. Nov. 15. Nov. 16.
2831
26 13-16 26 11-16d. 2631
Silver. per oz.d 2631
2631
Gold, per fine Liz 848.1130.848.1139d. 848.1134d. 848.11 Htl. 848.1139d. 848.1139d.
5574
5531
5534
Consols,239% _ _ _ _5531
5534
10134
10139
10131
British,5% -------10131
10134
9739
9739
9739
British,439% _ ____
9739
9734
French Rentes
65.70
66
65.60
65.60 . 65.75
fin Paris) _fr. ____
French War L'n
92.55
92.70
92.20
92.40
92.70
On Paris)_fr_ __ __
The price of silver in New York on the same days has been:
.
S ver In N.Y., per oz.(cis.):
5831
58
Foreign
5831
58
58
58
Sonumercial and artiscellanzonsgnus
-All
Breadstuffs figures brought from page 2851.
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.
Receipts at--
Corn.
Wheat.
Flour.
Rye.
Barley.
Oats.
.
5613.196163.bush.60 lbs.bush. 56 lbs.bush. 32 lbs.bush.48168.bush.56Ibs
171,000
564,0001 338,000
687.000 2,264,000
252.000
Chicago
154,000
320,s t i
455,0001 642,000
2,885,000
Minneapolis_
11,000
197,0001 580,000 295.000
2,782.000
Duluth
15,000
135.0001 205,000
520,000
20,000
69,000
Milwaukee___
2,000
2,000
53,000
168,0001
298,000
Toledo
28,000
.56.0001
35,000
Detroit
198,0001
597,000
41,000
Indianapolis7,000
57,000
429,000
304.0001
727.0001
135,000
St. Louis
54,000
108,000
450,000
46,0001
54,000
Peoria
92,000
217,00#
1,030,000
Kansas City132,00#
1880 # I
350,0
Omaha
14,000
51,000
119,0001
St. Joseph10,000
9,000
240.0001
Wichita
2,000
80,1 # #
206,000
23,000
Sioux CityTotal wk. '28
Same wk. '27
Same wk. '26
510,000 9,283,000
491,000 10,239,000
460,000 7,876,000
5,393,# # o
3,756,000
6,136.'''
2,521.000 1,888,000
2,705,000 1,326.000
792,000
2.509.'''
652,000
866.000
584,000
Since Aug.18,024,000265,790,000 64,473,00# 61.012,00069.424,00014,920.000
1928
0
7,467,000246,831,000# 65,260,000 59,591,0g0137,721.000 22,650,000
1927
2,496,000 16,989,000
59,524,0
00
7,466,000172,870.0 72,287,
1926
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Nov. 10, follow:
Receipts at
Flour. I
Wheat.
Corn.
Oats,
.
New York_ _
Philadelphia_
Baltimore_ ___
Newport News
New Orleans•
Galveston..
Montreal ____
Boston
I Barley.
Rye.
I
I
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
5,000
42,000
198.000, 369,000
320,000 2,154,000
1,000
18.000
23,000
723,000
41,000;
8,0001 331,000
19,000
743,000
25,000
5,000
27,0001
55,000
118,000
39,000
5.000
240,000
499.000 1,840,C00 565.000
15,000
90,000 6,603.000
15,000 235,000
324.000
36,0
765,000 2,776,000 570,000
159,0001
Total wk. '28 556,000 10,905,000
Since Jan.1'2821,458.000 231.841,000 65,058,0001 31,301,000 46,872,000 17,693,000
337,0001 2,110,000 2.125,000
239,000,
632,000 10,947,000
Week 1927-.
Since Jan.2 2719,555,000 253,598,000 8,735,000' 21,291,000,17,735,00014,223.000
• Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Nov. 10 to Nov. 16, both
inclusive, compiled from official sales lists:
Stocks-
r TIALUFames
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price, Low. High. Shares.
Am Wind GI Mach,com100
100
Preferred
•
Ark Gas Corp. corn
10
Preferred
•
Armstrong Cork Co
25
Blaw-Knox Co
Byers(AM)Co, prof _ _100
10
Carnegie Metals Co
Cent Ohio Steel Prod,com •
100
Preferred
Columbia0St E,corn _ __ •
i0
Devonian 011
Diamond Nat Bank ___100
100
Fidelity Tit Ss Trust
Follansbee Bros Co, pf _100
Harbison-Walker Retnew•
100
Preferred
Home(Joseph) Co.com- •
•
Gas
Houston Gulf
25
Lone Star Gas
Slay Drug Stores Corp---•
•
McKinney Mfg,corn_
Monongahela Nat BanY100
corn ...50
Nat FlreProOfing.
50
Preferred
Penn Federal con% of -100
Peoples Say de Trust __.100
5
Pittsburgh Oil& Gas
Pittsburgh Plate Glass_100
nttab Screw & Bolt Corp..
ialt Creek Consol 011-- _10
•
nand Plate GI, corn
hand Sanitary Mfg, com2
*
1urbur Electric Dev
_Tilton Steel Casting, corn.*
FdY. coin-.
Jolted Eng &
25
Rifted States Glass
Vaverly 011 Wks, cl A- •
Vestinghouse Air Brake.
100
Vest Penn. pref
60
Vestern Say & Dep
25
Vlser Oil Co
•
Vitherow Steel, com
100
Preferred
"
--'
•"
•No par value.
32
50
331
739
60
2331
23
130
594
6431
30
8
2439
9831
6979
5439
3631
2531
44
11
46
102
125
26
1,065
32
134
4931 60
339 334 8,995
739 734 8,083
60
58
1,706
126 129
1,415
170
11031 11031
2239 2379 5,648
350
2239 23
93
93
50
32
130 130
9
472
931
25
594 594
31
630 630
105
9831 99
120
5539
55
30
110 112
38
10
38
10
17
17
4,838
6339 68
573
2739 30
10
1239 1231
10
410 410
250
834
8
2231 2434 1,155
10
9834 9831
2
750 750
434974
4
6839 7335 3,390
250
5339 5439
285
531 6
500
431 431
45
ash 37
2531 3,080
22
52
2739 28
670
4339 4431
100
11
11
300
37
34
235
4531 46
100
102 102
5
125 125
100
16
16
10
31
31
50
75
75
11117
AO
AO
Range Since Jan. 1.
Low.
Feb
Aug
May
May
Aug
Jan
Mar
Jan
May
June
Feb
Aug
July
Jan
Aug
Oct
Nov
Oct
Feb
4854 Apr
20
Jan
12
Oct
410 iNov
631 Feb
17
Aug
Jan
97
Jan
603
3 Sept
6839 Oct
4831 Feb
539 Oct
434 Nov
Mar
33
Aug
17
2734 Nov
4231 Jan
11
Nov
3031 Apr
Jan
43
Oct
100
Nov
125
Oct
16
Jan
13
Jan
88
r
23t, rah
16
33
239
631
54
91
11031
1639
1934
90
9031
634
501
610
95
55
110
38
1131
1,
High.
Stocks-
Baled
'nary
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
3,851
145 148
American Co
146
30
Anglo Calif Tr Co
510 510
510
70
245 248
Anglo & London P NI Bk _ _ 245
215
Atlas Im Diesel En A
7439
74
Bancitaly
12739 124 12734 30,941
10
Bank of Calif NA
300 300
Bank of Italy N T & SI A__ - 22034 214 22134 15,382
9339 10434 12,595
Byron Jackson
99
5234 13,900
John Bean Mfg Co
5139 51
27
200
27
Calamba Sug corn $20 Par 18
950
1839
Preferred,$20 par
Calif Copper
734 939 20,013
839
105 112
775
Calif Cotton Mills,corn _ _ _ 107
6539 2,811
"A"
Calif Ink Co,
6334 61
7439 7531 1,112
Calif Pkg
12,172
7834 82
79
Caterpillar
48,4634 4834 10,032
Clorox Chemical
75
Coast Co Gas& El 1st pf --------10034 10034
5
Crocker First Natl Bank --------400 400
Crown Zellerbach VT C..
2334 2331 2431 12,030
990
7739 7739 7939
Preferred
26
2639 1,369
28
Dairy Dale"A"
4,677
24
2334 23
97
9739
85
East Bay Water"A" pfd _
75
108 108
East Bay Water B pfd
100
27
27
27
Emporium
4.414
4.70 5.00
4.90
Fageol,common
1,712
8
7
8
Preferred
966
119 121
120
Flremans Fund Ins
2.396
1231 1234 13
Foster & Klelser, com
5634 1,590
55
Dalland Mem Laundry _ __ _ __ __ __
5834 6039 8,728
59
5Iolden State Milk
20
_ ___ _ 101 10139
;:tt West Pwrser A 6%
155
10534 10539 10534
Preferred 7%
230
2334 2131 2334
EIalku Pineapple Co Ltd pf
5
5031 5031 5031
Hawaiian Coml & Sus Ltd_
2,816
63
8231 62
Hawaiian Pineapple
445
3839 3931
3931
EIome Flre dr Marine Ina
4131 3831 4154 9,821
Honolulu Cons 011
747
Hunt Bros Pack"A"corn.... 2234 2231 23
4939 4931 5134 1.887
Ills Pacific Glass"A"
8431 9439 137,168
94
{Water
3439 3539 1.647
35
-angendorf"A"
2831 30
1.869
415
19
18
Alghton Ind"A"
245
14
14
"B"VTC
3,079
4739 4734 50
-ogle Salt Co
4,603
3.90 3.90 4.90
Rights
60
10639 106 10639
...A Gas & Elec pfd
1531 1334 1634 112,792
vIagnavoit
3431 5,190
dagnin,corn
3334 31
20
99
99
dercantile Am Re Co
4434 5,927
.7orth American 011
4234 42
228
27
27
. 27
)ccidental Insurance Co_
545
4234 473.4 48
Myer Filter A
1,159
4739 4731 48
B
5434 5139 5439 17.674
'acific Gas & Elec com
4.098
1st preferred
2634 2654 27
5,114
77
75
76
'acIfic Ltg Corp corn
95
10134 10139 10134
6% Preferred
9131 8739 9354 22,908
'acific Tel & Tel corn
90
12139 12134
Preferred
3539 2,459
32
Ugly Wiggly West Sts A_
750
15
15
15
'ken Whistle pre!
Lichfield 011
5434 5031 5531 62,635
2434 1,811
24
Preferred ex-warrants.. _ 24
191
31
31
toos Bros cons
50
98
98
98
Preferred
60
100 102
J L & P6% prior pref._ _ 102
2239 1,007
22
22
chlesinger A corn
92
20
92
92
Preferred
3531 3431 3534 3,831
hell Union com
10
95
95
herman & Clay pr pref._
95
'10
95
95
terra Pac Elec pref
30
95 100
100
Perry Flour Co pref
550
9239
9231 92
pring Valley water
6939 43,427
tandard Oil California... 6831 66
2239 2339 3,150
Idewater Assoc 011 corn_ 23
110
8931 8831 8931
Preferred
12734 12539 12731 16.398
Vansamerlca Corp
5339 5439 7,256
54
rnlon 011 Associates
5431 5334 5531 26,022
Inlon Oil of Clif
2674 5,415
2639 23
Ilion Sugar com
1,355
31
29
30
Preferred
3139 1.563
30
Test Coast Vancornoration
Range Since Jan. 1.
Low.
High.
Jan
130
Jan
400
Mar
225
Jan
31
100 June
26931 Feb
125 June
3131 Apr
Nov
51
Oct
27
Sept
18
2.00 Mar
Jan
75
Jan
30
6934 June
Jan
53
30% June
Jan
98
440 June
2231 Nov
Oct
76
Jan
23
1734 Jan
8434 July
90 Sept
Oct
27
Jan
2.00
Jan
5
110 June
12 June
5334 Oct
33 June
9834 Jan
10331 June
2139 Nov
46 June
Jan
41
3631 Oct
Feb
35
22 June
42 June
30 June
32
Aug
July
18
Oct
18
July
13
4734 Oct
3.95 Nov
10531 Jan
30c Jan
Jan
22
Nov
99
36 June
Nov
25
39
Aug
3839 Aug
4379 Mar
2631 June
7239 Feb
10134 Nov
79 June
11334 Jan
2134 June
1439 Apr
2331 Feb
2231 June
3034 Oct
9739 July
Jan
100
20 June
July
90
Feb
24
Sept
94
9439 Sept
Nov
95
Oct
89
Feb
53
Oct
21
8834 Oct
12534 Nov
4139 Feb
4239 Feb
731 Mar
2134 Aug
Nov
30
220 June
Nov
510
295 May
8731 Aug
22031 May
452 May
31131 May
10831 Sept
5239 Nov
33 Sept
1931 Sept
939 Nov
14334 Mar
6539 Nov
8131 Sept
8431 Sept
Oct
49
Jan
102
Mar
450
2931 Sept
72 Sept
3231 June
3131 May
Apr
99
11035 Mar
3439 Jan
731 May
Mar
8
127
Jan
Jan
19
6439 Aug
6439 Oct
10331 Apr
10634 Mar
Apr
28
6339 Jan
6439 Nov
4931 Jan
43 May
2831 Apr
62 June
9439 Nov
39
July
3234 Sept
2434 July
1634 Sept
5634 Nov
531 Nov
11234 Apr
1634 Nov
3431 Nov
Nov
99
4631 Oct
Aug
28
5631 Sept
5534 Sept
5431 Nov
2939 Apr
9631 May
10831 Feb
10934 Apr
Mar
125
3831 Oct
1734 May
5554 Nov
2539 Sept
3731 Mar
10331 Apr
10634 May
2731 Mar
99 May
3531 Nov
9954 July
9739 June
10434 Mar
121) May
6931 Nov
2334 Oct
90 Sept
12731 Nov
5734 Apr
5731 Apr
2734 Nov
Nov
31
3531 Oct
-CHANGES IN TOTALS OF,AND IN
BANK NOTES
Sept DEPOSITED BONDS, &G.
41
-We give below tables which
55 Sept
4 May show all the monthly changes in national bank notes and in
731 Nov
Nov bonds and legal tenders on deposit therefor:
67
Oct
131
May
111
National Bank Circulation.
Amount Bonds
273.4 Mar
Afloat on
on Deposit to
2439 Sept
Secure CirculaMay
94
Legal
tion for National
13039 Sept
Total.
Tenders,
Bonds.
Bank Notes.
Jan
10
545 Sept
$
$
$
S
835 Sept
700,152,454
37,446,779
662,705,675
667.168,440
Aug Oct. 31 1928
99
698,152,659
860,483,912
37,688.747
887,318,040
Sept. 29 1928
5631 Oct
38,299,802
680.518,182
898,817,989
666,732.700
Apr Aug. 31 1928
120
38,926,224
697,389,647
658,463,423
666,643.200
Jan July 31 1928
41
658.732.988
699.620,652
40,887.864
665,658.650
June 30 1928
Apr
22
661,522,450
701,280,442
39,757.992
667,491,900
86 [Nov May 31 1928
661,127.660
699,942,169
38.814,509
666,196.460
30I Oct Apr. 30 1928
36,802,227
882,412,992
699.215,219
886,868,710
1331 [July Mar. 31 1928
699,731,694
661,481,322
38,250,372
667,011,210
410 ;Nov Feb. 29 1928
697,739.534
659.332,017
38.407.517
666.230,710
Nov Jan. 31 1928
10
701,003,589
38,623,507
662.380.082
667.127.710
2431 Nov Dec. 31 1927
702.401.099
39,060,424
866,830,210
663,340,675
Nov. 30 1927
Apr
100
702,992,699
663,167,030
39.825,664
666,873.290
Nov Oct. 31 1927
750
703,279,612
662,742,593
666,985,790
40,537,019
Nov Bent. 30 1927
434
704,799.792
41,052.614
867.143.790
683,747,178
Aug. 31 1927
7334 Nov
704,518,037
42,967.269
867,156.290
661.550,768
5931 Mar July 31 1927
704,146,267
661,288,545
688,991,130
42,857,722
June 30 1927
731 Jan
705.933.937
42,777.217
667,095,680
663.156.720
531 Feb May 31 1927
701.313.237
39,074,404
665,724,930
662,238.833
4231 Mar Apr. 30 1927
699.924,967
38.251.364
665.641,990
661,673,603
Mar. 31 1927
2531 Nov
697,191,424
36.825,184
666,138.640
660.366.240
3934 Mar Feb. 28 1927
695,221.549
37.856,759
664.503,940
657,364.790
Jan Jan. 31 1927
81
697.767,929
36,721,464
666,211.440
661.046.465
1531 Mar Dee. 31 1926
37,927,974
700.692,587
666,278.180
682.764,613
Nov. 30
Nov n.. 'I 1926
37
700 714 632
as 071 702
M1 7/9 lail
AM /99 Mil
100A
5634 Jan
10339 Jan
Reserve bank notes outstanding Nov. 11928,secured by lawful
$4,049,808 Federal
Nov money, against $4,539,138 on Nov. 1 1927.
125
Mar
19
Nov
31
The following shows the amount of each class of United
Oct
75
secure Federal
AM' States bonds and certificates on deposit to
512
Reserve bank notes and national bank notes on Oct. 31:
Nov. 17 1928.]
U. S. Bonds Held 0c4.131 1928 to Secure
By Wise, Hobbs & Arnold, Boston:
10
Shares. Stocks. 111
$ per Sh.
14 National Rockland Bank
455
5 West Point Mfg. Co
13934-145
125 York Mfg. Co
18
30 New England Southern Mills,
254
pref. (undeposited)
$
$
106
592,696,700 592,696,700 5 Pepperell Mfg. Co
25. U. B. Consols of 1930
IN
48.715,720
48,715,720 37 Sharp Mfg. Co., pref
2s, U.S. Panama of 1936
4034
25,756,020
25,756,020 25 Arlington Mills
25. U.S. Panama of 1938
31
50 Nyanza Mills
39
667,168,440 667,168.440 50 Otis Co
Totals
4734
35 Lockwood Co.(Maine)
31
17 Nyanza Mills
The following shows the amount of national bank notes 23 Boott Mills
135
20
the amount of legal tender deposits Oct. 1 1928 200 U. B. Worsted Corp., corn.: .832 lot
afloat and
U. S. Worsted Corp., 1st prof.
45
and Nov. 1 1928 and their increase or decrease during the 24 Nashua Mfg. Co., corn
14
18 Appleton Co., corn
month of October:
.
30 Fairhaven Mills, pref., ctf of den 4
50c
10 Fairhaven Mills, corn
National Bank Notes-Total Afloat
$698,152,659 100 Old Colony Invest. Trust...3034-31
Amount afloat Oct. 1 1928
1.999,795 30 Dedham & Hyde Park Gas &
Net increase during October
3234
Elec. Co., v.t.c., par $25
$700,152,454 68 Brockton Gas Light Co., v.t.c.,
Amount of bank notes afloat Nov. 1
19
par 825
Legal Tender Notes
24 Hood Rubber Co., 734% pref._ 7534
537,688,747 32 units First People's Trust
Amount on deposit to redeem national bank notes Oct. 1
5034
241.968 20 All-Enamel Co
Net amount of bank notes redeemed in October
$2 lot
100 Beacon PartIcilpations, Inc.,
537,446,779
Amount on deposit to redeem national bank notes Nov. 1 1928
19
class A prof
Bonds on Deposit
Oct. 31 1928.
2779
FINANCIAL CHRONICLE
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank NationalBank
Notes
Notes.
Total
Held.
Shares. Stocks.
8 NT .M.
20 F. H.Roberts Co., pfd., cl. C.- 5
178 United Wire & Supply Corp, pt. 35
20 units First Peoples Trust
5034
3
200 Whitenights. Inc., cam
15,000 United Mineral Lands Corp.,
corn. assess. No.7 unpaid, par $1,
$200 lot
16 Walter M. Lowney Co.. with
rights to subscribe to 54 shares of
Walter M. Lowney Co
20c
4 Ludlow Mfg. Associates_ _ _ _189 ex-Kiv.
95 Great Northern Paper Co
25
5 Commonwealth Finance Corp.,
prof.; 5-50-100 Commonwealth
$1 lot
Finance Corp., coin
100 Trinity Copper Co., par 85: 50
Gaston, Williams & Wigrnore,
corn.; 500 Bay State Gas Co.,
com., par $50
86 lot
6 I.J. S. Worsted Corp., 1st pref.:
33 U. S. Worsted Corp., corn.:
$9 U.S. Worsted Corp., 1st prof.
div. scrip
$8 lot
Rights.
$ per Right.
174 Ludlow Mfg. Associates
634-7
Per Cent.
Bonds.
$42,000 Hardy Coal Co., cony. 7s,
5
due Sept. 193
6
By Barnes & Lofland, Philadelphia:
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
$persh.
$ per oh. Shares. Stocks.
Shares. Stocks.
10 Broad St. Trust Co., par $50_ _ _ _ 94
36 Manayunk Trust Co., par 125..228
10 Broad St. Trust Co., par$50.. 9234
2 Metropolitan Trust Co., par 850.115
10 Susquehanna Title & Tr. Co.,
35 Glen Willow Ice Mtg. Co., par
62
par 350
7
$10
62
8 Manheim Trust Co., par $50_
10 Tradesmen's Nat. Bank & Trust
TO ORGANIZE RECEIVED WITH TITLE
APPLICATION
535
2 Real Estate Land Title & Tr. Co _790
Co
REQUESTED.
3 Real Estate Land Title & Tr. Co_78534
30 Lancaster Mechanicsburg & New
Capital.
4134 10 Holmesburg Tr. Co.. par 850..206
Holland Ry
-The First National Bank of Loma Linda, Calif
525,000 20 Lancaster Mechanicsburg dr New
Nov. 7
20 Glenside (Pa.) Tr. Co., par $50_ 60
Correspondent, F. E. Corson. Loma Linda, Calif.
4134 50 Catchlite Inc., pref.. with 20
Holland Ry
819 lot
abs. common
270 National Life Preserver Co__ _815 lot
APPLICATION TO ORGANIZE APPROVED.
6 Frederick R. Gerry Co., pref.-86 lot
13 Consolidated Management Assn.
$1 lot
32 lot 1 Library Co. of Philadelphia
-The Sterling National Bank of New York, N.Y
with 5N shs. com., v. t.c
2,000,000
Nov. 10
..331
Correspondent, Samuel H. Golding, 135 Broadway,
250 Cdumoia 011 Cc., no par_ _..8l5 lot 1 Cont. Equit. Title & Trust Co.
150
4 Springfield Nat. Bank
New York, N. Y.
33 Nat. Bank of Germantown, par
60
580
3 Allegheny Title & Trust Co
$50
25
4 Mitten Bank Securities, prof
CHARTERS ISSUED.
14 United N.J. RR.& Canal Cos._218
45
2 Mitten Bank & Tr. Co.,stamped _128
11 Catawlssa RR. 1st pref
-The Peoples National Bank of Souderton,Pa
230
100,000 12 Germantown Pass. Ry
Nov. 6
7334 4 Pratt Food Co
President, George N. Zendt.
200 Amer. Linen Fibre Co., par $10 $5 lot
2 Public Service Elec. & Gas Co.
$24 lot
109
-Newton National Bank,Newton,Mass
25 Atlantic Shore fly. Co
Nov. 9
200,000
6% pref.. series of 1925
President, Thomas Weston. Cashier, James B. Melcher.
125 Fire Assn. of Phila., par 850
12 Little Schuylkill Nay., RR. &
4034
4134
•
($40 paid)
Coal
31
376
4 Phila. Bourse, corn., par $50_ _
VOLUNTARY LIQUIDATION.
2 Tenth Nat. Bank of Phila
7834 5 Phila. & Suburban Mtge. Guar1 Phila. Elec. Co., par $25
-The First National Bank of Holey, Okla
137
Nov. 5
25,000 20 United States Loan Security Co.,
antee Co
Effective July 3 1928. Lig. Agent, H. C. McCormick,
1531 1 Pennsylvania Academy of the Fine
Dar $10
Holey, Okla. Absorbed by The Farmers & Merchants
23
Arts
100 United States Loan Society
Bank of Holey.
15
10 Bateman Brothers, Inc., Pre•
common, par $10
(with 364-5 shs. cl. B cora, as
100 Girard Life Ins. Co., par $10_ _ 27
$10 lot
bonus)
1 W.F.Kerr Auto Supply Co., Inc_ 10
30
City
-Among other securities, the following, 1 Manayunk-Quaker PhilaNat. Bk_526 7 Insurance Co.of Phila., par $10.. Cent.
Auction Sales.
Per
Bonds57034
2 First Nat. Bank of
High Twelve Realty Corp. of
490
$200
not actually dealt in at the Stock Exchange, were sold at auction 26 Bank of Phila.& Trust Co
Phila. 20-yr. 5s, Oct. 1 1942,
467
5 Bank of Phila. & Tr. Co
$7 lot
registered
in New York, Boston, Philadelphia and Buffalo on Wednes- 10 Bank of Nor. Am.& Tr. Co...445
81.000 Phila. 48, July 26 1972-42
6 Mitten M. & M. Bk. & Tr. Co.
week:
day of this
124
(3 coupons missing, cash substi(stamped)
97
tuted)
5 First Nat. Bank & Tr. Co..
By Adrian H. Muller & Sons, New York:
194
86.000 Suffolk Anthracite Collieries
Woodbury, N.J
Per sh. Shares. Stocks.
Shares. Stocks.
11
$ per sh. 10 Aldine Trust Co
1st s. f. 7s, 1938
265
100 Electric Ferries, Inc., prof
1,035 Caloroll Burner Corp., pref._ 2
43
S1,700 Phila. Elec. Co. 1st 5s, 1966.10534
5 63rd St. Title & Tr. Co., par 350_ 51
100 North Amer. Title Guaranty
4,320 Buffalo & Erie Ky. Co. 5%
Co. v. t. c
$100 lot
non-cum. pref
55
By A. J. Wright & Co., Buffalo:
100 North Amer. Security Corp.,
30,000 Buffalo & Erie Ky. Co.
pref., par $50
$ per Sh.
$100 lot
common, no par
per Shl Shares. Stocks.
5
Shares. Stocks.
100
Composition Goods Co., Inc., no
100 North Amer. Security Corp.,
50
1254 Hefter Qualitol Inc, par $20 50c lot 600 Area Mines, par 81 of Buffalo
$IO lot
common v.t. c., no par
Par
1.000 Baldwin Gold Mines, par 81.2c lot 10 Labor Temple Assn.
750. lot
750 Dominion Steel Products Co.,
100 Asphalt Products Co., Inc.,
100 New Suthld Div. par $10_50c. lot__ 1 & Vicinity, Inc. par $5
25
Ltd., preferred; 150 Dominion
pref
Steel Prod. Co., Ltd., com.....$15 lot
500 Western Smelting & Power Co.,
$60 lot 250 Penn Steel Castings Co., pref.;
common, par $10
DIVIDENDS.
500 Penn Steel Castings Co.,
$5 lot
25 Black Coal Co
common
1100 lot
Deposit receipt for $15,000 San
Dividends are grouped in two separate tables. In the
125 Greenvale School
1
Sugar Corp. gen. lien s. f.
Juan
BondsPer cent.
734EI, 1939; 28 San Juan Sugar
first we bring together all the dividends announced the
$1,000 Coeur d'Alene & Pend
Corp. pref.; 6 San Juan Sugar
O'Rellle Ky. 1st 5s of 1960
71
Corp. common; due bill for 1 &
current week. Then we follow with a second table, in
$10,500 note made by Ralph Davis,
1-10th sh. San Juan Sugar Corp.
$230 lot
dated Sept. 25 1928
common
$3 lot which we show the dividends previously announced, but
$1.000 note made by Ralph Davis
668 Foundries Service Corp., no par 1
dated Jan.28 1925
$2 lot which have not yet been paid.
185 Channel Trading Co., Inc.,
$1 lot $15.000 Lucey Mfg. Corp. 8%
par $50
The dividends announced this week are:
cony. s. f. notes, series A, due
200 Electric Ferries Inc., corn.
2
.
1930, ctf. of deposit
3199 lot
v. t c
$5,000 Electric Ferries, Inc., 1st
2,000 Wright-Hargreaves Mines.
Books Closed
When
Per
234
7s, Apr. 1 1941
6434
Ltd.. common, no par
Days Inclusive.
Cent. Payable.
Name of Company.
By R. L. Day & Co., Boston.
Railroads (Steam)
*334 Jan. 10 *Holders of rec. Dec. 12
$ per oh. Shares. Stocks.
$ Per r.h. Atlantic Coast Line RR., corn
Shares. Stocks.
*134 Jan. 10 *Holders of rec. Dec. 12
Common (extra)
44234 13 Hotel Trust Touraine
116
100 Merchants Nat. Bank
254 Dec. 31 Holders of rec. Nov.30
Canadian Pacific, common (mar.)
47834 12 units First Peoples Trust
First Nat. Bank
50
10
760. Dec. 4 Nov. 21 to Dec. 3
•
Chestnut Hill (ouar.)
_46934 ex-div. 2 units Commercial Finance Corp 42
10 Old Colony Trust Co_
Dec. 31 *Holders of rec. Dee. 3
common.... *2
Chicago dr North Western,
4 Hadley Falls Trust Co., Holyoke.20534 25 Republic Motor Truck Corp.,
500. Dec. 31 *Holders of rec. Dec. 3
.
Common (extra)
pref
(Mo.) Joint Stock
15
50 Kansas City
*334 Dec. 31 *Holders of rec. Dec. 8
Preferred
$5 lot 60 Republic Motor Truck Corp.,
Land Bank
Nov.20 Holders of rec. Nov. 14a
2
Delaware & Bound Brook (quar.)
$0
common
2
23 Wamsutta Mills
Dec. 15 Holders of rec. Nov. 30
6
Kansas Oklahoma & Gulf, pref. A
4034 1,200 Arcade Smelting & Refg. Co.
50 Arlington Mills
81.25 Dec. 1 Holders of rec. Nov. 24a
preferred
corn. B, Springfield
.
35 lot Midland Valley,
2 Naumkeag Steam Cotton Co_ - -1403i
Nov. 26 Holders of rec. Nov. 19
$1
North Pennsylvania (mar.)
4834 6 units First Peoples Trust
Mills
25 Nashawena
50-5034 Phila. Germantown & Norristown (an.). $1.50 Dec. 4 Nov. 21 to Dec. 3
285 Amer. Glue Co.common
113
36
5 Farr Alpaca Co
134 Dec. 1 Holders of rec. Nov. 20
Pittsb. Youngst. & Ashtab., pf.
934 50 Lynn G. & El. Co. undep., par
3 Great Falls Mfg. Co
Dec. 15 *Holders of rec. Nov.30
*1
Preferred
$25
7634
16534 Rutland RR., common (annual)
10 Merrimack Mfg. Co., pref
Dec. 31 *Holders of rec. Dec. 8
47
Ky.,
Virginian
15
35 Planet Steamship Corp. v. t. c.
10 Connecticut Mills, 1st pref
in liquidation; 82 23-20 Stevens
Co., pref
7634
5 Merrimack Mfg.
Public Utilities.
10c.
Walden-Worcester Inc., corn.:
20 Hamilton Mfg. Co
' Dec. 1 *Holders of rec. Nov.30
134
American Teleg. & Cable (quar.)
36 734-20 Stevens Walden-Worces85
20 Exeter Mfg. Co., par $50
Amer. Water Wks. & Elec., 1st pf.(qu) $1.50 Jan. 2 Holders of rec. Dec. 12
7c.
Inc., pref. D; 100 Atlantic
corn
ter,
312 U.EL Worsted Corp.,
50c. Dec. 1 Holders of rec. Nov. 20
Public Utilities, corn. A (qu.)._
Atlantic
Coast Co.: 100 Ertel 011 Co., par
U.S. Worsted Corp., 2d prof- 24c.
312
$1.75 Dec. 1 Holders of rec. Nov.20
Preferred series A (guar.)
$5: 45.000 Russian rubles 534s,
11034
2 Neild Mfg• Co
Boston Elevated Rys., corn. (euar.).-.- *134 Jan. 2 *Holders of rec. Dec. 10
1916
75
8180 lot
Jan. 2 8Holders of rec. Dec. 10
*4
1 Gluck Mill
First preferred
2934 50 Wickwire Spencer Steel Co.,
*334 Jan. 2 *Holders fo rec. Dec. 10
I Hamilton Woolen Co
Preferred
Co.,
common v. t c
811 lot Brooklyn City RR.(auar.)
100. Dec. 15 Holders of rec. Dec. la
12 Nat. Fabric & Finishing
2234 2 Shawmut Association
23
common
Buff. Niagara & East.Pow., corn.(qu.)- *30c. Dec. 31 *Holders of rec. Dec. 15
6334 65 Wickwire Spencer Steel Co. com*30c. Dec 31 *Holders of rec. Dec. 15
4 Plymouth Cordage Co
Class A (quar.)
mon v. t. c
$27c.
'400. Dec. 31 *Holders of rec. Dec. 15
119 Old Colony Trust Associates_60-62
Preferred (guar.)
5 New England Power Co., pref.__ -10934
•$1.25 Jan. 31 *Holders of rec. Jan. 15
2,500 Mexican Pacific Co. class A
$5 preferred (quar.)
22 B. B.& R. Knight Corp., pref._ 1134
temp.ctf., par $10;500 Mex.Pac.
Canadian Hydro-Electric. 1st pf.(Qu.).. 134 Dec. 1 Holders of rec. Nov. 10
10 Mass. Utilities Associates. Prof.,
Co. class B temp. ctf., par $10;
Central Public Service, class A (qu.)--- *4334c Dec. 15 *Holders of rec. Nov.24
par $50
4634 & div. Consolidated Gas Utilities A t guar.).
355c. Dec. 1 *Holders of rec. Nov. 19
9,400 Perpet. Petroleum Corp.,
-'
1 Laconia Car Co., 1st pref
55
1.3734 Jan. 2 Holders of rec. Nov. 28
Par $1; 20 Bunny Food Products
Engineers Pub. Serv.. $5.50 pf.
2 Laconia Car Co., 2d pref
7
$1.50 Dec. 1 Holders of rec. Nov. 20
Corp., pref.: 150 Consul. Petrol.
25 American Glue Co., common.- 3534 Gary Railways, pref. A (oliar.)
Mex.
134 Dec. 1 Holders of rec. Nov. 15
Corp. B, Dar $10; $2,000
(guar.)
1 Saco Lowell Shops, 2d pref
1234 Indiana Service, 7% Pref.
134 Dec. 1 Holders of rec. Nov. 15
Par. Co. 85, June 1 1929. cpn.
6% Preferred (nuar.)
2 Hawaiian Pineapple Co.. par $20_ 6134
June 1 1927 & sub. on: $13,000
- 134 Jan. 1 Holders of rec. Dec. 160
Indianapolis Water, pref. A (guar.).
BondsPer Cent. Laclede Gas & El., prior lien (quar.)-- *134 Dec. 1 *Holders of rec. Nov. 24
Consol. Petrol. Corp. 1st 7s,
555.500 Herschel! Spillman Motor
f234 Jan. 2 Holders of rec. Dec. 5
common (guar.)
Jan. 1943 cpn., July 1927 & sub.
Co. cony, gold notes Jan. 15'24.82 lot North American Co.,
$20 lot
760. Jan. 2 Holders of rec. Dec. 5
on
Preferred (quar.)
Lowell Shops, 1st pref--- 2534
55 Saco
2780
FTNANCIAL CFIRONTCLE
Per
When
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
North Amer. Utility Secure., lot pf.(MI.) 81.50 Dec. 15 Holders of rec. Nov. 30
First pref. allotment ctfs. (quar.)_ --- $1.50 Dec. 15 Holders of rec. Nov. 30
Oklahoma Gas & Elec., pref. (quar.)__
Dec. 15 Holders of rec. Nov. 30
Pacific Telep & Teleg, corn. (quer.).--Dec. 31 *Holders of rec. Dec. 20
Preferred (quar.)
Jan. 15 *Holders of rec. Dec. 31
Peoples Gas Co., pref
3
Jan. I Holders of rec Dec. 120
Southern Colorado Power, pref. (quar.)_
Dec. 15 Holders of rec. Nov. 30
Southwestern Power & Light, pref. (qu.)
Dec. 1 Holders of rec. Nov. 15
United Gas Improvement (quar.)
Dec. 31 Holders of rec. Nov. 30
Western Power Corp., 7% Pref. (quar.).
Jan. 15 Holders of rec. Dec. 310
West Ohio Gas Co., pref. A (quar.)_ _
Dec. 1 Holders of rec. Nov. 15
West Penn Rye., 8% pref. (quar.)
134 Dec. 15 Holders of rec. Nov. 24
131
*1%
131
131
$1
151
151
Banks.
Amer. Colonial Bk. of Porto Rico 'qu.).
Port Morris
3
Dec. 1 Holders of rec. Nov. 16
Dec. 1 Holders of rec. Nov. 26
Trust Companies.
Farmers Loan & Trust (extra)
*4
Dec. 1 *Holders of rec. Nov. 10
Fire Insurance.
Importers .4 Exporters (quar.)
4
11
Dec. 1 *Holders of rec. Nov. 19
Miscellaneous.
n1 1% Jan. __
,
Adams Express, common (quer.)
4 1y. Jan.
,
Preferred (quar.)
Alabama Cash Credit Corp., corn.(qu.)_
Sc. Nov. 24 Holders of rec. Nov. 12
Preferred (quar.)
15c. Nov. 24 Holders of rec. Nov. 12
Preferred (extra)
Sc. Nov. 24 Holders of rec. Nov. 12
Alliance Realty. pref. (quar.)
1% Dec. 1 Holders of rec. Nof. 24
American Aggregates Corp.,com.(No. 1) *75c. Dec. 1 *Holders of rec. Nov. 20
Amer. Brit. & Cont. Corp., 1st pf.(qu.) $1.50 Dec. 1 Holders of rec. Nov. 15
*5 1.3734 Dec. 1 *Holders of rec. Nov. 15
Amer. Capital Corp.. pref. (qu.)
Amer. Chain, Inc., pref. (quar.)
"1% Dec. 31 *Holders of rec. Dec. 21
Amer. Sugar Refg., pref. (quar.)
1 y„ Jan. 2 Holders of rec. Dec. 50
Anchor Post Fence, common (quar.)
*75c. Dec. 15 *Holders of rec. Dec. 1
Associated 011 .quar.)
*50c. Dec. 31 *Holders of rec. Dec. 10
Atlantic Coast Fisheries (stock div.)_ --- e200 Dec. 1
*134 Dec. 15
Atlantic Macaroni
Atlantic Refining, new common
25c "lee. 15 Holders of rec. Nov. 21
Atlas Portland Cement (quar.)
lee. 1 *Holders of rec. Nov. 16
*50(
Atlas Stores (quar.)
lee. 1 *Holders of rec. Nov. 19
43%
Badger State Cash Cred.Corp.com.(qu.
4, toy. 24 Holders of rec. Nov. 12
Preferred (quay.)
20‘ joy. 24 Holders of rec. Nov. 12
Preferred (extra)
4, toy. 24 Holders of rec. Nov. 12
*3.
yi
Baldwin Locomotive, common & pref_
an. 1
Bankers Invest. Trust of Amer., com*25(
Me. 31 *Holders of rec. Dec. 10
Debenture shares lunar.)
*15( Mc. 31 *Holders of rec. Dec. 20
Barker Bros. Corp., corn. (quar.)
50( an. I Holders of rec. Dec. 15
Cony. 834% pref. (guar.)
an. 1 Holders of rec. Dec. 15
1%
Bawlf (N.) Grain Co., Ltd.. pref. (qu.).
1% Sec. 1 Holdos of rec. Nov. 15
Belle Isle Creamery (extra)
*20c Mc. 1 *Holders of rec. Nov. 20
Best &
common (guar.)
*75c Jec. 15 *Holders of rec. Nov. 25
Burrough Adding Mach. (quar.)
Co..
075
'cc. 10 *Holders of rec. Nov. 28
California Petroleum (quar.)
•25c Ian, 1 *Holders of rec. Nov. 23
Campbell, Wyant & Cannon Foundry.
Stock dividend
Dec. I *Holders of rec. Nov. 15
*e50
Celotex Co., corn. (quar.)
*750 an. 2 *Holders of rec. Dec. 15
Preferred (quar.)
an. 2 *Holders of rec. Dec. 15
*I%
Chesebrough Mfg. Consol. lunar.)
Dec. 28 Holders of rec. Dec. 10a
$1
Extra
$1.5( Dec. 28 Holders of rec. Dec. 10a
Claremont Investment, corn. (guar.)._. *18c
Preferred (quar.)
*32c
Clark Lighter, class A (quar.)
*650 Dec. 1 *Holders of rec. Nov. 23
Consolidated Cigar Corp.,7% pref.(qu.) 1% Dec. I Holders of rec. Nov. 210
Container
class A (quar.)
"30c Jan, 3 'Holders of rec. Dec. 10
Clam B (guar.)
•15c Jan, 3 *Holders of rec. Dec. 10
Corp..
Preferred(
*14 Jan. 3 "Holders of rec. Dec. 10
41119r.)
Continental Can, Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 20a
Credit Alliance, common and class A
payable in class A stock
Stockhol ders t o vote o n proposition Nov. 19.
David dc Frere. Ltd., common A (quar.)_
56c. Dec. 15 Holders of rec. Nov. 30
Decker (Alfred) &Cohn,Inc., corn.(qu.) *50c. Dec. 15 *Holders of rec. Dec. 5
Preferred (qmar.)
*14 Dec. I *Holders of rec. Nov. 20
Diamond Match (special)
(k) Dec. 10 Holders of rec. Nov. 28
Dominion Glit8.9, corn, and pref. (quar.) '$1.71 Ian. 2 *Holders of rec. Dec. 15
Eastern Mil. Inv. Corp., $5 pr. pf. (qu.) $1.25 Jan. 2 Holders of rec. Nov. 30
Participating preference (quar.)
$1.50 Feb. 1 Holders of rec. Dec. 31
Elting= &Mid Co., pref. (quar.)
1% Dec. 15 Holders of rec. Dec. 1
1140 Fifth Avenue. Inc., prof
Dec. 1 Nov. 18 to Dec. 2
3
Equitable Office Bldg.,new corn.(qu.)_
50c. Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
131 Jan. 2 Holders of rec. Dec. 15
Federal Mining & Smelting, pref.(qu.)
1% Dec. 15 Holders of rec. Nov. 23
Federated Capital Corp., corn. (qu.)__ 37340. Nov. 30 Holders of rec. Nov. 15
Preferred ((Mar.)
37Sic. Nov. 30 Holders of rec. Nov. 15
Electrographic Corp.. common (quar.)-50c. Dec. 1 Holders of rec. Nov.20
Dec. 1 Holders of rec. Nov. 20
Preferred (quar.)
15 Park Ave., Inc., referred
Dec. 1 Nov. 16 to Dec. 2
3
Fifth Avenue Bus ilecuritles
*18c. Dec. 29 *Holdesr of rec. Dec. 24
Jan. 1
First Nat. Pictures, 1st pref. (auar.)__
"2
Second preferred A (quar.)
*1% Jan. 1
Georgia Cash Credit Corp.,1st prf (quer.)
80c. Nov. 24 Holders of rec. Nov. 12
Goldberg (S. M.)Stores,Inc.,57 pf.(au.) *51.75 Dec. 15 *Holders of rec. Dec. 1
Great Atl. de Pacific Tea, corn.(quar.) "S1
Dec. 1 *Holders of rec. Nov. 12
Preferred (guar.)
' Dec. 1 *Holders of rec. Nov. 12
134
Hamilton United Theatres, pref
334 Dec. 31 Holders of rec. Nov. 30
Nov. 15 *Holders of rec. Nov. 5
Hercules Powder, pref.(quar.)
Higbee Company,2d pref.(quar.)
Dec. 1 *Holders of rec. Nov. 20
*2
Hires (Charles E.) Co.,corn. A (quar.),..
50c. Dec. 1 Holders of rec. Nov. 15
Hobart Mtg. (quar.)
*Holders of rec. Nov. 20
.
*s1.7s Dee„
.50c Dec
Houston Gulf Gas, pref. A & B (quar.)_ _
*Holders of rec. Nov. 20
Illinois Cash Credit Corp.. corn.(quar.)10c. Nov. 24 Holders of rec. Nov. 12
(1) Nov. 24 Holders of rec. Nov. 12
Com.(1-100th share pref. stock)
20c. Nov. 24 Holders of rec. Nov. 12
Preferred (quar.)
Preferred (1-100th share pref. stock)-- Li) Nov. 24 Holders of rec. Nov. 12
Internat. Petroleum, Ltd
"25c Nov. 30 *Holders of coup. No. 18
50c. Dec. 1 Holclers of rec. Nov. 15
johnson-Stephens-Shinkle Shoe (quar.).
"30e. Dec. 31 *Holders of rec. Dec. 11
Kresge (S. S.) Co.,corn.(quar.)
4
Preferred (quar,)
.134 Dec. 31 *Holders of rec. Dec. 11
Kruskal & Kruskal (quar.)
31340 Nov. 15 Holders of rec. Oct. 31a
Jan. 2 *Holders of rec. Dec. 24
4
11
Kuppenbeimer (B.) & Co., corn
"1% Dec. 1 *Holders of rec. Nov. 23
Preferred (guar.)
75c. Nov. 15 Holders of rec. Nov. 5
Landis Machine, corn. (quar.)
Lehigh Portland Cement, corn. (quar.)_ '6234c Feb. 1 *Holders of rec. Jan. 14
*14 Jan. 1 "Holders of rec. Dec. 14
Preferred (quar.)
*50c. Dec. I *Holders of rec. Nov. 17
Loblaw Groceterisa, Ltd.(Muir.)
'Sc. Nov. 20 *Holders of rec. Nov. 10
Lucky Tiger Combination Mining
75c. Dec. 1 Holders of rec. Nov. 20
quar.)
Lyall(P.)& Sons‘
*50c. Feb. 15 *Holders of rec. Jan. 25
Macy (R. H.) & Co.(quar.)
Feb. 15 "Holders of rec. Jan. 25
*5
Stock dividend
Dec. 1 Holders of rec. Nov. 22
$1
May Hosiery Mills, Pref.((Man)
47 Sic Dec. 15 Holders of rec. Nov. 30
Metro-Goldwyn Pictures. pref. ((luar.)
50c. Dee. 1 Holders of rec. Nov. 15
Metropolitan Paving Brick, Com. (au)..
Dec. 22 Holders of rec. Dec. 7
$1
Common(extra)
14 Jan. 1 Holders of rec. Dee. 15
Preferred (quar.)
75c. Jan. I Holders of rec. Dec. 15
Midvale Co.((mar.)
1% Dec. 1 Holders of rec. Nov. 15
Mitchell (Robt.) Co., pref. (quar.)
134 Dec. 15 Holders of rec. Nov. 30
Montreal Cotton. Ltd., corn. (guar.)._ _
1% Dec. 15 Holders of rec. Nov. 30
Preferred (quar.)
*$1.25 Dec. 31 *Holders of rec. Dec. 14
National Lead. common (quar.)
'134 Feb. 1 "Holders of rec. Jan. 18
Class B preferred (quar.)
1% Jan. 2 Holders of rec. Dec. 8
National Sugar Refining (quar.)
Jan. 2 Holders of rec. Dec. 8
1
Extra
"300. Jan. 1 *Holders of rec. Dec. 17
Newberry (J. J.) Co. corn. (quar.)
*500. Dec. 28 'Holders of rec. Dec. 13
New York Transportation (quar.)
$2 Jan. 2 Holders of rec. Dec. 7
Northern Pipe Line. new stk.(No. 1)
$1 Jan. 2 Holders of rec. Dee. 7
Extra
Holders of rec. Nor. 26
Dec.
North Atlantic Oyster Farms A (qu.)•1 Holders of rec. Nov. 22
541e
1%•
Ogilvie Flour Mills, pref. (quar.)
134
.
134
Nome of Company.
[VOL. 127.
Per
Cent
When
Payable.
Books Closed
Days Inclusive.
Miscollsnenu• (concluded).
Omnibus Corp., Prof. (guar.)
*2
Jan. 2 *Holders of rec. Dec. 14,
Otis Elevator, corn. (extra)
$1
Dec. 18 Holders of rec. Nov. 30
Corn. (payable in corn. stock)
fl5 Feb. 15 Holders of rec. Jan. 18
Paramount FamousLasky,new corn.(qu.)
75c. Dec. 29 Holders of rec. Dee. 7
Pennsylvania-Dixie Cement, pf. (q11.)- - "$1 75 Dec. 15 *Holders of rec. Dec. 1
Petroleum, Ltd. (quar.)
*25c. Nov. 30 *Holders of rec. Nov. 23
Plitshoroh Plate Glass. new (quar.) _ _ _ _ *500. Dec. 31 *FT trinrs of roe. Doe. 1:1
Propper Silk Hosiery Mills. corn.(qu.)
50c. Dec. 1 Holders of rec. Nov. 19
*114 Dec. 15 'Holders of rec. Nov. 30
Pro-phy-lac-tic Brush, pref. (quar.)-Purity Bakeries. pref. (quar.)
Dec. 1 Holders of rec. Nov. 15
Remington Typewriter, corn. (quar.).-Jan. 1 *Holders of rec. Dec. 8
Common (extra)
Dec. 15 *Holders of rec. Dec. 8
First preferred (Guar.)
Jan. 1 *Holders of rec. Dec. 8
Second preferred (guar.)
Jan. 1 *Holders of rec. Dec. 8
Reynolds Metals. pref. (quar.)
Dec. 1 *Holders of rec. Nov. 21
Royalty Corn. of Amer.. nart of.(mthly.)
Nov. 15 II Mors of rec. Nov. 10
Participating preferred (extra)
34 Nov. 15 Holders of rec. Nov. 10
Ruddy (E. I..) Co., Ltd., pref.(quar.)., 1% Dec. 1 Holders of rec. Nov. 15
Standard Nat Corn., TIPNV corn. (quar.)_ *35.c. Tan. 2 *rT Idors of rt, Tr),,C. 24
,
,
St. Reels Paper, common (quar.)
*750 Jan. 1 *Holders of rec. Dec. 10
1.1% Jan.
Preferred (quar.)
1 *Holders of rec. Dec. 10
Seeal Lock & Hardware, corn. (qu.)
25c. Dec. 15 Holders of rec. Nov. 30
Selfridge Provincial Stores
Amer. Deposit receipts
'w334 Dec. 8 *Holders of rec. Nov. 15
Shell Transport & Trading
American shares (interim)
"97c. Jan. 5
Shippers' Car Line Corp., pref. (qu.).
$1.75 Novt 30 Holders of rec. Nov. 16
Shubert Theatres Corp. (guar.)
"51 25 Dec. 15 *Holders of rec. Dec. 1
Sixteen Park Ave., Inc., pref
3
Dec. 1 Nov. 16 to Dec. 12
*5
Solar Refining
Dec. 20 *Holders of rec. Nov. 30
South Penn Oil (quar.)
*50c Dec. 31 *Holders of rec. Dec. 15
Extra
*25c Dec. 31 *Holders of rec. Dec. 15
Stock dividend
*e50 Subject stockholder week Jan. 15
South Porto Rico Sugar, corn. (qu.)
50c. Jan. 2 Holders of rec. Dec. 10
Common (extra)
25c. Jan. 2 Holders of rec. Dec. 10
2
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 10
Southwestern Stores. Inc., pf. "A"(qu.)
45c. Dec. 1 Holders of rec. Nov. 15
12Sic. Dec. 1 Holders of rec. Nov. 20
Specialized Shares Corp., corn. (qu.) 75c. Dec. 1 Holders of rec. Nov. 20
Preferred, "A" & "B"(quar.)
Standard 011(N. J.) $100 par stk.(qu.) $1
Dec. 15 Holders of rec. Nov. 26
50c. Dec. 15 Holders of rec. Nov. 26
$100 par stock (extra)
25c. Dec. 15 Holders of rec. Nov. 26
$25 par value stock (quar.)
$25 par value stock (extra)
1234 c. Dec. 15 Holders of rec. Nov.26
1% Dec. 1 Holders of rec. Nov. 20
Sterling Securities Corp.,534% pt.(q11.)
Additional non-turn, thy
34 Jan. 15 Holders of rec. Dec. 31
Sylvestre Oil, pref. Mar.)
Dec. 1 *II Hers ,f rec. Nov. 10
*$2
250. Dec. 15 Holders of rec. Nov. 30
Tennessee Copper & Chem.(guar.)._ _
Texas Gulf Sulphur (quar,)
4
11
Dec. 15 *Holders of rec. Dec. 1
Union Mills, eon,. (quar.)
*50c Dec. I *Holders of rec. Nov. 20
Preferred ((luar.)
*1% Dec. 1 *Holders of rec. Nov. 20
United Electric Coal Cos., corn. (qu.).._
75c. Nov. 30 Holders of rec. Nov. 23
$2 Dec. 1 Holders of rec. Nov. 23
First preferred (quar.)
United Fruit (oust.)
$1 Jan, 2 Holders of rec. Dec. 3
U. S. Freight (amar.)
•75c. Dec. 10 *Holders of rec. Nov. 19
U. S. Gypsum, corn. (guar.)
*2 Dec. 31 'Holders of rec. Dec. 15
"14 Dec. 31 'Holders of rec. Dec. 15
Preferred (quar.)
U.S. Realty & Impt.(quar.)
Dec. 15 Holders of roc. Nov. 26
Valvoline Oil, corn. (guar.)
134 Dec. 17 Holders of rec. Dec. 14
Wabasso Cotton Co.
-Dividend passed
Wayne Pump, pref. mar.)
*8715c Dec. 1 *Holders of rec. Nov. 24
Western Auto Supply, corn., A &B (qu.) *75c. Dec. 1 *Holders of rec. Nov. 20
Common "A" & "B"(extra)
•50c. Dec. 1 *Holders of rec. Nov. 20
*$1 Dec. 1 *Holders of rec. Nov. 19
Western Dairy Prod., cl. A (quar.)
White Rock Mineral Springs, common
$1.50 Jan. 2 Holders of rec. Dec. 14
First preferred (quar.)
131 Jan, 2 Holders of rec. Dec. 14
Second preferred
714 Jan, 2 Holders of rec. Dec. 14
Young (L. A.) Spring de Wire (quar.)_
500. Jan. 2 Holders of rec. Dec. 15
*25c. Jan. 2 *Holders ot rec. Dec. 15
Extra
Winton Engine, pref. (No. 1)
'87Sic Dec. 1 *Holders of rec. Nov. 20
Wisconsin Parts, tom.(qu.)(No. 1)
"40c.
Common (extra)
*10c.
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
hen
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, ordinary
Ordinary (extra)
Preferred
Preferred (extra)
Atch., Topeka Se Santa Fe, corn. guar.)
Baltimore & Ohlo, corn. (quar.)
Preferred ((mar.)
Bangor & Aroostook, corn. (quar.)
Prelerred (quar.)
Boston & Providence (quar,)
Catawissa, preferred stock
Chesapeake de Ohio pref. series A
Cleveland & Pittsburgh,spec.guar.(qu.)
Guaranteed (quar.)
Cuba RR., preferred
Delaware & Iludson Co.(quar.)
Georgia Sou & Fla, 1st & 2d pref
Hudson & Manhattan. common
Illinois Central, corn. (quar.)
Maine Central, corn. (quar.)
Preferred (quar.)
New Orleans Texas & Mexico (guar.)N.Y.Chicago & St. L., corn & p1.(qu.).
Norfolk & Western, corn.(quar.)
Common (extra)
Adjustment preferred (quar.)
Pennsylvania RR.(quar.)
Pere Marquette, corn. (quar.)
Five per cent prior preference (quar.)_
Five per cent preferred (guar.)
Pittsburgh Bessemer & Lake Erie, pref _
Reading Co. 1st pref. (quar.)
St. Louis-San Francisco, corn.(quar.)...
Common (extra)
Preferred (quar.)
Preferred (guar.)
Preferred (quar.)
Preferred (quar.)
Southern Pacific Co.(quar.)
Union Pacific. corn. (quar.)
Wabash, pref. (quar.)
Dec. 28
$2
$1.50 Dec. 28
Feb. 13
$2
$1.50 Feb. 13
234 Dec. I
134 Dec. 1
Dec. 1
Jan. 1
Jan. 1
Jan. 1
Nov. 22
Jan 129
Dec. I
Dec. 1
Febl'29
Dec. 20
Nov. 28
Dec. 1
Dec. 1
Jan. 2
Dec. 1
Dec. 1
Jan. 2
Dec. 19
Dec. 10
Nov.19
Nov. 30
Jan. 2
Feb. 1
Feb. 1
Dec. 1
Dec. 13
Jan. 2
Jan. 2
May 1
Aug. 1
Nov. 1
Feb 1'29
Jan. 2
Jan. 2
Nov.24
Holders of rec. Nov. 28
Holders of rec. Nov. 28
Holders of rec. Jan. 11
Holders of rec. Jan. 11
Holders of rec. Oct. 2130
Holders of reo. Oct. 203
Holders of rec. Oct. 204
Holders or rec. Nov. 30a
Holders of rec. Nov. 30a
Holders of rec. Dee. 20
Holders of rec. Nov. 120
Holders of rec. Dee. 80
Holders of rec. Nov. 10
Holders of rec. Nov. 10
Holders of rec. Jan 15'29
Holders of rec. Nov. 27
Holders of rec. Nov. 14
Holders of rec. Nov. 18a
Holders of rec. Nov. 90
Holders of rec. Doe. 15a
Holders of rec. Nov. 15
Holdees of rec. Nov. 160
Holders of rec. Nov. 15a
Holders of roe. Nov. 300
Holders of rec. Nov. 300
Holders of rec. Oct. 315
Holders of rec. Nov. la
Holders of rec. Dec. 7a
Holders of rec. Jan. 4a
Holders of rec. Jan. 4a
Holders of rec. Nov. 15
Holders of rec. Nov. 22a
Holders of rec. Dec. 3a
Holders of rec. Dec. 3a
Holders of rec. Apr. 130
Holders of rec. July la
Holders of rec. Oct. la
Hold, of rec. Jan. 7 '29a
Holders of rec. Nov. 28a
Holders of reo. Dec. la
Holders of rec. Oct. 25a
•
Public Utilities.
25c Dec. 1 Holders of rec. Nov. 15
Amer. Power & Light, corn. (quar.).._
Common (one-fiftieth share corn. stk.) (I) Dec. 1 Holders of rec. Nov. 15
Corn. (extra) (5-50ths sh. coin. stock) (/) Dec. 1 Holders of reo. Nov. 15
Amer. Superpower, corn. A & B(1-25th share common A stock)
(1) Dec. 3 Holders of rec. Nov. 30
$1.50 Jan.
First preferred (guar.)
Holders of rec. Dec. 15
$8 preference (quar.)
$1.50 Jan.
Holders of rec. Dec. 15
Associated Gas & Dec. 58 pref.(quar.) _ 151.50 Dec.
Holders of rec. Oct. 31
81.825 Del.
$834 preferred (guar.)
Holders of rec. Oct. 31
$5 pf.(qu.)(No. 1)
*$1.25 Dec. 15 *Holders of rec. Nov. 15
87 Sic Jan. 2 Holders of rec. Nov. 30
Original preferred (guar.)
151.75 Jan
$7 preferred (quar.)
2 Holders of rec. Nov.30
Associated Telep. UtilitieS. $7 Pref.(qu.) $1.75 Dec. 15 Holders of rec. Nov. 30
$1.50 Dee. 15 Holders of rec. Nov. 30
88 preferred (quar.)
Nov. 171928.]
Name of Company.
2781
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days laclusieS.
Name of Company.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Conttnued).
Ml. Gulf dr W.I. ELS. Lines prof. (qu.)_
750. Dee. 31 Holden of rec. Dec. lla
Atlas Powder, common (guar.)
$I
Dec. 10 Holders of rec. Nov. 300
Automotive Fan Co., com.(extra)
•150 Nov.22 *Holders of rec. Oct. 20
Babcock & Wilcox Co.(guar.)
14 Jan 1'29 Holders of rec. Dm. 200
14 Aprl'29 Hold, of rec. Mar. 20'29a
BabXdr
QuarterlyKatz, corn.(monthly)
•500 Dee. 1 *Holders of rec. Nov.20
Common (monthly)
*50c Jan. 1 *Holders of rec. Dee. 20
Preferred (guar.)
Jan 1'29 *Holders of rec. Dec. 20
Bamberger (L.) & Co.
Preferred (guar.)
1)4 Dec. 1 Holders of rec. Nov. 10a
Bancitaly Corp.(quar.)
*El
Jan. 2 *Holders of rec. Dec. 15
Stock dividend
(v) Jan. 1 *Holders of rec. Nov. 1
Bankers Capital Corp., corn
$4 Jan. 15 Holders of rec. Dec. 21
Common & preferred (extra)
$17 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
22
Jan15'29 Holders of rec Dec. 31
Bastian Blessing Co., corn. (guar.)
'62350 Dec. 1 *Holders of rec. Nov. 15
Beacon Participations, partic. pref.(qu.)
25c Dec. 1 Holders of rm. Nov. 15
Beech-Nut Packing, corn. (extra)
60e Dec. 10 Holders of rec. Nov. 244
Belding-Corticelli, Ltd., pref.(guar.)_
14 Dec. 15 Holders of rec. Nov.30
Bethlehem Steel, pref. (guar.)
14 Jan. 2 Holders of rec. Dec. la
Bloch Brothers Tobacco, prof. (gust.),.,. 134 Dec. 31 Dec. 26 to Dec. 30
Blumenthal (Sidney) & Co., Prof
14 Jan. 2 Holders of rec. Dee. 15
Borden Co.common (guar.)
$1.50 Dec. 1 Holders of rec. Nov. 150
Boston Woven Hose & Rub..com.(ext.) El
Dee. 15 Holders of rec. Dec. 1
Brach (E. J.) at Sons (guar.)
*50e Dec. 1 *Holders of rec. Nov. 17
*14 Dec. 1 *Holders c f rec. Nov. 20
Brill Corp., pref.(guar.)
Bristol-Myers Co. (guar.)
$I
Dec. 31 Holders of rec. Dec. 21
British-American Tobacco, ordinary.. . (v) Nov. 1
British Type Investors A (bi-monthly)_ _ *40c Dec. 1 *Holders of rm. Nov. 15
Brown (John W.) Mfg., com.(guar.) _ *25c Dec. 1 *Holders of rec. Nov.20
', Dec. 1 *Holders of rec. Nov. 20
12350
Common (extra)
Brown Shoe,common (guar.)
623.4e.Dee. I Holders of rec. Nov. 20a
Buckeye Pipe Line (guar.)
$1
Dec. 15 Holders of rec. Nov. 16
250 Jan 2'29 Holners of rec. Dec. 8a
Bucyrus-Erie Co., common (guar.)
6240 Jan 2'29 Holders of rec. Dec. 8a
Convertible preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 8a
7% pref. (guar.)
*400 Dec. 1 *Holders of rec. Nov. 14
Byron-Jackson Pumps (guar.)
21
Dec. 15 Holders of rec. Nov. 300
California Packing Corp.(guar.)
Dec. 15 Holders of rm. Nov. 30a
Calumet & Hecht Cons. Copper Co.(qu.) $1
Campbell. Wyant & Cannon Fdy (qu.)_ *50e Dec. 1 *Holders of rec. Nov. 15
Canadian Fairbanks-Morse, Ltd..pf.(gu) 8134 Dec. 15 Holders of rec. Nov.30
2
Dec. 31 Holders of rec. Dec. 20
Canfield 011, common (guar.)
154 Dec. 31 Holders of rec. Dec. 20
Preferred (guar.)
(r)
Holders of rec. Nov. 10
Carib Syndicate (stock dividend)
Cast Iron Pipe Co., new (qu.)(No. I)._ *50C. Dec. 15 *Holders of roe. Dec. 1
*550.INov.25 *Holders of rec. Nov. 15
Caterpillar Tractor(quar.)
*20e. Nov.25 *Holders of rec. Nov. 15
Extra
$1.75 Doe. 1 Holders of rec. Nov. 10
Celluloid Co., partic. let prof. (qual.)
$1.75 Dec. 1 Holders of rec. Nov. 10
$7 preferred (guar.)
Central investors Corp.. Cl. A (quar.)- - •
37%c Jan2'29 *Holders of rec. May In
Century Ribbon Mills, pref. (guar.)...._.. 14 Dec. 1 Holders of rec. Nov.20.
Chapman Ice Cream (guar.)(No. 1)____ *31)40 Jan. 15 *Holders of rec. Dec. 24
25c. Fb15'29 Hold, of rec. Feb. 1 '29
Chelsea Each. Corp., A & B (qu.)
25e. My1519 Hold, of rec. May 1 '29
Clam A & B (guar.)
Chicago Yellow Cab Co.(monthly).- 25e. Dec. 1 Holders of tee. Nov 200
75e. Jan 1'29 Holders of roe. Dee. 100
Chickasha Cotton Oil (guar.)
Quarterly
75c. A pr 1'29 Holders of ree.Mar 9'29e
75c. Jul 1'29 Holders of rec.June10'290
Chiuaner.. common (guar.)
glds Coly
60c. Dec. 10 Holders of rec. Nov. 23a
14 Dec. 10 Holders of rec. Nov. 230
Preferred (guar.)
75e. Dec. 29 Holders of rec. Dec. 50
Chile Copper Co.(guar.)
2
Jan 2'29 Holders of tee. Dec. 17.
Chrysler Corp.. pref.(guar.)
54 Dec. 1 Holders of rec. Nov. 15
Cities Service, common (monthly)
Common (payable In common stock),.,. 154 Dee. 1 Holders of rec. Nov. 15
Preferred and pref. BB (monthly)-__
A Dec. 1 Holders of rec. Nov. 15
Sc, Doe. 1 Holders of rec. Nov.15
Preferred B (monthly)
City Ice & Fuel (Cleve.), cons.(guar.)-- *75c. Nov. 30 *Holders of roe. Nov. 10
vs 1.6234 Dec. 1 *Holders of rec. Nov. 10
Preferred (guar.)
Cleveland Stone, common (guar.)
500. Dec. 1 Holders of rec. Nov. 15
25e. Dec. 1 Holders of rec. Nov. 15
Common (extra)
*50c. Mar. 1 *Holders of rec. Feb. 16
Common (guar.)
*500. June 1 *Holders of me May 15
Common (guar.)
Common (guar.)
.50c. Sept. 1 *Holders of rec. Aug 15
$1.50 Jan. 2 Holders of rec. Dec. 126
Coca Cola Co., cam. (guar.)
-Marx,com.(gum.)
6234o. Ja. 2'29 Holders of roe. Dec. 15
Cohn-Hall
62450. Ap,1'29 Holders of rec. Mar. 15a
Common (guar.)
Common (guar.)
624c,Jul 1'29 Holders of tee. June 15
14 Dec. 1 Holders of rec. Nov. 160
Collins AL Aikman Corp., pref. (guar.) _
Nov.26 Holders of rm. Nov. 126
Colorado Fuel & Iron, pref.(guar.).- 2
Jan. 1 Holders of rec. Dec. 5a
Co6mHm%ercpirealf1
com.(qu.)__ El
Jan. 1 Holders of rm. Dec. 5a
Common (payable in common stock),.,. 11
14 Jan. 1 Holders of rec. Dec. 50
'guar.)
14 Jan. 1 Holders of me. Dec. 50
7% first preferred (guar.)
Continental Can
Common (Payable In common stock)._ $100 Nov.22 Holders of rec. Nov. 50
Continental Securities, pref.(guar.)____ $1.25 Dec. 1 Holders of too. Nov. 15
•50c. Dec. 3 *Holders of roe. Dec. 17
Coty, Inc.. new stock (quer.)
300 Nov. 20 Holders ofrec.Noval0a
Stock dividend
e4
Dec. 3
Crosby Radio (stock dividend)
25c. Jan 1'29 Holders of too. Dec. 200
fkosley Radio Corp. (guar.)
8734e. Dec. 1 *Holders of rec. Nov.20
Crosse & Blackwell, prof.(guar.)
*$1.25 Dec. 1 *Holders of rec. Nov. 13
Crown Zellerbach, pref.(guar.)
*$1.50 Dee. 1 *Holders of rec. Nov. 13
6% convertible pref. (guar.)
Cumberland Pipe Line
431
Doe. 15 *Holders of rec. Nov.30
Fire Insurance.
*50e. Dec. 3 *Holders of rec. Nov.20
Curtis Publishing (monthly)
Commonwealth (stock dividend)
Oft 1
*0100
Corn.(payable in com. div.)
(z)
*Holders of rec. Jan. 21
General Re-insurance Corp. (guar.).
- $1.25 Nov. 15 Holders of rec. Oct. 31
Common (extra)
*50o. Dec. 10 *Holders of rec. Nov.20
Globe & Rutgers Fire (in stock)
*e100 Subject to stkhldrs meet'g Nov. 12 Cushman's Sons, Inc., coin.(quar.)____ $1
Dee. 1 Holders of rec. Nov. lba
sg
North River (Quart
Dec. 15 *Holders of tee. Dec. 9
14 Dec. 1 Holders of rec. Nov. 15a
Seven per cent preferred (guar.)
2
Eight per cent preferred (guar.)
Dec. 1 Holders of rec. Nov. 16a
Miscellaneous.
Davis Industries, class A (guar.)
*314c Janl'29 *Holden of too Dee. 20
,
Aldred Investment Trust com.(No. 1)..
50c. Dec. 1 Holders of rec. Nov. 15
Class B (guar.)
'31350 Janl'29 *Holders of me. Dee. 20
AluminumManufactures, com.(quar.)500 Dec. 81 Holders of roe. Dec. 15
1
Davis Mills(guar.)
Dec. 22 Holders of roe. Dec. 8
Preferred (guar.)
14 Dec 31 Holders of rm. Dee. 15o Debenhams Securitiee-Amerioan ohs..
73c. Nov. 17 Holders of rec. Nov.124
Amer. ChatIllon Corp.. Pf.(Clu.)
*21.75 Feb l'29 *Holders of rec. Jan. 20
Deere& Co., com.(guar.)
81.50 Jan. 2 Holders of rec. Dec. 1$
Preferred (guar.)
*21.75 May111 *Holders of rec. Apr. 20
Preferred (guar.)
14 Dec. 1 Holders of rec. Nov. 15a
American Chicle, new com.(au.)(No.1) 500. Jan. 1 Holders of rec. Dee, 12a Diamond Match (guar.)
2
Dec. 15 Holders of rec. Nov.300
Prior prof. (guar.)
134 Jan. 1 Holders of rec. Dec. 12
Dictaphone Corp., common (quar.)___ *50e. Dec. 1 *Hclders of rec. Nov. 16
American Colortype, eons.(guar.)
*50c. Dec. 31 *Holders of rec. Dec.
Common (extra)
*50c. Doe. 1 *Holders of rec. Nov. 16
• M Dee. 31 *Holders of rec. Dee. 12
1
Preferred (guar.)
12
Preferred (guar.)
Dec. 1 *Holders of rec. Nov. 16
*22
American Hardware Corp.
Drug, Incorporated
21
Dec. 1 Holders of rec. Nov. 150
Quarterly
$1 Jan1'29 Holders of me. Dec. 15a Dunhill International (guar.)
Si
Jan15'29 dolders of rec. Dec. 310
Amer. Home Products (monthly)
280. Dec. 1 Holders of rec. Nov. 14a
Quarterly
$1
Ap1529 Holders of rec. Apr.1'29a
Amer. Laundry Mach. com.(quar.)
4
11 Dee. 1
Eastman Kodak,common (guar.)
$1.25 Jan. 2 Holders of rec. Nov. 300
Amer Linseed. prof.(guar.)
151 Jan2'29 Holders of tee. Dec. 21a
Common
Preferredd (extra)
75e. Jan. 2 Holders of rec. Nov. 30a
Amer Mach.& Foundry,corn.(extra),.,. $1.50 Dec. 1 Holders of rec. Nov. 22a
(gnat.)
134 Jan, 2 Holders of rec. Nov.30a
American Manufacturing, corn. (guar.)_
Dec. 31 Holders of rec. Dec. 15a Eastern Theatres (Toronto), com.(qu.)1
50e. Dec. 1 Holders of rec. Oct. 31
Preferred (guar.)
1St Deo. 31 Holders of roe. Dec. 15a Eastern Util. Investing Corp.,$6 pf.(qu) $1.50 Dee. 1 Holders of rec. Oct. 31
American Metal, common (guar.)
75e. Dec. I Holders of rec. Nov. 20a
21.75 Dee, 1 Holders of rec. Oct. 31
27 preferred (guar.)
Preferred (guar.)
134 Dee. I Holders of rec. Nov. 20a Minion Schild Co., corn.(guar.)
62350 Nov. 30 Holders of rec. Nov. I5a
Amer. MultigraPh. corn.
50c. Doe. 1 Holders of rec. Nov. 15
Emporium Capwell Corp.(gum.)
50c. Dec. 24 Holders of rec. Dec. la
Common (extra)
40e Dee. 1 Holders of rec. Nov. 15
Essex Company
Dec. 1 Holders of rec. Nov. 8
3
American Radiator. common (quar.)
$1.25 Dee. 31 Holders of rec. Dec. lba
Extra
3
Dec. 1 Holders of rec. Nov. 8
$1.50 Dee. 31 Holders of rec. Dec. 15a Fairbanks Morse dr Co., com.(guar.).
American Railway Express (guar.)
- 75c. Dec. 31 Holders of rec. Dec. 1241
Rolling Mill, cons.(guar.)
.50e. Jan. 15 *Holders of rec. Dec. 31
Amer.
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 12a
Amer. Smelting & Refining pref.(qu.).. 14 Dec. 1 Holders of rec. Nov. 2a Fair (The), common (monthly)
20e. Dec. 1 Holders of rec. Nov. 21a
50c Jan. 1 Dec. 16 to Jan. 1
American Stores Co.(guar.)
Common (monthly)
20e. Jan. 2 Holders of rec. Dec. 21.
50o. Dec. 1 Nov. 16 to Dec. 2
Extra
20c. Feb i'29 Hold. of rec. Jan.21'29a
Common (monthly)
Amer. Sumatra Tobacco. prof.(gnat.),.,. 1)4 Dee. 1 Holders of rec. Nov 15
154 Febl'29 Hold.of rec. Jan.21'29a
Preferred (guar.)
Dec. 1 Holders of rec. Nov. 100 Fanny Farmer Candy Shops, com.(au.) 25e. Jan 1'29
Tobacco, com & corn. B (guar.)._ 22
Amer.
American Wholesale corp.. pref.(guar.) 14 Jan 2'29 Called for red. Jan. 2'29 Fashion Park, Inc.. corn (guar.)
50e. Nov. 30 Holders of rec. Nov.30.
21 Nov. 19 Holders of rec. Oct. 13. Federated BUS. Publications, com.
Anaconda Copper Mining (guar.)
280. Nov. 20 Holders of rec. Nov. 5
750. Dec. 17 Holders of rec. Nov. 15a Fidelity Industrial Bank (guar.)
Andes Copper Mining (special)
•$1.50 Fb15'29 *Holders of rec.Jan 31'29
750 Jan1'29 Holders of rec. Dec. 21.
Artloom Corp., com. (guar.)
•50c. Fb15'29 *Holders of rec.Jan.31'29
Extra
134 Dec. 1 Holders of roe. Nov. 160 Finance Service (Bait.), corn
Preferred (guar.)
4
Dec. 1 Holders of rec. Nov. 15
Assoc. Apparel Indite.. corn.(mthlY.)--• 33 1-3e Dec. 1 *Holders of rec. Nov. 20
14 Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
• 33 1-3c Jan 229 *Holders of rec. Dee 21
Common (monthly)
12A e. Dec. 1 Holders of tee. Oct. 31
First Trust Bank,Inc.(qu.)
134 Doe. 1 Holders of rec. Nov. 10a
Goods 1st prof.(guar.)
Associated Dry
534e. Dec. 1 Holders of rec. Oct. 31
Extra
14 Doe. 1 Holders of rec. Nov. 100 Fisher Brass, pref.. class A (guar.)2d preferred (guar.)
50c. Nov. 20 Holders of rec. Oct. 31
Public Utilities (Concluded).
Baton Rouge Elec. Co., prof. A (quar.)- 14 Dec. 1 Holders of roe. Nov. 15a
3
Dec. 1 Holders of rec. Nov. 15a
Blackstone Val. Gas dr Elec., pref
44c. Dec. 1 Holders of rec. Oct. 31
Brazilian Tr., L. & P., ord. (quar.)---2
Dec. 1 Holders of rec. Nov. 84
Brooklyn Edison Co.(guar.)
Bklyn-Manhattan Tr., pref. A (guar.)-- $1.50 Jan15'29 Holders of rec. Dec. 31a
$1.50 Ap15'29 Holders of rec. Apr. 1'29a
Preferred series A (guar.)
Central Ark. Pub. Serv. Corp., Pf.(q11.) 14 Dec. 1 Holders of rec. Nov. 15
Central III. Pub. Serv., pref. (quar.)-- *$IM Jan. 15 *Holders of rec. Dec. 31
Central Indiana Power, pref. (guar.)_ _- •14 Dec. 1 *Holders of rec. Nov.20
*650. Dec. 1 *Holders of rec. Nov.20
Chicago Rapid Transit (monthly)
•60c. Dec. 1 *Holders of rec. Nov. 20
Prior prof. series B (monthly)
Clev. Elec. 111.6% pref.(guar.)
134 Dec. 1 Holden of rec. Nov. 15
750. Dec. 15 Holders of rec. Nov. 8a
Consolidated Gas(N. Y.), com.(guar.)_
Consumers Power Co., 25 pref.(guar.)__ $1.25 Jan. 2 Holders of rec. Dec. 15
6% preferred (Quar.)
134 Jan 2 Holders of rec. Dec. 15
6.6% preferred (quar.)
$1.65 Jan. 2 Holders of rec. Doe. 15
14 Jan. 2 Holders of rec. Dec. 15
7% preferred (guar.)
50c. Dec. 1 Holders of rec. Nov. 15
6% preferred (monthly)
50c. Jan. 2 Holders of rec. Dec. 15
6% preferred (monthly)
55c. Dec. 1 Holders of rec. Nov. 15
6.6% preferred(
monthly)
55c. Jan. 2 Holders of rec. Dec. 15
6.6% Preferred (monthly)
14 Dec. 15 Holders of rec. Nov. 30
,
East Kootenay Pow. pref.(quar.)
Empire Gas & Fuel,8% pref.(monthly)- *50e. Dec. 1 *Holders of tee. Nov. 15
*54lise Dec. 1 *Holders of rec. Nov. 15
634% preferred (monthly)
0581e. Dec. 1 *Holders of rec. Nov. 15
7% preferred (monthly)
8% preferred (monthly)
662-3c Dee. 1 *Holders of rec. Nov. 15
25e. Jan 2'29 Holders of rec. Nov. 29a
Engineers Public Serv., com.(qu.)(No.1)
$1.25 Jan 2'29 Holders of rec. Nov. 29a
$5 Preferred (guar.)
English Elec. Co.. Canada A
•21.50 Jan. 15 *Holders of rec. Dec. 31
Federal Light & Traction,com.(quar.)
20e. Jan. 2 Holders of rec. Dec. 134
Common(payable in common stock)_ _ f15c. Jan. 2 Holders of rec. Dec. 130
Preferred (quar.)
1)4 Dec. 1 Holders of rec. Nov. 17a
Federal Water Service, el. A (qu.)
12500. Dec. 1 Holders of rec. Nov. 8
General Public Service
Common (3400 share of com. stock)._ (f) Dec. 31 Holders of rec. Dec. 10
Corn. (special) (5-100 share corn. stk.) (/) Dec. 31 Holders of rec. Dec. 10
81.50 Feb. 1 Holders of rec. Jan. 10
$6 Preferred (Quarterly)
$5.50 preferred (guar.)
1.3734 Feb. 1 Holders of rec. Jan. 10
$1.75 Feb. 1 Holders of rec. Jan. 10
Convertible preferred (guar.)
Hackensack Water, com.(guar.)
750. Dec. 1 Holders of rec. Nov. 14a
87 lie Doe. 1 Holders of rec. Nov. 14a
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 9a
Havana Electric Ry.. pref.(guar.)
International Power Securities (No. 1)__ •11 Dee. 15 *Holders of rec. Dee. I
Kentucky Utilities Co.. junior Prof.(qu.) *14 Nov. 20 *Holders of rec. Nov. 1
2
Dec. 1 Nov.16 to Nov.30
Massachusetts Gas Cos., pref
Middle West Util., prior lien stk.(qu.)._ $2
Dec. 15 Holoers of rec. Nov. 10
21.50 Dec. 15 Holders of rec. Nov. 10
$6 prior lien (guar.)
25e. Dec. 1 Holders of rec. Nov. 12a
National Power & Light,common (qu.)
14 Dee. 1 Holders of rec. Nov. 15a
Nebraska Power. pref.(guar.)
North American Edison, pref.(guar.)_ _ _ $1.50 Dee. 1 Holders of rec. Nov. 15a
14 Dec. 1 Holders of rec. Nov. 20
Northern States Power(Wis.), p1.(qu.)
Ohio Edison Co.,6% prof.(guar.)
134 Dec. 1 Holders of rec. Nov. 15
6.6% preferred (guar.)
1.65 Dec. 1 Holders of rec. Nov. 15
7% pref.(quer)
14 Dec. 1 Holders of rec. Nov. 15
5% preferred (guar.)
14 Dec. 1 Holders of rec. Nov. 15
6% preferred (monthly)
50c Dec. 1 Holders of roe. Nov. 15
6.6% preferred (monthly)
55c Dec. 1 Holders of rec. Nov. 15
14 Dec. 1 Holders of rec. Nov. 20
Penn-Ohio Edison 7% prior pref.(qu.)_
Pennsylvania-Ohio Pow.& Lt.26 pf (qu) $1.50 Feb. 1 Holders of rec. Jan. 19
14 Feb. 1 Holders ot rec. Jan. 19
7% Preferred (guar.)
7.2% pref. (monthly)
60c Dec. 1 Holders of rec. Nov.20
7.2% pref. (monthly)
60e Jan. 2 Holders of rec. Dec. 20
7.2% pref.(monthly)
60o Feb. 1 Holders of rec. Jan. 19
55e Dec. 1 Holders of rec. Nov. 20
8 6% prof.(monthly)
.
6.8% pref.(monthly)
55c. Jan. 2 Holders of rec. Dec. 20
8.6% pref.(mc nthly)
55c Feb. 1 Holders of rec. Jan. 19
Philadelphia Electric (guar.)
50c Dec. 15 Holders of rec. Nov. 30a
Phila. Suburban Water, pref.(guar.).
- 134 Dee. 1 Holders of rec. Nov. 10a
Preferred (guar.)
134 Mr.1'29 Hold, of rec. Feb. 9'29a
Portland Electric Power.2d pref.(qu.)-- 134 Dee. 1 Holders of rec. Nov. 15
Pub.Serv.Corp of NJ 6% pf (mthly) 50o Nov 30 Holders of roe Nov 20
Radio Corp of Am., prof. A (guar.)
14 Jan. 1 Holders of rec. Dec. la
Rhine-Westnhalia El. Pow. Am. shares_ $1.92 Dec. 1 Holders of rec. Nov. 170
Southern Calif. Edison,6% prof. (au.)... 37340 Dee. 15 Holders of rec. Nov. 20
7% prof. (guar.)
4340 Dec. 15 Holders of rec. Nov. 20
Southern Canada Power. prof. (qUar.)-- 14 Dec. 15 Holders of rec. Nov. 30
Southern Colo. Power,corn. A (qu.)-__
50c Nov. 24 Holders of rec. Oct. 31
So'west Gas 1411.. prof.
(a)
1.624 Febl'29 Hold,of rec. Jan. 20'29
Preferred (guar.)
1.62% M'yl'29 Hold.of rec. Apr.20'29
Standard Gas & Elec., 24 pref.
__ _
21 Dec. 15 Holders of roe. Nov.30
Tennessee Elec. Power. 5% 1st pfd (Ott.) 14 Jan. 2 Holders of roe. Dee. 15
Six per cent first preferred (guar.).
- 134 Jan. 2 Holders of rec. Dec. 15
Seven per cent first pref. (quer.)
14 Jan. 2 Holders of rm. Dec. 15
7.2% first preferred (guar.)
$1.80 Jan. 2 Holders of rm. Dec. 15
Six per cent first preferred (monthly)50c Dec. 1 Holders of rec. Nov. 15
Six per cent first preferred (monthly). 50c. Jan 2'29 Holders of rec. Dec. 15
7.2% first preferred (monthly)
600. Dec. 1 Holders of rec. Nov. 15
7.2% first preferred (monthly)
60c. Jan 2'29 Holders of rec. Dec. 15
United Gas Inapt. (extra)
500. Dee.d31 Holders of rec. Nov.28
Wisconsin Power & Light. pref.(Mara- *14 Dee. 15 *Holders of rec. Nov.30
Wisconsin Pub.Serv. Corp.,7% pf.(qu.) 14 Dec. 20 Holders of rec. Nov. 30
.
14 Dec. 20 Holders of rec. Nov.30
634% preferred (guar.)
6% preferred (guar.)
134 Dec. 20 Holders of rec. Nov.30
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Fitzsimmons & Connell Dredge & Dock
.500. Dec. 1 *Holders of rec. Nov. 20
Common (guar.)
Flintkote Co.corn. A (stock dividend).- 1100 Nov. 24 Holders of rec. Nov. 17
50c Dec. 15 Holders of rec. Dec. 1
Follansbee Brothers, corn.(guar.)
25c. Dec. 15 Holders of rec. Dec. 1
Common (extra)
199 Dec. 15 Holders of rec. Dec. 1
Preferred (guar.)
3H Dec. I Holders of rec. Nov. 20
Folmer Graflex Corp., pref
25c. Jan1'29 Holders of rec. Dec. 15a
Formica Insulation (guar.)
100. Jan i'29 Holders of rec. Dec. 15a
Extra
Fuller (George A.) Co.
$1.50 Jan. I Holders of rec. Dec. 10
Pardo. prior pref. (guar.)
$1.50 Jan. I Holders of rec. Dec. 10a
Participating preference (guar.)
199 Dec. 1 Holders of rec. Nov. 150
General Asphalt, pref. (guar.)
Dec. 1 Holders of rec. Nov. 10a
Si
General Cable Corp., class A (guar.)._
Dec. I Holders of rec. Nov. 22a
General Cigar, Inc., pref.(guar.)
75c. Jan. 1 Holders of rec. Nov.al7a
General Ice Cream Corp., corn.(qu.)_._
Jan. 1 Holders ct rec. Nov.d17a
81
Common (extra)
1)4 Dec. 1 Holders of rec. Nov. 19
Preferred (guar.)
$1.25 Dec. 12 Holders of rec. Nov. 17a
General Motors, corn. (guar.)
$2.50 Jan. 4 Holders of rec. Nov. 17a
Common (extra)
6% preferred (guar.)
1H Feb. 1 Holders of rec. Jan. 7a
Feb. 1 Holders of rec. Jan. 70
7% preferred (guar.)
195 Feb. 1 Holders of rec. Jan. 7a
6% debenture stock (guar.)
81.25 Dec. 1 Holders of rec. Nov. la
Gillette Safety Razor (guar.)
Dec. I Holders of rec. Nov. la
5
Stock dividend
25c. Dec. 1 Nov. 21 to Nov. 30
(Madding, Mellean & Co., monthly
Golden State Milk Products (guar.)... _ *50c. Dec. I *Holders of rec. Nov. 17
Dec. 1 Holders of rec. Nov. Oa
$1
Goodrich (B. F.) Co.. corn.(guar.)
Jan. 2 Holders of rec. Dec. 10a
IN
Preferred (guar.)
Dec. 1 Holders of rec. Nov. 15
Gorham Mfg.. 1st pref. (guar.)
Clossard (H. W.) Co., corn. (monthly). 33 1-.3c Dec. 1 Holders of rec. Nov. 200
33 1-3c Jan1'29 Holders of rec. Dec. 20
Common (monthly)
Gramophone Co
Amer dep. rcts. for ord. shs. (reg.).- *w45 Nov. 21 *Holders of rec. Oct. 27
75c. Dec. I Holders of rec. Nov. 15a
Grand Union Co.. preference(quar.)._
Dec. 28 fielders of rec. Dec. 60
$2
Great Northern Iron Ore Prop
Jan. 2 Holders of rec. Dec. 15
I
Greenfield Tap & Die Corp.,6%
Jan. 2 Holders of rec. Dec. 15
2
8% pref. (guar.)
50c. Dec. / Holders of rec. Nov. 200
Gruen Watch, common (quar.)
olders of rec.Feb.19'29a
50c. Marl'2'
Common (guar.)
Hold. of reg. Jan. 19'290
149 Febl'2
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 15a
2
(guar.)
Guantanamo Sugar, pref.
Jan. I Holders of rec. Dec. 15a
$1
Gulf States Steel, con).(quar.)
Jan. 1 Holders of rec. Dec. 15a
First preferred (guar.)
Holders of rec. Nov. 15
•50c. Dec.
Hale Bros. Stores (guar.)
199 Dec. : Holders of rec. Nov. 100
Hamilton Watch, pref.(guar.)
15c. Dec. , Holders of rec. Nov. 20
Knitting corn.& corn. B
Hanes(P. H.)
Jed' ; Holders of rec. Dec. 20
Preferred (guar.)
Harbison-Walker Reh actories50c. Dec. 1 Holders of rec. Nov. 20a
New common (guar.)(No. 1)
194 Jan. 2 Holders of rec. Jan. 10a
Preferred (guar.)
!dem of rec. Nov. 19a
50c. Dec. 1
Hartman Corp., class A (guar.)
30c. Dec. 1 Holders of rec. Nov. 19a
Class B (quar.)
12 Nov. 3( 'Holders of rec. Nov. 15
4
Hart Schaffner, Marx,Inc.(guar.)
Holders of rec. Nov. 15
75c. Dec.
Hathaway Bakeries, Inc., class A (qu.)
Dec. 1 Holders of rec. Nov. 15
Preferred (quar.)
.450. Nov. 3C 'Holders of rec. Nov. 15
Hawaiian Pineapple (guar.)
,'Holders of rec. Nov. 5
•25c. Nov. 2
Hazeltine Corp.(guar.)
•15e. Dec. 14 'Holders of rec. Nov. 15
Hecla Mining (guar.)
35c. Nov. 3( Holders of rec. Nov. 23
Hibbard. spencer Bartlett & Co.(nthly)
35c. Dec. 2/ Holders of ree. Dec. 21
Monthly
06295c Jan. 1 'Holders of rec. Dec. 15
Holland Furnace,common (guar.)
25c. Jan. 1 Holders of rec. Dec. 15a
Common (extra)
395 Jan. 1 Holders of rec. Dec. 150
Preferred
Sc. Dec. I Holders of rec. Nov. 14
Hollinger Consol. Gold Mines (mthly.).50c. Dec. 1 Holders of rec. Nov. 15
Homestake Mining (monthly)
Dec. 1 Holders of rec. Nov.12
Horn & Hardart Co.(N. Y.), pref.(qu.)
8799c Dec.
Holders of rec. Nov. 150
Household Products (guar.)
"SIO Dec. 15 "Holders of rev. N w. 12
Illinois Pipe Line
25c. Dec. 1 Holders of rec. Nov. 15
Imperial OIL Ltd., registered stock c(111.)
1299e Dec. 1 Holders of rec. Nov. 15
Registered stock (extra)
25c. Dec. 1 Holders of coup. Nov.16
Coupon stock (guar.)
1299c Dec.
Holders of coup. Nov.16
Coupon stock (extra)
Holders of rec. Nov. 20
- 119 Dec.
Indiana Limestone Co., pref. (guar.).
75c. Dec.
Holders of rec. Nov. 12
Ingersoll-Rand Co., common (guar.)...
Si Dec.
Holders of rec. Nov. 12
Common (extra)
62 99c Dec.
Holders of rec. Nov 15a
Inland Steel, common (guar.)
Holders of rec. Nov. 15a
Int. Agricultural Corp.. Prior Pf. (guar.) 1H Dec.
$1.50 Dec. 1 Holders of rec. Nov. 22
.
'
Internat Cigar Mach'y (extra)
50c. Nov. 30 Holders of rec. Nov. 19a
Internat. Combustion Engine, corn.(OIL)
29
.25c. Jan 1.
Int. Cont. Invest. Corp.corn.(qu.)
"25c. Aprl'29
Common (guru./
•25c. Jly 129
Common (guar.)
194 Dec. 1 Holders of rec. Nov. to
International Harvester, pref. (guar.)60c. Dec. 1 Holders of rec. Nov. 14a
]
ilternat. Safety Razor, class A (guar.)._
750
1 Holders of reg. Nov. 14a
Class B
55c. Dec. 1 Holders of rec. Nov. 15
Internat. Securities Corp., corn. A (qu.)_
1299c Dec. 1 Holders of rec. Nov. 15
Common B (guar.)
199 Dec. 1 Holders of rec. Nov. 15
7% preferred (guar.)
199 Dec. 1 Holders of rec. Nov. 15
% preferred (guar.)
199 Dec. 1 Holders of rec. Nov. 15
6% Preferred (guar.)
50e. Dec. 1 Holders of rec. Nov. 150
International Shoe. Pref. (monthly)_ _
199 Ifec. 1 Holders of rec. Nov. 150
International Silver, common (guar.).- J'n15'29 Holders of rec. Jan.5'29a
Interstate Iron & Steel, corn .(quar.)___ _ $1
•199 Dec. 1 *Holders of rec. Nov. 20
Preferred (guar.)
6299c Dec. I Holders of rec. Nov. 16
Jaeger Machine (guar.)
•$1
Jan. 16 *Holders of rec. Jan. 2
Jewel Tea, common (guar.)
Dec. 15 *Holders of rec. Nov. 30
*SI
Common (extra)
,
199 Jan. I Holders of rec. Dec. 13a
Preferred (guar.)
Dec. 1 *Holders of rec. Nov. 13
*1
Jones & Laughlin Steel, corn. (quar.)_
Dec. 1 *Holders of rec Nov. 13
•1
Common 'extra)
Jan. 2 *Ho ders of rec. Dec. 13
Preferred ((mar.)
*75c. Nov. 20 *Holders of rec. Nov. 2
Joske Bros. V. t. c.(guar.)
•1299c Jan 129 *Holders of rec. Dec. 20
Keynes Co. (extra)
•1299c Aprl'29 'Holders of rec. Mar. 20
Common (extra)
*1299c July1'29 "Holder, of rec. June 20
Common (extra)
Dec. 1 Holders of rec. Nov. 200
2
Kinney(G.R.) CO.. pref.(quar.)
19i Dec. 1( Holders of rec. Nov. 30
Kirby Lumber, common (quar.)....
25c Dec. I Holders of rec. Nov. 10a
Kroger Grocery & Baking, corn.(guar.).
80c. Dec. 1 Holders Of rec. Nov. 17
Lake of the Woods Milling, corn. (guar.)
149 Dec. 1 Holders of rec. Nov. 17
Preferred (guar.)
75c• Dec. 31 Holders of rec. Dec. 22s
Frary dr Clark (guar.)
Landers.
149 Nov.30 Holders of rec. Nov. 200
Lanston Monorype Machine (q uar.)._
•50c.
Laura Secord Candy Shops(No. 1)
$1
Nov. 30 Holders of rec. Oct. 31a
Lehigh Coal & Nay. (guar.)
75c. Dec. 1 Holders of rec. Nov. 150
Lehn & Fink Products ((mar.)
Sheet Glass. corn. (guar.). *50c. Dec. 1 *Holders of rec. Nov. 21
Libby Owens
.1.1%
Dec. 1 *Holders of rec. Nov. 21
Preferred (guar.)
Dec. 1 IIolders of rec. Nov. I5a
Liggett dr Myers Tob „corn.& com.B(eu.) $1
25c Dec. I Holders of rec. Nov. 15
corn.(qu.)
Lindsay (C. W.)& Co.. Ltd.,
Dec. 10 Holders of rec. Nov. 170
5
Lord & Taylor,common (extra)_ _ _.
195 Dec. 1 Holders of rec. Nov. I7a
1st preferred (guar.)
•3c Nov. 10 "Holders of rec. Oct. 15
Los Angeles Investment(guar.) _
$2.50 Dec. I Holders of rec. Nov. 10
Ludlow Mfg. Associates (guar.)
McCrory Stores Corp.
50c. Dec. 1 Holders of rec. Nov. 20a
Common and common B (guar.)
25c. Dec. 1 Hodlers of rec. Nov. la
McIntyre Porcupine Mines (guar.)
McKesson dr Robbins, Inc.
Dec. 15 Holders of rec. Dec. 1
series A (guar.)
Preference
1H Jan 229 Holders of rec. Dec. 20a
Mallinson (H. R.) & Co., Inc.. Pt. MO
50e. Dec. 1 Holders of rec. Nov. 16a
Manhattan Shirt, common ((mar.)
Dec. 1 Holders of rec. Nov. 15
Marmon Motor Car. common (guar.)... $1
$1 Dec. 1 Holders of rec. Nov. 150
May Department Stores (guar.)
199 Dec. 1 Holders of rec. Nov. 15
Mengel Co., pref. (guar.)
$1 Jan 2'29 Holders of rec. Dec. 17
Merck Corp.. preferred (guar.)
Dec. I Holders of rec. Oct. 29
53
Merrimack Mfg., corn. Mar.)
(guar.). 199 Dec. 1 Holders of rec. Nov. 150
Mid-Continent Petroleum, pref.
•50e Dec. 1 *Holders of rec. Nov. 15
Miller (I.) & Sons. corn.(guar.)
0,149 Dec. 1 *Holders of rec. Nov. 15
Preferred (quar.)
[VOL. 127.
FINANCIAL CHRONICLE
2782
199
199
199
199
199
199
*199
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Mining Corp. of Canada
1299c Dec. 20 Holders of rec. Dec. 6
Mohawk Mining (guar.)
Dec. I Holders of rec. Oct. 31
53
Mohawk Rubber, com. (in corn. stock). 1300 Subj, to stkholders meeting Nov.I5
Morris (Philip) & Co.. Ltd., Inc.(qu.)
25c.Ja n. 1629 Hold, of rec. Jan. 2 '29a
Munsingwear,Inc.(guar.)
75c. Dec. 1 Holders of rec. Nov. 15a
25c. Dec. 1 Holders of rec. Nov.21
Murphy (G. C.) Co.(guar.)
National 13aneservice (No. 1)
•$1.25 Jan. 2 *Holders of lee. Dec. 15
National Bank Italy Co.(extra.)
•50c. Jan 1'2'J *Holders of rec. Sept.15
National Belles Hess, pref.(guar.) _
199 Dec. 1 Holders of rec. Nov. 21a
National Biscuit, corn.(quar.)
$1.50 Jan. 15 Holders of rec. Dec. 310
1H Nov. 30 Holders of rec. Nov. 16a
Preferred (guar.)
Nat. Dairy Products, corn. (guar.)
75c. Jan. 2 Holders of rec. Dec. 5a
•fl
Corn.(payable in corn.stk.)
Jan 2'29 *Holders of rec. Dec. 5
Jan. 2 *Holders of rec. Dec. 5
Preferred A & B (guar.)
National Dept. Stores, 2d pref. (guar.) _ •1% Dec. 1 'Holders of rec. Nov. 15
National Lead, pref. A (guar.)
11,‘ Dec. 15 Holders of rec. Nov. 30a
,
.1 1N
Dec. 1 'Holders of rec. Nov. 15
Newberry (J. J.) Co., pref.(guar.)
New Cornelia Copper (guar.)
50c. Nov. 19 Holders of rec. Nov. 20
New Jersey Zinc (extra)
Dec. 10 Holders of rec. Nov. 20
2
Nichols Copper. common
50c. Dec. 15 Holders of rec. May 24
Niles-Bement-Pond Co. pref. (qu.).-- •13.6 Dec. 31 *Holders of rec. Dec. 21
North American Invest.(mi.).(No. 1)_ 'Si
Nov.20 *Holders of rec. Oct 31
North Central Turas 011(
15c. Dec. 1 Hollers of rec. Nov. 10
guar.)
Ohio 011 (guar.)
*50c. Dec. 15 *Holders of rec. Nov. 17
Packard Motor Car Co. (monthly)
25c. Nov. 30 Holder, of rec. Nov. 150
Extra
Nov. 3 Holders of rec. Nov. 150
$1
Extra
50c. Dec. 3 Holders of rec. Dec. 120
25e. Dec. 3 Holders of rec. Dec. 120
Monthly
Monthly
25c. Jan .3 Holders of rec. Jan. 120
Monthly
25c. Feb. 2 Holders of rec. Feb. 120
*Holders of rec. Dec. 15
•75c. Jan.
Paragon Refining, class A (guar.)
Park & TIlford (gmar.)
75c. Ja 142 Holders of rec. Dec. 29a
Stock dividend (quar.)
Ja 14'2 Holders of rec. Dec. 295
el
Quarterly
75c. Ap14'2 Hold.of rec. Mar.29'290
Stock dividend (guar.)
Ap14'2 Hold, of rec.Mar. 29'290
el
Parker Rust Proof Co., pref. (guar.)... •3799c Nov. 2 *Holders of rec. Nov. 10
'St Nov.2 'Holders of rec. Nov. 10
Preferred (extra)
Ponder(D) Grocery, cl. A (guar.)
*Holders of rec. Nov. 20
•8799c Dec.
Perfection Stove (monthly)
3799e Nov. 3 Holders of rec. Nov. 200
3799e )ec. 3 Holders of rec. Dec. 205
Monthly
Holders of rec. Nov. 200
Phillips-Jones Corp., common (guar.)._
75e leg.
Holders of rec. Nov. 17a
Phoenix Hosiery, 1st & 2d pref.(qu.)
Jec.
1H
Pickwick Corp.. pref. (quar.)
'.1734 lov. 2 *Holders of rec. Nov. 15
Holders of rec. Nov. 15a
Pillsbury Flour Mills, Inc., corn. (qu.)-40, )ec.
Preferred (guar.)
Holders of rec. Nov. 150
199 )ec.
Pines Winterfront Co.corn. A&B (qu.) _ _ •75e iec.
*Holders of rec. Nov 15
*Holders of rec. Nov. 15
Pittsburgh Plate Glass (stock div.)
bee.
*e10
Holders of rec. Nov. 101
Pittsburgh Steel Co., pref. (guar.)
134
rec.
Powdrell & Alexander Inc., pref.(ellar.). 134 3ee.
Bois erg of rec. Nov. 15
*Holders of rec. Nov. 19
Propper Silk Hosiery Mills (guar.)
tee.
*50c
Prudence Co., Inc., pref.(guar.)
134 • .n15'2 Holders of rec. Dee. 310
Pure 011, common (guar.)
Holders of rec. Nov. 10a
25c lee.
Purity Bakeries, corn.(guar.)
Holders of rec. Nov. I5a
75c )ec.
Quaker Oats, pref. (guar.)
Nov. 3 *Holders of rec. Nov. 1
*Holders of rec. Nov. 21
Quissett Mill, preferred
Dec.
•3
Holders of rec. Nov. 190
Republic Iron & Steel, common (guar.). $1
Dec.
Holders of rec. Dec 196
Preferred (guar.)
1)4 fan.
RIM& Steel Corp
(n) Holders of dividend warrants
Rolland Paper, Ltd.,6% pt.(guar.)...1(4 Dec. 1 Holders of rec. Nov. 15
Roxy Theatres, pref.. A (qu.)
.8734c Dec. 1 *Holders of rec. Nov. 15
4
Safeway Stores, new corn.(qu.)(No. 1). •75c Jan. 1 *Udders of rec. Dee. 20
7% pref. (guar.)
•194 Jan. 1 *Holders of rec. Dec. 20
6% pref.(guar.)
*199 Jan. 1 *Holders of rec. Dec. 20
St. Joseph Lead (quar.)
50c Dec. 20 Dec. 9 to Dec. 20
Dec. 20
Extra
25c. Dec. 20 Dec. 9 to
Savage Arms. new common (guar.). -50c. Dec. 1 Holders of rec. Nov. I50
•15.!, Jan.
2 *Holders of rec. Dec. 15
First preferred (guar.)
*199 Feb. 15 'Holders of rec. Feb. 1
Second preferred (guar.)
8799c Dec. 1 Holders of rec. Nov. 150
Schulte Retail Stores, corn. (guar.)
4699 Dec. 1 Holders of rec. Nov. 15
Common (payable in eon). stock)
099 Mar '29
Common (payable in corn. stock)
Sears. Roebuck & Co
Febl'29 Wild. of rec. Jan.15 '29a
el
Quarterly (payable In stock)
Myl'29 Hord, of rec. Apr.13'29a
el
Quarterly (payable in stock)
50c. 3-15-29 Hold. of rec. Mar. 1 '290
Seeman Brothers, Inc., corn.(extra).
•1yi Feb 1'29 *Holders of rec. Jan. 1529
Selby Shoe. pref.(guar.)
•1(9M ay 1 '29 *Holders of rec. Apr. 15 29
Preferred (guar.)
9
Ap.1'29 *Hold. of rec. Mar.21 '29
Sheffield Steel, common (in corn. stock). e .1
July1129 *Hold,of rec. June 20'29
Common (payable In common stock)..
Oct 129 *Hold, of rec. Sept. 2029
Common (payable In common stock)_. .11
35g. Dec. 31 Holders of rec. I)ec. 50
Shell Union 011 (guar.)
75c, Feb 1 29 Hold, of rec. Jan.20 29
Shepard Stores, Inc.. cl. A (guar.)
75e. Mayl 29 Hold. of rec. Apr.20 29
Class A (guar.)
199 Dec. 1 Holders of rec. Nov. 15
Sherwin-Williams Co., pref. (guar.)...40c. Dec. 15 Holders of rec. Nov. 300
Simms Petroleum
199 Dec. 1 Hooters of roc. Nov. 17a
Simon (Franklin) Co.. pref.(quar.)
1H Dec. 1 Holders of rec. Nov. 20
Simon (H.)& Sons. Ltd.. pref.-50c. Dec. 15 Holders of rec. Nov. 15a
Skelly 011 (guar.)
199 Nov. 30 Holders of rec. Nov. 20
Smith (Howard) Paper Mills, pf.(qu.).Southern Grocery Stores, corn.((man).- *1249c Nov. 30 *Holders of reg. Nov. 15
*6299c Nov. 30 *Holders of rec. Nov. 15
Class A guar.)
Spalding (A. G.)& Bros. corn.,(guar.).- 81.50 Jan. 15 Holders of rec. Jan. 5
199 Dec. 1; Ilolders of rec. Nov. 17a
First preferred (guar.)
Dec. 1, Holders of rec. Nov. 17
2
Second preferred (guar.)
199 Dec. 1 Holders of rec. Nov. 15a
Spear & Co.. 1st pref. (guar.)
62 He Dec. 15 Holders of rec. Nov. 15a
Standard 011 (Calif.) (guar.)
50e. Dec. 15 Holders of rec. Nov. 15a
Extra
"6299e Dec. 15 *Holders of rec. Nov. 16
Standard 011 (Indiana)(guar.)
.25e. Dec. 15 "Holders of rec. Nov. 16
Extra
62c. Dec. 20 Nov. 27 to Dec. 20
Standard Oil (Nebraska) (guar.)
50c. Dec. 20 Nov. 27 to Dec. 20
Extra
40e. Dec. 15 Holders of rec. Nov. 16a
Standard Oil of N.Y.(guar.)
134 Dec. 1 Holders of rec. Nov. 9
Standard 011 (Ohio), pref. (guar.)
42e. Nov. 25 Holders of rec. Nov. 6a
Standard Sanitary Mfg., corn. (quar.)
149 Nov. 28 Holders of rec. Nov. 5a
Preferred (guar.)
3799c Dec. 1 Holders of rec. Nov. 15
Stlx. Baer di Fuller (guar.)
*75e Dec. 22 *Holders of rec. Dee 10
Stroock (S.) & Co. (guar.).
81.25 Dec. 1 Holders of rec. Nov. 100
Studebaker Corp., coin.(guar.)
149 Dec. 1 Holders of rec. Nov. 10a
Preferred (guar.)
25c. Dec. 15 Holders of rec. Nov. 260
Sun Oil Co., corn. (guar.)
(m) Dec. 15 Holders of rec. Nov. 26e
Common (stock dividend)
199 Dec. 1 Holders of rec. Nov. 10a
Preferred (guar.)
•4399e Dec. 1 *Holders of rec. Nov. 10
Swan-Finch ()II Corp.. pref. (quar.)
75c. Jan, I Holders of ree. Nov. 23a
Texas Corporation (guar.)
30c. Dec. 1 Holders of rec. Nov. 23a
Thompson (John R.) Co.(monthly)...,.
199 Dec. 1 Nov. 21 to Nov. 30
Timken Detroit Axle, pref. (guar.)
Jan. 15 Holders 01 rec. Dec. 17
Tobacco Products Corp., corn. (quar,)... $2
*199 Dec. 1 *Holden of rec. Nov. 20
Truscon Steel, pref. (guar.)
Dec. 31 Holders of rec. Dec. 120
Unaerwood Elliott Fisher Co., corn.(go.) $1
199 Dec. 31 Holders of rec. Dec. 120
Preferred and pref. series B (guar.)_ _
Union Guarantee Mtge., corn. (guar.)._ $1.50 Jan 2'29 Holders of rec. Dec. 15
$1 Jan2'29 Holders of rec. Dee. 15
Coin. (extra)
$2 Jan2'29 Holders of reo. Dee. 15
Union Mortgage,corn.(guar.)
*2
Jan 2'29 Holders of rec. Dec. 15
Common (extra)
199 Jan2'29 Holders of rec. Dee. 15
6% Preferred (guar.)
$1.25 Dec 1 Holders of roe. Nov. 16a
Union Tank Car (guar.)
40e. Dec. 1 Holders of rec. Nov. 170
United Biscuit of Amer.. coca. (guar.)
Dec 1 *Holders of rec. Nov. 10
*51
United Biscuit, class A (guar.)
"50c. Dec. 1 *Holders of rec. Nov. 15
United Milk Crate, class A (guar.)
$1.50 Jan6'29 Hold, of rec. Jan. 2 '29a
United Paperboard, pref.(guar.)
$1.50 Ap15'29 Hold, of rec. Apr. 1 '29a
Preferred (guar.)
tt Jan2'29 Holders of ree Dee. 200
United Piece Dye Works.6 H % rif.(qu.) _
•$2.50 Dec. I *Holders of rec. Nov. 15
U. S. Bond & Share. common (extra)
•50c. Dee. I *Holders of me. Nov. 15
Participating preferred (extra)
9
21 Dee. 15 Holders of ree. Dec. la
U. S. Cast Iron Pipe & Fdy.. corn.(go.)
1H Dec. 15 Holders of rec. Dec. In
Preferred (auar.)
Dec. 1 *Holden of rec. Nov. 16
U.S. Dairy Products. corn. A (guar.)._ *SI
*149 Dec. 1 *Holders of rec. Nov 16
First preferred (guar.)
*2
Dec. 1 "Holders of reo. Nov. 16
Second preferred (guar.)
Nov. 17 1928.]
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
81 Dec. 1 Holders of rec. Nov. 20
U. S. Hoffman Machinery (War.) --*10. Dec. 10
U.S. Petroleum (war.)
Jan. 1 *Holders of rec. Dec. 21
*81
U.S. Playing Card, corn. (quar.)
Jan. 1 *Holders of rec. Dec. 21
.81
Common (extra)
*S1.50 Jan. 1 *Holders of rec. Dec. 21
U.S. Printing to Litho., corn.(quar.)
13 Jan 1'29 Dec. 22 to Dec. 31
Second pref. ((Buar.)
1% Dec. 29 Holders of rec. Nov. 300
U. S. Steel Corp., corn. (quar.)
1% Nov. 28 Holders of rec. Nov. 30
Preferred (war.)
.50c. Dec. 1 *Holdeis of tee. Nov.20
Utah Radio Products (extra)
750. Dec. 20 Holders of rec. Nov.30
Vacuum Oil (quar.)
Dec. 20 Hclders of rec. Nov.30
81
Special
81
Dec. 15 Holders of rec. Dec. la
Vanadium Corp. of Amer (extra)
Dec. 10 Holders of rec. Dec. lo
Vapor Car Heating. pref. (quar.)____
Dec. 1 Holders of rec. Nov. 16a
(
Va -Carolina Chem., prior pref. War.).
$1.50 Dec. 1 Holders of rec. Nov. 15
Wagner Elec. Corp., corn. (war.)
50e. Dec. 1 Holders of rec. Nov. 15
Wain & Bond, class A (quar.)
30e. Jan
2 Holders of rec. Dec. 15
Class B (war.)
Wayagamack Pulp & Paper,corn.(qu.)_
75e. Dec. 1 Holders of rec. Nov. 15
25c. Nov. 30 Holder of rec. Nov. 15
Welch Grape Juice, corn.(quar.)
25o, Nov. 30 Holders of rec. Nov. 15
Common (extra)
1% Nov. 30 Holders of rec. Nov. 15
Preferred (War)
Wesson 011 & Snowdrift, pref.(guar.) _ 'Si Dec. 1 Holders of rec. Nov. 16a
2
Dec. 1 Holders of rec. Nov. 15
Wheatsworth, Inc., pref. (quar.)
1% Dec. 1 Holders of rec. Nov. 15
White(J. G.)& Co.. Inc., pref.(qu.)Dec. 1 Holders of rec. Nov. 15
White(J. G.)Eng.Corp., pref.(War.).250. Dec. 31 Holders of rec. Dee. 12
White Motor (quar.)
Dec. 31 *Holders of rec. Dec. 12
White Motor Securities. pref. (quar.)
*El
Dec. 15 *Holders of rec. Dec. 1
Wire Wheel Corp.. common (No. 1)
*$2 Dee. 15 *Holders of rec. Dec. 1
Class A iPartIciPating dividend)
81.75 Jan 129 Holders of rec. Dec. 20
Preferred (war.)
*1% Dec. 1 *Holders of rec. Nov. 26
WItherow Steel, 1st pref. (quar.)
*Ix Dec. 1 *Holders of rec. Nov.26
2d preferred (No. 1)
81.25 Dec. 1 Holders of rec. Nov. 100
Woolworth (F. W.) Co.,corn.(quar.)
50c. Nov. 30 Holders of rec. Nov. 15a
Wright Aeronautical Corp.(quar.)
25c. Dec. 1 Holders of rec. Nov.20
Wrigley (Wm.) Jr. Co., corn.(mthly.)-*25c. Jan. 2 *Holders of rec. Dec. 20
Monthly
*75c. Jan. 2 *Holders of rec. Dec. 20
Extra
nse. Feb. 1 *Holders of rec. Jan. 20
Monthly
*25e. Mar. 1 *Holders of rec. Feb. 20
Monthly
*25e. Apr. 2 *Holders of rec. Mar. 20
Monthly
Nov. 30
Yellow & Checker Cab,corn. A (mthly.)_ 6 2-3e Dec. 1 Nov. 26 to
Zenith Radio Corp. (stock dividend)._ '4300 Nov. 18 *Holders of rec. Nov 13
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted ex.
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. a Correction. e Payable in stock.
r payable in common stock. Q Payable In scrip. h On account of accumulated
Payable in preferred stock.
dividends.
It Payable in the no par value shares of the North Amer. Match Corp. at rate
of three-tenths of one share for each share of Diamond Match stock.
1 Associated Gas & Electric dividends payable in cash or in class A stock as
follows: On class A stock at rate of 21.4% of one share of class A 4tock for each
-100th share class A stock; on $7 Pref. 3.80-100ths
share held; on original pref. 1.00
share class A stock.
m Sun Oil stock dividend is six shares for each one hundred held
n Dividend is at rate of six pengoes per share of fifty pengoea par and at the rate
of one Denim twenty heller per one-flfth share.
o Holland Furnace regular dividend Is payable either 2% in stock or 62lie. in
cash.
y Payable in cash on one-fiftieth of a share of class A stock.
g Lees 11 cents on account of Corporation Income Tax.
r Dividend is one share of Colon Oil common for each share of Carib Syndicate stk.
a Payable In common stock but subject to stockholders' meeting Oct. 16.
t National Dairy Products declared four per cent, on common stock payable in
corn. stock In quarterly installments of one per cent, each beginning Jan 2, 1229.
ii Schulte Retail Stores declared 2% in stock, payable 54% quarterly.
o Resolution passed Oct. 29 authorizing a distribution of one ordinary share and
one deferred share of Tobacco Securities Trust, Ltd.,for each eight ordinary shares
of British-American Tobacco Co.
to Less deduction for expenses of depositary.
Coty to be ex-dividend on New York Stock Exchange on Nov. 21.
y Dividend is one share Bank of America stock for each forty shares Bancitaly
Corp. stock.
r Curtis Publishing stock dividend subject to stockholders' meeting Jan. 4.
2783
The New York "Times" publishes regularly each week
returns of a number of banks and tkust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Nov. 9:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR WEEK ENDED FRIDAY, NOV. 9 1928.
NATIONAL AND STATE BANKS-Average Figures.
Loans.
Manhattan-
Gold.
$
149,304,300
Bank of U.S
.
Bronx Borough_ _ 20,192,000
Bryant Park Bank 2,135,500
Chelsea Exch. Bk_ 22,146,000
Grace National__ 17,249,085
Harriman Nat'l__ 31,591,000
4,414,700
Port Morris
Public National__ 115,227,000
OtherCash Res. Dep., Do
-Other
Including N. Y. and Banksand
Bk.Nates. Elsewhere. Trust Co..
$
$
29,1002,246,800
6,500 735,000
83,100 124,200
__ __ 1,870,000
5,200
78,846
20,000 739,000
38,500 116,000
24,0002.185,000
Gross
Deposits.
$
$
$
18,893,100 1,371,500 150,755,500
1,071,000
20,994,000
144,300
2,176,600
747,000
21,921,000
1,442,590 1,004,896 14,876,941
4,241,000 1,001,000 37,649,000
453,400
4,582,900
7.482,000 3,633,000 110,554,000
Brooklan
-
First National__ 19,419,200 30,800 471,100 2,160,900
54,657,000259,000 1,721,000 8.750,000
Mechanics
Nassau National- 22,030,000 105,000 372,000 1,756,000
Peoples National- 8,642,000 5,000 166,000
610,000
Trorlaara N5110051
2 029 nnn
47 nnn
264,800 17,274,500
54.569,400
330,000 20,255,000
67,000 8,704,000
220 inn
20000
9 2011 crin
TRUST COMPANIES
-Average Figures.
Loans.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trutt Cos.
Cash.
Gross
Deposits.
Manhattan8
$
$
$
$
51,708,800
791.900 11,728.700
29,500 55,694,800
American
876,814
Bank of Europe &Trust 17,195,645
112.658
16,439,288
23,247,139
677.305 1,829,522
Bronx County
23.157,268
254,985,000 *31,321,000 4,833,000 3,042,000 261,594,000
Central Union
77,865,900 *4,916,000 3,074,400 3,412.100 74,026,600
Empire
Federation
18,382,597
192,802 1,280,457
271.276 18,268,764
Fulton
16,473,200 *2,170,900
610,100
16,535,100
Manufacturers
280,349,000 2,762,000 39,173,100 1.751,000 261,659,000
United States
79,610,977 4.060,000 9,254,816
68,063,163
Brooklyn
-
Brooklyn
Kings County
Municipal
81,826,600
27,969,544
52,056,500
Bayonne, N. J.Meanhttnitm
0 222 Ann
1,539.500 10,328,300
1,875,654 2,854,612
1,490.000 3,848,200
900 4711
527 970
66,086,000
28,551,395
50,500 48,087,500
202 009
0 402 927
*Includes amount w th Federal Reserve Bank as follows: Central Union, $30,560,000; Empire, 83,335,000; Fulton, 82,042,600.
Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Nov. 14
1928.
Changesfrom
Previous Week
Nov. 7
Oct. 31
1928.
1928.
$
$
$
$
84,600,000
+350,000
84.250.000
84,750,000
Capital
110,650,000
+466,000 110,184,000 110,607,000
Surplus and profits
Loans, disc'ts & 1nvest'ts 1,118,227,000 +2,789.000 1,115,438,000 1,115,341,000
Individual deposits
702,880,000 -7,742,000 710,622,000 713,565,000
149,316,000 -11,114,000 160,430,000 144,400,000
Due to banks
275,230,000 -1,058,000 276,288,000 277,210,000
Time deposits
6,461,000 -2,722,000
9,183,000
United States deposits_ _ _
11,000,000
33,004,000 -3,865,000
36,869,000
32,462,000
Exchanges for Clg. House
Due from other banks
83,427,000 -6,711,000
90,138,000
88,667,000
85,744,000 -1,531,000
87,275,000
85,745,000
Res've In legal depositles
10,107,000
-233,000
10,340,000
10,255,000
Cash in bank
Weekly Return of New York City Clearing House.
.
Beginning with Mar. 31, the New York City Clearing House 14..,...vnaaa In V 14 711r
1 nin nnn
-...990 rinn
1 9211 nnn
ting nnn
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
Philadelphia Banks.
-The Philadelphia Clearing House
new return shows nothing but the deposits, along with
return for the week ending Nov.10,with comparative figures
the capital and surplus. We give it below in full:
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
requirements for members of the Federal Reserve system
ASSOCIATION FOR THE WEEK ENDED SATURDAY, NOV. 10 1928.
are 10% on demand deposits and 3% on time deposits, all
•Surplus & NW Demand
Time
to be kept with the Federal Reserve Bank. "Cash in vaults"
*Capital. Undivided
House
Deposits
Clearing
Deposits
Profits.
Members
Average.
Average.
is not a part of legal reserve. For trust companies not
$
$
members of the Federal Reserve System the reserve required
$
$
58,182,000
Bank of N.Y.& Trust Co___ 6,000,000 13,207,600
11,809.000 is 10% on demand deposits and includes "Reserve with
Bank of the Manhattan Co__ 12.500.000 19,418,400 146,321,000
38,305,000
Bank of America Nat. Assoc__ 25,000,000 37,173,000 130,676,000
50,186,000
90,000,000 74,502,900 a836.161,000 161,682.000 legal depositaries" and "Cash in vaults."
National City Bank
6,000,000 20,399,100 133,308,000
Dhemical National Bank
Beginning with the return for the week ending May 14, the
8,362,000
National Bank of Commerce_ 25,000.000 47,428,200 309,235.000
44.602.000
Dhat.Phenix Nat.Bk.dar.Co. 13,500,000 15,109.000 157,320,000
45,491,000 Philadelphia Clearing House Association discontinued showing
5,000.000 26,904,000 124,274,000
Hanover National Bank
2,892.050 the reserves and whether reserves held are above or below require11,000,000 17,959.200 180,310,000
Dorn Exchange Bank
32,090,000
10,000.000 25,310,900 127,025,000
gational Park Bank
9,699.000 ments. This will account for the queries at the end of the
10,000,000 88.893,100 236.514,000
Pirst National Bank
14,546,000
kilter. Exchange Irving Tr.Co 40,000,000 52,705,900 369,260.000
45,202.000 table.
Dontinental Bank
Imse National Bank
Fifth Avenue Bank
3arfield National Bank
Maboard National Bank
Mate Bank & Trust Co
Bankers Trust Co
Cf. S. Mortgage dv Trust Co__
Vita Guarantee & Trust Co-3uaranty Trust Co
Fidelity Trust Co
,
Lawyers Trust Co
gsw York Trust Co
Fanners Loan & Trust Co---Equitable Trust Co
Dolontal Bank
Clearing Non-Member.
Mechanics Tr. Co., Bayonne-
1,000,000
60,000,000
500.000
1,000,000
9,000,000
5,000,000
25,000.000
5,000.000
10,000,000
40,000,000
4,000,000
3,000,000
10,000,000
10,000,000
30,000,000
1,400,000
1,492,000
78,803,900
3,308,200
1,920,300
12,734,200
6,828,900
75,541,800
6.385,300
22,922,800
60.479,400
3.681,800
3,935,200
25,180,100
22,416.300
27,116,400
3,915,300
7,301,000
5564,341,000
25,550,000
14,663.000
120,671,000
37.708.000
c344,532.000
55.366,000
37,327,000
d453,127,000
41,725,000
18,390.000
137,056,000
el14.260.000
.f324.254.000
29,540.000
600,000
71,393.000
684,000
423,000
8.253,000
59,218.000
61,289,000
5,907,000
3.053,000
77,670,000
5,452.000
2,240,000
28,553,000
24,103,000
48,708,000
7,451,000
500,000
783,200
3,411,000
5,720,000
469 400 000 79a 45A snn 0 127 13/152 non
Includes deposits in foreign branches: (a) 8273,203,000: (5) 814,471,000; (c)
872,510,000:(d) $97,333,000:(e) 82,256,000; (.f) $115,061,000.
*As per °Metal reports: National, Oct. 3 1928; State, Sept. 28 1928: Trust corn
palates, Sept. 28 1928.
Week Ended Nov.
Two Ciphers
omitted.
10 1928.
(00)
3
1928.
Nov.
Members of
Trust
F.R.System Companies.
57,558,0
Capita
Surplus and profits- - 176,174,0
Loans,(Meta. &Invest. 1,039,585,0
44,134,0
Exch. for Clear. House
95.514,0
Due from banks
130,352,0
Bank deposits
623,216,0
Individual deposits_
214,883,0
Time deposits
968,451,0
Total deposits
Res. with legal dePos69,590.0
Res. with F. R. Bank_
10,542,0
Cash in vault•
80,132,0
Total res. dc cash held_
Reserve required
Excess reser.° and cash
In vault
1928
Oct. 27
1928.
Total.
$
9,500,0
67,058,0
67,058,0
66,725,0
18.441,0 194,615,0 194,615,0 194,661,0
102,646,0 1.142,231,0 1,140,213,0 1,134,094,0
1,000,0
45,134,0
42,063,0
39,783,0
96,014,0
500,0
95,635.0
90,291,0
3,295,0 133,647,0 133,745.0 131,970,0
48,154,0 671,370,0 663,395,0 656,731,0
27,658,0 242,541,0 240,705,0 236,739,0
79,107,0 1,047,558.0 1,037,846,0 1,025.440,0
9,181,0
9,181,0
9,436,0
8,744,0
69,590,0
68,445,0
67,882,0
2,443,0
12,985,0
12,400,0
12,547,0
11,624,0
91,756,0
80,281,0
89.173,0
7
• Cash in vault not counted as reserve for Federal Peserve members
[Vox,. 127.
FINANCIAL CHRONICLE
2784
Weekly Return of the Federal Reserve Board.
condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov.15 and showing the system
for the
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the resultsweek last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between thethe returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon
and Discussions."
latest week appears on page 2757 being the first item in our department of "Current Events
OF BUSINESS NOV. 14 1928.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE
1928. Nov. 16 1927.
Nov. 14 1928. Nov.7 1928. Oct. 31 1928. Oct. 24 1028. Oct. 17 1928. Oct. 10 1928 Oct. 3 1928. Sept.28
$
$
$
RESOURCES.
1,566,186,000
1,172,075,000 1,134,989,000 1,182.044,000 1,180,352.000 1,207,448,000 1,198.568,000 1,178,312,000 1,214,889,000
Gold with Federal Reserve agents
41,168,000
65.503,000
69.947,000
72.282.000
69,439.000
68,558.000
71.833.000
80.193,000
69,083.000
Gold redemption fund with U.S.Item
1.253.877.000 1,248.910,000 1,279,730,000 1.268.007,000 1.248,259,000 1.280,392.000 1,602,354,000
Gold held exclusively agst. F.R.notes 1,252,268,000 1,204,072,000
688,054,000 666,714.000 603,856,000
677,753.000
Gold settlement fund with F.R. Board__ 721,680,000 763,380,000 709,223.000 706,947,000 678,629,000 682.992,000 680,322,000 685.896.000 678,230,000
673.726.000
Gold and gold certificates held by banks_ 685,184.000 675,315,000 677.996,000 690,373.000
2,889,440,000
2,659.132,000 2,642,767.000 2,641.096.000 2.646,230,000 2,636,112,000 2,624,725,000 2,616,635,000 2.633.002,000 137,195,000
Total gold reserves
128,968,000 125,602,460 131,900,000 132,064,000 133,275,000 128.213.000 134,766.000 138,082,000
Reserves other than gold
3,026,635,000
2.788,100,000 2.768,387,000 2,772.996.000 2,778,294,000 2,769,387,000 2,752,938,000 2,751,401,000 2.771,084.000
Total reserves
58,563,000
56,174,000
53,801,000
56.192,000
50.266,000
57,487,000
51,494.000 56,874,000
60,478,000
iron reserve cash
Mils discounted:
226,958,000
524,931,000 584.154,000 562.096,000 553,393,000 569.984,000 609.355.000 616,087.000 810,143.000 140,478,000
Secured by U. S. Govt obligations__
332,608,000 373.236,000 370.175,000 358,534.000 365,826,000 384,047,000 409,831,000 400,623,000
Other bills discounted
367,436,000
857,539,000 957.390.000 932.271.000 911,927.000 935.810.000 993,402.000 1,025,918,000 1,010,768.000 333,807,000
Total bills discounted
474,400,000 448,645,000 440,376,000 401,478.000 379.409,000 331,768,000 309.976.000 263,419.000
Bills bought In open market
U. S. Government securities:
53,377,000 264,800,000
53,149,000
53,271,000
53,412,000 53,071.000
53,359,000
54,377,000
54,359,000
Bonds
52,529,000
89,222,000
90,363,000
86,281,000
108.961,000 114,295.000 121,582.000 125.667,000 124,339,000
Treasury notes
86.433,000 387,465,000
87,092,000
87,160,000
51,968,000 53.955.000
52,158,000
59,001,000
54,028.000
Certificates of Indebtedness
231.365.000 226.712.000 230,604,000 229.032.000 704,794,000
Total U. S. Government securities__ 222.339,000 222.682.000 227,099,000 231,047.000
615,000
4,580,000
4.580.000
5.280.000
4.580,000
3,730,000
3,730,000
3,855,000
3,730.000
Other securities (fee note)
1,406,652,000
1,632.447,000 1,603.476.000 1,548,182,000 1,551,864,000 1,556,462,000 1,571,078,000 1,507,797,000
Total bills and securities (see note)___ _ 1,558,133,000
564,000
Gold held abroad
573,000
574,000
574.000
574,000
732,000
732,000
729,000
728,000
Due from foreign banks (see note)
899,416,000
968,055,000 658,155,000 694.479,000 734,235,000 975,181.000 716.985,000 780.449.000 689,765.000
Uncollected items
59,942,000
60.320.000
60,318,000
60,368.000
60,513,000 60.493.000
60.551 000 60,548,000
60,574,000
Bank premises
14,895,000
8.841,000
8,909.000
10,473,000
9,135,000
8.933,000
8.449.000
8.480.000
8.668,000
All other resources
5,466,667,000
5,444.737,000 5,180.222.000 5,198,038,000 5.187,892,000 5.424,164,000 5,146,728,000 5,226,430,000 5.094,554.000
Total resources
LIABILITIES.
1,706,436,000
1,732,051.000 1.742,409,000 1,709.816.000 1,710,409,000 1,717,050,000 1,725,212,000 1,703,630,000 1.681.581,000
V. R. notes in actual circulation
Deposits:
2,370.988.000 2,321,838,000 2,358,874,000 2,313,195,000 2.349,553.000 2,315.812,000 2,499,978,000
2,364.508.000 2,329.820,000
Member banks-reserve account
3,096,000
12,699.000
6.210.000
32,569.000
3,194.000
25.240,000
20,498.000
15,385.000
24,671.000
Government
6,637,000
7.337.000
5,942.000
6,945.000
5.266.000
6.686,000
6.099,000
6,314,000
6.594.000
Foreign banks (see note)
56,282,000
25,926,000 30.302,000
23.085,000
24,101,000
21,437,000
20,709,000
19,513,000
23.624.000
Other deposits
2.405,720.000 2.384,709.000 2.419,022,000 2,374,473,000 2,395,114.000 2,345.756.000 2.413,990.000 2,366.150,000 2,565,993,000
Total deposits
816.702,000
890,829.000 637.764.000 655.508.000 689,914,000 900,479,000 666,067,000 700.191,000 638.620.000 131,623,000
Deferred availability items
146.415,000 148.308,000 145,878.000 145,926,000 145,677,000 145.588,000 143,658,000 145,618,000 228,775,000
Capital paid in
233,319.000 233,319,000 233,319,000 233.319.000 233,319,000 233,319,000
233,319,000 233.319.000
Surplus
17,138,000
29,268.000
29.642.000
32.525,000
30,786.000
34,495,000
33,851,000
36,403,000
35.713.000
All other liabilities
5,424,164,000 5.146,728,000 5,226,430.000 5,094,554.000 5,466,667,000
5,444,737,000 5,180,222,000 5,198,038,000 5.187,892,000
Total liabilities
Ratio of gold reserves to deposits and
67.6%
65.1%
63.6%
64.1%
64.5%
64.0%
64.8%
64.3%
63.6%
F. R. note liabilities combined
Ratio of total reserved to deposits and
70.8%
68.5%
66.8%
67.3%
67.6%
68.0%
67.2%
67.1%
67.4%
F. R. note liabilities combined
Contingent liability on bills purchased
272,888.000 184,253,000
267.635
256,953,000 253,117,000 250,941,000 262.421,000 258.979.000 268,863.000
for foreign correApondents
Dittributton fly Of warmest-15 days bills bought In open market _
1-15 days bills discounted _
1.15 days U S. certif. of Indebtedness_
1-15 days municipal Warrants
16-30 days bills bought in open market
18-30 days bills discounted
16-30 days U. S. certif. of Indebtedness_
16-30 days municipal warrants
81-60 days hills bought in open market
31-60 days bills discounted
31-60 days U. B. certif. of indebtedness_
31-60 days municipal warrants
01-90 days bills bought in open market
61-90 days bills discounted
01-90 days U. S. certif. of Indebtedness.
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
F. ft. notes received from Comptroller
If. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
$
97.048.000
119,115,000 132.637,000 114,237.000 121.609,000
770,689,000 800,659.000 860,385,000 887,007,000 863.522,000
4.330,000
5,380,000
4.126,000
4,275,000
4,461,000
117,708,000
301,989,000
165,540,000
30,889.000
39,193,000
35,433,000
44,257.000
65,940,000
19,447,000
73,626.000
54,174,000
57.777,000
55,401,000
43,168.000
57,729,000
76,603,000
27,885,000
107.588.000
31.357,000
32,805.000
30,000
5.738.000
11.608.000
50.080.000
94.304,000
34,308.000
37.759.000
30.000
5.397,000
9,732,000
43,953.000
81,424,000
37.780,000
40,583.000
130,469,000
703,343,000
9,580,000
119,823,000
793,490,000
9,905.000
131,511,000
770,441.000
4,830.000
86.944,000
54,815.000
68.415,000
47.813.000
52,332,000
42,312,000
39.703,000
38,516,000
37.781,000
37,457,000
30,579.000
35,788,000
159,494.000
54,962,000
13,953.000
155,000
93.505,000
24,880,000
155,617.000
65.999.000
11,051,000
139.843,000
66,556,000
11,229,000
123,392,000
57,780.000
11,596,000
96.808,000
56,490,000
11.058,000
100,987,000
31,566,000
111.296,000
35,014,000
3,988,000
19,539,000
35,463,000
30,000
3,803,000
18.522.000
33,072,000
36,000
5.934.000
17,948,000
36,099,000
114,293,000 105.813,000
29.251.000 27,942,000
26.000
30,000
30,000
6.370,000
4,975.000
13,262,000
15,691,000
38,745,000
35.911.000
6,344,000
7,478,000
41,250.000
30.000
115,000
70,578,000
11,273,000
2,978,000
221.925,000
6,842,000
2.859,232.000 2,919,310,000
2,913,201,000 2.905.369.000 2,911,308.000 2.912,632,000 2,883,012.000 2.872,292,000 2,864,043,000 774.385,000 814,120,000
813,105,000 812,405,000 813,920.000 798.150,000 769.460.000 772,041,000 773,720,000
2,100,251,000 2.090,323,000 2.084.847,000 2,105,190,000
2,100,096,000 2,092,964.000 2,097,388,000 2,114,482,000 2,113,552.000
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board....
By eligible paper
344,067,000 344,067.000 414,574,000
346,557,000 346.557,000 346.567.000 346.567.000 346,568,000 346.568.000
91.105.000 101,819,000
98.510,000
92.755.000
92,470.000 92.360.000
98,105,000 100.658.000 102.686,000
759,245,000 735.735,000 779,717.000 1,049,793,000
727,413,000 687,774,000 732,791.000 741,315,000 768,520,000 1,270,838,000 1.291,675,000 1,214,971,000 679,014,000
1,318,367.000 ,257,740,000 1.244,281.000
1,277,031,000 1,356.704,000
2,429.660,000 2.245.200,000
2,449,106.000 2,491.693.000 2.500,411.000 2,438,092,000 2,451,729.000 2.469.206.000 2.469.987.000
Total
in order to show separately the amount of balances held abroad and amounts due
-Beginning with the statement of Oct. 7 1925, two new terns were added
NOTE.
of Federal intermediate Credit Bank debentures, was changed to
assets," previously made up
'
to foreign correspondents. In addition, the caption. All other earingbills and securities." The latter term was adopted as a more accurate description of the total of
"Other securities," and the caption. "Total earning assets" to "Total of Sections 13 and 14 of the Federal Reserve Act. which. It was stated, are the only Items included
the discounts. aceeptances and securities acquired under the provision
there n.
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 14 WS
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Louts. Minneap. Kon.COs.
Two ciphers (00) omitted,
Boston. New York. Phila. Cleveland. Richmond Miaow. Chimp,. Si.
meal.
Federal Reserve Bank of
$
$
s
$
$
$
$
$
$
s
i
RESOURCES.
174,585,0 86,005,0 137,929,0 46,142,0 65,050,0 233,732,0 23,557,0 45,532.0 33,618,0
3016 with Federal Reserve Agents 1,172,075.0 121,762,0
24,311,0 12,239,0 5.235,0 2,888,0 4,860.0 8,754,0 4.696,0 2,404,0 2,923,0
80.193,0 5,486,9
lold red'n fund with U.S. Trawl
198.896,0 98,744,0 143,164,0 49,030,0 69,910,0 242,486,0 28,253,$ 47,936,0 36,541,0
Gold held excl. asst. F. R.netts 1,252,268,0 127,248.0 237.973,0 40,040,0 47,939,0 20,358,0 17,606,0 176,902,0 24,231,0 22,391,0 34,206,0
3oldsettle't fund with F.1t.Board 721,680.0 36.290,0 438.467,0 28,142,0 46,083,0 9.782,0 4,551,0 61,744,0 9,100,0 5,369,0 6,274,0
685,184,0 38,157.0
bold and gold certificates
92.067.0481,132.0 61,584,0 75,696,0 77,021,0
2.659.132.0 201.695,0 875,336,0 166,926.0 237,186,0 79,170,0 11.368,0 15,151,0 16,250,0 1,843,0 5,400,0
Total gold reserves
21.108,0 6,329,0 11,724,0 7,302.0
128,968,0 16.697,0
teserve other than gold
496.283,0 77.834,0 77,539,0 82,421,0
2.788.100.0218,392,0 896,444,0 173.255.0 248,910,0 86.472,0 103,435,0 8347,0 2,916,0 1,260.0 2.105,0
Total reserves
18,954,0 1,042,0 3,798,0 5,102,0 3,632,0
60,478.0 7,651,0
I(on-reeerve cash
Mils discounted:
70,002,0 66,712,0 21,332,0 20,239,0 72,991,0 25,733,0 12.856,0 14,002;0
Sec. by U. S. Govt. obligations 524,931,0 29,673,0 154.684,0 19,384,0 26,451,0 23.049,0 47,554,0 52,638,0 21.958,0 5,404,0 26,941,0
39.713,0
332,608,0 21,052,0
Other bills discounted
125,629,0 47,691,0 18,260,0 40,943,0
93,163,0
857.539,0 50,725,0 194.397.0 89.386,0 49,861,0 44,381,0 67,793.0 36.601,0 9,992,0 20,429.0 24.514,0
Total bids discounted
24,926,0 27,762,0
474,400,0 48,858.0 142,770,0 22,927,0
tills bought in open market
I. 8. Government securities:
226,0 19,927,0 7,125.0 4,518,0 9,505,0
548,0 1,152,0
585,0
1,384,0
701,0
54.377,0
Bonds
21,330,0 19,135,0 28,338,0 1,063,0 3,500,0 6,755,0 11,441,0 4,527.0 1,902,0
108,961,0 2,892,0
'reasury notes
1.243,0 6,608,0 2,210.0 1,661,0 1,075.0
20,083.0 10,352,0 4,400.0 1,209,0
59,001.0 3,295.0
:ertiticatea of Indebtedness
4.0600 33.200.0 20.776.0 10.706.0 12.452.0
3 424 n
42 707 n 21 072.0 33.2560
a 000 CI
999 ono n
TT a C1nv't tasumirltlea•
'MAI
/Milos. SasPram,
$
:
25,307,0 178,856,0
2,417,0 3.480,0
27,724,0 182,336,0
25,145,0 38,599,0
7,008,0 30,507,0
59,877.0251,4420,
5,583,0 10,213,0
65,460,0 261,655.0
2,478.0 3,093.0
11,753,0 24,954,0
7,350,0 41,114,0
19,103,0 66,068,0
23,295,0 42.465,0
43,0
8,663,0
4,185.0 12.893,0
3,165,0 3,700,0
16013.0 16 628 is
Nov. 17 1928.]
diellOURCEB (Conclude4)Two Olybers (00) omitted.
FINANCIAL CHRONICLE
Toted.
$
3,855,0
>tbersecurldee
Total bills and securities
Jae from foreign banks
Incolleeted Items
lank premises
Blether resources
Totalreeources
LIABILITIES.
Batton. New York.
$
$
200,0
PhUa. Cleveland. Richmond Atlanta. Chicago. St. Louis Aftnneap. iras.0011. Dallas. 800 Fos
,
$
$
$
8
8
$
$
$
$
$
155.0
500,0
3,000,0
1,558,133,0 106,471,0
729,0
37.0
968,055,0 99.576,0
60,574,0 3,824,0
8,668,0
166,0
380,164,0 133,540.0 176,310,0 72,731,0 100,524,0 195,520,0 78,459,0 49,895,0 77,939,0 61,411.0 125,169.0
372,0
47,0
52,0
25.0
21,0
69,0
21,0
14.0
18.0
35,0
18,0
245,568.0 82,237.0 86,507,0 82,595,0 33.005,0 125,855,0 46,383,0 20,054,0 52,937.0 40,985,0 52.353,0
16,675,0 1,751,0 6,806,0 3,699,0 2,867.0 8,720,0 3,953,0 2,202.0 4,308,0 1.941,0 3.828,0
1,409,0
171,0 1,405,0
489,0 1,592,0
721,0
499,0
663,0
394,0
474.0
685,0
5,444,737,0 436,117,0 1,559,586,0 392,043,0 523,788,0 251,113.0 245,076,0 835.615,0 210,065,0 151,627,0 220,122,0 172,767,0
446,818,0
r. R. notes in actual circulation_ 1,732,051,0 151,880,0
)eposits:
Member bank-reserve acc't__ 2.364,508,0 153,781,0
Government
15,385,0 1,547,0
Foreign bank
6,314,0
457,0
Other deposits
19,513,0
230,0
Total deposits
Deferred availability Items
Japital pald In
lurplus
Blether liabilities
2785
2,405,720.0 156,015,0
890,829,0 98,149,0
146,415,0 10,131,0
233,319,0 17,893,0
36,403,0 2,049,0
332,685,0 136,017,0 207,694,0 78,898,0 129,116,0 294,573,0 60,710,0 62,317,0 64.089,0 47,260,0 166,812,0
894,993.0 135,888,0 188,665,0 70,232,0 67,307,0 359,702,0 82,196,0 56,631,0 92.024,0 70,040,0 193,049.0
1,138,0
1,086,0
1,312,0 2,875,0 1,201,0
668,0 1,356,0
1,447,0
1,348,0 1,027,0
380.0
1,935,0
579,0
634,0
311,0
256,0
848,0
262,0
165.0
220,0
433,0
214,0
8,940,0
229,0
781,0
216,0
144.0 1,144,0
725,0
324,0
54,0 6,226,0
500.0
907,006.0 137,782.0 191,392,0 73.634,0 68.908,0 362,362,0 84,539,0 58,567,0 94,092,0 71.335.0200.088,0
195,497,0 79.422,0 82,710,0 78,407,0 29,570,0 121,910,0 47,324,0 19,319,0 47.428,0 40,414,0 50,679,0
49,696,0 14,602.0 14,390.0 6,103.0 5,230,0 18.451,0 5,404.0 3.008,0 4.218,0 4,317,0 10.865,0
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
11,695,0 2,558,0 3.581,0 1,747,0 2,256,0 5,541,0 1,691,0 .1,377,0 1,249,0
914,0 1,745,0
Totalllabilltles
5,444,737,0 436,117,0 1,559,586,0 392,043,0 523,788,0 251,113,0 245,076,0 835.615.0 210,065,0 151,627,0 220,122,0 172,767,0
446,818.0
Memoranda.
leserve ratio(percent)
67.4
70.9
72.3
63.3
62.4
56.7
52.2
75.5
53.6
64.1
52.1
71.3
55.2
7ontingent liability on bills purCeased for foreign correspoturts 256,953,0 19,169,0
73,441,0 24,281,0 26.581,0 13,035.0 10,735,0 35,527.0 10,990,0 6,901,0 9,201,0 8,945,0 18,147.0
VI R. notes on hand (notes rec'd
from F. R. Agent lees notes In
000 nAen
•
•
09 110 n
•
•
101 nnn A
•
•
94 4100 0
nA nno n
•
•
AO neA n
•
•
On .704 A
90 011 n
19 009 A
9 R19 n
AAA n
n
OKA A
KA 'KO n
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS
NOVEMBER 14 1925.
Federal Reserve Agent at-
Total.
Boston. New York.
PhUa. Cleveland, Richmond Atlanta. Chicago. 81. Louts. Alauseap. Kan.City. Dallas. Bearraii.
$
$
3
$
$
$
$
$
$
8
$
726.444,0 211,205.0 266,822,0 118,561,0 218,260,0 460,087,0 90,622,0 83,598,0 105,415,0 72.418,0 323,560,0
291.780,0 50,200,0 34,830,0 21,709,0 58,360.0 125,670,0 17,010,0 13,764,0 32,260,0 15,312.0 100.000,0
434,664,0 181,005.0231,992,0 96.852.0 159.900.0334,417,0 73,612,0 69,834.0 73,155,0 57,106,0 223.560,0
Two ciphers (00) omitted
$
$
F.R.notes reo'd from Comptroller 2.913,201,0 236,209,0
V.R.notes held by F. R.Agent__ 813,105,0 52,210,0
P.R. notes issued to F. R. Bank- 2.100,096,0 183,999,0
Collateral held as security for
F. R. notes Issued to F. It. Bk.
Gold and gold certificates__ 346,557.0 35,300,0
Gold redemption fund
98,105,0 13,462,0
Gold fund-F.R.Board
727.413,0 73,000,0
Eligible paper...
1,277,031,0 99,563,0
Tebtalnetllatoral
0140 Inn n001 QOM n1
153,407,0
50,000,0 6.690,0 27.100,0
7,600,0 14,167.0
17,293,0 35,000,0
16,178,0 10.628,0 12,929,0 5,452,0 6,950,0 2,732,0 1,957,0 3,365,0 2,758,0 3,014,0 18,680.0
5,000,0 75,377,0 75,000,0 34,000,0 31,000,0 231,000,0 14,000,0 28,000,0 30,860,0 5,000.0 125.176,0
314,928.0 92.753,0 141,330,0 62.208,0 95,442,0 162,031,0 57,587,0 36,432,0 65,138,0 42,287,0 107,332,0
400 Al, A 190 9mo nev.rn nen n Ano RKI1 A Inn An0 n QOM ,A2 A 511
'IAA 0 et one n 00 7 41 n A7 sod n9QA 1220
,
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued 137 the Federal Reserve Board, giving the principal
and liabilities of the 630 member banks from which weekly returns are obtained. These figures are items of the resources
always
those for the Reserve banks themselves. Definitions of the different items in the statement were given in a week behind
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board the statement
for the latest week appears in our department of "Current Events and Discussions," on page 2758 immediately upon the figures
following which
we also give the figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING
MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OR
BUSINESS NOV 7 1928 (In thousands of dollars).
Federal Reserve Maria-----
Total,
Boston, New York
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. diinneap Kan.Citg. Dona. San Fran.
,oans and investments-total.
3
5
$
3
S
22,474,402 1,537,2508,542,248 1,231,586 2,195,506
.oans and discounts-total
16,098,670 1,106,78&8,211,451
S
677,907
1
S
644.0403,335,163
S
714,499
S
S
403,745 682,188
845,721 1,477,437 522.952 509,742 2,469,322 511,592 272,809
Secured by U.S. Gov't oblIga'ns
123,242
11,593
51,522
2,551
3,342
20.237
5.563
4,080
12,180
2,514
Secured by stocks and bonds..., 6,796,122
429,306 2.995.623 443.560 646,917 183,242 133,206 1,082.724 208,029
86,088
All other loans and alscounts---9.179,306 665,881 3.164,306 396,598 818,340 337,159 373,194 1,366,361 299.483 184.207
n restmanta-total
6,375.732 430,470 2.330.797 385.865 718,069 154,955 134,298 865,841 202,907 130.936
U. S. Government securities- - .
74,811
72,356
70.597
59,071 368,180
Other bonds,stocks and securities 3,013.745 162,532 1.194,583 113,629 334,124
3.361,987 267.938 1,136214 272,236 383,945
84,358
75,227 497,661 128,096
58,580
teserve with F. R. Bank
1,705.819
99.689 773,425
41,946
39,186 259.088
78.670 130,160
47.843
25,546
Iasbin vault
270,496
19,828
75,813
15,403
13,289
10,618
44,729
8,988
31,034
6,486
get demand deposIta
13,345,384 945,944 5,769,294 729,268 1,031,875 367.904 318,577 1.881,814 396,161 243.637
Note deposits
6,920,738 470,700 1,748,831 294.484 958,018 244,211 234,736 1,266,414 239,914 135,584
lovernment deposits
91,767
7,168
29,273
3,437
8,601
7.049
8,262
7.836
2,496
525
3ue(rem banks
1,200,199
53,338 135,213
66,417
57,298
91,936
85,060 248,966
57,813
64.322
Ina to banks
3,321,938 151,265 1,255,001 175.965 223,261 114,995 113,687 489,335 134,296 102,698
lorrowings from F. It, Bank-total
734,603
18.264 249,665
48,911
23,832
45,497 128,579
70,042
28,208
9.941
Secured by U.S. Gov't obliaa'nn.
488,147
11,775 205,158
38.865
46,091
13,432
10,851
68,496
14.374
4,540
All other
246,456
6,489
44,507
10.046
23,951
10.400
34.646
60,083
13,834
5,401
lumber of reoortlna banks
Alfl
RN
77
IA
7/1
CI
.
11
09
211
7
24
5
$
1
479.244 2.031.026
439,298
358,568'1.372,998
3,296
109,904
326,098
2,361
89,439
266,768
4,003
388,084
980,911
242,890
120.676
658.028
121,092
121,798
82,907
37,769
359.863
298,165
56,838
11,929
35.514
10,213
117.914
22.166
499,325
180,546
2.084
312,887 848,898
131,115 1,016,185
6,661
8,375
119.420
211,663
71.955
132.849
148,463
216,923
22,622
19,250
69,792
12.932
9,690
12,331
6,919
49,302
20,490
fis
.14
M
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New
York at the close of business Nov. 14 1928
in comparison with the previous week and the correspondin
g date last year:
ResourcesGold with Federal Reserve agent
Gold redemp.fund with U.S.Treasurer_
Nov. 14 1928. Nov. 7 1928. Nov. 161927.
$
$
$
174,585,000 174,703,000 325,067,000
24,311,000
13.923,000
11,503.000
Gold held exclusively agst. P.R. notes_
Gold settlement fund with P.R. Board
Gold and gold ctfs. held by bank
198,896,000 188,626,000 336,570,000
237.973,000 233,701.000 227,303,000
438,467,000 430.151.000 436,129,000
Total gold reserves
Reserves other than gold
875,336.000
21.108.000
852.478,000 1,000,002,000
19,566,000
24,873,000
Total reserves
Non-reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations
Other bills discounted
896,444,000
18,954,000
872,044,000 1,024,875,000
14,078,000
18,973,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
194,397,000
142,770,000
294,522.000
131,564,000
103,260,000
92,084,000
1.384,000
21,330,000
20,083,000
1,384,000
23,079,000
18.709,000
47,357,000
7,326.000
127,682,000
154,684,000 230,720,000
39,713,000
63,802,000
75,109,000
28,151,000
Nov. 14 1928. Nov. 7 1928. Nov.16 1927.
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
Total resources
372,000
245,568,000
16,675.000
1,409.000
213,000
371.000
167,350,000 227,252,000
16,276.000
16,675.000
1,421.000
4,722,000
1,559,586,000 1,541,397,000 1,670,020,000
LiabilitiesF. R. notes in actual circulation
Deposits-Member bank, reserve acct..Government
Foreign bank (see note)
Other deposits
332,685,000 341.971,000 366,5:0,000
894,993,000 893,732,000 987,847,000
1,138.000
8.365,000
27,000
1,935.000
2,215,000
2,659,010
8.940.000
12,077,000
15.525,000
Total deposits
Deferred avallabiltY items
Capital paid in
Surplus
All other liabilities
907,006,000 916,389,000 1,006,058,000
195,497,000 158.896,000 191.560,000
49,696.000
49,633.000
40,070,000
63.007,000 63,007.000
61.614,000
11,695,000
11,501,000
4,148,000
Total liabilities
1,559,586,000 1.541,397,000 1,670,020,000
Total U:S. Government securities....
42,797,000
43,172,000 182,365,000 Ratio of total reserves to deposit and
Other securities (see note)
200.000
200,000
F. It. note liabilities combined
72.3%
69.3%
74.7%
Ili
Contingent lability on bills purchased
Total bills and securities (see note)
380,164,000 469,458,000 377,709.000
for foreign correspondents
73,441,000
72,941,000
51,923,000
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 amounts due to
foreign correspondents. In addition, the caption. "All other earning assets,"
previously made up of Federal Intermediate Credit Bank debentures, was changed to "Othcr
securities," and the caption, "Total earning assets- to -Total bills and securities."
The latter term was adopted as a more accurate description of the total of the discounts, acceptances and securities acquired under the provision of sections 13 and
14 of the Federal Reserve Act, which, it was stated, are the only items included therein.
[VOL. 127.
FINANCIAL CHRONICLE
2786
New York City Realty and Surety Companies.
,Oautirr5. SJazeitto
Wall Street, Friday Night, Nov. 16 1928.
Railroad & Miscellaneous Stocks.—See page 2773.
Following are sales at Stock Exchange this week of shares
not represented in our detailed list on pages which follow.
STOCKS.
Week Ended Nov. 16.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Lowest.
Highest.
Indus. & Miscall.
Jan 99% Mar
200 94 Nov 16 94 Nov 16 93
Adams Express pref_..•
Am Foreign & Pr p1(6)• 270 9334 Nov 13 9334 Nov 13 9334 Sept 100 June
Jan 8534 Oct
lii 7334 Nov 16 7334 Nov 16 56
Am La Fr & Foamite pfd
Jan
100 11434 Nov 14 114% Nov 14 110 34 Oct 116
Am M & Fdry pf(7)z wa
Nov 7734 Nov
& Light pfd(5) 8,700 77 Nov 15 7734 Nov 18 77
Am Power
Nov 8634 Nov
8634 Nov 16 86
411 86 Nov 16
Pref A stamped
•• 2700 3834 Nov 13 4634 Nov 16 3634 Nov 4634 Nov
Andes Copper
Apr
Art Metal Constr....1I 4,200 29 Nov 15 31 Nov 12 2534 Jan 3434 Apr
Assoc Dry G'ds 1st p110'1,000 101 Nov 14 10434 Nov 12 9934 Aug 11334 May
Jan 4734
Br Emp Steel 1st p1.10'100 32 Nov 16 32 Nov 16 32
Apr
Bucyrus-Erie pref(7) 100 44011234 Nov 12 11334 Nov 14 11034 Mar 117
Mar 152 June
11145 Nov 13 145 Nov 13 140
100
City Investing
Aug
10 134 Nov 14 134 Nov 14 12734 June 140
Iron pref 100
Colo Fuel as
Nov 7334 Nov
t 70 Nov 15 7334 Nov 15 70
Columbia Graphophone_
Nov
Columbian Carbon Rts_ 7,600 2% Nov 13 234 Nov 15 234 Oct 234 Nov
Nov 12 934 Nov 13 734 Nov 934
Comm Invest Trust Rts- 35,800 734
Nov
100 4,300 20 Nov 14 27 Nov 16 1234 Sept 27
Crex Carpet
Crown Willamette 1st pf• 20 99 Nov 10 9934 Nov 10 96 34 Jan 10534 Oct
Sept 116 34 Mar
110 34 Nov 10 110
pref..*
20 11034 Nov 10
Cushman's Sons
Nov 27% Mar
200 23 Nov 12 23 Nov 12 23
DeBeers Cons Mines_
4.711 16 Nov 10 16% Nov 12 1434 Oct 1634 Oct
Detroit Edison Rts
30 3634 Nov 12 3634 Nov 12 34% Oct 4634 Jan
Durham Hosiery pi_ _100
1
Nov 1% Nov
Eaton Axle & Spring Rts 21,700 1 Nov 15 1% Nov It;
.100
20 90% Nov 16 9034 Nov 10 88% Jan 100 34 Feb
Eisenlohr Bros pref.
20110% Nov 13 11034 Nov 13 10834 Sept 11034 Nov
Elec Auto Lite pref....100
July
2(121 Nov 13 121 Nov 13 12034 Oct 124
El Pr & Lt of ctfs full pd
Feb
50 14 34 Nov 16 15 Nov 1,2 1234 Sept 19
Elkhorn Coal pref....51
Nov
• 700 6 Nov 12 7 Nov 12 234 Feb 7
Fairbanks Co
Nov
25
231 15 Nov 12 36 Nov 13 034 Oct 36
Preferred
Feb
Nov 109
First Nat Pict 1st p1.10'100 100 Nov 13 100 Nov 13 100
Feb
130107% Nov 16 109 Nov 131 107% Nov113
Franklin Simon pref _100
Oct
Oct 107
100
200 105 Nov 12 106 Nov 12 102
Gen Cable pref
Nov
Jan 80
400 79 Nov 15 80 Nov 14 37
General Gas & El cl B.
Apr
Oct 144
•
100 12634 Nov 15 126 34 Nov 15 121
Preferred A (8)
Nov 9034 Nov
Gen Motors new w 1..10679300 86 Nov 14 9034 Nov 12 85
Nov
32,90 5034 Nov 15 55 Nov 161 5034 Nov 55
Gobel (Adolf)
634 Nov 10 8% Nov 12 634 Nov 834 Oct
Goodyear Rub & T Rts- 72,40
Nov
100 120 Nov 12 120 Nov 13 107 June 120
Grand Stores prof...101
Jan
July 107
10 93 Nov 16 93 Nov 16 90
Guantanamo Sug p1.100
Apr
90 105 Nov 15 105 Nov 15 10334 Nov 110
Gulf States St 1st p1100
Apr
Aug 104
90 100% Nov 16 103 Nov 13 99
Watch pref 100
Hamilton
Oct 5734 Oct
70 5534 Nov 12 56 Nov 10 55
Harbison-Walk Refrac..•
• 5,400 45% Nov 15 48% Nov 10 45% Nov 5034 Nov
Holland Furnace
Oct
Oct 146
• 2,900 134 Nov 16 142 Nov 12 132
Industrial Rayon
1,3 19434 Nov 12 199% Nov 13 19434 Nov 19934 Nov
Internet Nickel ctfa
Jan
Oct 131
10 121 Nov 16 121 Nov 16 119
Sliver pref. _100
Internet
Interstate Dept Stores. 5,00 643.4 Nov 1 6934 Nov 14 6134 Nov 6934 Nov
Oct
100 506127% Nov 13 129% Nov 15:124% Oct 131
Preferred
May
Jan 125
100
25112434 Nov 13 125 Nov 14 120
Jewel Tea pref
Apr
320 11934 Nov 14 120 Nov 10 11834 Oct 122
-Manville pref _100
Johns
Oct
Nov 34
Kaufmann Dept St 81234 1,800 30 Nov 16 31 Nov 121 30
79,50 3534 Nov 14 37% Nov 16 3534 Nov 4034 Oct
Krueger & Toll
Apr
211 45 Nov 12 45 Nov 12 4434 Oct 59
Kuppenheimer & Co_ -5
Jan 124 34 Jan
70 100 Nov 14 100 Nov 141100
Laclede Gas L St L pf 100
Jan
Nov 41
100 24 21 Nov 10 22 Nov 1011 21
Mensal Sugar
Jan
Nov 88
100 2,100 40 Nov 12 4334 Nov 15 40
Preferred
Sept
13 64% Nov 16 6034 Nov 70
• 2,111 8034 Nov
Melville Shoe
Jun
Sept,111
99
2,10434 Nov 16 10434 Nov
Milw Elec Ry & Lt pf 100
muffins Mfg pref new-- -1 350 10334 Nov 15 10434 Nov 161 10334 Nov 10434 Nov
Nov
Nov 49
McKesson as Robbins...1 5,900 46 Nov 16 49 Nov 151 46
Preferred'6,600 54% Nov 15 5534 Nov 15 5431 No 5534 Nov
Oct 109
may
106 Nov 16 106
5 107 Nov 16
MacAndrevrs & F p1_100
Jan 147% May
13 14034 Nov 13 142 Nov 12 139
' National Lead pf A - _100
Jan
July 136
100 24 118 Nov 13 118 Nov 13 115
Preferred B
Jan
Sept 119
12 115 Nov 15 115% Nov 13 114
National Supply Pf-100
Sept 114% May
100
18 113 Nov 14 114 Nov 16 109
Co pref
Outlet
Oct 3534 Nov
1 3534 Nov 13 25
100
_1001 400 30 Nov
. Pacific Mills
Mar
Oct 115
50 109 Nov 13 110 Nov 12 103
Penik & Ford prof..
Aug 1434 Jan
Penns Coal at Coke _50, 3.511 1234 Nov 12 14 Nov 13 8
Aug 11034 Apr
Pub Eery El as Gas p1100, 500108% Nov 1310834 Nov 15 107
May
Rela(Robt)&Co 1st 0100 100 70 Nov 10 70 Nov 10 61% Feb 78
Oct 5434 Oct
Rhine Westphalia El Pow 8,600 52% Nov 6 54 Nov 15 50
Mar
700 109 Nov 1511034 Nov 15 10434 Oct 123
Sloss-Shef St de 1r p1.100
Oct 144 34 Aug
601 135 Nov 13 135 Nov 13 131
So Porto Rico Sus pi_100
Aug
Oct 100
iool 9734 Nov 13 9734 Nov 13 97
Spans Chalfant pref _100
Jan 10934 Apr
100 500 104 Nov 14 107 Nov 15 100
Sun 011 pref
Aug
No 23
2001 20 Nov 13 203.4 Nov 12 20
Tobacco Prod div ctfs C
10 4.3001 5634 Nov 16 57 Nov 1 55% Nov 6134 Oct
Truscon Steel
FdyU S Cast Iron P &
• 4001 1834 Nov 12 1834 Nov 12 1834 No 1834 Nov
26 preferred
534 Nov 12 434 Nov 534 Nov
US Indus Alcohol rights 16,100 4% Nov 16 114 Nov 1 86 Jun 120
Oct
;1 6 105 Nov 16
U S Tobacco
60 136 Nov 18 136 Nov 16 12734 Jan 139 June
10
Preferred
Aug
Feb 15
9B 10 Nov 12 10 Nov 12 5
United Dyewocd_ __ _105
11)1 65 Nov 18 65 Nov 16 4534 Jan 7434 Aug
1001
Preferred
535,7001 7034 Nov1 7834 Nov 16 58% Oct 7834 Nov
United Elec Coal
Nov
Oct 250
2240 Nov 14250 Nov 11 120
101
Utah Copper
May
100 25% Nov 12 2534 Nov 12 25% Oct 50
Va Iron Coal & Coke_100
Oct 6234 Jan
Nov 12 52% Nov 14 47
100 1901 47
Preferred
Apr
Jan 61
501 50 Nov 13 50 Nov 13 50
Warren Bros 1st pf__50.
Nov 108% Nov
Nov
Wes 011 & Snowdr pref _• 100110834 Nov 13 108% Nov 13107% Oct 22% Nov
12 1834
2234
• 2.5001 2134 Nov 15
Wilcox 011k Gas
54% Nov 16 5634 Nov 15 54% Nov 5634 Nov
7,5
Young Spring & W
Bank, Trust & Insur•
once Co. Stocks.
Feb 770 June
50880 Nov 1. 705 Nov 16 550
Bank of Commerce_ _100
Sept
Man763
6 750 Nov 13760 Nov 16 600
Corn Exch Bank _ _ _100
May
Jan1599
80465 Nov 16471 Nov 16 410
Tr Co of N Y_ _100
Eqult
•No par value.
New York City Banks and Trust Companies.
(AU prises dollars per share.)
Highest.
per share. $ per share. per share.
Par. Shares 8 per share.
Railroads—
34 Oct
34 Nov 11 1-64 Nov
Brunswick Term rights_ 22,400 1-64 Nov 15
Mar 05% May
24 101 Nov 10 101 Nov 10 94
Buff Roch & P pref..1 I I
ill 2,600 59 Nov 10 6234 Nov 15 3234 July 643.4 Nov
.
Buff & Susquehanna
Nov
Sept 63
100 800 54 Nov 13 63 Nov 16 38
Preferred
Apr
50 6034 Nov 16 6034 Nov lb 5834 Sept 69
Canada Southern__ 100
Sept 107% Mar
20 100 Nov 10 10434 Nov 12 98
Car Cl as 0 ctf stpd_100
May
Central RR of N J._100 801 330 Nov 1233434 Nov 14 297% Feb 375
Nov 4934 June
90 44 Nov 12 4434 Nov 12 44
Cloy & Plttsb special_ _ 50
1
50 7434 Nov 16 7434 Nov 16 7434 Nov 8434 Feb
Common
Oct 94 June
1
230 80 Nov 15 83 Ncv 15 80
Cuba RR pref
Jan
Oct 50
10 40 Nov 13 40 Nov 13 40
Detroit & Macklnac_10
Sept
20 90 Nov 12 90 Nov 12 80 June 115
Green Bay & West. 100
Aug 17% June
1,100 934 Nov 13 1034 Nov 13 7
•
Havana Elec Ry
20 65 Nov 16 65 Nov 16 6334 Oct 7834 Sept
100
Preferred
May
July 440
90 390 Nov 14 403 Nov 16 340
10
Hocking Valley
Illinois Central—
July 82% June
RR secured stk ctf _100 480 79 Nov 15 80 Nov 10 75
June
100 8434 Nov 13 8434 Nov 13 82% Aug 89
5
Morris de Essex
121 184 Nov 12 188 Nov 13 17134 Aug 204 34 May
_ 100
Nash Chatt as St L.
Nat Rys of Mex 1st pf100 400 6% Nov 14 734 Nov 14 3% Feb 8% Apr
Apr 14834 May
60 14434 Nov 12 145 Nov 13 125
New On Tex & Mex_100
July
Nov 43
10 25 Nov 12 25 Nov 12 25
NY State Rya pre!. _100
2 8534 Nov 13 8534 Nov 11 8134 Aug 90% June
__ _
Northern Central_
May
140 29 Nov 10 29 Nov 10 20% Aug 39
Pacific Coast 2d pfd_100
Jan
Aug 70
100
20 43 Nov 16 44 Nov 15 40
1st pref
Apr
Oct 167
Nov 15 153
50154 Nov 15
Pitts Ft W & Ch pfd_100
15
(Ail prices dollars per Mare.)
Bid
Ask
Auk
Bid
Bid
Ask
85 Mtge Bond__ 152 160 Realty Assoe's
R'14 75
Alliance
(Bklyn)corn $428 8433
Amer Surety. 265 275 N Y Title &
99
1st pref _ -__ 96
Mortgage._ y544 550
Bond & M G. 440 450
9.5
2d pref.— 93
Lawyers Mtge y330 336 US Casualty_ 380 400
Westoheater
2112
Rights -___ 201
Title & Tr. y450
Lawyers Title
Rights __-_ 250 275
& Guarantee 365 373
Banks—N.Y. Bid
185
America
Amer Union*. 240
Bronx Bank*. 650
Bryant Park* 275
211
Central
200
Century
623
Chase
Chath Phenix
Nat Bk &Tr 585
Chelsea Etch* 373
Chemical.... 940
Colonial._ _ _ 1200
Commerce_ _ 707
Continental*. 540
Corn Exch... 760
32
Rights
Fifth Avenue_ 2200
First
4550
470
Garfield
500
Grace
1270
Hanover
Harriman.... 1075
280
Liberty
Manhattan'.. 755
National City 945
Park
700
Penn Etch_ 190
670
Port Morris
Ask
Banks—N.Y Bid
198 203
Publio
Seaboard __ _ _ 845 855
100 103
Rights
265 275
Seventh
180
174
Seward
810 820
State*
305 325
Trade*
Yorkville. _ 250 290
592 Yorktown...._ 220 240
388
Brooklyn.
950
575 625
1400 First
712 Globe Exch.". 325 340
560 Mechanics*_. 375 383
•
770 Municipal — 450 460
445 460
35 Nassau
1000
2300 People's
150 170
4850 Prospect
530
Trust Co..
New York.
1290
1125 Am Ex lry Tr 480 487
290 Hance Comle
Italians Tr_ 425 440
765
955 Bank of N
& Trust Co 740 750
710
197 Bankers Trios' 905 1005
725 Bronx Co Tr_ 425 450
Ask
188
250
700
325
217
230
629
Ad
Tr.Cos.-N.Y. Bid
Central Union 1700 171511
625
County
455
Empire
Equitable Tr_ 478 484
Farm L & Tr_ 805 815
Fidelity Trust 385 395
580 620
Fulton
Guaranty__ 738 745
Intl Germanic 225 233
278 285
Interstate
LawyersTrust __ -Manufacture
New $25 par 233 237
Murray BM._ 265 275
Mutual(West
ehester)___ 350 400
N Y Trust__ 815 825
197
Times square 192
Title Ou & Tr 875 885
U 5 Mtge & Tr 575 600
United States 3250 350
Weenchest'rTr 1000 100
41-
Brooklyn.
Brooklyn_ — 1225
Kings Co-- 2600
Midwood-- 270
275
290
lend. e Ex-stock dlv. p Ex-right,.
*State banks. l New stock. x
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
ant.
Rate.
Dec. 15 1928.... 33(%
Dee. 15 1928_ 4%
Mar. 15 1929_ 334%
Mar.15 1929_ 334%
_
June 15 1929_ . 434%
Bid.
Asked.
Maturity.
99"n
,
99 41
991122
99uss
100n
991 is
100
99uss
100
100141
Sept. 15 1930-32
Mar. 15 1930-32
D a 15 11580-32
Sept. 15 1929
Int
Rate.
Bid
Asked.
982s.
314% 97uss
98Is,
334% 98
24% 97..ss 98218.
434% Iwo., 10021.,
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.
14'Nov. 15 Nov. 16
Daily Record of U. S. Bond Prices. Nov. 10 Nov. 12 Nov. 13 Nov.
High 99"n 9911ss 99",, 990732 9911,2 995tss
First Liberty Loan
.2 990132
,
42 99 43 9911
s: 99042 99,
334% bonds of 1923-47_ Low. 990
Close 9930,2 99 74t 990,3: 99043 9914t 99341
(First 834)
127
65
59
158
26
15
units__
Total sales in $1.000
{
Converted 4% bonds ofH1gf.
- - -- -- Total sales In $1,000 units-. ____
{
Converted 434% bonds High 1001
________
0
0 2
(Low_ 10 9Ls
of 1932-17 (First 434s)
Total sates its $1.000 units
Second converted 44% High
bonds of 1932-47 (First Low_
Second 434s)
Total sales in $1.000 unite_ -High
Fourth Liberty Logo
414% bonds of 1933-38_ Low_
Clone
(Fourth 4345)
Total sates in 31.000 unit,. _
-h
tillg
Treasury
law_
434s, 1947-62
Close
Total sales in 11.000 units__
High
Low_
go. 1944-1954
Clow
Total sales in 51,000 units_ __
High
Low_
3341, 1946-1956
(Close
Total Mktg its $1,000 unite__
HIgi
Low.
330., 1943-1947
Close
Total saki if 31,000 units._
f High
{Low _
41334s. 1940-1943
(Close
• Total sales In 31.000 units.
I
----- - -
- -- - ---
--1011ss
101in
101212
12
11210,2
,
112 41
112uss
237
107"11
,
107 41
107".1
485
10411n
104 41
,
104"111
1
9919ss
9911:1
9911u
102
-___ 99"ss
,
____ 99 4s
__ 991iss
41
____
--101142
101.ss
101.3s
17
112uss
112ust
112uss
7
--__
-------_ _
---___
-----__
.__
____
____
_ __
— ---- ---- -100uss 100.1.s 100un 1116"st
9
:
0 2
;
00 : ( ;, 001
027
1 0"
100 : :100 % LI) ; 10 %
7
15
-- -- 100 11
'
--__ 100In
6
- -- -
-26
.
-_
,
,
101 s, 10142 101"
,
100 42
101
101
101Iss 10011.1
101
38
101
286
112",,112"n112us
,
,
112"st 112 4t 112 4
1122Iss 112".2 1121,1
10
8
342
,
107 42 107",1 107",
,
107 4, 107"s2 107,211
,
107 42 107",, 107",,
25
19
311
10411,1 10421,2 104,0s
,
104"s1 104"12 104 4
,
st
104",, 104,, 104 4
2
40
46
---9917 * 99uss
- -__
9910s2 9912s2
____
991113: 99uss
_
40
145
-341 981is
991
99",,99.
,
98"SI
99 32
,
99 ss
9911n 9804
99Iss
1
62
6
12
----
101 32
,
100 41
1004,
54
112"st
112"st
112i%
1
---10414,s
10424ss
104142
20
991412
9914u
991412
2
9911:2
9910it
99"st
60
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 First 4348
45 Fourth 434s
10011ss to 10018n
10010n to 101%1
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.84 7-160
4.84 11-16 for checks and 4.84 27-3204.85 1-16 for cables. Commercial
on banks, sight, 4.843404.84%; sixty days, 4.80 11-3204.8044; ninety
days,4.78 19-3204.7874, and documents for payment, 4.79 13-1604.8034.
Cotton for payment, 4.83%. and grain for payment, 4.83%.
To-day's (Friday's) actual rates for Paris bankers'francs were 3.90 7-16(41
3.90 9-16 for short. Amsterdam bankers' guilders were 40.11 G340.13%
for short.
Exchange at Paris on London, 124.09 francs: week's range. 124.12 francs
high and 124.08 francs low. The range for foreign exchange for the week
follows:
Cables.
Cheeks.
Sterling, Actual—
4.85 1-16
4.84 11-16
High for the week
4.84 5-16
4.84 11-16
Low for the week
Paris Bankers' Francs—
3.90 9-16
3.9034
High for the week
3.90 9-16
3.90 5-16
Low for the week
•
Amsterdam Bankers' Guilders—
40.15
40.1334
High for the week
40.1034
40.13%
Low for the week
Germany Bankers' Marks—
23.82%
23.82
High for the week
23.7934
23.81
Low for the week
-New York Stock Exchange
Report of Stock Sales
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For gales during the week of stocks not recorded here, see preceding page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Nor. 10.
Monday,
Nov. 12.
Tuesday, I Wednesday, Thursday,
Nov. 13.
Nor. 14.
Nor. 15.
Friday,
Nov. 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Mace Jas. I.
-sharable
Os basis of 100
Lowest
Highest
Railroads.
Par $ per share
$ per share $ per share $ per share $ per share $ per share $ Per share Shares
19514 1967 19614 199
19912 204 53,900 Atcb Topeka & Santa Fe-100 1824 Mar 2
*
4
19434 195 4 198 1993 196 198
3
10418 10412 104 104 10418 10418 2,100 Preferred
104 10418 104 104
100 1024 Jan 6
104 104
170 17134 169 1697 169 1703 170 17112 172 173
100 1574 Oct 5
6,800 Atlantic Coast Line RE
4
168 170
4
4
100 103/4June 19
4
81,000 Baltimore dr Ohio
4
11638 1173 11634 1183 11614 1173 116 1173* 11514 1163 11512 117
79
79
79
79
79
79
78
100 78 Aug 6
78 •11634 1167
400 Preferred
79
*78
72
*70
7012 71
73 *70
50 61 June 12
71
70
2,300 Bangor & Aroostook
70
70
7112 72
100 110 July 7
150 Preferred
*11012 115 *111012 115 *110 11411 11012 11013 110 11012 *11012 114
80 *79
*75
7912 76
80 80
4
100 58 Feb 18
80
783 77
1,300 Boston & Maine
75
*72
3
4
4
3a
8 663 674 6714 68 4 6812 6912 6858 69% 683 6938 24,400 Bklyn-Miudi Tran v t c..No par 5 / Jan 17
65 663
8914 8914 89 89
89 89
88% 8912 *8912 90
Vs pa
1,600 Preferred v t c
82 Jan 4
89 89
353
4 3512 3612 3512 36% 3712 3912 4012 4512 11,200 Brunswick Term & Ry Sec_100 1414 Jan 6
3414 35
34
100 19514June 19
230 236 234 23812 23112 2357 231 235 23018 232 23238 234% 73.500 Canadian Pacific
197 198
197 198
19812 200% 18,600 Chesapeake & Ohio
198 20214 197 198
100 1751:June 19
195 200
1114 117
11
8 11
1074 10% 1078 11
100
64 Jan 30
4,500 Chicago & Alton
11% 11% 11% 12
1918 18
18
17% 177
17 8 18
7
8 1774 1878 6,400 Preferred
'774 Feb 20
100
18% 18% 18
*42
44
*II
44 *42
44 .
42
44
300 Chic & East Illinois RR.- _100 37 Feb 28
43 43 *42 44
s
6114 6114 617 617
63
6178 62
8 62
1041 58 Aug 16
2,300 Preferred
4
60 613 63% 64
1418 15
1413 15
15% 1618 42,600 Chicago Great Weetern
1434 147
4 1412 16
100
1438 15
94 Feb 8
4
100 2014 Feb 20
3512 3614 3538 3613 3514 35% 333 355g 3438 35% 3514 3618 33,800 Preferred
8
3514 35% 34
4 343 36
353
4 3412 35% 30.300 Chicago Mllw St Paul & Pao__
4
224 Mar 5
363
4 363 373
36
5412 5512 5212 6412 5318 5414 5234 5312 5314 53% 57,200 Preferred new
37 Mar 2
5412 55
88
9214 90
92
93
90
9034 90
9112 42,900 Chicago & North Western_100 78 June 19
93% 91
92
100 137 Sept 5
Preferred
4140 14112 *140 145 *140 145 *140 145 *140 143 •140 145
13412 13634 134 1353 133 13434 13238 1338 13314 13514 *_17,1001Chicago Rock fel& Pacific_100 106 Feb 18
135 136
108 10814 10814 10814 *108 10812 10812 10812.108 10812
800 7% preferred
100 1084 Feb 9
*10714 108
4
1,000 6% preferred
100 100 Feb 24
*101 10112 *10114 1013 101 10114 10112 1011 10112 10112 102 102
110 11012 *108 115 *108 115
112 112
300 Colorado & Southern
100 105 Aug 16
*110 120 *110 116
*7712 7312 7712 7713 •7718 7812 77 77100 67 July 3
40 First preferred
1, 77% 771z *7512 80
70
76 •70
76 *70
*7512 76 •
76 •70
76
*6912 76
100 6914 Nov 2
Second preferred
7512 76
75
75
7312 75
73% 7318 4,100 Consol RR of Cuba pref
100 89 Apr 12
76% • 7818 781
76
196 1981 195 19734 195 19514 194 19518 1933 194
4
8,400 Delaware & Hudson
194% 196
100 16314 Feb 10
4,600 Delaware Lack & Western-100 127 Nov 1
133 1334 133 1343 13312 13434 133 13334 131 13234 131 131
59
59
*58
5914 5714 58
.5812 59
5812 584 59 603
3,200 Deny & Rio Gr West pref_100 504 Feb 20
*312 4
833
4 4
*312 4
4 4
*38
38 38 *33
4
._ 100
300 Duluth So Shore dc AU..
3 Aug 3
64 63
*614 7
4 *612 63
4
612 612 *612 7
63
4 63
800 Preferred
100
44June 19
5812 6314 613 6333 61
6018 611
4
6214 6112 63 155,500 Erie
6014 61
100 48/4June 19
554 597
583 597 *59
8
597
5934 5812 59
8,200 First preferred
4 59
100 60 June 18
59 593
k 5712 6711 57 57
573
57
57
500 Second Preferred
57
55
*56
5712
*54
100 4914June 20
107 10934 30,000 Great Northern preferred-100 931: Feb 6
10412 10634 106 108
1047 10814 10814 1071 10412 106
2
103% 10478 10314 105
4
16.500 Pref certificates
100 914 Feb 7
102 1023 10314 1043 103 10414 103 104
297
2834 2913 283* 29
29
284 29
2912 34.600 Iron Ore Properties...Aro par 1914June 12
29% 29
29
524 323
,
4 4214 43l
521
52
53
517 52
51
5214 5214 5,200 Gulf Mobile & Northern-- _100 43 Aug 6
100 Preferred
100 99 Aug 16
•104 10514 *10414 105 *1104 1041 10412 10412 *103% 104 *1031: 104
547 5518 55% 5814 55
551
54
55
5778 15,100 Hudson & Manhattan
4 55
5453 553
100 51 Jan 3
*8214 8613 *83 8612 *833 863 *8314 8612
84 84
4
4
100 Preferred
84 87
100 81 Oct 8
•
5.500 Illinois Central
14214 14214 14234 1427 14112 14134 141 141 1 141 14112 141 142
100 1814 Jan 11
141 141 *138 141 .*138 141
140 140
14018 141 i
700 Preferred
100 18014 Jan 18
*138 143
4
425 45 4 458 464 4678 49 42,900 Interboro Rapid Tran v t 0_100 29 Jan
43 4512
3
3812 3914 3934 421
49
491
, 4712 478 2,700 lot Rys of Cent America..100 3613 Mar I
4714 487
488 488 48
4 48
4
473 473
*8011 81
81
81 81
81
8012 81
8018 81
81
390 Preferred
81
100 694 Jan
4
71
724 704 717
3
4 7114 72% 28,000 Kansas City Southern
71% 74% 7138 73 4 703 73
100 43 June 1
4
*67
7012 697 6974 *8812 70 •6912 70 *6912 70
100 Preferred
•891 71
4
100 8613 Aug 10
100 10012 97 97
97
9734 9714 9812 *98
99
1.600 Lehigh Valley
50 844 Feb 20
99% 100
14714 14812 14878 149% 14912 14912 14918 14974 150 15012 3,200 Louisville & Nashville
147 147
100 13934 Nov 2
86 86
85 87% 85 85
*8214 871* *8211 8712
20 Manhattan Elevated gtutr-100 76 Jan
85 87% *
*
7
50
4634 50
49
51
5134 14.000 Modified guaranty
14 45 46% 4614 47
4412 45
100 40 Jan 10
*312 4
8312 5
*312 4
*312 4
*31z 5
Market Street Rallway____100
4 Oct 10
*313 4
43 43 .
*43 44
43
43 43
45
300 Prior preferred
*43 45 *43 44
100 4114 Oct 17
27
3
234 3
3
3
212 278
3
3
3
3
5,100 Minneapolis dc St Louis-100
14May 23
*44
46
447 447
*43 46
4414 4414
800 Minn St Paul & El El Marle_100 40 June 21
45% 4512 *454 46
79/4 7984 7912 7912 *77
80
3
3
7814 7814 79 4 79 4 *75 80
600 Preferred
100 76 Feb 7
61
61
6112 62
62 83 *62 63
61
61
64 *
110 Leased Unea
*62
100 61 Nov 15
52% 5312 5313 543 229,500 Mo-Kan-Tex RR
50% 5414 5318 55
4914 52
4
No par 8014June 1
4814 49
10514 1053 10514 10513 10512 1053 11538 11512 4,500 Preferred
4
4
10512 105% 105 108
100 1011:June 1
72
72% 70
70% 72
7012 7112 7012 717 52,000 Missouri Pacific)
4 70
723
72
100 41% Feb
12234 12378 1213* 12318 1213, 12214 12238 12338 11.500 Preferred
123% 12414 12314 124
100 105 Feb 20
38
35
35 33
•314 334
31, 312
312 3 4
3
312 33* 6,400 Nat Rya of Mexico 2d pref_100
SI Feb 17
17912 18184 1804 1825, 18334 186 143,400 New York Central.
100 156 Feb 1
17812 18 % 17912 18212 178 180
0
12838 12914 5,200 N Y Chic & St Louie Co---100 12114 Oct 10
12812 13112 12812 12912 12812 130 s127% 129
12812 129
109 109
1083 10834 10712 10812 108 108
4
1,000 Preferred
4
100 10412 Aug 24
108% 1087 1083 109
3
300 305 •
300 310
315 320 309 4 318 300 311
460 N Y & Harlem
60 168 Jan 8
30912 319
6718 68% 68 6934 67% 6938 6814 6914 67% 6812 67% 68% 50,500 N Y N H & Hartford
100 54114June 19
4
4
*11212 113 112% 1128 11212 11212 113 1134 112114 1123 1123 11332 2.900 Preferred
112 Sept 17
29
28% 27
285* 2874 2612 28
2714 27% 8,000 NY Ontario & Western_100 24 Feb 20
28% 2814
28
*7
812 *7
*7
81
9
*7
812 *7
812
*7
8
No par
N Y Railways prof
54 Jan 24
40 *36
40
40
40
4312 4312 4312 2.100 Norfolk Southern
40
40
40
100 82 June 12
36
•
18818 189
18812 189
3
1887 1933 19312 19414 8.300 Norfolk & Western
180 190
4
18834 189
100 175 June 19
90
*
85 90 *85
90 •85
90
90 •85
100 794 Apr 28
Preferred
90 *85
*85
103% 106
8
10512 10678 106% 1103 73,500 Northern Pacific
4
/
100 9251 Feb 7
10414 105 4 10414 1057 10334 105
995 10113 101% 10234 10212 107
10054 1017 100% 10214 10118 1013
4
24,000 Certificates
100 90/4 Feb 20
27 *
*23
*22
27
23 27
27
*23
27
27 *24
Pacific Coast
*24
100 4913may 14
65% 6678 8832 87
66% 6712 665* 6714 6614 67
74,800 Pennsylvania
50 014.1une 19
65% 66
33 .
30
32
29
29
31
32 *30
32
31
600 Peoria & Eastern
100 25 Mar 12
*30
33
1441 1467 145 14512 14514 14514 7,800 Pere Marquette
1
100 1244 Feb 9
139 4 14314 14112 144 . 143 144
98
97
97
974 98
9612 9812 96% 96% 9612 97 .97
360 Prior preferred
100 96 Oct 31
92
*92
94
93 93
94 I 92
94 94
94 .92
900 Preferred
*92
100 92 Nov 13
152 152 •152 156
3,100 Pittsburgh & West V4
15414 15412 15312 15714 155 155 *15312 154
100 1214 Feb 20
104 1054 1043 10612 8.800 Reading
4
106% 107
1054 1074 10418 105% 104 104
50 944 Feb 7
43
43
43
4212 4212 *42% 4212 4212 43
44
500 First preferred
42
42
60 4112 Nov 1
4
473 498 *4734 484 .47% 50
47% 47%
49
49
400 Second preferred
48
50
•
50 44 Jan 26
69 69
*67
6812 70
69
66
67
65 66
1,200 Rutland RR pret. _ .._._100 60 Feb 21
63 63
118 1188 11712 11814 11734 11814 14,000 St Louls-San Francleeo____100 109 Feb 7
4
119 119% 1185* 1193 11812 119
1
9612 9674 4,400 let pret paid
97 9718 9612 97 1 9612 965* 9612 954 9312 967
100 9454 Oct 10
4
121 12238 1203 12112 12018 12178 120% 12112 15.100 St Louis Southwestern----100 674 Feb 8
4
1213 12414 1213* 124
9112 9112 *9012 94
91
91 , *90
91 •89
400 Preferred
100 89 July 14
4
*873 9012 90
1712 1714 1712 1712 1712 8.500 Seaboard Air Line
1734 173
4 1712 1712 17
18
100 11/4 Mar 3
18
22 1 2114 2112 215* 2138 *20% 22
4
213 214 *21
1,100 Preferred
100 17 Aug 4
*2012 22
4
125 126
12614 12714 12434 12578 125 1263 125 126
30,000 Southern Pacific Co
100 11714 Feb 7
12412 125
4
14814 149
14912 1504 1487 1507 149 1497 14814 149
15,700 Southern Railway
100 18914 Feb 8
14634 149
8
9914 9918
*987 9934 10018 10018 9918 100
*988 100
900 Preferred
100 98%SePt25
100 100
13434 13434 133% 134
132 138 . 134% 135
610 Mobile & Ohio certlfs
100 100 Jan 13
13014 13014 132 132
180 180
180 185 1 180 181 *177 184 *175 180
800 Texas & Pacific
100 9914 Jan 8
180 181
34 I 3414 3414 34% 34% 3412 35% 2,000 Third Avenue
333* 343* 34
100 284 Jan 10
35
*32
3918 39% 40
38
38
38'2 38
*36
38
1,300 Twin City Rapid Tranelt_100 324 Sept 5
435
3712 38
*9712 99
97% 9712 *9712 99 *971z 99
*9712 100
10 Preferred
100 94/4 Oct 30
*0712 100
4
4
100 18814 Feb 6
21514 223% 220 224% 2173 22114 216 2173 21514 2174 21712 219% 32,400 Union Pacific
8318 8314 83% 8314 1,200 Preferred
8314 8314 *8314 8312 834 833
100 8218 Oct 8
8314 8314
7812 784 7912 80
7818 791
7,600 Wabash
100 61 Feb 18
8 8018 8112 7812 80 1 *93
4
793 803
93 •92
93
95
96
*93
98
400 Preferred A
4
933 94
100 8814 Feb 7
94
*92
95
*92
*92
95
95 *92
95
94 1 •92
100 Preferred B
94
100 87 Feb 4
94
rg0
4
43
4 4218
4214 43% 19,600 Western Maryland
425* 435* 4212 433
4
100 81/ Feb 8
4414 443
4 4418 45
4312
4312 •42
4312 •42
4312 *41
*42
600 Second Preferred
100 *Ms Feb 8
4414 45
45
4413
3214 318 3178 31% 3178 1,600 Western Pacific
32 I 32
4 32
100 2814 Feb 7
3114 3238 323
31
13 56
5612 5612 1,600 Preferred
56
56
5518 .55
55
MIA 59
100 5212 Aug 15
58
56
t
*Bid and asked prices; no Baled on Ibis day. s Se41/eldeed
a ex-dividend and ex-rigais. g Es-rigate
PER SHARI
Rosie for Puttees
Ysor 1927.
Lomita
Steam.
$ per share
DOI share
204 Nov 16 1614 Jan
10814 Apr 9
994 Jar
19112May 7 1744 Apr
11974 Apr 12 10613 Jan
85 Apr 4
734 Jan
844 Jan 11
44 Jan
11514May 31 101/4 Jan
83 May 10
77 4MAY 3 bi- Aug
3
9538May 3 781* Oet
4774Sept 4
74 Oct
23812 Nov 12
30614 Jan 6 1116 Jan
4
183
4May 2
Jan
2614May 2
74 Jan
4814May 10
8014 Jan
7638May 4
63 Jan
leAsMa) 2
813 Jan
384 Nov 12
4012 Apr 26
-:11414
5612Sept 4
_9414May 1
7814 Jan
150 May 2 12414 Jan
13634 Oct 24
6814 Jan
11112May 31 10214 Jan
105 May 31
9514 Jan
126 May 3
84 Jan
85 Apr 10
70 Jan
85 May 9
68 Jan
87148June 1
65 Aug
226 Apt 26 1714 Jan
150 Apr 9 13014 Oct
66/4 Apr 28
414 Jan
884 Jan 5
24 Apr
4 Mar
912MaY 2
6614 Jan 4
3913 Jan
834 Jan 7
52 Jan
/
1
4
82 Jan 6
49 Jan
1094 Nov 16
794 Jan
1054May 15
8518 Mar
333 Oct 23
4
18 July
614May 10
361a Jan
109 May 1 105 Jan
7314 Apr 24
4014 Jan
934 Apr 28
78 Jan
1484May 9 1214 Jan
147 May 15 12074 Jan
62 May 3
304 Aug
61 June 16
28 Apr
82 May 2
82 Apr
75 Oct 18
414 Jan
77 Apr 20
644 Jar
118 Apr 28
8813 Oct
16914May 10 12814 Jan
98 May 4
7814 Dec
64 May 3
&1/4 Dec
712May 15
434 Nov
5/
4 4May 4
414 Feb
812May 2
1% Jan
524 Jan 6
27 Jan
87/4May 16
50 Apr
714 Jan 9
584 Mar
55 Nov 14
314 Jan
109 Feb 3
95/4 Jan
7614Sept 17
374 Jan
126 Oct 25
9014 Jan
513 Apr 28
14 Aug
19114May 10 1874 Jan
146 May 11 0110 June
110 Jan 41 102 Mar
605 Apr 25 187 Deo
694 Nov 12
414 Jan
117 May 3 110/4 Oct
89 May 2
2314 Jan
18 May 3
4 3 Dec
/
4914 Jan 11
37% Jan
197 May 9 150 Jan
90 June 12
88 June
11033 Nov 16
78 Jan
107 Nov 16
86 July
844May 25
164 Feb
7212 Apr 27
5884 Jan
37 May 1
20 Jan
1488 Nov 14 11412 Jan
1014 bfar 28
98 Jan
100/4 Mar 30
89 4 Jan
1
163 Oct 9 12214 Jan
1194May 10
ite
Jan
46 Apr 9
6014 Jan
594May 1
634 Jan
7214May 18
48 Jan
122 Mar la 10011 Jan
4
101 May 21
12414 Nov 10
Jan
61
96 Jan 3 764 Jan
28% Mar
304 Jan 3
Jan 8
824 Apr
13114May 9 10814 Jan
166 May 7 119 Jan
10214 Jan 17
96 Mar
1594 Jan 20
SO July
1944 Oct 23 6 / Jan
34
Wad Aug
464May 8
50 May 8
45 Nov
107 Feb 10
99 Apr
2245* Nov 12 1594 Jan
77 Mar
9614May 11
4014 Jan
102 May 18
76
Jan
9912May 18
65 Jan
6/
4 4May 10
13% Jan
23 Jan
544May 10
374 Jan 1
2518 Apr
624 Jan 6
88 AD
as.
as
ver seen
200 A%
1064 De,
2054 Am
126 Or'
88 Jun,
10311 Mal
122 Jun.
To's Jai
88 Jar
19114 Des
2181* O1
1038 June
184 July
61 Jul/
844 Oct
2214 Ma/
4474 June
1914 Dec
374 Dee
974 Sept
150 Oct
110 July
11114 Dee
104 Nov
187 4 July
/
78 Dee
75 Oct
77 MAY
280 Juno
178 Mat
67 4JUu
3
77s Dee
1114 Dec
6914 [Sept
6614 Aug
6414 Aug
1037 Sept
4
101 Sege
2814 Sept
78/4 July
11214 Apr
654 May
0014 May
1894 Om
140 OM
5214 Fet
424 Oot
744 Oot
7014 July
7314 Pee
1374 June
15914 Oct
90 Fat
54% Yet
64 June
59/4 An,
47g Feb
5818 Db,
8818 Dec
71 Nov
6614 Juno
10918 Del
62 Ara
11814 Nov
814 (tot
1714 On
36014 May
110 Dee
185 Mn
6314 Del
1144 Nov
41/4 Sept
16114 Jar
644 Juno
202 Nov
90 July
1024 Dee
994 Dec
3184 Dec
68 cmie
66 4 July
1
14014 Map
994 Dee
974 Der
176 May
1234 June
4314 Der
80 Feb
69 May
11714 Jung
93 Kip;
9434 Dec
4114 Feb
iltse July
1264 Dec
149 Dec
1014 Dec
115 Dec
Mrs Nov
41 Feb
6514 Feb
106 May
19714 Dec
8514 Dec
81 June
101 June
98 June
674 June
874 June
6714 June
7
6/4 Feb
Ex-div. oil',. the shares of Chesapeake Corp. hock.
2788
nieW YOrK
Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page Preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Nov. 10.
Tuesday,
Monday,
Nov. 12. I Nov. 13.
per share $ per share
Friday,
Wednesday, Thursday,
Nov. 14.
Nov. 15. I Nov. 16.
Per share $ per share
Sales
for
the
Week.
per share $ per share Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Der shore
a Ex-rignsa
$ per Blare
3614 Nov 2
76 Nov 2
90 June 19
109 Oct 27
196 Jan 4
1113 Feb 8
844 Jan 17
24 Jan 17
59 June 19
712June 12
1 Jan 5
23 Mar 15
146 Feb 18
1201/June 28
1154 Feb 18
912 Oct 8
69 Mar 2
274 Feb 20
15% Feb 20
65% Feb 20
7484 Jan 17
60 Oct 19
1484 July 13
36 Feb 17
158s Feb 18
397 July 17
12234 Oct 11
10% Apr 27
4014 Apr 27
7012 Jan 18
13684 Jan 10
8814 July 31
1105s Aug 1
81 Oct 20
4512Nov 13
107 Jan 6
11 Feb 18
53 Jan 4
169 Jan 10
22% Feb 28
10434June 26
81 Feb 24
814 Oct 9
31 Nov 1
59 Feb 18
28 Jan 10
90 Jan 7
71 Jan 6
54 Jan 12
56% Jan 13
8612 Jan 13
87 June 21
10314 Oct 24
1291/June 19
39 Mar 13
109 Aug 8
1284July 19
45 Nov 5
6214 Jan 11
10155 Nov 10
1304 Jan 18
1104 Jan 4
514 Feb 7
56 Jan 10
2753Nov 1
313 Aug 9
80 Sept 28
169 Feb 27
13182 Jan 9
141 Jan 5
100 Oct 30
5018June 13
109 June 19
56 Feb 18
100 Feb 17
47% Feb 27
198 Oct 19
4
172 July 24
152 June 19
162 June 19
1154Sept 18
109 Aug 10
/
1
4
1078 Oct 10
52 June 11
98 Oct 5
14 July 27
$9 Aug 31
1012June 20
34 June 12
8 2 Jan 10
8
40 Jan 16
64 Jan 18
5514 Feb 20
112 Oct 27
86% Jan 8
1114 Jan 16
6 2 Jan 10
5
674 Jan 12
3514July 23
29 July 20
4
1043 Nov 12
4014June 13
374 Feb 18
8712 Feb 18
38 Feb 27
5412 Nov 12
11412Sept 10
63 Jan 3
102 July 24
84 Jan 6
4% Jan 3
25 July 12
58 Oct 29
612 Jan 18
25 Aug 31
43 Oct 17
235 June 11
115 Oct 24
10714 Nov 14
26% Aug 3
2312 Aug 20
20 June 12
20 June 14
98 June 20
104 June 19
1214 Mar 16
70 2July 13
8
13 July 26
8 Sept 27
82,
85 Apr 62
10258July 31
11713Nov 14
1144June 18
410 Oct 19
65 Sept 25
4Sept 25
693
534 Mar 20
87 Nov 15
1482 Jan 24
10 Nov 10
3114 Jan 26
2411/ Nov 12
1275sMaY 4
14734 Nov 16
1644 Apr 19
90 Apr 19
4034 Nov 8
234May 24
7612 Aug 21
159 May 9
65 Jan 3
/
1
4
2412 Aug 28
615sSept 13
41 June 4
4912 Jan 27
128 June 12
2614May 21
6572May 21
11712 Nov 16
147 Apr 30
111% Jan 3
13713 Mar 31
105 June 4
4812 Nov 8
114 May 21
151s Apr 10
80 4Sept 18
3
30014 Nov 10
56 Nov 16
110 May 24
100 Sept 7
15% Feb 1
674 Feb 1
82 Nov14
46% Aug 6
9912May 9
13134Nov 16
11% Oct 17
14515 Nov 16
155 Nov 13
115 Jan 31
134 Mar 24
180 Mar 26
533 Sept24
11712May 14
26 Feb 7
90 Jan 3
95 May 14
10714May 28
1878 Nov 16
2
1383 Feb 21
4
85 Apr 12
7472Sept 20
45 May 14
61aMay 28
119 Jan 8
285 Nov 12
142 Apr 20
179 Nov 16
120 June 6
70% Jan 11
120 Feb 29
834 Nov 14
noi/May 31
73% Sept 7
32 Jan 17
211 May 17
18234Nov 16
18412Nov 16
126 Apr 20
14214 Nov 16
115 Mar 31
7084May 4
106 Apr 13
25 Oct 30
6214 Feb 14
1912 Feb 9
5334 Oct 18
57 Oct 17
11772 Oct 18
10532 Nov 16
107 Nov 12
11514 Mar 16
9712June 7
231/Sept 8
13i/May 11
9112June 6
614 Apr 2
4482 Mar 30
114 Mar 19
6012 Nov 12
538s Se pt 7
5973May 21
6514 Oct 31
6314 Oct 25
1181 Jan 3
4
101 Mar 23
11012May 31
1782June
94May 14
Si. Jan 21
75 May 9
1782May 25
3784May 25
5212May 1
285 Mar 31
12434 Apr 11
11172 Jan 5
3212June 14
524 Feb 1
63 Nov 12
5118 Nov 10
14012 Mar 1
1104 Mar 28
2312 Oct 16
885sNov 16
22 Jan 12
9212May 14
PER SHARE
Range for Pretfors
Year 1927
Highest
Lowest
$ per slays
per there
Industrial & Miscellaneous.
NO par
38% 39 4 3918 398 3914 3912 4,200 Abitibi Pow &Pap
3
39
39
388 394 3812 39
100
7918 7912 79% 7912 1,700 Preferred
7812 79
79
79 I 784 79
79
79
5,900 Abraham dt Swam-No Par
11114 11113 1125 11413 114 11712 114 117141 115 116
*109 111
350 Preferred
100
*1094 11012 *10934 11013 *10934 11012 11013 11013 10934 110 *10934 111
100
4
355 359 359 385 360 360 350 3583 *351 355 I 359 37312 2,100 Adams Express
100
4912 12,000 Advance Rumely
49% 4734 4812 48
4813 504 48
47 3 4873 48 50
7
6,900 Preferred
100
62
6212 6214 63 I 6212 63
63
6111 63
6114 6114 62
1
318 314
3
332
4 37 30,600 Ahumada Lead
8
8 314
4
33
314 33
27
314 33
83 87 I 8418 86 23,200 Air Reduction, Ine,_-__No par
4
8 8113 82
82% 8238 8078 817g 803 817
No par
9,700 Ajax Rubber. Inc
812 9
7
83
4 88
812 8 4
812 813
812 84
1
812 812
812 214
83
2 87
8; 814 87 126,500 Alaska Juneau Gold Min__ 10
8
87
8 912
9
93
4
7% 10
26
4 2,600 Albany Peri Wrap Pap_No par
263
2612 2618 27
4 2538 2638 2512 253
26
*264 27
231 234 23513 24112 235 23812 23312 236 233 235 1 23712 23913 30,900 Allied Chemical & Dye_No Par
500 Preferred
100
12313 123 2 *123 124 124 124 113123 124
123 123 13123 124
,
100
4
14112 143
1433 1473 11,000 Allis-Chalmers Mfg
4
141% 145
4
13715 137% 136 13678 1353 140
1112 2,900 Amalgamated Leather_No par
1113 1112 1112 *11
1178 1178 *11
117
11
113 *11
4
100 Preferred
75
*73 , 75 ' *73
1 *72
75
7014 7014
393
No par
3838 394 38,600 Amerada Corp
3814 39 1 37 1 39
3
39
3913 3814 39 4' 38
29,200 Amer Agricultural Chem__100
8
1912 1838 19
187 1978 2034 22
1918 1912 1834 1934 19
100
6612 6612 6714 6834 6912 7514 17,100 Preferred
68
69 i *6612 68
68 69
10
13734 13734 13412 13712 137 13912 5,500 Amer Bank Note
13913 14012 13812 14132 13734 138
240 Preferred
50
61
61
6112 *6078 61 1 61 0 61
61
6118 6118 61
61
1,700 American Beet Sugar-No Par
18
19 *18 a 1912 18
19
1812 1914 *1812 19
20 20
Preferred
100
55
4
55 *50 , 55 *50
55 *50
55 I *50
*50
55 *50
10.700 Amer Bosch Magneto__ o pa
37
3412 3513 35 .., 3512 36
3518 3512 3478 3514' 341 35
....No par
464 18,400 Am Brake Shoe de F
411 42 I 42
'
428 42
4212 43 1 4112 42
2
4212 427
100 Preferred
100
*124 128
12514 12514 *125 1274 *12478 12713 *125 i 12712 *125 12712
1438 13,400 Amer Brown Boverl El-No par
1418 15 1 1414 1514 1418 15 I 14 j, 1414 14
1334 14
300 Preferred
100
4912 50
49
49
4838
4912 4912 48
*4814 50
4838 50
25
1141 11712 441,100 American Can
10938 11313 11238 11534 11114 11314 11238 11538 11212 114
200 Preferred
100
2
144 *141 142 I 14114 14114 *141 14178 141 141 *14114 1417
•141
95
94114 9512 6,000 American Car & Fly-No Par
9512 94
9478 957
2 9414 953
8 94
94 95
400 Preferred
100
*118 11913 *118 1194 0118 11913 11912 11912.118 11912 *118 11912
300 American Chain pref
100
87 87 I 8612 8612 87 87
*87 95 *87 92 1 *87 90
8,500 American Chicle
No par
46
46
4613 47
14 45 4 47121 4512 4615 4614 474' 4612 47
3
Prior preferred
No par
0
*109 111 *110 111 1' 109 114 *109 114 *109 114 *109 114
4
4 113 117 13,400 Amer Druggists Syndicate_10
117 12
118 12
1138 113
115s 12
1134 12
7212 7212 72 2 723
,
4 2,800 Amer Encaustic Tiling_No pa
7212 73
4 7213 73
7234 723
4 7234 723
3,200 American Express
.
100
I 290 295 *287 290 287 ,2873 28512 295
29514 30014 297 300
5114 56 40,600 Amer de For'n Power__ _No pa
504 5112 5014, 51
5013 517a 50 507
514 52
No par
1083 1083
4
4 1,100 Preferred
108 108
108 108 10812 108121 108 108
9612 9612 1,500 2d preferred
No par
96
9612 9612 9513 9612 96
96% 97
957 97
4
913
600 American Hide & Leather_100
912 *9
9
9
9 14 914 *9
9
834 834
9
3812 2,000 Preferred
3812 37
100
4 36
36
383
*35
37
37
40
35
8
36
8014 82 39,400 Amer Home Products_No par
8012 32
5
76
7514 75 8 z7812 82
75
75
75
No par
4238 4314 43 4312 21,600 American Ice
4138 4234 427 437
8
414 4112 413 42
500 Preferred
94
94 *93
100
933 9334 9312 9512 *94 100 *93
4
82312 96
12234 1293 1261s 1298 12814 13134 102,100 Amer Internet Corp_ _No par
4
1214 125 123 125
12214 124
8% 878 8,700 Amer La France & Foamite_10
914
93
834 88
814 87
84 9
s
9
9
145 14518 3,000 American Linseed
100
136 13612 136 13612 134 14034 143 14412 *140 143
1,400 Preferred
100
145 150 *140 1497 1498 155 *145 160 *145 165 *145 165
96' 97
2
9733 100
984 9912 100 10134 101 1014 10112 104 31,600 American Locomotive_No par
. 600 Preferred
112 112
100
110 110 *111 113 *112 113
110 110
*109 110
5,200 Amer Machine & Fdy--No Far
178 179
17714 179
175 177
17218 1733 172 17234 171 176
4
5014 51% 11,800 Amer Metal Co Ltd___No par
5034 5014 51
4 497 5012 50
2
517
8 5013 503
50 8
,
Preferred (6%)
100
*11314 115 *11314 115 *11314 115 *113114 115 *11314 115 *11314 115
14
14
300 American Piano
*13
13 *13
14
13
No 7/07
14
14 .13
14
13
40 Preferred
*46
46
46
48
49
100
49 *46
4513 4513 4512 454 •46
824 36,200 Am Power & Light____No par
9013 9018 • 93 z8012 814 81
9014 908 901s 91 I 89
4
No par
4 1,700 Preferred
4
4
4
10138 10134 1013 1013 1017 1017 1013 102 1013 10214 10134 1013
17814 1873 28,700 American Radiator_
175 178
25
3
171 17312 16934 17214 17212 17512 17212 174
6,400 Amer Railway Expre , _100
127 12812 12812 129
12312 12312 125 126 I 126 126
125 126
7114 7512 7414 75% 24,900 American Republics
No
- par
7238 694 71 1 7112 73
7014 7014 70
8,700 American Safety Razor_No par
7018 71
8' 7014 71151 7012 71
717
724 7238 7113 728 71
6,300 Amer Seating v to
324 33
No par
33
323 33
8
2812 2914 291 32 I 32
29
29
37
2,000 Amer Ship de Comm
No par
414
44 *4
414
4
*4
280 American Shipbuilding__100
382 8434 82 '''' 843 *8212 85
4
844 844 83 8411 '
85 85
33,100 Am,Smelting & Ref1ning-100
27512 276 27812 285 1 275 27912 275 27914 2744 2767 278 282
100
13718 13718 137 1371 13713 13718 *13718 13812 1,000 Preferred
137 138 *13713 138
2,600 American Snuff
4
178 179
100
4
17134 1713 172 173 173 173 , 173 17434 1743 175
30 Preferred
110 110
100
*101 106 *101 106 *101 110 *101 1119 i*101 110
4
4 598 6113 5913 6134' 5838 6014 6013 643 62,200 Amer Steel Foundrles_No par
6214 6113 623
61
40 Preferred
100
8
8
2
*1107 112 I 111 112 I 1107 1107 *1107 112 I 111 111 *11012 112
67,200 Amer Sugar Refining
100
8 8114 83
8 79 8018 778 8138 8038 8318 8114 827
7812 797
4 1,600 Preferred
100
4
4
*106 107 I 10612 10612 106 107 I 1067 10712 1073 10814 1083 1083
No par
617 24,800 Am Sum Tob
2
4
4 533 594 59 6213 5913 614 60
*57 4 583
3
4 5414 573
100 Amer Telegraph & Cable-100
2013 2013
21 I *18
21 I *1934 2013 *1913 21
21 I *18
*18
100
187 18833 18712 18812 1863 18734' 187 188 I 18638 187% 188 1954 41,600 Amer Telep & Teleg
174 1751e 17534 17912 180 1823 17,100 American Tobacco com---50
4
17184 172 , 17113 17312 17211 174
50
174 176 I 176 179% 180 18412 33,200 Common class B
1713 17178 172 17512' 17414 175
4
100
1198 120 I 120 120 I 120 1204 1204 1204 120 1204 1204 12014 1,000 Preferred
1367 13934' 13734 13912 140 14214 6,600 American Type Founders 100
138 I 136 136 1'133 136
134
130 Preferred
100
111 11112
*11214 11213 11214 11214 *11214 11213 11214 11213' 112 112
NO Par
6114 61
633a 6114 62% 613 6312 27,800 Am Wat Wks & El
4
3
61
8113 60 4 6114' 60
500 let preferred
101 101 I 10013 101 *100 101
*200 101 14'10018 101
*100 101
100
4 227 2412 20,200 American Woolen
8
4 2212 2234' 2214 221s 2218 2234' 2214 223
22 223
100
5218 5234 5818 22,500 Preferred
53
5112 5234i 52
3
521g 538 5218 53 8/ 52
14 I 141 14% 1414 144 *1414 15 *144 144 1,900 Am Writing Paper ette_No par
1414 14
14
3,500 Preferred certificate_ _ _100
454 45 47%' 4614 4714 4518 46
434 434' 44
*43 45
43's 45
44
457 10,800 Amer Zinc. Lead & Smelt___25
5
4312 46 1 4312 4438 431 45
4412 46
25
2,900 Preferred
101 102
1014 102 101 102 I 101 101
9958 9938 10018 102
7
97 98%, 97
9812 9914 10538 527,600 Anaconda Copper Minbig_50
9938. 9612 97
4 97
95 3 963
5
3
10612 104 107 I 1034 106 8 103 1047 102 10314 10418 105 21,000 Archer, Don'ts, Midrd_No par
105
100
310 Preferred
*11312 114-2 11312 11355 *11313 11413 *11312 11418 11312 11412 11312 11312
2,200 Armour dz Co (Del) Pref.--100
923 9314' 9234 936 *923 93
8
4
4
9212 9212 9212 9212 9212 93
4
183
8 173 18 29,100 Armour of Illinois class A_ _ _25
1714 17381 1732 1778 1732 18141 18
3
17 8 17 8
3
25
838 83
4' 812 83
4
83
8 84 24,300 Class B
813 834
812 8781
4
855 83
100
8514 8514 2.400 Preferred
8612 858 88 I 8514 86
86
847 85
84 84
7 50.000 Arnold Constable Corp_No par
44
45
/ 44 45
3
3
4414 44
404 41
4112 45 I 417 45
5
No Par
3112 3513' 3514 35 g, 32
4 4,300.Artloom Corp
3514 3512 353
3412 *3113 34
*34
100
40 Preferred
10434 1044 *105 109 *105 109 *105 109 *105 109
*104% 109
No par
7
57
58 143,200 Assoc Dry Goods
k
547 5738 5812 60457
25
260 Associated Oil
47
4714 4714' *4715 50 *474 50
474
49
48
473 4914 484 488 4,400 AUG & WI85 Line-No Par
4
485
8 4838 498
48% 483 484 48% 48
100
6214 6018 62
604 6115 3,300 Preferred
62 6214' *61
6114 62
613 617
4
25
554 564 5512 67 160,400 Atlantic Refining
558 57
55
53 5738 5415 5514 544 553
100
320 Preferred
8
8
*11534 11612 11612 11613 11612 11612 11612 11612 11612 11712 1173 1173
No Par
9212 9212 5,800 Atlas Powder
88 93 4 9214 94
3
86 87
86 87
86
*84
100
30 Preferred
103 103
1038 1037
5
104 104 *103 104
*103 104 *103 104
No par
400 Atlas Tack
1212 1138 1138 1212 1212
1212 1212 *12
12
12
13
*12
614 '4314 612 1,500 Austin,Nichols&Co.
-No Dar
6
65
3
6
68 638
3
6 8 612
,
612 6 2
300 Preferred non-voting __ _100
3314 3314 3313 3312
33
33
324 34 0
*
3214 35 *3213 35
400 Austrian Credit Anstalt
6112 *61
6112
6112 *6112 62 *6113 614 61
6114 6114 *61
No par
143
1438 1512 5,500 Autosales Corp
14
7
,
1312 13 k 1312 141s 13 2 14
13
13
50
3514 3418 3512 2,300 Preferred
35
354 364 353 3512 *3414 36
36 36
-No par
4 4414 4414 1,000 Autostr Saf Rasor"A"
4412 443
7
45 45
45 45
45 45
*45 46
Baldwin Locomotive Wky_100
275 *235 275 *234 275 *235 275
•234 265 *234 265 *235
100
160 Preferred
4
11812 11812 11812 1193 *11813 120
•11814 120 *118 120 *11812 120
550 Bamberger (Li & Co pref_ _100
8
10713 10712 10733 10712 10714 10733 1073 1078 108 109
*10712 110
No par
2914 2914 294 294 1,000 Barker Brothers
29
29
29
3
294 29 3 29
*29 8 295
3
No por
2438 2434 4,500 Barnett Leather
2434 2613 2412 25
28
27
29
294 2934 28
25
8 4812 5014 470,500 Barnsdall Corp Class A
53
4655 5114 4834 5018 4738 493
, 5
513 52 8 50
25
400 Class B
50
50 *48
50 *48
50 *48
5138 5012 50 2 *48
,
50
900 Bsyuk Cigars, Inc
NO Par
10214 103 10312 10334 10334 103 103 *102 1044
*10034 10212 101
100
560 First preferred
105 105
105 105
10511 10513 10455 106
*10512 106 *10511 106
33,000 Beacon 011
2138 22
No par
2112 22
2113 22
2138 22
4
214 2135 213 22
20
853
8 86
8855 48,200 Beech Nut Packing
84
774 78% 764 8234 8313 87
*77 4 78
3
1412 1418 1414 2,400 Belding Hem'way Co...No par
14
1338 1338 1354 1413 14% 1413 1418
14
1,200 Relit= Nat Rys part pref.-5
53
5
8412 84 84 8 84 84 5 8412 844 844 85
84
8438 8412 8
8 BIG and asked mica: no sales on 012 day. 2 Hz-dividend
PER SHARE
Range Since Jan, 1.
Os basis of 100-share lots
Highest
Lowest
Nov
.
8238 144;
109 Aug 1134 Fell
124 Jan 210 Nov
8
7% Oot 16 4 Feb
2
321 Oct 4584 Not
612 Sep*
34 June
71j June
1 June
18 Apr
131 Jan
120 Mar
88 Jan
1182 Nov
68 Dec
2764 Ape
84 Apr
2814 Apr
Jan
41
6612 Jan
1514 Oct
35 Dec
13 Jan
jugs May
11714 Feb
54 Aug
60 Aug
43% Mar
126 Jan
95 July
12484 001
984 Dec
IA lilt
34 Feb
82 Sept
16912 Sent
124 AnS
118 4 Des
8
2412 Pet
108 Feb
87% Pet
2112 Dee
7234 Dee
98 Nov
65 &PO
8
23 4 Mat
604 Jan
2682 Oct
46 July
128 Mar
394 Jan
98 Feb
77% Dee
14134 Dec
111 Dec
13484 Juni
103 Sept
tiu lin 110 LI(1s
9% Apr 1518 Nov
38% Aug 5713 Nov
127 Jan 183 Nov
1873 Feb 31 Dec
8612 Feb 10984 Dec
73, Apr 1238 00*
48 Mar
30% Jan 71 Nov
2584 Oel 32 Aug
84 Jan 9812 May
37 Mar 724 Des
4 Jun• 10 Jan
204 Apr 7212 Nov
46% Mar 9212 Noy
9914 Oct 116 May
11912 Feb 127 July
7314 Jan 18811 Der
3612 Nov 48% De*
667, July
11112 Dcc 431 ititt;
/
1
4
84 Nov 110 Mar
66 Jan 734 ON
1161i JaIl
-874 Apr
351e Jan
42 July
3872 Oct
3 Oet
12
80 Jan
132% Jan
1194 Mal
119% Jan
92% Jan
6112 Apr
11014 July
6514 Nov
104 Nov
414 Jan
26 Apr
14914 Jan
120 Jan
1194 Jan
11012 Jan
11972 Nov
1071 Feb
4
46 Aug
9972 Oct
1612 June
667 June
2
972 May
2584 Apr
54 Sept
85 Oat
6114 Arne
'18 Mar
106 Jan
79 Oct
8 May
/
1
4
5 Dec
00 Apr
21 Apr
4084 Dec
10912 Nov
3912 Feb
35 Oct
30% Mar
29 4 Mar
8
147', Sept
1164 NOV
8314 Del
8674 Nov
81 July
64
8
12314 Nov
18834 Del
133 Dee
14684 Nov
10612 Oct
723 Dee
4
116 Jan
95% Map
11812 May
6534 001
3684 Aug
1864 Oot
189 Nov
188 Nov
120 Dee
146 Feb
116 Sep/
7212 Sep"
1034 Dee
83% Jan
8612 Jae
2414 Ool
57 4 AO$
1
104 Feb
614 Feb
6012 Dec
63 Dee
11812 Dee
1181 Feb
4
167 Jan
2
912 Jan
864 Jan
5612 Nov
4
543 Jan
11412 Nov
53% Nov
504 Feb
4312 Nov
41% Not
11583 Feb fill Au
5612 Mar 70 June
98 Jan 107 July
714 June 1212 Apt
44 Mar 104 Jan
3313 Dec 61 Jan
7214 Dec 80% Nov
44 Mar 11 Dec
4214 Dec
28
46 Nov
/
1
4
43
85 4 84111
8
,
1434 J
Jan 12514 Jul,
lib
2
10684 Mar 1107 Dee
a:
40
2084
2012
494
101
14
5014
154
71111
Jan 1938 1
Oot 8512 Feb
Otil 8212 Fat
Jan 109 Dee
Jan 110 An.
4
Oct 181 Jam
4
Apr 741 NOV
July 3714 Jos
New York Stock Record--Continued-Page 3
2789
For sales during the week of stocks not recorded here, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Nov. 10.
Monday,
Nov. 12.
Tuesday,
Nov. 13.
Wednesday, Thursday,
Nov. 14.
Nov. 15.
Friday,
Nov. 16.
Sales
for
She
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Nance Since Jan. 1.
On basis of 100-hare let,
Lowest
Hiplest
$ per share
Per share $ per share $ OCT share
per share $ per share Shares Indus.& MaceII.(Con.) Par $ per share
$ Der saar.
9718 97 4 963 99
4
,
8
4 973
4 9712 9914 975 9912 9718 9938 13,100 Best dr Co
No par 533 Jan 19 102 Oct 29
4
7014 7114 6812 703
4
7412 7512 785 224,000 Bethlehem Steel Corp
4 673 7014 6912 72,
8 72
8
100 517
8June 19 785 Nov 16
8
121 121
12012 12011 120 121
12012 12112 121 121
12034 121
2,800 Beth Steel Corp pf (7%1_100 11618June 29 125 Apr 13
3142
4112 423
43
8 4278 4312 43
4512, 4512 4612 45
454 8,300 Bloomingdale Bros____No par 3358July 23 473
4Sept 15
*103 110 *103 110
10912 10912 *10912 110
10912 10912 *10912 110
450 Preferred
100 10913 Jan 11 11134July 3
115 110
115 115 *11412 11712 11412 11412 115 115
11212 11514
220 Blumenthal & Co met
100 87 June 27 117 Oct 2G
7,5
7612 *7612 76
763 7714 76
4
7612
754 7512 75
7518 2,000 Bon And class A
No par 6514 Jan 3 7834 Jan 27
912 95
1078 103 1112 1114 1112 6114 6272 2608 0 Booth Fisheries
8 10
103
4 10
4
1
1 38 1 . :
, ,
514 Jan 4 1212 Nov 16
62
66
71
67
674 6912 6714 724 1367
70
650 Boirsdrenre
p cfeorred
No lfl r 4114 Mar 14 7218 Nov 14
pall
168 16912 169 172
167 16812 1663 1683 16412 16912 168 17134 15,900
4
4
50 152 June 19 187 Jan 11
197 20
8
1918 2014
19
1978
1812 193 *15
4
*15
1812
1812 2,600 Botany Cons Mills class A_50
83 Aug 23 23 Jan 4
4
507 517
8
4
8 503 5238 4914 514 495 543
8
5518 563 357,500 Briggs Manufacturing_No par 2118 Feb 4 6358 Oct 16
4 544 57
4
434 43
4 *458 478 *41,2 478 *43
8 47
8 *412 47
8 *412 478
100 British Empire Steel
lin Jan 10
100
914May 25
*6
618 *6
618 618
618
618
618
618 618
57
2 618 1,800 2d preferred
100
214 Jan 5 12 Feb 1
733 745
8
8 73
7418 715 7312 71
8
7312 7112 7214 723 74
4
36,200 Brockway Mot Tr
No par 4512June 1 7512 Nov 9,
•148 15014 147 147 *146 148 *146 149 *143 1493 *145 1493
4
4
100 Preferred 7%
100 110 June 21 149 Oct 20
13262 282 *262 288 •262 280 *270 290 *270 288
285 285
100 Brooklyn Edison Inc
100 2063 Jan 10 285 Nov 16
4
*165 168
1687 17012 165 16913 16834 171
8
168 168
167 171
9.500 Bklyn Union Gas
No par 139 June 13 1743 Sept 21
4
474 4712 4718 4712 4712 47
12 48
*473 48
4
48
*474 48
1,200 Brown Shoe Inc
No par 454June 11 5513 Apr 5
51
524 5112 53
.5114 52
5114 56
55
573
81 55
56781 33,100 Brunsw-Balke-Collan'r_No par 2712 Feb 20 623 Sept 20
4
37
3712 363 374 355 37
2
8
345 353
8
4 347 3514. 3512 363
8
8 4,200 Bucyrus-Erie Co
10 2412 Feb 18 507
8June 2
4512 454 443 4514 4458 4538 4338 45
4
4338 4478 443 454
4
10 3338 Feb 17 545
8May 14
512212 12312 124 124 1 12412 12412 *12114 1233 •12114 12314 12334 12378 8,600 Preferred
2
400 Burns Bros new clAcomNo par 9312 Feb 17 127 Oct 29
*3412 3512 *3412 353
4 3412 3412 *34
35 1 534
3512 *34
35
200 New class B corn ____No par
157 Mar 8 4338June 4
8
11105 10512 *105 10513 *105 10512 105 1051 105 105 *105 10512
100 Preferred
100 9784 Feb 21 1103
4June 11
31173 17414 173 173 •172 174141 173 173 1 17212 1724 17212 17212
600 Burroughs Add Mach_ _No par 139 Jan 14 17612Sept 29
67
68
6714 68 I 65
6712 6612 701 ' 69
7012 7014 72
14,900 Bush Terminal
par 50 June 20 73 Oct30
107 107 *10613 10712, 10713 10814 .107 1081 *107 10812 10712 10838
70 Debenture
Vs 10r 1047 Aug 18 115 May 21
8
a
0
*11514 116 *11518 118 1 11514 116 *116 11612 *116 11612 11612 11612
120 Bush Term Bldgs pref
100 111 Aug 1 11912June 16
1012 107
8 1012 107
81 1018 1012 1018 1038 1018 1014, 10
103 15,300 Butte & Superior Mlning___10
8
83 Aug 6 163
4
4May 21
914 95
8
914 93
4.
812 9181
814 9 I
8
85 '
8
813 83 16,400 Butte Copper &Zinc
4
44 Jan 19 113 Oct 26
5
8
4234 4278 42
43 1 43
44
45
467
8 4413 4512 4412 4478 8.000 ButterIck Co
100 40 July 13 6712May 15
15238 15812, 153 15738 15218 15514 1487 153
15112 15814 160 165
8
32,700 Byers & Co (A 51)
p0
No 1 ar 9012 Jan 16 1684 Oct 23
*113 11314 13113 11314 113 113
11341133* 113 113
11234 113
250 Preferred
100 1084 Apr 13 11412 Aug 11
97
983
8 97
984 943 96
4
9434 96
95
95
953
4 8,500 By-Products Coke
No par 65 Mar 1 983 Nov 10
8
7513 7512 753 76 1 74
4
7514 7334 75
74
75
74
7478 6,600 California Packing
No par 68,
2June 18 8258Sept 17
*31
*31
35
35
*31
35 1 *31
35
3132
36
*31
35
'California Petroleum
25 2514 Mar 16 36 Sept 6
3 2 34
,
3
3 2 312
,
314 312
3
14 312
8
3 8 33
,
318 314 4,800 Callahan Zinc-Lead
10
13 Mar 8
4
532 Apr 30
12014 12134 11918 12214 11812 120 1 11912 121 1 11712 11912 11912 122
28,100 Calumet dr Arizona Mining_10 89 Feb18 1243 Nov 8
4
455 463
8
8 455 4614, 4518 454 4458 455
8
8 4418 45
45
4612 76,400
25 204 Jan 10 473 Nov 8
8
793 797
4
8 783 80 1 785 794 78 4 7912 783 7913 784 695 14,700 Calumet & Heels
4
8
3
4
8
8
Canada Dry Ginger Ale_No par 547 Jan 5 86125tay 8
473 473
8
8 483 4714' 4612 47 I 4612 47
8
46
4612 46
4714 4,100 Cannon Mills
No par, 46 Sept 5 50 Sept 14
400 40234 4033 416 1 4061 2 414121 414 416
4
412 419
420 430
7,300 Case Thresh Machine
100 247 Jan 21 430 Nov 16
•127 130
127 127 *124 129 I 127 127
1263 1263 *124 127
4
4
500 Preferred
100 123 Oct 8 13512 Mar 30
417 427
8
8 4214 44181 4134 4312 4234 4478 43
4478 44
4538 222.000 Central Alloy Steel__ __No Par 2818 Mar 27 4538 Nov 16
8 21
21
213
2112 2118 2112 2012 21
197 20
8
1912 2018 2,800 Century Ribbon Mills_No par 11 Aug 14 24 Oct 23
*8212 87
87
87 1 8634 863
4 87 87
85 8518 *8518 86
120 Preferred
100 77 Aug 24 92 May 15
103 106
10514 10712 1033 105 1 10312 1053 103 1047 10514 110
4
8
8
148,600'Cerro de Pasco Copper_No par 5812 Jan 3 110 Nov 16
32
3214 32
3238 314 323
8 32
323
8 3118 32
3134 32
12,500.CertaIn-Teed Products_No par 3014 Oct 28 645 Apr 28
8
•
80
91
*SO
91
*80
91 1 *75
91
3178
85
*75
90
erred
4001ce7rt0%
100 90 Oct 30 100 Slay 21
p
1375
76
*75
77
77
77
7312 7313 75
76
1375
76
No par
Corp
183 1918 1918 20
4
185 1958 187 1958 1878 194 184 194 35,100 Chandler Cleveland MotNopar 7012 Oct 26 7912 Aug 23
8
8
207 Oct 22
8
512 Feb 2
2614 2612 2613 28
2 12 27341 2618 27
6
265 27
8
2614 2714 18,700 Preferred
No par
14 Mar 1
297 Oct 22
8
703 713
8
4 7212 7438 71
7378 72
72
71
7172 72
74
30,300 Chesapeake Corp
No par 6234July 13 817 Jan 61
s
128 130
130 134
134 136 I 140 145
145 150
148 15434 20,200 Chicago Pneumatic Tool__100 111 Aug 15 1543 Nov 16'
4
*31
327
8 32
33
32
333
4 323 323
8
8 315 315
8
8 32
32
710 Chicago yellow Cab_No Par 297 Aug I 43 Jan 14
8
4814 50
4914 513
4812 49341 483 50
4
493 4934 4814 50
4
5,700 Chickasha Cotton 011
10 4514June 1
5612 Oct 1
53- 5512 527 553
4 523 5578' 5312 5514 5314 5478 5312 55
8
4
64,500 Childs Co
No par 37 Apr 1
574 Sept 10
6358 64
64
6514 62
644 63
647
8 625 64
8
6314 677 115,000 Chile Copper
8
374 Mar
677 Nov 16
8
*7518 90
*7518 90
*7518 894 *7518 90 •
7518 80
90
90
10 Christie-Brown tern etteNo par 79 June 20 131 Jan 23
1267 12812 1273 1353 13114 13512 12812 13358 1273 13012 132 135
8
4
4
4
758,300 Chrysler Corp
No par 543 Jan 1
4
14012 Oct a
*5212 5312 •5212 5312 *5213 53
*5213 533 *5212 533
4
4 5212 5212
10,City t B class A
No per 5114 Jan 1
cla ores
544June 11
1033 104
10412 10612 105 105
4
104 1053 106 1147 1083 112
4
8
4
31.600
No par 62 Jan
11478 Nov 15
7212 733
4 73
733
4 733 733
3
2 723 733) 724 7212 7214 723
4
4 2,300 Cluett Peabody & Co No par 69 Aug 1 1094 Apr 5
116 116 *116 118 *116 118 31116 118 .13116 118 *116
118
,,_51J, Preferred
8
100 1145 Nov
1243 Mar 19
4
16514 16614 1654 160
16512 1674 167 8 17012 16812 1697 16912 172141
7
8
9,600 Coca Cola Co
No par 127 Feb 20 18011 Oct 15
'
5814 59
59
593
4 57
5812 55 3 5814 57
5
614 60
62 1 28,400,CollIns & Allman
No par 60 June 25 11134 Jan 3'
1393
98
1394
98
*93
98
94 94
*9312 95
3192
95
100; Preferred non-voting.
9014July
109 Jan 3
7612 7814 7578 77 8 7414 763
7
4 734 75 4 74
3
7478 7412 8212 88,000 Colorado Fuel & Iron
'
100 5212June 25 844 Jan 31,
97
9712 9612 977
8 9412 9512 963 9812 97
8
9812 963 9814, 11,100 Columbian Carbon v t eNo par 79 June 1
4
10414 Sept 25,
12914 13114 13018 1314 12612 12958 12812 130
127 12812 12758 13038 35,500 Colum Gas dr Elee
No par 8912 Mar 1
1333 Sept 201
8
*10612 10714 107 107
10 3 10718 10678 10678 10878 10678 10678 107
64
1,210, Preferred
100 306 June 1 1104 Jan 3
49
50
47
4912 4614 4712 463 5134 4912 5134 503 55
4
4
'Commerclal Credit _ _ __No par 21 Feb 20 55 Nov 161
158 000
*24
25
*2413 25
*2413 25
' 101 Preferred
2412 2412 *2413 25
*2412 25
25 23 Feb
27 May 81
2614 2614 26
26
26
26
*26
2618 26
26
26
26
260Preferred B
1
25 23 Feb
4May 11
273
9612 977
8 95
974 9514 9612 9414 96
9612 9734 974 985
8 4,070 1st preferred (6 Si %)___100 85 June 1
rr
99 Oct 10
13314 13312 y132 132
128 13134 130 1307
4
8
3
5534 Mar
1407 Nov 1
8
*1034 105 *10314 105 *10314 105 *10314 105 8 1293 1297 12912 130 4 14.350 Comm Invest Trust___No pa
*10314 105 1310314 105
100 99 Jan 27 109 May 14
7% preferred
*96
9712 *964 9712 9613 9612 *96
9712 9713 9712 9712 9712
984 Aug 20
8June 1
10
4001 Preferred 0310
923
265 265 *22
8
8
2612 22
22
2212 225
8 23
23
23
243
4 2.800, Warrants_
618 Aug 3
100
3018 Nov 2
22112 222
218 222
217 2233 223 2324 227 233
4
232 2344 30,900 Commercial Solvents__No pa 1377
2June 19 2347 Nov 16
8
88
883
4 8712 884 87
8918 88
9134 8812 91
9114 9612 43,300 Commonwealth Power_No Pa
6214 Jan 11 9612 Nov 16
3
7514 76
75
7518 7 8 76
75
76
47
75
75
*7412 753 12.800 Conde Nast Publics_ No pa
8
48 Jan 14 84 Oct 13
254 263
4 2714 2918 2814 294 297 303
8
4 283 304 29
4
30 '481,800 Congoleum-Nairn Inc_ _No pa
22 June 12 3112 Apr 17
74
74
74
74
7218 7318 7212 7318 73
7338 73
73121 2,200 Congress Cigar
No pa
67 Feb 18 814 Jan 3
•118
112 *14
112 *118
14 *14 112 *118
112 *118
112,
'Conley Tin Foil stpd___No pa•
4 Jan 10
4May 14
33
9318 93 8 94
7
947
8, 933 95
93 8 9412 93
4
5
9434 943 957 13,800'Consolidated Clgar____No par 7
4
8i
9lt Jan 20 99 June 4
*
9413 98
*943 98 1 *943 98
4
4
•943 98
4
943 9434 319413 9713, 4,3001 Preferred (6)
4
100 934 Oct 20 104 Sept 13
2814 263
4 2618 267
8 26
2613 2512 2612 253 26
4
2512 257
81 6,700 Consol Film Ind pref_No par 23 July 16 2912Sept 10
815 825
8
8 81
8212 81
857
8 85 4 883
3
8
4 873 8812 883 9178 529,000 Consolidated Gas(NY) No par 574 Aug 28 17014May 7
4
093 100
4
993 994 993 997
4
4
8 993 997
4
8 9934 997
8 994 100 1 20,100 Preferred
No par 9714 Aug 31 105 Mar 28
414
412
414 412
414
414 43
44
8
418 438
418 43 20,800 Consolidated Textile__ _No par
8'
214 Aug 16
538 Mar 28
237 24
8
2312 24
2312 24
2312 233
4 2234 23
6,400 Container Corp A vot_ _No par 20 Nov 1 36 Apr 30
1112 117
8 1112 113
4
1114 113
4 11
1112 1118 1134 11
1113 11,500 Class B voting
No par
934 Oct 31 194 Apr 30
39
3918 3812 3918 3818 387
81 3712 3814 37
3734 363 373
4
8 9,200 Continental Baking el ANo par
Jan
712 73
4
712 8
7 8 7 41
5
7
712
3
7 2 73
3
7
4
738 22,2001 Class B
No par 28',Apr 10 I; Oct 25
13
91
91
91
9114 90
9012' 89
90
88
89
87
87
MOO; Preferred
100
13
963* Jan 20
11613 11718 11814 120
1173 119 1 1183 1214 1204 12134 12034 124
4
4
37,400 Continental Can Inc__ _No par 83351 AA PPn 1140
7 :Ja rr1
0
4
•125 127 *125 127 31125 127 ,•125 127 •125 127
•125 127
1 Preferred
100 123 Jan 5 128 Mar 28
86
8614 87
897
8 8713 8812 86
87
8518 86
86
8812 13,000 Continental Ins
10 75 Feb 15 9478May 15
1714 1758 174 173
4 165 173
8
8 165 17
8
1658 17
164 175 63,200'Continental Motors_ - -_ No Par
8
10 Mar 13 20 Sept 18
877 89
8
88
90
87 4 8814 875 884 8713 8818 88
,
8
8913 54,300 Corn Products 4eflning
25 641a Jan 3 90 Nov 12
*14112 192 *14113 142
14112 14112 142 142
143 143
145 145
4801 Preferred
100 13812 Jan 16 1463 Apr 10
4
302 3063 306 310
4
30114 30312 300 30434 297 301
300 303
11,600 Coty Inc
No par 123 Jan 3 310 Nov 12
80
81
794 813
8 7914 803
4 793 81
4
81
8134 8218 83
16,300 Crucible Steel of America.
.100 6914July 3 93 Feb 7
31113 115 31113 115 *113 115 *113 115 *113 115 31114
115
i Preferred
100 112 Oct 26 121 May 11
23
2312 23
2314 223 23 1 2234 23
4
2212 23
2212 234 12,200 Cuba Co
No par 20 Oct 24 287
5
5
8May 8
5
5
5
5
53* 514
514
54 514
514 2,500 Cuba Cane Sugar
'Jo par
1613 1612 1612 1612 16
44July 31
7
12May 12
1612 154 1614 157 16
8
155 153
8
4 3,300• Preferred
1678 17
4
100 133 Oct 15 323 Jan 12
8
164 174 163 1718 163 17
4
4
1634 17
163 17
4
6,000 Cuban-American Sugar_.10 1618 Aug 13 2414May 25
•955 99
2
*955 99
8
953 955 *9512 97
8
8
*9512 97
*9512 97
ga 100 Preferred
100 9512 Oct 11 108 Feb 1
*614 7
*612 63
4
612 612
6
614
512 6
514 6 4 3,800 Cuban Dom'can Sug____Nopar
,
'
514 Nov 16 12 Jan 4
6714 68
6814 7112 704 7214 6958 70 4 68
3
694
69
27,600 Cudahy Peeking
13812 139 4 13712 14214 136 13912 138 14138 13612 13812 68
50 54 Jan 3 784 Aug
3
13912 1434 32,400 Curtiss Aer & Mot Co__No par 5318 Feb 27 19234May 21
*207 230 *209 229 31220 229 *207 220 *207 225
16
*207 225
Cushman's Sons
No Par 14434 Jan 13 230 Oct 16
•I22 124 •122 124 31122 124 15122 124
*122 124
Preferred (7)
100 114 Jan 11 141 Sept 20
5912 60
•
5913 60
594 60
GO
61
6014 6078 6014 61
3,500 Cutler-Hammer Mfg
10 52 June 20 624Sept 4
.5712 583 *5713 59
5918 593
4
59
59
*50
60
5814 594 1,900 Cuyamel Fruit
No par 49 July 27 63 Oct 11
61
617
6114 62
8 5912 61
597 61
6018 61
6112 623 31,100 Davison Chemical
4
8
No par 343 Feb 18 663 Sept 24
4112 3918 4038 404 407
4
•40
413 .40
4 1
8 39
40
397 394 1,400 Debenham Securities
8
38 Oct 19 4914 Apr 27
55
124 1251 125 125
125 126 *125 12612 z125 12613 125 123
500 Deere & Co pref
100 11512 Feb 1 1263
199 199
200 20014 200 201
4MaY 45
2013 202
4
202 202
202 202
2,400 Detroit Edison
100 18613 Jan 11 220 Sept 17
534 55
8
8 537 5414 544 547
537 547
5312 531
8
8 544 547
8
5
115 115 *11012 11512 *11213 11513 114 114 •113 11512 *113 11512 4, 00,Devoe & Reynolds A__No Par 40 Jan 3 61 Apr 16
1401 1st preferred
100 108 Jan 9 120 May 16
*165 166
165 167
164 167
165 165
164 16712 163 16712
1,020 Diamond Match
2
100 1343 Jan 18 168 Oct 18
26
25 4 27
3
52513 26
2713 *26
27
28
28
263
8
12 June 11 404 Oct 11
*1063 1073 *1063 1073 *1063 1072 *1063 1073 *1063 1073 *1063 12634 1,900 Dodge Bros Class A__No par
4
4
4
4
4
4
4
4
4
4
4 073
4
1 Preferred
No par 634June 19 111 Sept 22
83
83
4 83
4
4 83
818 84
4
84 841
84 312
Ski 83
4 8,000 Dome Mines, Ltd
June 13 1312 Jan
No par
11514 1153 11512 11612 116 11712 11712 11912 z11814 120
4
11918 12018 45,600 Drug Inc
'Jo par 80 Mar 15 12012 Nov 16
9012 92
8 9114 92
905 913
8
91
9712 9712 995
8 96 4 994 40,
3
6001Dunhill International_No par 5512 Jan 9 994 Nov 15
r
r
1
•Bid &ad asked prices: no sale on ink' lays
r Ea-d:vidend. a Ez-rights.
b Zs-warrants.
Shillings.
PER SHARE
Ilaao2for Prerfeas
Year 1927
Loseut
Higbee
$ per share
per saw,
6912 Aug 591 Nov
/
4
43 4 Jan 6612 Sent
3
1043 Jan 120 Deo
4
34 June 537 Noy
8
10913 Jan 114 Nov
44
Jan 95 Des
531s Jan 69% Des
44 Sept
84 Apt
36 Sept 5714 Ma)
16712 Dec 169 Del
18 May 3(113 Sept
1912 Sept 3832 Feb
4 Apr
2 Dec
1 Apr
71s Dec
14812 Feb 225 Dee
894s Apr 16712 Dee
3012 Feb 5014 Des
WI July 38 8 Jan
7
184 Mar
90 June
200 Mar
29 4 Jan
3
9114 Jan
10352 Feb
73 Nov
8
3 4 Mar
3
44
Oct
42
Jan
1051 May
4
66
Jan
6014 Apr
flia;
84S, JSI
100
Jan
165 Du
69 Ho*
1117 Dee
2
120 Atte
114 Jar
518 May
Si', Pet
1024 Dee
11212 Dee
9213 June
79 Des
Sept13*
-14 Jan
6112 June 12342 Dee
1414 July 244 Dc.
38
Jan 6012 Aug
132 Jan 28314 Oct
111 Feb 123 Dee
24 Apr 33 Am
104 Jan
16 4 Aug
3
Jan 884 Der
70
58 June 7212 Dec
42 Jan 553 lia3
4
65 Dec - ;--[1;
71 1
7 1
44 Nov
14 Mat
13 June 2814 Ma)
64 4 June tie% OM
3
1204 Jan 1374 Mni
38 July 47
Oet
4855 Mar
1134 June
347 Jan
2
3818 Jan
6814 Mar
4112 Apr
51 June
11114 Jan
29812 Apr
88 Aug
10212 Sept
42
52 Jan
667 Jan
2
8272 Feb
9912 Jan
14 June
17 JUDE
187 June
8
89 July
4l1 May
944 Sept
88 8 July
3
Nov145
4848 May
89 Aug
174 Jan
47 Mar
14 Feb
741 Oct
4
- 11;
8F;
4411 Dec
9078 Dee
6311 Dee
54 Dee
6411 Dec
844 Oat
12514 Nov
19912 Apt
11332 Dec
10934 De&
968s July
1014 Nov
gag. may
11018 De*
2412 Des
2412 Sept
25 Deo
8952 Dee
62 Der
102 Doe
,
984 De
203 SepI
784 Oct
63 Der
29 4 Dec
3
8812 Dec
3 Jan
8
664 July
54 Mar 1214 - e;
1593 Mar 103 Dee
34 Mar
718 Inns
33I Apr
4 May
72 Apr
583 Apr
4
120
Jan
744 Dec
87 Nov
2
667 Jan
8
128
Jan
Jan
58
784 Oct
103
Jan
1813 Aug
es Oct
2858 Nov
187 Nov
8
9712 Nov
1012 Nov
4312 Apr
4512 Nov
103 AD
107
Apr
747i Jan
1014 155
973 Nov
2
867 Dee
2
126 .111113
934 De(
1334 Jar
68 Nor
1424 Dec
123 Der
983 Mrs
2
115 Sept
344 Jan
10 4 Jar
3
503 Jan
4
2812 Jan
107 Aug
18
Jan
584 Sept
/
1
6914 Dec
152 :les
125 Del
30 -Apr 5W11
1614 AU! 6312 Dee
10512 Jan
13312 Jan
384 Aug
101
Jan
115 Feb
1314 Oct
584 Oct
7 June
12611 Nov
17013 Dee
427 Dee
2
11412 Des
1473 Segni
4
274 Jan
85 Feb
144 Deo
lir I
- -12 "Eiei
12
New York Stock Record -Continued -Page 4
2790
recorded here, see fourth page preceding
For sales during the week of stocks not
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
'Wednesday, Thursday, , Friday,
Monday, , Tuesday,
Saturday,
Nov. 12. I Nov. 13. I Nov. 14. I Nov. 15. I Nov. 16.
Nov. 10.
Per share
per share
Per share
Per share $ per share
Per Share
4
*1013 - - - •1013 - - - 4
____*10112 ----'*10112
____*101
*101
188 18912
189
18514 185 4 185
3
185 193 I 187 192 I 184 187
126 12612
127 127 *126 130
3
8
*1253 130 *125 $ 130 ,*126 130
4
12 5618 563 57%
h6s 65 5511y34
553* 584 55
435 439
3
436 43812 430 435 4 432 435 431 432
436% 438
118 11814 11818 11814 *11814 119
11814 11814 *11814 119
119 119
55
55 12 55
55
4
1
/ 55 55
55
53
53
53 53
53
53
3 3512 3614
357
/1
357 :35
3
3
3612 35 4 35 4 35
3612 3612 36
4
108% 1093
8
1117 10912 11012 10958 10953 10812 10913 109 110
111
4
1077 1113 110 114
3
3
106 4 110 2 107 10812 10718 109
109 110
1212
12
8
s 113 1214
1114 10% 117
1012 1072 11
3
107 11
3
38% 3918 3853 3911 38% 3912 39% 4114
4
283 3912 383 391
4
4
3
4
1073 1073 1075 10758 10733 1071t 10712 10713 107 1073 10714 10712
4
8 921* 9312 9312 953
4
4 923 947
8 9414 95% 9253 933
9312 955
714
4 712 *655 912
738 738 *63
4
1
7
81* 8
814 814 * / 814
4
1
/
712 74 *712
11 9
7% 712 *7
*712 914 *712 914
4
773
7
4
/
12 77 771 7712 7712 *77
7712 77
12 7712 77
7712 77
125 125 *125 130 •125 130
125 125 *125 127
*125 130
4618 404
4513 46%
4614 467
3
463 47
4613 47
Sales
for
She
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus.& Mace'.(Con.) Par
Duquesne Light 181 pref....100
...No par
12,600 Eastman Kodak Co.
109
110 Preferred
12,100 Eaton Axle & Spring_ _No par
8,000 El du Pont de Nem__ _ _No par
100
3,300 6% non-vol deb
25
9,600 E1senlohr dr Bros
No par
3,900 Eitingon Schild
100
2,200 Preferred 634%
No par
52.100 Electric Autollte
No pen
18.600 Electric Boat
No par
61.500 Electric Pow & Li
No par
2,100 Preferred
64,700 Mee Storage Battery-No Par
No par
1,000 Elk Horn Coal Corp
400 Emerson-Brant Class A.No par
.
1,600 Endlcott-Johnson Corp_ _ _50
100
225
Preferred
19,300 Engineers Public Serv....No par
No par
2,200 Preferred
6.400 Equitable Office Bldg No par
22,500 Eureka Vacuum Clean_No par
400 Exchange Buffet Corp_ _No par
No par
2,300 Fairbanks Morse
100
60 Preferred
15
2,200 Federal Light & Traci
No par
50 Preferred
1,400 Federal Mining & SmelVg_100
100
100 Preferred
16,900 Federal Motor Truck .No par
8,000 Fidel Pben Fire Ins N Y____10
No par
Fifth Ave Bus
No par
29,000 First Nat'l Stores
510 par
18,900 Fisk Rubber
4,100 1st preferred stamped_ _100
100
1.000 lat preferred cony
IV* par
59,200 Fleischman Co
No par
2,900 Florsheim Shoe cl A
100
500 Preferred 6%
No par
1,600 Foundation Co
No par
36,800 Fox Film Class A
No par
25,600 Freeport Texas Co
9112 92%
52
92% 9212 9112 9212 92
9212 9212 *91% 92
31%
3178 31
31
3112 32
32
3112 32
3238 32
32
4
613
60
4
4 563 61
5612 5514 563
4 5614 5753 55
593
58
24%
8 23
243 •
3
243 *23
2412 *2313 2438 2314 2314 *23
*23
43% 443
4
3
3
45 4 4358 4538 435* 4413 43 4 438 4412 4412 110 11014
45
112 112 *10814 112
112 112
112 112 *108% 112
5412
54
*5312 54
54
53% 5314 5314 54
*53
54
*53
*98% 100
:
10212 1021 1001s 10013 *9814 100
99
99
100 100
170 175
170 170 *165 170
170 170
170 174
172
167
101 101
1
/
*100 10112 100 10112 *100 10112 *100 1014 *100 101
4
3 213 22%
8 20% 227
205
2014 20% 2012 2012 20
2014 21
97
96
96
9612 95
96
9412 9412 98
9514 97
94
*1112 13% *1112 1312 *1112 1312 •1112 1312
*1112 14
*1112 14
6118 65%
62
8 6013 6112 60
6038 6114 6014 63
6018 617
4
113 1212
1134 12
8 115* 12
113* 117
113 11% 1134 12
4
6912
68
70
4 69
693
6512 66
63
6314 64
4
613 62
66% 66%
67
65
4 64 64
4
623 623
63
61
6014
*60
8
8 828 815 8312
805
3
8118 8314 8218 82% 80 4 8212 8113 82
4
493 51
4 4912 50
513
50
51
50
50
50
50
50
*98 100
*98 100
9818 9813 9812 99
100
*____ 101
38%
*3814 3912 38
40
40
1
/
3814 384 391
37
38
38
9813
$ 9612 9712 97
3
99% 97 4 993* 97% 993
9853 10133 98
47% 48%
473
47
4714 477
471s 4734
4814 4912 4712 49
300 Fuller Co prior prat__ No par
104 108
105% 106 *105 108 *104 108
104 104 *104 105
No par
6,600 Gabriel Snubber A
4
213 22
s 2112 22
2213 223
4 22 2212 2112 2218 2112 217
No par
13,900 Gardner Motor
4
113 12
4
113s 1233 113 1214
12
8
1214 117 1233 1118
11
31,600 Gen Amer Tank Car _No par
8512 86
3
8413 853
3
100
82% 83% 83% 83% 791 83 4 8312 85
300 Preferred
11018 11013 11013 11018
*110 112 *110 112 *110 112 *110 112
100
30,100 General Asphalt
3 7412 76
4
1
/ 7434 7713 745* 767
53 7312 74
3 7412 75
7414 747
100
500 Preferred
115
116
118
4
1
/
*11212 118 *112 118 •11212 118 i*11212 118 *116 136
20 General Baking pref_.No Par
_ 138
136
139 *____ 138
8
1387 1387 *136 139 *136
3
No par
23,200 General Cable
4
4 373 39
3718 373
39
39 I 38
3853 3912 3912 4133 38
No par
83% 40,600 Class A
83
83
844 82
4 8312 8412 82
883
8053 863
4 85
No par
6218 6114 62% 3,900 General Cigar, Inc
3
3
8
4 615 62 I 60 4 60 4 61
4 6012 613
No par
60% 613
18312 187% 05.200 General Electric
8
1771 182131 17812 18214 17912 1813
,
18012 185
180 185
Electric special__ _10
7,100
* 1113 115* 1114 114 1114 11% 13,400 General Gas & Elee A No par
1118 1118 1113 113
1118 1114
General
67% 74
67
65
65
65 I • 62
61
61
61
62
*61
22,600 Gen Ice Cream Corp No par
96 10018 9813 101
4
9612! 943 95
4 96% 97% 95
97 973
25
21112 216% 52,000 General Motors Corp
216 21812 21512 219
3
21914 22218 218 4 219
219 222
100
4
4 1247 1243 124% 2,600 7% preferred
3
4
7
3
3
124 4 1247 12434 124 8 1243 1247 1243
4
1243 125
000 Gln Outdoor Adv A___No par
3
50 4 51
8
*507 51
51
3
507 52 I 51
52
52
*51% 52
3314 3314 3312 3312 1,800 Trust certificates__ __No par
34
33
3318 35
3512 3512 *3413 35
No par
10014 102% 9918 100% 10012 10212 14.700 Gen Ry Signal
100 103
102 103
10112 102
No par
4
773 7812 52.600 General Refractories
4
4 763 7813 765* 78
773
71
4 71
723
7212
71
117 1194 11812 120% 95.700 Gillette Safety Rasor_No par
116
11212
11052 11153 11114 11233 11114 112
No par
14,400 Gimbel Bros
8
5212 518 523* 515 52%
3
5212 52% 53% 5214 53% 52
52
100
7
94 I 933 93 3 9312 9312 9312 938 1.300 Preferred
94
94
9414 94
*94
No par
7
2912 2912 30 8 72,400 Glidden Co
5 283 295s 29
s
283
28
3
4 27 4 2814
275* 273
100
200 Prior preferred
10412
10412
:
*10414 10412 1041 10412 10414 10414 *10414 10412 10414 104% 115 11712 228,600 Gold Dust Corp v t e-No par
113 115
4
109 11114 108 1107 10714 11512 1123 116
No par
4
815 26,000 Goodrich Co(B F)
81
80
80
83
815* 8338 8112 8212
79
7812 79
100
1,100 Preferred
4
1113 1113 112 1127s
4
4
01113 113
*11133 113 *1113$ 113 *11134 113 ))
843* 69,700 Goodyear T & Rub--No Par
82
4 83
833
8212 8114 83
84% 80
4 78
7512 773
No par
10014 10012 1.300 let preferred
4
4 993 100 I 100 10014 100 100
9912 9913 993
*99
8
3
4 90 4 923 89,500 Gotham Slik Hosiery-NO Par
913
8512 895g 90
83
8514 8413
8
82 g 84
No par
86% 13.400 New
84
84s 8212 86
8 81
817
81% 81
* 81
8012 815
100
Preferred New
111 115
*111 112 *110 115 *111 115 *111 11412 *111 115
Preferred ex-warrants_ _ _100
10412 *____ 10712 *____ 10412 *__ _ _ 104% *....... 10412
10412 *___No par
300 Gould Coupler A
8
714 714) *714 8
8
*714
*714
8
8
'7'
*712 8
8
45% 467 69,800 Graham-Paige Motors.No par
465
7
43 3 43
4314 44141 43
43% 4414 4314 45
No par
800 Certificates
40
40
:
381± 381 *3912 40
43
3814 40
43 •40
*40
32,700 Granby Cons M Sm & Pr 100
3112 33
8212 7914 808
3
8114 81
Ws 8212 8153 82 4 79
100
8
907 13,700 Grand Stores
3 894 91% 89
907
8 87
9112 87% 897
s 89
:
No par
861 907
8
353 355* 4,200 Grand Union Co
3
3612 353 357
* 3518 3641 36
3512 367
No par
*3612 37
4,000 Preferred
57 8 577
3
z573 5814
4 573 58
583
58
3 583* 59
No par
587 587
1.400 Grant(W. T.)
117 117
117 117
118 1183* 117 117
No par
118 11914 119 119
Chem Co
4
823 834 8312 8558 15,000 Graaselli
5
7
3
85 4 84% 86% 83% 85 8' 82 4 847
100
84
Preferred 6%
•10912 III *110 III
_ *110
*110
7,500 Great Western Sugar--No par
3212 33
32% 33
3314 335* 3212 33
5
33 8 34
7
33 3 34
100
40 Preferred_
4
4
1153 1153
116 116
11534 116 •11312 116 *1151 116 *11512 116
Greene Cananea Copper.-100
153 157% 160 16712 260,400 Guantanamo Sugar...
151 16112 15414 163
:
.No par
146% 1491 14713 153
534 2,600
4
52
57
*534
6
6
4
3
3
54 5
518 6 I
100
%
3
54 5
6814 6912 2,600 Gulf States Steel
68
6812 *67
*68
70 1 69 69
25
69% 69% 69
380 Hackensack Water
*233 2412 '2312 2412
4
4
3
3
4 24 4 24 4 *233 25
24% 2414 *2414 243
950 Hanna 1st pref class A. _.100
92
92
92
92
95 95
96
95
97
95
96
93
1.500 Hartman Corp clan A_No par
52514 2612
3
3
25 4 25 4 2512 26
3
4
1
/ 2612 25 4 26
No par
2612 *25
26
15.400 Class B
4
243 2638 2412 25
4
3
4
5
25
2512 25% 2518 25 8 243 25 4 243 25
300 Helme(OW)
4
1163
4
*11614 119 •11614 119 *11614 119 *11614 1163 11614 11614 11654 69% 24,100 Hershey Chocolate____No par
65
678
5718 58
55 I 55
4
1
/ 5614 5514 5514 55
No par
*55
Preferred
8
807 82
81
8211 83% 13,400 Prior preferred
8 8013
8012 807
81
8012 81
100
81
10312 10312 1,200
103 103
No par
*103 10312 103 103 *103 1031: 103 103
500 Hoe (R)& Co
4
4
17
175* 1753 173 173 •1712 18
17
*17
18
18
*17
2418 1.200 Hollander & Son (A)_ _No par
24
*23% 24
233* 235*
5
*23 8 24
2414 2414 .2312 24
100
700 Homestake Mining
85
4
761$ 793 *7614 7614 *77
80
80
80
79% 7912 80
No par
2,900 Househ Prod.lne
77
76
80
*76
80
7613 76% 7613 •77
76
77
*75
5,700 Houston 011 of Tex tern etfs100
133
132
131% 13114 131 131
13114 134
4
1333 136
132% 135
No par
19,200 Howe Sound
4
6814 663 6712 6810 69
* 67
687
6912 67
68
70
69
Car-.No Par
3 8014 86% 8212 8612 8332 8411 111,600 Hudson Motor
8212 8312 3012 835s 80% 817
7112 75% 68,600 Hupp Motor Car Corp----10
7118 72
3 7113 72
8 70% 723
7114 .214 7113 727
3612 37 105,700 Independent 011 & Gas No par
3614 367
37
8 35
8
3
35 4 347 367
3
33 4 34% 35
No par
25
2512 2512 1,400 Indian Motocyele
25
26
255* 26% •25
25% 2612 2612 268
100
Preferred
95
95 .93
95 *93
*93
95
95 I •93
*93
10
3
3 33% 3512 74,800 Indian Refining
3312 343
35
3
35 4 3612 34% 3638 34
3513 3612
10
3013 3512 30% 3114 30,400 Certificates
318
8 30
327
30
3 3213 333
4
313 323
100
500 Preferred
165 175
175 175
1791s 18014 180 180 *170 190
179 199
No Par
97% 9713 9713 9713 9712 9712 10012 1,600 Ingersoll Rand
97
4
*9713 993
99
99
No par
14,300 Inland Steel
4
1
/
741 7512 7412 75
74
7512 7518 76
7418 76
72% 74
4
5 373
3
36 4 3618 363
4 363 37% 95,800 Inspiration Cons Copper. 20
4 35
35
38
3412 3612 36
1
913 914 4,100 Intercont'l Rubber---No Par
9
914
9
9
9% 9%
9
9
9
9
No pas
1412 1412 15% 15% 8,200 Internal Agricul.
8 1412 153* 14% 15
5
1512 15 8 1512 157
100
4,100 Prior preferred
81
4
793 17812 7914 z79
4 79% 7912 79
4
4 753 793
793
79
4
152 1563 18.300 lot Business Machines_NO Par
154 159
53 15212 156
14412 155
146 146
146% 147
8153 8254 60.200 International Cement__No par
:
4
773 793* 771 84% 8118 8414 8114 827
7812
78
6714 6712 72% 165.600 Inter Comb Eng Corp_ _No par
6612 6813 66
5
67% 6718 68 3 66% 68
67
100
200 Preferred
104 104 *103 104 •103 104
10312 10312 *101 105
*101 103
4
3
318 3187 315 3173 313 31712 318 324% 5,900 International Harvester__ _100
3
319 4 323
320 320
100
2,400 Preferred
4
1413 142 *14134 142
142
142
1418 142
4
142 142 *1413 142
99% 10112 18,800 International Match pref._ 35
4
10112 102% 983 102
8
100% 1014 9912 1023 101 102
5% 5% 29,700 Int Mercantile Marine_...100
1
54 6
4
1
/
6
512
57
8 7
64
63
100
513 534
3818 393 16,500 Preferred
3
8 3814 39
387
3814 3912 37
:
361 373* 375* 3914 19212 201
3
4
5
193 8 1983 192 19412 194 1973 170,500 International Nickel (The).25
191 200
18914 191
100
Preferred 6%
120 120
12014 12014 120 120
12012 12012
*120 125 *120 122
854,
on this day, it sa•dIsideaa. a kg•rirtir..
•Bid and asked prices no sales
PER SHARE
Ranee Sines Jas. 1.
-share logs
On basis of 100
Lowest
IHighest
PER SHARE
Rasps for Prettier
Year 1927
Moles:
Lowest
per 'bare
99% Oct 3
163 Feb 20
12312 Aug 31
26 Jan 11
810 Jan 10
114 July 18
1214 Jan 3
3314 Aug 29
1015s Aug 15
60 June 25
P4 Aug 15
28% Jan 10
1057 Oct 11
69 Feb 20
6 June 19
514 Feb21
14June 12
75
12114 Jan 27
33 Feb 18
91 Nov 2
29% Oct 23
55 Nov 13
4July 17
193
3211 Jan
104 Jan
42 Jan 10
98 Jan 8
120 Apr 17
9114 Jan 3
1638 Aug 1
7514June 12
1114 Jan 9
28 Apr 4
7
8 3 Aug 13
4
553 Oct 2
54 Oct 2
65 June 19
4914 Nov 3
9818 08123
36% 00116
72 June 12
43 Oct 22
per skin
per share 8 per sherd
8
4
11612 Mar 3 1141 Ma 1175 No;
4
1944 July 30 1261 Jan _7514 Sets
Jan 13112 Oct
134 Apr 3 11914
2114 Oct 2944 Juno
4
643 Oct 27
2
Jan 3637 Oe%
442 Oct 18 168
1,112mao m los% Feb 115 Des
1612 Fel.
1034 Nov
4
593 Oct 10
4June 1
403
___
11434June 1
119 Oct 20
131a Mar Ill; LaO
8June 6
173
1612 Jan 8232 Dee
4512May 14
Jan 109 Not
06
Mar 8
11013
6312 May 7911 J4111
95% Nov 12
7 Dee lb% May
9 Jan 1
3 Oet 18 Apt
1512June 4
3
64 2 Jan 8114 Dee
85 Apr 17
127 May 18 11648 Jan 125 sec1
4
213 Jan 395 010
4
493 Oct 1
10212 Oct 1
•
4
333 July 3
Au50 g
79 Jan 3
1518 Jan 23 Der
8
245 Oct 30
4314 May
3014 Nov
1.4 Apr 19
4May 14 107 Dec 112 Mt:
1143
4May 2
563
371s Jan 67 MAY
91% Feb 100 AM
109 Apr 19
60 Feb 187 Igor
175 Nov 16
7512 Jan 97 Ma
10212Sept 18
1
17 Dec 807 Jet
8May 11
257
98 Nov 12
MSJ
10 Nov
1614MaY 16
1914 May 30 Fet
4
653 Nov 16
Apt
1434 Oct 20
4
173 Jan 4
Jan 100 Seps
81
9112 Jan 10
9402 July 102 aeo
4
973 Jan 5
WA Feb 7112 Dee
8
893 Oct 16
55 Sept 13
__-46091 26
993
3
88 2 Apr
35 Nov
4May 16
553
60 June 884 DM
sSept 10
1195
Mk Jan 10612 Dec
1094 Jan 11
10318 Mar 17
15 Mar 23
714June 12
8
607 Feb 20
10914June 23
68 June 12
.1une 12
4
/
1101
132 Oct 32
21 Feb 4
56 Feb 9
5918 Nov 2
124 Feb 27
11 Sept 26
3514 Jan 18
7418July 11
130 Jan 10
12312 Jan 26
49 Aug 15
2912 Aug 1
8414June 2f)
4512 tune 13
9718June 19
341s Mar 6
87 Mar 6
3
20 8 Jan 27
95 Jan 6
71 Jan 16
6812June 18
10912 Fob 17
4518June 25
9212 Mar 16
75 June 13
75 June 19
110 Oct 18
4
1033 Oct 15
7 June 23
1634 Feb 18
2612June 19
391a Feb 18
6514June 20
3
26 4July 2
4612 Aug 14
112 Oct 10
4609126
613
109 Sept 17
31 Jan 26
11212 Feb 20
3
89 8June 19
5 Oct 11
51 Jan 9
28 Jan 6
59 May 25
2312 Aug 2
5
16 s Aug 6
4June 13
1033
3
30 4 Jan 31
7014 Feb 6
10014 Aug 17
1514 Sept 25
23 Oct 29
67 Jan 4
6418 Feb 21
119 June 19
8
403 Feb 18
75 Jan 16
29 Jan 16
4
215 Feb 20
20 Oct 3
93 Nov 3
8
1097 Apr 23
2812 Jan 5
1634 Feb 2
91 Sept 19
11134May 15
Ws Apr 30
14112 Apr 30
150 June 8
4138Nov 12
4
883 Nov 12
781. Feb 2
:Nov 16
1871
12 June 7
74 Nov 16
10512 Oct 12
4
2243 Nov 7
12712 Apr 12
2
587 Jan 3
s
523 Jan 7
8
1233 Jan 3
82 Jan 3
3
123 8 Oct 8
7
59 8June 14
101 June 15
8
307 Nov 16
105 Sept 12
11712 Nov 16
8
99 8 Jan a
11153
2MaY 1
8
987 Oct 13
4
1013 Oct 22
7
93 2 Apr 14
93 Apr 14
130 Apr 12
112 May 7
8
121 Feb 2
6114Sept 26
56 Sept 26
8
837 Nov 8
94% Oct 18
3
417 Oct 17
3
623 Oct 17
1251:Sept 13
90 Oct 23
110 Sept 13
88 Jan 7
120 Jan 8
16712 Nov 16
PR Jan 4
7
73 3Sept 12
30 Jan 31
97 Nov 12
27% Feb 3
26% Nov 1
120 Oct 29
4
693 Nov 16
83% Nov 16
103 Apr 14
30% Jan 20
8
367 Apr 13
80 Nov 12
84 001171
161 Apr 9
71 Nov 8
99% Mat 5
8112 Oct 8
37 Nov 14
70 Apr 27
115 Apr 12
9 Feb 18
8% Jan 16
160 Oct 22
90 Feb 18
46 Mar 8
18 Feb 25
8' July 2
13 Yet.24
48% Mar 26
114 Jan 16
66 .114D 3
4514 Feb 20
103 Mar 21
4
2243 Feb 18
13614 Mar 1
9318 Jan 3
asrMar 26
341sJune 12
0
73 5 Feb 24
11012 Jan 5
3918July 9
37'4 July 9
18014 Nov 12
103% Oct 1
76 Nov 12
38 Nov 12
4
214 Jan 4
mimay 17
8318 Sept 10
15953 Nov 14
2
843 Nov 13
74146051 25
110 Sept 25
328% Oct 16
147 May 1
121%May 14
sMay 9
73
44% Jan 17
201 Nov 13
125 Nov 1
yi7;
yi-7;
• 'BeO59
cos J. 151k
AIlS
Dec
8
Jan 648 Dee
46
8
1063 Mar 11212 Sept
65 Aug 9634 Mita
s
14
107 Aug 1447 May
Ott*
11812 Apr 160
1'
2
151- Dec 62,Bet
2
Jan 747 Dee
52
2
Jan 1663 BeP.
81
11 June 11118 Jae
34 Apr 6712 Pot
6;
nil; Aug Ili" 4
11812 Mar 1253 Dee
7
2
543 Apr 59 2 Nov
Jan 58% Nov
87
8218 Jan 1534 Sept
Jan 81 Dec
88
3
95 4 Nov, 1094 Oes
354 Deal 59 Bent
91 Nov 10812 July
1412 May 22 Mte9
,
86 Aug 101 Jun
3
42 Ma: 78 4 De0
4
423 Jan 9612 Dec
95 Jan 11112 Dee
2
8
483 Aug 693 Dec
,
9212 Nov 1.187 Dec
57% Jan 855e Dec
58
Jan 854 Dee
Jan 122 Herd
104
60i
-
III; Nov
Map
...-
---Ili Dec
11612 Feb
2914 Jan
7 Oct
Oct
Mt
22 Aug
Jan
56
2212 Oe
18% Dec
761s Jan
2
347 Dec
7014 Dec
995 Dec
Jan
22
3114 June
Jan
60
4314 Jan
60% Jan
4
343 July
4814 Jan
Oct
16
1752 May
13 Mar
92 Jan
712 May
1
74 June
iirs IQ);
128 Bent
15112 De.
111 Mal
4
64 Pet,
,
27 Jun
8
723 Des
274 Mat
3
29 2 Apr
pee
125
4
401 Dee
7512 Dee
103 Dec
2
417 July
4
40 4 Oct
Ooi
76
7018 Nov
Oes
175
8
481 Dee
9112 eua
1
/
364 De,
3234 Feb
47 Dee
10254 Dee
1218 Sept
12 Bern
z1137,Vet
41
▪
124 June
11 Nov
64 Apt
38 Mar
5318 Jan
4514 Jan
4.04 Oct
Oct
101
3
135 8 Jan
4
1263 Jan
62 Ms:
312 Oct
8212 Oct
3814 Jae
10352 Mar
6241 Dee
2
251 Jt r
,
25 NI •
1
/
164 Dee
6612 May
3
119 4 Dee
3
65 8 May
64 Map
4
1051 Des
25518 Des
189 Dec
9512 Dee
3
8 4 Mar
3
55 1 Ma)
8912 Dee
110 Des
New York Stock Record-Continued-Page
2191
For sales during the week of stocks not recorded here. see fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Nov. 10.
Wednesday, Thursday,
Tuesday,
MOndag,
Nov. 12. I Nov. 13. I Nov. 14. I Nov. 15.
Friday,
Nov. 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Atha Jas. 1.
On Oasts of 100-sbarelets
Lowest
Making
$ per share $ per share $ per share $ per share $ per share Shares Indus. & Miami. (Con.) Par I per share
$ net Meats
574 5518 5514 55
56
55
56
5714 5514 574 6,400 International Paper..._No par 50 Oct 30 86 8May 14
5
50
504 4912 508 5 4 501
504 52
53
5312 8,200 Certificates
No par 4912 Nov 13 7212Ju1y 23
0
97
98 98
99
97
9714 99
99
983 963
4
4 3,200 Preferred (7)
100 91 Oct 30 108 Jan 14
4
3
9312 934 925 94
93 4 94
927 93 4 9212 93
8
5
4,500 Preferred certificates.......100 9212 Nov 10 103 July 13
*493 50
493 493
4
4
*4912 50
4934 4934 1,500 Int Printing Ink Corp...No par 4754 Oct 8 54 Sept 13
4 4814 50
*53
54
53
53
*53
*53
54
54
*53
54
20 international Salt
100 49',Mar 28 685 Jan 12
4
186 1887 184 186
8
18412 1871/ 18514 187
1875 1893 21,300 1nternat Telco & Teleg-- 100 1394 Fe 211 197%June 2
4
4
27
*26
27
27
27
2738 27
28
297 297
8
8 2,800 Intertype Corp
No par 23 4Sept 10 8812 Jan 20
8
515 52
513 513
4
4
52
515 518 5134 514 1,000 Island Creek Coal
4
4 52
1 47 Oct 13 61 May 14
173 179
174 175
54 170 170
170 172
170 170
6,200 Jewel Tea. Ine
No par 774 Mar 1 179 Nov 12
16312 16612 163 166
168 1754 175 17912 '179 185 154.900 Johns-Manville
No par 9614June 19 185 Nov 16
12112 12112 *12138 122 *1213 122
4
1213 1213 1213 1213
4
4
40 Jones & Laugh Steel pref__100 11918July 2 12414May 7
4
4
3912 3912 *36
3912 358 36
*33
3911 *35
3912
300 Jones Bros Tea. Inc_ _ _No par 2558 Mar 31 4112 Oct 17
1318 1314
1212 1314 1214 12 8 1214 121,; 121 12
1
9,600 Jordan Motor Car
No par
84 Aug 10 1912 Oct 29
111 111 *11114 1118, •11114 1118, 11118 11138' 11111 11112
90 Kan City P&L let pf B No par 108 Aug 2 114 Apr 26
72
724 723* 7612 7618 7814 743 763
4
5 7718 80
56,900 Kayser (J) Coy t o
No par 6258 Jan 5 80 Nov 18
35
12 36
36
37
4 335 35121 35
355* 363
4
36 151,400 Keith-Albee-Orpheum -No par
1512May 7 87% Oct 22
105 10712 1085 109
8
10712 110
104 105 1 106 107
6,000 Preferred 7%
100 7512May 7 11112 Oct 22
2014 21
193 20 4 204 203
8
3
, 195 2012 20 203 90,300 Kelly-Springfield Tire....No par 19 8 Nov 13 25 Oct 16
4
5
90
*91
90
94
914 92
92
90
9212 93 I 9412 95
1,600 8% preferred
100 5514 Feb 17 95 Nov 16
95
98
98
9812 98
98
9712 100
9912 993 100 101
4
3.000 6% preferred
100 58 Feb 17 101 Nov 16
4812 488 4712 485
4 4612 488 4818 4834 48
495
8 49 4 50% 16,100.Kelsey Hayes Wheel___No par 2212 Jan 10 56 Oct 15
5
*1104 113 *11012 113 *11012 113 *11012 113 *11012 113 *11012 113
I Preferred
106 Mar 8 110 4 Oct 24
3
14
14% 1514
15
1438 163
4 1714 1812 163 18181 171 18% 339,200 Kelvinator Corp
2
No par
7 4 July 24 227 Apr 13
3
8
1364 14084 1371$ 141 I 13512 1367 13618 1383 1368* 1413 1425 14612 390,900 Kennecott Copper
4
4
8
No par 8018 Feb 20 1464 Nov 16
5112 531
5018 52
49
50 1 *50
51
50
7 Aug 15 564 Oct 11
507 *50
51 1 1,300 Kinney Co
No par 37
9714 968 97
9314 97% 97
967 967
9412 9512 95
967
630 Preferred
100 8718 Mar 22 100 Apr 11
8412 863
85
12 87
4 8314 8514' 83
12 8714 855 88
8
874 93 296,500 Holster Radio Corp____No par 5114 Aug 15 93 Nov 16
3
6214 62 4 618, 623
4 61
615
618, 603 603
8 60
8
4 6118 6214 18,000 Kraft Cheese
25 5812 Mar 81 78 May 17
8214 81% 8214 794 81 I 80
8114
81
8014 81
80% 8154 22,100 Kresge (13 En Co
10 601* Feb 24 82 8 Oct 15
•
7
5111 114 *111 114 *111 114 *111 114
111 111 *111 114 I
10 Preferred
100 11014June 14 118 Apr 27
2014 201
204 2018' 20
20 I 19
19
195 191* 1912 1912 1,500 Kresge Dept Stores__-_No par
8
1311 Jan 18 274 Feb 29
99 I *71
5
71
*71
99
99 •71
99
*71
99
*71
99
I Preferred
100 515 Feb 1 75 Aug 31
4
11334 1133 *110 11212 *11112 11212 *11112 113 *110 113 I
*110 114
4
200 Kress Co
No par 87 Feb 20 11912Sept 24
1254 127% 12618 129% 125 12778: 1254 1277 12518 12614 1263 1285* 95,400 Kroger Grocery dv Bkg_No par MU Mar 27 13214
8
4
Nov 7
3412 35% 3512 3512 34
34
34
344 34
34
34
3414' 3,100 Lago 011 & Transport No par 27 8 Feb 20 394 Apr 17
8
12918 1307 12818 13014 128 1293 1288* 131
4'
1294 13112 1307 1357 77,600 Lambert Co
8
No per 794 Jan 10 136 Oct 18
*214 22
8 21
2112 217
21181 20.2 21
20
2014 193 20I 5.200 Lee Rubber &Tire......No par 174 Jan
4
2614 Oct 10
*4712 4812 474 4714 473* 49
4914 51
5134 5234 525 535
4
4 8,500 Lehigh Fernand Cement-50 42541une 2
54 Mar 29
8
10814 1087 109 109 *10814 10812 108 10814 107% 1084 1087 1087
s
8
310 Preferred 7%
100 1075 Nov 15 11048497 28
594 5934 5814 595
4 568 587
8 573 5812 x57
4
58
5712 59
9,100 Lehn & Fink
No par, 38 Jan 1
64% Oct 1
384 38
38
38 i 38
385 39
4
384 3812 3812 38
385* 4,500 Life Savers
No par 2811 Aug 15 4G14 Nov 1
92
8912 90 4 90
9012 927
3
8 9212 9414 593
93 l 94
95
7,200 Liggett & Myers Tobsoo0.....25 831 une 22 1221 Jan 3
14
25 801
1
8
89
90
92
89% 9012 898 908 91
291
9178 92
93
29,8001 Series B
128 Jan 3
12
*13518 136
13518 13518 13518 13518 13512 13512 13512 13512 3136 137
'
600. Preferred
100 184 Aug
147 Ape!:
434 448
4 4414 45 1 44
44 I 43 4 43 4 44
3
3
444' 4414 454 2,200;Lima Log works
No par 38 July 27 657
3May 14
89
917 9314' 92
91
945g 9218 9414 91
928, 9112 937 85,300111quld Carbonic
No par 63 Feb 2
12
94% Nov 13
e
617 62 4 625* 63% 6112 6212 6112 617
3
8 61
614 6112 62
49,000 Loew's Incorporated__ _No par 4918June 1
77 May 9
*10214 10212 102 10218 1021s 10214 10134 102% 1013 102
4
10178 102
No par 997 Mar 1 1105 Apr 30
2,0001 Preferred
8
8
10
1014 10
1012' 10
1014i
914 1018
94 912
938 95* 41,100'Loft Incorporated
NO par
5s4 Feb
1938 Aug 27
31
31 I 31
3112' 31
31
31
31 I *30
3112 30
30
700 Long Bell Lumber A
No par 26 Jan
85 4 Feb 3
5
70
4
70 4 693 7012 6814 7018 70
7478 71
7214 71
7334 25,500 Loose-Wiles Biscuit
25 4414June 1
R8s4Sept 12
120 120 1 120 120
12012 1204 *12012 123 *12012 123 *12012
123100 11712 Aug 17 125 May 9
120 1st preferred
274 2712 27
273* 27
274 273 285
8
8 285 318 31
8
32% 61,200 Lorillard
25 234June 12 46% Apr 15
9218 924 *9214 9212 92
92
3
92
9212 9212 94
9512 98
1,500 Preferred
100 904 Oct 6 114 Mar i3
183* 187
8' 1814 1878
173 1812 175* 1814 171* 1818 178, 18
4
65,300 Louisiana OU
No par
918 Feb 21
191 Apr 30
4
'
5
8912 95 I *8912 93
3
91
9212 9214 9212 *92
9214 392
921
Preferred
100 78 July 29 96 Apr 80
3812 383
41 3814 383
3714 38
4 378 38
3711 373
4 373 381
4
4,2t1S Louisville 0 & El A_ _ _No par 28 Feb 7 41 May 16
854 834 84% 83
7
g 8612 88
84
8412 845 884 86
87
25,700 Ludlum Steel
No par 2558 Jan 11 8812 Nov 14
47
47
*47
48
47 475
474 474 49 4 50
4 47
5
51
3,400 MacAndrews & Forbes_No par 44 Aug 28 574 Apr 14
•125 132 *125 135 *125 132 *125 132 *125 135 *125 132
Mackay Companies
100 10812Mar 2 134 Mar 20
*8512 89
*8518 90
*8518 90
*8518 90 •85
90
*85
90
Preferred
100 6814 Jan 13 86 Oct 25
9914 1033
987 102
8
9912 10114 100 102
99 101
10014 10134 118.700 Mack Trucks, Inc
No par 83 Apr 17 10778 Jan 3
178 178
178 18012 175 177
175 18212 176 179
1753 180
4
8,900 Macy Co
No par y134 Aug 28 382 Aug 27
22 * 2212 2214 221
3
2134 2214 2112 22
20 4 213
3
4 21
2114 9,600 Madison Sq Garden-No par 20 4 Nov 15 34 May 7
5
6312 64
83 8 6414 82
3
631
623 8414 6235 6378 64
4
66
20,800 Magma Copper
8
No Par 43 4 Feb 27 864 Nov 8
35
3434 36
351
353* 34% 3512 34
3614 38
378 3812 31,700 Mallinson (H R)& Co_No par 16 Jan 20 3812 Nov 16
*107 110
107 107
105 105
105 105 *101 105
10412 106
250 Preferred
100 874 Jan 3 110 Oct 9
*3214 3212 *3212 3312 3314 331
334 3312
3
4
900 Mandel Bros
SuPP1Y___
32 June 25 4012 Jan 24
33
3314 33
3312 3214 33
3218 3212 32
33
3112 32
3,400 Manh Elec
_No par 2812Sept 1
6658June 6
35 4 35 4 3614 3612 3612 37
3
3
363 3714 36
4
363 z36
4
36
3,800 Manhattan Shirt
25 8111 Feb 1
4
43 May 14
19% 1912 1912 2014 191 201
188* 20 I 1912 197
19% 197
8 4,400 Maracaibo 011 Expl-No Pa
1213 Feb 2
25 Apr 28
12
457 47 ! 4514 46% 455* 47
4512 46
46
4512 47
47
136,900 Marland 011
No par 83 Feb 17 47% Nov 7
s' 7614 77
7518 76
7578 7654, 76
765* 767
77
76
7714 5,600 Marlin-Rockwell
No par 41514 Mar
813 Oct 19
8
1712 174 1714 1714 17
17
17
17 I 163 1714 163 1634 2,100 Martln-Parry Corp____No par
4
4
124 Mar12 2538June 4
184 164
1613 1637 163 1631 16312 16478' 1631* 16412 16414 173
4
5,300 Mathleson Alkali WorksNo Par 1171 June
4
173 Nov 16
*122 124 *122 124 *122 124 *122 124
12218 12218 *122 124100 115 Jan 1 130 Apr 27
10i Preferred
1
8712 883
*
8 863 878 86
89
88% 9178 z9112 934 9318 953 155,900 May Dept Stores
4
25 75 July 1
9534 Nov 16
268* 2714 2714 295* 29
3012 27
295
8 2714 2812 284 298, 224,600 Maytag Co
174 Aug 14 3012 Nov 13
No pa
454 47
4714 483
48 s 493
5
50 8 483 493
3
4
4 49
4 49
501 39,5001 Preferred
40% Aug 14 52 May 24
No pa
*90
90
91
92
92
91
*9012 92 .91
92
91
91
preferredNo par 90 Nov 12 101 May 24
/
4
711s 711 *72
7312 714 72
/
1
72
72
72
72
72
7318 1,401 McCall
8
No pa
56 Feb 8 75 Sept 24
10412 107
8
107 1097 107 109
106 10812 10512 10512 105
10712 3,790 McCrory Stores class A No par 77 Feb 13 1097 Nov 12
8
1133 1193 11512 1187 114 11512 11412 1163 11312 11412 11312 1144
8
4
4
4
No pa
20,500 Class B
8012Mar 14 1193 Nov 10
4
11414 118
118 11812 118 118
118 118
1184 11812 *11812 119
0,000 Preferred
100 109 Feb 8 1184 Nov 12
*1944 2012 2018 204 20% 203
8 20
2014 193 197 •1912 21
4
0
1,300 McIntyre Porcupine Mines_ _5
1914 Sept 11 2812 Mar 16
68
664 67111 66% 673
873 674 67
4
4 673 703
4
693 723* 22,300 McKeesport Tin Plate_No pa
4
6212June 13 75 4 Oct 8
5
343
4 3312 345
34
33
4
35 4 333 35
3
3312 343* 333 3414 14,000 Mengel Co
4
No pa
25'4 July 17 41 Sept 18
(The)
25
12 *2518 255* 2514 2538 2514 2513 2514 25141
2512 *25
*25
100I Metro-Goldwyn Pictures pf _27 245 Aug 30 2718May 29
8
53
628, 583 65
4
424 503* 513* 63
5814 62
6354 70 .512,900:Mexican Seaboard 011__No pa
45 Jan 19 70 Nov 16
260 27
4
28
27
273 28
8
2718 273
4 2
65* 2712 27
27%' 28,700:Miami Copper
5 1754 Jan 5 28 Nov 12
3
k 3812 403
8 38 4 39% 3912 408 40
383 387
s
407
4 39
397 159,000 Mid-Cont Petrol
8
No par 2518 Feb 20 407 Nov 13
8
5
54 614
614 612
618 6%
6
57
635
8 614
57
614 56,500 Middle States OU Corp....10
248 Jan 3
7ssMay 10
41
434
414 48*
4 4 484
414 4 8
5
412 48*
44 414 4,5001 Certificates
10
118 Jan 8
57
8May 10
4
233 2373 233 234
•233 238
236 238
23414 23712 238 246
7,600 Midland Steel Prod pref.....100 193 June 19 290 Jan 4
2012 2012 no
2012 201
205
* 2012 204 20 4 20 4 207 2114
3
3
1,900; Miller Rubber
No par 1812 Aug 13 27 Jan 3
454 46
4514 467
8 4414 457
454 464 4512 4612 4614 47
34,100 Mohawk Carpet Mills No par 3918 Aug 14 47 Nov 9
*150 166
66
150 166 *150 166
100 10214 Jan 10 175 May 3
Montana Power
39214 40612 387 39812 388 396
385 407
38514 394
40312 417
54,5001mon tgW d & Co III Corp
Mon Ward
a
117 Jan 19 417 Nov 16
64 610
64 7 I
8
6 4 64
0
6% 6 4
8
68 64
5
3
65 67
8 6,8001 Moon Motors
No par
5 8 Feb 6 1112May 11
1
38
37
378 3
7
378 37
34 37
312 3 4
3
312 3 4 9,900 Mother Lode Coalition_No par
3
2 s Aug 10
5
41
8May 14
*10
11
11 1 104 11
*10
11
11
1118 111
11
114 1,800,Motion Picture
No par
114 Nov 15
185 19 I 19
4
5
18 4 18
3
19
1812 19
1838 181
18
187
8 3,200IMoto Meter A
1: = 24 4soot 20
l
A
3
155 161 *155 162 *157 160 *151 183
*161 165
157 160
3,400:Motor Products Corp No par 94 July 7 2185 Oct 15
4
381
s 38
4 374 3814 38
3818 387
385
8 384 39
38
39
6,300 Motor Wheel
No par 251 Jail 12 5114 Oct 15
3
85% 85%
2
4 883 8912 89
4
897
8 89
90 4 6,4001Mulline Mfg Co
3
No par 1 o
.
tt 19 954 Oct 10
e
n
C
_I .
_ •105
15105
624 r,i11 54 14
110 4 Jan 9
8
12 iii2 ii -LI li" ;Hi Ili "Elie iff
12
.
s
a
s
Prs ngwd
No par MN Mar
6212May 18
111 11712 11314 11878 11314 1173 114 11734 114 11614 114 1163 - 1.81317) Muteelerreear Inc
4
4 32,600 Murray Body
No par 2112 Feb 1 12414 Oct 20
923
4 913 924 9112 921
92
4
918* 923
4 923* 93
938 96% 72,900 Nash Motors Co
ped/!/!__pg III;1 .Tan 20 10138 Jan 3
4 Feb
8 21% 223
2218 223
8 2118 22% 2214 227
224 2238
% 22,400 National Acme stam
244 Oct 30
15212 154 8 15218 1543 1514 160
7
4
155 168 I 16714 1725* 167 171
24,200 Nat BMW Hess
17258 Nov 15
No Par 41 Jan
*112 116 *114 116 *112 115 *112 115 I 115 115
115 1154
300 Preferred
100 904 Jan
1154 Nov 16
4
16812 1693 16812 1693 170 17411 17312 175
167 169
4
175 17612 22,200 National Biscuit
35 1594 July 1 182 Jan 27
14414 14414 *141 14512 *144 145 *14214 145
•14312 145 *14312 145
100 Preferred
13712 Feb 29 150 Apr 11
993* 9818 10112 963 993g 9612 9812 96
4
96
97
9712 9812 169,200 Nat Cash Register A w I No 100
par 474 Jan 16 1011:Nov 12
11538 1167 114% 11634 11514 1157 1168 1203 120 122
1164 117
s
8
4
151,800 Nat Dairy Products_ _ _No par 6418 Jan 5 122 Nov 16
29
28
281
2814 2814
2912 2912 29
8 4 2814 28
2
814 2,000 Nat Department Stores No par 217 Jan 5 3214 Oct 26
8
*93
93
934 3
95
934 93
*93
93
*93
9314 *93
9314
100 lot preferred
100 91 Jan 10 102 May 2
3618 365* 364 367
8
365e 363
4
4 363 374 367 367
8 36
37
4,800 Nat Distill Prod ctt8.... _No par 2914June 12 5812 Jan 9
62
*58
8 8214 6214 *58
62
*6214 847
*58
82
*58
62
100 preferred temp etre_ _No par 5114June 13 713 Jan 9
511, 537
8
8 531 56
55
57% Ws 57
55
8
5635 557 56
29,100 Nat Enam & Stamping
100 2314 Mar 28 57% Nov 13
12214 1224 12212 1224 12114 12111 1207 12078 120 120
122 122
*
900 National Lead
100 115 July 11 136 Jan 31
424 404 413
8
8 41
4178 4111
40 4 4114 z407
3
1714
120,900 National Pr & Lt
21% Jan 16 44% Nov 16
No pa
1:18 13
1818 1812 18
1814 1812 *1812 19
183
8
338
4
3
4
14 July 25 40t8 Jan 9
49
*45
4312 4712 *45
49
*45
474 *431 474 *4812 tr8 1,400 National Radiator_ __ _No pa
:
49
Preferred
40 Nov 2 984 Jan 17
No pa
119 124
4
115 1154 11412 1183 11614 121
12112 125
128 130
31,500 National Supply
50 8414June 12 130 Nov 16
295 297
29312 296
295 300
299 299
295 2994 299 4 302
3
730 National Surety
100 28712June 13 372 Nov 7
335 390
346 346
3474 348
*350 355 *345 350
348 348
1,400 National Tea Co
No pa 160 Jan 17 355 Oct 23
344 347
8
343 35
34% 343
4 34
3414 347
341
3454
s
4
4
423 4314 4214 4318 415 4212 4234 363 173,300 Nevada Conan! COPpeT_No par 178 Jan 18 36% Nov 16
3
4218 43 4 424 44
4318 6,300 NY AR Brake
39% Oct 22 504 Nov 16
No pa
$ per share
5512 56
493 50
4
99
99
3
9212 93 4
8
497 497
g
54
54
18718 189%
27 27
5112
*51
174 174
1624 16512
*12112 12214
41
*37
13
13 4
3
*111 11158
72%
72
3414 3514
10312 1047
8
2018 2012
•Bid and mated pillow no sales on this day. a Hz
-dividend
x
PER SHARE
Isom fOr Punters'
Year 1920
Loteeel
Highs.,
vim share
43911 May
yin siert
811 Nov
s
Jan
1124 Dee
9611
63 BeDS ..
.hi' lie;
1224 Jae 1587 RAPT
4
1912 Jan 5913 June
4811 Mar 57 Sept
5812 Jan se Des
iff Feb
10 8 Jan
5
12 JUIT
/
1
4
69
Apr
128
Oct
84 Des
18
2211 Jan
653* Dee
"iifi WI;
85
64
19
103
Feb 102 Sept
Jan 9711 Sept
Oct 27 July
July 110 Des
ICI- Feb
41414 June
66 June
iicisS We;
45
93
Jan
Des
49 lane 62'* Pu
4457 Jan 774 Sept
s
1
11014 Feb 118 July
10 June 18 Des
45 Nov 80
Jan
89
Jan 1051t Sept
"it; WI;
66
Jan
7 Jan
Ws; Not
88 Oat
18
18 4 Des
1
WI; Apr 43 Nov
Sept
Des
20:
7
'971j Feb28 Sept
13414
•861, Feb 128
*861
8
Oel
124 4 Jan 140 Do
1
49
Oct 763* Ape
45 4 Sept 78 4 Des
1
1
6878 Jan Ors Mai
---_ -2512 Dec ;8 - c
5
Oct- 71; M
"
185 July 574 Dee
11
1
118
Jan 138 NOV
28I May 47 4 July
0
107 Jape 118
1s Jan
10
Oct 12 Aug
883 Dee 97 Feb
4
33I8 Jan 301 Dee
1
20 Oct 834 Mac
1
68 Nov 581 Dee
4
105 June 184 Aug
67 Aug 74 Aug
8814 Jan 118 4 May
1
124
Jan 24318 Nov
2012 Aug 2818 Oct
29 8 Feb 58 4 Dee
1
4
1118 Apr 204 Dee
6618 ;WY 95 Des
8918 Dee 4 / Aug
94
48
Oct 132 Aug
244 Jan 36 4 Dee
1
1
12
Oct 225 nue
4
81
27 3 Ine !.5 4on
Jau
1
871
: av
151s Dee 24 4 Feb
8
82 Jan 132 4 Des
3
103 Jaa 190 Dee
68 4 June 90 4 Nov
9
8
65 Mar $0 isei
5611 Mar kW Dee
07 Mar 1161 Sept
8
Ws Mar 283* Oct
„-24 4 Jan 36 4 Feb
4
1
3 Aug
94 Fell
1
181 June 20 4 Dee
8
1
97 Apr 105 Feb
los Jan
194 JUDI
133 J
24 June
0
106 Apr 815 DM
1718 Nov 86 4 Apt
1
114
Jan 1091i Oct
6014 Feb 12318 Des
8 June 1212 Jan
14 Oct
4t8 Jan
IN Sept 161 Mar
8
17 Nov 38% APT
214 Jan 8Th MaP
10 Jan 79 4 Dee
1
80 Jan 1107 Dee
4
85 4 May 53 Nov
9
1614 Ost 68 Feb
0
6014 APT 101 1 Dee
5 Feb
7 Out
1s
814 Sept WI Dec
854 Sept 97
Ayr
94 4 Jan 187 Dee
1
Jan 142 Dee
180
397 Jan 51% Des
8
594 MAY 68% Aug
201 June 27s8 Mal
4
8912 July 944 Jos
1
17 Feb 60
Oct
43 Mar 69 4 June
5
1918 Apr 55 3 June
2
695 May 202 4 May
8
194 June 28 4 Sept
5
3684 Nov 8912 Nov
96 Nov 98 Des
76 May 9778 Des
45218 July' 873 Dee
108 Apr 180 Doe
124 June F1 Dee
e
891.4 Oct 50 June
NeW York Stock Record-Continued-Page b
2792
For isle, during the week of stocks not recorded here, see sixth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Nov. 10.
Monday,
Nov 12.
Tuesday,
Nov. 13.
Wednesday, Thursday,
Nov. 14. 1 Nov. 15.
Friday,
Nov. 16.
Sales
for
Lie
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscel. (Con.) Par
$ Per share 5 per share $ Per share $ per share 3 per share $ Per share
100
4812 1,100 New York 1)ock
48
48
4318 4812 4914 48
98
48
48
49
*48
100
Preferred
200
88
*86
88
87 g *86
87
88
88 .85
*85
87
*85
490 NY Steam pre (6)_ __ _No pa
10212 103
8
9912 1003 10012 103 *10212 103
4
*993 100
8
*095 100
.
90, 1st preferred (7)_ _ _No pa
11212 11212 11212 11212
.4
4 1133 11312 11312 114 114
1133
*111 113
10
47,4001North American Co
8 784 79
7813 '1812 7814 83
4 781g 787
4
8 773 783
7753 783
60
5312 5312 5312 5312 1,800 Preferred
53
5314 53
53
4
523 53
5214 65
*
.No pa
5001 No Amer Edison pref.
8
1005 10058
102 102
102 102 *102 10238
102 102
2
*101, 102
100INorthwestern Telegraph....50
4814 4814 *4812 51
8
483 483 *4814 51
8
8
*483 51
*4814 51
512 53
1,800'Norwalk Tire & Rubber__ _ _10
4
8 53
55
512 5'2
5'2 512
1
3
5 8 512
514 514
.
818 818
200 Nunnally Co (The) _ _ No par
812
48
812 ,
*8
812
812 *8
*8
8
8
25
2814 2978 2.700 011 Well Supply
28
2818 2818 28
28
2818 2518 28
29
29
100
380 Preferred
100 100
100 100
100 100
101 101
100 100
101 101
No par
10,400 Omnibus Corp
878 1012
912 10
912 978
4
93 10
8
93 1018
4
1012 103
100
1.500 Preferred A
*8512 92
85 *8512 92
8
847 8518 85
88
9312 85
*88
5,500 Oppenhelm Collins dc CoNo pa
4 803 80 4 79
4 7918 794 79
8012 803
793
7912 7912 80
,3
3
1
Orpheum Circuit, Inc
*3314 65
*3314 65
65
*3212 65
*33
65
*32
4,3113 65
100
190 Preferred
9312 9312
94
94
*9312 94
*9213 94
94
9512 9512 94
50
4 3.500 Otis Elevator
4
240 244 29312 2433 244 2453
241 241
240 244
245 246
100
160 Preferred
122 122 •121 122
121 122
121 122
*121 122 *121 122
No par
8
8 353 3614 135,700 Otis Steel
3 3434 357
4 3513 367
3312 3312 354 3418 363
33
100
1,300 Prior preferred
*99 10018
*9812 9912 9912 0012 9912 10012 *9812 10012 *99 10018 033 033,
No par
8
300 Outlet Co
94
*92
94
*90
94
*90
94
*90
94
*90
25
8,500 Owens Bottle
8
8912 8912 897 90
894 90
8912 90
8
847 8612 8714 9112
25
4
5212 5212 533
8 533 5478 10,300 Pacific Gas & Elea
5112 52
52
4
513 52
8
517 52
No par
1.000 Pacific Ltg Corp
8
764 767 77
76
76
8 76
8
767 767
76
76
77
*76
No pa
114 10,400 Pacific Oil
118
114
118
114
14
114
14
114
118
114
*113
100
590 Pacific Telep et Teleg
15514 15514
153 15512 15514 156
155 155 *154 155 (53 154
10
Car
4
10418 10812 104 1073 10513 1074 21043g 10912 11318 11878 466.000 Packard Motor & Trans__ 50
9918 105
7,100 Pan-Amer Petr
54
4 5312 53 2 5312
533
,
5312 521g 5318 53
4 53
5214 523
50
8
5518 5612 5513 5612 5518 563 115,900 Class B
4 5312 56
5453 5512 5514 563
3,500 Pan-Am West Petrol B.No par
1812 185 O1812 19
8
187 19
8
1812 19
1758 177g
18
18
8 1512 1638 10,100 Panhandle Prod &ref __No par
1514 155
8
8 155 16
8 154 163
173
4 16
8
165 173
100
100 Preferred
85
8712 *84
8712
*84
8712 *84
8
*894 903 *84
90
90
par
8
8 515 5212 158,100 Paramount Fam Lasky_No par
81 517 5234 5112 5214 511 1 517
8
5212 5312 5112 527
No
15,300 Park & Tilford
91
884 8914 90
8712 89
8718 90
90
89
8812 89
1
8 1014 104 27,900 Park Utah C M
8 1018 1012 10% 103
1014 105
8
1014 1053 103 105*
No par
8
63 22.300 Pathe Exchange
6
618 614
618 614
614 6121
614 612
4 612
No par
Class A
2412 2478 3,100
8
8 245 25
257
8
___1 243 2514 25
8
2513 255 ---8
347 353
8
35
4 343 3514 341e 3478 20,600 Patin() Mines & Enterpr____20
3614 34
13 3618 3513 35
50
1634 1678 3,600 Peerless Motor Car
4
1714 163 17
17
1714
1612 17181 17
•1612 17
No par
7,500 Penick & Ford
8 3614 3712 3614 3712 3618 3712 3618 37
383
37
374 38
No par
15,200 Penn-Dixie Cement
8
12 193 20
2112 1914 20
8 18
8 1712 183
185
1812 1913 18
100
Preferred
8412
8412 *83
8812 *83
*85
90
*88
90
*83
00
*83
7.600 People's 0 L & C (Ch1c)_ .100
196 200 *192 199
19412 1974 19612 201
18812 194
191
4
1883
Philadelphia Co (PIttsb)_....50
*155 165 *155 165
*156 165 •156 165 *156 165 *156 165
50
10 5% preferred
*4712 48
04712 48
48
48
*4712 48
*4712 48
12 48
*47
50
700 6% preferred
8
8
4 527 527
4
8 5234 523
4 523 523
8
4 525 525
4
523 523
53
53
8
303 31 18 34.100 Phila & Read C & I__ _No par
8
3218 3014 313
3112 3238 31
3112 3218 3158 33
1912 2012 13,600 Philip Morris & Co., Ltd_ _ _10
21
3
195 2012 20
8
4
203 2112 1912 2112 195 20
No par
4 494 494 4912 50 142,500 Phillips Petroleum
493
4 48
483
8 47
487
8 48
47% 477
5
500 Phoenix Hosiery
*25
30
30
*25
30
*25
3178 *2512 30
•25
30
28
100
110 Preferred
97 • 9612 9612 0612 0612 *9612 9812 9612 9912 *9612 9912 8,900 Pierce-Arrow Class A...No par
•9612
2212
*22
21
2212 21
20
2212 23
8
234 2314 227 23
100
1,300 Preferred
60
60
4 60 60
62
6112 6112 6012 603
32
62
62
25
318 314 21,100 Pierce 011 Corporation
1
8
33
34 3 8
,
34
3
34 3 8
3
313 3 8
3
33
31g
3714 2,400 Preferred
36
100
8
377
37
38
3712 3814 37
39
38
39
39
No par
6
65* 81,300 Pierce Petrol'm
6 13
6
61g 63
8
64 012
8 614
57
3
54 6
8
5
55 253 8 5478 547 5512 47.300 Pillsbury Flour Mills_ _No par
54
53
8
543 554 5312 551,4 52
100
803 Preferred
8
1347 136 2136 136 *136 138
135 136 4,130 135
•134 138
100
5,400 Pittsburgh Coal of Pa
6012 60
5113 4912 5012 4914 51
*5012 5112
5012 50
300 Preferred
100
*8712 88
88
*6614 5712 *8614 8712 8712 8712 8712 8712 88
100
1,300 Pitts Terminal Coal
29
29
30
*29
*2912 31
3112 3012 31
31
3012 31
100
Preferred
*7212 77
•7214 77
*7214 80
*7214 SO
*724 80
*7214 80
4,000 Porto Rican-Am Tob cl A _100
67
4 67
6631 663
67
67
68
8 6712 68
687
4
673 08
No par
6,800 Class B
8
8 26
275
277
264 2612 2612 253 26
8 26
2714 2714 27
800 Postal Tel & Cable pre__ _100
4
4
4
8
4
1033 1037 10334 1033 103 103 4,103 10314 103 10314 1033 1033
No par
3 6618 697
664 6614 667
8 7014 7112 215,500 Postum Co, Inc
4
663 6712 66
6612 67
No par
39,600 Pressed Steel Car
4
2212 22
2212 213 223
8 2218 23
22
2353 2212 23
23
100
7612 2,100 Preferred
76
77
77
79
4
8014 793 8012 79
7812
79
78
8
3
3
1 2918 297 68,500 Producers & Refiners Corp_50
284 293
8 244 2534 257 2614 263 28
2412 247
50
870 Preferred
4
473
47
8
45
4518 454 443 47
4
*433 45 I 44
4
*433 45
260 Pro-phy-lac-tic Brush__No par
5412 5412
56
5814 54
5614 •56
56
56
584 56
58
8
757 293,700 Pub Ber Corp of NJ____No par
8 7114 7214 73
7018 704 723
6818 694 68
69
68
100
1,900 6% preferred
10534 106
8
1055 106
106 10612 *106 10612 10638 10613 10512 106
100
500 7% preferred
121 122 *11912 12213 *11712 12214 12212 12212
•120 122 *120 121
100
100 8% preferred
4113912 144 1 4,140 148 ,*14012 14618 14012 14012 *14212 146 *14212 146 160,200
No par
Pullman Inc
4
923
8
8514 86
844825 8412 83
85 1 83
8153 8212 82
50
4 2012 2012 3.700 Punta Alegre Sugar
2014 203
8
8
207 21 1 203
25
2812 67,700 Pure 011 (The)
28
4
8
273 28
4 2712 2818 2712 2818 275 28
8
273 273
100
5401 8% preferred
*11313 114
11318 11378 11212 114
113 11312
114 114 I 1134 114
5,300 Purity Bakeries
8
8
8
8
1277 1277 1284 1297 128 1285 128 129
4
130 1303 129 130
200 Preferred
16014 16014 *150 175 0150 175
158 158
•150 175 *150 175
27812 298 274,000Radlo Corp of Amer---No Dar
4
4
4
2753 2903 273 2813 269 277
268 290
256 268
50
600, Preferred
5612 564 5653 5612 5612
5612 5612 5614 5614 *56
*554 5812
10
,
531 5414 5212 5414 17.600 Real Silk Hosiery
56
50
4
5512 533 56
55
100
20 I Preferred
9612 9612
97
*94
97
*94
97 I *94
97
*94
05
•94
No par
500 Reis (Robt) & Co
8
958 95
912
953 95* *914
913 913
3
3
9 4 97
4 9
*83
No par
8 163.400 Remington-Rand
8
2614 274 274 2812 2612 2814 265 2818 2718 2914 2814 295
100
6001 Firat preferred
91
91
91
*90
90
91
*00
*8818 00 I 8912 897
3 90
100
3001 Second preferred
*9212 9518
93
93
93
93
*9212 93
93
*91
03
1
10
2812 2878 25,700 Reo Motor Car
2914 2812 287
8 2814
3 2812 287
8
4 2812 295
8
283 283
8
8
3
3
8 83 4 85 4 835 8512 8418 8514 8512 903 130,600 Republic Iron & Steel_ _ _ _100
3
4 847 877
834 843
100
3001 Preferred
4
•110 11012 11012 11012 11034 1103 *11012 112 •11012 112
•10812 11012
No Put
1258 42,800 Reynolds Spring
1212 1218 124 12
12
8
8
4 113 1134 115 12
1118 113
8
15412 15512 1535 1547 15418 15538 43.400.Reynolds (112) Tob class 15.25
5
8
151 15118 151 15214 1515 155
5514 308.700 Richfield 011 of California_ .25
3
5414 55 4 5318 544 53
56
53
50i8 5078 514 55
25
14.600 Rossi& Insurance Co
214 220
212 215
213 21914 21412 218
213 216
2134 216
6112 8,100 Royal Dutch Co(NY shares)
8
8 607 6112 6014 6114 61
615
8 61
613
6114 61
61
10
4412 4512 8.200-St Joseph Lead
3
45 4 4418 4514
8 4518 4512 45
5
45 3 463
3
45 4 46
4158 4178 6,400 Savage Arms Corp_ ...No par
*4112 42
4
8
405 4312 403 424 4114 42
4214 43
8
3
7
4 5234 535 33,600 Schulte Retail Stores....No par
4
533 5413 53 3 543 35234 533
7
3
537 5414 53 8 5414
100
30 Preferred
117 117
117 117 •11712 120
*119 12018 *117 12018 117 117
No par
1514 •1434 1518 2,500 Seagrave Corp
1512 1512 1514 1512 1514 1514 15
8
1514 155
4
8
1894 18912 10712 184 1897 19014 1943 550,900 Sears. Roebuck & Co___Nopar
3
8
8
1573 15914 1605 1717 172
No par
615 614
8 618
57
8
63*
6
4 57 11,800 Seneca Copper
53
2
6'4
8
612 65
No par
12712 1323 13
4
014 13114 13112 13212 9,100 Shattuck (F 0)
12714 12812 127 128
126 126
Shell Transport dr Trading.£2
4
0553 57
8
*557 5712 •5512 58
7
*5514 5
4
8
*565 5712 *563 59
No par
38
3
35 4 35
3 3514 36 153,300 Shell Union 011
343* 353
3512 35
8
345 3514 35
8012 8212 54.200 Shubert Theatre Corp. N0 par
8 804 83
4
4 763 805
763
753* 7718 7518 7712 76
No Dar
3
8914 9113 89
4 8912 90 4 55.900 Simmons Co
903
4 8812 91
9012 923
8812 93
10
92,300 Simms Petroleum
8 2514 263
257
8 2638 27
8
8 255 2614 25
3
3
25 4 2632, 25 4 263
4334 453 1,504,900 Sinclair Cons 011 Corp_No par
46
4
4 44
4512 4512 463
42
3
8 43 4 45
4214 433
100
600 Preferred
4
1083 10834 109 109
4
'109 1093 10812 109 *1084 109
•109 10912 4
25
80.900 Skelly 011 Co
8
4
2393 404 393 41
8
3 403 41
407
4 40
8 4053 413
3
39 4 413
8
12212 1243 122 12412 2,600 Sloss-Sheffleld Steel A Iron 100
1217 122
4
11612 120
4 118 *114 118
1173
No par
8 12
1212 2,000 Snider Packing
8
1253 124 125 125
13
13
13
3 13
124 127
No par
33
800 Preferred
34
33
3312 3312 334 3312 *33
34
34
34
34
No par
4153 433
4 424 43'8 4278 4338 33,400 So Porto Rico :lug
414 42
4312 4218 43
43
25
4
523 18.400 Southern Calif Edison
8
515 5212 5112 5213 52
52
3 5112
4 5112 517
5112 513
8 35
2.800 Southern Dairies Cl A _ _No par
367
35
3612 3612 36
3612 37
3738 3733 3612 37
No par
4 6,000 Class 13
143
1412 144 14
1412 15
1434 15
15
4 1412
144 143
20 Spalding Bros 1st prof... _100
11712 116 116
11312 11312
*114 11712 *116 11712 *116 11712 *116
471, 4714 4814 13,200 Spang Chalfant&Co IncNo par
8 4714 4934 46
4 4712 493
4
4 463 473
4712 473
190 Spear & Co
1112 1112
No par
4
1212 1112 1153 •1112 113
1212 1212 12
*121,2 13
360 Preferred
4
100
8034 763 784
8014 279
80
81
81
82
*81
82
80
*
No par
40
4014 3978 4014 4.600 Spicer Mfg Co
3
404 397 40
40
8
8
397 4014 397 4013
49,300 Spiegel-May-Stern Co__No par
89
85
8014 84
81
80
4 7913 80
4
8 793 803
807
80
3312 34
26.300 Stand Comm Tobacco_No par
8
3418 3412 335 34
35
3414 3512 34
3312 35
7312 7512 46,300 Standard Gas & El Co.No par
,2 7412 7312 74
8 73
737
73
4
4
733 7412 733 75
60
4
4 4,100 Preferred
8 663 663
8 664 673
6618 664 667
6614 66
6618 6618 66
11412 115
3,100 Standard Milling
100
1az 113 14 11212 11212 111 111
3
112 1127 1112 1g
50 Preferred
99 100
100
*99 100 .
*99 100
00
9
*98 100
20
2038 2012 204 2012
-dividend. a Ex-di/bur. S HI-dividend and ex-Mgt:to
•Bid and asked price,. no solos on tide day. 3 Ex
PER SHARE
Range Since .Fan. 1.
Os basis of 100-43are loll
Highest
Lowest
PER EH ARE
Range for Previous
Year 11)27
Lowell
H1011341
per share
47 Aug 14
85 Sept 21
9812 Oct 5
102 Jan 30
58% Jan 5
51 Sept 11
9944 Oct 2
48 Oct 30
212 Mar 15
7% Aug 31
2014June 13
97 June 14
8
93 Nov 13
8
847 Nov 13
4
673 Aug 17
18 May 9
75 May 9
1474 Feb 20
11914 Jan 24
104 Jan 18
824 Jan 10
81 June 19
744 Jan 3
4312 Feb 28
4
733 Oct 10
1 Sept 19
145 June 12
5614 Feb 18
3814 Feb 20
4
373 Feb 20
1512July 23
1112 Feb 11
70 Feb 21
4714 Oct 9
34 Mar 10
9 Aug 15
2 Feb 8
84 Feb 9
1
237 Jan 3
144 Sept 13
2
223 Jan 7
1414July 18
75 Sept 13
15114 Jan 6
145 Mar 24
4512 Mar 15
4
513 Oct 2
8June 13
273
15 Mar 1
3514 Feb 20
21 Oct 23
96 Jan 9
1812 Oct 30
5612 Oct 30
12Mar 3
1614 Feb 20
312 Feb 16
32% Feb 18
108 Jan 5
3612June 2
81 May 1
28 Feb 10
6318 Oct 15
3
53 4July 6
2314 Aug 15
8
1005 Aug 28
8July 17
613
18 June 13
70 Aug 29
16 Feb 17
41 Feb 20
54 Nov 15
414 Jan 9
2
1033 Jan 6
117 Oct 19
134 Jan 7
8
777 Oct 11
19 Oct 11
19 Feb 1
108 Mar 15
75 June 15
105 July 12
8514 Feb 20
544 Jan 4
24% Jan 17
8012July 12
54 Feb 23
2312 Jan 20
8812Sept 19
8812 Oct 4
2212 Jan 21
4912June 19
102 June 25
814 Feb 18
128 Apr 24
2312 Feb 17
145 June 13
4402 Jan 20
37 Mar 16
37 Aug 10
49% Feb 18
1163 Nov 9
4
10 Feb 18
824 Jan 16
2 Jan 18
8012 Feb 17
%
39 Jan 24
2314 Feb 8
5434June 19
553 une 10
4J
1818 Feb 20
,
Der *Aare 1 LW saw
$ Der ehare
Jai, 65% Nov
84
6414 Jan 4
724 Feb 934 Nov
95 Jan 4
9312 Feb 10212 001
10512May 16
Jan 11412 Ocl
115 Apr I9 105
25% Jan 644 Oct
83 Nov 16
Jan 65 AUS
5558May 16
50
Oct
96% Jan 105
105% Feb 7
4
471 Jan 56 Beni
55 May 15
55 Fet
14 June
712Sept 4
Is,
18
5114 Dee
13 May 14
314 Jan 387 Des
2
41 Jan 11
1101: Jan 11 102% Mar 110 Jane
11 Mar 174 Junl
15141'vtay 10
Jan 994 May
81
2June 12
993
6812 Feb 82% Der
8811 Jan 7
Apr
23% Dec 35
70 Oct 25
:
102 Jan 5 102% Nov 1081 June
246 Nov 10 2103 Feb 155% Oat
12634 July 10 108 Feb 12434 Aug
12117410•
8
367 Nov 14
714 Feb
614 Feb 91 Nov
10012 Nov 13
4
523 Jan 99 Des
9918Sept 4
73 Dec 854 Dee
8
957 Apr 18
31 Feb 50 Des
8
547 Nov 16
8June 29
853
hi Jan
1 May
214 Apr 27
160 May 17 124 Mar 162 Dee
33% Apr 62 Dee
8
1187 Nov 16
55 Nov 7
401a Des, 6571 Jan
2
4014 Dee 663 Jan
8
587 Nov 7
2
4
161 Oct 377 Jas
8
283 Apr 28
8
187 Jan
Apr
8
4May 14
213
54 Sept 83 Nov
10814May 16
5312 Nov 10
-2-6 - Jan itfoi 00)
93 Oct 16
104 Dee
Jan
8
144 Jan 5
12 June
612May 10
3% Dec
1812 Dec l314 June
34 Aug 8
2
184 Aug 277 Feb
42 Apt 30
Jan
20 Apr 32
2574 Mar 18
194 Sept 274 May
4113 Oct 16
214 Dec 395a Jan
31 May 2
91 Bent 100 May
96% Apr 25
2
Jan 1683 Nov
20114 Sept 26 126
4May 4
854 Jan 1534 Deo
1743
Jan 51 Dec
40
49 Aug 18
Jan 534 Sep,
50
57 Mar 29
37% June 67% Mar
4
393 Jan 3
18 Sept 614 Jan
2512May 28
3614 Oct 6014 Feb
50 Nov 16
gips Dee 524 Aug
38 May 8
Jan 107% July
10314 Feb 14 103
273*Sept 17
_
71 Sept 21
Ig Mar
14 June
514 APT 27
1312 Mar 24 June
50 Oct 5
21, Mar
54 Juno
658 Apt 27
30% Nov 3712 Aug
4
553 Nov 9
Oct
138 Nov 9 104 Aug 109
4
323 Mar 744 June
55 July 6
70% Mar 98 Sept
8812July 9
ow, Apr 55 June
3673 Mar 20
74 Apr 8413 Dec
82 Mar 13
85 Aug 914 Jan
79% Jan 6
15 Aug 52% Dee
3512May 18
106 Sept 20
5 ar
Wei - I- - 1211-12 Dec
13612May 31
3612 Feb 7814 Dee
3012 Oct 5
7g12 Feb 924 May
9312 Oct 8
3
4
163 Jan 337 May
294 Nov 16
3671 Jan 50 Feb
02June 8
49
55 Feb 71 Bet,)
91 Feb 17
Jan 4672 Sept
32
3
757 Nov 10
984 Feb 105 Nov
115 May 4
12912May 31 10812 Jun 12014 Nov
Jan 13514 Nov
150 May 4 125
3
4
733 Aug 84 4 Dec
94 May 16
Oct 46% Jan
27
2
347 Jan 3
Oct 3313 Mal
25
2812 Oct 26
119 June 6 111112 Jan 1154 Dee
8
1393 Oct 15
16614 Oct 15
11le -A pr 1111- Nov
298 Nov 16
Apr
49 May 57
60 May 16
AL Ma)
2012 Nov
56 Nov 12
80 June 99 Dec
97 Nov 1
9 June
54 July
13 May 15
2012 Nov
A714 Dee
:May 31
361
874 Nov 1024 AD
98 June 2
Apr
Oet 110
90
100 Jan 24
i
2512 Dec 2(11 Dee
3514 Oct 3
2
Oct 757 Mar
53
8
917 Sept 14
96% Jan 106 Ma,
112 Feb 6
13 Dec
Feb
6June 4
147
9812 Feb 162 Dee
1611s Jaa 3
25% Dec 28% Dee
56 Nov 13
Oct
Jan 194
74
233 May 4
J412 Fen
444 July
34 Oct 20
36 May 43% Mar
4938Sept 19
4912 Aug 31
Jan 57 Seel
47
674 Apr 14
129 Aix 11 11614 Jan 123 Aus
1712June 18,
8% Sent 15% Dec
Jan 9112 Dee
19712 Nov 14' 61
4
33 Jan
1 June
712 Oct 24
14014 Oct 18
56% Jan 10112 Oct
41% Oct 47% Feb
5712 Oct 23
2402 Oct 31% Feb
36 Nov 14
2
55 Aug 747 Nov
8514 Nov 1
3312 Jan 644 Dee
934 Nov 5
2
1414 July 263 Dec
27 Nov 16
175* Feb 20
10212 Jan 4
25 FcIl 15
102 June 23
12 Nov 9
33 Nov 16
324 Feb 18
4312 Jan 6
2412 Jan 25
9 Jan 23
109 Jan 7
26 July 21
1014 Nov 2
3
763 Nov 16
234 Jan 12
6512Sept 24
21 Oct 25
2
577 Jan 12
85 Jan 3
100 Jan
97 Nov 2
4634 Nov 14
110 Oct 29
4
413 Nov 12
134 Feb 6
20 A pr 3()
60 Jail II
2May 24
493
54141May 4
6002May 21
30 Apr 23
120 Apr 3
53 Oct 24
20 Feb 29
92% Feb 29
4412Sept 20
89 Nov 16
4014 Nov 8
7512Sept 17
7112May 16
127 Apr 20
112 Apr 23
15
Oct 2232 Jan
97
Jan 10412 Dee
2412 June 37% Feb
11014 Nov 13414 Apr
4
163 July
11% June
5214 July
44 Nov
2
337 Aug 42% May
Dec
814 Jan ao
15 May 451 Jan
Jan
20
6% Oct
Jan 1124 Nov
103
4
83 May
73 Feb
204 Jan
54
574
7014
84
Dec
13
Dec
88
2
287 May
_
Jaa 66% June
Jan 6612 Nov
Jan 104% Des
Jan 103 Des
2793
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here,see seventh page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Nov. 10.
Monday, , Tuesday,Wednesday, Thursday, I
Nov. 12. 1 Nov. 13. I Nov. 14. I Nov. 15.
Friday,
Not. 16.
Sales
for
the
Week.
PER SHARE
Range Blau Jas. l.
Os basis of 100-eharelots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share $ per share $ per share l $ per share! $ per share $ per Share Shares Indus.& Mace!.(Con.) Par
67 18 6812 x67% 6812 68 687 88,900 Standard 011 of Cal____No par
8
8 6618 67
66
6612 6614 673
8
8 53 8 54 252,800 Standard 01101 New Jersey_25
,
,
5118 5178 5134 5238 51 8 5214 5218 54 41 533 513
5 3812 374383
4
383 393 2383 393 224,400 Standard Oil of New York_ _25
4
2
3718 3712 3712 388 37
518 512 15,700 Stand Plate Glass Co_ _No par
43
4 47
43
4 512
414 412
8
43 '4 4
4
3
4
412
18
100
18
2078 21
22
9401 Preferred
8
*163 1714 167 1712 1712 174 18
4
3618 363 367
8
8 5,500 Stand San Mfg Co____No par
8 3614 3612 3618 3612 36
364 363
/
1
4 3612 367
46
47
4538 47
47
47
10,500 Stanley Co of Amer__ __No par
52 1 4434 49
5312 40
52
8
10534 10714 10612 1077 10512 10738 10638 1124 11112 11338 11314 11538 140,500 Stewart-Warn Sp Corp_No par
62 6218 6212 624 63
62
3,600 Stromberg Carburetor_No nor
6138 618 62
6338 6418 65
75
78
72,700 Studeb'rCorp(The)____ N•oar
7538 7438 7512 75
75
757
8 754 7614' 7518 76
100
_ 125 12514 1243 125 *125
4
____
250 Preferred
_ *125
____ *125
126
4
32
34 33
4
312 38
4
314
378
312 378 6,200 Submarine Boat
No par
312 338
338 _- - 8
No par
8 697 747
8
8 7112 74
13,600,Sun 011
613 6212 6312 654 6512 873
4
*613 62
4
12 1 11
1112 11
1112 104 113
No par
8 11
113 100,4001Superior 011
8
114 117
8 11
100
4 4412 454 454 467
4
4
8 463 483 16,800 Superior Steel
41
43 4 433 45 1 434 443
3
4
50
8 17
17
1614 173 *1612 17
2
167 167
8
8
900 Sweets Co of America
•17
18
1638 177
412 412
412 412 *414 412
412 47
No par
8 1,200 Symington
412 412
*414 44
1214 12
12
12
No par
1214 1314 1338 1338 12
134 2,0001 Class A
•1212 13
1814 1814 1814 18
1814 3,400 Telautograph Corp
No par
1818 184 1838 1818 1812 *18
18
17381 1718 1738 • 1838 1718 17 11 173 48,3001Tenn Corp & C
No par
8
1714 177
8 1714 18 1 17
4 697 70141 7018 7038 703 7238 7312 743 192,100 Texas Corporation
8
25
8
4
7012 7018 703
70
3
8 733 7441 74 4 774 7538 764 7638 17734 353,400 Texas Gulf Suipbur____ No pa764 75 8 767
4
3
76
24121 2318 244 2278 • 2418 75,000 Texas Pacific Coal dt 011_ __ _10
8 22
2412 2514 2418 253
24121 24
4 2312 24 1 231g 237
8 2338 244 2338 2414 41,900 Texas Pat Land Trust
1
2414 2412 2338 243
2212 23
2238 2272 2412 25
No par
4 2212 23 1 2214 23
2212 223
2,600 Thatcher Mfg
*453 475 *453 478 46
8
8
4
46
*4534 4738 47 6 47
No par
*
45
46
400 Preferred
4012 41
414 4214 4134 4412 4338 443
4012 41
No par
4 4112.14414 27,100 The Fair
110 110
111 111 *110 114 *110 114
100
4110 114 *110 114
330 Preferred 7%
6312 64
*6312 64
6312 6312 63 1 6512 3.300 Thompson (J R) Co
25
5912 60
5914 60
2212 23
223 227
8
223 23
4
4 2212 23
81
81 2238 223
227 2314 98,800 Tidewater Assoc OU___No par
8
8 8814 887
8 8814 8812 89 , 89
100
8812 8812 8812 8812 883 883
5,900 Preferred
3418 3438 34
347 35
8
344 338 333
100
3338.1 3418 3,300 Tide Water Oil
3412 35
95
943 95
4
943 94141 947 9514 3,100 Preferred
4
100
8
95 4 953
3
4 9514 9514 95
1493 153
4
15012 15212 1493 1511 15038 152
148 152
14712 148
4
/
4
83,400 Timken Roller Bearing.No par
106 107
1073 1093 107 10812 10714 1084 36,900 Tobacco Products Corp._ .100
4
4
4
4
10734 1083 1063 108
116 116
116 116 1 116 ,11738 2,400 Class A
4
100
117 1183 11712 11712 11512 116
23
*20 le 23
v2214 234 '2214 2312 *2214 2312 2214 2312 .20
200 Div senile A
*22
24
24 I *20
24
234 *22
*20
24
*20
24
*22
12
4 11
1114 1178 1118 1138 1118 11% 579,400 TransceertOil p
1218 123
1218 13
tern
'l Irn ctf___No par
Div l
484 844 474 4712 *47
/
1
50
*47
50 1 *47 t50
*
48
50
300 Transue & Willlame St'l No par
/ 4112 4114 4238 4238 443* 42
1
4
4334 4218 4278 20.900 TrIco Products Corp___No par
413 4214 40
4
827
8 8012 82
827
8 80
80
8012 82 . 814/823 31.900 Under,Elliott Fisher Co.No par
7914 80
4
39
3812 38121 38
39
38
39
373 373
4
41 37 1 38
/
1
4
39
700 Union Bag & Paper Corp__100
2
4
4
19014 1913 1901s 1937 19114 19812 19212 1983 19218 19514 1933 1973 68.400 Union Carbide & Carb-No par
4
2
25
8 5412 553
8 5418 5484J 543 5512 45,700 Union 011 California
534 5312 5418 5614 5414 557
4
,•117 12212 *117 124
11512 125
117 117 2122 5122
100
*11514 116
1,300 Union Tank Car
518e 5038 514 5012 5034 5038 51141 50
5114 51
51
5112 12,100 United Biscuit
No par
/
4
_ *1204 ____1•12014
/
1
412014 ____ *12014 ____ *12014 __ *1201
100
2612 27
2612 27
264 26781 2634 2712 18.700 Ungd rred Stores
264 27
2
10
638 27
i feeigar
104 104 *103 104
*104 105 *104 105
104 104 *104 105 at 300 Preferred
100
8
8
4
137 13714 137 1387 138 1387 1383 140
140 14112 1417 143 L 8,300 United Fruit
No par
8
183 *1818 183
4
183 *18
4
•18
4 1818 1818 18
1818 *1818 183 1.1 400 United Paperboard
4
100
80
80
80
80
84141 8438 8738 /25,000 Universal Leaf Tobacco No par
8112 82
8 80
804 807
9218 9212 9114 929112 9312 fps 270 Universal Pictures let pfd_100
94
*9212 94
94
94
93
23
2334 23
2334 23
233 25
4
2338 2434 2338 24
237 4.11,700,Universal Pipe & Rad__No par
8
*103 106 *103 10512 *103 105 *103 10312 *100 10312 *100 10312
100
1 Preferred
48
46
46
4812 45
46
46
45
48
45 1 45
46
3,600 U S Cast Iron Pipe & Fdy__20
4
1812 183
1834 183 *1834 19
4 18
No pa.
1838 1814 1812 188 1878 3,100 1st Preferred
1918 1714 1812 17
177
8 1612 1718 1612 173
18
8 163 1714 11,100 US DIstrib Corp
4
No par
*8012 83
81
81
82
*8012 8112 *8012 82 11/8012 8012
82
100
300 Preferred
473 48
4
4618 477
8 4638 474 4712 477
48
48
8 473 48
4
6,000 US Hoff Mach Corp___No par
125 12578 12418 12512 12338 12414 1233 1244 1233 1247 14,600 U S Industrial Alcohol
12412 1254
4
4
8
100
125 125
12518 12518 12518 12518 12518 1251g 112512 12518
125 125
100
370 Preferred
34
32
33
3314 317 324 308 32 1 3112 3214 9,200 U S Leather
3314 34
8
/
1
No par
58
5618 5618 55 4 56
3
*55
551g 56
56
5614' 5514 56
No par
3.900 Class A
*102 1033 *103 10312 10314 10312 •103 10312 *103 103141*103 10312
4
100
3001 Prior preferred
4 79
7912 79
3 7813 793
7918 794 83
783 793
4
81381 8334 14,3001U S Realty d,Imp:
No par
38
387
8 38
384 39
3912 3838 3938 3838 383
4 38141 39
100
15,700 United States Rubber
6918 70
69
7038 6812 69 1 68
6818 67
6814 67
6714 3,700 1st preferred
100
5814 583
4 58
584 574 583
81 57% 5818 57
573 .714 5 1: 8, 0 0
4 54
Ref dr Mhz ___50
3
4
9 00U
3
•
5314 5312 533 533
4
4 54
54
*53
54
54
54
50
4
16312 1653 16414 1653 16314 1683 168 1703 1683 1703 1704 17212 845,800 UnIted S teidnge Steel Corp
4
4
2
4
4
PrB Sfererltate
m
141 14114 141 14138 14114 14114 14114 1413 14114 14114 1413
4
100
8114112 5,600 Preferred
41
4114 40
4118 3912 40
40
41
394 4012 397 4034' 20,200 Utilities Pow & Lt A__No par
8
100 108
106 11112 10012 106
10218 1057 10218 10414 104 107 1163,200 Vanadium Corp
8
1 imr
2 par
,14 r r
39
39
3712 39 1 37
37
35
35
37
37
*34 14 37
700 Van Raalte
*74
778 *74
777
8 77
77
74
753
4 75
75
74
71
100
320 1st preferred
73
74
73
73 1 7214 73
73
73
73
73
73 1 73
No par
3,200 Vick Chemical
122 1247 121 12414' 121 1233 1257 131
8
4
8
126 1283 12718112834 132,900 Victor Talk Machine_ No par
4
1074 10718 10612 106 2 10612 10612 *10614 10714 .10612 10712 10712 10712
,
100
900 7% prior preferred
1718 187
8 1718 184 17
177
8 1718 173
4 1718 173
4 171193 69,400 Virg-Caro Chem
4
No par
5714 577
8 5612 593
55 4 57
3
4 5714 583
4 575 5814 5918 5978 12,400 6% preferred
100
95 2 97
,
98
99
4 99
/ 993 *97
1
4
2
99
*9812 99
983 983
4
100
41
800 7% preferred
1812 1712 1814
1818 183
4 18
1712 18
1714 173
4 1712417121 9,400 Vlvaudou(V)
No par
*8514 8912 *8514 8712 *8518 90
1186
95
*82
90
*82
100
90 I
Preferred
I *28
•28
30
30
.
129
31
31
3234 32
333
4 3212 533 1
100
790 Vulcan Deduning
85
*8014 85
8514 86
85
85
85
85
85
85 _, 85 1
100
320 Preferred
4
•25
2612 *243 2612 *243 2612 2612 2612 27
4
27
*2512-127 I
10
30 Class A
2433 25121 244 2512 2458 2514 2418 247 a 2412 2514 39,200 Waldorf System
245* 25
8
No par
4 230a 248
23 8 244 2344 243
7
2335 24
2314 23% 2318 237
No par
12 9.300 Walworth Co
84 *---- 82 v. __
.
Class A No par
161
163
4 1614 1612/ Ms 79
1612
1658 1 7
48 7124 10,339 WCardlaaBliaBking
7 112
No par
0
83
/ 833
1
4
4 8318 8312 823 823
*8212 84
4
4 82
83
*82
83
400 Preferred (100)
No par
129 13414 12818 129% 12714 1323 148,800 Warner Bros Pictures No par
4
12238 1263 1243 1264 1233 133
2
4
4
12412 12612 124 132
12212 127
12914 13312 12712 12912 12712 13134 64,300 Class A
10
4218 433* 4314 4438 423 43 81 4234 437 58.000 Warner Quinlan
4214 4112 423
42
4
,
8
No par
15312 15312 1493 1493 140 150
150 150
4
4
14514 1473 '146 149 i 2.100 Warren Bros
4,4
No par
313 323
4
4 314 323
3012 3114 3012 317
8 305 313
8
81 3014 33
No par
18,000 Warren Fdry de Pipe
*674 6812 •67
68
6718 6712 6714 6712 673 75 I7634 79
4
6,700 Weber & Helibr.
No pa
*99 100
*99 100
.
198 100
*99 100
*98
9912 *98 100
100
Preferred
8
188 10512 187 1917 187 191
19438 1963 19512 200
8
18712 1973 28,400 Western Union Telegram 100
4
4514 4412 4612 4512 4632 4532 4614 19,900 Wstnghse Air Brake_ __No par
4518 454 4518 45 4 444
3
11912 123
11934 12318 12314 1283 12812 13914 1394 144
1183 120
8
8
424,900 Westinghouse Elea & Mfg...50
11634 117
118 120
120 122 I 12512 132
4
1143 115
135 139
1,540 1st preferred
50
2414 2535 2414 2514 234 24
2214 25
2412 7.700 Weston Elea Instruml_No pa
227 24
8
24
3312 3312 3312 3312 3312 3312 3312 3312 3312 3312
•
3312 34
500 Class A
par
10412 10434 1043 10434 *10412 1043 1043 10454
105 105
4
*10412 107
4
4
280 West Penn Elec el A
12
4
4
10814 1083 109 11012 1083 10912 .109 110
109 10912 109 1093
4
390
10
99
99
9918 99% 9914 9978
3
997 997 100 100
8
4
300 Pr
Preferred 63)
10
116 116
115 11818 11518 116
2 116
*115,
115 1153 1153 116
4
4
410 West Penn Power pref
100
10
10812 10812 1083 1083 10812 1083 *10812 1083 10812 10812
4
4
109 109
4
4
preferred
100
58121 583 5838 *58121 59
584 58
8
58
•57
59
*5812 159 e
600 West Dairy Prod ci A__No pa
30
29
*29
29
2812 287
30
•29
21 2618 2818 26141 2812 5.500 Class B
No pa
,
3412 35 8 344 35
,
343 35
8
3112 32 8 3318 35
343 3814 71,500 White Eagle Oil & Refg _No pa
4
38
3841 373 37% 37
8
38
38 4 3818 39
3
3712 3712 38
7.900 White Motor
4472Nopa
2
4318 I
4312 4478 4,400 White Rock Min Sp ctf
4212 4412 4414 4414 4234 44121 44, 45
50
37% 3733 374 3712 3718 3714 374 374 373* 383
8 3712 3814 5,900 White Sewing MashIne_No par
5312 5134 5154 5212 53
*5112 531s .52
533 533 .52 g 54
4
4
600 Preferred
No pa
2712 2812 2812 2912 2812 29
8
8 273 28
273 277
2
287 2912 116,200 Willys-Overland (The)
st
5
99
99 .97
*
9712 9912 *9812 9912 9812 9912 *57t2 98% •97
200 Preferred
100
8 113 12181 1152 1332 13
4
*1112 1134 1138 117
13% PIZ
1Weass& Co Inc
lob A
No par
4 24, 2412' 2472 2614 2534 261
2
2
2 237 243
N18 3199
237 243
8
No cz;
65
66 1 654 66
/
1
66
6414 661
*6512 66
6614 6412 66
2.500 Preferred
4
4
2154 167 30.300 Woolworth (F W) Co
4
216 2193 215 2183 215 21714 21214 2153 21212.215
8
25
39
8
39
8 397 404 39
404 3814 3914 383 43
3912 403
4
15,500 Worthington P & M
60
60
59
60
597 597
60
60 1 60
60
60
62
2,1001 Preferred A
5012 51
51
52
5114 51
51
51
52
51
53
51
2,500 Preferred B
196 1994 200 20612 19112 20012 19114 19934 219034 19434 195 2123 71,800 Wright Aeronautical__No D
4
773
4 76
763
4 753 76
777
8 76
4
77
76
77
76
763
4 6,000 Wrigley(Wm Jr)
No zaA
65
6512 8414 8414 6438 66 I 65
65
66
66
65
65
1,100
3512 365
8 3553 3614 35 813618 35881 363 39,900 Yale & Towne
37
,
8
3512 354 36
Yellow Truck & Coach CI B_10
95
957
8 9578 98
997
8 98
9918 99 100% 37,200
9712 993
8, 99
Youngstown Sheet & T _No par
I
1
NI ra
:
5 per share
63 Feb 20
373 Feb 18
4
283 Feb 17
4
214 Jan 3
10 Jan 18
34 June 11
363 Aug 21
4
77 Feb 18
/
1
4
44 Jan 3
57 Jan 10
12112 Feb 25
3 Feb 14
81% Jan 9
212 Feb 17
18 Jan 18
1138 Feb 8
4 Aug 20
10 Aug 20
1514 Jan 28
1018 Jan 16
50 Feb 17
13218June 12
1218 Mar 1
20 June 13
22 Jan 5
45 Oct 16
34 Jan 3
10412 Jan 26
5614June 13
1434 Feb 20
817 Mar 15
1
1938 Mar 7
863
4July 28
112 Mar 3
/
1
4
93 Aug 6
1097 Aug 7
8
19 Aug 2
19 Aug 2
4June 13
63
4
453 Jan 3
325
8June I
63 June 13
36112 Feb 20
13618 Feb 18
423 Feb 11
4
110 Oct 3
3412 Apr 30
112I4Mar 22
227 Aug 4
8
104 Oct 19
13112June 12
1718 Aug 2
60 8June 13
3
9114 Nov 15
15 8June 12
,
874SePt 1
45 Nov 12
18 Nov 14
1312June 22
78 Oct 10
464 Nov 13
10218.1une 19
118 8Sept 28
,
22 Jan 18
52 Jan 5
103 Oct 19
6114 Feb 4
27 June 27
55 July 2
3912 Feb 20
61 Jan 26
13238June 25
13838 Jan 5
284 Feb 20
so
6
% Jan lfil
437 Jan 6
8
68 Jan 17
525 Jan 3
1014 Jan 6
12 June 12
444 Jan 18
/
1
884 Jan 16
114June 26
/
1
78 June 22
2212June 13
74 June 21
1912June 29
1912 Jan 3
1412 Aug 8
7612 Nov 15
1512July 27
70 Nov 3
804 Aug 23
22 Jan 5
26 Feb 17
140 June 20
13 June 12
5918June 12
9912June 19
13912July 11
4218June 4
8818 Jan 5
95% Jan 5
1212 Jan 8
1(1914Jjnn 29
uae
108 June 13
9812July 21
11312 Oct 9
103 June 28
5312 Jan 6
20 Jan 5
/
1
4
201a Feb 21
3014 Feb 21
3418 Jan 19
3314June 13
4
513 Aug 21
17% Jan 16
9238 Jan 3
11 Oct 10
22 Jan 3
Highest
$ per share
687 Nov 16
8
5438 Nov 15
4112 Apr 30
778 Feb 23
40 Feb 23
4214May 16
893 Sept 12
4
115 8 Nov 16
,
4June 4
741
874 Oct 19
127 June 19
614 Mar 21
7478 Noy 15
1238 Nov 8
483 Nov 16
4
2312Sept 10
7 May 8
1938 Apr 27
22
/
1
4May 17
•Big spa mud prices: no sales On Shia day, a Ex-dividend, a ICX-r1gb88, •No Du value,
p Ex-rates
Jan 4
N
68 J11
9
l
8312 Nov 25
27 8 Feb 28
,
8312June 19
Lowest
IBMs'
per share
50% Apr
351 Apr
8
29% June
2 Mar
10 Mar
Per Mare
60% Jai
41% Feb
841 Jan
6
dragons
157 June
8
644 Mar
2618 June
69 June
118 Feb
212 Feb
30 Mar
3% Dec
18
Oct
7
Apr
2% Sept
6
Oct
1112 Mar
8% June
65 Apr
119
Jan
12 Apr
15% Jan
113% Aug
43 Aug
2414 Jan
105 Aug
67
Jan
15 2 Oct
3
85
Oct
19 July
86 Nov
78
Jan
92% Oct
108 Apr
87, Nov
Revs
63 Sept
18
123% Nov
818 May
347 Jan
8
6% Feb
28 May
16 Dee
6
Jan
150 Nov
4
1714 Nov
18 Nov 12
1314 Jan
748 Nov 16
4
58 Jan
80% Jan 4
81% Sept
18 8 June
7
2638 Nov 8
30 Apr 27
/
1
4
40 June
3912May 8
2318 Sept
5338June 1
5018 Nov
443 Nov 15
4
88 Aug
11414 Oct 26
11114 Sept
714June 4
/
1
85 4 Dee
8
25 Sept 7
1918 June
9012Sept 11
90% June
36 Oct 8
2918 Jan
96 Nov 5
9018 Sept
154 Nov 8
14218 Au/
117% Dee
11818 Apr 16
128 Feb 14
12378 Dee
253 Jan 17
4
24 June 19
13 Nov 10
14"
eii Toisi No
10 May 50 Dee
5912 Feb 7
447 Sept 19
8
45 Jan 70 Dee
824 Nov 12
4934 Feb 1
8818 Jan 73% June
202 Oct 25
9918 Jan 154% Nov
57 Apr 16
89% June 5618 Jan
12818May 8
94
Jan 12718 Dee
57 Oct 23
3918 Dec 40% Dee
135 Oct 24
345 Feb 10
8
325* Dec 881, .puly
11418 Apr 5 104 July 109 June
14614May 7 113% Jan 150 Sept
1612 Mar 233 Sept
277 Apr 19
8
8
6018 Nov 741k Dee
8738 Nov 16
9638 Dec 103 e Apt
100 Feb 24
5
241s Sept 374 Mat
357 Oct 6
8
10412 Oct 20
8138 Jan 98 Dee
53 Nov 1
1912Nov 2
Ws; July
2014 Jan 4
81 May 9614 Sept
90% Jan 16
1
,
44
588 Jan 23
Oct 68 May
138 Oct 25
69 Mar 11185 Dee
12518 Nov 13 1074 Apr 121 Dee
14 July 2518 Nov
51 May 7
27 4 June 5618 Dee
5
72 Apr 25
10912May 14
89 July 10618 Nov
93 8May 6
54 Apr 697 Dee
1
8
374 June 6718 Feb
63 Jan 6
/
1
4
85 4 June 11138 Apt
2
1093 Jan 13
8
8358 Jan 4878 Dee
/
1
4
60 Oct 30
655 Jan 54 Dee
5514May 2
17212 Nov 16 1115* Jan 160% Sept
Jan 14114 Dee
14714 Apr 26 129
454May 31
/
1
27
Jan 84 Mar
87
Jan 6712 Dec
11112No1 12
5 Sept 145 Feb
/
1
4
407 Oct 22
8
78 Nov 2
424 Dec 64 Feb
48
Jan 63% June
784 Aug 30
32 July 543* Dec
145 Oct 20
pep, Oct 10218 Des
11112 Mar 28
pi May
1518 Sept
193 Nov 16
4
2618 Apr 485 Dee
597 Nov 16
8
73 June 91 Nov
9912 Nov 12
204 Dec 8914 June
25 8 Jan 4
5
95 Dec 11818 June
100 Jan 28
1612 Jan 80 Aug
63114 Jan 11
90
Jan 125 Aug
99 Sept 4
16
Jan 5938 Aug
38 Jan 11
F
27 Apr 9
1814 Dec 25
17 Dec 2418 A9t4
267 Sept 20
8
,,
891 Apr 1185 Oe
123 Feb 2
1a
17 Jane 335* Fe
29 Jan 13
52
84 Apr 10014 No
974 Jan 19
13914Sept 11
118113514Sept 11 - 4 Dec 15 8 Jan
.18
24 June 3418 Dec
447 Oct 18
19212 Apr 11
Jan 180 Nov
65
18
Oct 27 June
367 Oct 19
8
654 Dec 7518 Aug
79 Nov 16
5
103 Jan 8 101% Nov 103 8 Anil
201 Oct 29 14418 Jan 176 Dee
60
Oct 15012 Sera
573 Jan 27
8
5
144 Nov 16
67% Jan 94 Dee
82 Mar 1034 De.;
139 Nov 16
11 Sept18 s Feb
21312June 7
1
80 July 848e Apt
97 8 Jan 111 Aug
7
112 Apr 2
9
Jan 112 Sept
11514 Apr 9 102
10412 Apr 10 101 Dec 10138 Dee
Jan 118 May
118 June 27 111
113 Jan 5 10018 Jan 111 Dee
631e Dec 57 Ncv
78 Apr 11
2414 Dec 2818 No•
49 Apr 12
20 Dec 2718 Feb
35 8 Nov 13
,
30t4 Nov 585 Feb
s
43
/
1
4June I
26
Jan 4113 San
4712 Oct 25
1
211j Mar 53 Axis
45 Mar 7
66 Feb 59
Jan
5514June 6
1318 Oct 2438 Mar
304 Oct 20
10112May 25
87 June 96 Aug
10 May
16 Feb 14
1738 Feb
164 May 82% Feb
N May
Apr 84 Feb
68
223 ?eb 19 117114 Jan 19818 Dee
Tov
2018 Jan 46 Jtu,e
44 Dee 6118 June
r
ovA
87
Oct 5418 AID,
2418 Apr 94 4 Dec
245 May 16
1
8
84 Aug 31
50% Jan 72 Dec
7014 Jan 8111s Aug
8418 Apr 25
423 Sept 18
8
25 Jan 40 Aug
106% Jan 26
801 Oct 10011 Dee
,
N
20 !
E Et, Jig's ii
ar
c
IN114 Feb
s Va
PER SHARE
Ramie for nation
Year 1927
2794
flew York Stock Exchange—Bond Record, Friday, Weekly and Yearly
bonds
Jon.1 1909 ia Heehaws maned of enable bonds was changed and Tutees ars note "and interesi"—ezeept for income and defaulted
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 16.
Y;
113
3
Z1
ertze
Prides
Nov. 16.
Range
Bina
Jan. 1.
West's
Range or
Last Eats.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 16.
Pries
Frtday,
Nov. 16,
Bann
Mum
J.I.
West's
Range Or
Last Sale.
1110 No,
Alt Low
Bid
High
2
9978
e
997
8
-Col) 78 '46 JO 997 100
Cundinamarca (Dept
125
91
8
90 Sale 895
1959 M
Exti s f 63.40
9814, 101"os
9921n Sale 091032 9938n 385
19
10912 110
4
99 101012 Czechoslovakia(Rep of)85_1951 *0 1093 Sale
9911420ct'28
18
4
1952 AO 1093 110 10912 110
Sinking fund 8s ser 13
15511 6;ife" 1002132100142 41 100 103142
32
2
110331 11
8 111
.1 1103
26 10041 1028141 Danish Cons Municip 88 A.1946 F
100842 100133
6
8
g
1946 PA 11014 1107 11012 1107
Series 13 a f 88
1942 .1 .1 10453 Sale 10458 10514 50
Denmark 20-year exti 6s
,
518 100 12 104
o 101 132 Sale 1001132101133
9812 19
8
.11161u Deutsche Bk Am part ctf 66_1932 MS 983 Sale 9818
011122142 Sale 1121132112143 605 1090
4 28
993
8
.111112 Dominican Rep Cust Ad 5348 '42 MS 993 Sale 9914
4
/
4
/
.21071142 1071132102242 840 18411
D 10712
6
9712
1940 AO 9514 9712 9512
lot ser 534/3 of 1926
108144
S 1043.42 Sale 10411321042132 107 102142
3
97
2d series sink fund 534 __.194 A0 9312 9714 97
0
,
D 991.n Sale 991132 991842 289 9813, 1031141
4
s 10012 18
991132 179 98 100"13 Dresden (City) external 78..1945 MN 993 Sale 993
D 991142 Sale 9942
28
4
4 104
1033 Sale 1033
Dutch East Indies extl 6,.._1947
8
8 24
1037 Sale 1035s 1037
1962 M
-year external 65
40
11
8
8
1035 1037 1023
4 103
30
-year external 53.4
,
1953 M
State and City Securities
8
8 1035
1035
,
4s___ _1953 MN 103 4
/
-year external 51
30
12
8814 93
8814 Sept'28
4%
/
NY C 31 Corp st—Nov 1954 MN
2
110
8
1093 111 110
9318 El Salvador (Repub) 8s
1948
86
86 Sept'28
4%
1
/ Corporate st--MaY 1954 MN 893 92
3
8
3
96 18
3
99 4 1003 Finland (Republic) extl 6:3_1945 MS 96 Sale 96
s
1936 M
to registered
_ 9934 Mar'28
4 10018 42
1950 MS 100 Sale 993
External sink fund 7s
41818 100 a
3
1956 MN
0registered
9912 June'28
28
100
9778 1013
1956 MS 9912 Sale 99
External a f 61
4e
/
4
1957 MN 9818 Sale 9818
9818
• Corporate stock
9112 49
1958 PA 91 Sale 91
Exti sink fund 5348
4
8
1045 1083
4%
1
/ Corporate stook-1957 MN 1045 ____ 10453) Nov'28
4
8
1
9812
8
10418 1087 Finnish Mun Loan 6340 A 1954 AD 98 9812 9814
8
4%
1
/ Corporate atock_1957 MN 1045
4
_ 1045 Oct'28
8
98 Nov'28
99
1954 A0 98
External 6345 series B
9814 101114
1958 MN 9818 ---- 9814 Nov'28
4% Corporate stock
11414 116
4
9712 1013 French Republic ext 7348—.1941 3D 114 Sale 114
1959 MN 9818 Sale 9818
6% Corporate stock
984
10712 143
p 10712 Sale 107
1949
External 75 of 1924
8
3
99 4 1021
2
8
4
/
41s Corporate Stock ___ _1960 MS 997 1003 997
s
997
8
8
4
4
8
1005 10512 German Republic ext'l 731_1949 AO 1063 Sale 10614 1063 188
8
43(s Corporate Stock_ — 1964 ▪ S 1003 -- -- 1017 Oct'28
4
6
10214
1954 MN 102 Sale 102
8
1013 1053 Gras (Municipality) 88
a
Nov'28
1966 AO 101
8
1013
650 Corporate stock
46
8 105
Gt Brit & Irel(UK of)530_1937 PA 105 Sale 1045
10012 105
1972 AO 101 1034 10112 Nov'28
650 Corporate stock
10812 109
10
1929 PA 11818 Sale 11818 11818 65
-year cony 5348
14
1971 J O 10512 107 10812 June'28
1150 Corporate stock
13
4% fund loan £09 1960.1990 MN
4
1043 10914
105
1963
M Corporate stock
,
105 1055 105
863*Nov'28 - 97 2
96I4 88114 c9c89534
5% War Loan opt. 1929_1947 3D c89
1
107 109 4
1965 J O 10514 1105 107 June'28
8
634 Corporate'nook
8
4
8 1053
.
102 1101s Greater Prague(City)7Hs 1952 MN 1055 Sale 1053
8
434e Corporate stock-July 1987• J 1058 - - 1053
10,538
9812 11
Greek Governments f see 78_1964 MN 98 9812 9814
94
87
9912 10514
1968 PA 8614 Sale 86
Sinking fund sec 68
9912 Aug'28
New York State Canal 0_1960
10312 10312
10312 June'28
Mar 1962 -ii
0Highway
28
8 100
1952 AO 100 Sale 997
Haiti (Republic)s f 131.
8 41
987
1946 AO 98 Sale 98
Hamburg (State)(is
1
8
Heidelberg(Germany)ext 734s50 33 1055 106 10312 10312
Foreign Govt. A Municipals.
4 10
983
Hungarian Munlc Loan 71 1945
48
/
J 9758 Sale 975s
7
4
/
881 oa
9518
9518 9414
94
External a f 7s.—Sept 1 1946 .1
87
1947 P A 89 4 Sale 8812
4
893
Agri° Mtge Bank s 8s
3
7
4
/
gm. 911 Hungarian Land M hist 750 61 MN 9812 9912 9912
4
993
3
4
893
89
Apr 15 1948 AO 8812 89
S t 6e A
4 10214 42
4
1
/ 9012 Hungary (Kingd of) s f 7348_1944 PA 10218 Sale 1013
88
s 54
903
Akershus (Dept) extl 58_ .....1968 MN
9018 Sale 89513
8
,
97 4 109
9412 1003 Irish Free State extls. f. 58.1960 MN 9658 Sale 9614
27
4
963
Antioquta (Dept) Col 78 A.-1945 J
9612 Sale 9614
9718 154
Italy (Kingdom of) ext'l 78_ _1951 J
9718 Sale 9634
94% 99
1945 J J 95 Sale 95
9512 42
Externals f 78 ser B
8
957 117
8
957 95
981 Italian Cred Consortium 78 A1937 MS 95
94
4
4 11
953
External 8170 series C.....1945 ▪ J 9514 953 95
4
9458 63
1947 MS 96,8 sale 944
Exti sec 5 f 75 scr B
9412 S l
8 98
96
945
9512 18
1945 J J 95 Sale 95
Externals 1 78 ser D
4 48
963
8
4
931 997 Italian Public Utility ext 78_1952
3
.1
,
94 4
External s f 78 let ear— _1957 AO 9414 Sale 933
4
9214 45
9312 9812 Japanese Govt loan 48___ _1931 3, 9214 Sale 92,
11
8
9478
1957 AO 9312 Sale 9312
Extl sec f 78 2d ser
10112 1013 136
4
1954 FA 10112 Sale
-year s f 6348
16
30
9312 9612
9414
Exti sec. 1 78 3d ser___ _1957 AO 94 Sale 9312
10012 22
99 10(17 Leipzig (Germany)s f 7a_ __ _1947 PA 100 Sale 100
8
10018 54
Argentine Govt Pub Wks 68_1960 AO 10018 Sale 9954t
5
8
99
8
Lower Austria (Prov) 7340_1950 JO 987 Sale 987
Argentine Nation (Govt of)—
4 16
1003
4
99 1003 Lyons (City of) 15
-year 6s 1934 MN 100 Sale 100
10018 04
4
Sink fund 6e of June 1925.1959 J D 100 Sale 993
5
31
99 100 8
1926_.._l959 AO 100 Sale 993
10014
4
Ertl s f 6s of Oct
10012 13
99 10114 Marseilles(City of) 15 yr 6s_1934 MN 100 10012 100
84
1957 MS 100 Sale 993
101
Sink fund 60 series A
4
3014 3112 Oct'28
29
8
987 10118 Mexican Irrigat Asstng 4348_1943
8 64
1003
4
External 6e series B__Dec 1958 J
4
993 Sale 993
4
493 Jan'27
3
99 100 4 Mexico(U S)exti 55 of 1899 E '45 QJ
60
_.1960 MN 100 Sale 995
8 10012
Exti 0 f 65 of May 1928 .
6
36
36 Sale 35
1945
8
126
Assenting 5s of 1899
985 101
4
External s f Os (State Ry).1960 MS 993 Sale 9912 100
4
983 10118
43
Assenting 55 large
_ 3334 36 3378 Nov'28 19
100
Ertl 6.Sanitary Works_ _ _1961 FA 100 Sale 995
8
23
2212 2314 2212
12
Assenting 48 01 1904
99 101
10018
Ext 60 pub wke(May '27)-1961
4
N 100 Sale 993
2512 43
2514 Sale 2434
9412 9714
68
Assenting 4s of 1910 large
97
Public Works exti 550_1962 FA 9912 Sale 9618
2314 65
23 Sale 2234
4
9014 937
Assenting 48 of 1910 small—
8
92
Prgentine Treasury 5e E....1945 MS 92 Sale 9012
5
34
34
(large)'33 JJ
9512 99
Treas 6501'13 assent
4‘
8
Australia 30-yr 58 __July 15 195.5 J J 965 Sale 957
965s 81
1
37
-ai- 3812 37
9512 99
Small
External EA of 1927_ _Sept 1957 MS 90 Sale 96
96 12 57
8
99
92
91 Sale 91
Ill
,
86 4 92% Milan (City, Italy) ext'l 650'52
1958 MN 885 Sale 8814
1928
Exti g 450 01
8
885
8
7
4 102
Sale 1013
4
1
/ Montevideo (City of) 78_ _1952 JO 102
42 102 104
1943 J O 103 Sale 10214
103
Austrian (Govt) s I 7s
U. S. G00000ment.
First Liberty Loan
1
/
34% of 1932-1947
Cony 4% of 1932-47
Cony 434% of 1932-47
24 cony 434% of 1932-47
Fourth Liberty Loan
A
434% of 1933-1938
1947-1952 A
Treasury 430
1944-1954 J
Treasury 4s
1946-1956 M
Treasury 35ts
1943-1947 J
4s
/
Treasury 31
Treasury 350 June 15 1940_1943 J
81.
dal Low
Hob No.
Lore
Bavaria (Free State) 6340..__1945 FA
Belgium 25-yr ext a 1 750 6_1945 3D
1941 P A
20-yr s f 88
1949 MS
42
/
-year external 81
25
1955 J J
External s 1 68
-year at 78___ _1955• D
External 30
1956 M
StabWzation loan 72
1945 M
Bergen (Norway) s f 85
-year sinking fund 68_1949 AO
15
6_1950 AO
4
/
Berlin (Germany) s f 61
1945 AO
Bogota (City) ext'l, L8s
Bolivia(Republic of) m3182_1947 MN
1958 J J
Ext'l see 7s
Bordeaux (City of) 15-yr 88.1934 MN
2
97' Sale 07 2
,
11538 Sale 115
110 Sale 110
8
106 Sale 1055
8
101 Sale 1003
108 Sale 1075s
3
4
1053 Sale 105 4
_ 11312 11312
10014 10114 100
4
983 Sale 983
4
8
106 Sale 1057
,
106 Sale 105 4
9712 Sale 974
10018 Sale 100
23
47
30
33
39
48
97
2
8
32
13
39
41
32
9912
98
114 116
109 11114
10314 10914
8
1
987 1017
10512 10918
10414 108 4
,
112 11378
8
985 102
97 100
7
10314 108 2
10312 108
3
93 4 9812
99 1014
Brasil(US of) external 82_1941 J D
External, 161.40 of 1926_ _1957 A 0
1957 A 0
49
/
Esti s fEl1 of 1927
1952 J D
70 (Central Railway)
750(coffee Noun £ (flat)_1952 A 0
Bremen (State of) extl 78-1935 M S
1957 M S
Brisbane (City) 8158
1962 I D
Budapest(City) exti s f 6a
4
/
Buenos Aires (City) 812-1955 J
1960 A 0
Esti s f fis ser C-2
1960A 0
EMI f fis ser C-3
Buenos Aires (Prov) extl 68_1961 M S
Bulgaria (Kingdom) s f 76_1967 3 J
20
4
1083 Sale 10812 109
4
963 117
9614 Sale 9614
4
963 118
9658 Sale 9618
10012 23
100 Sale 100
4
1033 10512 10412 Nov'28 21
10212
102
101 10212
3
9212
9214 Sale 9214
8514 33
8
8
845 Sale 845
25
4
1013
101.58 Sale 101
4
100
99 Sale 9814
9914 14
9814 99 2 9814
,
8
933 122
9318 Sale 9278
9112 26
9112 Sale 9012
40
100
4
9914 Sale 99,
7
10114
4
3
100 4 Sale 1003
7
1005
8
8
1003 Sale 10018
88
105
4
8
1047 Sale 1043
Sale 9912 10014 38
8
997
4
10512 Sale 10512 10612
10
101
,
4
10012 1003 100 4
3
107 113 4
9912
92
9912
95
97 103
8
103 1085
10014 10312
4
1
/
1
/
904 95
8212 89
4
1
/
9912 10214
4
963 101
3
93 4
96
4
923 97
4
891 93%
9812
1153
4
1103
8
10612
101
10814
106 4
,
11312
10114
9912
106
106
9712
1003
4
Caldas Dept of(Colombia)7345'46 .11
Canada (Dominion of) 513_1931 AO
1929 FA
-year 550
10
1952 MN
52
1936 P A
6
4
1
/
1954 J
Carlsbad (City) s 18s
Cauca Val (Dept) Colom 750'48 AO
Central Agric Bank (Germany)
99
Farm Loans I 7e Sept 15 1950 MS 9812 Sale 98
8912 Sale 89
8912
Farm Loans f Os_July 15 1960 ,1
8914
4
Farm Loan a f es_Oct 15 1980 AO 89 Sale 883
8
923
4
Farm Loan 88 ser A_Apr 15'38 AO 9214 Sale 913
Chile (Republic en
103
21:1-year external et 78-1942 MN 10212 Sale 02
4
933
External sinking fund 6e..1960 AO 9312 Sale 93
94
9312 Sale 93
1961 P A
External s 1 68
9414
1961
9312 Sale 9318
Ry ref mil s f 60
94
1981 St S 9334 gale 93
Extl f Gs
4
973 Sale 9714
983
s
Chile Mtge Bk 6348 June 30 1957 .1
of 1926__June 30 1961 3D 993 Sale 9912 100
4
St 650
8
Apr 30 1961 AO 9312 Sale 925
Guar f fts
41
Chinese (Hukuang Ry) 5:3-1951 • D 37 Sale 36
54
Christiania (Oslo) 30-Yr s f 68. MS 100 101 100 Nov'28
28
38
75
95
63
57
83
86
59
24
89
86
21
4
9814 Sale 973
91.4 2?
3
90 4 Sale 9012
Colombia (Republic) 6s____1961 .11
4 84
903
External of 6501 1928____1961 AO 91 Sale 9014
8 14
877
4
Mtg Bank of 650_1947 AO 863 8712 8612
Colombia
9212 10
Sinking fund 78 of 1926.-1946 MN 9214 Sale 9214
15
94
Sinking fund 78 of 1927-1947 P A 9314 Sale 9314
8 42
967
1952 J D 9612 Sale 96
Copenhagen (City) 58
8914 19
1953 MN 8914 Sale 8812
25-yr g 410
9612 29
9312
Cordoba (City) exti s f 78__ _1957 P A 9612 Sale 9442
2
9412
4 6
External s 1 78 Nov 15 1937 MN 953 9
100 i 19
4
993 Sale 994
Cordoba (Prov) Argentina 761942• J
4 21
963
8
8
extl 76_1951 MN
955 Sale 955
Costa Rica (Repub)
3
101 I
4
1003 10212 101
Cuba (Repub) 58 of 1904_ _ _1944
_
External 5s of 1914 ser A_ _1949 P A 10218 103 10218 Nov'28 — 1
101 1
101
4
4s
/
External loan 41 ser C 1949 FA 9714 99,
8
Sinking fund 5345_ _Jan 151053 J J 10212 Sale 10212 103
Cologne(City)Germany 63401950 MS
c On the basis of 65 to the £ sterling. 4 Cash sale.
Netherlands 68(Hal Intees)--1972 MS
1954 *0
-year external 68
30
New So Wales (State) ext 53 1957
A
Apr 1958 *0
External s 1 58
1943 PA
-year extl 68
Norway 213
1944 PA
-year external 6s
20
1952 AO
-year external 66
30
1965 3D
40
-year a 1 534s
Externals f 5s_ _ __Mar 15 1963 MS
Municipal Bank exti s 1E83_1967 JO
Nuremberg (City) en! 6s._ _1952 PA
-year s f 6a._ _1955 MN
Oslo (City) 30
1946'A
Sinking fund 5348
D
Panama (Rep) exti 534,....1953
1961
D
Extl sec 8 f 6Hs
Eat!s f 58 ser A __May 15 1963 MN
Pernambuco (State of) ext. 7e '47 MS
Peru(Republic of)
Extl 5 f Bee 734s (of 19263.1956 M S
1959 MS
Exti a I sec 75
1960 3D
Nat Loan extl s f 6s
1961 A0
f g 6s interim rcts
1940 *0
Poland (Rep of) gold 65
Stabilization loan s I 712_1947 AO
1950 J J
Ext sink fund g 8.8
1961
D
Porto Alegre (City of)8s
J
Extl guar sink fd 7348-1966
Queensland (State)eat's f 75 1941 AO
1947 PA
-year external 6s
25
102
10212 Rio Grande do Sul ext.' a f 88_1946 AO
1968 3D
Ext'l 5 1 6s temp
10214
1966 MN
Extl a f 75 of 1926
109
_1946 AO
4
/
1011 Rio de Janeiro 25-yr a f
1963 PA
Exti 8 163.48
4
1093
1952 AG
Rome (City) extl 634s
103
Rotterdam (City) extl 611_1964 MN
.1
1953
98 10114 Saarbruecken (City) 138
1
4
1
/ 93 4 Sao Paulo (City)s f 8s__Mar 1952 MN
86
1957 MN
Ent sf6348 of 1927
8612 93 4
,
.1
San Paulo (State) extl sf 8.1_1936
4
1
/ 96
88
1950 J J
External sec sf8.
1004 104
External s 1 7s Water L'n_1956 MS
1968 J J
91% 97%
Extl sf6.5 Int rcts
91% 97
Santa Fe(Prov. Arg.Rep.)7s 1942 MS
8
925 97
Saxon State Mtg Inst 78—.19453D
4
923 9412
Dec 1946 JO
F g 630
4
3
95 4 993 Seine. Dept of(France) eat! 78'42 J J
4
963 101
Serbs, Croats & Slovenes 8s '62 MN
95
91
Soissons (City of) extl 68___1936 M
2518 441
1946 PA
Styria (Prov) eat! 73
4
993 102
1939 3D
Sweden 20
-year 6s
1954 MN
External loan 5345
8
9614 993 Swiss Confed'n 20-yr a f 8s 1940 33
4
883 953 Switzerland Govt ext 5345..1946 *0
s
9014 9512 Tokyo City 55 loan of 1912 1952 MS
3
8612 93 4
1961 AO
Exti a f 5345 guar
98
92
98
Tolima(Dept of) extl 78__ 1947 M
92
Trondhjem (City) 1st 5348 1957 M N
954 101
4
873 8973 Upper Austria (Prov) 75___ _1945 J D
95 101
External of 6348__June 15 1957 J D
95 100
Uruguay (Republic) eat] 88_1946 F A
97 10112
External 5 1 6s
1960 M N
944 99 4 Venetian Prov Mtg Bank 75_1952 A 0
,
8
997 105
Vienna (City of) extls.f68_ _1952 MN
10012 10314 Yokohama(City) ext16e
1961 J D
96 101
10112 10518
98
100
s
997
1034
08
105
9814
Low
Ellfa
9312 100
895 9212
8
.
108 112
108 112
1101s 1121B
110 111%
103 109%
99
97
97 100%
95 100%
99,8
941$
99% 102%
103 105
14
1s
4
1023 105
s
Hus 1041
4
10114 1044
10712 114
954 10012
9918 1024
974 101%
96
90
97 101
97 101
113 119%
10512 111
4
10 4 111
101 104%.
um% 106 4
1
116% 119
4
/ ,11
c851 90
e9712 99%
1
104 4 1094
8.
963, 100
8418 92
98 102
4
1
/ 9912
93
103% 105%
954 102
12
97
94
97. 101
2
1
/
1004 1034
1
944 97 4
1
/
964 1004
95
99%
96 100
4
/
951 10114
1
8
907 94 4
1004 105
%
99 1014
Ms 102
99 10111
99 10112
4
371
31
4914 49%
33% 43%
43%
30
22
844
3272
24
2212 31
8.
467
34
3512 4612
3
95 2
91
8
1017 105
4
1043 107 10512
8
1003 Sale 10014
33
9338
8
943 Sale , 4
4
933 Sale
8
1027 Sale 10214
8
1027 Sale 10214
8
1027 Sale 10158
3
4
100 4 Sale 1003
9714 Sale 97
90
91
90
4
9012 Sale 893
10012 101 101
100 10012 100344
8
100 10012 1015
102 10212 1023
4
8512 Sale 943
4
9412 Sale 9412
10512
8
1005
4
943
9412
103
103
8
1027
10114
9712
9012
9012
10112
10012
10238
1023
4
9512
9412
5
2
19
13
10412 109
100 10314
96
93
96
93
4
10111 1038
101 1044
12
101% 103
1
/
984 102%
98
94
9312
90
1
8912 93 4
,
99 4 103
9812 103
10114 10412
102 10414
97
93
4
1
/ 98
93
12
10718 Sale 10718
10212 Sale 102
91 Sale 91
9118 Sale 91
4
4
833 Sale 833
4
88 Sale 873
8
993 Sale 9918
4
10612 10712 1063
10212 Sale 10112
10718 58
10278 39
9114 143
9114 67
9434 23
100
88
4 55
993
2
10712
10212 22
10311 10734
100 106%
891s 98
91
9112
8014 87
4
/
871 91%
2
9812 1017
10411 109
10012 104%
8
43
22
30
27
76
17
71
78
18
8
3
7 11012 1154
8
8
110 1127 111
1115
1 104 1084
4 10534
104 10512 1043
10638 17 1054 10814
106 Bale 106
94%
234
93
9312 Sale 93
94
9712 10012
4 56
983
4
983 Sale 9812
28 10528 1104
106 Sale 10512 106
38
9312 9714
96
9512 Sale 9512
115
9114 964
93
9212 Sale 9218
8 10214 106
10312 Sale 10312 104
98
4
89
89
9112 89
89
6 11214 120
11712
11512 11712 116
4
9612 1001
8
0914 993 99
9912 22
10658 20 105 10838
8
1065 Sale 106
24 106 109 1
,
108
108 Sale 10714
4 100 106%
101
100 101 100
95
94
94 Sale 94
9414 95
94% 1004
9814 Sale 98
9812 18
98
3
991s
9938
0812 0914 99
94
,
981
9914 Nov'28
96
94
14 6
105 Sale 10412 10514 139 103 10 4
9612 1014
8
945 Sale 9712
9818 75
98 102
29
9818 Sale 98
99
97
92
6
9212 Sale 9214
9214
4
4 40 102 108
10218 1023 102
1023
2
8 10414 39 10212 1051
104 Sale 1035
10102 113 2
3
11014 Sale 1093
4 11018 10
8
8
1037 Sale 10312 10518 27 1017 10512
7618 86
9
79
4
79 Sale 783
874 95
4 44
903
9012 Sale 90
8
953
95 9514
04
8
4
953 96 965 Nov'28
98
98 Sale 98
8812 89 89 Nov'28
10812
108 Sale 108
9814
4
973 Sale 9712
9312
9312 Sale 9214
88
8712 Sale 8712
4
953
4
953 Sale 9512
4
923 9714
9414 9912
4
961 994
36
12
90
20 10714 1104
140 9614 100
90 .9312
9
89
87
25
11/ 94 100
4
3
2795
New York Bond Record-Continued-Page 2
BONDS
N Y. STOCK EXCHANGE.
Week Ended Nov. 16.
Price
Friday,
Nov. 16.
Week's
Range or
Las: Sale.
Range
Sines
Jae. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Nov. 16.
Pries
Fri:tap,
Nov. 16.
Week's
Range or
Last Sale.
/10111011
Mime
Lose
Biel
Higli
Ask Low
BW
EDO Chic Milw & St P (Conduded)MO No. Low
Ask Low
9278 983
4
983 125
4
Oen 4 Ms series E__ _ _ May 19803 J 9812 Sale 9814
735
4
71
717 Feb'28
8
1925 1 13 Debentures 45
,
1
5 103 2 108 4
___
___
- - 1 n312 1°312
921.4 9818
4
9658 503
4
9212 96
Chic Milw St P de Pac 55_ ....1975 F A 653 Sale 953
4
993 9412 Nov'28
775 2053
8
131% 79 4
1
0 7712 sale 7612
1k
Jan 1 2000 A
84
Cony adj Is
91
5
87
903 87
4
7512 86
793
4 13
8
89
95 8 Chic & N'west gen g 334e.„1987 MN 8018 ____ 777
3
3
8912
8912 8912
74 4 844
1
7712 Oct'28
Q F
14 99
Registered
92
1
935
8
Sale 935
8
98
89
9212 9214
1987 MN 92
9214
5
General 45
754 844
3
80
8012 80
94
94
94 Apr'28
Registered
Q r
9112 99
9412 58
Sale 9314
96 4
1
89
Oct'28 90
1s 93
Fed In tax '87 M N
Stpd 48 non-p
90
960
9112 Oct'28
8
Gen 43is stpd Fed Inc tax_1987 M N 1047 110 10612 Oct'28 -- 102 113
30
8712 945
8
91
8912 Sale 8912
2 1648 117
4
4
4
Gen Is stpd Fed inc tax__ _1987 MN 1103 1113 11012 11012
913
4
913 June'28
4
91
113 113
113 Mar'28
MN
Registered
8
9012
873 94
4
9014
8712
1 100 10212
1oo12 10012
1879-1929 A 0 10012
Sinking fund 65
8414 89
89
Oct'28
Registered
88 94A 0 9914 foo 10014 Oct'28 -- 10014 10114
91 Nov'28
91
99 101%
1879-1929 A 0 9914 Sale 9914
9912
7
Sinking fund Is
1
91
91
987 04
8
92
91
100 100%
100 May'28
A 0
Registered
Oct'28
8812 90
91
90
90
99% 103 8
1
162 4 10112 10112
- -3N
1933 IN N
5
Sinking fund deb Is
9014 9414
9112 913 9214 Oct'28
4
8
10012 Oct'28 - -- 100% 1021
_
1
Registered
9114
9114
8614 96
9112 95
10212
9 10218 10612
993 137
4
1930 J D 10282 gale 10218
-year secured g 75
92 10434
10
0914 Sale 99
20 10812 11411
15
-year secured g 6%s__ 1936 SI S 112 Sale 11012 112
105 1075
8
10318 10612 105 Sept'28
12
8 10784
3 104 114
May 2037 J D 10714 1081 i 1075
let ref g 5s
961 1001
4
.
5
9914
9912 Sale 99
9658 104%
993
4 64
May 20373 D 987 9912 9912
1st & ref 4145
10358 10412 1033 Oct'28 ---- 102 107%
4
864 96
8
903
4
3
3
Chic R 1 & P Railway gen45 1988.5 3 90 4 Sale 905
8718 94
87
9212 8718 Oct'28 -1
92 2
Oct'28
_
88
88
J J
Registered
9512 26
91
9814
045 Sale 92
8
130
96
5
93
14 96 4
1
1934 A 0 95 8 Sale 9512
Refunding gold 4s
93 Aug'28
93
973
8
95
14
93 Sept'28.._
93
A 0
55
Registered
100
96 104
9858 Sale 9918
91
8
9512 60
97 4
1
1952 M 5 9512 Sale 947
1
921
Secured 4145 seriesA
8814 9114
9218 Sale 92
4
87 4 92 4
873 Nov'28
,
1
Ch St L & NO Mem Div 42_1951 3 II 8818 92
7414 85
7514 77
763
4
7714 34
Oct'28
_ 10512 10813
June 15 1951 J D 10512 ____ 106
9
7114
Gold 55
6514 76%
7114 Sale 6934
107 Apr'28
10518 107
1 D
4
84
Registered
8318 923
8312 8434 84
f
4
_
June 15 1951 J D 833 ____ 8412 Jan'28
Gold 3348
97 10214
100 103 100 Nov'28 -- 10114 Oct'28
-9984 lase
Ch St L ered COUS g 58 __ _ _1932 A 0
RegistP 1St
4
_ 1015 June'28
8
_ 10112 1011
A 0
33
94
91
98
,
Balt & Ohio let g 45___ _July 1948 A 0 93 8 Sale 9312
6
1
-2
98 103 2
10112
96 2 112 1011
0
1
1
0214 Nov'28 -- - Registered
July 1948 Q J
891s 904 Chic St PM &0 cons 65___ _1930 J 1) 0 1. 1-9078 , 22
June'28
9612 98
reduced to 3As_ _ _1930 J D
S 987 Sale 985
124
8
99
9612 101
8
20
-year cony 434s
1933 rd
Cons 6s
9712 100
_
12
m s
1930 Se S 99 10012 99 Nov'28
Debenture 5s
S
98 June'28
98 10018
Registered
9811 100
8
99
____ 985 Nov'28
_
1027
Refund & gen Is series A__1995 J D 10278 Sale 10214
8 52 100 105
964 1034
10012
4
50_1960 .1 D 100 Sale 100
101 Sept'28 ____ 101 101
J D
ChicStaH&d East 1st
T m9e So
Registered
9118 98 2
1
4
9512 36
Dec 1 1960 M 6 95 Sale 943
let gold Is
8 10538. 20
e
July 1948 A 0 164E8 glil- - 1041
9712 1034
8 1013
4 22
Ref & gen 13s series C
19953 D 10912 Sale 10912 11014 33 10611 112
Chic UM Sta'n 1st gu 4148 A _1963 3 J 101 Sale 1005
4
3 103 107
1963 J J 10414 Sale 10414 1043
937 Sale 937
8
41
8
94
91
P L E & W Va Sys ref 4s1941 M N
1st 58 series B
9712
4
6 1011 10/1
1944 3 0 103 Sale 10212
8
Bouthw Div 1st 55
1950 J J 1033 104 10312 104 1 19 1014 10718
Guarantee('g 58
4
7 114 1191
4 11618
19633 J 11618 Sale 1153
derles
s
Tol& On Div 181 ref 45 A..1959 J J 85 Sale 85
7
863
4
8212 9118
1017 105%
8
Sept'28
65
8
10312 117 100 1051, Chiat guar
e
Ref & gen 5s series D
2000M S 103 Sale 1027
l c & WesTIn gen ° Dec 1932 Q M
84% 93
12
4
8984 32
8
8
19523 J 885 893 883
Bangor & Aroostook 1st 59._1943 J J 10114
1021s Nov'28 -___ 100 1045
Consol 50-year 48
8
4 105
8
65 1021 1054
1962 M S 1047 Sale 1043
83% 935
8
Con ref 4s
2
8
853 ____
81
. serl
19513 J 853 Sale 853
lst of 5
6811 72 4 choe rckl 34zG u
2
1041 1074
61
,8
9712 9512 0ct'22
Battle Crk & Stur let gu 3s 1989 3 D
6812 Feb'28'
Acons 5s__ _1952 M N
f
9512 100
9658
19373 .1
95 Sept'28 -- -Beech Creek let gu g 4s
1936 J J 96
95
98
9612 98
12
9612
9612
8
95 Aug'28 --__
Registered
C I St L & C 1st g 4s_Aug 2 1936 Q F 963
J .1
94
97
97
14 9714
9714 Oct'28
2d guar g 5s
97 Jan'28Aug 2 1936 Q F
19363 J
Registered
97
97
93 4
1
87
2
9111
1942 M N 9112 9212 9112
Beech Crk Eat 1st g 344s
82 Aug'28 ____
8
1951 A 0 785 ____
82
8218 Cin Leb & Nor lot con gu 4s
Belvidere Del cons gu 3A4-1943 J J 86
100 100
_ _ 1100 July'28
Big Sandy let 45 guar
- - -2 - - Clearfield & Mah 1st gu 5s_1943 J J 9912
911- SW
-- 3
1944 J D 9118 9412 9314 Nov'2- -- -8812 974
1
9112
Bolivia Ry 1st 55
1927 .1
-- _ Cleve On Ch & St L gen 45__1993 J D 9112 Sale I 9112
97% 100 4
1
s
1931 J J 9914 997 99 Nov'28
Boston Re Maine 1st 5s A C_ _1967 M S 9912 Sale 99
9912 26
-year deb 4440
in - -12
- 99
20
108 116
14
112 Aug'28
1993 1 D 11218 _
Boston & N Y Air Line 1st 45 1955 8 A 813 82
813 Nov'28 -- -4
Is Series B
4
General
797 88
8
8
10012 35 100 103
Bruns di West let gu g 4s_ _1938 .1 J 93
9412 971
2
9612 9412 Oct'28 ____
Ref & MO 65 series A___ _1929 J J 1003 fof Iowa
104
2 10314 1084
1941 J J 104 Sale 104
Buff Roch & Pitts gen g 5s 1937 M
10118
10114 ____ 101
2 100 10658
Ref &'mut 6s ser C
9812 1054
10458 11
1963 J J 10414 Sale 104
Consol4%a
9
9612
Ref & impt 55 ser D
9r12 9814
1957 M N 9512 Sale 9512
95
96 4
1
Oct'28
1930.5 J 95 ___ 95
2 10018 10312
8
Burl C R & Nor 1st & coil 581934 A 0 100 1007 10014
10014
Cairo Div 1st gold 4s
8512 934
91 Nov'28
W & M Div 1st g 4s 1991 3 J 91
Cin
8618 944
913
4
Canada Sou cons gu 56 A
4
8
10714 17 105 1107
_1962 A 0 10714 Sale 1067
St L Div 1st coil tr g g 4e1990 MN 91 IA 9112
8
974
96
4
4
997 10214
1
9734
spr & Col Div 1st g 4s
1940 M S 9218 9812 963 Mar'28
8
Canadian Nat 444e_Sept 15 1954 M S 0712 9814 973
90
9612
5
-year gold 43o _Feb 15 1930 F A
8
10014 84
995 997 993
8
8
W W Val Div 1st g 4s__._1940 J J 915890 Oct'28
9758 101
9612 100
12
997
8 in
-30
-year gold 434e
52
8
99
Ref & impt 43.6s ser E__1977 J J 99 Sale 99
967
19573 J 9784 Sale 975
810218
108 10812
4
Canadian North deb s I 7s19403 D 11214 Sale 11218
19341 J 10218 1053 106 Sept'28 _
CCC&Igenconsg6s
1123
4 18 11014 117
1
10012 104 4
1933 A 0 10018 104 10018 Sept'28
25
-year s f deb 6%5._
11712
11714 Sale 11714
Clev Lor & W con 1st g 55
_1946 J
9 11518 123
100 10112
Oct'28
10-yr gold 4449_ __Feb 15 1935 F A
9714 Sale 9714
9714
96 8 10314 Cleve & Mahon Val g 55_ _1938 J J 99 ____ 100
7
1
9812 9812
,
Canadian Pac Ry 4% deb stock__ J J 88 Sale 88
_
1935 M N 96 4 __ 9812 Oct'28
242
89
CI & Mar lot gu g
8558 92
1013 1018
4
4
Coltr 440
4145997
8 21
96 10114 Cleve & P gen gu 4145 ser 1L1942 A 0
1946 M S 98 Sale 98
ar'28
g91R
lo9m
°1%
9918 100
9
'8
Garb & Shaw 1st gold 4s
1942 J J 9918
9814 Apr'28 __- 98
Series A4348
1932 N S 94
9814 9814
9014 91
Oct'28
Caro Cent let cons g 48
1948 MN 9012 ____ 91
8
803
4
Series C 334s
4
6
80
9012
1949 1 J 803 Sale 803
8912 894
8958 Apr'28
4
Caro Clinch de 0 lst 30-yr 50_1938 1 D 10012 103 101
1950 F A 893
101
Series D 334s
4 100 10512
99 10612
let & con g 6s ger A_Dec 15 '52 J D 108 109 108
10812
6 107 10934 Cleve Shor Line 1st gu 4345_1961 A 0 10012 foz 10012 Nov'28
10314 11012
Oast & Ad 1st gu g 41)
8
Cleve Union TerM let 5%a - _1972 A 0 10914 ____ 10912 110
9078 95
8
19813 D 8914 907 907 Oct'28 --- 107 107
107
Oct'28
Cent Branch U P let g 40
5
82
87
1Registered
82
82
79 90A 0
1945
Central of Ga 1st g 5s-Nov 1945 F D 106
100% 10734
4 1043
4
4
1973 A 0 1043 10558 1043
____ 106
106
lets f 5s ser 13
105 10818
A
99 100 8
7
Canso'gold 51)
1977 A o 10014 ____ 10014 10012
10334 18 100 10714
8
1945 MN 1035 Sale 103%
lst 5 f guar 4 Ms ser C
Registered
10034 Aug'28 -- - - 100 4 10414
MN
3
91
292 Nov'28
934
10
D 911
-year secured 6s June 1929
1945
100
4
3
093 10214 Coal River Ry 1st gU 4s
D ioo 166 8 100
3
9912 100 8
1
995
8
993
Ref & gen 5.34e series B_1959 A 0 10584 106 1055 Nov'28 ---- 106 108% Colorado & South 1st g 4s _1929 PA 9912 - 4 9912
3
8
9518 100
983
8
Ref & gen Is series C
8
6
Refunding & exten 4 Y.65 _1935 MN 983 Sale 9712
10314 Nov'28 -- - - 10212 105
1959 A 0
924 961
2
93 June'28
Chatt Div pur money g 40_1951 .1 D 883 - 4 9312 June'28 --- 1948 AC 9118 94
4 923
9312 9512 Col & If V 1st ext g 4s
91
95 4
1
Mao & Nor Div lot g 5s_ 1946
1955 FA 9212 9312 95 Nov'28
Col & Tol 1st ext 48
Oct'28 - -- - 102 109
J 102 107 102
90
90
Mid Ga & Atl div put m Se 1947 J
_
101 105 10318 Apr'28 --- - 103% 10318 Conn & Passurn Riv 1st 4s_ _1943 AO 88 -___ 90 May'28
8
951 96%
9518 June'28
Mobile Div lot g Is
1930 FA
95 4
,
1 103 10678 Consol Ry deb 4s
105
105
1946 J
105
7218 )321s
Cent New Eng 1st gu 4s__1961 .1 J 85 Sale 85
76 77l2 76 Nov'28
1954 J
8512 11
Non-conv 4s
8312 8858
72
8613
4
76 I
7912 753
5
Central Ohio reorg lst 43.4s_ _1930 51 S 9814 10014 9918 Sept'28 - -__
Non-cony deb 4s____J&J 1955 33 76
98 10054
8112
76
76
_
Cent RR & Bkg of Ga coil Is 1937 01 N 10014 Sale 10014
76
6
10
101
Non-conv deb 45____A&O 1955 AC
993 10212
4
854
73
76
833
4
3 76- -- 76 Nov'28 __ -Central of N J gen gold 58..._1987 )
debenture 48_1956
8
11234
11234 Sale 1125
2 10814 11912
Non-cony
94
981
4
9412 10
1942 JD 9412 Sale 9414
Registered
11012 116 1113
1987
4
112
9 10714 11818 Cuba Nor Ry 1st 5345
9618 1004
963
4
97
4
35
General 4s
-year Is g.1952 3, 963 97
1987 .1 .1 93% 9712 943 Nov'28 --4
Cuba RR 1st 50
93 3 99
7
Cent Pao let ref gu g 45
1936 3D 107 108 10712 10712
9234 Sale I 923
1 10511 110
1949 PA
933
4 17
4
1st ref 7348ser A
8914 9612
9612 1011
4
9712 Oct'28
1936 10 9812 99
Registered
I/ A
I 88 Sept'28 1st lien & ref 65 ser B
88
94
9984
go
Mtge guar gold 3%s-Aug 1929 3D 99
101
99
9914' 99
21 918 9614 Day & Mich 1st cons 4343.._1931 J
97% 10012
Through Short List gu 40_1954 AO
Oct'28 -981
_ _ _ 98
9134 9438 913
4
9114
9014 96 4
1
94
2943
Guaranteed g 58
4 32
1960 FA 10384 10412 1034 10412 20 1001z 10512 Del & Hudson 1st & ref 4s1943 MN 9418 95
100 1031
4
101 102
Oct'28
1935 AC
-year cony Is
30
Charleston & Sayn'h 1st 70_1936 .1
4 1043
1937 MN 10412 10434 1043
11318 ____ 1193 Aug'28 -3 103 107
8
4
15
-year 5%s
ChM & Ohio fund & impt 58_1929 1
4
1930 JD 1023 Sale 10212 10318
995 9978 9912
8
993
4 13 -55- iiiiii
4 10214 107
-year secured 7e
10
lot connol gold 55
23 10212 1075 D RR & Bldge 1st gu g 4s_ _ _1936 FA 9414
9614 961.1
____ 1033
1939 MN 104
4
104
- 9614 Aug'28
9212 43
Registered
8714 94
8
1939 MN
103 July'28 - _ 103 106
9214 Sale 917
Den & R G 1st cons g 4s_ _1936 J
General gold 444s
20
9214 981
4
9512 9512 Nov'28
1992 M
8
993
1936 33 93
993 Sale 995
4
9738 105
Consol gold 4340
Registered
97
4
87
97
963 July'28 -- _ _
,
MS
271
963 10214 Den & RU West gen 5s _Aug 1955 MN 96 4 Sale 9312
4
213-year cony 434s
91
100
9114 95
,
95
981 10118
8
1930 PA 987 Sale 9878
109
Ref & inapt 50 ser B Apr 1978 Si N 95 Sale 94 4
Craig Valley let 50__May 1 '40 3.5 993 ____ 993
2714 31
1
4
993
4
Oct'28
4
28
30
Is
1935 .53 27
9934 10280 Des M & Ft D 1st gu,
Potts Creek Branch let 40_1946 J J
26
324
903 Sept'28 - _
4
26
26
273 26
4
90
Temporary ctfs of deposit__ _ _
9312
3
R & A Div 1st con g 4s
4
1989 33 89'g 93
9112 Nov'28 _ _ _
10214 Feb'28 - - 10214 1021
3
8711 951 Des Plaines Val 1st gen 4145_1947 53-1
4
2d consol gold 4s
82
1989
76
927 925 July'28 8
J
8
76 Nov'28
1995 J D 76
9118 925 Del & Mac 1st lien g Is
Warm Springs V let g 5s_1941 M
70
80
110
____ 100 Sept'28
7514 July'28 -1995 J
100 1021
Gold 4s
991
C7heeap Corp cony 58 May15 1947 MN
171
9912Sale 99
97 103
9714
166 97
- ;
1
8
961 10038 Detroit River Tunnel 4340..1961 MN
Chic & Alton RR ref g 35_1949 AO
6
705
8
10311 10312
71'm
10312 Aug'28
7012 72
8
6414 74
Dul Missabe & Nor gen 5s_1941 33 1035
Ctf dep stpd Oct 1928 int _____
9914 1034
10112 Nov'28
7012 -___ 71 , Nov'28
69
73
12 Dul & Iron Range let 58_ _ _ _1937 £0 101%
Railway first lien 3346-1950
1
A0
6612 70
66
6612 14
10012 May'28
Registered
587 723
8
4
- 1004 102 2
8114 99
7
Certificates of deposit
6612 70
66
8412 8784 87 Nov'28
7112 Dul Sou Shore & Atl g 5s_ __ _1937 J
66'l
59
Ohio Burl &
Div 3 ygs.1949
8 14
95
96
8
.1 875 Sale 8718
875
957 July'28
8
8518 9118 East Ry Minn Nor Div 1st 45'48 AO
Registered
99 10414
93
9512 893 Feb'28
./
8
8
100
7
2
4
8984 9014 East T Va & Ga Div g 5s_ __ _1930 3' -6678 1663- 997
Illinois Division 45
1949
3
94
94
10314 11012
943 96
4
1956 MN 105 4 - - 1053
4 1053
4
,
9238 98%
Cons 1st gold 50
General 40
8
1958 MS 943 Sale 9412
99% 1061
4
947
8 13
88
9880 Elgin Joliet & East lot g 5_1941 MN 102 Id% 101 Nov'28
Registered
9314 Sept'28 _
1043 109 .4
8
5
M
110 10438 Nov'28
1965 AO
9314 9384 El Paso & S W 1st Is
let& ref 4%seer B
9912 Sale 9938
1977 PA
38
100
963 102 8
4
7
let & ref 5sseries,A
1971 PA 107 -- -- 107
2
7 10418 11014 Erie 1st consol gold 78 ext 1930 M
107
8 14 1024 1061
1023 102% 10212 1027
4
Chicago & East Ill lot(is_ _1934 AO 105 8 ____ 10612 10612
1 103% 10718
8314 91
1996 J
,
8714 61
8612 Sale 8618
182 20122 g 4s prior
86
O & E III Ry (new co) con 55_1951 MN 863 Sale 8612
4
88
Jan'28
86
1996 J
Registered
873
4 97
8314 93
1982 MN 10612 Sale 10612 10612 10 10318 112%
Chic & Erie 1st gold Is
7712 861
'3 83 Sale 82 4
4
1996
,
8414 85
1st con5o1 gen lien g 4s
76
8714
'3
Chicago Great West 1st 40_ _1959 MS 6912 Sale 6812
1996
773 Nov'28
8
Registered
693 103
4
98
7218
Chic Ind & Loulsv-Ref 66..1947 3, 1137 11714 114
8
10 1004 104
Oct'28
4 101
Penn coll trust gold 40_ _195I PA 1511i4 Sale 1003
114 11814
8814 60
J 10218 10412 103
1947
8012 89
5 102 106
Refunding gold Is
12
103
-year cony 4s series A__ _1953 AO 8614 Sale 86
50
8014 894
8
Refunding 48 Series 0-.1947 3 .1 895 93
1953 AO 8614 Sale 86
92 Nov'28 -_ _
8614 69
8814 92
Series B
1966 MN 101 105 10112 102
82% 8812
.5
83
Oct'28
1953 AO 8414 86
lat& gen 55 ser A
Gen cony 4s series D
84 1Q7_14
93
99 4
110 1093
1st & gen 6s ser BMay 1966 3 3
2 Igiti 111%
4
1
973 131
4
1967 MN 9714 Sale 97
4 1093
Ref & impt 5s
J 111 Sale 111
11118
4 11012 110
Chic Ind & Sou 50
-year 4s
1956 33 9214 ____ 9214 Oct'28
90
9612
Erie &Jersey 1st of OB.__ _1955
1 11118 Sale 111
11118
2 110 118
Chic L St East 1st 4%e_ _1969 3D 9912 -___ 9918 Oct'28'
99 10212
Genessee River 1st 5 f Is._1957
102 102
J 881s-102 Feb'28
s 22
Oh M & St P gen g 4s A_May1989 33 8814 Sale 88
887
854 9312 Erie & Pitts gu g 3I4e ser B_I940
.1 8818 9012 91 June'28
9014 94
1940
825 July'28 8
(13
Registered
82% 9112
Series C 344s
J 767 777 765 Oct'28 -1031 124 1001 104
4
1954 MN 10312 Sale 103
8
8
Gen g 34413 ser B_May 1989
8
7612 81% Eat RR(nal e 170
9812 Sale 983
Gen 434s series C___May 1989 J
983
4 23
95 10414
_ 100 May'28
Registered
100 10055
Bid
Railroad
&la Gt Sou 1st cona A 5s____1943
19433 D
let cons 421 ser B
Mb & Suet' 1st guar 3)4s_.._1946 A 0
Alleg & West let g gu 40--1998 A 0
1942151
Alleg Val gen guar g 4s
Ann Arbor 1st g 4s_ _ _July 1991(1
-Gen ft 45_1995 A 0
Atch Top.4 S Fe
A 0
Registered
Adjustment gold 4s_July 1995 NOV
Nov
Registered
Stamped
July 1995 M N
M N
Registered
1955 J 13
Cony gold 45 of 1909
1955 J D
Cony 4s of 1905
Cony g 4e issue of 1910-1960 .1 D
Rocky Mtn Div let 4s
1965.5 J
Trans
-Con Short L 1st 45_1958
J
-Ariz lst & ref 44 A1962 M S
Cal
Knoxv & Nor let g 513_1946 J D
Atl Charl A L lat 4148 A_ _1944 J J
lot 30
-year 55 series B___ _1944 J J
Atlantic City 1st cons 4s___ _1951 J J
All Coast Line let cons 4s July'52 M
Si S
Registered
General unified 4%s
1964 J D
L & N cell gold 4s_ __-Oct 1952 MN
Atl & Dar let g 4s
1948 3 J
2d 4s
19483 J
Atl & Yad 1st g guar 48
1949 A 0
Austin N W 1st gu g 55_ 1941 J J
103%
9418
87
____
935
8
7918
9314
2796
NI
BONDS
C.3
Y. STOCK EXCHANGE.
t
Week Ended Nov. 16.
3,4
New York Bond Record-Continued--Page 3
Pries
Friday,
Nov. 16.
Week's
Range or
Lass ,Sale.
Range
Rinse
Jan. 1.
BONDS
R. Y. STOCK EXCHANGE
Week Ended Nov. 16.
ft
Pries
Friday,
Nov. 16.
Great No- gen 75 series A
1936 3 J
Registered
let & ref 4345 series A____1961 J J
General 5353- series B
1952.3
General be series C
1973.3
General 438s series D
1976.1 .1
General 434e series E
1977.1 J
Green Bay & West deb etfe A__ __ Feb
Debentures ctfe B
Feb
Greenbrier By let gu 48
1940 M N
Gulf Mob & Nor let 538331950 A 0
1st M 5s series C
1950 A 0
Gulf & Het ref & ter g 533_51952
7
Hocking Val let cons g 4342_1994 J J
Registered
1999.1 J
Housatonic By cons g be_
1937 M N
II& T C 1st g bs int guar
1937 J J
Waco & N W dB 18t 68_1930 MN
,
Houston Belt & Term let 5e_1937
Houston E & W Tex let g 56_1933 MN
let guar be red
1933 MN
laud & Manhat let be ser A 1957 F A
Adjustment Income be Feb 1957 A 0
Illinois Central let gold 4e
1951 J 7
Registered
J
let gold 334e
1951 J J
J
Registered
Extended let goti 3346_1951 A 0
1st gold 331 sterling
1951 M S
Collateral trust gold 48_1952 A 0
MN
Registered
let refunding is
1955 M N
Purchased lines 338e
1952.1 J
.1 .1
Registered
Collateral trust gold 4s___1953 M N
MN
Registered
Refunding be
1955 M N
lb-year secured 6345 g
1936 J
40
-year 434e
Aug 1 1966 F A
Cairo Bridge gold 48
1950 J D
Litchfield Div 1st gold 39.1951 J J
Loulav Div & Term g 334e 1963.1
Omaha Div let gold 3s
1951 F A
St Louis Div & Term g 38_1951 J
Gold 338e
1951 3 J
J
Registered
Springfield Div let g 3340_1951 J
Western Lines let g 49.___1951 F A
Registered
F A
Ill Central & Chic St L St N 0
Joint hrt ref bs series A__ _1963 J
1st & ref 4Nseer C
1963 J D
Ind Bloom & West 1st ext 48_1940 A 0
Ind III dr Iowa lst g 49
1950 3 .1
Ind & Louisville let gu 48_ _1956 J J
Ind Union By gen 55 ser A 1965.3
Gen & ref be series B
1965.3
Int & Grt Nor let Baser A_ 1952 J
Adjustment Os ser A July 1952 ____
Stamped
let 533 series B
1956 3 .1
1st g be series C
1956.1 .3
1972 M N
Int Rye Cent Amer let 58
1941 M N
let coil tr 6% notes
let lien & ref 834s
1947 F A
Iowa Central let gold Ss_ ., 1938 J D
Certificates of deposit
Refunding gold 4s
1951
James Frank de Clear let 413_1959 J D
KaA&GRIstgag5s
19383 J
Kan&Mletgug4a
1990 A 0
KCFLEI&MRyrefg48
1936 A 0
KO&MR&B1etgu5s_1929 A 0
Kansas City Sou let gold 333_1950 A 0
Ref & 1mpt be
Apr 1950
.1
Kansas City Term let 4e_ __1980J .1
Kentucky Central gold 48_ _19873
Kentucky & Ind Term 430_1961 .1 .1
Stamped
1961 J J
Plain
1961 J J
Lake Erie & West let 5e
1937 J .1
1941 3 J
26 gold 5.3
Fake Shr az Mich S g 3388_1997 J D
1997.1 D
Registered
-year gold 48
1931 M N
25
Registered
M N
Leh Val Harbor Term gu 513_1954 F A
Leh Val N Y 1st gu g 4348-1940
J
Lehigh Val(Pa) eons g 4s_ _2003 MN
MN
Registered
2003 MN
General cons 4Ne
MN
Registered
Lehigh Val RR gen 51 serles_2003111 N
Leh Y Term Ry let gu g 58_1941 A 0
A 0
Registered
Lab & N Y let guar gold 48_1945 M 5
Lex & East lit 50-yr 58 20_1965 A 0
Little Miami gen 48 Ser A-1962 MN
1935 A 0
Long Dock consol g 6e
Long Lad 1st con gold Willy 1931 Q J
15t consol gold 48-__July 1931 Q J
19383 D
General gold 48
19323 D
Gold4s
1949 M S
Unified gold 45
1934.3 D
Debenture gold be
1937 M N
-year p m deb 58
30
Guar Sh B let con gu 533 Oct'32 M 13
Nor Elb B 1st eon gu 58.0et'32 Q 1
Lou & Jeff Base Co gd g CLAM M S
tr Due Feb. 1.
co 4
High No.
High
High No. Low
risk Lem
Bid
_
99 10212 Louisville & Nashville 5s___ _1937 M N 10212 10312 103 Nov'28
Oct'28
Unified gold 45
J 97 Sale 9512
98 10334
97
1940
9
3
100
.1931N 1001s
96 10112
Collateral trust gold 5g....,
1003 Nov'28
4
Nov'28 -10238
10
-year sec 7s___May lb 1930
8212 91%
s
76
84
10214 Sale 10214
1st refund 534s seriesA 2003 1 0 1063 10712 10614
107
3912 52
9
3938
2
4
9812 993
let dr ref 58 series B
4
_
Apr'28
10418 105 105 Nov'28
1st & ref 4338 series C
10412 1083
4
19 0
03
2 03 A 0 1063 10712 1003 Nov'28
2 3
0
2
10538
4
N 0& M 1st gold 6s
J J 100 1013 10014 Nov'28
8
3 1033 10713
8
104
2d gold 68
9914 1021
Oct'28
1
1930 3 J 100 ---- 100
Oct'28
99 1013
3
Paducah & Mem Div 4s 1946 F A
9314 Oct'28
5
993
4
St Louis Div 2d gold 33_1980 M
97 1003e
98
2
66% ---- 6812 Nov'28
Mob & Montg let g 434e_ J945 M S 10012 -- 100 Sept'28
80 1013
8
90
2
967 1004
South By joint Monon 48 _1962 J
8
9918
1
4
893
4 10
893 Sale 883
4
Atl Knoxv & CM Div 48_1955 M N 9314 9412 933
7418 79
5
933
8
8
7518
7
Loutsv Cln & Lex Div g 434s'31 M N
953 101
4
9812 Nov'28
__
Nov'28
98 100
Mahon Coal RR 1st bs
19343 J
9912 Sept'28
15 111 117
113
2
Oct'28
74
1067
8 10 105 109 3 Manila RR (South Lines)46.1939 P.O N
7412 75
let ext 45
98
997
1
1959 MN
80
Oct'28
75
79
Oct'28 -Manitoba S W Coloniza'n bs 1934 J D 9914 - - 9912 Nov'28
8
1133 174 111 116
8
113 Sale 1123
88 July'28
89
11412 Apr'28 -- 11412 1144 Man GB&NW 1st 338_1941 33 88
95% 1021, Mich Cent Del & Bay City 5s_'31 MS
993 Nov'28
4
_
98
6
98 Sale 98
Q Si 100- -- 1003 Apr'28
Registered
.4
1103
4 29 10518 11514
99 101
110 Sale 110
Mich Air Line 48
1
9112
1940 J J 9114
9112
4 14 103 109
10612 Sale 10612 1063
J J
9612 10114
9218 July'28
Registered
15
100
96
963 9914 9918
4
9578 1013
1st gold 3.)3s
)
5
87
1952 MN "ST „ 87
45
983 9912 99
4
9934
85
sgs,
20
-year debenture 4s
7
8
1929 AC _9912 - 4 993
993
2
_
993Oct'28
85
AO
2214 30
Oct'28
99
Registered
4
2812
8
2738 2812 283
9.58 95'4 Mid of N J 1st ext bs
8
1940 AO 9414 -663-4 96 Nov'28
9314
957 Mar'28 8
4
9912 10014 993 Oct'28
20 10038 1071, Milw L S & West imp g 5s1929 FA
105 Sale 10412 105
99 104
Mil & Nor 1st ext 430(1880)1934 J D 9414 98
98 May'28
8
1013 102 1013 Oct'28
4
D 9312 9812 9412 Oct'28
10712 10812
Cons ext 434,(1884)
1934
1083 _ _ 10812 Nov'28
8
9212
1
973 107', Mil Spar & N W let gu 48._ _1947 M
4
9214 94 _ 9212
101 1023 101 Nov'28
8
10212 1041, Milw & State Line 1st 3338_1941 3
90 Apr'28
10212 May'28
9212 1015, Minn & St Louis let cons 58.1934 MN -4814 53
4814 Nov'28
9814 -- 9814 Oct'28
8
473
Temp Ws of deposit.,_..1934 MN 473 597 473
983 10418
4
8
8
8
10214 -- 10214 Oct'28
1538
153
8
102 1031,
1st & refunding gold 4s
141
:
1949 MS 953
9812 102 102 May'28
25
14
Ref & ext 50-yr 5s ser A_ _1962 J F
98 10223
2 Sale 1312
Oct'28
10014 -- 102
4
10014 1007
Certificates of deposit
10014 102 10012 Aug'28
21
16
9918 102% NI St P&SSM con g 48 Int gu'38 31 80 10 _86
.10014 Oct'28 -6
005
8
Sale 0518
let cons 58
97% 10312
%
1938
98 Sale 973
4
99
57
987
8
9912 12
let cons 5s gu as to int
8614 964
1938 3 J
76
89
883 Sale 8818
4
10
:al
0
99 s
; S
10
-year coil trust 6348-- -1931 MS 1890 i l: 10012 101
9114 9914
101 1013 101 Nov'28
4
1st & ref Os series A
1946 J
95 Nov'28
11
91
95
25
95
91
-year 553s
1949 ▪ S 0312 Solo 9012
95 May'28
9518 July'28
803 9102
9312
1st Chicago Term s f 4s
4
1941 MN
8718 Oct'28
8518
Oct'28
99
84
853 MIssissiPP Central 1st 5s___ _1049 J
4
84 Nov'28
4
873
4
8613 8813 Mo Kan & Tex let gold 28---1990• D
873
4
"SW 8714 8612 June'28
10012 103% 56
J 107%2 Sal8
76
74
Mo-K-T RR pr lien 53, ser A.I962
74 Sept'28
877
8 45
Sale 87
883 9614
4
40
-year 48 series B
1962 J
6
92
92
96
87
10
4
87
8
Prior lien 434,ser D
1978 J J 957 963 96
Oct'28
87
10512 71
9018 9812
Cum adjust 5s ser A Jan 1967 AO 10518 Sale 105
943
8 20
8
943 Sale 94
8 101
34
82
9018 Mo Pat let & ref bs ser A__ _1965 FA 10012 Sale 1003
83 4 90 2 83 Nov'28
3
,
803 188
5
81
85
General 4s
1975 MS 7912 Sale 7914
1
81
81
•S 997 Sale 9912 10018 214
8818 04
8
1st & ref 5s ser F
1977
8
9112
90
91% 91
1
9214
9014 9014 Mo Pac 3d 7s ext at 4% July 1938 MN
9214 9312 9214
9014 May'28
103 Aug'28
8
1945 .1 .1
5 103 1107 Mob ar Blr prior lien g 5s
,
107 1083 1075
8
107
%
100 Aug'28
.1 J
Small
11038 19 10812 1141,
Sale 110
11014
883
8
, 883
8
98 1023,
let In gold 4s
1945 I J -igr2
10114 95
10018 Sale 1C018
8614 Nov'28
8618 97h
Small
1945• J 8614 88
8618 July'28
8918
8
781s 8212 Mobile & Ohio gen gold 431_1938 1.15 927 9414 92% Nov'28
June'28
7818
753 78
4
1043 Nov'28
4
91
80
5
Montgomery Div let g 58_1947 F A
8312
85
8414 _
4
973
9738
7538 804
8
Ref & Rapt 434s
1977 MS 103 gale 9618
Oct'28
76
743 78
4
1
8918
90
Mob & Mar 1st gu gold 48_ _ _1991 MS 8918 Sale 8918
72
763 Oct'28
8
7612 82
Oct'28
2
80 4 593 Mont C 1st gu 68
3
8
1937 3 J 1073 110 106
8514 Nov'28
8312 01
8
783 783
4
4
101 1043 10434 Jan'28
let guar gold be
1937
783
4
783
4
82 Nov'28
Morris & Essex tot gu 3348_2000 3D 8012 82
8312
Oct'27
_ 88
-14
.86is 24
90
Oct'28
9018 93
2
9212
92
913 93
4
92 2
,
Nash Chatt & St L 4,38er A_1978 F A
90
Apr'28
92
1937 F A 10118 ____ 101 Sept'28
N Fla & 3 lat gu g 58
4_ 18 July'28
_
8
13 1012 10814 Nat Ry of Max pr lien 4388_1057 7 / 173
4 105
1047 Sale 1043
8
183 July'28
4
9814 65
96 101
.1 J
178
4
July 1914 coupon on
98 Sale 98
1438 12
1e_ 1312
Assent cash war rct. No 4 on
1312 1;9218 9218
8712 Aug'27
- -.
Guar 70-year s f 48
_
1977 A0
861
-- 9218 July'28
17
97
24
16
91
16 18
Assent cash war rct No 5 on
8
9312 5412 9312
9412
43812 July'27
92
Nat RR klex or 1 4538 Oct 1926 J I
88
89
Oct'28
8812 90
2118 21
100 106
20 ____ 2118
Assent cash war rdt No 4 on
Oct'28
103 10314 103
1st consol 48
1 10112 10413
1951 - A 0 2112 ____ 22 Apr'27
103
103
103
113
4
113 12
8
117
s 25
Assent cash war rct No 4 on
10512 106 10512 10612 10 104 10812
85
Oct'28
86
1)914 Naugatuck RR let g 48
4__
189
1954 M N
833
92
92 Sale 90
7713 7713 New England RR Cons 5s_ _1945 3 J
9818 105 - 9818 Oct'28
7712 Fell'28
5
9412 2017,
8
4
873
4
8
Consol guar 4s
1945 1 .1 873 883 873
2
98
98
9812 98
Oct'28
8
NJ June RR guar 1st 4s....1986 F A 88___ 88
957 102
3
99
98
9918 99
97
97
2
817 9211 NO&NElet ref & irnp 434sA'52 3 .1 97 gale
8
12
84
948 84
1
8372 sale 8312
9238
8
8
94 4 997 New Orleans Tern) 1st 4s_ _ _1953 1 3 923 Sale 9112
3
8
1
947
8
947
8
23
N 0Texas & Mex n-c Inc 58_1935 A o 100 Sale 9912 100
91 100
967 Sale 967
8
8
977
8 35
10012 24
52
38
1st 58 series 13
1954 A 0 10012 Sale 100
3
4012
3912 40
3912
e
9612 97 10114 Nov'28
let 5s series C
1956 F A
377 49
5
40
39
43
397
8
97
30
4
101s 0078
19
8
1st 43is series D
1956 F A 935 9412 963
2
1034 11
11
11
8813
8 104
27
8
let 530 series A
1954 A 0 1033 10412 1033
9018 9212 893 Oct'28
4
4
963 Oct'28
963 98
4
N & C Bdge gen guar 430-.1945 J J
99318
- 103 May'27
9914
2
-66C8
NYB&M B 1st cong 58_1935 A 0 9914 100 1 9914
8
85 4 66 873 Oct'28
10712 23
8
N Y Cent RR cony deb 65_1935 M N 1067 10712'106%
_ _1107 Apr'28
M N
9312 23
9218 97
Registered
9315 Sale 93
94
11
8
9912 10312
1998 F A -925, Sale 923
Consol 48 series A
Oct'28
977
8
_ 100
13
4
10114
Ref & Impt 434s series A2013 A 0 10014 1003 101
723 793
8
4
18
76 Sale 7512
76
8 73
1077
Ref & impt 58 series C
2013 A 0 10712 Sale 10714
97 10314
10018 1003 101
10114 25
8
106
A 0 106 Sale 106
8812 95 4
2
Registered
92
26
9112 Sale 9118
91
9612
91
91 Nov'28
8214 25
90
9612 N Y Cent & Hud Riv M 3348'97 3 J 81 Sale 81
8612 - 3 90 Sept'28
6i 4
8
Registered
1997 3 J 7918 807 8012 Nov'28 _ _ _ _
9018 963
8
9014 9312 9212 Oct'28
96 g
e3
68
_19_
Debenture gold 4s
1934 M N 9614 Sale 9718 Ap9 24
97
983
8
Oct'28
97
MN
Registered
993 10514
8
3
1003 102 10014
8
10014
9412 Nov'28
_
94' 96
30
-year debenture 4e
1942.7 J
993 1047
8
8
1003 10133 1003 Nov'28
8
8
4
8
803
8
9
Lake Shore cell gold 3345_1998 F A 793 803 7912
81
8214 82
82 14 19
7978 8712
78
1
7818 8012 78
Registered
1998 F A
8112 56
8112 July'28
81
7914 Oct'28 _
793 85
4
Mich Cent coil gold 334,.,.. 1998 F A
97 100
9814 Sale 9818
983
8 26
7718 ____ 77 July'28 _ _ _ _
Registered
1998 F A
993 998
4
4
993 Apr'28
4
97
8
103 1075, N Y Chic & St L 1st g 43._ _1937 A 0 97 Sale 9612
993 _ _ _ _ 1043 Oct'28
8
8
96 2 ,8
:
'
2
9718 _l_
2
Registered
993 10211
8
1937 A 0 943 sa e_ 97 4 Feb 712 _ _
89 4 90
3
993
,3
993
8 11
12
25
-year debenture 48
1931 IN N
863 9312
4
893 Sale 893
4
4
90
24
8
91
10212 56
2d 6s series A B C
1931 M N 10212 Sale 1017
89
89 June'28
983 1025,
4
Refunding 5 Ns series A_ 1974 A 0 10612 Sale 10612 10718 61
4
993 Sale 993
8
9934
8
0 8 17
6
8
,14 97
72
v
2_
95 10012
Refunding 5388 series B 1975 J .1 1063 10778 19 7 7,700 28
99 Sale 99
99
5
NY Connect 1st gu 4388 A..1953 F A
10418 11114
let guar 5e series B
1953 P A 100 10212 104 Aug'28 _ _
10614 Sale 10614
10614
913
___ 917 Nov'28 _ _
8
10014 10714 N Y & Erie 1st ext gold 4,3......1947 IN N
10312
10312 10312
7
8
4993 June'28 _ _ _ _
8
103 2 1037
3d ext gold 438e
19338.9 S 9912 100
1037 Feb'28
8
9213
Oct'28
_
4th ext gold 58
90
87
1930 4 0 99 100 100
Oct'28 ...„
105 11512 N Y & Greenw L gu g 533._1946 MN
9714 99
9714
9714
iotiis 110 10712 Nov'28
7
88
90 Nov'28
9613 NY & Harlem gold 334s
80
83 8 18 Mar:28
6
8
Apr 2
8
__
2000 M N
10314 10512 10612 July'28
1061s 10912
92IgRegistered
IN N
80 July'27
100 10312 NY Lack & W 1st &ref gu 531973 PA N
10012
10218 Oct'28
9642 9712 9612
Oct'28
9412 992
4
First & ref gu 434e con____1973 MN 10034 ___ 100
2
9612
92
961s NYLE&Wlet7sext
93 Nov'28
10312 104
92
93
Feb 28 -.
1930 M S
06 Nov'28
92 100112 N Y & Jersey let 5e
8
96
1932 F A 10038 ____ 1003 Nov'28
90 Nov'27
_
ars tiic3 88 Nov'28
8733, 932e N Y & N E Bost Term 43_1939 A 0
_
973 10014 N Y N H & H n-.3 deb 48_1947 M S 86
4
9818 99 100 Nov'28
4
873 86 Nov'28
Non-cony debenture 3388_1947 M S 763 8134 7612 Oct'28
9914
97 10112
9914 Sale 9914
3
8
943
4
9018 9112 90
90
Non-cony debenture 330_1954 A 0 7614 7714 7612 Nov'28. _ _ _ _
90 4 14
,
993
4
99 102
8512 12
2
Non-cony debenture 45._ _1955 J 1 85 Sale 85
99
3
- 9918
4
853
4
8
8512
8914 9412 893 Nov'28
48714 9412
Non-cony debenture 4s___1956 IN N 8512 86
7614 22
7614 7614
Cony debenture 334e
76
1956 1 .1
11812 100
Cony debenture 68
1948 J .1 117 Sale 117
Registered
1 J 10414 10412 108 Aug'28
10412 121
8
Collateral trust lie
1940 A 0 104 Sale 1037
8
76
4
4
Debenture 48
1957 PA N 753 7614 753
9212 92
let & ref 414,3ser of 1927_ _1967 3 D 917 Sale 9112
8
qarlein R *Pr rhea let 431954128N 0018 91
901s
9018
1
Ask
99
100 Sale
9618 9812
823 Sale
8
3912 Sale
Low
99
993
4
96
8212
3915
993
4
ioSE8 Sal 1053
8
103 ____ 1033
4
4
____ 100% 1003
4
993 Sale 993
4
4
98
9812 98
90 Sale 90
9918
987 99
8
8
753 7814 753
8
9618 9712 963
4
11214 Sale 11214
1065 Sale 1063
8
8
98
NI
In Cent& Penn let ext g 58_1930 .1 J
1943 J J
let consul gold be
Florida East Coast let 45e..1959J D
1974M S
let & ref be series A
Fonda Johns & Cloy let 4Ne 1952 MN
Fort St D Co 1st g 43413_1941 .1 J
Ft W & Den C 1st g 53433_1961 J D
From Elk & Mo Val 1st 6s
1933 A 0
OH&SAM&P 1st be1931 M N
2d extens 58 guar
1931.1 J
Galv Hone & Hend let 6e_....1933 A 0
Oa & Ala Ry lgt cone bs Oct 1945 J
Ga Caro & Nor let gu g 53-1929 J .1
Georgia Midland let 313
1948 A 0
Gr R & I ext 13rt gu g 43511
19
41
Grand Trunk of Can deb 68_1940 A 0
15
-years f 6s
1936M S
Grays Point Tern it5s..l947i D
,
Week's
Range Or
Last Sale.
221
Range
Since
Jan. 1.
Los
High•
10012 198
9334 9914
100 10238
10218 10613
10438 11013
1007 109
8
9738 1043
4
100 10332
100 10214
923 9612
8
6612 71
100 1027
8
867 9414
8
9012 9812
98 1003
4
9914 10312
8
697 7914
751s 82 4
1
9914 10112
88
88
9918 10218
3
1003 1017
4
9112 973
2
9218 9218
7712 8984
9813 100
99
99
9212 99 4
1
98% 100 5
3
98
99
14
9413 9915
9212 9715
90
90
61
42
40
57
14
2334
1112 21
87
921
9312 10013
98 101
9978 1031s
100 10314
9012 96
9bl, 9614
98 100
85
92 4
8
99 1042
e,
85
92
12
9012 99 8
2
1911 10912
,
983 103,
8
7
7614 83 4
1
98 1023
1
913 97
4
/
1
4
103 103
99 100
/
1
4
8414 98
11
92%
82
923 98
4
993 1053
4
8
9212 99 4
3
88
9712
106 1127
2
1043 1043
4
4
793 83
4
90
101
18
183
4
12
9614
1041s
18
183
4
21
12
-
141
231*
43 Isi;
86
86
98 1023
4
873 93
4
88 100
95 102
881z 9518
9512 102
95 10138
100 105
93 100 8
7
102 106
9634 100
9812 102
1053 1092
8
2
107 107
893 97
4
18
9818 10412
10412 110 4
8
106 IA14
797 87%
s
7738 8512.
9312 9914
971s 98 2
1
9184 99
7714 8012
7612 825
7
_ 78
87
77
83 8
3
9212 9814
9618 96
12
9512 1001
8
10012 10102
105 107 2
7
10484 107 4
1
9512 10212
10012 10514
917 9212
8
9938 10014
100 10011
4
94 100
8618 871
*
8518 85
18
'Ws 109
100
fell;
"iiis 90
733 834
8
1
7018 8186
78
. 88
3
19
79
88
12
7012 80
1113 11812
4
9812 115
103 105 2
7
721s 82 2
1
10
9414
89
9312
2797
New York Bond Record—Continued—Page 4
•
BONDS
P. T.STOCK EXCHANGE
Week Ended Nov. 16.
Pries
Friday,
Nov. 16.
Wears
Rano or
Lam Mk.
Range
Mace
Jan. 1.
BONDS,
N. Y.STOCK EXCHANGE.
Week Ended Nov. 16.
i3
.1;t
Pries
Friday,
Nov. 16,
Week's
Range or
Last Sale.
Range
Binge
Jan. 1.
958784 173:
, 045 351
7
Mob No Low
Ask Low
Bid
Mel No Low
Ask Low
FRO
Bid
8513 93
9012 119
-San Fran pr lien 45 A...1950 ii 89% Sale 8912
4
72 4 304 St E
763
4 40
4
3
Y0& W ref let g 48_June 1992 MS 763 Sale 753
91% 340
1978 MS 9114 Sale 9114
Con M 4338 series A
7612 Apr'28
7612 78
Reg $5,000 only June 1992 MS
17
103
1950 3, 10213 Sale 10214
7
Prior lien be series B
72
6714 80 4
3
1955 in 72 Sale 7012
General 48
4
190 103
0914 06
St Louis & San Fr Ry gen 68_1931 3, 102 10218 10112 Nov'28
8738 95
8
NIT Providence & Boston 43 1942 * 0 877 ____ 8758 Oct'28
10014 10
1931 • J 99% --- 100
General gold 58
8934 Jan'28 893 893
*0
4
4
Registered
2 10738 11758
9 112 91
4
1023
4 1023
4
Oct'28
88
* 0 8912 924 90
963 St L Peor & N W lst gu 58-1948• J 1023
4
N Y & Putnam let con gu 481933
1931 MS
97% Apr'28
12
92
8014 9212 St Louis Sou 1st gu g 4s
NY Susq & Wetrt, let ref 58_1937 J J 8978 90% 9078
79
82 88
9 4
7
9
8814 12
88
90
77
843 8434 Nov'28
4
843 St L S W lst g 4s bond ctfs 1989 MN 88
4
1937 FA 80
2d gold 4338
1
84
2d g 4s Inc bond ctfs_Noy 1989
84 Sale 84
68
73% 14
8
FA 737 Sale 72
804
General gold be
1940
1932 J D 953 Sale 9512
953 105
4
8
Consol gold 45
4
10112
10112 Sale 99
99 10214
1943 M
Terminal 1st gold 156
12
94 8 1034
96718 99
102
26
1st terminal & unifying 56_1952 J J 10018 101 100
88
4
8312 92
N Y W-ches&B let ser I 4,14a 46 J J 873 Sale 8738
4
9513
9512
9518 96
4 15 100 10314 St Paul & IC C Sh L let 4%6_1941 P A
1950 A0 102 10254 10214 1023
Nord Ry ext'l f 63:13
Oct'28
1931 FA
9914 1003 100
St Paul & Duluth let be
5
4
90
913
4
4
97
Norfolk South let & ref A 56_1961 FA 903 Sale 9034
991118 799
990 8 98
964
1968 3D 903
4_ 9312 Sept'28
let consol gold 45
10134 Oct'28
984 103
99
/
1
4
Norfolk & South let gold 58_1941 M
9742 97%
9718 June'28
St Paul E Gr Trunk let 4%8_1947 ii 95 11
4
1013 10512
4
Norfolk & West gen gold 661931 MN 1013 104 10234 Oct'28
9518 98%
Oct'28
St Paul Minn & Man con 48 _1933 J J
_ 96
/
1
_ 1047 Aug'28
1047 107
8
Improvement At ext Os_
1934 FA 1044
1083 11:
0314 0112
54 1 001
1
1933 J J 1033 106 10312 Nov'28
951st consoi g 68
4
4
New River let gold Os
1932 * 0 10318 Sale 10318 10318 23 103 1063
J
Registered
10512 1063 Mar'28
4
8318
897 9832
933
4 18
8
N At W Ry 1st cons g 4s _1996 AO 9318 94
4
6s reduced to gold 4338 ___1933 ii 9912 9912 983 Nov'28
4
914
9012 964
Registered
1996 * 0 9118 Sale 9112
J
98
994
Registered
5
- - 98 Nov'28
9318 961s 9314
9314
924 964,
DWI 1st lien & gen g 45_ _.1944 J
9314 9812
1937 3D 9712- Mont ext 1st gold 45
04
9614 94% Nov'28
184 Nov'28
175 1901,
10-yr cony Os
1929 MS
J 90 _
947e
Pacific ext guar 48 (sterling)'40
_ 92 Nov'28
9114 974
Pocah C & C joint 4s
1941 J O 9212 _ -- 924 Nov'28
118008738! 9
8
04
/
1
4
78
/ 10712
1
4
1 10412 09:38
St Paul Un Dep let & ref 58_1972 J J 10712 Sale 107
108 Aug'28
1073 108
4
8
North Cent gen & ref be A__ _1974 MS 1077
78
93
984 10158 S A & Ar Pass lat gu g 4s- — 1943 J J 92 Sale 92
4
1003 Oct'28
Gen &ref 4338 ser A stpd 1975 MS
100 104
Oct'28
Santa Fe Pres & Phen 1st be _1942 M
2
1004 102 100
/
1
95 103
9612
North Ohio let guar g 56
1945 * 0 96 Sale 96
1934 * 0 10414
Oct'28
104
9212 23
89
NorthiPacific prior lien 45._.1997 Q i 924 Sale 9218
97, Say Fla & West 1st g (is
7
1934 * 0
1074 1074
1st gold 55
- 10718 May'28
4
4
88
Registered
97
1997 Q J 883 9213 903 Nov'28
925
8
994-924 98
5
8
6212 721, Scioto V & N E 1st gu g 412_1989 MN 925 9412 9258
4
6714 23
Gen lien ry &Id gt 38_Jan 2047 @ F 67 Sale 663
7411 8518
1950 * 0 75% 85
80 Nov'28
Seaboard Air Line 1st g 4e
Q F 65 6512 64 Nov'28
6334 1397
Registered
Jan 2047
2
7612 11
1950 * 0 76 Sale 75
72
83%
Gold 45 stamped
4
8 10
97 106
Ref & impt 433s series A__2047 J J 100 1003 10012 1013
40
4212 57
Afjustment be
Oct 1949 FA 4112 Sale 4012
824
37 111 11714
11314 Sale 11314 114
Ref & impt Os series B.2047 J
1959 A0 6014 Sale 60
57
6214 26
Refunding 48
724
1 103 10912
/
1
/
1
4
Ref &(mot 55 series C _ _ _.2047 J J 1064 10714 1074 10753
146
81
73
964
1st & cons 6s series A _ _ _ _1945 MS 79 Sale 78
_ 10618 Nov'28
10238 1094
Ref & impt 6s series D_ _ _ _2047 J J 106
MS
85 Mar'28
Registered
107 1104
Nor Pac Term Co 1st g 68-- -1933 J J 10934 - - - 10934 June'28 8 38 9
783 85
63
6
874
Atl & Birm 30-yr 1st g 4s_41933 M
891z Sale 8758
- s
105 107
Nor Ry of Calif guar g 66-1938 AO 10218 1053 107 June'28
7318 106
68
Seaboard All Fla 1st gu 65 A-1935 FA
944
71% Sale 71
744
1935 FA 7018 76
7418
3 69 9511
Series B
.• 1 99% 10214 99 Sept'28
99 1024
North Wisconsin let 68
1930
98 Nov'28
11
82
781s 881 Seaboard & Roan 1st 56 extd1931 J J 98 100
Og & L Cham lst gu g 4s- —1948• J 82 Sale 82
:
5
4
993
4
So Car &Ga latest 53-f8—.1929 MN
993 10014 993
4
9538 Nov'27
Ohio Connecting Ry 181 48._1943 MS
1936 FA
104 Apr'28
1936 J D 101
ioii. 104 S & N Ala cons gu g bs 58—.1963 * 0 10118 10214 1014 Nov'28
Ohio River RR let g 58
/
1
Gen cons guar 50-yr
107 1083 1144 Oct'28
4
Oct'28
101 104.,
General gold be
1937 * 0 99% 106 101
9318
95
D 93
9412 24
9114 98
Oregon RR & Nay con g 48- -1946
199718: 11
87 1
9500
/
4
"14982
92% 32 11:
8
8
1057
8 10 102 110, Bo Pac coil 48 (Cent Pac coll)k'49 3D 923 Sale 911
Ore Short Line 1st cons e 58.1946 J J 1057 108 1057g
5
3D 8714 893 83 Mar'28
Registered
8
4
1946 J J 1053 108 10534 Oct'28
10512 1113
Guar stpd CODS 54
2
June 1929 MS 9912 Sale 9912
9 4 100
8
8
993
-year cony 45
101
88
4 93
20
J O 9913 Sale 994
refunding 48
9953
Guar
1929
98 100
S
101
967 104
8
12
4
let 4338(Oregon Lines) 4_1977
10078 101
9012
Oregon-Wash let & ref 4s
1961 J J 9014 Sale 9014
861s 944
1934 J D ioir8
101 Nov'28
20-year cony Se
D 75
793 80 Nov'28
4
Pacific Coast Co let g bs_._.1946
73
4 8812
1968 M
3
Gold 4335
98
/ 47
1
4
983 Sale 983
8
Pao RR of Mo let ext g 43_ _.1938 FA 9312 9512 9318 Sept'28
913 954
4
1950 * 0 02
88 8 96
5
4
9212 10
San Fran Terml let 4s
92% 913
2d extended gold 523
10013 Oct'28
10012 1024
1938 J J 100
894 go
*0
Registered
-_ 90 Nov'28
/ 99 4
1
Paducah & Ills lat s 14 Hti _ _1955 I 1 984 --1 10038 Oct'28
1004 10111
:
MN 1023 10438 10634 June'25
105 108
Paris-Lyons-Med RR ext168_1958 FA
884
99
/ 84
1
4
9918 Sale 9918
96 100% So Pac of Cal 1st con gu g 5s _1937
9512 97 5
9513 Oct'28
Sinking fund external 75-1958 MS 104 Sale 104
8
104% 44 10112 10512 So Pac Coast let gu g 4s.. _ _1937 3 3 9512 98
94
.• 1 9313 Sale 934
1955
75
91
984
Paris-Orleans RR 6 f is
10234 Oct'28
1954 MS
101 10412 So Pac RR 1st ref 48
96 Apr'28
J J
Registered
96
96
External sinking fund 533e 1968 M S 9518 Sale 9518
9512 15
93
963
4
8 11218 39 106 11912
J
Paulista Ry 1st & ref s I 7s...._1942 MS 103 104 102% 1027
g;1- 1117
e8
10114 10412 Southern Ry let cons g 5s_ _ _1994
Ji 1061s -- 106 Nov'28
Registered
106 1184
Devel & gen 48 series A_ _ _1956 A0 9014 Sale 8912
5
853 98
4
9014 112
Pennsylvania RR cone e 48_ -1943 MN 96
97
9458 994
9453
911
/
4
AO
Registered
5
8714 Sept'28
Consolgold 46
8714 8714
9458
8
93 100
9458
1948 MN 945 _
Develop & gentle
1956 AU 1l52 Sale 11538 1153
4 11312 121
4
its sterl stpd dollar_May 1 1948 MN
934 Oct'28
9218 99
's
/ 123
1
4
Develop At gen 6%3
1956 * 0 1227 Sale 122
4 100 107
16 11734 127
Consolidated s f 4348
8
1960 FA 10212 Saie 10212 10212
J 10612
Mom Div 1st g 5s
1996
10612 10612
General 4335 series A
1 104 118 3
1
1015
8 39
97% 104%
1965 J D 101 Sale 101
1951 1
St Louis Div 1st g 48
General 5a series B
4
87 8 94
7
1968 J O 108% Sale 10838 10914 15 1043 116
903 9212 903 Nov'28
4
4
East Tenn reorg lien g 58._1938 MS 100 103 10518 Oct'28
46 10212 1057
10
-year secured 75
10414 1054
1930 * 0 103 Sale 10212 103
4
Mob & Ohio coil tr 48
1938 M
-year secured 6336
933
4 13
15
9113 9615
927 933 92%
8
8
1936 P A 1103 Sale 11014 • 1103
4
4 48 108% 113 ,
3
Registered
P A
112 112
112
Apr'28
_
8358 Nov'28
40
-year secured gold bs__ _1964 MN ioi 616e 10334 1045
81
90
8 86 1013 1057s Spokane Internal 1st g 5s_ _1955 3, 8312 84
4
Staten Island Ry let 4338_ _ _1943 3D
85 Nov'27
Pa co gu 3338 coil tr A reg..__1937 MS 883
Oct'28
88
_
877 93
8
Sunbury & Lewiston 1st 46_ _1936 J J
95 Apr'28
Guar 3335 coll trust ser 13.1941 FA 8712 90
-i&9038
8712 Nov'28
48718 92
Superior Short Line 1st be_.e1930 MS 997 _ _ _ _
trust Ws C.._ _1942 J O
Guar 3336
99
/ 997
1
4
s
8914 901
90 Apr'28
:
9
0
Guar 3338 trust ctfe D_ _ _ _1944 J O 8712
1130
983 1024
4
8
8713 Nov'28 - - - 8712 90
12 Term Assn of St List g 4338_1939 A0 995 102 10978 APr.28
1944 FA 1013 -- - - 10414 Nov'28
1st cons gold Is
Guar 16
-25-year gold 46..._1931 * 0 97 - -7"7 - 9714
3
1014 107
4
963 100
4
973
4
9 s
J 89
Gen refund s f g 4s
1953
Guar 48 ser E trust cti's_ _ _1952 MN 905 9412 9213 Nov'28
9012
901 9012
8
90
951
.
Secured gold 438e
0914 -ioi
4 10334
87
941
7 101% 107
4
N 9914 Sale 9018
:
1963
99w 99w Texarkana & Ft S 1st 5348 A 1950 P A 1033 Sale 1033
1943 3 3 1013 Sale 10134
Tex & N 0 corn gold be
Pa Ohio & Del 1st & ref 433sA'77 * 0 9812 Sale 9812
1
1013
4
5
4
9514 102
9812
2000 3D 11134 11218 1113
4 1113
Texas & Sac 1st gold Se
Peoria & Eastern let eons 46_1940 A0 8712 Sale 8718
991 :
097
oa
1 1:05912 L
4
6
rl
907
835 92
8
s
100
Oct'27
2d inc5s(Mar.28cpon)Dec 2000 Mar
Income 4s
3
April 1990 Apr. 40
42
37% 5018
3934
4112
10214
10212
Gen & ref Is series B
1977 * 0 10214
6 loafs 16415
Peoria & Pekin Un 1st 6336..1974 FA 105
-- 105
Oct'28 - - _ - 1024 1081
:
1931 J
1003
4 11
La Div B L 1st g 58
Pere Marquette 1st sec A 58_1956 J J 105 Sale 10458
100 1003 10014
4
10518 12 10018 1051
:
1st 48 series 13
2
104 105% 10614 Nov'28
1956 J
94 Sale 94
94
8812 961. Tex Pac-Nlo Pac Ter 5I36_ _ _1964 M
J 100 _ _ _- 100
Oct'28
Tol & Ohio Cent 1st gu 5s...1935
loo 1031,,
1935 * 0 10112 103 10112 10113
Western Div let g 58
Mils Bait & Wash lot g 4a_ _1943 MN
9814 103
94
94 100
Oct'28
1935 in
9934 Sept'28
General 58 series B
General gold 58
993 1014
4
1974 F!. 107
100
_
10414 114
10534 Oct'28
PhilliPPine Ry let 30-yr s f 481937
15 Nov'27
J 391 Salo 3918
/
4
3918 4212 Toledo Peoria & West 1st 48_1917 3 .1
40
9112
1950 * 0 9112 Sale 9112
Tol St L & W 50-yr g 48
Pine Creek registered let 6s_1932 ID 103 105 104 June'28
sii. Vali
104 106
48
2
1931 3 .1 973
CC&StLgu 4338A
98 10014
9412 Nov' 12
8
,
1940 A0 100
7
10012 Nov'28
9 4
99% 102 T01WV&Ogu4338A
1933 3,
1st guar 4336 series B
Series B 433e guar
9734 10111
1942 * 0 10018
8
99 10212
10018 Nov'28
1942 MS 8413 Sale 8738 13c3.28
8938
let guar 4s series C
Series C 433s guar
9412 101
9 9 34
1942 MN 99
9938
9918 Oct'28
9912 10218
5
Series D 46 guar
7 4
4
Tor Ham & Buff 1st g 48_ _ _1946 3D
1945 MN
50
8038 9 3
9514 Nov'28
9514 99
Series E 3335 guar gold
1949 P A
97
9712
974 Sept'28
5812
Ulster & Del let cone g 55.._1928 J D 5812 Sale 56
Series F 48 guar gold
1953 JO
8
97 Aug'28
97
97
Certificates of deposit
60
Series046 guar
1957 M N
63
18
55
60 Sale 86
95
__ __ 95
Oct'28
95
9718
35
A 6 37
15Li --35
1st refunding g 48
Series Li con guar 43- - —1960 F A
1
32
46
98
____ 9718 July'28
3812
97
9718
95% 52
Serial'cons guar 4%O.- _ _1963 F A 101 10312 101
101
93
/ 99
1
4
100 10512 Union Pacific 1st RR & ldgt 48'47 3 3 95 Sale 95
Registered
J 923 ____ 92
Series J cons guar 4333___ _1964 MN 101 103 101
/ Oct'28
1
4
101
99 8 9712
89
2 838
4
98 105
& ref 4s
June 2008 B
12 1044 11412
1st lien
93
Genera. M 54 series A....1970 J D 10914 Sale 10914
28
92 Sale 9134
11112
11 9812 Sale 9812
1967
J D
Gold 4548
R egkatered
9914 31
11338 Jan'28
953 1014
4
11338 1134
June 2008 MS 1085 Sale 1085
8 1083
6 1043 11618
let lien & ref be
Gen totge guar 58 aerie,' B_1975 A 0 1093 Sale 10938 111
8
3
2 108 115 4
4
8
8
1968 J 1/ 8914 Sale 8914
-year g 48
40
A 0
893
4 81
11312 Jan'28
Registered
9
53, 9 12
8518 90
1131: 11312
1944 Mr
U N J RR & Can gen 4s
924 95 94 July'28
_ 105
1933
3 95% 973 96 Nov'28
Utah & Nor 1st ext 46
Oct'28
Pitta McK & Y lst gu 68.--1932 ii 10114
106 105
96
9612
8
2d guar 63
1934
Vandalla cons g 46 series A._1955 P A
103 115
10338 June'28
10318 107
943 - - 9514 Aug'28
4
Cons s f 4sseries 13
1957 MN 944
Pitts Sh & L E ist g be
1940 14 0 10014
10038 Nov'28
94114 9812
10018 100
95 2 99
-- 9412 Oct'28
1943 JJ 1003
10014 Aug'28
8
let cons°, gold 58
18
1714 234
10
1714 185 18
6
10014 10014 Vera Cruz & P assent 4336 _1934
1943 MN
10014 June'28
•
6
1931
Pitts Va dt Char let 41
9018 Sept'28
9018 9018 Virginia Mfd be series F
10014 10112
General bs
/
1
4
1936 MN 10012 10112 10018 Nov'28
Pith Y & Ash let 4s sec A...1948 J D 93
ai
9413 974
95 June'28
11 (1 i(1 4
1
014 44
0384
3
1962 F
10318 Oct'28
1034
let gen 58 series B
10318 1084 Va & Southw'n 1st gu 5s_ _ _ _2003 1
10014 --- 98
% Oct'28
1974 ID
let COI:2350-year be
1958 * 0 9412 Sale 93
let gen be series C
95
56
MN 731
Providence Secur deb 46.... _ _1957
2_ 7514 Nov'28
71
8038 Virginian Sty 1st Is series A_1962 MN 106 Sale 105% 10612 26 104 109%
1939 MN 103 Sale 101
Providence Term let 48_ _ _1956 M
80 Nov'28 885 8 92
10314 19 101 106 1
80
1
9114 Wabash RR 1st gold be
Reading Co Jersey Con coil 48 81 AO 93% Sale 9312
10114
2d gold be
1939 P A 101 Sale 101
93% 12
7
913 97
4
9814 lows
A0
Registered
943 June'28
4
15 io214 urn.
Ref & gen f 5SO aer A _ 1975 MB 10412 Sale 10413 105
943 9514
4
1 10118 _
31
Gen & ref 433s series A...1997 J
Debenture B (is registered _1939
100 681- 9938 100
e88% May'28
98 1043
4
8518
Rich & Meek 1st g 48
1948 MN
' 85
3
let lien 60-yr g term 4s
1954
7918 May'28
89
2
75
7918 8214
887 8518
s
Richm Term Ry 1st gu So ..1952 J J obis 102 10412 June'28
10534 July'28
fist & Chi ext 1st g be... _1941 J
lot:105
s
10158
1044 10412
1939 J O
Rio Grande Juno let gu 5e
Des Moines Div 1st g 46 1939 J J 89
5 100 1014
104 100
913
4
913
4
100
1
913
4
912 934
5
Rio Grande Sou let gold 48..1940 .1 1
Omaha Div 1st g 313s_ _1941 A0 834 87
5 May'28
8
833 Oct'28
44 6
83 5 884
1
Guar 40 (Jan 1922 coupon)'40 J J
To!& Chic Div g 48
1941 M
89
9518
5
913
4
913
4
92
95
782 Apr'28
5
712
Rio Grande West let gold 48_1939 .1
9111
6
914 9214 91%
898 105
4
9
90
9512 Wabash Ry ref & gen be B._1976 * 0 10118 Sale 10118 10112
1st con & coil trust 45 A. 1949 * 0 8512 8612 853
1978 FA 9218 Sale 92
4
9312 97
Ref dtgen 4346 Ser C
8612 43
9414
8314 90 8
3
1934 NI
R I Ark & Louis let 433s
9714 Bale 97
975
8 23
91
9918
J 80
gu g 45
1949 J
-Canada let
83 Mar'28
82 Nov'28
84
Rut
83 83
83
794 847 Warren 151 ref gu g 3335..._2000 P A
3
1941 I .1 913 Sale 90
905 Mar'28
8
1948 QM 884 90
Rutland let con g 4%8
6
/
1
4
4
913
4
90 3 904
3
90
9638 Wash Cent 1st gold 48
1945 P A
86
Oct'28 _-_Wash Term 1st gu 3338
851g 88
's 91
83
1945 P A
8912 Sale 8912
85 Nov'28 ____
85
96
let40-year guar 48
86
92
1
8912
St Jos & Grand Isl lst g 48-1947 J
J
1996
BtLawr&Adtrletg5e
___ 100 Aug'28
9838 101
997 9914 Aug'28
8
100 1003 W Min W & N W 1st gu 811 — 1930 FA 99
4
1996 * 0 1001952 A0 83 Sale 83
10512 109 10512 Oct'28 - •
7818 871
8314 20
2d gold (is
West Maryland 1st ads
105 108
4
1931 • J 9612 98
10012 79
4
4
9613 103
1977 3 .1 993 Sale 9934
963 Oct'28
St L & Cairo guar g 48
1st & ref 633sseriee A
98
9878
13
10118 102 1014 Oct'28
1937 /
8 10014 34
100 104
984 10214 West N Y & Pa let g be
St L 1r Mt & S gen eon g 64-1931 * 0 100 Sale 997
/
1
1931 * 0
6
92
1943 * 0 92 Sale 92
1013 Dec 27
4
.
Stamped guar Se
883 9418
8
Gen gold 46
1929 3
40
9914 Sale 994
_1946 MB 101 Sale 9912 101
9914 12
Unified & ref gold 45
98 16111; Western Pac lst ser A 58_
9711 101
MS
9718 Aug'28
1933 MN 953 Sale 95
4
974 974
Riv & G Div let g 4a
Registered
94
9714
958 107
6
90 Sale 90
901g
2361 J
841/ 93
9818 1018 West Shore 1st 4s guar
4
St L M Bridge Ter gu ir 511 —1930 * 0 100 10012 100 Nov'28
11
863
8
87
9
87
88
2361
Registered
837 93
3
d Due May. e Due June. 5 Due August.
New York Bond Record-Continued-Page
2798
BONDS
Xi Y. STOCK EXCHANGE
Week Ended Nov. 16.
13
a.
Price
Friday,
Nov. 16.
Week's
Range or
Lan Sch.
No.
Rano
Since
Jan. 1.
INDUSTRIALS
100
90
Nov'28
Nov'28
Nov'28
10
99
1003 108
8
11
96
21
105
913
4 35
9712 60
1
9812
24
06
95 12 17
Nov'28
893 90 90
4
10318 103% 108
8
14
14
312
812
98 100 98%
100 Sale 9934
9512 Sale 9512
105 Sale 104
913 Sale 9038
4
97 Sale 9612
9812 Sale 9812
953 Sale 9
4
514
9514 Sale 95
1033 104 10334
4
Ain Telep & Toles cell tr 48._1929 J
Convertible 48
1936 M 8
20
-year cony 4
1933 DI
80-yearcoiltr5s
1946.7 D
J 13
Registered
35-yr s f deb 5s
1960 J J
20
-year s f 5%s
Am Type Found deb 66
Am Wat Wks& El col tr 58_
t
1975 MN
Deb g 6s ser A
Am Writ Pap let g(is
1947J
Anaconda Cop Min 1st 68.--1953 F A
Registered
1938 F A
15
-year cony deb 78
Registered
Andes Cop Min cony deb 72 -1943 J J
Anglo-Chilean at deb 78_ _ - _1945 M N
Antilla(Comp Azuci) 73.8-1939 J J
Ark & Mem Bridge & Ter 58_1964 M S
1939J D
Armour & Co 1st 4Ms
1943 J J
Armour & Co of Del 534,
Associated 0116% gold notes 1935 M S
1947J D
Atlanta Gas L 1st 5a
Atlantic Fruit 78 ctfs dep.- _1934 .1 0
D
Stamped ctfs of deparit
Atl Gulf& W I SS L col tr 52..1959 J
19373 J
Atlantic Refg deb 58
Baldw Loco Works let fa- _ _1940 M N
Baragua (Comp Az) 73.48.... _1937 J J
Barnsdall Corp 6s with warr_1940 J
Deb 13s (without warrant)
.1940.7
Batavlan Pete gen deb 4342_1942 J J
Belding-Hemingway Ss
1936 J J
Bell Telep of Pa 58 serleaB _ _1948 I J
1st & ref 53 series C
1960 A 0
Berlin City Elec Co deb 634s 1951
Berlin Elec El & Undg 6%s _1956 A 0
Beth Steel let & ref 55 guar A '42 M N
30-yr p & imp s f
_1936 J J
eons 30
-year 614 series A-.1948 F A
Cons30
-year 5Ms ser B_1953 F A
Bing & Bing deb 6 Ms
1950M S
Botany Cons Mills 03.4s
1934 A 0
Bowman-Bilt Hotels 78
1934 M S
B'way & 7th Av lot con 5s_ _1943 J CI
Brooklyn City RR 1st 5s.,,,,1941.7 J
BItlyn Edison Inc gen 513 A
1949 J J
J .1
Registered
General Os series B
1930 J J
9914
9912 296
2
9612
9612
101 Nov'28
10414 1047
8 50
1053 Fe13 28
.
10612 144
106 Sale 106
80
4 108
108 Sale 1073
10412 10512 10412 10412
1
8
99%
99% Sale 99i8
10
1043 Sale 10434 106
4
8712 59
87 Sale 8512
105% Sale 10518 10512 241
10414 0a28 - - -50
3
168 Sale 15358 170 4 7
137 Sept'28 -202 2 3687
7
8
2027 Sale 167
9512 55
2
947 Sale 94
5
827
8
8
8278
827 85
5
10112 Sale WI% 10112
9314 28
93 Sale 9212
923
4 23
917 Sale 91%
8
1023 102% 10214 102% 33
8
107 July'28
10312
1
8
15
15
125 19
15 July'28
123
8
4
7912 35
7912 Sale 773
7
10112 10214
1015 8
5
1065 1067 10658 106%
2
4
5
10112
101 10112 101
15614 67
14612 Sale 146
9814 928
9712 Sale 9712
94
37
9312 Sale 93%
9012 10
9012 Sale 90%
106% Sale 10618 10612 13
9
110 Sale 10914 110
9514 74
94% Sale 94%
94% 35
94% Sale 94
9
10112 Sale 10034 101%
10112 19
100 100% 101
105
1043 Sale 10458 105
4
4
1023 Sale 102% 10314 41
10
98
98
984 98
111
78
78 Sale 7414
8
993 Sale 9914 100
4
75
7
4
7412 743 74%
5
92
91
92% 92
8
1045 106 10458 10434
8
10538 Mar'28
4
4 10212
4
1015s 1023 1013
J
Bklyn-Man R T sec 68
1968
Bklyn Clu Co & Sub con gtd 514'41 MN
1st 58 stamped
1941 J
Brooklyn R Tr lert cony g 48_2002 J J
3-yr 7% secured notes__ _ _1921 J J
Bklyn Un El 1st g 4-5a
1950 F A
1950 F A
Stamped guar 4-5a
Bklyn Un Gaa lst cons g 56-1945 M N
1st lien & ref68 series A_ _ _1947 MN
1936J 3
Cony deb 534s
Buff& Simi Iron lat f 5a__ _1932 J D
Bush Terminal let 4s
1952 A 0
Consol58
1955 1
Bush Term Bldg/3 55 gu tax-ex '60 A 0
By-Prod Coke lid 5345 A_ _1945 M N
Cal G & E Corp unif& ref 58_1937 MN
Cal Petroleum cony deb 515141939 F A
Cony deb s f 5Ms
1938 MN
CamagueY Sus 1st s f g 78-1942 A 0
Canada B S L 1st & gen 68_ _ _1941 A 0
Cent Dist Tel let 30-yr 5s_ ,.1943 .1 D
Cent Foundry lat f 6s May 1931 F A
150
9812
99
1
65
65
2
72%
7218
_
8814 Nov'27
1361 Nov'27 - 105 _
94
12
94 Sale 93
93
18
8
923 Sale 925
4
106 1067 107 Nov'28
8
1
117 ____ 11714 11714
212
95
334 Sale 31512 330
_
9012 9412 June'28
8914
88% Oct'28
2
9812 Sale 98%
98%
63
103 Sale 102% 103
10114 1013 10134 10134
4
0 31
3,
1
103% 104
5
10414 Sale 1 10312 104% 137
10214
104 104% 10334 1044 25
98 12
9814 Sale 98
6
10212 ____ 102 Nov'28 104 105 104
104
4
9612 993 9712 July'28
4
_rr: )
i P01(
9712 Sale 9712
1005 Sole 100%
8
104 Sale 10334
9812
10112
104%
55
52
89
99% Sale
9612 Sale
993
4
-10412 Sale
987 Sale
65 Sale
7218 75
1941 MN 1243 125 124% 12458
Central Steel 1st g at&
8
2
Certain-teed Prod 5M s A-1948 MS 87% Sale 87
90
87
Cespedes Sugar Co lot at 7345'39 MS ____ 977 97%
2
9818
4
64
Chic city & Conn Rye 5sJan 1927 A0 64 Sale 84
3
1937 J J 101 10114 101
101
Ch G L & Coke 1st gu g 58
1
1927 FA 80% 82
82
Chicago Rys 1st fa
803
4
13
1947• I 9612 Sale 9612
9714 123
Chile Copper Co deb 59
1968 A0
89% 893
s 24
903
Gin G&E lot M 40 A
4
78
90 Apr'28 -Clearfield Bit Coal 1st431940 .7.7
1938 FA 1094 Sale 105% 110
Colon Oil cony deb Os
413
1943 .7.7 100 101 100
100
Colo F &I Co gen s f 5s
1
9412
Col Indus let St coil 58 gu._ 1934 FA 9412 95 94%
6
1952 MN 10012 Sale 10042 1013 169
s
Columbia GI & E deb 58
.1 97
Oct'28
99
98
Columbus Gas 1st gold 58_ _ _1932
Columbus Ry P & L 1st 4 Ms 1957 ii 9412 9514 95 Nov'28
Oct'28
87
Commercial Cable 1st g 48-2397 Q
87
_ 164 9812 Nov'28
Commercial Credit 8 f 138-- _1934 MN
93
1935 3, -55
94% 93
1
Col tr s f 5M % notes
9812 26
Comml Invest Tr deb 65-1948 MS 98% Sale 9814
Computing-Tab-Rec a f (Is- _1941 3, 10412 Sale 10412 10512 15
98
5
Conn Re AL lat&refg4 Ms.. _1951 ii 9712 981 98
1951 ii
9752 Nov'28
Stamped guar4Ms
Consolidated Hydro-Eleo Works
9812 21
9814 Sale 9814
of Upper Wuertemberg 72_1956
783
4 20
Cons Coal of Md 1st & ref 58-1950 3D 7812 sale 78%
4 46
Consol Gas(NY)deb 5MIL -1945 FA 10612 Sale 10534 1063
4
2
____ 103 114 1033
Consumers Gas of Chic gu 58 1936 3D 101
10412 31
Consumers Powerlst 544--- _1952 MN 102 Sale 102
10114 35
99
Container Corp let Os
1946 JD 101
9112 67
15-yr deb 58 with warr_ _ _1943 3D 903 91
4
91
9832 9732 Oct'28
Coat Pap & Bag Mills 1334s_ _1944 A 97
Sts
5
.1z.
Price
Fridas.
Nov. 16.
Week's
Range or
Last Sale
ROW.
Slime
Jas. 1.
Low
H1011
Met
Rid
Ask Low
High
99 10214
7
Copenhagen Telep ext 68_-1950 *0 101 Sale 10012 101
5 100 10272
.orn
N 10212 ___ 10212 10258
1004 , Prod ROIL lot 25-yr s 1 5s'34
98% 10012
10214 Crown Cork & Seals!68_ __1947 J O 9914 100 100
10012 24
12
J 1023 Sale 10212 1027
102
Crown-Willamette Pap 6s___1951
4
8 18 101% 103
94
67
93
6
Cuba Cane Sugar cony 78 _ _1930 J
733 Sale 71
8
733
6512 97
7512 28
Cony deben stamped 8% _1930 J
75 Sale 7312
794
37 10314 108
10414 Cuban Am Sugar lot call 88_1931 M
10312 Sale 10314
104
9712 Si
97 10118
Cuban Dom Sug lot 7%13._1944 MN 97 Sale 97
93
17
99 2 1044
7
' 103 Sale 1027
3
924 Cumb T & T 1st & gen 58-1937
o
104
2
9812 101
93% Cuyamel Fruit lot s f 62 A _ _1940 * 0 993 Sale 993
4
4
991
4
-92% Denver Cons Tramw let 58_ _1933 AO
76 Dec'28
9853 103
18
N 9912 Sale 9912 101
Den Gas& K L 1st A ref 8? g 5551
7
99 103
Stamped as to Pa tax
1951 MN 10012 Sale 10012 101
3
Dery Corp(D G) 1st at 7s _ _1942 MS 7312 Sale 7312
5012 75
7312
1 10014 103 1
7
10212
10212
' 102 8
3
Detroit Edison 1st coll tr 58_1933
6 102 105 4
3
let & ref 5s series A_July 1940 M
87
96
104 10512 10312 104
4
2 10114 1063
Gen & ref 58 series A
100 1093
4
1949 AO 10432 1045 104
2
1043
2
lot & ref 63 series B_ _July 1940 M
312 14
10814 Sale 10712 10814 20 106 110
10178 107
Gen & ref 5s ser B
31s 10
1955 ID 10518 ____ 105 Nov'28
_ 10212 10714
Series C
987 99
2
1962 P A 10514 10614 10612 Nov'28
4
1
971
95
' 97 Sale 97
3
98 1024 Det United 1st cons g 4%s_ _1932
97
709
88114 10914
MN 1043 Sale 10314
4
93
967 Dodge Bros deb Os
1
105
1940
13
80 2 8812
7
104 10814 Dold (Jacob)Pack Ist6s
86
1942 MN 86 Sale 86
85 101
_
Dominion Iron & Steel 5s_ _ _1939 MS 95 100
79
93
97 Nov'28
9618 1044 Donner Steel let ref 7s
90 100
9912 100 Nov'28
1942 3, 98
35 103% 106%
9612 1024 Duke-Price Pow 1st Os ser A '66 MN 1043 Sale 10412 105
4
07
45
92
98 104
Duquesne Light let 43.48 A._1967 * 0 1005 Sale 10012 101
8
95
9512
East Cuba Sug 15-yr s f g 7Ms'37 MS 913 Sale 90
79 105%
103% 106
4
913
4 31
9314 99
Ed El III Bkn 1st con g 4s_ _ _1939 J 3 965 963 96%
9638
1
8
4
9714 9912 Ed Else III let cons g 58
113 Sale 11038 113
8 10941 11758
9314 9912
4
50 M S
100 1023 Else Pow Corp(Germany)6M7953 j 94% Sale 9412
96
21
90
99
10212 106 Elk Horn Coal hat & ref 6348.1931 3
91
9
ao sale 90
91
822
4 10
74
Deb 7% notes (with warr'ts '31 J
821 Sale 81
4
1
99 102%
Equit Gas Light let con 53.A932 M
9812 100
10018 1003 10018 10018
8
9814 Sale 98
96 10334
92 4 100% Federal Light & Tr let 58_._1942 M
3
984 ..5
95 10112
1st lien 0 155 stamped _ _ _ _1942 M
3
99 4 10212
4
98
A0
9738 9812 973
1 100 105 2
1
1st lien 68stamped
1942 M
10314 106
10314 104 10312 10312
97 105
-year deb (is ser B
104% 1044 30
1954 J
99
3
99 Sale 99
95 101%
Federated Metals s f 7s
10312 109
9012 10034 100
10052
8
746 10014 168
deb 78(with warr)
1041 110
4
161 Sale 13458 168
9913
91
Without stock ouch warrants..... 9612 Sale 95'I
:
t 39 -99 .. jj Dj
1017 106
2
973 547
28 110 120
90
3
2
. 941 MS 112% Sale 11118 113
973 101% Fisk Rubber lat s f 855 58.
10212 1093 Ft Smith Lt & Tr let
8941 104%
MI S 10212 ____ 14.438 Nov'28 -4
4
93 Framed° Ind & Deb 20-yr 7%6'42 J .1 10512 Sale 10512 10512 17 1041 11012
.
1
83
1
103 108% Francisco Sugar lets? 734 ei.. _1942 MN 10412 108 10414 104141
5 104 110 2
4 22 101 10312
4
10414 105
'• French Nat Mall SS Linea 781949 J CS 1023 Sale 10214 1023
11014 170 4 Gas& El of Berg Co cons g 581949 J D 10214 ____ 105 July'28 ---- 105 10712
3
Gen Asphalt
A 0 108 109 4 1083
137 137
3
4 109141 22 106 117
2
9912 101
187
120 2027 Gen Cable 1st s 1 5 Ms A _ _ _ _1 937 J J 101 Sale 997
2 101
conv6s9 9
1 4
94% 96
2 11
92 10514 Gen Electric deb g 3,M s Jan 15 ,42 J A 945 947 945
947
)8
7
1945 F J
2
2
8
10312 Sale 102
10312 15 102 10612
8014 964 Gen Eleo(Germany)
S f deb 6 Ms with warr _ _ _ _1940 J I/ 120 Sale 118
10112 104
120
14 117 126%
9014 9414
9612 10152
Without warr'tsattach'd '40 J 1) 10038 Sale 100
10034 22
9312 19
92
20
-years f deb(is
954
A
193 MN 9312 Sale 9310
98
47
8712 9
4
206 1014 104e4
101 108% Gen Mot Accept deb 85
103 Sale 10212 103
Genl Petrol 1st a f 5s
10314 107
9614 102%
9945 F
0
119452 F A 10212 Sale 10218 10212 15
Gen Refr lat a f 6sser A
10612 10 102 10812
1218 16
105 107 10514
13
15
Good Hope Steel & I see 78 -.1
15
98 103
A 0 100 Sale 9912 101
4
721 8212 Goodrich(B F)Co 1st6 Ma_ _1947 J J 107% Sale 10718 1073
4 36 10622 10812
977 1034 Goodyear Tire & Rub let 5s _1957 MN 9312 Sale 9312
142
2
94
89% 96
9913 108
10812 108% Gotham Silk Hosiery deb 6s _1936 J I) 997 100
20
8 100
993
75
4
82% •
10012 1083 Gould Coupler 1st s f 6s 78_1199444 F A 75 Sale 74
4
89
0
9912 1564 Gt Cons El Power(JaPan.)
8
9878
9838 Sale 9834
F A
97 1014
955
30
2
921 98
4
9512 Sale 95
latAgensf6Ms
897 9814
9072 9438 Great Falls Power lot a f 5s _ _195 3 N 10512 10614 105 Nov'28 -- 10412 106 2
7
1948 M j
994 Gulf States Steel deb 5 Ms_ _ _1942 J D 987 Sale 973
4
98% 20
9614 101
8
90
8732 925
8
8
9 0 55 .11
5
104 109', Hackensack Water 101 40.... _ 1932 3 5 89 ___ 873 Nov'28 --9512 9512
957 ____ 9512 Mar'28 --8
Hartford St Ry 1st 48
106 113
937 98
2
Havana Else consol g 5s _ _ -.1952 F A
81
98
84% Sale 843
4
843 --- 4
697 69
8
70
19
Deb 5 Ms series of 1926- _1951 M S
974
93
69
75 4
5
2
9214
1
54 Hoe(R)& Co 1st 6348ser A-1934 A 0 9214 Sale 9214
99 4
997 104
2
90
___ 1005 Nov'28 -- 1005 10449
8
Holland-Amer Line Os (flat) _1947 MN 101
99 103
8
49
87
7
86
96
10212 105 2 Hudson Coal lots f 58 ser A _1962 1 D 8678 Sale 864
4
4 1047
8
5 100% 109
Hudson Co Gas 1st g 58
99% 105
1940 M N 1043 107 1043
10214 16 10014 1034
9614 99
Huin bl, 5 Refining 5M s _1932 J J 102 Sale 101%
Deb e0 8
, 11A
10
1937 A 0 1001s Sale 10012 1003
4 33
881
.
98 10112
59
7 10314 105 2
7
99 1051i Illinois Bell Telephone 58_ _1956 J D 10412 Sale 10412 10412
9914 27
81
0 A 0
96 101%
Illinois Steel deb 4345
1194468 F 0 9914 Sale 9812
1 994 A A
68
103
8
103 10314 103
9012 9511 Ilseder Steel Compel Ts
987 103
2
92% 9214 Nov'28 -- __
9214 9214
92
Mtge 60
101 108%
883
4 38
867 101%
2
1054 1054 Indiana Limestone 1st of 68_1941 MN 894 Sale , 867
972 10013
4
8
1936 M N 987 103 1 984 Nov'28 ---10012 10
44 Ind Nat Gas& Oil 58
1043
4
6 10212 1054
1044 Sale 10434
Indiana Steel let 5s
984 100 4 Ingersoll-Rand 1st 58 Dec 31 1932 .1 N
4
102 Sept'28 --- 101 104
9 5 ja J
5
1
91% 9414
4
4
9
4%1 55
Inland Steel let 4'4e1978 A 0 933 Sale , 933
64
72
14
Inspiration Con Copper 11501931 IN S 102 Sale 10112 10214 19 100 102
90
64
2442 stile
781 163
Interboro Rap Tran let 513_ _1966 J J 7842 Sale 1 77
156
7814,
1 J 7758 Sale 763
4
7412 8612
Stamped
83 Apr'28 ---76 4 83
3
Registered
100
6s9A O 8012 Sale 78
m s
8012 22
70
90
10
-year
9214 994
28
100
100 Sale, 9914
9614 1081
4
10-year cony 7% notes_ _.1932132
104 Ill
93
93 Sale 92
8
90 100
110 11944 Int Agri° Corp lot 20-yr 5s _ _1932 M N
4
85
77
86
8618358
Stamped extended to 1942 ____ 331 N 85
250 330
466
9412 1(16
2
1948141 N 1043 Sale 10212 106
Int Cementcony deb 58
9314 102
9918 166
88
9412 Internat Match deb 5s
96 8 100%
5
1947 M N 99% Sale 99
103 I 41 102 106%
Inter Mercan Marine at 6s._1941 A 0 102 Sale 102
9514 108
80
4
96
9414 10252
International Paper baser A _1947 J .1 953 Sale 1 9414
9914 105
129
99
97 105
14
1955 F1 S 9852 Sale 1 97
Ref s 165ser A
100 103%
9714, 116
11212 9812
Int Telep A Teleg deb g 4 Ms 1952 J 1 9714 Sale 9658
10312 105
104381 20, 10212 10512
2
984 1043 Kansas City Pow & Lt 5s. IOW M S 10412 1043 10412
4
4
2
10114 10252 1013 Oct'28 ----I 10014 1051
8
let gold 434s series B
3
95 104 4
4 10418 10612
10512
57
19 2 X 3
97 10114 Kansas Gas & Electric Os._ _195 i 8 10514 Sale 10512
124 1 197, 10514 124
Dv% 1034 Kayser (Julius)& Co deb 5348'47 M S 128 Sale 116
97
23
104 1051z Keith(B F)Corp lot fis
88 101
1946 l'A S 97 Sale 1 9512
11014 31 10614 11012
9712 9912 Kelly-f3pringf Tire8% notes-1931 M N 11014 Sale '110
93
12 99
Keyston Telep Co 1st 52 _ _ _ -1935 .1 .1 92 Sale I 9312 Nov'28 -Oct'28 -- 10214 107%
Kings County El & P g 58 _ _ _1937 A 0 10312 104 -103
120 126
F O 12814 _ -- 212814 Oct'28 -- 125 135
A A
47
Purchase money
87
1
8214 84 I 821
82181
689
8052 91%
Kings County Elev let g 48..1199497
977 106
8
1
82 I
8214 827 82
8
.19541949
8012 0011
Stamped guar 4a
6112 69
F A 105 1055 105 Nov'28 -- 100 107
7 l
12
100 104% Kings County Lighting 5s.,
11612 118 118
Oct'28 ---- 1143 120
4
7814 88
First & ref6 Ms
.
193 J j
'6
1
4
9314 97 4 Kinney(GE)St Co 7%%notes 54 3 D 106 10612 10512 Oct'28 -- - 108 1081
D lO4ls ___ 104
104
5 10212 105 8
89% 9012 Kresge Found'n coil tr 68_..1936 J
7
5 100% 1o514
Lackawanna Steel 1st 58 A._1950 1111 S 10212 104 110212 10238
8714 90
99% 110
99 1041
8
98 10214 Lao Gas L of St L ref&ext 58_1934 A 0 10012 Sale /10012 10114
7
1047
8 22 1025 106
2
Coll & ref 634e series C,__1953 F A 10412 Sale 10438
94
9814
9912 101%
Lehigh C & Nave? 434e A.,1954 J .1 9912 10012 9912 Nov'28 ---14
98 102
9418 10014 Lehigh Valley Coal 1st g 58.. _1933 J J -..„ 1013 10112 1011s
2
97 102%
1
J J
100 101
Registered
9112 100
774, 88 4
97
97
97 1 97 Aug'28 ____
let 40-yr gumnt red to 4%.1933 J J 94
1
1934 F A 101 ----'101 Sept'28
101 102
lst&refef5s
9312 10112
98
6
96 104%
1944 FA 96 Sale 1 96
97
1st & ref s f 58
92
0658 1011
4
1954 F A _-- 935 955 Oct'28
8
1st & ref s f 58
9512 987
8
8
9712 9712 Oct'28 _ --94 100%
1964 F A 94
lst&refst 58
104 10612
99%
94
1974 F A ---- 93 8 96 Sept'28__.
7
lst&refst5s
98 103
3714
35
Lex Ave & P F 1st gu4458- -.1993 SI S 7
.77- --- 3714 May 28 _ -..
96 8 102
5
Liggett & Myers Tobacco 73_1944 A 0 121 123 j121
12112
2 120 127
997 105%
8
1951 F A 10211 Sale 110212 1033
58
12
96 100
4 13
82 113 160
160
76
83 4 Liquid Carbonic Corp(18_ -1941 F A --,- 160 1150
1
7
Loew's Inc deb Os with warr _1941 A 0 112 Sale 1113
10414 107
4 1127
8 50 10514 112 2
99 102%
53
Without stock pur warrants_ A 0 101 Sale 10012 101
100 1031
4
1944 A 0 10612 Sale 10412 10612 Si 104 118%
102 10512 Lorillard(P)Co 73
A 0 --------117 Apr'28 __-- 117 117
2
Registered
98 1027
81% 95 4
58
1
8512 22
1951 F A 8512 Sale 817
2
89% 9812
8918 9718
4 36
1937 J J 90 Sale 1 6912
907
Deb 53.48
79
974
Low
High
1114
Ask Low
Wheeling & Lake ErieExt'n &!mot gold 5s
1930 FA 100 10038 100 Sept'28,- -- _ 100
91%
Refunding 43.4e series A
1966 MS 9012 94
913 Oct'28'-97%
Refunding 58 series B
1966 MS 97% 102
97% Nov'28
8812
_
RR let consol 48
4
1949 MS 883 90% 8834 Nov'28
2
6712
Wllk & East 1st gu g 58
7014
1942• D 7014 Sale 6912
Will & F 1st gold 58
1938 in 10014 104 10334 May'28 ---- 10334
92
Winston-Salem S B let O..- _1960• J ____ 9112 92 June'28
8134
WIB Cent 50-yr list gen 4s_ _ _1949 J
82
82
3
83 82
Sup & Dul div & term let 45'36 MN 91% 9212 9134
88
913
4
5
.• 1 75%
Woe& Con Bain let 4Ms
1943
_
92
923 Mar'28
AdamsExpress con tr g 4s___1948 M
Ajax Rubber lst 15-yr f 88_1936 J D
Alaska Gold M deb Bs A_ _ _ _1925 MI S
Cony deb 68 series B
1926 M S
Albany Pertor Wrap Pap 60_1948 A 0
Allis-Chalmers Mfg deb 5s- A937 M N
Alpine-Montan Steel let 7s._1955 M S
Am Agri° Chem 1st ref s f 7M8 41 F A
Amer Beet Sus cony deb 88_1935 F A
American Chain deb f 6s_ _1933 A 0
Am Cot 011 debenture 58.-1931 M N
Am Cynamid deb 58
1942 A
Amer Ices f deb 55
Am Mach & Fdy RIB('
American Natural Gaa Corp
Deb 6M8(with purch warr)'42 A 0
Am Elm & R 1st 30-yr 58 Der A '47 A 0
Amer Sugar Ref 15 68
-pr
1937 J I
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 16.
2799
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 16.
5,3
t
Pries
Friday,
Nov. 16.
Week's
;
OV.
Rouge or
Lass Sale. 44
Ask Low
1101 No.
Bid
8 10414 28
Louisville Gas & El(Ky) 50_1952 MN 110378 Sale 1037
_1930 J .1 ____ 943 9512 Oct'28
4
Louisville By 1st cons
El Pow
Lower Austrian Hydrobe__. 863
4 12
1944 FA 8614 Sale 8614
let s f 648
9912 36
D 99 Sale 99
McCrory Stores Corp deb 540'41
9612 69
Manati Sugar lot s f 74e_ _1942 AO 96 Sale 91
69
52
Manhat Ry(NY)C01113 g 48_1990 AO 68 Sale 68
6312 Oct'28
2013 JD
2d 45
96% Sale 96%
96%
2
Manila Elec Ry & Lt s f 5s._1953 M
9912 99
99
4
Marion Steam Shove sf 68_ A947 AO 99
Mfrs Tr Co ctfs of partie in
6
A I Namm & Son let 60_1943 3D 10414 Sale 10414 10412
Market St By 7s ser A April 1940 Q J 9678 Sale 963
4
9712 41
4
9712 37
Mericlicuutl El 1st 78
1957 AO 9712 Sale 963
8
8 104%
Metr Ed 1st & ref be ser C_ _1953 .8.8 1037 1045 1045
8
1
77% 7712 Nov'28
Metr West Side El(Chic) 48_1938 PA
Miag Mill Mach 70 with war_1958 3D 943 964 97 Nov'28
4
3D 89
Without warrants
91
90 Nov'28
B 10512 Sale 105
Mid-Cont Petrol let 646_1940
10514 37
10012 45
Midvale Steel &0cony 51E31938 MS 993 Sale 993
4
4
9812 99
Milw El By & Lt ref & ext 440'31
9
9812
984
General & ref 58 series A._1951
103 1033 10212 Oct'28
4
1st & ref bs series B
1013 Sale 1013
4
1961
4 103
6
Montana Power lot be A_
102 Sale 103
1943
10312
8
Deb be series A
1962
10112 Sale 10112 102
28
Montecatini Min & AgrieDeb 75 with warrants_ ___1937
122% Sale 11534 12258 277
Without warrants
9314 Sale 9314
9414 87
Montreal Tram 1st & ref 50..1941
99
9914 99
99
2
9814
Gen & ref s f bs series A___1955 A 0 9814 Sale 9814
5
Series B
1955 A 0 9814
9858 Sept'28
Morris & Co lst s f 44s___ _1939 J
875 Sale 874
8
88
10
Mortgage-Bond Co 4s ser 2_ _1986 A 0 82
8214 82 Nov'28
10 -year be series 3
-25
1932 J J 9712 98
9712 Nov'28
Murray Body 1st 69s
1934.8 D 10214 Sale 10214
102% 135
Mutual Fuel Gas 1st gu g 60_1947 M N 102 104 102
Oct'28
Mut Un Tel gtd (is ext at 5% 1941 MN ____ 10412 1043 July'28
4
Namm (A I) & Son-See Mfrs Tr
Nassau Elec guar gold 45_1951 .1 .1 57
5712 57
58
18
Nat Dairy Prod deb 5 4-1948 F A 99% Sale 99
/
1
4
99% 245
Nat Enam & Stampg 1st 58929.8 D 10112
101
Oct'28
Nat Radiator deb 6s
1947 F A 78 Sale 78
80
39
J 100 10012 100 Nov'28
Nat Starch 20
-year deb 53_1930
National Tube let s f 5s.__ 1952 M N 1043 105 10414
8
105
15
Newark Consol Gaseous 60_1948 .1 D 1043 _ _
8
10414
10414
2
New England Tel & Tel bs A 1952.8 D 1073 108 10738 108
8
16
let g 44e series B
1961 M N 1013 Sale 10134 102
4
64
New Orl Pub Serv 1st be A1952 A 0 9712 Sale 97
9812 77
First & ref be series B
19553 D 9712 Sale 97%
983 121
4
N Y Dock 50
-year
g 43_1951 F A 843 87
4
8512
8434
6
1938 A 0 90
aerial 5% notes
9012 90
90
3
N Y Edison 1st & ref 84.3 A_1941 A 0 11614 Sale 11512 11612 28
let lien & ref be series B__ _1944 A 0 105 Sale 105
1051
26
NYGa5ElLtHdrPrg5s_1948 J D 10714 Sale 10714
10714
3
Registered
110 Apr'28
Purchase money gold 4e__1949 F A
9514 Sale 95
953
3 27
NYLE&WC&RR54....1942 MN 1017 - - 10238 Oct'28
8
NYLE&WDock&Imp551943j J 10012 ---- 100 Aug'28
N Y & Q El L P lst g 53_1930 F A 100 _
_ 00 Nov'28
1
N Y Rys let R E dr ref 43_ _1942 J
62 Sale 62
62
1
Certificates of deposit
56
_ _ _ _ 58 June'28
30
-year ad) Inc 58_ __Jan 1942 A 0
3
__ _ _
4 Mar'28
Certificates of deposit
3
9
3
Oct'28
N Y Rye Corp Inc Os___Jan 1965 Apr 21 Sale 20
22
138
Prior lien Os series A
1965 1 .1 8512 87
8512
8512
1
N Y & Richm Gas let 85 A_ _1951 M N 106% Sale 10638 106%
3
NY State Rye 1st cons 440_1982 MN 46 Sale 4434
49
111
ISE CODS 843series B
1982 MN 59 • Sale 55
59
43
NY Steam 1st 25-yr Os ser A 1947 MN 1063 107 1063
4
4 107
20
NY Telep 1st & tens f 440_1939 MN 10118 Sale 10118 101% 80
30
-year deben s f 68__Feb 1949 F A 1105 ____ 11012 11114 17
8
20
-year refunding gold 88_1941 A 0 107% Sale 10678 108
63
N Y Trap Rock let 13.1
19463 D 101 Sale 10012 101
14
Niagara Falls Power 1st 5.1_1932
J 10214 1033 10358 Nov'28
4
Ref & gen 88
Jan 1932 A 0 10312 104 104
104
2
Niag Lock dr 0 Pr 1st be A_ _1955 A 0 10312
1033
4 104
22
Norddeutsche Lloyd (Bremen)
20 yrs(83
1947 M N 94 Sale 93
943 100
4
Nor Amer Cern deb 64e A_ _1940 M S 7112 Sale 7112
723
8 32
No Am Edison deb be ser A.I957 M S 1017 Sale 10038 102
8
60
Nor Ohio Trac & Light 6s
1947 M
103 Sale 10234 10312 15
Nor States Pow 25-yr be A 1941 A 0 10114 Sale 10114
10112 15
let & ref b-yr 6s series
941 A 0 105 Sale 105
1053
4
5
North W T 1st Id g 44s gtd_1934 J J
993 99
4
Oct'28
_
Norweg Hydro-El Nit 546_1957 M N 913 Sale 9134
4
9212 26
Ohio Public Service 74s A__1946 A 0 113 Sale 113
11312
2
let & ref 713 series B
1947 F A 11518 116 11518 11514
7
Ohio River Edison let 6s._ 1948 .1 J 106 1063 106
8
10612 10
Old Ben Coal 1st 88
1944 F A 92
93
92
934 10
Ontario Power N F 1st 58_1943 F A 1023
4
102
102
1
Oztario Transmission let 58_1945 MN 10214 10312 10238 10212
3
Oriental Devel guar 6s
11,53 M
98 Sale 975
8
983
8 38
Esti deb 5 yis hit ctts
195s Si N 90 Sale 90
9018 _76
Oslo Gas & El Wks esti bs_ _1963 M S 923 Sale 923
4
4
923
4
9
54.1
100 Nov'28
1946
Otis Steel lst M asset A_ _ _1941
joilz Sale 101
10134 29
Pacific Gas & El gen & ref be 1942 J J 103 Sale 1023
4 10312 54
Pat Pow & Lt 1st & ref 20-yr 50'30 F A 100 Sale 998 10014
11
Pacific Tel & Tel let Ss
1023 Sale 10258 10312 29
4
1937.8
Ref mtge beseries A
8
1952 MN 1053 Sale 10553 105
18
Pan-Amer P & T cony s I 88_1934 MN 106 Sale 106
108
54
1st lien Cony 10-yr 75
1930 F A 1044 1053 10434
4
1043
4
2
Pan-Am Pet Co(of Cal)conv 6s'40.8 D 9753 Sale 967
9712 63
Paramount-B'way 1st 548_1951 J J 10012 Sale 100
101
20
Paramount-Fam1
/
4
-Lasky 60.1947 J 0 10012 Sale 998 10012 64
Park-Lea ktt leasehold 650_1953
J 95
96
95
953
4
5
Pat& Passaic0& El cone 501949 M
1043 1055 104
4
8
Oct'28
Paths Exch deb 78 with warr 1937 M N 79 Sale 79
8018 18
Penn-Dixie Cement 136 A _ __ _1941 M S 96 sale 96
963
4 17
Peon Gas & C lst cons g Ils__1943 A 0 107 116 114 Nov'28
Refunding gold 55
1947 M S 10553 1051 106
106
2
Registered
M S
104
Apr'28
Philadelphia Co sec bs ser A 19073_
D 997 Sale 995
100
07
Phlla Else Co let 4175
4
1987 MN 1003 10114 10078 10114 20
Phila & Reading C & I ref 50_1973 J
917
8
7
9112 Sale 9112
Phillips Petrol deb 5)4s
1939 1 D 943 Sale 9412
4
95
51
Pierce-Arrow Mot Car deb 801943 M 8 10618 107 107 Nov'28
Pierce Oil deb 5 18s_ _Dec 15 1931 J D 1043 1057 10418 Oct'28 _ _ _
Pillsbury Fl Mills 20-yr 8..._1943 A 0 1045 ____ 10412 10514
8
5
Pirelli Co (Italy) cony 7s
1952 M N 122 Sale 11212 122
137
Pocah Con Collieries 1st 01501957 J J 9412 95
9412
9412
2
Port Arthur Can & Dk 83 A_1953 F A 1045 100 10334 Oct'28
8
1st M 62 series B
1953 F A 10412 107 104 Nov'28
Portland Elec Pow let 13.3 B..1947 M N 102 Sale 10012 104
54
J 993 10012 100
Portland Gen Elec 1st Os_ __.1935
4
10012 24
Portland By 1st & ref be_ _.1930 M
9712 9814 974
0814
2
A
Portland Ry L P lst ref 58.1942 F
9938 103
9918
9914
3
1st lien & ref 80 series B_ _ _1947 M N 102 Sale 102
102
2
1st Ilea & ref 74s series A.1946 MN 1073 Sale 10718 1073
4
4
3
Porto Rican Am Tob cony Os 1942 1 J 99 Sale 9834
99
22
4
Postal Teleg & Cable coil 5E1953 J J 963 Sale 9614
074 205
9712 Sale 9718 100
J
Pressed Steel Car cony g bs__1933
74
D 11214
Prod & Ref e f 8.3 (with war)A93I
1103 Sept'28
4
Without warrants attached... J D 11034 111 11034 1103
4 17
Pub Serv Corp N J deb 446_1948 F A 16512 Sale 15038 166 2130
Pub Serv El & Gas 1st& ref bs '653 D 10414 Sale 1037
10414 26
19673 D 1003 Sale 10012 101
4
lat & ref 4Sis
48
Punts Alegre Sugar deb 70_1937
9412 Sale 9412
9612 14
Range
Macs
Jos. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 16.
Pries
Friday,
Nov. 16,
Week's
Bangs or
Lan Sale.
11,
te
Ras I
Sines
Jas. 1.
Ho) Vs. Low
High
Low
Bid
High
Aek Low
9712 101
/
1
4
1005s 106
/
1
1003
4 85
% Pure OH sf 54% notes____1937 PA 1004 Sale 100
92
/ Hu
1
4
95
9812 Purity Bakeries s f deb 5s__1948 J
95 Sale 9414
9514 40
Remington Arms 85
1937 MN 9912 Sale 9912 100
97 101
16
9414 117
92
8614 9122 Rem Rand deb 540 with war '47 MN 9312 Sale 9314
97
/
1
4
98% 10252 Repub I & S 10-30-yr be s f_1940 AO 102 10212 102
9914 1054
10212 16
Ref & gen 54s series A__ _1953 J J 10214 10338 10214
91 10984
4 10012 105
103
67
7718 Reinelbe Union 78 with war_1946 J
104 Sale 10334 104% 23 10318 11312
9712 44
Without stk purch war...,
.1946 J
9812 102
60
7114
9714 Sale 97
96 1031, Rhine-Main-Danube 75 A_.1950 MS 101 10212 10212 10212
1 10018 104
Rhine-Westphalia Elec Pow 76'50 MN 1013 Sale 1013
99 102
3
4
4 10214 28 100 102 4
9112 60
Direct mtge 1313
1952 MN
891/ 94
913 Sale 91
8
4
Cons m 68 01 1028
1953 FA 94 Sale 933
9414 175
933 9412
10312 106
4
963 10012 Rims Steel 1st s f 7s
4
1955 FA 9214 94
9212 Nov'28
9212 98
9614 1003t Rochester Gas & El 7s ser B_1946 M
10914 1093 10914
7 10714 114
8
109%
4_ 1064
Gen mtge 5315 series C__1948 M S 1061
10014 105
10614 10 104 10812
4
7712 843.
Gen mtge 4 Sis series D _ _ _ 1977 M S 10133 102 1013
4 1013
4 30 1013 102
90
Roch & Pitts C&Ipm 50_1946 MN
90 June'28
90
/
1
4
9612 103
90 _ _
94
89
/ 9812 St Jo.. Ry Lt & Pr lst bs_ __ _1937 MN
1
4
98
12
95 Sale 95
95
2
10412 1081,
96
99
_ _ 985 Oct'28
8
983 102
4
/ St Joseph Stk Yds 1st 434s.,1930'.8 9812
1
4
4
76
797
2
9712 1001 St L Rock Mt & P68 stmpd.1955 J J
7814 Sale 773
7814
10
'3 92
91
98
10212 105
/
1
4
9714 92 Nov'28
/ St Paul City Cable cone 5E1_1937
1
4
1
4 10512 109 4
9914 1033 San Antonio Pub Serf 1st 65_1952 33 106% Sale 0612 1063
,
4
10038 1061, Saxon Pub Wks(Germany) 7s'45 FA
9912 Sale 9914
99 10311
99% 37
94
Gen ref guar 611s
1951 MN
94% Sale 94's
9478 15
98
99 105
02
19463' 10112 102
12
1023
SchulcoCoguarO34s
4 20 10012 105
1946 A0 102 Sale 02
Guar e f 64.3 series B
102
4 100 105
1003 1225
4
8
9512 98 4
3
9312 10112 Sharon Steel Hoop s 16348.1948 MN 98% Sale 9812
983
4 11
9338 9711
97% Sale 97
9814 10216 Shell Pipe Lines f deb 5s____1952 MN
9712 60
94 100
/
1
4
/
1
4
98% Sale ,9812
98 1017, Shell Union Oil 5 f deb bs_ _1947 MN
9914 90
9114 9612
92
17
98 10018 Shinyeteu El Pow 1st 8310_1952 3D 92 Sale 9112
/
1
4
88
94 2
93
7
97
/
1
8
511. 884 Shubert Theatre 6...June lb 1942 3D 93 Sale 9114
J 103 Sale 101%
99 104
8212 Siemens & Halske s I 71.
1935
103
3
82
10714
1 10412 112
Deb o f 840
1951 MS 10714 Sale 10714
987 993,
8
MS 106 Sale 1053
4
8
4
f 017s allot ate 50% pd
9038 1021
10614 52 1043 1073
/
4
4 101% 213
9818 105
Sierra & San Fran Power 56_1949 FA 10114 102 1003
102 107
9112
9112 Sale 914
0118 98
3
10214 1645 Silesia Eiec Corp I 84s___ _1946 FA
4
98 102
5
Silesian-Am Exp con tr 70___1941 FA
9812 Sale 9812
99
10412 1026
101 Sale 101
9814 10811
Simms Petro16% notes
1929 M
56
65
10312 73 100 10414
4
957 993 Sinclair Cons OH 15
8
-year 78.1937 /. 8 1(3 Sale 103
1
971 100
4
103
100
3
101 10412
1st lien coil Os series D___ _1930 MS 99 4 Sale 9914
D 10114 Sale 101
9514 10212
1017
8 45
7318 101
1st Hen 64s series D
1938
941 99
/
4
/
1
4
89
98 Sale 9712
98
100 1003 Sinclair Crude 0115;1s eer A_1938 I
4
93
97 4
1
1942 AO 9614 Sale 95
9614 73
102 10514 Sinclair Pipe Line s f 55
914 9014
/
1
1939 M
943 Sale 9 4
4
43
9614 76
Skelly 011 deb 54s
102 108
101%
6 101 10312
10.518 1114 Smith (A 0) Corp 1st 810-A933 MN 102 Sale 10114
2 105 110 4
D 10514 Sale 10514
106
1
South Porto Rico Sugar 7s__1941
994 106
3 10212 106 2
104
104 Sale 104
1
95 1015 South Bell Tel & Tel 1st 51501941 .1
,
10514 12 102 107 4
1
10514 Sale 104
9534 10118 Southern Colo Power (is A...1947 „I
/
1
4
S'west Bell Tel let & ref bs__1954 FA 1045 Sale 10412 104% 14 102 10714
8
84
90
9912 _ _ 100 Aug'28
/
1
4
99 10212
_
Spring Val Water 1st g bs___1943 MN
88
94
98 101
/
1
4
9934 18
/
1
4
1930 MN
99 4 gale 9912
3
113 119
Standard Milling 1st 58
S ____ 1025 103 Nov'28
4
/
1
4
8
_ 1021 104
1st & ref 548
1945
103 106
194 10214 104
8
4 103
1054 1115, Stand Oil of NJ deb be Dec 15'46 PA 1027 Sale 1023
/
1
93
/ 98
1
4
/
1
4
981 277
110 110
Stand 011 of N Y deb 4316_1951 ID 9818 Sale 97%
/
1
4
9712 102
9218 Ms Stevens Hotel lilt Os series A.1945 J J 10018 Sale 9912 10018 23
97 10114
5
98 Sale 98
9818
Sugar Estates (Oriente) 7s__1942 M
100 110
Oct'28
Superior OH let s f 78
1929 FA 100 102 100
itio" 10331
1 105 110
1067
8
98 1017 Syracuse Lighting 1st g 63_1951 ID 106%
/
1
4
8
- 106%
1 10134 106
1025 Sale 102%
8
10238
/
1
2
82
6234 Tenn Coal Iron & RR ten 58_1951 J
4
117
/
4
54 1011 117
Tenn Cop & Chem deb 6s___1941 AO 1123 114% 114
58
60
4
22 105 1081
Tennessee Elec Pow 1st 80..1947 3D 1063 Sale 10612 1063
4
2
/ 4
1
4
66
73
43
Third Ave 1st ref 45
1960'.3 66% Sale 6612
67
2
/ 4
1
4
55 4 72 0
1
7
Ad)Inc 58 tax-ex N Y Jan 1960 AO 0412 Sale 61
641 303
1352 32
961
9512 101
12
8
1937I' 9612 9712 9612
76 9412 Third Ave Ry lst g bs
/
1
4
7
1955 M
994 Sale 98%
98 100 2
7
Toho Elec Pow 1st 7s
9914
104 109
961
6% gold notes____July 15 1929 J J
9912 Sale 9918
98 100
23
3714 SO
487 74
2
/ Tokyo Elec Light Co, Ltd
1
4
8
90
92to
1st Os dollar series
1953 3D 907 Sale 9012
907 233
105 10914
J 1004 Sale 1004
4
1001
99 1013
6
9914 10312 Toledo Tr L & P 534% notes 1930
107
506 100 107
Transcont O1163 with war 1938 .3.8 10414 Sale 103%
-(s
1093 1111,
4
S 1033 107 1043 June'28
4
10414 107
Trenton G & El 1st g 68
1949
12
s
108 109
4
103
37 101 103
12
987 10312 Trumbull Steel 1st s f 6s___ _1940 MN 10234 Sale 1023
8
61 Nov'28
____ 62
581s 6812
10018 1043 Twenty-third St By ref 58_1962 J
4
100 Sale 9912 1001
/
1
4
987 101
4
16
1027 10814 Tyrol Hydro-Elec Pow 7310_1955 M
8
101 104
/
1
4
97 103
100 Sale 994
100
45
Ujigawa El Pow s f 75
1945 M
'3
953 Mar'2
4
9512 954
1
92
943 Undergr'd of London 448_1933
4
100 103
Union Elec Lt & Pr(Mo)68_1932 MS 10312 104 10012 Nov'28
89
93
3 100 103
10114
Ref & ext be
1933 MN 10114 Sale 10114
99 103
/
1
4
'3 104 Sale 104
10 101 10614
104
100 1074 Un E L&P(Ill)lst g 64e ser A.'54
/
1
8712 94 2
2
871
7
Union Elev Ry (Chic).5.0.__ _1945 AD 8712 8912 8712
9978 104
'I 10112
9932 102
1931
Union Oil let lien s f be
- - 101% Nov'28
104 107
/
1
4
108 112
30-yr 6s series A_ _May 1942 PA 109 110 110 Nov'28
9712 108
9917
9712 102
2
2
1st lien s 1 58 series C_Feb 1935 AO 9912 Sale
903 944
8
/
1
987 10212
8
101
4
113 11634 United Biscuit of Am deb 88_1942 MN 10018 Sale 10018
981 120
95 10014
97% Sale 97%
United Drug rct3 25-yr 50_1953 M
115 118
8312
3
81
8512
831
United Rys St List g 4
10413 108
0-.193 J J 8312 84
4
1
95 101
9714
United SS Co 15-yr Os
1937 MN 9714 Sale 9714
87
96
90
913
4
96
/
1
4
92
921
34
100 10618 Un Steel Works Corp 634s A_1951 JD 91
/
1
4
D 91 Sale 91
921
45
893 97
4
/
1
4
With stock pur warrants
100 8 104 4
3
3
11
90
96
921
Series C without warrants_ 3D 9114 9312 92
9618 105
91
897 987
With stock per warrants._ 3D 91
92
921
48
4
2
9012
90
903 9378 United Steel Wks of Burbach
8
1043
8
Esch-Dudelange 5 1 7s_ ___1951 AO 10412 106 1045
9 10214 lova
100 100
83 4 9612
1
90
96
973 101% US Rubber 1st & ref 53 ser A 1947'.3 894 Sale 884
s
101
65 100 106 4
4
1904 10614
10-yr 74% secured notes_1930 PA 10014 Sale 10014
1081
4
991 l0111 US Steel Corp Coupon Apr 1983 MN 1073 Sale 1075
78 108 1004
1
/
4
,
/
1
4
10612 Oct'28
10512 108
10212 105
s f 10-60-yr5s1Regle__Apr 1963 MN
9112 9034 Nov'28
8914 96
Universal Pipe & Bad deb tle 1936 3D 91
102 108
941 100
/
4
1023 108
Utah Lt & Trac 1st & ref 63..1944 A0 9714 Sale 9012
9814 50
/
1
4
8
8
981 103
4
/
1
4
103 1057, Utah Power & Lt lot 5s
/
1
4
1944 PA 1005 102 10053 10153 29
J 10518 107 105
105 1057
.
911 9814 Utica Elec L & P 1st s f g 58.1950
Oct'28
/
4
.1 107 ____ 10714 Nov'28
10412 112
987 104
Utica Gas & Elec ref & ext 68 1957 .1
2
9312 9414
98 1023 UtilitiesPower & Light 548.1947 3D 9418 Sale 934
4
9418 28
97 101
20
86 10214 Vertientes Sugar let ref 75_1942 30 97 Sale 97
/
1
4
98
46
65
4212 49
3
102 10712 Victor Fuel 1st s f 58
48
48
1953 J
Va Iron Coal & Coke 10t g 68 1949 M
82
917
2
50
82
85
83
Oct'28
83
9312 102
Va Ry & Pow 1st dr ref 55...1934 7 .1 1005 10078 10012 1005
99 102
/
1
4
7
8
82
98
14
1133 120
9412
8
4
Walworth deb fi he (with war)'35 AO 9412 Sale 943
8
88
102 10818
1st sink fund Os series A__.1945 A0 9012 Sale 8912
981
2
9
412 14
104 104
Warner Sugar Rein 1st 76..1941 3D 106 Sale 106
10614 13 10512 107
.
7
84
/ 95
1
4
6
97 101
91
91
/ Warner Sugar Corp 1st 73_1939 J
1
4
90
91
9712 1041, Wash Water Powers 1 bs.__ _1939
8 10238 105
J 103 10334 103
103
1 10412 1094
/
1
911 1025 Westches Ltg g be etmpd gtd 1950 JD 10412 10.534 10412 14012
/
4
9114 95
8
1 101 105
West Penn Power ser A 53..1946 M
1033 104 1033
4
103:4
9012 108
12 102 108
1st be series E
10514
1963 MS 10514 106 10518
10418 1063
3 10114 1063
1st 540 series F
1063
4
4
1953 A0 1051 Sale 10558
's
4
10312 105 ,
,
lst sec be series G
1956 3D 10418 10412 104
1044 19 10114 103
15
9914 122
West Va C & C 1st Os
J
50 Sale 50
50
50
60
1950
8
3 1014 106
9312 9812 Western Electric deb 53
104
/
1
1944 A 0 1035 Sale 10353
1033 1063 Western Union coll tr cur 58_1938
8 100 105
4
'3 10212 Sale 102
103
12
4
1033 106
4
9642 103
9812 1003 99 Nov'28
Fund & real est g 434s._._1960 MN
/
1
4
100 1051,
A 11058 111 1105
26 1081 17271
8
111
15
-year 0)45
1936
4
99 1031
10412 19 10114 105
,
25
-year gold 53
1951 JO 103 Sale 103
14
9714 99
/ West'h'se E & M 20-yr g 58_1940 M S 10414 Sale 104
1
4
1043
4 35 10114 105
9112
98 1013 Westphalia Un El Pow 13s_ _ .1953
J 8814 Sale 8814
86
4
8914 21
100 10472 Wheeling Steel Corp 1st 540 1948 J J 10153 Sale 101
1013
993 104 4
8
1
4 19
10638 108
White Eagle 011 dr Ref deb 5310'37
10434 Sale 103
334
106
93 106
/
1
4
9512 105
With stock purch warrants_ -- M
93
Oct'28
122 1314
/
1
'3 ___ 123 125
9718 White Sew Mach 68(with war)'36
90 116
98 Sale 98
98 104
983
4 24
Without warrants
5
110 4 115
41 Sale 40
41
1
28
44
Wickwire Spen St'l let 70.„1935
4012
9
11018 11218 Wickwire Sp St'l Co 7s_Jan 1935 MN 4014 Sale 381z
25
44
4 10112 103
8 103
8
116 166
Willys-Overland 5 1 634s..._1933 MS 1025 Sale 025
12
1017
2 25 100 105
102 1054 Wilson & Co let 25-yr of 88_1941 AO 10114 Sale 01
/
1
4
/
1
10712
99 101
5 105 10814
Winchester Repeat Arms741. 41 AG 10712 Sale 07
9412 107
'3 100% Sale 0012 10114 188 9914 10184
Youngstown Sheet & Tube 581978
2800
[VOL. 127.
FINANCIAL CHRONICLE
Outside Stock Exchanges
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Nov. 10 to Nov. 16, both
inclusive, compiled from official sales lists:
Stocks-
r r mew
oases
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
*
Almar Stores
10
American Milling
* 934
American Stores
Bankers Sec Corp pfd_50
Bell Tel Co of Pa pref-100
47
Blauners all ctf
9
Bornot Inc
• 38
Budd (E 0) Mfg Co
Preferred
6431
Budd Wheel Co
Cambria Iron
50
Camden Fire Insurance__ _
324
Catawissa RR 1st pfd__ _50
Com'wealth Casualty Co 10
Consol Traction of NJ 100 5131
Curtis Publishing Co com_* 219
Electric Storage BatterY100
10 524
Fire Association
Horn & Hard(Phila) nom.* 222
Horn & Hard(NY)corn*
100
Preferred
Insurance Co of N A___ _10 82
Keystone TelePhone- -50
Preferred
50
Lake Superior Corp_ - _.100 1731
Lehigh Coal & Nevi__ _ -50 160
10 264
Lit Brothers
1231 1334
15
15
9234 943(
69
75
1164 11631
41
5834
9
94
33
39
60
654
54%
37
4131 414
32
3334
45
45
3014 34
6034 514
215 21931
924 95
504 53
223 223
58% 59
1074 10731
8131 824
344
334
14
14
17
1831
158 162
284 264
Manufact Cas Ins
66
3
Mark (Louis) Shoes Inc*
Minehall & Schuylk Hay 50
North East Power Co__ *
Penn Cent L dr P cum pfd..•
50
Pennsilvania RR
Pennsylvania Salt Mfg_50
Phila Co (Pitts) 6% pfd.50
954
Phila Dairy Prod pref
25
Phila Electric of Pa
Full paid
3431
• 60
Phila Insulated Wire
Phil!' Rapid Transit_.....50 5334
50
7% Preferred
Philadelphia Traction___ 50
10 27
Reliance Insurance
Shreve El Dorado Pipe L 25
•
Scott Paper Co
634s pref B
Stanley Coot America_ •
624
Ctrs of Deposit
Tacony-Palmyra Bridge_*
Tono-Belmont Devel_ _ _ _1
Yi
1
Tonopah Mining
50 3931
Union Traction
United Gas Improvement50 172
United Lt & Pr "A" corn_*
U 33 Dairy Prod class A_ *
*
Common class B
Victory Insurance Co_ _ _10
Victor Talking Mach,corn*
Warwick Iron & Steel_ _10
Washington Gas
20
W Jersey & Seash RR_ _ _ 50 42%
50
Westmoreland Coal
York Railways pref
50
6031
3
54
43
7934
654
10331
52
9534
76
3434
60
534
50
564
26
414
50
98
46
804
36
h
334
3931
15234
254
50
17
254
12234
44
104
42%
41%
40
Rights
Budd Wheel
10
3,920
165
17,653
4,700
100
5,100
300
12,500
1,450
9,500
120
5,500
100
2,100
35
570
2,1413
9,300
30
600
30
2,300
475
25
11,200
25,900
3,985
Range Since Jan. 1.
Low.
11%
104
84
6734
1144
41
834
17
41
25
41
274
45
2534
504
210
693o
4631
20531
52
105
68
3
12
3
1054
2231
June
Jan
Jan
Nov
July
Nov
June
Aug
Aug
Oct
July
Jan
Oct
Oct
Aug
Nov
Jan
Oct
Aug
Feb
Oct
Aug
Jan
Jan
Jan
Feb
Jan
High.
Feb
20
Nov
15
964 Nov
754 Oct
11831 Oct
60
May
Feb
14
394 Oct
Mar
73
344 Nov
434 Mar
39% May
Feb
49
354 Oct
624 Mar
21934 Nov
Nov
95
Apr
85
2374 Mar
Mar
64
Mar
110
1044 May
Jan
7
Jan
21
1831 Nov
Nov
162
29 June
Sept 7031
2,800 47
67
July 2231
3
334 4,900
July 584
19 54
54
49% 41,200 204 Mar 49%
July 82
20 78
7934
6731 9.900 6131 July 72
Jan 10931
104
800 92
Oct 5631
53%
200 51
Mar 97
370 90
954
600 8534 Jan 76
82
Jan 35%
34% 4,100 22
604
400 80
Sept 66
534 1,119 5034 May 61
Apr 62
504
1,889 50
Aug 64
799 55
5631
1,200 25 June 374
27
424 10,210 18
Mar 45
50
10 4031 May 604
Oct 101
10 98
9831
100 3031 May 6831
46
634 45,453 56
Oct 6331
82 254 Oct 36
36
2
"Ill 2,600
% Sept
5
314 Oct
334
1,900
3931
1,856 364 Sept 46
173 167.400 1144 Jan 173
Feb 2731
284 3,800 15
52
650 3734 Jan 624
Jan
18
100 14
17
27
1,200 25
July 34
128
3,000 52
June 141
14
4 1,009
4 Jan
104
30 994 Oct 154
43
600 3334 Jan 434
414
100 35
Aug 574
10 40
Nov 45
40
64 14
18,400
614 Nov
14
Oct
Jan
May
Nov
May
Apr
Jan
May
Oct
Nov
Oct
Nov
Apr
Apr
May
Jan
Oct
May
Sept
Sept
Nov
Nov
Jan
July
May
Nov
July
may
Jan
Jan
Oct
Apr
Nov
Oct
Jan
Apr
Nov
Bonds9831 984 2,000 984 Nov 10034 Feb
Adv Bag & Pap 6s w 1_1962
Nov 66
May
5744 8,500 52
Elec dr Peoples tr ars 4s'45
56
June
1,000 484 July 52
coil tr 4s 1943
50
lot-State Rys
50
Jan
Mar 97
4,000 92
92
93
Keystone Telep lst 58_1935
Peoples Pass tr ctfs 43_1943 564 5631 59% 15,000 564 Nov 6631 Apr
Phila Elec(Pa)Mar
1960
6,000 1024 Aug 106
10431 105
Ist lien & ref 5s
Jan
July 109
3,600 104
1966
105 108
1st 55
Mar 107% Jan
1st lien &ref 530-1953 1064 1064 108% 11,000 106
May
Aug 108
1054 1054 3,000 104
Phila Elec Pow Co 530;72
13,000 9931 June 101% June
Strawbridge & Cloth 681948 9954 9934 100
Unit Rys & El(Balt)rffe nt riennalt
R7 Le
RR
R7 Le AS flAn RS
(let S741 Nov
•No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Nov. 10 to Nov. 16, both inclusive, compiled from official sales lists:
AXIAG3
If T14411
NI
...0
b0t0.V.
.4
...
N
..
.. ,
C4.
..N0
N....
Of...00
1..C4
39
42
174 180
81
81
159 159
16
16
62
54
50
50
27
27
32
33
27
27
40
40
200 200
113 1144
464 52
244 25
26
264
9631 99
86
89
1104 11031
1024 1024
21
23
265 265
51% 514
314 324
99
99
295 305
1131 1131
184 1831
936 936
5731 584
924 93
2731 2731
3134 33
2134 214
2034 2034
.
-
JW00.000
,
05WW.-....0014W01-.Qo-.0.N040,-.0q.
D0WN0000W0-.40000*000,-.7.000001.0..W00.0W.•..
Arundel Corporation
• 42
Atl Coast Line (Conn)....50 180
Baltimore Brick pref___100
50
Baltimore Trust Co
100
Baltimore Tube
100 53
Preferred
Benesch (I) & Sons com.. •
25 27
Preferred
• 324
Black & Decker corn
25 27
Preferred
Central Fire Insurance_ _10
50 200
Century Trust
Ches&Po Tel of Balt pf 100
• 52
Commercial Credit
25 244
Preferred
25 26
Preferred D
631% 1st preferred _100 99
Congo'Gas,E L & Power_• 89
8% preferred ser D__100 1104
5% Preferred ser A__100
Consolidation Coal___.100 2234
263
Continental Trust
50
Crook (J W) prof
3134
*
Eastrn Rolling Mill
25
Equitable Trust Co
50 305
Fidelity & Deposit
Finance Co of America A _*
Finance Service corn A__10
10
Preferred
58
First Nat Bank w 1
Houston 011 pref v t c._100
'
Humphreys Mfg Co
Mfrs Finance corn v t_25 32
• 25 2131
1st preferred
26
2d preferred
_
_
ary
Y
-
D.01..
Stocks--
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High, Shares
3534
162
80
1574
9
34
33
2831
24
254
39
200
113
214
23
23
864
674
10931
100
20
260
5034
244
97
260
1031
164
931
5734
92
2634
2434
194
1731
July
Sept
July
Nov
May
Jan
Mar
Apr
Jan
Apr
Aug
Oct
Apr
Mar
Jan
Feb
Sept
June
Jan
June
Nov
Oct
Jan
Mar
Aug
June
July
Jan
Mar
Nov
Aug
June
Mar
Aug
Aug
-
High.
5131
212
83
225
16
54
55
2731
3434
2735
49
236
115%
52
264
274
09
93
1144
105%
3334
320
53
344
128
326
12
2014
1031
64
10331
52
33
26
2034
Maryland Mtge corn
•
Prior preferred
Preferred
Merch AL Miners Transp_ _•
Monon W Penn P S pref _25
Mortgage Security COM_ *
Mt Ver-Woodb Mills v 000
New Amsterdam Cas.Co.10
Northern Central Ry_ -50
Park Bank
10
Certificates
Penne Water Power
•
Roland Pk Homel'd_ _100
Silica Gel Corp corn v t_ •
Southern Bank Sec Corp__
Preferred
Stand Gas Eq pf w war_100
Un Porto Rican Sug com_*
Preferred
*
Union Trust Co
50
United Rys & Electric_50
U S Fidelity Se Guar_50
Wash Bait & Annapolls_50
West Md Dairy Inc nom_ *
Preferred
•
Prior preferred
50
Western National Bank_20
Range Since Jas. 1.
Low.
High.
Oct
Apr 33
690 18
30
33
Oct
113 113
28 100 June 113
Oct
July 113
113 113
165 95
May
Aug 50
454 454 4634
330 44
Jan
Jan 27
287 25
254 257
%
Nov 2131 Jan
5
5
5
100
Sept 29
Aug
20 12
1431 1434
73
7234 73
259 704 Aug 8334 May
87
87
30 85
Aug 9034 Mar
May
Oct 42
3034 3034
181 29
3034 3034 3035
100 304 Nov 3034 Nov
Sept
Jan 87
850 68
85
83
8334
20
13 100
Feb 1014 Apr
20
21
21
Mar 2831 Mar
30 17
Nov
45
4834
July 47
132 35
Nov
97
93
97
257 90
Oct 97
Jan
Aug 75
30
30
65 23
500 3734 Sept 70
May
42
434
May
Sept 72
47
50
795 44
Jan 3454 May
330 330
10 315
133.4 14
200 12
July 204 Jan
1331
430
381 430
1,121 34834 June 49634 Sept
11
11
40
9
Feb
I731 Jan
100 100
64 6934 Jan 100 June
Jan 100 June
95
98
355 75
5434 54345534 Jan
May
40
tl
40
fug 43
n
33
Ei
Rights
U S Fid dr Guar W I
924 1014
2,728
8814
BondsBal lmore City
4s conduit
1958
100 100
$2,500 99
4s paving loan
1951
100 100
1,000 9734
Black dr Decker 842_1937 12434 124 125
17,000 10634
Consol0 E L & P 434s 1935
99
99
1,000 9834
Elkhorn Coal Corp 6348 '31
904 904 5.000 90
Fair & Clarks Trac 5s.1938
924 924 2,000 914
Fairmont Coal lst 5s..1931
9234 924 3,000 924
Houston Oil 534s notes '38 1024 1024 10234 11,000 100
Md Elec Ry 1st 513__1931 95% 954 954 3,000 95
let dr ref 634s ser A.1957
8834 8834 5,000 87
Norfolk St Rys 5s
10234 10234 5,000 100
Olustee Timrer Os__ _1935
94
2,000 94
94
Silica Gel 635s
1932 1004 10034 101
6,000 10034
Southern Bankers Sec 58'38 99
99
99
2,000 98
Un Porto Rican Sugar
634% notes
1937
96
9634 6,000 95
United Ry & E 1st 413_1949 654 654 66
22,000 6534
Income 4s
1949 45
45
4534 16,000 43
Funding 5s
6534 66
8,000 65
1938
6% notes
1930 93
93
9334 5,000 89
1st 6s
1949 85
85
854 5,000 85
Wash Bait & Ann 58_ _1941 794 794 7934 9,000 7934
West Md Dairy es__ _1946
104% 105
6,000 104%
* No par value.
Oct
Sept
Oct
Jan
Sept
Oct
Sept
Nov
Aug
Oct
Aug
Oct
Sept
Nov
Oct
9634 Sept
1024
103
130
10331
9834
99
9954
105%
9934
9934
106
9434
1064
99
Jan
Jai
Oct
Apr
Jan
Feb
Mar
Sept
Jan
Jan
May
June
May
Nov
Sept 10634 May
Jan
Nov 75
Jan
Aug 55
Nov 844 Jan
Sept 994 Jan
Jan
Aug 90
Jan
Nov 96
Oct 10734 May
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Nov. 10 to Nov. 16, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par, Price. Low. High. Shares.
Aetna Rubber corn
•
Akron Rub Reclaim com_s
Allen Industries corn
•
*
Preferred
Amer Multigraph nom,
..,*
Amer Ship Bldg corn- - wo
Bessemer Lime dr Ct corn_.
Bishop & Babcock com _ _50
Bond Stores A
20
B
*
Buckeye Incubator com__*
Bulkley Building pref_ _100
*
Byers Machine A
100
Canfield 011 corn
100
Preferred
Central Alloy Steel pref 100
City Ice & Fuel
•
Clark (Fred G) corn_ AO
Cleve Autom Mach pfd 100
.
Cleve-Cliffs Iron corn _ _ _•
Cleve Elea 1116% pref _100
Cleve Railway corn_ __ _100
Cleve Securities P L pfd_10
•
Cleve Stone corn
Cleveland Trust
100
Cleve Un Stockyds corn..*
Cleve Worst Mills com_100
2431 26
21
21
21
16
16
3534
35
3731 38
83
83
364 3734
6
6
3
3
3
4
.
4
1234 154
13
67
67
26
24
24
180 181
103 103
11134 11034 11134
56
5731
7
6h 7
61
58
140
135 140
11034 1104 1124
10434 10534
105
24 234
56
60
378
378 379
21% 24
24
21
20
20
•
Dow Chemical corn
Elec Controll & Mfg com_• 60
Faultless Rubber corn_ __• 32
Fed Knitting Mills corn_ _*
May Firestone T & Rub com_10 180
100
Jan
6% preferred
100 1074
Sept
7% Preferred
• 474
Mar Foote-Burt corn
Nov
Preferred
100
Nov Gen Tire & Rubber pfd_100
100
Oct Glidden prior pref
•
Jan Godman Shoe corn
May Grasselll Chemical pref_100
Oct Ot Lakes Towing pref_100 112
June Guardian Trust
100
100
May Halle Bros pref
Sent Hanna(MA) 151 pref__100
Nov Harbauer corn
• 27
Jan Harris-Seybold-Pot corn_ •
May India Tire & Rub Corn...* 364
Nov Interlake Steamship COM *
Apr Jaeger Machine corn
• 4154
100
May Jordan Motor pref
Mar Kaynee corn
10
Jan Kelley Isl Lime & Tr corn •
May Lake Erie Bolt & Nut corn *
Aug
McKee (Arthur G) dr Co.* 41
Oct Metrop Paving Brick corn *
Apr Miller Wholes Drug com_* 2734
Mad
, Miller Rubber pref_ -100 74
Oct Mohawk Rubber prei__100
Feb Myers Pump corn
• 3731
Feb National Acme com _ _ _ _10 2234
July National Refining corn_ _25
Mar
Preferred
100
Oct National Tile corn
• 37h
Oct National Tool corn
50
June
100
Preferred
Oct Nestle-LeMur corn
* 264
-- .-,..,_ .-- ..... . _ __ . .....
Range Since Jan. 1.
Low.
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
30
29
1754
37
3844
11734
3734
8
4
14
49
7034
40
181
103
112
80
854
61
14734
115
109
3%
79
400
274
30
Oct
Jan
May
Feb
Oct
Jan
Jan
Apr
Nov
May
Jan
Feb
Jan
Nov
Nov
Mar
Sept
Aug
Nov
Sept
May
Mar
Apr
Mar
Mar
Apr
Mar
Jan
Jan
July
Jan
Oct
Jan
Nov
Feb
Feb
July
Jan
Oct
Feb
Jan
Jan
Aug
May
Apr
June
Feb
Feb
Mar
Aug
Aug
Apr
Jan
Oct
Jan
July
May
Jan
Feb
Jan
Aug
Mar
win June
134 Feb
Feb
16
2634 Nov
inn
inn..
210
86
394
3935
232
112
11134
48
100
103
10434
59
111
112
465
1044
91
27
24
56
154
42
50
434
584
28
45
49
28
98
93
434
24
39
135
3834
834
25
Nov
May
Jan
May
Jan
Mar
Jan
Nov
Nov
Mar
Oct
July
Apr
Nov
Mar
Feb
Nov
Nov
Jan
Sept
Nov
Nov
Mar
May
Oct
Sept
Apr
May
July
Jan
Sept
Apr
Oct
Jan
Feb
Oct
Max
Nov
11,1U
Any.
18
17
1034
30
26%
81
3334
5
4
434
13
451
170
10
183
631
100
142
285
324
1,415
80
40
89
472
326
934
8534
19
112
101
1094
364
2h
32
104
110
102
134
604
359
21
17
10
210 210
118
59
80
32
15
32
50
3754 3731
245
180 182
112 112
10
106 1074
130
45
48
170
100 100
90
100
100 100
1044 10434
255
557
5734 59
1094 109%
132
26
112 112
464 465
165
101
101
35
91
91
15
8,262
19
27
15
15
80
344 37
2,355
148 151
226
40
42
1,663
27
27
50
100
30
304
150
5634 5634
2534 2534
63
1,406
394 41
300
474 48
70
2734 27
322
74
76
106
90
90
4,464
38
37
100
2234 2234
47
38
37
35
134 134
1,645
3734 38
100
731
734
20
25
25
125
264 26%
AG
"^ '^ '
1124
544
30
32
165
109
10534
25
80
95
96
564
1054
108
300
100
604
1234
10
18
123
2734
18
29
494
17
3934
3134
24
70
55
33
734
344
130
so
High.
July
Apr
July
July
Jan
Sept
June
Jan
Aug
Jan
Sept
Oct
Sept
May
Aug
Jan
Feb
Feb
Mar
Jan
June
May
July
Aug
Jan
Oct
Oct
550
25
100
75
235
20
95
250
800
4,1
Nov. 17 1928.]
FINANCIAL CHRONICLE
Friday
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price, Low. High Shares.
•
Ohio Brass "B"
100
Preferred
Ohio Seamless Tube corn_*
•
Otis Steel corn
*
Packard Electric com
•
Packer Corp corn
Paragon Refining corn.- _•
Paragon Refining pref. *
•
Reliance Mfg coin
*
Richman Brothers corn
*
Robbins dr M ser 2
Sandusky Cement corn_ .*
Scher-Hirst class "A" --*
SelberlIng Rubber corn_-.*
o
Preferred
*
Selby Shoe corn
100
Preferred
Sherwin-Willlams corn_ -25
100
Preferred
•
Smallwood Stone corn_
Sparks-Withington pref 100
Stand Textile Prod corn 100
100
Preferred A
100
Preferred B
•
Stearns Motor coin
Steel & Tubes Inc corn. _25
•
Class A
•
Class B
Thompson Products com_•
100
Preferred
Trumbull-Cliffs Furn pf 100
Union Metal Mfg com__ ..•
100
Union Trust
Wood Chemical Prod corn*
*
Youngstown S & T Pr_ _100
90
78
35%
92
3234
1835
40
353
46
10735
90
33
190
100
75
35
45
274
214
1004
87
90
1,239
40
106 106
541
75
78
3554 3554
50
269
8854 92
3235 3334
315
1735 1835
1,145
42
42
84
38
40
1,880
340 353
1,078
100
8
8
225 225
50
125
2434 25
46
795
48
10535 10735
140
3535 36
220
9935 9934
40
89
90
193
10731 10734
30
29
29
100
170 170
25
1134 12
48
68
68
92
32
33
40
6
635
1,990
186 190
170
9635 100
1,389
75
75
1,300
344 354
390
105 105
20
10334 104
100
44
45
230
314 315
57
mu 274
745
1,415
1834 214
10035 10034343
Range Since Jan. 1.
Low.
High.
86
Oct 10054 Mar
10434 Oct 10854 June
38
Mar 78
Oct
114 Jan 3554 Nov
47
Jan 92
Nov
3254 Feb 4034 May
94 Jan 20
Sept
414 Sept 4334 Oct
374 Oct 40
Nov
256
Feb 353
Sept
8
Nov 1035 Oct
115
Jan 230
Sept
22
Aug 29
May
3335 Feb 5234 Sept
1024 Aug 10735 May
3535 Nov 47
Apr
9935 Oct101
Oct
6535 Feb 95
Sept
106
May 10935 Mar
25
Oct3234 June
107
July 195
Oct
8
Aug
16
Mar
5034 Aug 71
Apr
2635 Sept35 May
Mar
3
8
Apr
Jan 191
53
Sept
95
Nov 100
Nov
74
Oct75
Nov
22
Feb 44
May
10131 Mar 105
Nov
Mar
10034 July 106
424 June 49
Aug
285
Jan 315
Nov
244 Sept274 May
1835 Nov 2154Nov
994 Oct 1004 Nov
Bonds—
100 100
$3,000 100
Cleveland Railway 5s_1931 100
10135 10115 4,000 101
Cleve & Sand Brew 6s-1948
95
60,000 94
Steel & Tubes deb 6s..1943 944 94
May 101
Feb
Feb 10135 Oct
Nov 96
Nov
* No par value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, Nov. 10 to Nov. 16, both
inclusive, compiled from official sales lists:
Am Laund Mach corn...25
*
Amer Products pref
Amer Rollin Mill com -- -25
Thermos Bottle "A".*
Am
50
Preferred
100
Baldwin common
100
New preferred
•
Buckeye Incubator
Carey (P111110) pref._.._100
*
Central Brass"A"
Cent Ware & Refrig "A".20
100
Central Trust
Champ Coat Pap spl pf _100
Churngold Corp
*
50
Cita Car Co
Cin Gas & Elec pret _ _ _100
CM Gas Transportation 100
100
Cin Land Shares
C N & C Lt & Trac com.100
100
Preferred
50
Cin Street Ry
50
Cin ac Sub Tel
CM Union Stock Yards_100
*
City Ice & Fuel
*
Coca Cola "A"
•
Crosby Radio "A"
Crown Overall pref____100
100
Dow Drug corn
Eagle-Picher Lead com _ _20
•
Early & Daniel com
•
Egry Register "A"
100
Fay dt Eagan pref
100
Fleischmann pref
*
Formica Insulation
•
Gibson Art common
Globe-Wernicke com -100
Gruen Watch common...*
100
Preferred
Hatfield-Campbell corn --•
*
Hobart Mfg
•
Int Print Ink
100
Preferred
Kodel Elec & Mfg "A"— -•
10
Kroger common
100
let preferred
50
Little Miami guar
*
Lunkenheimer
(Julian) Kokenge
*
McLaren Cons"A"
•
Mead Pulp
100
Special pref
*
Meteor Motor
100
Nash (A)
Nat Recording Pump._ _.•
100
Ohio Bell Tel pref
Paragon Refining corn.,25
.20
Procter & Gamble corn.
100
6% preferred
100
Pure 0116% prof
100
8% preferred
Queen City Pet pref __ _100
*
Rapid Electrotype
100
Rollman pref
Milk Crate "A"._•
United
10
U S Playing Card
US Print & Litho com -100
100
Preferred
•
II S Shoe corn
100
Preferred
*
Whitaker Paper com
100
",-. ,"
974 .944 98
2831 284 29
10034 9934 10235
2035 2235
4735 49
27
28
108 108
13
10
15
124
124 125
2834 28.34 2935
24 24
264 284
10934 10535
3935
3935 37
3634 35
3634
99
98% 994
.
148
143 146
125
--.
—
1004 10035
79
79
5134 5134 5134
120
11634 123
36
3635
584 56
57
35
35
36
72
6434 724
107 107
404 40
4094
1835 184 1931
7331 74
35
3734
43
43
12135
24
24
2434
53
50
54
96
95
97
50% 55
55
115 115
____
13
74
74
49
49
99
____
_ - -20
21
126
115 115
105 105
28
2831
35% 354 36
1735 1731
71
105 105
35
3335 32
130 135
34
33
112 11235
17
18
29094 29035 295
11035 11054
10054 1004
11234 113
____
103
71
7231
71
10235 102
33
33
33
111
112
78
76
10035 10154
735
735
67
67
67
614 614
107 107
w'Ww
074,0w.
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Stocks—
PnorlaY
Sales
Last 1Vcek's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High,
9235 Oct
25
July
85
Aug
11
Feb
43
Jan
24
Aug
108
Oct
735 Sept
120
Aug
2234 June
24 June
255
Jan
100
Feb
224 Jan
29
July
97
Aug
12254 Feb
974 Apr
9735 Feb
79
Nov
454 Jan
5334 Aug
3535 Aug
364 Apr
3035 Mar
25
Feb
102
Jan
34
May
1554 Mar
56
Mar
29
Oct
35
Oct
120
Oct
2035 May
43
Jan
94
Sept
46
July
11435 Feb
12
Oct
44
Jan
304 Aug
97
Aug
13
Oct
70
Jan
115
Nov
10294 Oct
2535 Feb
294 Sept
16% Feb
65
Mar
101
Sept
26
Jan
100
Apr
28
Aug
10935 June
94 Feb
249
Jan
964 Jan
9634 Jan
111
Feb
100
Apr
3435 Feb
99
May
26
July
10934 Aug
64
May
9654 Feb
534 Feb
45
Mar
52
July
10234 Jan
114
June
2934 Apr
120
Aug
2235 Oct
4954 Feb
41
Jan
110
Jan
49
Jan
126
Aug
2935 June
4
Jan
289
Jan
114
Aug
46
Sept
3635 Nov
10034 May
149
May
170
Jan
109
June
121
May
58
Jan
128
May
56
Apr
61
Sept
38
May
724 Nov
10731 Oct
4435 Aug
2474 Jan
9335 May
3735 Nov
48
Jan
128
May
26
Feb
54
Nov
9834 Jan
564 Feb
11634 Oct
18
Feb
7536 Oct
5394 Sept
10
034 Oct
5535 Jan
126
Nov
120
Oct
iiesi Apr
294 Mar
364 Oct
2
054 May
82
Jan
10535 Oct
45
May
146
June
48
Apr
115 • Apr
20
Sept
300
May
113
July
101
Oct
11594 May
103
Nov
7554 Sept
103
Apt
3535 Oct
132
Jar
8354 Jar
102
Jah
935 Apt
7294 Jul)
62
Oct
1n5 L4 ivt.,
•No par value.
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exchange, Nov. 10 to Nov. 16, both
inclusive, compiled fom
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks—Par. Price. Low, High. Shares,
Bank—
Nat Bank of Commerce 100 166
186
187%
Trust Company—
Mercantile Trust
541
544
150
Range Since Jan. 1.
Low.
2801
Friday
Sated
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
High.
361 157
Apr 236
May
26 533
July 570
Jan
Miscellaneous—
Amer Credit Indemnity _25 63
Beck & Corbitt pref.. _100
Bentley Chain Stores corn • 26
Preferred
* 47
Berry Motor
Best Clymer Co
* 23
•
Boyd-Welsh Shoe
Brown Shoe corn
100 48 34
Bruce (E L) corn
100
Preferred
* 194
Burkart Mfg pref
ChamplonShoeMach pf100
Consul Lead & Zinc A_ _ _*
10
Emerson Electric pref _100
Ely & Walker D G com _25
100
1st Preferred
Fulton Iron Works, cotn_*
1034
100 75
Preferred
Hamilton-Brown Shoe._25 22
Huttig S dr D com
' 20
Hydr Press Brick pfd. _100
International Shoe coin..* 72
100 110
Preferred
Johnson-S dr S Shoe
* 63
•
Koplar Co pref
. .
Landis Machine corn _25 __ __ __
Mahoney-Ryan A ircraft _ _ 5 1734
Maloney Electric"A"_ _ _• ____ _
.
Mo Portland Cement__.25 444
Marathon Shoe com _ _ _ _25 5334
*
Nat Candy, corn
* 35
Pedigo-Weber Shoe
•
Plckrel Walnut
Rice-Stix D Gds, 2d pfd100
*
Common
Schoeneman, J, pfd_ _ _ _100 95
-V-B D G,corn _ _25
Scruggs
*
Sculin Steel, pref
* 37
Securites Inv, corn
• 6234
Sheffield Steel, com
* 58
Skouras Bros, "A"
Southwest Bell Tel. pfd 100 ____ - Stlx, Baer & Fuller, corn.* 3634
10
St Louts Car, corn
• 148
Wagner Elect, corn
100 10734
Preferred
63
63
82
82
254 26
46
47
18
18
17
26
39
39
4834 4834
44
44
99
99
1934 193.4
101 10134
10
ley,
108 108
294 2934
113 113
10
1034
75
75
22
22
20
20
74
7434
72
7254
111
11134
61
63
5135 5154
4234 43
17
1734
5435 55
4434 45
5331 55
1834 1851
3(
3535
24
24
95
95
1834 19
95
95
18
18
3335 3434
37
3754
6235 6234
57
53
118 11936
3634 37
20
20
148 156
107 108
St Railway Bonds—
9594
E St Louis & Sub Co,69'32
84
United Railways, 4s.1934 84
Miscellaneous Bonds—
Houston 011, 5 As_ __ _1938 10234 1024
o...00r.qtr.alaa
1041
100
4
5
375
50
200
2,397
60
10
100
218
92
145
135
40
230
100
75
5
100
50
70
1,597
264
520
165
90
1,055
649
678
155
270
470
1,110
10
300
10
100
635
1,660
5
1,959
101
115
10
1,960
152
9534 $3,000
8434 9,000
10236
1001d
Range Since Jan. 1.
Low.
60
80
21
4534
15
15
3834
45
44
98
19
98
10
High.
28
110
10
59
18
20
74
62
10034
48
514
42
1654
5434
38
534
17
34
2135
95
1834
95
16
31
30
33
37
117
27
16
137
9614
Aug
Sept
Oct
Oct
Apr
Oct
Jan
June
Nov
Jan
Mar
Oct
Nov
Jan
Sept
July
Nov
Jan
June
Nov
Nov
Jan
July
Apr
Nov
Nov
Nov
Nov
Mar
Nov
Nov
Nov
July
Nov
Nov
Nov
Apr
Jan
Apr
Jan
Apr
Aug
Mar
Jan
Feb
Jan
94
84
Jan
Nov
lug
2,000 102
2.500 9814
7334
95
28%
48
18
27
45
5534
52
101
244
107
1735
110
33
120
1654
85
30
27
87
87
113
70
54
5034
26
5634
52
6054
2334
45
2434
104
2354
101
22
46
3754
87
57
121
384
32
15634
108
Jan
Feb
Oct
Sept
Nov
Apr
May
Apr
May
Oct
Apr
Mar
May
Aug
Jan
May
May
Sept
Jan
Feb
May
Apr
Aug
May
June
may
Aug
Sept
May
Oct
Jan
May
Oct
Jan
Mar
Mar
Aug
Apr
Nov
Sept
Nov
Mar
Oct
May
Nov
Nov
9554 Nov
8554 Jan
Oct 105
Jan 101
Sept
MILT
*No par value.
Boston Stock Exchange.—Record of transactions at
the Boston Stock Exchange, Nov. 10 to Nov.16, both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. bow. High. Shares.
Railroad—
100
Boston & Albany
100
Boston Elevated
100
Preferred
100
let preferred
100
26 preferred
Bost & Militias on unst 100
Series A let pref unst 100
Series C bat pref unst 100
Preferred stamped _ _ _100
Prior pref stamped._ 100
0
.10
Ber A 1st pfd stpd
Series B 1st pref stpd 100
Ser C 1st pref stpd__100
Series fl let pref stpd 100
Boston & Provldence__100
.
Chic Jet Ry & 1.1 El Y_ _100
100
Preferred
rillat Mass St Ry Co-- _100
100
Preferred B
100
Adjustment
100
Maine Central
100
Preferred
N Y N H & Hartford_ _100
100
Old Colony
50
Pennsylvania RR
100
Vermont & Maas
Miscellaneous—
American Brick Co
Amer Pneumatic Service 26
50
Preferred
50
let Preferred
100
&mar Tel & Tel
•
tmoskeag Mfg Co
*
Beacon Oil Co
.
Bleelow-Hartf Carnet __ _•
100
Preferred
Brown & Co
Coldak Corp cl A tr ctf
Continental Securities Corp
Crown, Cork & Seal Co Ltd
Comm cn stock
10
East Boston Land
Eastern Manufacturing__6
Eastern SS Lines Ins_ ___2e
•
Preferred
100
ist preferred
•
Economy Grocery Stores..
100
Edison Elec Blum
'Ialveston Hous Elm_ _100
100
Preferred
General Alloy Co
General Public Serv corn .*
Georgian (The) Inc
Preferred class A
20
German Invest Corp
•
Gilchrist Co
Gillette Safety Razor Co_•
Greenfield Tap & Die_ _ _25
Greif Coop'ge Corp cl A_ __
Hathaways Bak, Inc, cl A_
•
Hood Rubber
Insurance See
10
International Corn__ ____
Italian Superpower Corp__
Kidder Peabody Accep A
100
Preferred
Libby McNeill & Libby_lu
25
Loew's Theatres
Massachusetts Gas Co_100
100
Preferred
,
tforgenthaler Linotype 100
Mortgage Bk of Colombia_
In
18535 184 18534
85
86
86
10134 10134
11454 11434
10235 10235 103%
724 80
80
88
88
125 125
76
80
109 110
109
7935 8134
8134
124 129
129
110 112
158 160
160
185 185
16531 1654
10634 10635
28
29
7035 7
034 703.4
57
55
56
63
65
65
85
88
6734 6934
136 137
6654 65
673-4
115 115
176
330
12
5
66
1,381
60
24
40
164
562
223
110
75
15
10
12
55
12
1,743
710
23
1.505
254
2,300
25
Ranee Since Jan. 1.
Low.
17634
83
100
110
1014
55
80
114
6154
107
6934
10635
98
135
173
151
10534
28
83
50
59
8131
5454
I3134
62
113
Sept
Oct
Feb
July
Oct
Jan
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Jan
July
Jan
Oct
Nov
Aug
July
Feb
Aug
June
July
June
Oct
High.
May
Mar
Apr
Jan
Jan
19434
99
10734
12034
1104
83
98
135
90
115
87
145
131
180
185
16531
1134
43
8034
6534
7234
88
6854
141
7254
121
May
Mar
May
May
Mar
Apr
Apr
May
Nov
Oct
JUDO
Apr
Apr
Apr
Sept
Nov
Nov
Apr
Apr
Apr
June 20
20 16
17
17
234 Oct
231 3
710
434
710 15 June 2434
15
16
Aug 51
60 47
473-4 4794
18634 1885-4 2,117 17134 July 210
Apr 2534
16,995 18
2454 2034 25
215 145-' Feb 234
214 2235
349 8754 Sept 9931
93
96
Oct 110
8 100
102 102
188 92
Nov 9834
92
92
94
.40
.05 Apr
150
.15
.05
.15
Jan 13434
335 81
115 117
Mar
June
Feb
Apr
May
Apt
Oct
May
Max
May
Jan
Apr
17
1636
634
10434
101
1874
269
32
3135
11934
49
24
303-1
1531 1694
574 634
154
134
101 1044
48
4834
101
10235
17
19
269 27135
33
32
70
71
12
12
294 294
8
8
164 164
1754 19
31
329-4
11034 121
12
13
41
4234
z46
49
24
2535
2635 32
6635 6834
11
11
93
11
1335
1235
123-4
133
135
7654 754
994
45
45
214
qte
93
134
13
139
7934
10094
45
akf
Apr
485 1454
1.855
234
IIZ
110
2,693 88
290 45
203 100
1135
4,241
404 252
140 31
75 70
30 10
50 1694
8
225
50 16
790 1754
207 2835
230 98
935
185
55 39
605 4334
972 24
1.221 2454
240 4534
7
12
Aug
Jan
Jan
Feb
Sept
Nov
Jan
Feb
Feb
Nov
June
Jan
Oct
Aug
Nov
Sept
June
Mar
July
Sept
Nov
Sept
Feb
Jan
18
8
254
118
51
108
19
305
43
864
1335
30
1334
204
2234
3534
12331
13
48
49
435-4
32
74
233-4
Oct
Aug
Jan
May
Apr
Ayr
Nov
May
May
Apr
Jan
May
Jan
Jan
Apr
Jan
Oct
Jan
Sept
Nos
Jan
May
Sept
May
130 93
74
512
74
2.799
880 109
321 7534
465 98
100 4334
Rig
1 Mx
Oct 954
Jan
1334
Jan
16
Feb 155
Nov 88
Oct 112
Aug 52
a
7inv
\
Jan
NON
Sept
May
May
Jan
Apt
%ram
2802
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. high. Shares.
Nat Mfrs & Stores Corp_ •
Nelson Corp(Herm)tr ctf5
New Engl Equity Corp_ _ _
New Eng Pub Sery
•
Prior pref
New Eng Tel dr TeL _ _ _100
North Texas Elec pref _100
Olympia Theatre cert _ _ _ _
Paoliic Mills
100
Plant (Thos G) 1st p1.. _100
Reece Button Hole
10
Reece Folding Machine_10
Ross Stores(The) Inc__ •
Preferred
Ster Sec Corp pf allot ctM_ _
Swedish Am Inv part p1100
Swift & Co
100
Torrington Co
Tower Mfg
Traveller Shoe Co
Union Copper Land & Min
Union Twist Drill
5
United Elec Coal
•
United Shoe Mach Corp _25
Preferred
25
U SI Brit Inc $3 Of allot att.
U S & Foreign Sec 1st pfd_ _
Venezuela Holding Corp-Waldorf System Inc
•
Waltham Watch B com *
Waltham Watch, pfd100
Prior preferred
100
Warren Bros
50
let preferred
50
2nd preferred
50
Westfield Mfg. Co. cap stir
Preferred
100
WhItenights, Inc
Mining
Adventure Cons Copper 25
Arcadian Cons Min Co_ _25
Arizona Commercial
5
Bingham Mines
10
Calumet & Heels
25
Cliff Mining Co
25
25
Copper Range Co
East Butte Copper Mln_10
Franklin Mining Co__ _25
Hancock Consolidated_ _25
Hardy Coal Co
1
Helvetia
25
Island Creek Coal
1
Isle Royal Copper
25
Kennenan Copper
25
La Salle Copper Co
25
25
Lake Copper Corp
Mason Valley Mines_ _ _ _5
Mass Consolidated
25
Mayflower & Old Colony 21,
Mohawk
25
New Cornelia Copper _ _ _5
.
New Dominion Copper..___
New River Co pref
Niplesing Mines
5
North Butte
15
North Lake Mining
1
Oilbway Mi.log
25
Old Dominion Co
25
P. C.Pocahontas Co
•
QUIncy
26
Rights
St Mary's Mineral Land.25
Shannon
10
Superior & Boston Cop_10
5
Utah Apex Mining
Utah Metal & Tunnel_ _ - _1
Victoria
25
25
4034
14154
34
95
31%
177
138
70
21
764
74%
75%
25
66
4954
60
1%
4%
47
45%
22
2556
4,34
254
26
134
2
.70
.90
3654
42
60
6%
2
1834
1254
48%
3654
.38
351
134
BondsAmoakeag Mfg 6s____1948 92
At G W I SS L 5s._.1959
Barstow (W S) Co 6sA942
Boston Elevated 4s_ .1935
Dominion Coal 5s....1940
East Mass Street RR
454s series A
1948
5s series B
1948
Ercole Marelll Elec Mfg Co
1953
64s
Fox New End l The 654s '43 101
Gannett Co Inc 65_ _1943
Hood Rubber 7s
1936 99
K CM & B 4s
1934
Mass Gas Co 434s..1931
Miss River Power 5s_1951
New Engl Power 58_1948
N E Tel* Tel 5$
1932 101
Ruhr Gas Corp 6568_1953
Swift & Co 5s
1944
Utilities Service Co 634s'38
Van Sweringen 6s..1938
Western Tel & Tel As. 1932
Range Since Jan. 1.
High.
Low.
Apr
Oct
Jan
Oct
Aug
Mar
Nov
Aug
Aug
July
Mar
Feb
Apr
Apr
Oct
June
Jan
Sept
Mar
Aug
Apr
Apr
Apr
Jan
Mar
July
Oct
Nov
Jan
Jan
Sept
Sept
June
Nov
Oct
Sept
Nov
Nov
48% Oct
344 May
4354 Aug
1094 Feb
11156 May
152
May
May
60
17
Mar
• 404 Jan
25
Oct
174 Sept
254 May
36% June
95
Nov
May
37
20154 Oct
150
Nov
Oct
72
5
Aug
26% Apr
14 Sept
2234 Oct
764 Nov
May
77
32 June
9654 May
101
Feb
36
May
2731 Apr
90
Mar
98
Apr
106)4 Mar
1924 Apr
60
Apr
60% May
6034 Nov
110
Oct
3156 Apr
.05 Jan
.40
200
.40
Aug
2,025
1% 2
334 Mar
5
4%
1,900
444 47
Oct
940 41
4451 4654
677 20% Jan
17
1,003 12
July
22
2454 2551 5,791 144 Mar
1% Feb
43.4 4% 3,052
.40 Aug
1% 1%
150
.30 Mar
2% 234 1,125
251 2%
90
254 July
.50 Apr
.85
100
.85
5134 54%
78 47
Aug
254 2651 2,640 z11.14 Feb
454 5%
134 Mar
830
254
2
360 .75 Feb
14 1%
1
Feb
555
2% 1,600
2
134 June
.75
250
.20 Mar
.80
.90
1
.25 Oct
575
3554 41
4,108 3534 Nov
4154 45
1,920 2554 Feb
.15
.35 4,200 .10
Mar
60
25 52
60
Sept
3
3
95
251 Oct
554 6% 79,203
.90 Jan
.10 Nov
100
.10
.10
2
2
130
.60 Feb
IS
5,785
9
Mar
1615
12% 1254
755 11
Oct
40
4831 12,807 124 Apr
354 Sept
4% 754 29,273
35
3855 3,030 214 Mar
.35
60 .25 Mar
.35
.35
.38
800
.15 Mar
354 4
1,930
334 Aug
1%
134
300
1
Feb
194 134
165 .95
Apr
.35 May
2% June
6
Jan
56
Jan
47
Nov
22
Nov
26
Nov
5
Oct
154 Sept
4% July
12
Jan
1% Apr
May
80
26% Oct
7
May
2% June
3 May
254 Nov
.83 May
151 May
65
Apr
46
Nov
.35 Nov
Apr
63
514 Jan
834 Nov
.70 Sept
3
May
1931 Aug
174 May
484 Nov
754 Nov
3854 Nov
.70 May
.75 May
551 Jan
154 Feb
234 Sept
88
7734
96
92
96
9534 Jan
8134 May
Nov
98
Nov
t
N
45
45
25
26
40
40%
10031 10031
10554 10534
1404 14254
40
40
14% 14%
33
344
22
22
174 1756
2
2
23
23
95
95
3154 33
175 177
136 150
68
70
3
354
2054 20%
50 .50
20
21
6954 7614
73
75
3134 3134
75% 78
9434 9434
734 8
,
2454 2555
66
66
90
90
102 102
148 148
4934 4956
52
52
5854 6054
109 109
23,4 5
92 $ 139,000
1,000
7734
5,000
98
24,000
92
2,000
96
654 66
70
7334
97
101
9954
99
9434
9734
10154
96
1004
94
102
9954
100
10031
200 30
295 24
320 25
25 9954
5 103
816 5137
15 40
15 1454
1,470 25
56 12
60 15
154
50
50 10
10 85
3,280 3034
134 1234
753 12451
911 65
914 .90
130 17
.40
47
940 11
4,843 4051
2,689 6354
465 2954
798 7134
10 29354
7%
625
1,420 194
240 60
50 82
20 101
25 2141
55 4934
10 52
915 4334
109
475
2%
3,000
3,150
87
72
96
92
96
Oct
Jan
Nov
Nov
Nov
6434 Sept
Nov
70
79
88
Apr
Apr
Nov
Nov 97
97
5,000 97
Sept
2,000 100
Sept 102
101
9954 10,000 9934 Oct 9954 July
Oct 1034 Jae
9954 5,000 99
Oct 964 Mar
944
500 94
9734 3,000 9734 Nov 100% Jan
Jan
10131 2,000 10054 Sept 104
Apr
Nov 100
4,000 96
96
1034 Feb
101
3 000 100
,
Aug
Nov
Nov 94
94
5,000 94
Jan
June 103
10254 3,000 101
Oct
994 9,000 9934 Aug 100
Nov
Nov 100
10,000 100
100
Jan
July 103
3,000 WO
10054
• No par value. z Ex-d Mend
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Nov.10 to Nov.16,both inclusive,
compiled from official sales lists:
Range Since Jan. 1.
.1.1°,%Iga 7.gt-agg';'gligstEgV
;4t
1=R ..84°19t3tt=
x xxx xxxx x
xxx
5,150
3,200
1,000
150
2,950
4010
High.
Low.
900
2,600
3,050
8,350
1,850
450
250
145
50
50
7,550
250
4,700
20
5,150
3,155
2,610
4000
2.900
'2.rrsttra
==ig
4...•4.01 ,
DOCAJO.oPWON.
,-.4.4b4NCOUD
qWWWW0
.
,
crcao&.m
3coww
25 109
Acme Steel Co
Adams Royalty Co. com_•
All-Amer Mohawk "A"-5 384
Allied Products "A"....__* 5434
• 46
Altorter Bros cony pfd.....
American ColortyPe. corn • 37
_100
Amer Pub Serv pfd
Amer Pub ULU part pf_100
Prior preferred
100
Amer Shipbuilding .._.100
Amer States Sec Corp A __• 14
•
Class "B"
554
Warrants
Armour & Co pref
100 854
Art Metal Wks Inc pref__• 48
Assoc Appar Ind Inc com_• 55
64
Amon Investment Co_..
Atlas Stores Corp com___• 60
Auburn Auto Co corn_ _.• 114
Automatic Washer Co
Convertible preferred_ _• 3456
Backstay Welt Co com_* 3534
Balaban az Katz v t o _ . _25 86
Baldwin Rubber "A"
•
Bastlan-Blessing Co com.• 45
g
.
'
,nem,
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Lew. High. Shares
A*b2NoPW
Stocks-
[VoL. 127.
FINANCIAL CHRONICLE
120
2854
554
5434
4954
40
104
101
103
11756
1454
1734
6%
9154
4934
58
65
674
14151
Sept
Apr
Oct
Nov
Oct
Oct
June
July
June
Jan
Oct
May
May
June
Nov
Oet
Oct
Oct
Mar
Sept
36
Oct
38
1044 Oct
2554 Sept
494 Oct
A nr
*45
Sales
Friday
Last Week's Rang. for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Beatrice Creamery com_50 82
Bendix Corp
Class B new
5 119
Borg-Warner Corp corn.10 11934
100 102
7 Preferred
%
Brach & Sons(E J) com_ *
Butler Brothers
20 35
Cam pb Wyant& Can Fdy• 6756
Castle & Co(AM)eom_ _10 68
Ce Co Mfg Co Inc com__* 70
Celotex Co corn
• 694
Cent Dairy Pa Corp A pfd* 2456
c entral III Pub Sem, pref.• 98
Cent Ind Poser pfd____100 95
Certificates of deposit_ _.
Central Pub Ber(Del)
•
Central States Util$7pfd *
Central S W Util corn_
.° 84
Prior lien pref
• 10434
Preferred
• 98
Cent West P S B pref _ _100
Chain Belt Co corn
• 46
Cherry Burrell Corp com_* 4954
Chic City & C Ry par sh *
13.4
Preferred
17
Chicago Elec Mfg cl"A"
Chic No Sh & Mil
Prior lien pref
100 98%
Preferred
100 49
Common
100
Chickasha Cotton 011___10
Club Alum Uten Co
• 3356
Coleman Lamp & St com_. 77
Commonwealth Ed ison_100 199)4
Consumers Co common.
.5 13
Warrants
Crane co common
25 48
Preferred
100 120
Curtis Mfg Co
5 3734
Davis Indio Inc "A"...._• 1634
Dayton Rub prior com
* 6854
Decker (Alf) az Cohn Inc_*
Preferred
100
Eddy Paper Co (The)_
•
El Household Util Corp_10 36%
Elea Research Lab Inc_ _ _* 234
Empire G&F Co 7% p1..100
6% Preferred
100 9654
634% Preferred_ _ _ ._100 97%
8% preferred
100
Fed Pub Seim 656% Pref..* 94
Foote Bros()& M Co._ _6 34
Galesburg Coulter-Dise...• 9715
GleanerCcmHarveferCorp• 92
Godchaux Sugar, Inc, el B• 3656
Great Lakes Aircraft A__* 2456
Great Lakes D &
__100 275
Greif Bros Ctrp"A"co __* 40
Grigsby-Grunow Co
Common (new)
• 114
Hart-Carter Co cony of __• 35
Hart Parr Co. corn
5556
Hart Schaffer az Marx _ _100
Henney Motor Co_
• 55
Preferred
• 32
Hershey Corp, cony pf A 5 78
Class "13"
7855
Hormell&Co(Geo)com"A"• 32
Illinois Brick Co
25 4054
Indep Pneum Tool v t c...•
Inland WI & Cable com.10 6934
Internet Pow Co, Ltd corn•
Jackson Motor Shaft Co_ _* 41
Kalamazoo Stove com_ __• 11951
Kellogg Switchbd com_ _10 1754
Preferred
100
Kentucky CU]Jr cum pf 50
Keystone St & WI corn._ • 61
100 10054
Preferred
• 224
Lase Drug com t
* 2734
Cum preferred
3
La Salle Ext Unly earn...10
Lawbeck Corp etts
• 18%
Leath az Co corn
Cumulative preferred _• 52
Libby McNeill & Libby _10 13%
Lincoln Ptg Co 7% pref_ 50 47
534
Purchase warrants
4
Lindsay Light, com
10
4034
Lion 011 Ref Co corn
42
Loudon Packing Co
Lynch Glass Mach Co_ _ _* 2855
42
McCord Red Mfg "A"._
MeQuay-Norris Mfg
•
Mapes Consol Mfg, nom.*
Mark Bros, preferred_ - • 33
Meadow Mfg Co com____• 1234
Mer & Mfrs See
25 34
Part preferred
•
Metro Ind Co ctfs
Mid Cont Laund Inc, A...* 35%
Middle West Utilities.-__• 171
100 12234
Preferred
101%
$6 cum preferred
10254
$6 cum prior lien
Prior lien preferred _ _100 127
Midland Steel Prod com •
Midland Util100 90
6% prior lien
100 10234
7% prior lien pref
100
7% preferred "A"
Miller az Hart Inc cony pf_• 50
Minneap Honeywell Reg-• 434
100
Preferred
Miss Val Util pr In pref *
. 55
•
Mod Me Mfg corn
23334
Mohawk Rubber
Monighan MIg Corp A _ _• 2834
Monsanto Chem Works_.• 9354
Morgan Lithograph com_• 57
Nachman SpringfIlled come 65
Nat'l Bancservice Corp_ _* 72
National Battery Co pfd • 50
National Carbon, pref_100
Nat Elie Power A part-__• 37
554
National Leather coin_ __10
48
Nat Standard corn
1434
Neve Drug Stores, corn_
Nobbiltt-Sparks Ind corn.• 3834
North American Car com_• 5554
4354
Northwest Eng Co corn...
North West Mil
100
Prior lien pref
824
Oak & Prod class A
82
Class B
35
Ontario Mfg Co corn
26
Pacific West Oil
Penn Gas & Elec A com * 24
Pow "A"com• 44
Peoples Lt &
Perfect Circle (The) Co-e 58
Pines WIntertront A com_5 214
81
82
550
Range Since Jan. 1.
Low.
64
June
High.
84
Oct
113 124
11254 12034
10154 102
2254 2334
2934 364
6634, 74
69
65
6054 7254
6834 7054
2434 2554
9754 98
95
97%
94% 94%
28
30
9734 975.4
84
82
104 106
973.4 98%
100 100
444 464
495.4 50
15.4
154
17
1754
13
14
Oct 131
Oct
26,050 95
46,150 70 June 13154 Oct
Aug
400 10154 Aug 104
1,000 16% Jan 264 Sept
Apr 364 Nov
140,450 20
16,250 35 June 75% Oct
Oct
2,600 4254 Feb 75
Nov 724 Nov
24,500 42
Oct
Feb 73
2,400 49
1,675 18 June 2554 Jan
150 9334 Aug 10034 Apt
85 92
Aug 10154 May
May
55 9334 Sept 101
Nov
30
237 1512 Apr
Oct 9754 Oct
50 97
Jan 98
May
375 76
May
Aug 112
460 100
760 97% Nov 5053.6 Jan
Nov
Nov 100
50 100
Oct
800 41
Aug 50
800 4934 Nov 5154 Nov
Feb
2
1
June
1,200
750 1154 Aug 22% Jan
Jan
18
Feb
400 10
97
9854
49
49
1554 1534
4954 494
3354 35%
75
78
198 200
13
135.4
551 554
48
48
120 120
37
3754
16
1754
6834 6854
2755 2754
109 109
27.4 28
32
37
194 2454
100 100
9654 964
9756 9754
112 112
94
94
324 34
95 103%
8634 93
2955 3834
2454 24%
265 275
40
40
39
50
30
50
10,600
2,700
1,333
3,500
200
328
150
3,600
2,050
32
100
15
250
13,850
27,500
385
226
100
50
150
3,050
5,200
3,850
13,800
10,500
410
200
9354
49
15
45
27
5654
165
7%
3%
45
119
37
1234
65
25
109
2754
1334
231
9854
9554
97%
10834
94
1834
4734
6654
3
244
246
39
July
Nov
Nov
June
Aug
July
Jan
Jan
Feb
Mar
Jan
Oct
Aug
Aug
Feb
Nov
Nov
Jan
Jan
Nov
Nov
Oct
Feb
Nov
Jan
Jan
Oct
Jan
Nov
Jan
Apr
100
65
44
56
39
8054
200
17
10%
50
122
4754
234
90
34
1104
424
37
424
105
99
101%
11354
94
3734
110
93
3634
26
345
45
Ave
Jan
Jan
July
Jan
Nov
Oct
Sept
Apr
Sept
Sept
Oct
Oct
May
May
June
May
Nov
119%
36
58
163
5654
53
7954
80
32
4014
5254
73
3154
4454
12051
19
79
51
65
10054
2234
27.34
334
10234
1854
52
15
5011
534
4
4154
43
2854
42
54
Oct
June
Oct
Jan
Feb
Feb
Oct
Oct
Nov
Feb
Feb
Jan
Sept
Nov
Jan
Aug
Mar
Feb
June
Oct
Oct
Oct
Mar
Nov
June
Nov
Apr
Nov
Nov
Jan
June
June
Nov
Oct
Jan
Oct
Oct
Jan
125
394
58
181
56%
Oct
Oct
Nov
Apr
Nov
32
12
31,250 102
23,150 29%
4,600 404
144 134
30,300 12
650 42)4
7,850 4454
10,850 42
1,050 2956
950 39
40 474
19,700 28
100 30%
1,200 40%
44.050 6551
7,250
74
50 75
230 50%
6,460 434
25 97%
2,450 2154
1.800 2754
250
3
350 102
1,050 14
250 50
44,950
834
1,050 47
850
334
600
2
23,400 2454
800 30)4
5,600 2754
350 39
1,550 2354
150 35
3434 5,200 32
2,450 1054
13
8334
83
32
4454
56
73
3254
444
1414
29%
96
54%
70
114
2254
28
454
10234
18%
53
15
50%
534
5%
4354
43
2834
4454
60
4334
3755
2251
Nov
Nov
Nov
Sept
may
Nov
Sept
Nov
Oct
Oct
Jan
June
Sept
Mar
Oct
Oct
July
Nov
Nov
June
Nov
Nov
Nov
Oct
Oct
Nov
Nov
Apr
May
Oct
Oct
31
105
3454
16454
1204
101%
102%
1264
95
15,950 15%
35
100 100
105
3656 9,350 34
6,075 123)4
172
1,155 11634
12354
102%
810 9334
10 99
102%
127
100 122%
95
70 84
Jan
June
Oct
Jan
Jan
Jan
Mar
June
June
35
108
38%
172
12554
10254
108
13054
1104
Nov
Sept
Oct
Nov
May
Nov
May
May
Jan
89
101
9715
50
4154
10654
93
54
230
2834
93
5654
5754
72
43
138
3434
354
44
14
37%
55
4354
90
103
974
50
44
10654
95
57
240
2954
9354
58
6934
7254
50
138
3934
634
48
15%
39
56
4334
Oct
Aug
Oct
Oct
Feb
May
July
June
Sept
Apr
Jan
Nov
July
Nov
Nov
Aug
Jan
Jan
Jan
Nov
June
Jan
Jan
8934
107
107
55
45
112
101
59%
249
38
95
$754
694
7234
50
139%
42
634
67%
3354
4434
574
5031
June
101
76
76
33
25
23
4154
44
17254
101
12
89
1,350
88
1,500
35
3,700
27
12,500
25
2,100
44
5,950
5855 4,400
216
28,600
Sept 105
Aug 101
Aug 102
July 36
27
Nov
Jan 2734
Oct 44
July 5854
Jan 216
Feb
Oct
Oct
Sept
Nov
May
Nov
Nov
Nov
111
3334
4554
160
51
514
6934
70
3154
40
5234
65
314
40%
93
1734
79
51
58
1004
22
2754
3
102
1754
5054
11%
47
334
4
37
41
27%
42
49%
66 90
146 9851
20 97
200 50
2,450 30
150 95
25 93
1,250 3154
500 160
1,400 24%
300 3814
500 5651
12,900 28%
400 72
24,950 344
75 132
14,650 2/54
29,700
354
3,500 373.4
2,800 14
1,600 28
3,700 3254
50 29
99%
31%
314
26
25
20
3854
3151
5444
oat
May
July
May
May
Nov
Oct
Ott
Nov
Nov
Nov
May
Apr
Apr
May
Sept
Oct
May
May
Aug
Nov
Nov
MAY
Oct
Ape
Nov
Nov
Nov
Apr
May
Nov
May
Apr
May
Oat
Oct
FINANCIAL CHRONICLE
Nov. 17 1928.]
cot,0..- ..
,
,00.00,P..4
000 04 Q,.
,
0000. O000.010
18651
186
11531
160 163
325 33251
12051 1203-I
52
50
iisg
to
. -Ir
:
to
to
High.
2
951 Nov
36
Nov
2951 Nov
13951
1593j
103
3851
262
111
41
Jan
Jan
Aug
Jan
Apr
Jan
Aug
2651
3134
2551
30
10
Nov
Sept
Sept
June
Nov
29
104
53
50
4851
2451
23
98
89
83
3051
96
4251
30
851
2751
45
22
12451
26
13
5851
25
244
23
37
Aug
May
Nov
Nov
Mar
July
Aug
Oct
Aug
Aug
Apr
Nov
Nov
Nov
May
Nov
June
July
Jan
Jan
Feb
June
June
Aug
June
Oct
31
Nov
46
Oct
3051 Nov
191
191
125
187
33251
128
85
Aug
Aug
Aug
Oct
Nov
Apr
Oct
32
Nov
43
Nov
40
Nov
4731 Oct
2034 Jan
41
110
65
5051
95
164
265
10451
98
107
5434
96
59
3134
1651
2
851
8151
27
146
3451
27
70
3151
7
3931
56%
May
Nov
Nov
Nov
Oct
Nov
Sept
Mat
Apr
June
May
Nov
No
Nov
Oct
Nov
Oct
Sept
No
Feb
Oct
Oct
May
May
May
Sep'
Range Since Jan. 1.
Low.
High.
20 6334
U S GYPsum
4334
25% paid
Utah Radio Products corns 5951
Vorclone Corp Part Pref-• 50
• 2651
Wahl Co com
Walgreen CC
Cam stock perch warr.• 59
Preferred 644 %- -100
Ward(M)& Co
• 12551
Class A
Waukesha Motor com_ •
• 33
Wayne Pump, corn
Convertible preferred_ •
West P L & Tel 7% pf._100
• 5051
Wieboldt Stores, Inc
Wilcox-Rich cony pf A • 42
* 3851
Class B
Williams 011-0-Matic cam* 18
Winton Engine con pref_..' 72
• 40
Wisconsin Parts com
Woodworth, Inc, pref. •
Yates
-Amer Mach part pf• 2534
Yellow Cab Co Inc (Chic)• 3151
Zenith Radio Corp com._• 209
125
172
33
44
100
50
38
3551
17
6051
37
39
2251
3151
200
127
200 121
174
90 66
550 32
3434
44
50 44
101
200 97
51
1,900 50
42
3,500 35
40
2,900 3151
18
2,050
634
72
16,600 4251
41
750 27
40
100 33
26
37,600 12
32
900 2934
22034
3,900 3534
Mar
Mar
June
Nov
Sept
Nov
Oct
Oct
Jan
Sept
Aug
Jan
Apr
Sep
Feb
Bonds
1927
Chic City Rys 5s
100
Chicago Mill 1st 68
1947
Fed Pub Ser 6s
Gen'l Vending 10-yr 681937
Hardwood Timber 1st 6a.._ 100
100
Pacific West 011 6518
Pettibone Mulliken 68 1943
1938
Saxtet 1st 65 A
StandTelCo530"A"...1943
1938
Debenture 68
83
100
99
89
100
100
99
10251
95
97
83
$4,000 8251
100
5,000 100
99
7,000 99
89
2,000 89
100
5,000 100
100
5,000 100
99
5,000 99
10251 2,000 100
95
10,000 95
97
10,000 97
Sept
Nov
Oct
Nov
Nov
Nov
Nov
May
Nov
Nov
1110
1 /VI
6231
43
58
46
26
66%
46
6251
51
28
49
59
106% 10634
6,950
1,700
9,150
9,450
6,200
55
35
21
40
851
Aug
Oct
Aug
Aug
Mar
3,950
5
Jan
50 10044 Feb
KflAll
1 NI
la..
288cA88282V
3334 37
• 37
Bangamo Electric Co_ - - 100
109 110
Preferred
65
53
Saunders class A cona.---• 65
50 50
Preferred
50
50
• 64
Sheffield Steel com
60
64
Sonatron Tube Co corn_ _.• 16051 144 164
25
So Colo Pow El A corn_ _25 25
2551
993j
S'west Gas di El 7% pf.100 9951 99
Southwest Lt & Pow pref.*
8934 90
Spiegel May Stern6lo%p100
9745 9851
Standard Dredge cony pf.• 44% 43
4651
Standard Tel pref 17
96
•
96
* 5834 47
Steinite Radio Co
59
StorkIlne Fur cony pref.25
30
3151
Studebaker Mall Or oom_b 13
1251 1351
2834 2751 2851
Preferred
Super Maid Corp cora____• 7351 7151 75
Sutherland Pap Co,com_10 2331 2351 24
100 139
Swift & Co
13834 146
15 3214 32
Swift International
3351
Tenn Prod Corp, corn _.• 2551 25
2534
25 66
6351 6734
Thompson (J 10 com
12th St Store (The) pfd a • 2634 26
2951
4
4
Stock par warranta
451
Unit Corp of Am pref_.._.• 3851 3451 3851
Un Repro Corp part pf A..* 38% 38
39%
to
32
43
40
46
13
0:.
to
to
a..w. ..-3.
,
w..mmm
4-4©tocoltoaa
2951
38
38
43
10
000.-00.0.00
g8g 8888888888 200.0....000
185
185
Low.
Friday
Sales
Last Week's Range for
Sale
ofPrices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
itstg tt wasttttttptss gtggwastt,
mzcto zN got5z0000z z. -, zzzzzz
,
, z-,,
x x
x
2951 3051
3741. 4051
2951 3051
Range Since Jan. 1.
2g2283=g4Mg
84222 22 .. .
C.
.
''
Poor & Co class B com_ __• 30
• 3851
Potter Co(The)corn
2931
Process Corp
Pub Serv of Nor Ill
100 186
Common
•
Common
100
6% preferred
•
Q-R-13 Music Co corn_
Quaker Oats Co.corn. •
100 12051
Preferred
• 5051
Raytheon Mfg Co
Reliance Mfg
10 313j
Common
Rich Prod Corp cl "A"....* 43
• 3951
Class "B"
Rosa Gear & Tool corn.- _• 45
Ryan Car Co(The) com.25
mom
on
...
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
2803
*No par value.
Pittsburgh and San Francisco Stock Exchanges-For
this week's record of transactions on the Pittsburgh and San
Francisco Exchanges, See page 2778.
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 (Nov. 10) and ending the present Friday (Nov. 16) (Friday). 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.
Week.
Par Price. Low. High. Shares.
Week Ended Nov. 16.
Stocks-
Indus. & Miscellaneous.
•
Acetol Proct Inc A
25
Acme Steel com
Acoustic Products com_'
•
Adams-Millls Corp
*aro Supply Mfg el A-•
Claes B
Agfa Ansco Corp com__ _.•
50
Ala Ga Sou 11.8 ord
Alles & Fisher Inc corn_ •
•
Allied Pack com
100
Prior preferred
Allison Drug Stores el A- *
Class B
Range since Jan. I.
Low.
21%
21
21%
800 21
106 106
300 83
18
19% 45,900 17
31
34% 5,000 24
3734 45%
900 14
37% 43
700
8
34% 36%
1,500 33%
151
160 150
157%
30% 31%
500 26
2%
2% 2% 7,400 76e
12
1,100
17%
6%
8% 834
200 '8
6
4% 6
4,000
334
18%
32%
45
43
36%
Alpha Poru Cement corn.• 49
Aluminum Co. corn
• 13651
Aluminum Ltd
* 10651
Aluminum Mfg common.*
Amer Arch Co
100 49
Amer Bakeries class A _.• 52
Am Brown BoverlElecCorp
Foundersshares
•
8
Amer Chain corn
Amer Cigar, corn
100 146
Amer Colortype, corn 100
Amer Com'l Alcohol
Common v t c
100 8551
Am Cyan corn cl B
20 4451
Amer Dept Stores Corp.* 1935
American Hawaiian SS_ _10 23
Amer Laundry Mach corn' 96
Amer Mfg Co, com_ _100
Preferred
100
• 10744
American Meter Co
Amer Milling corn
10
Amer Rayon Product..' 1951
Amer Rolling Mill. oom.25 10035
Amer Smelt & Ref New common w I
• 94%
Am Solvents& Chem,v t os 25
Cony partio preferred...* 4334
American Stores com
• 9354
Amer Thermos Hot cl A_ •
Amer Thread prof
5
354
Amsterdam Trading Co
American shares
Anchor Cap Corp com___* 5151
• 11014
$6.50 cony pref
Anchor Post Fence corn,,' 3851
Anglo-ChB. Nitrate Corp * 30
Apponaug Co com
• 7051
100
651% cum pref
Armstrong(Cork new MO •
•
Arundel Corp
Aseoclated DY. & Print._• 2951
Associated Laundries c1A-* 1351
Atlantic Fruit & Sugar__ _•134
• 82
Atlas Plywood
Atlas Portland Cement_ •
Auburn Automobile. corn.' 11351
Aviation Corp of the Amer* 3431
Axton-Fisher Tob corn A 10 35
Babcock SIC Wilcox Co _ _100
14
Bahia Corp common...
25
Preferred
Balaban & Katz corn via'26 86
Baneltaly Corporation...25 12735
•
Bastian Blessing Co
Baumann (Lud) & Co
100
Preferred
5
Bendix Corp, new
•
Benson & Hedges com_
•
Cum cony pref
4731
Blauner's
25
Blaw-Knox Co com
• 4734
Bliss(E W)Co com
Blumenthal (El) &Co com_• 82
10
Blyn Shoes Inc corn
47
136
106%
124%
48%
49%
50%
13734
107
124%
49%
52
8
9%
30% 30%
145 147
35% 36
83%
41%
19%
22%
92
49%
66
105
14%
19
9834
86
45%
21%
24%
96
50
66
107%
14%
19%
103%
91%
23%
39%
92%
21%
31.11
94%
25%
44%
94%
23
3%
1,900 36
400 120
1,100 80
300 35%
1,800 46
700 49
High.
Nov
31%
Jan 108
Oct 21%
July
34%
Jan 75
Jan 50
Nov 42%
Oct 184%
May 34
Aug
6
Mar 24
Aug 21%
Aug
15%
Feb 50%11Nov
Jan 197% May
Jun 134
Sept
Nov 3631 Jan
Jun
70
Jan
Jan 59
May
434 Fe
2,300
100 30
Oc
Oc
800 125
200 23% Fe
14
May
45
Jan
162% Apr
40
Sept
2.400 77% Oc
87%
15,000 y3044 July 5344
16,500 1844 Jan 2434
3,600 1559 Jan 25%
Aug 108
50 92
75 3634 Oct 80%
100 60
Aug 80
125 105
Nov 124
May
200 12
15%
21,600 13
Mar 24
11,100 8234 June 114
12,500
11,500
14,800
17,800
300
2,100
9144
1151
2552(
9234
10
2
114
Feb
Oct
Oct
Nov
May
May
Sept
May
Jan
Oct
Oct
Jan
Jan
Nov
Jan
Mar
Nov
Feb
Jan
Nov
May
June
Oct
Jan
Jan
Jan
Feb
Oct
June
Jan
94%
28%
444(
95%
23
VII
Nov
May
Nov
Nov
Nov
May
31
49%
110%
36
30
70
99
57%
39%
28%
13%
144
79
41%
110%
3234
35
120
1334
14%
8034
124
46%
31
100 31
Nov 4334
51% 4,600 4244 Oct 52%
112
1,900 102
Oct 11444
39% 4,600 12% June 3941
37
4,700 26% Feb 51
73% 4,700 30
Aug 73%
99
100 9834 Oct 101
60
475 52
Aug 66
100 38
39%
July 5144
30% 4,400 26% Sept 33%
14%
400 13% Nov
15
1% 11,500 60c Sept
1%
82% 4,900 z6344 Jan 9344
44% 1,600 38
Feb 47%
2,700 8044 Sept 143
113%
35
8.200 28% Oct 35
36% 1,10
2131 Sept 514(
120
55 11744 Mar 128
14%
1,100
6
Feb 17%
15%
300
944 Feb
19%
87
7,50
60
Dec 104
12734 19,30 s1/9% June 223
47%
600 28
Mat 48%
Jan
Nov
Oct
Nov
June
Nov
July
May
May
Oct
Nov
Oct
may
Apr
Mar
Nov
Apr
May
Sept
June
Oct
Apr
Oct
98%
118
17%
2644
47
127
4544
73
34
,
1
98
124%
1744
2634
473(
127
48%
82
3%
June
Oct
Mar
Jan
Nov
Nov
Oct
Nov
Jan
100 97
900 99
200 15
10
24
20
47
10 103
8,900 16%
9,000 26
1.100
134
Oc 102
Oc 130
Aug 24
Oct 31%
Nov 47%
Ma 127
Mar 60
Mar 82
Aug
434
Friday
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par.
Low. High. Shares.
Boeing Airpl & Trans corn..
Pref with warrants...50
Bohack (1,1 C) Co com_ •
Bohn Aluminum & Braes.*
Botany Cord Mills com_ •
Brill Corp,class A Class B
Preferred
•
Brillo Mfg com
•
Bristol-Myers Co com
ord bear...LI
-Am Tob
Brit
British Celanese
Amer deposit receipts.,.
Budd(E 0) Mfg corn _ _•
Bullard Mach Tool
20
Butler Bros
Buzza Clark Inc corn ____*
Camp. Wyant & Cannon
Foundry
Canadian Indust Alcohol.*
Carnation Milk Prodcom25
100
Casein Co of Am
•
Caterpillar Tractor
Cavan-Dobbs.Ino„ corn _•
651% pref with common
purchase warrants_ _100
Celanese Corp of Am corn •
100
First preferred
100
New preferred
•
Celluloid Co common_
First preferred
•
Celotex Co corn
100
7% Preferred
50
Cent Aguirre Sugar
Centrirugal Pipe Corp...•
•
Chart, Corp
•
Checker Cab Mfg com
50
Chic Nipple Mfg B
100
Childs Co pref
Cities Service,common_ _20
100
Preferred
10
Preferred B
City Ice & Fuel (Cleve)-•
City Machine & Tool com •
City Say Bank (Budapest)
American shares
Clark Lighter cony
-lub Aluminum Utensil...I
Colm-Hall-Max Co
•
Colgate Palmolive Peet
Ex-stock dividend
Colombian Syndicate
Colts Pat Fire Arms Mfg 25
Columbia Graplioph Ltd
Am dep rote for ord stk._
Ex 35% cash di 100%
stock dividend
Consol Automatic
Merchandising v$o----•
•
83.50 preferred
Consolidated Cigar warr _
Oonsol Dairy Products..
Consol Film Indus. oom •
•
Consol Laundries
Cons Ret Storm toe,com _•
Consolidation Coal corn 100
Cont'l Can new corn w L.*
•
Coon(W B) Co com
7% pref with warr__100
Copeland Products 100
•
Class A with warr
Coty Inc new w I
Courtaulda Ltd Amer deD
recta for ord elk reg.El
Crocker & Wheeler corn 100
100
Preferred
Crosse dr Blackwell
.•
Prof with warrants.....
Crowley Milner & Co corn•
67%
67
Range Since Jan. 1.
Low.
High.
67%
67%
69
74%
28
8434
2914
58%
69%
69
72%
5
25
7%
90
28
82%
29%
5,200
6,800
100
6.900
200
1,200
1,000
10
600
3,000
1,700
55
57
58
83%
134
18
6%
90
14
65
25%
Nov
Nov
Sept
Jan
Oct
(let
Oct
Jan
Jan
May
Jan
75
703‘
69%
87
5
3444
1744
95
3234
86
35
Nov
Nov
June
June
Nov
Jan
May
Aug
Oct
Oct
Oct
9
3634
87%
35%
14%
844
31%
85,
29%
13%
11% 10.800
37% 2,800
900
8844
36% 21,300
14%
400
8%
15
43
2034
1334
Nov
June
Jan
Apr
Nov
334(
4
034
99
3644
20%
May
Oct
Sept
Nov
_Mar
June 75
Feb 50%
Jan 66
Jan 226
Jan 8544
Apr 43)1
Nov
Apr
MAY
Mar
Aug
June
Nov
Nov
Aug
Nov
Nov
Sept
Feb
Feb
Feb
June
July
Mar
Aug
Jan
Jan
Jan
Jan
Jan
Nov
June
May
Jan
Oct
Feo
Feb
Oct
Sept
June
Jan
Oct
Oct
Jan
Nov
Nov
72%
27%
84%
43%
48%
160
80
80
33% 33%
64%
2731
834
90
2844
84%
31
75
11,200 88
1,000 36%
4631
49%
200 30
160
20 156
82
200 53
34% 2,300 8154
105 107
1,000 105
51% 57% 35,100 51%
122 129
1,200 115
400 97
97 100
69
7Ce
1,300 69
200 105
107% 10851
69
68
69% 1,650 49
88% 89%
200 80
150% 155
1,850 116%
9%
8% 9% 5,400
83(
33
33
35
1,700 2734
54% 5334 60% 40,400 20%
1% 1%
10
1
105 107%
60 943.4
73%
26,900 54
1,50
9945 993' 99%
9434
200
934 9%
8%
56% z5634 57%
600 3634
32
32
1,900 32
32%
52%
112%
103
1804
10234
122
132
7351
9044
164
1234
4031
81%
334
110
74%
103xmay
954 Apr
6034 Sept
33
Nov
25%
34
55
17%
33
42
200
2,200
2,700
200
55
Sep
17
Aug
2734 Aug
2334 Jan
5531 Sept
Apr
37
8834 Jan
Sept
60
84%
1%
48%
84
86% 2,300
1311 144 17,000
46% 48% 2,100
Oc
81
1111 Nov
2934 Jan
92
Oct
234 MAY
55% Oct
65% 74% 395,700
493(
74% Nov
55
25%
35%
43
1434 153( 9,300
734
42% n43%
1,100 4244
9% 13
2.500
5%
45
47% 7,600 21
17% 19
7,900 12%
20
21% 17,500 14
31% 33
1,600 26%
22
22
100 22
65
2,800 61
62% 61
200 4134
41% 4144 41%
10134 101%
200 10134
15
43
1234
45%
17%
21
19%
75%
17% 20
3.900
74% 76% 30,800
2131 20% 21%
134 136%
135
100 100
900
350
10
54% 56
54% 56%
1,700
1,300
54%
Oc
Ant 15%
Nov 48
July
13
Jan 51
Sep
1934
July 23
Aug 37
Nov 32
Nov 65
Oc
42%
Oc 10114
754 Jan
74% Nov
20
23
83
Oct
Aug
Nov
Oct
Feb
Oct
Oct
Apr
Nov
Oct
Oct
24
Oct
7631 Nov
Oc
24% May
Jan 150
Sept
Jan 100
Nov
51
Oct
3444 Jan
58
Nov
5754 Oct
2804
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Corainueof) Par. Price. Low. High. Shares.
Cuneo Press ccmmon_ _ _10
634% pf with warr_ _100
• 221
Curtis Pub Co corn
$7 cumul preferred •
Curtiss Aeropl Exp Corp..'
Curtiss Flying Sere Inc..' 1734
Davega, Inc
• 38%
Davenport Hosiery Co...' 20
Davis Drug Stores allot etre
Deere & Co,common.._100 490
De Forest Radio. VI e____• 28%
Detroit Motorbus
10
Dictograph Products new.' 27
Dixon (Jos) Crucible_ _ _100
• 3934
boomer Die-Casting
Dominion Stores Ltd____• 143%
Donner Steel prior pref._ _ _
96
Dubiller Condenser CorP-•
435
Duplan Bilk Corp. corn._' 26
8% cure pref
100
Durant Motors. Ino___ _• 14%
Durham Dupl Razor pr pref
with cl B corn pur war100 44
Duz Co Inc el A v t e_
•
Eastern Rolling Mill
• 31
Economy Grocery Stores •
Educational Pictures Inc
PI with corn pur warr 100
Elea Household Mil__ _10
Elec Shovel Coal par pf_..• 52%
Evans Auto Loading CI B
Ex 100% stock dividend 53%
Fageol Motors corn
10
454
Fairchild Aviation class A• 2454
Falardo Sugar
100 119
•
Fandango Corp corn
6
Fanny Farm Candy Shops.
Fansteel Products Inc,...' 14%
Fedders Mfg, Inc. el A.__' 4534
Federal Mogul Corp
• 25%
Federal Screw Works..._' 53%
Federated Business Pub
1st pref without warr _
--2534
Federated Metals tr
Filene's(Wm)Sons Co.._' 7611
6 % cum pref
100 10555
Fire Assn of Philo
10
Firemen's Fund Ina_ ___100 120
Firestone T & It. corn...10 180
100
7% Preferred
Fokker Air Corp of Amer_ _
22%
Follansbee Bros Co com_.• 5935
Ford Motor Co of Can_100 624
Forhan Co,Cl A
3735
Foundation Co
.• 12%
Foreign shares class A.
Fox Theatres class A corn _• 2935
Franklin (H H) Mfg com.• 28%
Preferred
100 9531
435
Freed-Eiseman Radio ._•
French Line_ _600 Francs
Amer she rep corn B stk. 50%
Freshman(Chas) Co
• 13
Fulton Syiphon Co
• 52
Galesburg Coulter-Disc •
Gears & Forging clam B__• 14%
General Amer Investors..' 66
General Baking corn ____•
9%
Preferred
• 76%
Gen'l Bronze Corp corn ._• 4734
General Cable warrants
Gen Elec,Co of CA Britain
American Deposit rots_ _
Gen Fireproofing
_• Gen'l Laundry Mach oom • 2735
General Mills Inc, corn_ _.• 78%
Gilbert(A C) Co corn _ _• 19%
C G Spring & Bump com •
Gleaner Comb Harvester.' 93%
Glen Alden Coal
• 153%
Gobel (Adolf) Inc oom_ •
Godchaux Sugars
• 34
Goldberg(S MtStores corn'
$7 pref with pur warr •
• 13%
Gold deal Electrical Co..
Gotham Knitbac Mach..' 2055
Gramophone Co Ltd
£1 64%
Am dep recta ord
Granite City Steel corn...' 3735
Gt Atl & Pac Tea 1st pf 100
Greenfield Tap & Die coin • 1135
*
Greif (L) dr Bro corn
Preferred X
100
Grigsby-Grunow Co new.' 114%
Ground Gripper Shoe Co
Allot ctfs for com & pref. 65%
Hall(C M)Lamp Co_
_• 2235
Hall(W F) Printing_ ___10 29%
Hanes Knitting class B_ _ _ _
17
Happiness Candy St el A.*
5%
Hartford Times part pref_' 45
Hart
-Carter cony pref...' 3555
Hart
-Parr Co corn
• 55
125
Preferred
• 42
Hazeltine Corp
Hellman (Richard) WAIT- 19
Henney Motor Co coin_ •
Hercules Powder com__100 346
Preferred
100
Ileyden Chemical Co_ _ _ ..*
Hires(Chas E)CIA corn
31%
Hormel (George A) Co..._
• 39
Horn(A C)Co corn
7% let pref
50
* 58
Horn &Hardart corn
Houseb'd Finance part pf50 50%
• 2834
Huyler's of Del corn
• 53%
HYgrade Food Prod corn.
Imperial Tob of Canada 5
imp Tob of Gt Brit & Ire el
Instil Co of North Amer_10 82
Insurance Securities_ ___10 31%
Internat Cigar Machinery
Internal Nickel Co of Can • 33%
Internal Products cora_ _ _• 12
100 81%
$6 cum pref
Internal Projector Corp..
Internal Safety Razor B.* 41%
International Shoe corn..'
Isotta-Fraschlni ware
176
• 39%
Joeke Bros corn v t o
• 115%
Kalamazoo Stove Co
Kellogg Switchb'd & Sup 10
Kernaley Milbounl& Co..' 20%
28%
Ctfs of deposit
Keystone Aircraft Corp..' 53
Kimberly-Clark Corp,corn• 53%
Kinnear Stores Co corn..' 29
Klein (D Emil) Co corn_ _• 27
• 333'
Knott Corp,corn
Kobacker Stores corn....' 41
50
50
100
94% 94%
100
216 221
325
117 117%
300
24% 27% 1,300
17% 18% 14,700
38
39% 3,500
1935 20% 1,700
57
57
700
480 500
475
25% 38% 406,200
935 9%
100
22
27
3,000
171 172
30
36
39% 5,400
140% 143% 5,400
96
96
10
435 4% 2,500
24% 29% 3,300
102% 102%
100
14% 15% 14,600
Range Slate Jan. 1.
Low.
40
9434
17134
115
1935
14%
30
10
57
22015
tel
8%
19
155
15%
104%
80
234
20
10034
935
Feb
Nov
June
June
Aug
Oct
Mar
Mar
Nov
Jae
Jan
Jan
Nov
Oct
Feb
Jan
May
Apr
Aug
Nov
Mai
59% Oct
10334 June
Nov
221
119% Feb
May
44
19% .Sept
Jan
51
21% Nov
5734 Nov
500
Sept
36% Nov
15% June
Nov
27
Apr
196
4634 Sept
144% Oct
Nov
96
5% May
29% Nov
110% June
1934 Oct
41
4%
22
17
Nov
Apr
Feb
Sept
59
Feb
9% May
34
Oct
19% Nov
78
16
43
July
Mar
July
Mar
97
3534 Nov
Oct
55
44
44
534 535
30
32
19% 19%
100
200
500
100
85
85
34% 35%
52% 54%
75
2.500
2,000
52%
434
24
117%
4%
31
14%
45
24
48%
2,700 44
434
1,000
3,400 24
550 116
3
2,400
500 28
6,300 12
1,900 2731
500 23
6,700 33
56%
26%
124%
636
31
16%
46
25%
5334
High.
27% 27%
200 26
24% 2534 2,700 14
5,400 5234
70
80
900 105
105 106%
53
1,300 4734
51
120 120
300 105
179 183% 1,400 166
350 105
10631 1073'
2134 23
10,400 21%
9,500 45
56% 60
630 510
605 624
3034 38% 5,600 23
Oct 56% Nov
Aug
6% May
Nov 29)4 Oct
Sept 16534 Apr
Apr
June 10
Aug 44% Jan
Jan
Feb 35
Feb 5034 May
Oct 25% Nov
Oct 5234 Nov
Nov
Mar
Sept
Nov
Nov
June
Mar
Nov
Nov
Oct
Jan
Jan
30%
25%
80
107%
84
128%
238
112
23
62
698
38%
Aug
Oct
Nov
Sept
Apr
Jan
Jan
Jan
Nov
Nov
May
Nov
20%
3334
3034
9734
7
May
Sept
Sept
Sept
MAY
7134
47% 50% 1,000 42
July
15%
11% 13
5% Feb
93,300
48
52
500 2734 Mar 52
96 101%
800 r47% Jan 112
14
Oct 15
14%
400 10
77
60% 6735 20,000 56% Feb
17
635 Apr
9
934 67,700
75% 76% 9,800 72% Oct 86
47
50% 6,600 35% Jan 633‘
20
July 25
25
4,200
8
Mar
Oct
Nov
Oct
Nov
May
May
May
May
Nov
11%
28
28%
95%
4%
13
2,500
2955 95,500
28%
100
100
9534
5
2,300
9
Aug
1735 mar
13% Mar
85
may
154 Feb
10%
May
June 125
33
Jan
Sept 81%
Aug 21%
1234
Aug
Nov 9334
Oct 169
Sept 52%
July 34
Nov 3434
Nov 100%
June 17
Nov 20%
Aug
Nov
June
Nov
Sept
Mar
Nov
Jan
Nov
Nov
Oct
Oct
Jan
Sept
84
68% 32,300 55 June 73%
37
Oct 41
41
22 600 27
116 116%
70 115% Oct 120
300
113' 12
834 June 1234
200
10% 10%
Oct 1634
8
100 97% Feb 106
100 100
111% 119% 6,300 108% Oct 123%
Oct
Nov
Apr
Jan
Jan
Mar
Oct
Oct 6554
1,600 65
900
9% Jan 27
June 3334
2,100 22
17
300 16% Nov
9%
22,000
4% Nov
100 4134 June 46%
Nov 36%
1,300 33
57,300 3334 Aug 63
750 119% Nov 13415
28,000
834 Feb 43
1034
100 1234 Apr
200 1234 Apr 53
320 192
Jan 360
30 118% Feb 125
1934
100
734 Feb
200 21% Max 26%
3
Nov
1,100 31
1,700 14
July 40%
100 44
Oct 49
1,200 5235 mar 64
5,000 4915 Nov 5434
11,100 15
Mar 30%
11,100 25% Jan 7234
400
83‘ Mar 1134
100 24% Feb 32
6,100 67% Aug 104%
44,500 24% Sept 32%
500 88
Aug 107
22,60
32% Nov 34%
1,200 11% June 15%
200 7555 June 88
4.300
6% Sept 14
2,100 25
July 4334
Feb 87
90
69
75
Aug 176
2,800 36
May 43
55 104% Nov 130%
10
May 30
9
700 14% July 23
Nov 26%
5,500 19
51,200 20
Sept 54%
15,100 50
Nov 56%
38%
500 2855 Jun
Nov 27
20
27
400 83
July 44%
July 44%
10
40
Oct
Sept
Oct
Nov
Apr
Apr
Oct
June
Nov
Nov
Sept
Nov
Nov
Nov
Oct
Aug
Nov
Oct
July
May
Oct
Oct
Oct
June
Oct
MAY
Nov
Nov
Nov
Sept
Sept
May
Oct
Apr
Nov
Jan
Mar
Oct
Oct
Nov
Nov
Oct
10
112%
27
77%
18%
6
87%
151%
48%
34
22%
95
12%
14%
200
10
834
125
2,500 99
2735 2,200 20
81% 51,300 64%
2,900 13
20
500
5%
7
•933.4 3,900 79
154
2,200 145
52% 57,700 31
34
50
9
600 22%
23%
95
100 95
14
9,400
6
20% 204,200 12%
65
65%
21% 22%
29% 30%
16% 17
4% 5%
45
45
33
35%
46
57%
119% 134%
24% 43
19
19
52% 53
340 348
123 123
15% 15%
24% 24%
31
33
37
40
44
44
5735 59
49% 5034
27
29%
52% 56
10% 11%
31% 31%
8015 82%
26% 32%
107 107
32% 3435
12
12%
81% 81%
11% 13%
4255
40
72. 73%
176 176
3955 41
104% 11534
19% 19%
18% 20%
21% 2654
41% 54%
60
54%
29
30%
27
27
3335 34
41
41
mu
Nov
Mar
Aug
[VOL. 127.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Mares.
Lackawanna Securities__ •
Lake Superior Corp..
.100
Lakey Foundry & Mach.'
Landay Bros Inc class A_ •
Land Co of Florida
•
Lane Bryant Inc com____•
Larrowe Milling
•
Letcourt Realty oom____•
•
Preferred
Lehigh Coal & Na, ___.150
Lehigh Val Coal otfs new..
Ctfs of deposit
Lehigh Valley Coal Sales 50
Certifs of deposit
Leonard Fitzpatrick &
Mueller Stores corn__ •
Libby McNeil & Libby_10
Libby Owens Sheet Glass 25
Lit Brothers Corp
10
London Tin Syndicate
Amer dep rights_ _ _reg El
Mapes Consol Mfg
Mar Steam Shov,corn
•
Marmon Motor Car corn.*
Massey-Harris Ltd corn..'
Mavis Bottling Cool Am.'
May Drug Stores Corp•
May Hosiery Mills $4 pf •
McCord Rod & Mfg v t
McKesson dr Robbins corn'
Preference series A _ _50
McLellan Stores cl A
McQuay Norris Mfg corn.*
Mead Johnson & Co corn.'
Mercantile Stores Co_ _100
Mergenthaler Linotype *
Mesabi Iron
•
Metropol Chain Stores...'
Met 5 & 50c. Stores B •
100
Preferred
Michigan Steel Corp
•
Midland Steel Prod
•
Midvale Co
•
Miller (I) & Sons corn____•
M inneapolts-lioneywellRegulator common _ ___•
Mirror(The)7% pref 100
Mock, Judson Voehringer•
•
Modine Mfg
Mond-Nickel Amer dep rots
MonsautoChemWks com95
Montecatinl MM & Agri
Warrants
Montgomery Ward dr Co
•
Common w
Moore Drop Forge el A__ _•
Murphy (G C)corn
•
Nat Baking, corn
•
Nat Bancservice Corp...*
Nat Dairy Prod pref A_100
Nat Food Products
Class A with warr
Class B
10
National Leather
•
Nat Mfrs & Stores
•
Nat Rubber Mach'y
•
Nat Shirt Shops Inc
Nat Sugar Refit
100
New wi
•
Nat theatre Supply corn.'
National Tile
•
Nat Trade Journal, Inc..'
Nauheim Pharmacies corn •
Convertible preferred..'
Nebel (Oscar) Co corn- •
Nehl Corp corn
•
let preferred
•
Neisner Bros com
•
Preferred
100
Nelson (Herman)Corp__ .5
Neve Drug Stores corn _ _•
•
Convertible A
New Mex & Ariz Land_ _ _1
New On Cr Nor RR_ _100
Newport Co pricr com_100
*
Newton Steel corn
•
N Y Auction corn A
50
N Y Hamburg
N.Y.Transi ortation_ _ _10
•
Niagara Share Corp
Nichols& Shepard Co__ _ _•
Stock punch warrants_
-Pond corn.'
Niles Bement
Noma Electric Corp corn •
North American Cement.*
Northwest Engineering..'
•
Novadel-Agne corn
Oakes Prod, cony A
•
Ohio Brass class B
Ontario Mfg
Pacific Coast Biscuit pref.*
Paramount Cab Mfg corn.*
•
Parke Darts Co
Fender(D) Grocery Co A.'
•
Class B
Penney (J C)Co CIA of 100
Peoples Drug Store, Inc_ •
100
Pepperell Mfg
Perfect Circle Co corn _ •
25
Perfection Stove
•
Pet Milk corn
Phelps Dodge Corp..._100
PhiHype(Louis)Inc com •
Phil Morris Con Inc corn.*
25
Class A
Pick (Albert). Barth & Co
1
Common v t c
Pref claw A (partio,A pit'
Piedmont & Nor Ry_ _100
Pierce Governor CO
Piggly Wiggly Corpoom-s
•
Pines Winterfront cl A _ _5
Pitney Bowes Postage
•
Meter Co
Pittab & Lake Erie corn _50
100
Met> Plate Glass
•
Potrero Sugar corn
•
Pratt & Lambert Co
Procter dr Gamble corn-20
Propper Silk Hosiery Ino.•
Pyrene Manufacturing_ 10
Radio-Keith-Orpheum A.*
Rainbow Luminous ProdA•
25
Raybestos Co corn
Realty Associates corn- -•
5
Repetti, Inc
*
Republic Mot Trk vtc
Reynolds Metals, corn...'
Preferred
Rich Tool, corn B
Preferred class A
•
17%
33
71
35
3915
160
2954
28%
51%
51
16% 18%
3434
32
26
26
12
12
71
63
2934 2934
32% 35%
3834 40
159 16434
29% 30
2834 30
49% 51%
51
52%
Range Since Jan. 1.
Low.
High.
June 55% Jan
2,200 45
18% Nov
3% Jan 38
6,800
July
June
1.900 27
100 25
Aug 2934 June
100 10% Aug 25% Feb
Nov
2,500 38% June 71
Mar 422%5
100 25
900 2534 Aug
Sept
3.200 36 June 43% Sept
3,100 105% Mar 164% Nov
Jan
400 27% Mar 39
3,300 2814 Nov 31% Sept
75 49% Oct 66% Jan
525 4934 Oct 5234 Nov
29% 32%
July 43
1,200 27
13
15%
11% 15% 17,300
Jan
9
175
16334 18234
Mar 186
1,850 1119
26% 2634 26% 3,400 23% Mar 2934
Jan
Nov
Nov
June
2134
1.300 2034
45
7,000 4034
54
1,800 38%
691‘ 18,200 38%
93
23,500 30
834
034 15,800
2934 5,400 20
39%
100 3934
2934
900 18%
45% 3,400 41%
53% 2,800 52%
57%
500 52%
56
300 39%
6434 1,000 53%
400 97
12634
350 100
loov.
3% 10,700
1%
71
3,100 54
4
500
3%
70
100 44
65
2,200 504
99%
300 8034
51
400 39
43
2,500 39
Oct 22
Oct 45
July 6034
Feb 70%
Mar 93
Nov 22
Aug 2934
Nov 48%
Apr 33%
Sept 46%
Nov 56
June 64
Mar 5934
Feb 72
Jan 152
May 114
Mar
4%
Jan 73%
7
Sept
Jan 81
Sept 65
May 112
Jan 51
Oct 43%
Oct
Nov
Oct
Nov
Nov
May
Oct
Jan
Nov
Oct
Oct
May
May
May
May
Jan
June
Oct
Mar
June
Nov
Jan
Nov
Oct
3355
95
41%
9134
2734
55
31%
95
43
9134
2734
55
33%
95
30
8434
2734
33%
31
38%
Feb
Feb
Nov
July
Oct
Jan
5%
4%
6
2
July
44%
54
68
85
934
29%
29%
56
351
71
70
6034
99%
4234
43
20%
4234
4934
6634
62%
8%
27%
39%
26
42%
53
57%
50%
63%
126
100
3%
6934
3%
70
55
98
50
4134
300
100
200
100
2,000
100
26,600
153% 14134 155
52,200 14135
66% 1,900 3534
66% 60
8154 75
81% 2,400 6234
100
534 5%
4
7234 2,300 71
7235 71
50 100
103% 10334 103%
31
12
6
40%
180
9
34%
17%
26%
25%
125
16854
243.4
133.4
2134
834
137
99
53
40%
22%
7931
61%
135%
2534
834
45
92
4534
38
50%
59%
55
5634
40%
195
34
434
834
19
54
36%
49%
180
800
3,500
100
3,100
1,600
1,400
14% 1534
14635 143% 14934
z263 290
3% 33,4
89% 63% 70
291 295
3835 3834 4034
734 7%
35% 3434 37
60% 47% 73%
64
5834 64
419 443
430
89c
76c 89c
2
234
2
39% 2734 39%
70
65% 70
39
3834 39
42
36% 42
1,800
800
170
300
11,700
125
5,900
100
45,100
82,700
15,600
180
300
1,700
4,400
8,500
1,000
700
8
19
54
3634 33%
49% 4934
173
19
6
Nov 155
Mar 88%
Jan 81
Aug 10%
Oct 74
Nov 107%
31%
400 2215 July
12% 2,900
6
Jan
6
1,100
331 Ncv
45
100 81
AV
41% 5,200 23
July
25%
600 22% Sept
Feb
182
2,125 119
Nov
45
500 44
0
Jan
9% 1,900
38
Aug
100 30
Sept
35% 2,200 30
19
400 17% Nov
26%
500 2534 Nov
Apr
100 18
2334
26% 2,900 24% Oct
6534
600 64% Oct
Apr
130%
900 73
169
450 110% Jan
2634
900 20 June
16
6,900 13% Nov
27
3,100 2134 Nov
934 3,400
7% June
35
Mar
200 25
Jan
50 114
136% 137
9635 99
1,100 6234 Aug
17% 17%
200 16
Aug
47
53
1,100 46% Oct
40% 4035
100 4034 Nov
2035 2335 11,700 12% Mar
75% 82
8,600 30% Jan
81%
56
800 1634 Feb
10735 139% 22,600 28
JEW
24% 25% 2,400 2035 June
Jan
asi 834
500
6
43% 45% 2,600 2954 Feb
32% 32%
100 3234 Oct
88
88
Sept
100 55
87
Nov
92
250 85
3335 35%
300 3154 Aug
45
45%
200 40 June
36
38
20,300 33% Nov
July
5034 5034 1,900 38
5834 5934
450 38
Jan
55
55
200 3334 Jan
102 102%
170 10134 Aug
8634 88
700 44% Ma
103 107
220 83
July
4431 57% 3,800 34% Aug
117 117
50 117
Jun
4034 41% 1,800 40% No
188 195
700 117
Feb
3434
34
600 24
Sep
334 4% 7,200
3% Nov
934
9
300
9 Jun
31
1134
3%
45
3734
24
176
44
9
38
3434
1734
2534
2334
2534
65
124%
164
2434
1334
2134
8
34
May
46
Oct
95
29
Oct
Nov
59
37% Oct
95
Nov
Nov
Nov
Nov
May
Jan
Oct
May
Nov
c
465334 MayNOo vt
318
48% Nov
25% Oct
Nov
186
Nov
1934 May.
3834 Oct
3534 Oct
28% May
37% May
26% Sera
Nov
27
8754 Nov
13055 Nov
Oct
170
3434 may
May
34
4334418 1 May
1%
149% Feb
99
Nov
y
5
16734
May
Apr
r
46
233,4 Nov
Oct
oa
87
57
106379 347:4
135203t
031 31
35%
51%
38
51
60
5
1053-1
10
80
8
Mar
NFOCceclebyttt
Oct
Jan
Nov
Sept
Oct
Oct
May
Noy
Oct
57% Nov
14734 oct
22
Jan
19934 Oct
45
Oct
10
Mar
14
Jan
8
Sept 11% Jan
1834 Oc
2235 Jan
Apr
46% Oct 67
18% Feb 37% Oct
2.1% Mal 4934 Nov
Oct
5631 Jai 196
7
139
210
3%
50
247
33
634
33%
20
47%
270%
50c.
I%
19%
60
38
38
15%
Jun
Oct 185
Feb 300
1434
Nov
70
July
Feb 300
41%
Junr
Mar 9%
37
No
7334
Aug
Aug 6434
Jan 443
Fel
1%
3
July
Sept 39%
70
Sept
Nov 39
Nov 42
Nov
Apr
Sept
Jan
Nov
May
Nov
Jan
Nov
Nov
Sept
Nov
Apr
Jan
Nov
Nov
Nov
Nov
Nov. 17 1928.]
FINANCIAL CHRONICLE
Friday
Sales
Last Weers Range for
Week.
Sale
ofPrices.
Par. Price. Low. High Shares.
Stocks (Concluded)
Richman Bros Co
•
Richmond Radiator com -•
•
7% cum cony pfd
Amer pf _100
Rolls Royce of
Ross Gear & Tool, corn_ _.*
Royal Bak Prodnewcom100
100
Preferred
100
Ruberowl Co
safe-T-Stat Co common-..•
Safety Car Htg & Ltg100
Safewav Stores new corn_•
Old fifth warr
2d series warrants
•
St Regis Paper Co
Sangamo Elec corn
Schiff Co corn
7% cum cony pf_ _100
Schulte Real Estate Co_ --•
Schulte-lJnited Se to $1 Ste•
100
Prof 2nd paid
Schutter-JohnsonCand A__
Second Gen'l Amer Inv Co
Common
•
6% pref with warrants__
Seeman Bros common__ -•
•
Belberling Rub, corn
Selfridge Provincial Stores
E1
Ltd ordinary
Serve! Inc (new co) v t e_•
100
Preferred v t c
•
Beton Leather corn
Sharon Steel Hoop
50
_•
Shaeffer(W AI Pen
*
Shredded Wheat Co
Sikorsky Aviation com___•
Silica Gel Corp.com v o..•
•
Sliver (Isaac) & Bro
100
Singer Mfg
.£1
Singer Nifg Ltd
Smith (A 0)Corp com_
Sitio. Viacom Ltd 120 lire
Deposit receipts
•
South Coast Co corn
•
Southern Asbestos
Southern Groc Stores com_
So Groc Sts cony cl A--__•
SouthIce&UtilclBCOm-.
Southern Stores Corp cl A•
Southwestern Stores corn *
*
Preferred series A
Spalding (A 0)& Bra corns
Span & Gen Corp, Ltd1
Sparks-Withington Co ___•
Spencer Kellog & Sons new
Spiegel May Stern Cots%% preferred
100
Standard Invest Corp com•
Sterna Invest $5.50 pref__•
Steel Co of Canada corn 100
Stern Bros corn class A_ •
Stern Bros. corn B v t o__ •
Stinnes (Hugo) Corp__ •
Strauss(Nathan) Inc corn •
Stromb Carlo Teleg Mfg--•
Stroock (13) & Co
•
•
Mute Motor Car
Superheater Co
•
Swedish-Amer Invest p1100
100
Swift 41c Co
16
(Witt International
Syree Wash Mach B com..•
Tennessee Prod Corp com•
Thompson Prod Inc el A •
Ttmken-Detrolt Axle
10
Tishman Realty & Constr •
Tobacco Products Exports.
Todd Shipyards Corp____•
•
Toddy Corp class A
-America Corp
Trans
Transcont. Air Transp___•
-Lux Pict Screen
Trans
•
Chas A common
Triplex Safety Glass Ltd
Amer dep rcts ord slut Li
Truax-Traer Coal
•
Trunz Pork Stores
'Fatale Artificial Bilk el B..•
'Tung-Sol Lamp Wkscorn _•
•
Class A
Union Tobacco
•
United Biscuit el A
•
Class B
•
United Carbon v t o
100
Preferred
United Milk Prod,corn_ •
100
7% cum pref
Unit Piece Dye Wks Corn,
100
63.4% preferred
United Porto Rico Sug- - •
United Profit Share com_.
United Shoe Mach corn_ _25
U S Asbestos
U S Dairy Prod class A_ •
•
U S Foil class 13 new
•
CY 8 & Foreign Sec com
•
$6 first pref
•
B Freight
20
US Gypsum Co comPreferred
•
U S Radiator corn
•
Universal Aviation
Universal Insurance_ _ __25
•
**Universal Pictures
Universal Products
Van Camp Packing pref 50
Ctfs of deposit
•
Wahl Co common
Waitt & Bond class
•
Class B
•
Walgreen Co cam
Warrants
Walker(Iliram),Gooderham
•
& Wortscommon
Warner Bros Pict pref.. _
Warren Bros 2d prof_ _50
Watson (Jno Warren) Co_•
•
Wayne Pump corn
•
Weiboldt Stores corn
Wesson Oil& 811 corn•t e•
Western Auto Supply el A•
Warrants
West Va Pulp & Pap com..•
Wheateworth. L, com.......•
I00
Wheeling Steel corn__ _100
-Mat Heat•
Williams 011-0
,
Winter (Beni) Inc corn.. _..•
Wire Wheel Corp corn new.
•
Woodworth Inc corn
•
Worth Inc cony el A
•
Yellow Taxi of N Y
Young(LA)Si & WI corn •
Range Sines Jan. 1.
Low.
10 265
352 352
352
14% 16
1434
1,800 14%
3255 3234 32%
700 32%
350 38
4534 45% 4734
44% 4254 46
7,500 30%
32,300 4735
48% 47% 50
104% 106
250 103
111
105% 113% 5,900 814
4154 40
48% 120,100 18%
125 135
150 151
8,240 14855
16834 164% 170
89
85
89
400 30
20 180
480 490
145
124 147% 60,800 60
3535 3535
100 32%
47% 49
700 26
185 190
102 110%
32
32
39
2,800 17
23% 2255 23% 2,500 17
90% 90% 91
400 7955
2434 2454 25% 1,500 24
2634 26% 27%
11454 114% 117%
6155 58% 6155
47% 47%
June
Nov
Nov
Apr
June
Oct
Oct
Jan
Mar
Jan
Oct
June
June
Jan
Jan
Jan
Jan
Jan
June
June
Oct
High.
358
27%
40%
70
4734
52%
11155
125
67
170
168%
88
489
147%
41%
47
19555
47%
28%
10054
28%
Sent
Jan
June
May
Oct
Oct
June
May
June
Mar
Nov
Nov
Nov
Nov
May
Oct
Oct
Oct
Oct
Feb
Oct
6,400 25
Oct 27% Nov
2,300 110
Oct 11655 Oct
2,800 33
Jan 66
Sept
200 3335 Feb 52% Sept
3% 3% 1,200
35(
10
1234 35,600
434
29% 42% 2,300 23
29
2935
300 26%
28% 30% 2,100 19;5
5555 51
60
8,000 30
65
65
100 6234
20
19% 20% 7.700 17%
20% 2035 22
2,700 17
7054 70
72% 2,300 39
530 569
140 428
7
7
1,800
594
165 17055
60 104
Nov
455
Jan 16%
Feb 47%
Sept 32%
May 3035
Sent 605
Oct 77
Oct 20%
Feb 29
Jan 72%
Jan 586
Jan
9
May 200
May
May
May
May
Nov
Apr
Jan
Nov
Apr
Nov
Oct
May
Aug
6% 2,400
6
5%
26% 27%
1,400 20
42% 48% 27,400 2334
30
35
200 25
34% 35%
1,200 31%
1635 1835 3,100 14%
2056 21%
000 1434
1955 20
500 18
25
25
500 25
270 278
220 8125
654 7% 27,500
234
155 159
3,000 80
3935 4135 6,500 3131
Oct 10
May 29%
Jan 4835
June 36%
Mar 4554
Oct 40
Oct 40
June 23%
June 2855
Jan 288
Feb 11
Jan 185
Sept 42
May
Oct
Nov
Oct
May
Mar
Mar
Sept
June
Oct
July
Oct
Nov
Aug
Aug
Feb
Jan
Nov
Oct
Apr
Nov
Oct
Feb
Mar
July
July
Jan
Jan
July
Mc
Jun.'
Feb
Jan
June
Apr
Sept
Nov
Nov
100
49%
107
216
66
20%
19
33
35
4734
35
178
202%
15054
34%
2934
2934
44%
26%
4734
4%
6034
27%
128
35
May
May
Sept
Nov
Jan
Jan
May
Nov
Jan
Apr
Nov
Jan
Oct
Nov
Feb
Nov
Oct
May
Oct
Sept
Feb
May
Oct
Nov
May
7
Apr
24%
27
4855
62855
15%
29%
28%
70%
33
43
96
42%
91
95
110
70
13%
77%
59%
62%
55
64%
100%
8434
100
135
48
1934
87
28
48%
Oct
Nov
Nov
Apr
Oct
Oct
Nov
Aug
Sept
Nov
Nov
June
June
May
Apr
June
Oct
May
Oct
May
Nov
Oct
Feb
jai]
June
July
Jae
Nov
Sept
Sept
Oct
12%
42%
2935
27
47%
3435
1755
2054
1955
26
278
7
158
98% 06% 98%
39
36
38%
103 106%
215 216
43% 45
15
15
9%
9
31% 30
31%
26
26
26
41% 40
4155
35
30% 35
160 160
180
180 18034
138
137% 15054
3355 32% 33%
2655 25% 2954
25
25
25
34% 3434 3535
2454 23% 2555
44% 44% 46
3% 3%
5254 52% 54%
22% 23
12755 126 128
1955 20%
20
555
5%
6
2,100
1,100
800
20
300
100
700
3,900
100
1,300
13,300
75
150
11,650
30,200
52,050
500
1,700
4,900
1,100
500
300
600
290
11,400
12,600
84
34
100
189%
43%
12
854
30
2455
38
1434
145
125
125
2551
11%
14
80
11%
33
3
4134
21%
126
18%
2% May
23
23
100 2245
27
26% 27
3,600 26%
4854 4354 48% 6,800 43%
544
531 564
330 460
15% 15% 15% 3,500 1055
26
25% 26% 1,500 19%
25% 2355 28% 08,100 23
65% 65
66%
700 54%
27% 2834
1,100 13%
41
41
43
3,400 19
96
96
96
100 6834
21% 21% 23
1,400 17
8155 8334
500 76
90
9334 1,900 52%
10535 10535 10555
100 102
42
42
10
37
12
12
12%
1,100
8%
73
74%
1,10
63%
53
54%
1,30
2754
4954 5034 1,500 2855
45
55
.55
13,40
29%
42% 2,60
41% 41
2034
9435 9435 95%
(10
94
77
3,900 70%
7134 77
62
66% 2,850 5355
130 134
134
100 12334
41
41%
500 38
17% 1734 17% 14,70
1755
79% 77
79%
50
75
26% 2554 28
1,800 13%
48% 48
30
48%
23
53%
20
82%
61
83%
57
10%
34
9255
59%
9%
5754
13%
30%
38
20
Nov
Nov
Nov
Feb
Feb
Feb
Nov
May
Feb
July
July
Aug
July
Feb
Sept
Sept
Aug
Jan
July
July
Aug
Mar
June
Feb
Aug
July
Aug
Nov
Aug
Aug
Aug
20%
27%
25%
1934
70%
47%
55
22,70
2755
10
2654
500
20% 1,400
82% 32,100
61
7,600
21
9%
2455
15
3754
16%
Oct
Feb
Jan
Mar
June
Apr
55
Nov
34
Oct
29
Apr
21
Oct
82% Nov
61
NON
8034
54%
51%
754
33
50%
91% 96,000
5954 25,80
51%
2
11
13,70
36
4,80
50%
10
3,100
60% 3,200
1134 2,100
52%
100
5755
400
93%
1,000
14%
100
15
1,700
30% 4,300
39
2,500
11
600
20
300
57% 11,300
79%
5454
51%
5
31;5
5054
67
61
4%
52
34%
34
7
11%
20%
26%
1055
1234
3144
Oct
Nov
Nov
Sept
Nov
Nov
Feb
July
Sept
Oct
Jan
Feb
Jan
June
Mar
Jan
Nov
Mar
Mar
91%
5955
5
6%
20
5234
56
96%
66%
17%
55
60
9354
21%
16
3644
4055
2354
24
57%
59
5234
57%
84%
14%
13%
29
3754
10%
1935
51%
Nov
Nov
June
Jan
sep,
Oct
Oct
Am
Apr
Sept
Oct
Nov
Oct
Apt
June
Oct
mar
Oct
Nov
2805
Friday
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
•
Zenith Radio Corp__
Zonite Products Corp own*
Rights.
Atch Top & Santa Fe
Eaton Axle & Spring
Evans Wallower Lead
Fiat
Freshman (Chas) &
General Mills
lAbbey Owens Sheet Glass_
Loew's Inc
New Haven Water
Texas Corporation
United Elec Serv bond rte.
White Sewing Mach deb rts
202 214%
3355 3134 33%
335
3
1
o2c
955
51c
58c
1155
2255
4
4%
254
9%
600
3,300
3% 6.600
135
900
49c 63,600
18 146.400
89c 136,600
70c
800
1455 6,000
24% 1,900
4%
700
5 113,900
214 3,500
935
800
Range Since Jan. 1.
Low.
High.
Oct
65
Apr 230
3134 Oct 48% Apr
NOV
Nov
Nov
Apr
Nov
Nov
Nov
Feb
Nov
Oct
Oct
Oct
3%
1%
50e
18
990
70c
1435
25%
434
5
235
1235
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Sept
Nov
Nov
Nov
Jan
Public Utilltie•-•
Amer & Foreign Pow warr _
3955 3454 39% 14,700
8% Feb
Amer Gas a( Elec corn........' 186% 184 190
19,500 117% Jan
Preferred
• 10755 10735 10735
100 103% Oct
Amer Lt & Tree corn ___100 21755 21655 22434 1,325 170
Jan
17
Amer Nat Gas corn v Ic • 17
17% 5,400 16% Oct
77
Amer Pow & Lt A pref _ •
77
200 75
July
Amer States Sec corn el A.* 13% 1355 14% 15,600
755 Mar
• 14% 14
14% 1,100
Corn class B
7% Mar
534 13,800
Warrants
Apr
Amer Superpower Corp A • 51% 47% 52
30,700 33% Aug
48
52
• 52
Class B common
18,200 3434 Aug
99% 100
First preferred
900 98 June
2254 2254
_100
Arizona Power corn
25 15
July
10655 10654
Arkansas Pow & Lt pref 100
10 10454 July
48% 5,700 84655 Feb
Assoc Gas it Elea el A.......• 47% 47
3955
190
111
249
22
87
14%
18%
5%
56
5031
105%
28
111
62%
Nov
Nov
May
May
May
May
Oct
May
May
Apr
Apr
May
Nov
Feb
May
76
4,500 5455 July 76
8% 15,400
S Jan 9%
6135 57,100 30% Jan 6154
50
19,800 81
Jan 50
2654 1,000 25% Nov 27
36
4,600 19% Jan
38
120
2,400 30
Jan 820
500 98% Nov 99%
99%
113
200 104% Jan 121%
18
1,300
Nov
18
Nov
May
Nov
Nov
May
Oct
Nov
Nov
May
Nov
16%
80c
60c
13%
23%
235
Brazilian Tr L & P new ord 71
100
Brooklyn City RR
Buff Nlag & East Pr corn..' 60
• 48%
Class A
25 26
Preferred
Central Pub •-lery or A......• 36
Cent States Elec corn...... 11854
6% pi with warrants 100
100
7% preferred
Warrants
16
Chad Companla Hispano
Amer de ElectrIcld (S A)
Amer ails for E stock..
Cincinnati Car
-Cities eery Pr iz Lt 16 lif• 97%
Comlielth Edison Co _100 200%
Com'wealth Pr Corp pf.100 10254
Cons GEL&T Bait corn.* 88%
pr pf_100
Cont'l G &
100 141
Duke Power Co
East StatesPow B corn._..• 4235
Elec Bond & Bh pref-100 10955
Elec Bond & Sh Secur____• 14235
Bloc Inveet without war....' 7334
Elm Power & Lt 2nd pf A•
Option warrants
2254
Empire Gas & E 8% Pi-100
Empire Gas & E 7% pf _100
Empirt,Pow Corp part etk• 34
Engineers Pub Serv war_
Federal Water Serv cl A...• 42
General Pub Serv Corn _ _• 27%
General Pub Serv 7% Pf.*
Georgia Power $6 pref__ •
• 45
internat Mil class A
• 15
Claes li
Warrants
4
Italian Super Power
Warrants
6%
Kan C Pub Serv Pf A v t c.•
Long Island Light new....... 45
•
Common old
7% preferred
100
Marconi Wirel T of Can..1 10%
Marconi Wireless Tel Lend.
1954
Class B
Middle West UM com____• 170
• 101
$6 cum prat
7% pref
100
Mohawk & IIud Pow corn• 53%
• 108%
1st preferred
•
2d preferred
Warrants
18
Mohawk Valley Co
Ctfs of den class A
• 31
Municipal Service
Nat Elec Power Class A_ •
•
Nat Pow & Light pref
Nat Pub Sery eme clam A • 25%
•
Common class B
Nev Calif Elec corn__ _ _100 48
N Y Telen 634% Orel-.100 114
1144
Nor Amer Util Sec corn....
• 96
1st preferred
Northeast Power corn
• 54%
Nor States P Corp eorn..100 148%
7% preferred
Ohio Bell Temp 7% p1..100 113
Pacific G & E 1st pref...25
• 52
Penn-Ohio Ed corn
100
7% prior pref
• 98%
$6 preferred
Option warrants
28%
Penn Ohio Secur
• 17
Pa Gas & Elec class A
25
Perm Power & Lt $7 pref.*
Penn Water & Power__• 85
Power Corp of Can corn...' 84
Pow Corp of Can 1st pf _100
Power Securities corn_ ___*
Puget Sound P & Loom 100 100
6% preferred
100 98
3terra Pulite El oom 100
Preferred
100
South Calif Edit A pf ___25
25 26%
Preferred B
534%preferred C......_25
So Colorado Pow el A. _ _25
S8utheast Pow dz LI com.• 58
Common v t c
•
Panic prof
$7 preferred
•
21%
Warrts to pur corn etk__
So'west Bell Tel pref__ _100
So'west Pow & Lt 7% p1100
Stand Gas & Elec pref_100
itandard Pow & Lt(mm.25 46%
Preferred
•
97
Swiss Amer Elec Prof
Tampa Electric C
• 68
Union Nat Gas of Can.....' 41
United Eleo Serv warrants
50 171
United Gas Impt
& Pow eons A__• 26
United
• 33
Common class 11
• 101
Preferred class A
Preferred B
71
754
49%
4434
25%
34%
116
98%
112
13
113% 113% 1,100
37
37%
600
97% 101%
600
198% 203
500
101% 102% 2,200
85% 88% 3,200
104% 104%
25
13955 141
225
31
43
20,400
108% 10955
1,700
129 144% 189,500
71% 73% 32,700
101%
101
700
21% 2255 3.000
11254 11255
100
100 100
50D
33
34
1,900
22
23
600
41
4255 10,100
27
29% 6,900
141 14234
75
10255 102%
100
45
46% 2,600
14% 15% 12.600
3% 455
1,400
1254 1355
1,000
5% 6% 4,500
48
48
100
43% 4555
1,700
420 420
50
110 110
110
9% 10% 371,900
3
020
235
50c
58c
11%
II%
4
334
880
854
11335
3334
9534
167
99%
6734
104%
130
115(
10734
76
603(
101
13%
4
1103
9935
30
22
27%
16%
115
102
41%
3%
1
10
335
43%
43%
175
109
3
Nov
May
Jan
Jan
Oct
Jan
Aug
Jun
Jan
July
Jan
Jan
Nov
Jan
Feb
Oct
Fe
No
Jan
Jan
Jan
Aug
Oct
Feb
June
Oct
Oct
Nov
Nov
Jan
July
Feb
118% Oct
37% Nov
102
May
Nov
203
104% Jan
92% May
10854 Jan
14835 May
43
Nov
111% Apr
14454 Nov
79% May
Apr
106
24% May
113% Apt
May
105
3935 May
24
Oct
42% May
29%1 Nov
145
Nov
106% Mar
52
May
15% May
4% Nov
1635 June
834 June
72
Jan
45% Nov
430
Oct
112% Feb
1044 Oct
19% 45,400 1634
173
1,800 123
10134
250 94
122
250 11734
5334 18,900 2954
150 10655
10854
107
50 10235
1834 2,000
6
July
Jan
Jan
Jan
Jan
Sent
July
Jan
2034
173
101%
125
53%
110
108%
19%
Sept
Nov
Nov
Feb
Nov
Jan
Sept
May
65
65
400 65
Nov
3055 3135 15,100 1334 Jan
34
38
3,300 2754 Jan
10655 107%
250 10835 Oct
24% 25% 3,900 22
Jan
29% 2934
100 2434 Jan
48
48
100 3334 Jan
113% 114
575 111% June
1034 11% 5,600
Jan
7
96
96
600 92
Jan
43
55 275,800 19% Jan
142 148%
MOO .128
Jan
108% 109
200 107% Oct
113 113
30 110
July
27
27
700 2334 June
49% 5255 15,300 32% Jan
10455 105
130 103
Oct
97;5 98%
400 92
Feb
25% 28% 3,200 11
Jan
16
17
1,100 13
Feb
23% 25
1,000 20
Jan
109% 110
300 106% Apr
83
85
1,200 68
Jan
80
85
1.200 71
Aug
100 100
1
100
Oct
15
16%
600 11
Apr
100 nI07
3.500 34% Jan
97
98
320 92
Jan
500 29
5734 59%
Jan
9355 94
2
92
Jan
29
29
1,700 28 June
26% 26%
800 2654 Sept
2454 24%
100 24% Nov
24
24
200 23
July
53
58
18,000 4154 Feb
51% 5555 1,100 40% Feb
9035 90%
400 84
Jan
107% 107%
100 106
July
18% 21%
4,800 1234 Feb
11834118%
50 117% Aug
107 10755
140 105
Aug
110 110
100 10935 Aug
4654 4754
400 29% Jan
10254 102%
50 102% Nov
97
99
900 96% June
67% 68
400 59
Sept
40
41
300 28% Jan
255 234 12,600
1% July
151% 172% 119,200 111% Jan
2555 2655 70.700 1394 Jan
33
33
100 20
Jan
101 101%
600 94% „ran
55
5555
400 52% Jan
71
31%
40
111
29%
34%
55
115%
11%
9634
55
152
110%
115
30
52%
109
100
28%
25
27
111%
90
96
101
1735
10754
10554
62%
97
30
30
25
26%
61
57%
92
11135
24%
121
11734
115
58%
107%
103%
78%
45
3
172%
27%
37
10334
58
Aug
Nov
May
Feb
May
May
Aug
Mar
Sept
Sept
Nov
May
Mar
Apr
Apr
Nov
Aug
May
Nov
May
May
Apr
May
May
Sept
Sept
Oct
Apr
Oct
May
Apr
Apr
Nov
Oct
Apr
June
Mar
May
May
Sept
June
May
May
Apr
May
Oct
May
May
Nov
Sept
July
May
Mar
1854
165%
101
120
4654
107%
107
1535
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Public Utilities (Cond.) Sale
Hal Price Low. High. Shares
0111 roW ac La clam B..__ •
13111 Maros Corp aom____•
_100
Western Power pref
Former Standard Oil
Subsidiaries.
Anglo-Amer 011 (vot eh)£1
Certificates of deposit
.
Non-voting Mares_ _ £1
50
Buckeye Pipe Line
25
Chesbrough Mfg
ContInenta1011v t e_ _ _ _10
Cumberland Pipe Line_100
100
Eureka Pipe Line
100
Galena Signal 011
Certificates of deposit
New preferred
100
Humble 011& Refining_ _25
100
Illinois Pipe Line
Imperial 011 (Canada)_ _ _•
Indiana Pipe Line
50
National Transit__ _12.50
New York Transit
100
Northern Pipe Line new_ 50
26
Oblo 011
Penn-Mex Fuel
25
Prairie Oil& Gas
25
100
Prairie Pipe Line
Solar Refining
100
Southern Pipe Line new_10
South Penn 011
25
S'west Pa Pipe Lines__100
Standard 011(Indiana)_ _25
Standard OR (Kansash_25
Standard 011 (Kentuelty)25
25
Standard Oil (Neb)
Standard Oli(0)corn__ _25
Preferred
100
Vacuum 011 new
Range Since Jan. 1.
Low.
High.
30% 30% 3134 6,300 183.4 Jan 3234 May
Feb 18;6 May
16% 16
1634 10,400 11
Apr
550 10231 July 108
106 106
1855
18%
145
20
109%
259
9434
83%
25%
70
76
39
5434
218%
216
69
8735
23
17335
5055
1083-4
119
8
99%
1855 19
18
1834
18% 18%
67
69%
144% 145%
18% 20%
7935 81%
68% 70%
755 755
756 7%
85
83
9534 110%
247 259
93% 98
83% 84%
24% 25%
70
70
62
69
69% 76
36% 39%
53% 5634
215 224%
211% 216
15% 15%
67% 71%
85
85
8334 87%
23
24%
161 175
49% 5135
98 11134
118% 119
8935 101
6,800
300
1,200
1,200
500
35,400
200
400
100
200
80
74,000
1,000
7,500
400
3,800
100
500
51,000
1,700
40.600
4,000
300
200
19,800
100
57,500
5,800
40,200
1,900
5,700
70
53,900
17
18
16%
58
117%
16
7934
64%
434
734
80%
6934
17634
5651
7434
1934
38%
58%
5834
28
46
172
167
12
14634
70
7034
16
122%
3934
71
100
72
June
Nov
June
Jan
Jan
Feb
Nov
Jan
Jan
Oct
Oct
Feb
Jan
Feb
Feb
June
Jan
Sept
Feb
June
Sept
Aug
Mar
July
Jan
Jan
Feb
Jan
Feb
Feb
Mar
Jan
June
2234
21%
2054
76
161
23
114
88
13
7%
85
110%
264
104
91%
32%
75
69
76
84
56%
236
216
19
71%
104
8755
2734
175
51%
111%
125
101
Feb
Feb
Feb
Apr
Apr
Jan
May
Apr
June
Nov
Oct
Nov
Nov
Nov
Oct
May
Oct
Oct
Nov
May
Nov
Oct
Nov
Aug
Nov
Apr
Nov
Apr
Nov
Nov
Nov
May
Nov
Other 011 Stocks.
13j Jan
67e 84e 36,600 85e Sept
Amer Contr 011 Fields___1 71e
931 Nov
331 Feb
834 934205,200
5
8%
Amer Maracaibo Co
334 Nov
335 Nov
334 3% 1,400
Arkansas Gas Corp com_ *
354
751 Nov
100
755 Nov
734 7%
100
Preferred
Apr
5
355 1,200
3
134 Jan
Atlantic Lobos 011 corn- •
331 Feb
951 Apr
100
635 655
•
Preferred
Barnsdall Corp stk porch
334 July 2934 Nov
24% 2055 2934 228,500
warrants (deb righte)__
Nov
100 3234 Feb 55
50
50
British Amer 011 coupon_ _• 50
19% 1755 20% 19,400 1234 Sept 2314 Jan
Carib syndicate new cons_
855, May
300
6% July
634
63-1 634
1
Consol Royailty Oil
1734 May
30,600 1054 Jan
1234 13
• 12%
Creole Syndicate
351 June
700 78e Sept
134
1%
151
Crown Cent Petrol Corp_..•
300
63.4 Sept 1455 Oct
*
1234 1355
Crystal Oil & Ref corn_
Oct
Sept 58
5434
100 48
100
5434
Preferred
3,800
834 Jan 3335 Oct
2734 29
• 28
Darby Petrol Coro
Jan
274 Oct
1
200
1%
131
134
Derby Oil & Ref corn_ _ _•
Nov
734 Feb 21
100
19% 19%
•
Preferred
13,500 10134 Feb 14834 May
Gulf 011 Corp of Penna._26 144% 13834 146
7% Nov
Nov
7
s 14,400
7%
Homaokla Oil
• 2234 17 82335 50,800 1134 Feb 52334 Nov
,
Houston Gulf Gas
231 Mar
1
June
1%
19.4 2 128,200
Intercontinental Petrol_ _10
Nov
Feb 55
5034 48% 52 129,300 35
International Petroleum__
3 May
155 July
700
234 2%
•
Kirby Petroleum
33,300
63i Oct954 May
5% 7
6
Leonard 011Developm1_25
Feb 433.4 Oct
3634 41% 10.600 20
* 40
Lion Oil Refg
65% 4,100 4855 Apr 65% Nov
25 6434 63
LoneStar Gaa Corp
134 Apr
610 74e 10,600 540 Sept
Magdalena Syndicate__ _1 70c
Mar
8
1,700
2% Nov
2% 3%
*
3%
-Ohio 011
Mexico
9,500 20c July 74o May
35c 38c
10 35c
Mexico 011 Corp
131 Oct
155 151 5,600 78c June
Mountain A. Gulf011- _1
13,4
22% 16,200 1955 Sept2854 Jan
Mountain Prod Corp___10 2234 22
28
2,800 2454 Mar 3055 Apr
• 27% 27
Nat Fuel Gas new
555 Jan
1,100
431 Sept
434 45.6
5
4%
New Bradford Oil
Nov
1656 Nov
16%
15
16% 14,700 15
N Y Petrci Royalty
200 1031 Nov 1334 May
1055 1034
•
North Cent Tex 011
150 June
3c Feb
120
3,000
130
9c
1
Northwest 011
2534 26% 12,200 2534 Nov 26% Nov
• 26
Pacific Western Oil
Jan
6
Aug
15,900
234
2% 334
3%
Pandem 011 CorporatIon_•
834 Feb 1251 July
Pantepee 011 of Venezuela. 1134 1151 12% 19,200
4% Oct7% Apr
5% 635 2,100
*
Pennock 011 Corp
8 June 1455 Apr
500
9
9
25
Red Bank 011
Aug
43-4 Fels 13
8% 9% 27,300
9%
Reiter Foster 011 Corp...•
Apr 3155 Mar
800 22
24%
25 2434 24
Richfield 011 pref
May
400 s834 Apr 24
24
21
Richfield 011 (Calif) warr__ ______
1054 Nov
455 Jan
8% 1055 14,200
•
Ryan Consol Petrol
Jan
400
555 Nov7
554 535
10
Salt Creek Cons Oil
Jan
2674 15,300 2334 Sept85
26
-10 26
Salt Creek Producers
334 Apr
Feb
255
500
1
2
Savoy 011 Corp
5
434 May
Mar
3
394 3,5L• 30,300
351
1
Texon Oil& Land
Feb 2274 May
700 13
Tidal Osage 011 v t stock_• 16% 16% 17
• 1555 1434 1556 2,300 1356 Feb 2131 Apr
Non-voting stock
July 939.4 Jan
9134 1,800 75
87
Transcont 011 7% pref _100
Jan 6055 Nov
500 18
• 6035 5935 6055
Venez-Mex 011
874 Oct
431 Sept
751 7% 17,400
751
Venesuela Petroleum_ _..6
Nov
200 1851 Apr 21
20% 21
El
V 0C Holding Co
834 Apr
3% Apr
700
5%
554 5%
Woodley Petroleum Corp_
854 May
234 Feb
534 634 4,700
"Y" OU & Gas Co
25
53,4
Mining Stocks.
Amer Comm Min & MI11_1
Arizona Globe Copper_ _ _1
10
Bunker Hill & Bull
10
Carnegie Metals
Central American Mines_
1
Chief Consol Mining
Comstock Tun & Dego _10c
Consol. Cooper Mines. _6
Cons MIn & Smelt (Can125
25
Copper Range Co
1
Cortez Silver Mines
M & MI
Cresson Como]0
1
Divide Extension
Dolores Esperansa Corp- _2
10
East Butte
Engineer Gold Min Ltd_5
Evans Wallower Lead com•
1
Falcon Lead Mines
Golden Centre Mines__ _5
Golden Cycle Min & Red_ 1
Goldfield Consol Minea_l
25c
Hecla mining
Hollinger Cons Old Mines 5
Bud Bay MID & Smelt-•
10
Iron Cap Copper
5
Kerr Lake
Mason Valley Mines _ _ _5
Mining Corp of Canada_..5
New Cornelia Copper. _ _6
100
New Jersey Zino
N Y & Honduras Rosarlo10
Newmont Mining Corp_10
5
NIplivIng Mlnee
•
Noranda Mines. Ltd
1
Ohio Copper
Portland Gold Mining-1
1
Premier Gold Min
1
Quincy Mining
1
Red Worrior Mining
Ttnn Antalona C Min Ltd-
[VOL. 127.
FINANCIAL CHRONICLE
2806
2334
3%
59c
1555
297
750
50
456
956
70
12
134
1751
8%
21
4%
500
1%
41
241
1455
195%
2%
53%
78e
251
2936
4c.
4c.
80
Sc
139% 139%
22
23%
75-4 8%
35,4 3%
540 600
1455 1555
296 297
24
2531
19e. 19c.
750 960
50
80
96c 960
4% 454
336 5
955 1335
70
8c
1134 1234
13.4
134
16c
14c
1855 1734
8% 9
18% 2134
434 494
50e 500
2
1%
3.15 334
40
4454
229 241
14% 15
186% 195%
2% 3
57
53
70e 800
150
15e
23,4 2%
4355 4355
10c. 10c
28% 31%
1,000
11,000
100
1,800
7,000
2,100
6,500
32,100
40
400
1,000
5,700
8,000
100
200
3,100
50.800
77,000
48,500
500
3,000
5,800
600
69,000
6,500
1,700
2,900
700
26,700
730
400
19,600
5,700
12,900
13,700
1,000
3,000
100
5,000
6,900
Sc.
3o
117
17
600
3
20o
5
260
14
18e.
880
Sc
30e
IN
2
851
Sc
234
134
80
1351
854
1835
235
38e
llis
3
2551
18054
1234
122
234
1734
63e
10e
255
12
80
2454
Apr
Jan
Oct
Jan
Jan
Aug
May
Jan
Jan
Feb
Jan
Oct
Mar
Mar
Jan
Jan
Sept
July
Jan
Oct
Jan
Apr
Oct
June
Sept
Sept
Apr
Oct
Feb
Jan
Sept
Jan
Oct
Mar
Sept
Nov
Jan
Apr
Sept
Sept
60. Jan
100 June
Jan
160
2734 Apr
854 Nov
454 Feb
Oct
580
1534 Nov
297 I Nov
253,4 Nov
32c. May
251 Jan
6o Sept
Apr
2
Oct
5
755 Jan
137-4 Nov
Jan
160
1351 Sept
July
2
180 June
Jan
18
1834 Jail
2154 Feb
851 May
64e Feb
234 Nov
5% Jan
4735 Nov
Sept
243
1734 Apr
19634 Nov
514 Jan
July
64
Pio Jan
Jan
250
33.4 Jan
4334 Nov
21c. May
3234 Nov
Sales
Friday
Last Week's Range for
Week
ofPrices.
Mining Stocks
Sale
(Concluded)
Par Prke. Low. High. Shares.
St Anthony Gold Min ___
Shattuck Dann MinIng___•
South Am Gold & Plat„.1
Teck Hughes
1
Tonopah Belmont Dev_ I
Tonopah Extension
1
Tonopah Mining Co
1
United Eastern Mines_ _1
United Verde Extanerion50c
United Zinc Smelt Corp--•
Unity Gold Mines
1
Utah Apex
5
Walker Mining
1
Wenden Copper Mining..1
Yukon Gold Co
5
550
1835
8%
75e
8c
22%
80c
131
3%
234
1
72e.
11,100
11,400
400
9,500
1,400
5,000
300
2,100
30,900
200
1,800
1,200
2,600
11,900
3,900
55e
19
3%
9%
75e
Sc
3%
77e
23%
80e
133
3%
234
Po)
73e
50e
1855
335
8%
74c
7c
334
75c
22%
750
1%
3%
251
960
63e
Range Since Jan. 1.
High.
Low.
40e
634
2%
751
70e
Sc
234
450
13
250
35e
355
68e
680
50c.
Mar 78c Sept
Jan 2431 Mat
Jan
434 Sept
Oct 1114 June
2lis Jan
Sept
Jan
Bent 18c
536 July
Jan
134 June
Jan
June 2554 Jan
Apr
1
Jan
Aug
2
Feb
531 Jan
Aug
Sept
234 Nov
Feb
2
Sept
Feb 99c. Mar
Bonds
Abbotts Dallies 6s_ _1942
Abitibi P & P58 A....1953
Abraham & Straus 5%s '43
With stk purchase warr_
Adriatic Electric 78_1952
Alabama Power 6%6_1967
1st & ref 5s
1956
Allied Pk, lot col tr 80_1939
Deb 6s
1939
Aluminum Co 6 f deb 5052
Aluminum Ltd 5s...._1948
Amer Aggregates 86_1943
Amer Comml Alcohol 88'43
With warrants
Amer G & El deb 68._2028
American Power & Light
68, without warrnts 2016
Amer Radiator deb 434s'47
Amer. Roll M111. deb 56'48
Amer Seating 66
1936
Amer Solv & Chem 65_1936
Amer Thread 6s
1928
Anaconda Cop Min 68_1929
Appalachian El Pr 511_1956
Arkansas Pr & Lt 56_19513
New
Arnold Print Wks Os..1941
Asso Dye & Press 66_1938
Associated G & E 5565 1977
Conde b,4568w1 war1948
Without warrants_ _ _ _
Assoc'd Sim Hard 13346 '33
Atch Top & SF 4345_1948
Atlantic Fruit 86
1949
Atlas Plywood 5%6_1943
84
102
84
$2,000 10036 Apr 102% Mar
102
Nov 94% Jul,
87% 219,000 84
Oct
111% 110 112% 515,000 105% Oct 114
May
16,000 9434 Jan 101
98
96% 98
41,000 93
Sept 10033 Man
96% 96% 97
10356 10334(15)105 11,000 9955 Oct (15)105 Nov
Oct
Jan 68
1,000 35
56
56
56
Oct
Aug 68
59% 59% 5,000 30
July 10334 Apr
81,000 100
101% 101% 102
9854 9855 9836 32,000 9551 Aug 10034 July
Nov
108 115 159,000 9734 June 115
115
120
99
117% 120
9834 99
Nov
98
July 120
9336 Aug 10134 Apr
109,000
5,000
26,000
18,000
56,000
1,000
11,000
113,000
66,000
35,000
1,000
24,000
55,000
550,000
96,000
16,000
66.000
15,000
66,000
105
97
9635
94
99
100
9934
97
95
97%
95
9435
9955
97
94
8434
125%
1534
104
June
Aug
Aug
Sept
June
June
Oct
June
June
Nov
July
Sept
July
Aug
Nov
Jan
Nov
Apr
Aug
110
1005-4
9931
106%
125
10134
10134
10231
10131
98
101
102
11434
11394
97
92
125%
2034
11554
Mg,
Apr
Jan
AP
,
May
Jail
Jan
Mar
Mar
Nov
May
Aug
May
May
Nov
Apr
Nov
May
May
10855 10935 8,000
11234 116 111,000
102% 103
16,000
103 103
2.000
9231 92% 98,000
9934 9934 2,000
102 102% 15.000
9951 9955 72,000
10134 101% 3,000
109% 110% 24,000
102 10234 5,000
59,000
9254 93
95% 9651 28,000
100 10034 12,000
7934 7934 6,000
90
9034 21,000
9851 99
6,000
93% 95
73,000
9334 939-4 76,000
71,000
9831 99
9731 9754 183,000
8736 873-4 2,000
99
99
102
10234
8934
98%
101
9534
10134
108
100
8931
9531
97
78
8751
973,4
9034
9354
98
9631
83
Jan
July
July
July
Aug
Jan
July
Aug
Nov
June
Sept
Aug
Sept
June
Aug
Aug
Sept
Apr
Oct
Aug
Aug
July
116
116
10534
106
9555
101
10455
10055
10434
11455
10556
9751
99
10251
87
9651
10431
9834
98
10354
102
9494
May
Nov
Mal
Feb
June
Feb
Apr
May
Ja13
Jan
Mar
Api
Jan
July
Jan
Apr
Mai
Mal
MIS
AV
Apt
Jan
10735 107
9835 98
9755
95
9434
115%
118
100
99%
100
9936 9934
9834 98
9734 97%
97
9635
101% 10155
100% 10035
9534 94
8634 8634
12534 125%
20
20
107
107
Batea Valve Bag 66_1942
With stock purch warr__ ______
Beacon 01168. with warr'38
Bell Tel of Canada 55_1956 102%
lot 5s series B Jan 1957
Berlin City Elea 86_1958 9254
635% notes
1929
Boston Con Gas 5s_ _ _ 1947 102
Boston dt Maine RR fo 1967
68
1933 1013,4
Canadian Nat Rya 78_1935 110
Carolina Pr at Lt 56___1958
Cent States Elm 55_1948 93
Cent Statea P & Lt 5;58'53
Chic Pneum Tool 5358 1942 10034
Chic Rys 55 ctfs dep._1927
Childs Co deb 56
1943
Cincinnati St Ry 530.1952
Cities Service 56
1966 9435
Cltiee Service Gas6)38 1942 9334
Citlea Serv Gas Pipe L 66'43
Citlea Say P & L 534.1952 97%
Commander Larabee 8s '41
Com mere und Prlvat
Bank 5556
1937 88
Commonw Edison 434s '57
Consol GI E L & P Bait
1949 10635
135. series A
1952
555s series E
Consol PublLshers 651s 1936
1941
Consol Textile 86
1958 0334
Cont'l0& El 56
Continental Oil 5316_1937 97
Cuba Co 6% notes _1929
Cuban Telep 7368_ _1941 11134
Cudahy Pack deb 5346 '37 100
1946 101
58
125,000
246,000
1073.4
9855
9834
96
118
100
100
100%
9836
98
97
9734
10234
101%
9531
87
125%
20
108
8754 88
82,000
9931 09% 3,000
106
106%
100
9351
92%
97
9755
111%
9951
9934
106%
10651
100
94
9335
9755
97%
112
102
101
8734 Aug 9454 Jan
9674 July 10251 Apo
27,000 104
1,000 10555
7.000 9754
3,000 89
149,000 8935
23.000 9435
2.000 9555
4,000 10934
36,000 9755
18,000 9934
5,000 80
89
89
Deny & Balt Lake Ry 63'60
10155 102% 23,000 9955
Detroit City Gas 511B 1950
25,000 106
10655 107
1947 107
611. aeries A
96
93
47,000 93
Detroit Int Bdge 6%5_1952 94
8934 0034 38,000 8955
-year a f deb 78_1952 90
25
Dixie Gulf Gas 6338_1937
9034 9034 9136 8,000 8934
witb warranta
95
9531 7,000 93
Elee Pow (Germ'y)8%6'53
93% 76,000 92
Empire 011 & Refg 5368 42 9334 93
Ear Mtge & LW 75 C.1987 9155 913.4 9234 36,000 9034
1,000 9655
1950
9754 9751
735s
9635 97
3,000 7834
Fairb'ks Morse & Co 56 '42
88
88
5,000 8034
1933
Federal Sugar 68
Fed Wat Service 5346_1957 10474 10336 105 622,000 9933
Finland Residential Mtge
1981 9435 9334 9435 5,000 9355
Bank Os
Firestone Cot M1118 58_1948 9334 9334 9434 23,000 90
95% 9654 5,000 9235
Firestone TAR Cal Si 1942
First Bohemian Glass Wks
88
87
4,000 86
lot 78 with stk pur war'57
91
-1931 8954 89
36,000 89
Flak Rubber 5
30-Florida Power & LI 58-1954 9254 9231 9331 107,000 91
Galena Signal Oil 7s.1930
Gatineau Power 5a-1950
New
1941
68
Gelsenkirchen Min 86_1934
Genl Amer Invest 5s-1952
Without warrants
Oen Laundry Mach 634e37
General Rayon 6s ser A '48
General Vending Corp
136 with warn Aug 15 1937
Georgia Power ref 56-1967
New
Goodyear T&R(Cal)53is'31
Grand Trunk Ry 650_1936
Guant'amo & WRY (38 1958
Guardian Investors 5s_1948
With warrants
1937
Gulf 011of Pa 5s
Sinking fund deb 5s_1947
Gulf States Util 5s_ _1956
Hamburg Elec Co 7s..1935
Hamburg El & Ind 53-48'38
Hanover Cred hist 6s.1931
1938
Hood Rubber 7s
Oct 1636
63-4.
10034 10034 100%
9733 97
9734
97
9755
101 10134
101
9236 9255 9355
87
106
98
85%
9734
85
June n10834
Oct 10755
Oct 102
Sent 95
Aug ' 9754
Aug 99
Aug 9855
July 11254
Jan 102
July 102%
Feb
Jar
May
Jan
Mai
Jaz
Mar
Aus
Noy
Mat
Jan
Aug
June
Nov
Nov
9355
10455
10834
10454
101
MM
Mal
Fat
MA
Jar
Oct 9931
Aug 9955
Aug 9551
Oct 9751
June 100
Aug 9734
Aug 91
June 10874
Jar
Mal
Ma
Mai
Mai
Jar
Nol
Mai
Nov
Aug
Aug
9451 Oci
9734 Mai
98% Jai
Oct 103
Jai
Nov 9831 Fel
Oct n9934 AD
19,000 87
Feb 10134 Ato
31,000 9654Oct 101
Jai
44,000 97
Nov 9755 No,
15,000 100
June 10431 Air
47,000 90
Oct 97
Ma
87
88% 39,000 88
10454 106
32.000 100
95% 9755 76,000 94
Oct 95
AD
JUD
Jan 118
Aug 10054 Jun,
85
99
99
1003,4
108
85
July 9854
Sept 103
Oct 9974
Apr J101
June 112
Nov 97%
Oc
Ma
No,
Jar
Jai
Jai
Sept
Aug
Aug
Aug
Aug
Oct
Aug
Oct
June
Art
Ma
Jai
May
Fe:
Au
Sep
Ja
Ja
86
46,000 84
99% 78,000 98
9954 55,000 98
1003,4 6,000 100
10835 7,000 1063-4
85
1,000 85
99
99 100
10034 10034 100%
102
101% 102
9835 99
100 1003,4
88
89
9554 9554 9555
99
99
99
8551 85% 87
8,000
11,000
40,000
14.000
9,000
40,000
7,000
1,000
13,000
99
9936
9955
9734
99
8555
93
9855
85
101
1023-1
10234
102
103
9335
96%
10355
96
Sates
Priam/
Last Week's Range for
Week.
of Prices.
Sate
Bonds (Cont(nued) Par Price, Low. HMIs. Shares.
Houston Gulf Gas 6341943
1943
6a
Illinois Pow & Lt 5348_1957
Indep Oil& Gas deb 68 1939
Ind'polis P & L 56 tier A '57
Int Pow Secur 75 ser E 1957
Internat Securities 58_1947
Interstate Nat Gas 65
without warrants_ _1936
Interstate Power 56-_1957
1952
Debentures 08
Invest Co of Am be A_1947
-Nebraska L & P58'57
Iowa
Isarco Hydro-Elm 7s_ _1952
Isotta Fraschinl 78 __1942
With warrants
Without warrants
Italian Superpower 66 1966
Without warrants
94% 99 155,000
76,000
9535 96
10,000
9634 97
11435 117% 509,000
115
10034 10034 100% 64,000
96
9535 97% 26,000
58,000
9254 91% 94
9834
9534
Range Since Jan. 1.
Low.
93
9434
9435
96%
9731
04%
89%
105% 102% 105% 86.000
87% 25,000
8731 87
82
8334 73,000
1935
100 100
Laclede G L 534s
Lehigh Pow Secur 65..2026 106% 105% 106%
94%
Libby, McN & Libby 58'42 94% 94
3,embard Elea Co 76..11452
102
With warrants.
101 10234
95
95
Without warrants
95%
Lone Star Gas Corp 58 1942
9835 98%
104 10455
Long Island Ltg 6s_ - _1945 104
La Power ..14 Light 5s. 1957
9751 97%
Narragansett Elec 5! A '57
Nat Distillers Prod 655s'35
Nat Pow & Ls 66 A ....2020
Nat Pub Serv 58
1978
Nat Rub Nlartey as 1943
Nebraska Power 613_ _ _2022
Nevada Con 5s
1941
New Hog 0& El Amin 511'47
NY P &I.Corp 1st 414567
Niagara Falls Pow Os 1950
Niohola & Shepard Co 663
7
Without warrants
Nippon Elec Pow 6%6_1953
North Amer Edison 534s'63
North Ind Pub Serv 55 1966
Nor States Pow 634% 1933
1933
ConvO34s
10155 101%
Jr
May
May
Mar
Nov
Mai
May
May
94
July 10634 Oct
82% Aug 9455 May
8035
Oct
864 June
Jan 105
Feb
June 85
Sept 95%
Nov 99
Aug 9954
Oct /51.0134
Apr
Sept
Nov
Aug
May
3.000 9835 Sent 101% Apr
94,000 103% May 109% Map
11,000 9235 Sept 97
AM
56,000 96
32,000 93%
2.000 9631
9,000 103
1,000 94
Feb
Oct
Aug
Sept
Aug
107
99
100
105%
100
May
Mar
Jan
Apr
Mar
99%
9931
100%
94
9954 9931
102
101%
101
10054
100%
9954
100%
10055
94
99%
102
101
100%
9934
100
99%
106
87%
159
108%
99%
96%
94
gg%
100%
106
87%
149%
10834
9935
9631
94
105
101%
93
101%
10234 10134
102% 102%
140
135
93%
9834
9631
9934
PIM
9754
91
99%
99%
99%
98
Sept
July
Aug
July
Oct
Aug
Aug
Jan
10031 80,000
10034 3,000
106% 34,000
26,000
88
163
62,000
1,000
10854
9935 1,00
9734 18,000
9434 339,000
106
8.000
98%
98
104
85
UK%
108
9834
86%
91%
105
Aui
July
Aug
Oct
July
Aug
J88
June
July
Aug
10231
10351
10934
94%
194
11331
99%
101
9735
106%
Mat
Jan
Mat
Apt
Oct
May
Nov
Mu
Mar
Oct
6,000 9434
20,000 92
122,000 100
22,000 99
12,000 101
14.000 119
Feb
June
Sept
Aug
June
Jan
102
111 74
102%
104
10531
148
Nov
Au
Nov
Mar
Jan
Apr
100% 6,000 99
953.4 40,000 9156
3,00(
99
99%
100
55,000 100
9831 9834 77,00
9635 9735 24,00
10334 102
102
10635
10551 10435
103
99%
10234 102
100
9955
7534 7535
99
9834
98%
92
9735
7,000
112,000
10,000
5,000
112,000
12,000
44,000
17,000
102
9335
10255
10255
103
140
10331 25,00
103
9,000
10655 5,000
10554 34,000
10331
7,000
10014
102%
10354
96
100
102%
103%
101%
Sent
Mar
Apr
June
Nov
Jan
Feb
June
June 103% May
June '4734 Apt
July 102% June
June 102 June
95% July 10154 Apr
96
Mar 105
May
99%
100
104%
10334
102
100
4,00
9734
10234 21,000 100
1003.4 52,000 07%
1,00
74%
7514
9934 39,000 94%
98% 5,000 95%
104
97%
10434
135
9034
June
Aug
July
Aug
Oct
July
June
June
Oct
Oct
Aug
10455
104
10755
107
105
May
Jan
Mar
J.
Jan
102%
101%
102%
99
101
100%
Mar
Sept
Mai
Oct
Jan
Mar
11,000 10055 Aug 107
10,000 95% Jan 99%
171,000 91434 A us 104%
6,000 98
Feb 155
38,000 90
Sept 91
Apr
Apr
Nov
June
Omit
92
9335 21,000 9136 Nov 9634 May
97
98
64.000 94% Am 10
035 Mar
101% 101% 2,000 100
Aug 104
Apr
111
111
93% 93
9435
72
66
95% 9555
100
100%
9534 9514
99
98%
90
112
93%
9455
73
95%
10055
100%
9814
9934
90
10,000 9514
15,000 S'434
4,000 92
116,000 13%
23,000 )13L5
11,000 99%
10.00 100
69,000 94
29,000 95%
1.00
90
Jan
Mar
Sept
Feb
Aug
July
June
Sept
June
Nov
119%
05%
100
76%
981
4
102%
102%
135
100
96
Oct
Sept
Apr
May
Mar
Jan
Jan
Aim
Mar
May
107
188
102%
102%
106
168
102
102
102
92%
99%
97%
95%
10434
97%
128
100
10734
190
102%
10234
102
9351
100
97%
97%
110
98%
128
10035
199,000
143,000
28,000
29,00
;,00
14,000
11,00
1,000
15,00
4,000
30,000
3,00
58,000
95
105
100
100
100%
92%
98%
1/5
94%
1112%
96%
108%
99 5
3
June
Jai
JUly
July
Aug
Sept
June
July
Aug
Aug
Oct
Jan
Sept
mu%
190
1l1444
10455
10435
4691
101%
100%
98
112%
101%
145
110456
Ma,
Nov
88
88
122%
100
11234 112%
77
75%
, 101
10035 100%
90
89
125
100
118
774
101%
100%
22,000
6,000
59,000
2.00
26,000
26,000
20,000
40,000
87
Sa
120
100
93
75%
100
99%
Sept
Aug
Nov
July
leen
Nov
July
Aug
08 34
97%
130%
101
118
looy,
9351
97%
95%
110
9731
100
88
125
1936
9954 9951
Friday
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High Week.
United El Sent(Goes)76'56
With warrants
11634 112% 116%
9255 9255 93%
Without warrants
90
United Industrial 6348 1941 91
9236
95
Coiled Lt & Rys 5345_1952 95
9634
1952 10231 102 10234
65 series A
United Oil Producers 53'31 8334 80
8355
110 110
United Rya Havana 7356'36
United Steel Wks 6 -'ss 1947
89% 90
....
90
With warrants
9334
U S Radiator Corp 5s A '38 935-5 89
U. S. Rubber
99% 9935
Se. MI 634% notes_1929
9835
Serial 635% notes__1930 9854 98
96
98
Serial 654% notes...1931
95
9535
Serial 634% notes_1932
1933
96
96
Serial 6 A %
1934
9435 9634
Serial 615%
Serial 6)4% notes. A935 9434 94% 9534
1936
95% 96
Serial 654%
Serial 634% notes_ _1937
947-4 96
9435 9654
1938
Serial 634s
1939 9455 94% 96%
Serial 654s
96
Serial 655% notes 1940
9655
rl SSmelt& Ref 5)48.1935
102% 10356
95
96
Utah Pow & Light 4545'44 96
Range Since Jan. I.
Low.
High.
May
80,000 101% Jan 125
Oct 100
Apr
32,000 92
Oct 9934 Jan
29,000 90
74,000 9154 Sept 9934 Jan
13,000 10034 June 108% Jan
Apr
Aug 90
13,000 60
July 113% Feb
5,000 110
42,000
6,000
149
89
8,000 92
8,000 93
9,000 92
3,000 92
9.000 91
24,000 9031
57,000 9035
2,000 90
14,000 90
25,000 9055
15,000 90%
15,000 91
12,000 100
6,000 95
Van Camp Pack 8a. 1941 10034 95% 100% 45,000
90
93
93,000
Certificates of deposit_ 93
100% 102
5.000
Va Elec & Pow 5s A __1955
96
Feb
98% May
June
Nov
July
July
July
July
July
July
July
July
J_Iy
July
July
July
May
Nov
10255
10234
102%
103
103
10235
103
10235
10236
103
103%
10434
105
96
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
June
64% Aug 10035 Nov
76
Nov
Oct 93
9851 Aug 102% Mar
11235 11734 303,000 05
Warner-Quinlan Co 65 11742
3,000 88
Webster Mills 636s.. _ _1933 9154 91% 92
Western Power 5566 .1057 10454 102% 105 214.000 99
95
9514 5,000 95
West Texas Util 53 A.1957
WestvacoChlorine5 As 1937 10235 102% 102% 18,000 100
Whomaling4tP814 45
1953 90
8994 9034 45,000 86
White Sewing Mach 6s 1940 10074 100% 101% 21,000 10054
Feb 122
Aug 9934
June
Nov 98
Aug 11)7
Aug 9334
Nov 10136
,
Oct
Apr
May
May
Mpo
Nov
8,000 100% June 10434 Apr
10035 191
34,000
Texas Power & Lt fla 1958 101
Tyrol Hydro Elec 75_ _1952 92% 9231 9235 7,000
Olen & Co. 6545
9954
9955
101%
117%
102
101%
99%
103% 20,000 100 June 10734. May
9531 7,000 95
July 9931 June
Jan
104% 33,000 10234 Aug 105
9934 37,000 9551 Aug 101% Oct
103
Queensboro 0 & E 5 tis'52
97%
Rem Arms 534% notes1930
Hionfield 0115 56% notes'11 1033.4 10134
129
1941
66
90
Rochester Cent Pow 541953 80
Si Louis Coke & Gas fis '47
_ .1958
San Ant Pub 13er
1955
Sauda Falls 53
1945
Schulte R E Os
With warrants
Without warrants
Scripps(E WI 534s._ 1943
Serval Inc (new co, 5e. 194),
Shawinigan W & P 4 t4a '67
Sloss Sheffield S & I 6s 1929
Purch money 6s_ _ _ _1929
'nidar Pack (Pw notes 1932
Solvay-Am Invest 5s_ _1942
Sou Caro Power 5s. _ _1957
Southeast P & L Os. 2095
Without warrants
Southern Asbestos 6s.1937
arm Calif Edison he . 1951
Refunding nage 58_1952
refdg M.__ _1944
Gen
1937
Sou Call) Use ea
1957
So
Southwest 0 & E 68.._ 1957
So West Lt & Pr Is A1957
:raw Pow 8 Lt 68 2021
'Thiel (A 16) Mfg 68 1947
,
Stand Inv with warr 5s1937
Bib)
stand Pow & Lt 68
Stinnes(Hugo) Corp
75 Oct 1 '36 without wart
76 1946 without won't._
Strauss (Nathan) 65..1938
Strawbr & Clothier 55_1948
1937
Stutz Motor 7348
Sun Maid Raisin 648_1042
1939
Sun 011 54s
Owns & Co 55 Oct 16 1932
Aug
Oct
Oct
Jan
June
July
Aug
10334 103
9434 94%
1043.4 10334
99
99
Ohlo Power 56 ser B..1953
100
448 series1).....1056 9435 9454
Ohio Rlver Edison 58_1951
99%
Osgood Co 65 with war 1938 100
100
Pao Gm & El let 4346_1957
Pacific Invest ftri
Penn-Ohlo Edison Os 1951,
Without warrants
Penn Pow & Lt 55 5er D '53
PhilaElec 5%s
1953
Pnlla Klee Pow 5365 1977
Phila Rap Tran 6s_ __ _1962
Phila Suburban Counties
G & E 1st ref 4 tia_.1957
Pittsburg Steel Os ....Ma
Potomac Edison 58_1956
1947
Potrero Sugar 75
Power Corp of NY 5345'47
Procter & Gamble 4145 '47
Bonds (Concluded)
High.
11,000 10135 Jan 10434 July
103 103
96% 9566 9631 47,000 9434 Sept 9934 Apr
Oct 10236 Mar
9734 97% 97% 7,000 96
Feb 109
10035 100% 101% 66,000 98
APT
2.000 93% Aug 101
96
96
Mat
96
5735 May
91
9134 6,000 9056 Nov 1
2,000 104
104 104
Jeddo Highland Coal 65 '41
1938
KelvInator Co 68
Without warrants
7735 7055 7734 238,000 133%
1948 9435 9474 9535 54,000 95
Kendall Co 5345
98% 9831 2,000 98%
Keystone Pub Ser 541_1978
9934 99% 1,000 99%
Kimberly-Clark Corp 55 43
.
99% 100% 38,000 97
Koppers0&0deb 55_1947 100
WM.
Walton-, Power 1
Mansfirld Min & So (Ger)
,
78 with warrants _1941
75 without warrants 1941
letti
Mass Gus Go. As
McCord [tad & Mfg 6.1943
Memph") Nat Gas fis 1943
With warrants
Met Edison 43.4,..1965
Milwaukee 0 L 430-1967
Minnesota P.4 L 430_1978
Mo Par RR 1st Bs__ __1976
Montgomery Ward 53_1946
Montreal L FL & P 5s_ 1951
Morrie & Co 7%a._ .1980
2807
FINANCIAL CHRONICLE
Nov. 17 19281
3,000
AV,
Apr
Apr
Apr
Feb
May
Miss
May
Ma,
Mal
Nov
Aug
Nov
Jar.
102% 4)'102% Nov
98
97% July 103
Mat
8931 Aug 95% Apr
9754 Feb 100
May
Foreign Government
and Municipalities.
Agricul Mtge Bk Pep of Col
97%
Jan 1131948
20-yr 78
97%
Jan 15 1947
78
-,
97
Raden ((Unmans 7. inni 97
Bank of Prussia Landowners Ase'n 6% notes- _1930 9631 96%
Bolivia (Repub of) 744_1969 9734 9734
Buenoa Aires(Prov)7346'47 1015' 101%
100
1952 100
is.
Cauca Valley (Dept) Colombia, en)at 7s__ _1948 9655 96
Cent Bk of German State &
Pros Banks fle B___1951 8631 86
1952 8654 86
65 Series A
1958 8954 89%
6546
98
98
97
5,000
2,000
1,000
9651 2,000 9431 Jan 97% Apr
Oct 9851 Sept
9734 48,000 96
10234 35,000 100% Feb 105% Map
100% 38,000 98
Jan 10234 June
9634 13.000
9556 Sent
97%
8634 28,000
5,000
90
89% 194,000
Oct
85
Oct
86
87% Oct
92% Mar
93
Jan
97% June
98% 99% 48,000
Danish Cons Muni° 530'55 99
94
6,000
1953
92
53 new
Danzig P Jr Waterway Bd
86
1,000
86
1952
Esti fOS-4s
10054 102% 69,000
Denm'k (Kingd'rn) 530'55 101
1962 8934 8914 90 145,000
41546
1967
8935
8934 89%
Frankfort (City) 6545_1953
9351
93
Estonia (Rep) 75
98
90
97
84%
97
92
Oct
Apr
May 102
Sept 9935 Apr
Feb
85
Oct n90
).•
99% July
J '
87% June 954 8'a
8934 Aug
95
93
99M Map
Oct
Apr
54,000
91,000
96
Aug (9)100IIMM
8756 Aug 94% May
16,000
99% July 102% Feb
98
983-4 18,000
8955 90% 94.000
9235 Jan 101
Ain
Nov 9451 Sept
90
9755 9831 13,000
9434
95%
93
9434
95%
9254
9255.
97
95%
8454
9511
96
93
9355
98%
95%
85
105% 10514
99% 99%
1972
Netherlands 6s
Newfoundland (Govt)79'52
Parana(State of)Braz 7s'58
Prussia (Free State)63051
Extlele (of '271 Oct 15 '52
Rio Grande do Sul (State)
Brazil 76 (of '270 1967
R118880 GOvertiment1919
6
_ _ 1919
656s twig.
1921
53.4s
_1921
555s certificates
9,000
93% 11,000
German Cons Munk:75'47 9734 97% 98
90
1947 8934 89
Iodus Mtg Bk of Finland
1st mtge colt s f 76_1944 10055 100 101
Medellin (Colombia) 76 '51
1954
6568____ _ _____
Mendoza (Pros) Argentina
1951
7 1.4s
Minas Geraes(State': Brat!
.1958
Ext 6141
1
Montevideo (City) 66 195
9
Mtge Bank of Bogota 76'47
New
Al Chile 681931
Mtge Bank
Mtg Bk of Denmark 56'72
Mtge Bk of Jugoslav 70'57
97% Jan 10254 Apr
Jan 101% Apr
97
96% June 11934 June
15,00(
71,00(
20,00(
12,00(
58,00(
5,00(
12,00(
0655
93
984
9134
9135
93
95
RI
Jan, 10061
Are
9734
98%
97
9534
99
99)4
90
Apr
40.
Sept
Apr
Mai
Apr
May
Aug
Jan
Feb
June
June
Oct
Aug
5,000 104% Sent 108% Feb
Feb
1.000 9914 June 102
96
90%
92% 94
13.000
96
965-4 33,000
90% 90% 107,000
92% Oct 9814 MAT
I35
June 9834 Mat
85% Aug n944 May
97
96% 97
96
1435
15
15
14%
14%
14%
1935 100
100
Saarbruecken 75
Ss
Fe (City), Argentine
9535
Be ub lc, ext1 713._ _1945
100
188. "MO (Chile) 75_1949
Serbs Croats & Slovenes
84%
(King) egt1 sec 75 ser B'62
1958 86
86
Silesia (Prov) 76
100%
Switzerland Govt 5545 1929
Warsaw (City) 75.-._1958 86% 86
15%
15
15%
15
100
33,000
13,00f
101,000
45,000
33,000
6,000
Jan 100%
12% June
1234 Oct
12% Sept
12% Oct
95
18
I),
17%
17%
Apr
Mar
Mar
Mar
Mar
June 10234 Apr
9655 17,000
100
17,000
93%
98
Jan 9914 May
Oct 101% 8191
85%
8634
100%
87
82
8535
100
85%
FM
Aug 92
Oct 89% June
Aug
June 0103
July 904 May
97.000
53,000
38,001
14,001
•No par value. (Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. n Sold under the rule. o Sold for cash.
a Option sales. I Ex-rights and bonus. w When Issued. x Ex-dividend. a Exrights. s Ex-stock dividend.
Cash sales as follows: (14) Hart-Parr Co. -rights" Oct. 25, 400 at 12.
Option sales made as follows: a Middle West Ctn. prior lien stk. Mar. 5 at 12
`A.G.Spalding & Bro.,corn., Jan. 14 at 120; g Associated Gas& Elec.. Jan. 14 at 47.
la Sierra Pacific Electric Co., Jan. Oat 92; u Mt. State Power, Jan. 13, 10134
(I) Palmolive Pet., Feb. 28 at 85.
"Under the rule" sales were made as follows:
o Belgian National Railway, preference Jan. 20 at 1755: Eitingon Scbild Co.
68, Jan. 13 at 9855;1 Goodyear Tire & Rubber of Calif. 15 14s, Jan. 4 at 1011.4.
k U.S. Rubber 614% notes 1940 at 108; r J. J. Newberry. pref. Jan. 25 at 1075':
o Standard Publishing class A Jan. 25 at 4; u $1,000 United Oil Prod. 85 1931,
Feb.2 at 881. Potrmo Bug. 7s, 1967, Feb. 17 at 98; w American Meter Co. Feb.29
at 126. (3) Ohio River Edison 55. 1951. Feb. 21st 103. (4) Nat. Pub. Sur. war.,
-Inland Steel
Apr. 24 at 30354. (6) Mtg. Bk. of Bogota 75, 1947, Apr. 20 at 96
455s, May 4. at 65,000 at 985.4. 00 Cities Service prat.. May 23 at 108354
(9) German Con. Mines 75. 1947; May 23. $1,000 at 10151. (10 Trumbull Stew;
Pref.. July 19, 100 at 12234. (11) Midwest G88 75. 1936. July 23, 54.000 at 10714:
(13) 1,000 Pittsburgh Steel 6s, 1948, Aug.24 at 10354;(15) Alabama Power 5s, 1956.
Nov. 14, $1,000 at 10834
[Vol,. 127.
FINANCIAL CHRONICLE
2808
Quotations of Sundry Securities
All bond prices Sr."and Interest" except where marked 'f".
Public Utilities
•
Par Bki Ask
American Gas de Electric__ I •185 186
*10612 10712
6% preferred
Amer Light & Tree com_100 218 220
100 113 118
Preferred
Amer Pow & Light
MAE3 107 10712
Deb 682016
Amer Public Util com___100 50 65
99
7% Prior preferred____100 94
100 90
93
Partio preferred
Appalachian El Pr pf_ _100 10714 10814
17
Associated Gas & Elec coin.) .15
• *54
56
Original preferred
•94
96
25 preferred__
*99 101
2515 pref
•100 102
id preferred
*102 105
$84 preferred
*102 105
$7 preferred
4
Det be 1988
A & 0 923 9314
Deb 55
2875 97 100
Comurith Pr Corp prer_1110 102 102 s
,
1 *3812 40
East. UM. Assn. corn
13
.11
Cony. stock_
Elec Bond & Share pre/.100 810914 10912
General Pub Serv com
/ *2712 2814
27 preferred
*135 145
*100 101
$8 first preferred
Gen'i Public Util
100 932 95
Mlindssippt RI,Pow pref.100 107
First ratite 55 1951_ J&J 102
Deb Esi 1947
MAN
9612 98
National Pow & Light pref _ I 107 10812
North States Pow com_100 141 143
101 10812 110
7% Preferred
15
Nor Texas Elea Co com_100 13
43
Preferred
106 40
Ohio Pub Sen.7% pref _100 110 112
6% pref
102 103
Pacific Gas & El 151 pref 20 *2812 2712
PUgetSound Pow& Lt6%p I .98
91
*89
6% Preferred
let & ref 6 He 1949_ _J&I 102'2 10312
59
South Cal Edison 8% 0..24 *53
BtandO&E7%prpL 10 109. 11112
1
A
2
Tenn Elea Power let pref 7, 108; 10712
100 99'2 10012
6% preferred
10213 10412
Toledo Edison 6% pi
%
7 prof..10( 109 11015
Western Pow Corp Dref_100 102 108
Short Term Securities
Allis Chal Mfg, As May '37
Alum Coot Amer.59 May•52
Amer Rad.deb 434s, May'47
Am Roll Mill deb fa, Jan '4r
Am Thread 6s, Dee 1928.
Anglo-Am 011 440. July '21.
Ana'da Cop Min 65. Jan '29
lit cons ffs_ _Feb. 1953
Batavia!, Pete 434*. _ _ _ 1942
Bell Tel of Can 58 A.Mar'55
Beth SU 5% notes J u ne 1529
Sec 5% note-..June 15 '30
Sec 5% notes_June 15 '31
See 5% notes_June 15 '32
Com'l Invest Tr be. May '29
5% notes
May 1930
Cud Pkg. deb 5Iis_Oct 1937
Cunard SS Line 4548 Dec'29
Ed El lii Bost
454% notes.- Nov 1930
Empire Gas & Fuel 58
June 1929-30
Sisk Rub 6146...Jan 1931
Gen Mot Ac Corp be Mar '29
6% serial notes-Mar '30
5% serial notes_Mar '31
6% serial notes-.Mar '32
5% serial notes-Mar '33
5% serial notes. Mar '34
5% Serial notes-Mat '35
6% serial notes.-Mar '38
Goodr(BF) Co 59Jan 15 29
Goodyr T & R bs.Dec lb 28
Gulf 011 Corp of Pa deb Is
Dec 1937
Feb 1947
Deb ba
Koppers Gas & Coke deb Ss
June 1947
Meg Pet 4145.Feb 1529-35
Mar 011 58..._June 15 1929
Serial 5% notes June 1530
Serial5% notea June 1531
Serial 5% notes June 1532
MassGasCos.S34eJa,, 1946
Pacific Mills 534s___ Feb 'II
Peoples Gas L & Coke 434s
Dec 1929 & 1930
Prod& Gam!),4348 July '47
Sloss Sher SU & Ir 65 Aug '29
Swift & Co 5% notes
Oct 15 1932
Tldew Pow 1st As.. _Aug '29
Un NJ RR A Can 45 Sept'211
U S Sm & Ref 534s_ _ Nov '35
Wise Cent ba
Jan '30
Tbb
100 10014
10115 102
97 5 9812
,
97 4 014
,
991'ut 100,5
993
4
99
991..6 1001 4
10514 10512
9315 93%
1023 10314
4
993 10012
4
98% 9912
9815 9912
9812 9912
9812 9912
4
963 973
4
100 10012
98 4 9915
,
4
9914 993
9712 9912
88
9012
993 10015
4
99,4 993
4
983 9914
4
973 g :12
4
97 3 97%
,
97 98
92
973
4
97
973
4
993 100
4
993 100,
4
3
100% 100%
101% 10214
993 10014
4
9512 100
99/8 10014
9814 98%
9714 9814
4
9812 97,
1033 10412
4
97
95
98 100
98%
98
10015 10112
100 10012
9814 99
983 9912
4
10,12 101
13615 98
Railroad Equipments
Par Bid
5.25
Atlantic Coast Line 65
4.90
Equipment6345
5.25
Baltimore & Ohio 65
4.90
Equipment 430 & 55_
Buff Roth & Pitts equip 6s_ 6.25
5.10
Canadian Pacific 434s &
5.25
Central RR of N J 65
5.25
Chesapeake A Ohio 65
5.00
Equipment634s
4.90
Equipment 58
Chicago & North West 6s_. 5.30
5.00
Equipment6345
Chic RI & Pac 4340 & As.. 5.00
5.30
Equipment(is
5.40
Colorado & Southern 65_
Ask
5.00
4.70
5.00
4.70
5.00
4.70
5.00
5.00
4.80
4.70
5.00
4.80
4.75
5.00
5.00
5.25
5.20
5.35
5.25
4.90
4.90
5.25
4.90
5.20
5.00
5.30
5.25
5.25
4.95
5.10
5.30
5.50
5.25
490
4.90
5.25
5.00
4.90
5.00
5.00
4.90
5.05
4.90
5 30
5 75
490
5 00
5 10
5 30
5.30
5.00
5.00
4.90
5.00
5.00
4.70
4.70
5.00
4.70
5.00
4.80
5.00
5.00
5.00
4.75
4.75
5.00
5.00
4.95
4.70
4.70
5.00
4.80
4.70
4.80
4.85
4.70
4.80
4.70
5.00
5 25
4 70
4 80
4 90
5 00
5 00
4 75
Delaware & Hudson 6s.__..
Erie 4i4s& 56
Equipment 68
Great Northern 65
Equipment 55
Hocking Valley 55
EquiPt65
Illinois C
W81 6)45 & Bs
EQ1119
Equipment 75 & 6345
Kanawta & Michigan 65Kansas City Southern 63.45..
LouisvilleA Nashville Os_..
Equipment634s
Michigan Central ba & 6I..
MinnSt PASSM 6345E6 65
Equipment 634s A 75....
MissouriPacific 65 & OHL_
Mobile & Ohio 55
New York Central 4545 & 68
Equipment65
Equipment78
Norfolk & Western 4345___.
NorthernPacific 7e
Pacific Fruit Express 75_._.
PennsylvaniaRR eg 65
Pittsb & Lake Erie 6345...
ReadingCo 4 As & As
St Louie A San Francisco As.
SeaboardAir line 5246 & es
Southern Pacific Co 4545..
Equipment75
Southern Ry 634s & As
Equipment Oa
roledo & Ohio Central 60...
OnionPacific 75
Aeronautical Securities
5
Aeromarine-Klemm
Aeronautical Industries...
Air Ass,ciatea
Air Investors
1
Alexander Indus corn
8% participating pref....
American Airports Corp---t
Amer Eagle Aircraft
Bellanca Aircraft Corp units
New
Cessna Aircraft common...
Preferred
Claude Neon Lights
Rights
Consolidated Instrument. t
Crescent Aircraft
-Robertson Al:plane
Curtiss
Units
Curtiss Assets
Fairchild Caminex Engine
Fokker Aircraft common--t
25
1st preferred
Gates
-Day Aircraft
Great Lakes Aircraft
Haskelite Mfg
Heywood Starter Corp
Kreider-Reisner Aircraft- - Lockheed Aircraft commont
Maddux Air Lines units_..
Mahoney-Ryan Aircraft- Mohawk Aircraft
Mono Aircraft
Preferred
Moth Aircraft Corp units
Common
National Air Transport...Nat Aircraft Mat'is Corp...
NationalAviation
N R Airways
Pollak Mfg
Scenic Airway.common.-- •
Stearman Aircraft com.--7% preferred
Units
Stinson Aircraft class A- -Common
Swallow Airplane
Travel Air Mfg
US Air Transport
Universal Aircraft units....
•
WarnerAircraft Corp
Western Air Express
Sticks Par
Water Bonds.
American Cigar com.---100
Preferred
100
British-Amer Tobae ord__11
SI
Bearer
Imperial Tob of0 B & Irel'0
lot Cigar Machinery new100
Johnson Tin Foil & Met _100
Union Tobacco Co corn.
(Maas A
Young (J 8) Co oom -100
100
Preferred
140 150
109
29 - 1 14
.
3
1
*293 30
4
32
*30
105 110
70
60
25
24
74
78
108 112
104
Indus. A Miscell
25 "78
American Hardware
80
100 121I1 123l4
Babcock & Wilcox
I *84514 848
1311m(E W)Co
56 •60
Preferred
0 98 103
Childs Company Pref---10
109 330 340
Hercules Powder
100 122 125
Preferred
Internet Silver 7% vref_100 120
100 194 19-5Phelps Dodge COO)
4
Royal Baking Pow oom___1 s 473 4934
100,105 107
Preferred
100 540 680
Singer manulyoguring
4
*6
63
8
Binger Mfg Ltd
•Per share. t No par value. 0 Basis
'1412 15
1412 1512
14
12
37
35
12
10
99 100
40 45
5
00
180
2412
24
150
100 110
250 285
16
14
8
814
15
12
125 135
30
35
40 50
14
143
4
20 22
15
10
2412 25
35 40
9
8
50 60
58 59
150 • --17
19
13
10
16
13
25
20
24
23
14
16
350 360
18
15
45 48
- -1
6;
312 5
19
17
185
17
17
105
495
11
17
55
300
Chain Store Stocks
Ask
Par Bid
Am Dep St 1st pf 7%_-100 •101 110
116 120
Berland Stores units
42
Bird Grocery Stores corn__ t *40
7% turn pref(with war)100 110
76
Bohack (H C) Inc com_ _ t *72
7% 1st preferred
100 105
.
9
Butler(James) corn
100 45 55
Preferred
Consol Ret as,8% of with
warrants
100 112
38
36
Diamond Shoe, corn
104 107
Preferred
30
Fan Farmer Candy Sh pref t .28
.
6
9
Fed Bak Shops,com
30
Fret 7% with wart'. _100 28
Feltman & Curme Shoe
20
•10
Stores A corn
100 75 85
7% Preferred
Gt All & Pac Tea vol com_ t *335 345
100 116 118
Preferred
t *118 119
Grant(W T) Co corn
Grant(W T)Rity 7% p1100 10312
18
15
Howorth-Snyder Co, A _ _ Kaufm Dep Sts, corn. 100
100
7% Preferred
30
*29
Kinnear Stores corn
8% preferred
100 116 120
*235 255
Knox Hat,coat
*106 111
$7 rum pref
70
*65
CI A panic pref
43
Kobacker Stores corn
t .40
Cum pref 7%
100 10212 10312
Lane Bryant Inc corn
t *60 63
7% cum pref
100 117 122
Leonard Fitzpatrick &
30
*29
Muller Stores corn
100 110 115
Preferred 8%
Lord & Taylor
100 320 350
First preferred 6%
100 98 103
Second pref.8%
100 110 120
McLellan Stores corn
I *56 60
6% preferred
100 100 105
631, 65
Melville Shoe Corp corn
I •
1st pref 8% with warr_100 105 110
•
Warrants _
Mercantile Stores........ •120 130
Preferred
104 105 120
0
Metropolitan Chain Stores- *75 71
'
New preferred
100 114 118
10
Metropid 5 to 50 Sts com A
7
*4
Common B
73
100 68
Preferred
42 4314
( ) Sons corn....
1 &
Preferred 644%
.
100 941r 9812
Murphy(0 C)Co corn__ t *76 80
100 104 109
8% cum pre
Nat Family Stores Inc...1 *3012 33
38
Cum prof 22 with warr.25 *32
26
•23
Nat Shirt Shops, corn
93
100 88
Preferred 8%
Nat Tea 612% pre!
100 10312 106
30
.28
NedIck's Inc corn
•12412 128
Neisner Brcs Inn cora
100 164 165
Preferred 7%
•120 130
Newberry J) Co corn
100 106 108
Preferred 7%
34
NY Merchandise corn...-1 *31
100 102 105
First pref 7%
Penney (J C) Co com_ _100 327 332
6% cum CIA pref -100 101 102
Peoples Drug Stores com__t *82 86
100 115 125
614% cum prof
*4712 5012
Piggly-Wiggly Corp
100 10212 106
Preferred 8%
.31
35
Piggly West States A
Rogers Peet Co corn...._100 125 140
99
Safeway Ma pf w'out war 6% 97
Sanitary Grocery Co.
100 165 175
654% preferred
47 49
.
Schiff Co coin
Cum cony pref 7%. -100 180 194
72
Silver (Isaac) & Bros corn. *71
100 116 120
7% cum cony prat
Southern Groc Storm A. _t *34 36
95
Southern Stores° units..
Spaid(AG)& Bros. corn 100 2115 275
7
S Stores corn class A. ....1 *4
4
*2
Com class B
Si
100 47
1st preferred 7%
82
*80
Walgreen Co corn
' 107 110
10
8% cum Prof
West Auto Supply corn A t *60 61
ion 103 105
61.4% preferred
Sugar Sticks
3
SO •
Caracas Sugar
Cent Aguirre Sugar oom_ _20 •150 152
100 •120 123
66- Fajardo Sugar
2
19
Federal Sugar Ref com-100 20 25
40
100 30
Preferred
61
33
115
Godchaux Sugars.Inc
I *30
91
100 89
Preferred
43
15
Holly Sugar Corp corn__ t *41
18
100 90 92
Preferred
National Sugar RefInIng_100 179 181
57
45
100 35
New Mauer('Sugar
•135 140
Savannah Sugar corn
100 117 120
Preferred
33
Sugar Estates Orients DI-100 28
65
100 55
Vertlentee Sugar DI
96
103
Arkan Wat 1st 58'58 A.A&0 94
Filrm WW let 5348A'54.A&O 100
let M Be 1954 ser B_ _JAI) 98
54AJ& D r00 103
City W(Chatt) Hs'
5
95
J&
let M 55 1954
City of New Castle Water
J&D I 94
58 Dee 2 1941
Clinton WW let 130'139_F&A 94
Com'veth Wet let 5301
8.47 97
Connelly, W 5sOct2'39A&Ol 95
St L & Int Wet 58'42.J&J 94 95
J&J 100 102
1st M 138 1942
Huntington 1st 53 54-1 8 100 102
'"
1955 96
55
Mid Stake WW 65'36 MAN 100
94
Monm Con W 1st587.8AJ&D 92
Monm Val Wt 5348'60.J&J 98 10012
Muncie WW As 0042'39 A01 94
St Joseph Water 58 1941A&O 95
Bhenango ValWat lia'193A&0 95
So Pftte Wet lat fis 1960 J&J 95
FAA 96
Ist M lia 1955
Ter H W W 65 '49 AJ&D 100 103
96
hIM As 1956 ser B.F&D 95
Wichita Wet let Os '419_1111&13 100 103
97
letM6eiSA6serR FAA
6 Purchaser also pays accrued dividend
Rubber Stocks
(Cleveland Quotations)
25
Aetna Rubbercommon_ _t *24
_
Preferred
falls Rubber corn
125 . 111 17
00t
*1-7
, 84
Preferred.
t *32 33
Faultless Rubber
l
& Rub comio
Firestone Tire
*1 108 181 2
1
315
6% Preferred
101 10718 10812
Cleneraprefer d
7% l Tire7Rub eam__2/ '18414 2 l0
100 99 100
Preferred
Goody'r T & R of Can M 100 *10814
t *38
India Tire & Rubber
Sisson Tire & Rubber com-t ---- 50e
100
8
Preferred
Miller Rubber preferred_100 74 75
.250
100
Mohawk Rubber
100
93
Preferred
Selber11ng Tire & Rubber__ t *4512 46
100 108 108
Preferred
-dividend. v Li
-rights
a Nominal. s Bs
ii
Investment Trust Stocks
Par Bid Asa
and Bonds
Allied Internal Investors__t .105 109
Amer Bond 64 Share com_10 2512 28
21
22
Amer Brit & Cont corn
85
95
75% paid
92
94
6% preferred
2612 2812
Amer Finan Hold corn A
67
70
Amer Founders Corp corn
443 473
4
6% pereferred
4
4934 523
4
7% preferred
76
74
Amer & Genl Sec
4212
40
Amer Internal Bond dr Sh._
Andrews Secur by Co
63
4 714
50
47
Astor Financial class A
14
11
Class B
7212
*70
Atl & Pac Intl Corp
Bankers Financial Trust_.- 2312 2612
14
Bankers Investml Am corn.. 13
Debenture shares
914 10
8
818 87
Basic Industry Shares
4
473 483
4
British Type Investors A
Continental Securities Corp. 116 120
82 85
Preferred
107
Ss 1942 with warrant_ _ _ _
105
Without warrants
Crum & Forster IMR11111:197
92
shares corn
100 103
Preferred
7
2312 23 s
Diversified Trustee Mug
197 2034
2
Shares B
Eastern Bankers Corp corn. 27
147 153
Units
Finan & Indust Ser corn__... 128 130
110 113
Preferred
145
Warrants
99
First Fed Foreign Inv Trust 96
205 2135
8
Fixed Trust Shares
General American Investors
14912
deb As with warrants.
25
GeneralTrustee common
80
Old units
75
71
New units
120
6% bonds
66
21 - Greenway Corp corn
55
53
Preferred (w w)
2012
Guardian Investment
28
26
Preferred_
8512
83
Incorporated Investors
4
Insuranshares ser A 1927_... 253 27
253 27
4
SeriesC 1927
2912
28
Series F 1927
2314 2412
Series 13 1927
2118 2212
Series B 1928
60
Int See Corp of Am corn A. 57
34
31
Common B
98
94
63.
6% preferred
93
89
6% preferred
43 47
Invest Co of Am coin
98 103
7% preferred
163
Series A units
1112 12
Investments Truett of N Y_.
110 112
Kent Securities Corp corn
98 101
Preened
10212 10411
Units
463 4914
4
Massachusetts Inventors__ .
104 107
Mohawk Invest Corp
12
11
Mutual Investment Trust..
New England Invest Trust. 1012 1112
33
Old Colony Invest Tr corn- 30
92
432% bonds
39
Pacific Investing Corp corn. 36
54
SecondInternal See Corp-. 51
28
Corn B when if & as
23
4312 4812
6% Preferred
39
Shawrnut Bk Inv Trust..
38
25
Stock (40% paid)
Ni 23
9112
44*.
194: 89
96
94
1962
88
1952 200
43 16Stand Int Secs Corp units.
40
Standard Investing Corp
37
1031 107
% preferred w w
12612
5% bonds w w
Swedish Amer Investing pf 176 180
U S Shares class A
1314
1312
Class A 1
Class B
43
247
8
Class C 1
263
s
Class C 2
223
4
Class C 3
x18
CIA811 D.
19
15
U S St Brit Internal cl B___
Units
76 79
U S A Foreign Sec corn._
4012 4212
9512
Preferred
94
011
.
4
Anglo-Amer(n1 rot stockfl •1812 182
Non-voting stock
El *1814 1834
Atlantic Kaki corn rew--25 5514 5515
sot, 117% 11734
Preferred
dome acrymser Co
25 *4412 47
Buckeye Pip,Line Co_-50 •69
70
5512 5514
New
Chesebrough Mfg Coos--26 .141 14412
20
Ciontinental Oil•t 5
10 .
2014
Cumberland Pipe Line..100 78
7812
Eureka Pipe Line Co_ ___100 70
72
laiena Signal Oil oom___100
712 9
Preferred old
100 83 85
100 83
Preferred new
85
Humble Oil & Reflning__26 *109% 11015
Illinois Pipe Line
100 254 259
Imperial Oil
•9412 9612
Indiana Pipe Line Co_ --SO •8314 85
International Petroleum...4 •5012 5011
4
National Transit Co...12.50 *2412 2515
71
New York Transit Co_ __I00 70
68
Northern Pipe Line Co. 100 64
Ohio 011
25 •7512 7612
39
Penn Mex Fuel CO
25 •38
3
Prairie 011 & Ou
25 *5412 54 4
Prairie Pipe Line
100 218 220
215 220
Solar Refining
Southern Pipe Line CO-50 •141I 1512
25 *6918 8915
South Penn 011
88
Southwest Pa PIPaLleee.100 82
6815
Standard 011 (Callfornla)--/ •68
8714 8715
Standard 011 (Indiana).- _26 .
8
Standard 011 (Kansas)._25 .225 23
..25 174 17414
Standard 011 (Kentucky)
25 *49
50
Standard 011 (Neb)..
4
Standard 011 of New Jer_26 •533 54
4
Standard Oil of New York.25 .x383 39
25 •10612 10815
Standard Oil (Ohio)
100 11714 119
Preferred
213
4
25 •19
Swan A Finch
Preferred
100 .912 10215
252190
2
2
0
Union Tank Car Co
(New)
VaetnUM
r Canadian quotatroo• s Sale price,
1414
2334
pxrestuxent anti Sailroati Intelligente,
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the first week
of November. The table covers nine roads and shows 9.74%
increase over the same week last year.
1927.
Buffalo Rochester & Pittsburgh_ _ _ _
Canadian National
Canadian Pacific
Duluth South Shore & Atl
Georgia & Florida
Mineral Range
Mobile & Ohio
Southern Railway System
Western Maryland
WN000000..4
0:00000000
1928.
0=
WOOW
JO= NWCDOWN
IW.e+W
000W,
First Week of November.
Increase.
$
312,745
5.274.011
5,070,000
98,530
30,600
4,758
350,536
3,944,908
397,227
Decrease.
$
23,434
830,121
822,000
Week.
10,203
2d week Mar.(11 roads)
Sd week Mar.(11 roads)
4th week Mar.(12 roads)
let week Apr. (12 roads)
2d week Apr. (12 roads)
8d week Apr. (11 roads)
4th week Apr. (12 roads)
let week May (12 roads)
34 week may (12 roads)
ild week May (12 roads)
Akb week may (12 roa(ls)
les week June (12 roads)
2d week June (12 roads)
3d week June (11 roads)
6th week June (11 roads)
ill week July (12 roads)
Sd week July (12 roads)
Ild week July 112 roads)
4th week July (12 roads)
let week Aug (12 roans)
2d week Aug (12 roads)
8d week Aug. (12 roads)
4th week Aug (12 roads)
let week Sent. (12 roads)
24 week hept.(12 roads)
ad week "-a.(11 roads)
4th week Si, . (12 roads)
let wee. 0.1 (12 roads)
2d week ._,..t. (12 roads)
3c1 week Oct (II roads)
4th week Oct. (11 roads)
Net earns, from operations
Other income
177,243
Total income
Interest on funded debt
Increase or
Decrease.
$
9,523.366
13.836,568
20,134,884
15,283,350
13.508,682
8,996,523
18,058,908
14.118,344
13,656.727
13,506,067
14.269,093
13.394,869
13.551,112
13,591.992
18.288.339
13,318.138
13.648.978
14.078,623
19.038.589
13,605,10
14.211.656
14.278,486
21.421.180
14,510.064
14,614,550
19,495.792
20.831.363
16.045.279
16.492,870
15,578,335
23,795,760
Is 452 215
%
3
-251.773 2.65
-267.552 1.90
+882,541 4.38
+368,068 2.41
-252,950 1.87
+12,534 0.14
-562,911 3.11
-469.133 3.33
+535,054 3.92
+952,096 7.04
+742,987 5.21
+278.542 2.08
+878.341 501
+596.986 3 66
+982.147 5.26
+808,584 807
+717,797 5.26
+532.438 3.78
+1.686.586 8.84
+1.361.816 10.09
+981.589 6.91
+1.223.405 8.57
+1.186,629 5.54
+304,5672 09
+ 1.238.046 8.26
+2.223.587 15.46
+2,298,87 109)
+2.583.052 16.1(
+2.690,331 16.31
+2,858,586 18.32
+3,491,040 14.61
.1.1 Sna 515 0 7e
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table:
Net Earnings.
Gross Earnings.
Month.
1927.
1926.
Increase or
Decrease.
1927.
1926.
Increase or
Decrease.
$
$
$
$
October 82,542,179 605,982,445-23 440266180.919.048 199.283.539-13,369,991
Novem'r 502.994.051561,153,956-58.159,905 125,957,014 158.501.561 -32,549.547
Decem 'r 466,526,003525,820.708-59,294.705 90.351,147 118,520.165-28.169.018
1927.
1928.
1927. I
1928.
January 456,520,897 486.722.646-80.181,749 93,990.640 99.699.436 -6.568.796
+541.678
February 455.681.258 468,532,117-12.850.859 108.120.729 107,579,051
March__ 504,233,099 530,643.758 -26.410,659 131,890.275 135,874.542 -4.034.267
April_ __ 473.428,2:11 497.865.380-24,437.149 110.907.453 113.818.315 -2.910.862
+840.317
May __. 509.746.395818.569.718 -8.823.32 128.780,393 127.940.076
June ... 501.576.771 51630..21 1-14,871.4 127,284.367 129.111,759 -1,827,387
508,811.786 +3.333.445137,412.487 125.700.631 +11,711.866
. . .
July-.
-4-165.107133.922.684 169.097,125 +9.835,559
August . 856.9(91.1208 41,743.013
Sentem'r 554.440.941 564.421.630 -9,980,689180.359,111 178.647,780 +1.711,331
-Percentage of Increase or decrease In net for above months has been
Note.
-Oct., 3.87% dec.' Nov., 20.53% dec.; Dec., 23.76% dec. 1928-Jan.,5.58%
1927
dec.; Feb.. 0.50% Inc.; March, 2.96% dec.; April, 2.56% dec.. May, 0.66% Inc.:
June, 1 41% dec.; July, 9.32% Inc.; Aug.. 5.99% Inc.
p In the month of Oct. the length of road covered was 238,828 miles In 1927, against
238,041 miles In 1926; In Nov. 238.711 nilles. against 238,142 miles In 1926; In Dec
238,552 miles, against 237.711 miles In 1926. In Jan., 239,476 mlles, against 238,608
mllesin 1927:1n Feb., 239,884 mile.. against 238,731 miles In 1927.1n March. 239,649
miles. against 238,729 miles In 1927; In Apr11, 239,882 miles. against 238.909 miles
239,079 miles ID
in 1927: in May, 290,120 miles. against 240.433 miles, 1927; in June, 290,302 miles,
against 238,906 miles In 1927;
against 239,066 miles In 1927; in July.
against 239,205 miles In 1927: In Sept., 290,693 miles, against
In Aug., 240,724 miles,
239.205 miles in 1927.
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
American Water Works & Electric Co., Inc.
(And Subsidiary Companies)
-Month of September- 12 Mos. End. Sept. 30.
1927.
1928.
1928.
1927.
5
5
4,200,271 4,015,279 50.318.042 48,255.708
Gross earnings
2.133.394 2.189.848 26,044.053 25.201,498
asps., rnaint. & taxes
Oper.
Ai,
•
gypri •
2.066,877 1.825.431 24.273,989 23,054,210
is Dross income
' Less
1
discount ofsubsid's_
8.178,423 8,618,662
Interest and amortization of
5,103.515 4,490,328
Preferred dividends of subsidiaries
41.383
45,932
Minority interests
13,323,321 13,154.922
Balance10,950.667 9,899.287
discount of American
Interest and amortization of
1,281.714 1,180,531
Water Works & Electric Co., Inc
Balance9,668,952 8.718.756
4.097.920 3.496.448
retirements and depletion
Reserved for renewals,
5.571,032 5,222,307
Net Income
-Month of September- 12 Mos. End. Sept. 30.
1928.
1927.
1928.
1927.
5
Gross earns,from operations_ 1.76:3,483 1.508.090 19,614,137 17,709,911
Oper. exp., incl. taxes & main
809,356
757,808 9.635,238 8,832.587
144,779
17,704
Previous
Year.
$
9,271,593
14,104.068
21,017.426
15,651,418
13,255.732
9,009,058
17,496.497
13,649,210
14,191.781
14,458,113
15,007.030
13.673,411
i 4,229.434
14,138.958
19.250.486
14,126,722
14,366.775
14.611.038
20.725.170
19.966.919
15.193.245
15,501,891
22,607,809
11.614,631
15,852,576
16.681.361
23.120.234
18,628.331
19,183,201
18,436,901
27.286,800
is owl taxn
-Month of October- -4 Mos.End. Oct.311928.
1927.
1927.
1928.
$
Passenger revenue
986,325
983,366 3.676,522 3,694,735
Other revenue
25,118
84.028
21,221
95,680
Operating expenses & taxes_ _
847,659
835,517 3.296,095 3,249,352
Income deductions
41,697
166,423
177,818
43,351
Net corporate income
122,087
351,593
125,719
309,684
Georgia Power Co.
10,401
2,700
1,659
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
The Brooklyn City Railroad Co.
$
16,991,830 15,483,315 1,685,758
1.508.515
Total (9 roads)
Tint. 1nm...aIan m 74,, ,)
z
2809
954,127
111,130
9,978,899
1.384,686
8,877,324
601,179
772,713 11,363,585
4.033,056
9,478,503
3.106.965
Balance
Other deductions
7.330.529
214,993
6,371,538
353,494
Balance
Dividends on $6 cumulative preferred stock
7,115,536 6,018,044
1,942,579 1,639,184
750,282
22,431
1,065,257
Bal. for res.. retirements and dividends
5.172,957
4.378.860
Illinois Power & Light Corp.
(And Subsidiaries)
Gross earns, from operation_ 2,878,928 2,514,747 33,777,318 31.522.434
1,489,779 1,470,327 17,919,225 17,834,268
Oper. expenses Sr maint
119.026
100.671 1,393.364 1.237.452
Taxes
Total expenses and taxes
Earnings from operation
Less rentals
Add other income
1,608,806
1.270,122
71.484
37,498
1.670,999 19,312,590 19.071,720
943.748 14,464,728 12,450,713
690.291
45.907
502,206
100,252
1,236,136
Total net earnings
989,656 14,275,643 12.550,965
Less prior charges of:
942.513
Iowa Pow.& Lt. Co., the Kansas Pow.& Lt. Co. 1.226,041
13,050.002 11,608,452
Total earnings available for bond interest
Twelve months'interest on Illinois Power & Light
Corp. mtge. debt
5,650,161 5.046,386
Interborough Rapid Transit Co.
-Month of September- 3 Mos.End. Sept.30.
1928.
1927.
1927.
1928.
5
5
5
Net Earnings of the Interborough System under the "Plan"
Gross revenuefrom all sources 5,253.472 5.279,547 15.399,342 15.159,584
Expenditures for operating &
maintaining the property__ 3,450.518 3,148,931 10,284,576 9.611,021
1.802 953
2.130.616
5.114,766
5,548,563
198.305
Taxes payable to city. State
and the United States_
299.447
593,110
893.153
Available for charges
1,604,648 1.831,170 4,521.655 4.655.411
Rentals payable to city for
original subways
221,713
221.800
665,513
665.400
Rentals payable as interest on
150.686
Manhattan Ry. bonds_ _ _ _
452,060
452,060
160,687
Dividend rental at 7% on
Manhattan Ry. stock not
25,380
25,381
76,142
76.143
assenting to "Pl. of Readj."
24,748
23.091
75,143
69,217
Miscellaneous rentals
422,529
420.959 1,268,858 1.262.820
1,182.118 1,410,211 3.252.796 3,392.591
Int. payable for use of borro'd
money and S. F. requiem'ts:
Int. on I. R. T.•
696,631
690,991 2.089,895 2,072,973
1st mtoe. 5% bonds_ _....
193.325
195,484
579.976
586,504
7% secured notes
47.545
46.541
142 637
139,624
-year notes
6% 10
24,412
8,137
14.825
44,475
Int. on equip, trust ctfs__ _
194.788
198.209
584.365
594.628
S. F.on I.R.T. 1st M. bds.
6.699
20.405
18,851
6.192
Other items
1,147.128
-'g 5%
Balance before deduct
Manhattan div. rental_ --Div. rental at 5% on Manhattan modified guar.stock
(payable if earned)
34.989
231,870
Bal. after deducting 5%
Manh. div. rental (subj,
to readjust.)
-196,881
1,152,442
3.441.694
3,457,055
257,769 -188,897
--64.464
231,871
695,612
695,613
26,097 -884,509 -760.078
International Railways of Central America.
-Month of October- 10 Mos, End. Oct 31.
1928.
1927.
1928.
1927.
$
Gross revenues
595,902
518,744 7,043,962 6.092.704
Oper. expenses and taxes_ _ 362.796
349,109 4,177.153 3,895.556
Inc. applic. to fixed chga
233,106
169,635
2,866,809
2,197,148
New Orleans Public Service.
-Month of September- Jan 1 to Sept. 30.
1928.
1928.
1927.
1927.
i
5
$
$
Gross earnings from oper____ 1,367,277 1,465,167 18,432,464 18,320.348
Operating expenses & taxes__
859,427
915.323 11,406.373 11.413,794
Net earnings from oper _ _ Other income
507,850
3.150
549.844
12.424
7,026,091
56,509
6,906,554
284,041
Total income
Interest on bonds
Other interest & deductions_
511,000
227.073
13,322
562,268
227,647
12,962
7,082.600
2,724,634
164,687
7.190.595
2,585.731
193,345
Balance
Dividends on pref. stock
270,605
321,659
4.193.279
554,243
4.411,519
554,243
3.639,036
3,857,276
Balance
New York Power & Light Corp.
-Month of October- 12 Mos. End, Oct. 31.
1928.
1927.
1928.
1927.
Gross earnings
Oper. expenses and taxes
1,776.842
*1.005,468
Net earnings
Interest and Income deduc'ns
Net income
• Incl.for me.to retire.res_ -
1,594,396 20,160.505 18,541.983
•
943,174 11.475.306•11.252,262
•
771,373
294,649
651.221
258.948
8,685.199
3,666398
7.289,721
2,734348
476.723
392.273
5.019.001
4,555.372
130.078
113,031
1,391,829
1322,908
2810
FINANCIAL CHRONICLE
South Carolina Power Co.
Month of
Sept. 1928.
12 Mos. Ended
Sept. 30 '28.
Gross earnings from operations
Operating expenses.incl. taxes and maintenance
235,574
128,994
2,068,809
1,152,937
Net earnings from operations
Other income
106.580
12,458
915,872
46,593
Totalincome
Interest on funded debt
119,038
962,465
327,567
Balance
Other deductions
634,898
82,035
Balance
Dividends on 6% cumulative preferred stock
552.863
99,267
Balance for reserves, retirements and dividends
453,596
Western Union Telegraph Co., Inc.
-Month of SeptemberJan 1 to Sept. 30
1927.
1927.
1928.
1928.
$
$
$
$
11.613,000 11,549,000 100706,000 98,460,000
1,399,000 1,508,000 11,278,000 11,384.000
Gross revenue
Operating income
FINANCIAL REPORTS.
-An index: to annual reports of steam
Financial Reports.
railroads, public utility and miscellaneous companies which
lisove been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Nov. 3. The next will appear in that of Dec. 1.
Canadian Car 4k Foundry Co., Ltd.
-Year Ended Sept. 31011928.)
(19th Annual Report
nnuoluE Alan)tiATT FOR YEARS ENDED SEPT. 30.
(Incl. Can. Car (i: Fdy., Ltd., Can. Steel Foundries, Ltd., and Associated Cos.)
1925-26. 1924-25.
1927-28.
1926-27.
Aggregate sales (abt.)-- Not avail. Not avail. $5.000,000 $6,427,510
256,388
714,825
$1,215,996 $1,332.887
Combined profit
232,485
132,089
29,620
93,009
Interest earned
Total income
Depreciation
Bond interest
Prov. for inc. tax, etc.
S1,245.616 $1,425,896
402,000
402,000
355.440
305,288
50,000
Net profit
Pref. diva. (cash)
S538.328
525,000
Balance, surplus
Previous surplus
S13,328
2.283,665
8618,456
525,000
$846.914
402,000
385,054
$488.873
402.000
416,645
$59,860 def.$329.772
918,750
525,000
893,456 der.s465,140dr.s1248,522
3,903,870
2.655,348
2,190,209
P.& L.surp., Sept. 30 $2,296,993 82.283.665 82,190.209 $2,655,348
Earns, per share on 49.750 shs. (par $100)
Nil
Nil
corn. stk. outst'd'g_ -$0.29
$1.88
a7. 57. c1234.
CONSOLIDATED BALANCE SHEET SEPT. 30.
Incl. Can. Car & Fdy. Co., Ltd., Can. Steel Foundries, Ltd., and ASSO. COS.)
1928.
1927.
1928.
1927.
Liabilities$
$
Assets$
$
Preference stock__ 7,500,000 7,500,000
Real estate, plant,
Ordinary stock__ _ 4,975.000 4,975.000
good-will, pat4.764,599 5,006.091
23,468,470 23.308.984 Funded debt
ents, &e
500.000
583,464 Secured loan
Scrip redemp. fd_
644,401
100,000 7-yr.6% neg.scrip.
250,000
Gov't bonds
469,919
874,675 1,845,091 Acc'ts, &c., pay'le 583,655
Investments
94,510
81,146
Interest accrued__
Material, supplies
131.250
Sze
2 058,927 2.000,972 Dividends pay'le__ 131,250
Deprec'n reserve_ _ 7.310.455 6,908,455
Acets. rec. (less
500,000
837.570 Special reserve_ _ _ _ 500.000
1.160.819
res.)
241,156
494,248 Oper'g., dm., res... 230,396
Cash in banks__ _ _ 477,525
83,078
84,117 Profit and loss_ _ _ _ 2,296,994 2,283,665
Deferred charges....
28,373,495 29,254,446
Total
-V.125, p. 3341.
Total
28,373,495 29.254.446
Cuba Cane Sugar Corporation.
(Annual Report-Year Ended Sept. 30 1928.)
President Charles Hayden, Oct. 31 reports in substance:
Net earnings for the year under review were especially and unfavorably
affected, first, by the gradual decline in the sugar market from a price of
27/gc. C. & f.-New York,in March,to 24ic. C. & f. New York, in September,
and second, by a reduction of 11%. by Governmental restriction, of the
tonnage of sugar produced in Cuba. Corporation, as the largest producer
of sugar on the Island of Cuba, was of necessity the greatest sufferer; its
output was, with the single exception of the year 1916 (the first year of the
corporation's existence), smaller than in any previous year. In view of
these conditions, the results of the year's operations as hereinafter reported
offer cause for more satisfaction than may have been anticipated.
Some of the outstanding features of the year's operations follow:
(a) The operating profit for the year was $4,366,554: that of the previous
year was $5,275,599; that of the year 1925-26 was $2,330,071.
(b) After providing for all interest char/es on bonds and bank loans and
for taxes paid and accrued during the year, there remained a net profit
for the year of 51.964.269 which has been carried to surplus. The net
profit of the previous year was $2,692,123 while the year 1925-26 showed
a loss of $232,079.
(c) Bonded indebtedness, mortgages and deferred installment payment
obligations for land purchases have been reduced by the sum of 8510,426.
In addition to the reduction of these fixed obligations by the corporation.
the Eastern Cuba Sugar Corp. paid $646.500 for the final acquisition of
the Alezrias lands and thus added an important and well developed unit
to its producing properties. This acquisition was made pursuant to an
agreement entered into by Eastern Cuba Sugar Corp.several years ago under
the terms of which that company has been developing the property which
has now been acquired.
(d) Capital assets were increased during the year by the net sum of
8475,501, due principally to the payment made for the Ale tries lands.
(e) Bank loans at Sept. 30 1928 were 83.900.000, a reduction of $2,025,000
from the amount owed banks at the same time last year. The amount
of cash on hand, plus the actually realized value of sugar since sold, Plus
sugar unsold (taken at 2 1-16c. C. & f. ner pound), amounted on the same
date to 36,807,629, this being $2.907.629 in excess of the bank loans outstanding. At the date of this report bank loans have been reduced to
81.975.000.
(f) Customary annual provision of $1 750,000 for depreciation has been
set aside from surplus; charges to this reserve during the year amounted to
3575,200. the major portion of which represented the retiremont of equipment. The total net reserve for depreciation as of Sept. 30 1928, amounted
to 819,010.180.
It is gratifying that, notwithstanding the handicaps imposed upon us by
the necessity of operating our plants at rates so much less than planned
capacity, company was able last year to reduce its cost of manufacturing.
excluding cane, to slightly leas than one cent per pound. With larger
production in the coming crop this cost should be further reduced.
The average price obtained for our sugar during the year under review
was 2.470c. f.o.b. per pound, as compared with 2.843c. f.o.b, per pound
last year, a reduction of .373c. per pound. The net income from the sale
[Vol,. 127.
of molasses amounted to $913,345. as against $1,231,878 for the previous
year. As our production of molasses from the next crop should be considerably larger than the production of last year and as the sale of this
molasses has already been contracted for at higher prices, the income
from molasses next year should show a substantial gain over that of the
past year.
Present indications are that restrictive measures enforced by the Cuban
Government during the past three years will be rescinded prior to the
beginning of the next grinding season. Cuban sugar production may
therefore increase further beyond the requirements of the United States
and, as a consequence, the industry may face the problem of selling to
countries other than the United States larger quantities of sugar than heretofore. These sugars would necessarily come into competition with sugars
of other countries to which these markets are also available. At recent
forecasts indicate that the production of the countries competing with
Cuba for these markets may be greater than the requirements of the markets
in question, competition will be based principally on price. Cost of production will therefore continue to be a subject to which the management
of your corporation will especially devote its attention. Corporation has
anticipated this condition and has taken stops designed to effect further
decreases in costs.
Unless radically new processes in manufacturing raw sugar shall be
developed large decreases in factory costs seem improbable,existing methods
having been highly perfected: but there are broad opportunities for improvement in the agricultural branch of the business and careful attention
Is being given and will continue to be given to these. We are extending
the use of modern mechanical equipment for the preparation and cultivation
of cane fields. We are conducting experiments of increasing importance
In the development of cane varieties that will be disease resisting and
therefore longer lived; that will produce higher tonnages per acre: and
that will yield greater sucrose percentages than varieties now in use. We
are studying the application of irrigation methods in order to reduce the
natural hazard of droughts which affect so seriously the tonnage yield of'
cane fields. And we are assisting in the development of cane harvesting
machinery which, when it can be brought into commercial use will effect
very important economies. These and all other measures that give promise
of improving or cheapening our agricultural processes will be earnestly
forwarded.
In our report last year we commented on the condition of our Colonos'
accounts resulting from the Governmental crop restriction policy which
was first enforced during the year 1925-26, and which has remained in
force during the following two years with serious consequences to the finan
cial status of the Colones. When a cane farmer is not permitted to cut
his cane and to sell the sugar produced therefrom, and this condition persists
over a period of three years, it follows as a matter of course that his ability
to repay money loaned to him will be progressively impaired. And the
hurt to the farmer is further aggravated by the fact that uncut cane left
standing from one year to another diminishes in value. It was impossible
at the time our report of last year was written to make a really accurate
estimate of the recoverable proportion of the amounts owned by Colones,
because neither could the price of sugar for the then coming year be forecast, nor could the extent of the damage unavoidably to be suffered by
cane through crop restriction be then accurately ascertained.
In view of the fact that the crop restriction policy seems certain to be
abandoned by the Cuban Cuban Government, we have recently been in
position for the first time in three years to survey and appraise the present
r-al value of the corporation's equity in Colones' indebtedness. We have
made a complete and detailed appraisal of each Colones' cane and other
assets upon which the corporation has liens, and have arrived at'a valuation
for the standing cane, basing such valuation, first, on a very conservative
estimate of probable sugar production from this cane during its normal
life, and second, on an equally conservative estimate of the average price
that can be realized for such sugar.
In the circumstances, your board of directors has considered it advisable
that an additional reserve of $5,431,221 be set up and charged to surplus
And that the item in the balance sheet "Advances to Colonos, less reserve"
be reduced in the same amount. When higher sugar prices again bring
prosperity to the Colonos and so make possible the complete or partial
collection of these accounts, any reserve no longer required will be recredited
to surplus. In the meantime Colones' accounts will receive vigilant attention with a view to their collection from time to time to the extent that
circumstances may permit. After the charge of $5,431,221 mentioned
above the surplus of the corporation at Sept. 30 1928, stands at *7.513.781.
Review of the Sugar Situation.
Limitation of the last Cuban crop by Government decree to 4,000.000
tons, as compared with 4,500,000 tons the previous year, failed to bring
about the advance in the price of auger that was anticipated as the result
of this action. On the contrary, prices declined to a level materially below
those of last year. The market after reaching 214c. c. & f. in March steadily receded until in September the quotation of 2 c. was established.
The average price obtained for C7Mban sugars during 1928 is about 2lie.
f.o.b. or approximately %c. less than the average for the preceding year.
It would seem the part of wisdom therefore for Cuba to discontinue restriction and await developments from other sugar producing* countries.
Among the numero %causes for the unsatisfactory price situation was the
liquidation of the very large invisible stocks held in the United States at the
be tinning of the year, which liquidation was made necessary by new
methods of merchandising adopted by United States refiners upon the
formation of the Sugar Institute. While those stocks were being disposed
of, purchases by refiners were greatly reduced as was evidenced by a falling
off in meltings and deliveries of 375,000 tons from last year's figures. The
producer of Cuban raw sugar was therefore forced to carry throughout the
year correspondingly heavier stocks.
Another factor that contributed toward low prices was the larger importation into the United States of duty free sugars from Porto Rico. the
Philippines and Hawaii. These importations compare with those of lest
year. and with the year 1923, as follows:
1928.
603.600
Porto Rico
518,000
.
251,i.7
511,000
Philippines
464,000
197,926
734.000
698,000
Hawaii
459,849
1,848,000
1.680,000
908.992
The Increase shown amounts to 168,000 tons in the last year and to
939.000 tons in the last five years.
The increase of duty free snows, coupled with smaller meltings by
American Refiners, reduced the United States' demand for Cuban sugars.
Total inmortations from Cuba this year will Probably not exceed 2,700,000
tons, a -ainst 3,140,273 tons in 1927, and 3,749,527 tons in 1926.
The forezoing figures show a decrease since 1926 of over 1,000,000 tons
in the exports of Cuba to the United States. It seems reasonable to expect,
howevor, that the demand of this country for sugar from Cuba will increase
materially durin- the coming vear-Frst because the combined production
of cane su-ar in Hawaii, the Phillipnines, Porto Rico and Louisiana and of
domestic beet sugar in the United States is not likely to exceed 1928 proportions, and second, because of the increased consumption and the accumulation of invisibles which usually occur when the price of a commodity falls
below its cost of nroduction. Taking these factors into consideration, it
is possible that the demand for Cuban sugar in the United States next
year may reach 3,400,000 tons, which although 350,000 toms less than the
peak reached in 1926, is nevertheless 700,000 tons more than the amount
for 1928.
Assuming that 3,400.000 tons of sugar are to be taken by the United
States from Cuba in j°23 and that a carry-over into 1929 of about 500,000
tons is also to be wholly abserbed in that year, there will remain probably
1,600.000 to 1.700.000 tons for expert from Cuba to other countries.
Exportation of sugar in the current year from Cuba to countries other than
the Un'ted States will nrobably amount to 1.200,000 tons consequently it is
.
not improbable that. the quantity of Locomen to 1,700.000 tons will be
absorbed by those outsi le countries, especially in view of present low
nrice3 which should, as formerly, stimulate the purchasing and carrying of
lar^er stocks, thus in-reasing invisible supplies throughout the world as
well as In the United States.
The change made in the British tariff, providing for higher duty on refined
sugar than on ra g sugar, will also favor the disposition of whatever surplus
Cuban production may show after the requirements of the United States
have been satisfied. Furthermore, European consumption of sugar has
in-reused materially, while the production of sugar in European countries
(excluding Russia, ‘,‘ hich has no exportable surplus) gives rromise of some
diminution. As against these favorable factors, there is the fact that
lava has already said 500,000 to 600,000 tons of sugar for delivery west of
the Suez Canal and that the delivery of those sugars may have some effect
on Fmronean demand for Cuban sugars during the early months of 1929.
As has been stated in previous parts of this report, it now seems intorobable that the next Cuban crop will be restricted. It is difficult, if not
impossible, to estimate the size of the next Cuban crop, but the best authori-
Nov. 17 1928.]
2811
FINANCIAL CHRONICLE
ties place it at no higher than 4,750,000 tons. This estimate indicates the
,
extent to which natural shrinkage in the cane fields due to three years 0
restriction, combined with the effect of the Cuban law prohibiting the
clearing of wood lands for cane planting, have operated to curtail the crop
from the 5.125,000 tons produced in 1924-25, and from the still higher
quantities that would almost certainly have been produced in following
years in the absence of governmental restriction.
•
BALANCE SHEET JUNE 30.
Assets1925.
1928.
1926.
1927.
Secs. dep. with Safe Dep.
& Trust Co.of Bait.....a$5,136,960 $5,136,960 $5.136.960 $5,136,960
Railroad bonds
1,220.835
61,070,475 1,070,475 1,220,835
Other bonds
c1,097,250 1,097,250 1,995,070 2.076,030
Railroad stocks
d24,797,554 24,797,554 21,079.283 21,074,283
Other stocks
42,063
42,063
e390.505
400,505
OPERATING PROFITS PER POUND OF SUGAR.
Certifs. of indebtedness_
f1,563
1,563
1,563
1,563
66,634
87,099
85,057
85,057
1922-23. 1923-24. 1924-25. 1925-26. 1926-27. 1927-28. Other securities
46,800
PolkPhosphate Co(advs)
21,000
4,754c. 4.596c. 2.696c. 2.321c. 2.964c. 2.563c.
Receipts
Deposited for int., diva.
2.363
2.154
2.493
2.149
Production cost_
3,575
3.552
3,502
& income tax retained
6,522
5,290
4,398
929,530
836,577
1,115,440
Oper. profit_ _ 1.179c. 1.044c. 0.333c. 0.167c. 0.471c. 0.414c. Dividends accrued_ _ _ _ _ 1,115,440
Stockholders Sept. 301922. 1923. 1924. 1925. 1926. 1927. 1928. Fund for retirement of
4% deb. certifs. of inHolders of pref. stock
6,312 5,394 4,900 4,744 4,537 4,172 4,009
debtedness
-Safe Dep.
Holders of corn. stock
5,565 4,904 4,031 3,636 3.693 3,480 3,565
6,000
& Trust Co. of Balt__ _
100
100
100
60,238
Cash on deposit
464,191
384.154
Total
11,877 10,298 8,931 8,380 8,230 7,652 7,574
Total
$34,214,158 433,730,301 530,879,905 $30,524,686
INCOME AND SURPLUS ACCOUNT FOR YEARS ENDED SEPT. 30.
Liabilities
1927-28.
1926-27.
1925-26.
1924-25.
$11,760,006 $8,820.000 $8,820,000 $8,820,000
Produc.raw sugar(bags) 3,232,007 3,425,904 4,273,766 4,471,357 Capitalstock
Certifs. of indebt.(5%). 5,000,000 5,000,000 5,000,000 5,000,000
Receipts
61,800
61,800
61,800
61,800
Sugar sales
$26,026,663 $31,820.833 $31,819,941 $36,536.247 Certifs. ofindebt.(4%)
100
6,000
100
100
Molasses sales
913,345
1.231,878
367,129 2.510.847 Deb. ctfs.of indebt.(4%)
Borrowed money
2,459.597
Other earnings
73,070
125,821
80,233
118.871
Divs, on stock and int.
5,022
3,426
4,398
5,289
on certifs. unpaid_ _ __
Total earnings
$27,013,078 $33,178,532 432,267,302 439,165,965
1
76
Income tax retained_ _ _ _
1
1
Expenses
Federal
15,000
2.700
4.600
Cost of cane
$12,915,775 $16,692,008 $15.968,113 $19,351,509 Interesttaxes
1,499
unpaid
Dead season expenses_ _ _ 1.936.475 2,694,839 3,860,553 3,469,646 Reserve for income taxes
6,483
Crop exp.(Cuba-U. S.)_ 3.352,479 3,663,000 4,765.877 5,443,786 Profit and loss surplus._ 17,379,253 17,369,406 16.988,115 16,630,683
a Fiscal year charges__ _
890,749
977,730
989,080
985,963
Sugar expenses
3,551,046 3,875,355 4.353,608 5,074.047
Total
534.214359 $33,730,301 $30,879,905 430.524,686
No provision for Federal tax for the period from Jan. 1 to June 30 1928
Total expenses
$22,646,525 $27,902,933 $29,937,231 $34,324,951
Operating profit
$4,366,554 $5,275,599 $2,330,071 $4.841,014 s included in the above statement.
Interest on bonds
2,625,464 2,656,735 2,680,830 2.707,990
,
Securities Owned June 30 1928.
Other int. and income Cr.245,637
Cr.81,089 Cr.127,891 Cr.362.370
a Securities deposited with Safe Deposit & Trust Co. of Baltimore to
Taxes paid during year
22,458
7.826
9,213.
secure5% and class B 4% certificates ofindebtedness, viz.:
depreciation
Res. for
1,750.000
1.750,000 1,750.000 1,750.000
Res.for doubtful sects
Par.
Book Value.
5,431,221
Additional taxes & exp_
67,730
15,025
1,142 Atl. Coast Line cons.4% bonds_ _ _ _ $1,250,000 $1,125,000
Other reserves
164.520
Atl. Coast Line RR.of S. C.4% bonds 1,550,000 1,395,000
Atl. Coast Line RR.4Si% unif.bonds 3,008.000 2,616.960-85,136.980
Balance, surplus_ __-loss5,381.471
5874,39610841997106
b Other railroad bonds:
$735.766
Previous surplus
12,895,253 12.020,855 14,017,961 13,282.195 Colum. Newb.& Laur. RR. Co. 3%- 4318,000
$190.800
228,000
285,000
Northwestern RR. Co. 1st cons. 4%..
Bal.,surp., Sept. 30- $7.513,781 $12,895,253 512.020,855 $14.017,961 Northwestern RR. Co. 1st cons. 5%75,000
67,500
a Gen. ins., Cuban taxes on sugar and Cuban taxes on real estate. &c. Atlantic Coast Line RR.consol.4%-4.000
3.600
140,000
105,975
A.C.L.RR.Co. L.& N.coll. tr.4s....
Charlestown & West Carolina Ry. 1st
'
BALANCE SHEET, SEPT. 30.
474.600-$1.070,475
791,000
cons. mtge.4-5% bonds series A_ __
Astets-$
$
$
c Other bonds:
1928.
1926.
1925.
International Agricultural Corp.5%- 1,567.500 1,097,250-$1,097,250
Properties. plants, &c a80,643,279 81.2 2..577 83.776,040 82,534.346
147
32
Shares.
d Railroad stocks:
Investments at cost_ _ _ _
628,650
683,750
683,750
211.850 Northwestern RR.Co
$55.000
550
Cane cultivations
433.787
607,418
597,936
553.517 Atlantic & North Carolina RR
11
1.100
Materials and supplies_ _ 2,451.747 3,085.335 3,893.076 4,079,847
corn. A_
3,777
377,700
Line RR.
Adv.to colonos (less res.) 7.470,524 12,735,717 14.514,427 12.162,821 Atlantic Coast Line RR. Co.common
Co.
219,311 23,281.397
Atlantic Coast
Mtges. rec. & options to
1.046
88,751
South Carolina Pacific Ry. preferred_
purchase lands
1,750,555 2,013.881
893,742
770,512 Charleston & West Carolina Ry
12,000
960,000
Sugar on hand
1,871,222 2,779,626
2.804,636 Nashville Chattanooga & St.Louis Ry
480
43,606-424,797,554
Accts.& bills rec.,less nes 1,169,999
974,663
855,483
1,253,494
Shares.
e Other stocks:
Cash
2,280,064 2,101,731
1,592,384 3.672,141 Polk Phosphate Co
5,000
4348,442
Due for sugar sold
2,656,342 2,964,246 4.322.671
7.996,640 Westinghouse Air Brake Co
4,536
42,063 -4400.505
Secs, for lien redemp.,&c
295.606
301,647
301.647
317,458
Par.
f Other assets:
Prepaid ins., rents, &c_..
1,453.842 1,882,044 Colum. Newb. & Laur. 5% certifs_ __
964,327
946,625
1.272
127.200
Discount and expenses
416,808
580,261
745,714
913.167 Atlantic Coast Line RR.4% certifs.294
291
-41.563
Total
103,032,916
Liabilities
Declared capital
x54.583.335
Bills and notes payable..
395,953
10
-year 7% bonds
7.448.900
10
-year 8% cony. debs
17.551,100
15
-year 7%s
8,800,000
Bank loans
3.900.000
1st M.bds.Violet Sug.Co
394,000
Accts. pay. & accr. chges 1,494,208
Accrued interest
543,273
Liens on properties
295,607
Deferred liabilities
112,758
Surplus account
7,513.781
111.117,480 113,630.713 119.152.472 -V. 125, p. 3475.
Algoma Central 8c Hudson Bay Ry.-Algoma Central
54,583.335 54,583,335 54,583,335
Terminals, Ltd.
310,855
871,582
164,570
7,448.900 7,448.900 7.448.900
(Report for Fiscal Year Ended June 30 1928.)
17,551,100 17.551,100 17,551.100
9,100,000 9.400.000 9,700.000
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
5.925,000 7,975.000 10,800.000 Including Algoma Cent. & Bud. Bay Ry. and Algoma Cent. Terminals, Ltd.
451,000
508,000
565.000
1925-26.
1924-25.
1927-28.
1926-27.
1,738,060
1,992,990 2.913,051
41,764,094 $1.762,560 51,357.915 $1,017,857
,
546,145
549,018
551,890 Railway receipts
477,754
353,843
366,113
459.249
301.647
301.647
317.458 Steamship receipts
266,185
428,286
539,207
$2,130.207 42,221.809 $1.835,669 41.371.700
Gross revenue
12,895,252 12,020,856 14,017.961
1,416,428 1,236,511
1,619.404
Railway working exps... 1,705.860
374,065
332,430
319,075
372,716
Total
103,032,916 111,117.480 113,630.713 119,152.472 Steamship working exp_
76.333
78,883
83.269
80,413
General managementa After deducting $19,060.160 reserve for depreciation and obsolescence. Taxes
36,884
34.222
35.879
36,610
x Stated capital: Represented by 500,000 shares 7% cum. pref. stock.
par $100 ($50,000,000) and 500,000 shares common stock, no par value
$14.605prof4113,397
$68,040
$310,346
Net loss
84.583.335 (out of the authorized issue of 1.600,000 common shares, there
Other Incomeare reserved unissued common shares sufficient for the conversion of the
45,000
45,000
45,000
45,000
Int. A. E. T. bonds
59,242
convertible debenture bonds of the Cuba Cane Sugar Corp. and the ex63,562
61,934
64,203
Int. on inv.& dep....
change of the bonds of the Eastern Cuba Sugar Corp.) Thoentire capital Amt. written back being
stock of the Eastern Cuban Sugar Corp., viz. 48,000 shares of $100 each par
in excess of tax & bond
1,036
1,179
value, is owned by Cuba Cane Sugar Corp.
requirements
1,020
80.000
9,582
Note.
-Dividends on the cum. cony. pref. stock have been declared Premium on bonds sold..
267
731
5,955
Miscellaneous
13
and paid to April 1 1921.-V. 127. p. 266.
$105,214
$223.263
$38,112 det$117,457
Gross income
2,653
2,613
2,757
3,179
Miscellaneous expenses_
Atlantic Coast Line Co.
(Annual Report
-Year Ended June 30 1928.)
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
Interest Received on1927-28.
1926-27.
1925-26.
1924-28.
.
A.O.L.RR.Co.ofS.0.4s_
$62.000
562.000
$62,000
$62,000
A.O.L. RR.Co.Cons.4s_
50,160
50,160
50,160
50.160
A. C. L. RR. Co. gen.
Unifying 4 is
135,360
135,360
135,360
135,360
Amalgam. Phos. Co. 5s_
11,150
24,500
27,825
Internat. Agric. Corp_ _ _
78.375
78,375
78,375
78,375
Miscellaneous
98.442
117,212
116.820
146,548
Dividends on StocksWesVh'se Air Brake Co_
9,072
8,788
8,222
6,804
A.O.L. RR.Co.com.& A 2,230,880 2,044.970 1,766,107
1,487,248
Other dividends
84,427
84,975
131,675
84.669
Total credits
82,748,433 $2,593,273 $2,373,217 $2,078,990
Expenses
27,603
20,072
19.999
19.982
Taxes
13,073
30,348
32,655
30,571
250.000
Int. on 5% certificates_ _
250,000
250,000
250,000
2,472
Int. 00 4% certifs. B_ _ _
2.501
2,472
2,472
Int. on 4% certifs. 0
14,714
35,227
39,282
Int. on notes & adv
$2,420,029 $2,251,100 $2,068,092 81,761,250
Net income
Prev.surplus forward...... 17,369,406 16.988,115 16,630,683 16.916,602
Discount on A. C. L.4%
deb. ctfs. of indebt.
purch. by co. & retired
35
618
70,592
Sundry credits
9,240
5.308
519.790,053 519.309,806 $18.708,015 $18,683,196
Total surplus
Leases on investments_
200,312
2,410.800
1.940,400 1.719,900 1,852.200
Dividends paid
(22%) (1935%)
Rate per cent
(24%)
(21%)
Joint net
Int. on A. C. & H. B.
Ry bonds (5%)
Rent A. C. Terminal_ _ _
$102,561
504.000
249,636
$220,650
504,000
249,636
435,355 def$120,636
504.000
249,636
504.000
249,636
$651.075
$532,984
5718.280
$874,272
Net deficit
ALGOMA CENT.& HUD. BAY RY. CO. BALANCE SHEET JUNE 30.
1928.
1927.
1928.
1927. '
Liabilities
Assets$
8
Preferred stock-- 5,000,000 5,000,000
Prop., invest. in
Common stock__ 5,000,000 5,000,000
still. cos., bond
discounts., &c_ _23,621,825 23,473,865 lat m.5% bonds- -10,080.000 10,080,000
Investments
31,898
229,651 2d m.6% bonds- 318,800
318,800
Mat'ls & supplies_ 384,188
517.671 Creditors' & credit
1,708,471 1.441,457
balances
Debtors' and debit
756,648
410,165 Accr. rent Algoma
balances
482,717
388,327 Cent. Ter. Ltd_ 1,614,310 1,514,456
Cash
AccrInt.lst m.bda. 6,795,600 6,291,600
Profit & loss debit
9.806,919 9,364,426 Govt. grants In aid
balance
of c mstruction:
1,659,722 1.659.722
Cash grant
Land grant (after expenses)--- 1,424.654 1,459,782
1,482,637 1,618,288
Total(each side) 35,084,195 34,384,106 Depreciation
Note.
-The rental of Algoma Central Terminals, Ltd., and the Interest
theist nnge,bonds are payable as set fortn in the scheme ofarrangement•
on
ALGOMA CENTRAL TERMINALS, LTD., BAL, SHEET JUNE 30.
1927.
Assets1928.
Capital stock
$100,200 $100,000
Property.invest.in
1st m.5% 50-year
attil. cos., bond
4,992,713 4,992,718
discounts. &c. $4,156,877 $4,157.999 gold bonds
Invest. at coat__ _ 1,085,767 1.045,807 Accrued int. on lit
m. bonds •
1,614,310 1,514,456
Accr. rent of prop. 1,614,310 1,514,456
55,603 Creditors' & credit
trtors' & debit bal. 52.937
35,639
balances
237,220
Cashlnt.&divs. rec 34,422
202,336
Profit & loss surplus_417,379,253 $17,389,406 416.988,115 416,630,683
$6,944,314 56.809,505 Total
$6,944,314 $6.5095
Total
Shs. capital stk. outstdg.
(par $50)
235,200
176.400
-Ti e interest on the let mtge. bonds is payable as set forth in the
176,400
Note.
176.400
412.89
$12.76
Earnings per share
$11.72
scheme of arrangesnent.-V. 125, p. 3342.
49.98
2812
[voL. 127.
FINANCIAL CHRONICLE
GENERAL INVESTMENT NEWS
Canadian Pacific Ry.-Debenture Stk. Offered.
-National
City Co., Guaranty Co. of New York, and Bank of Montreal
are offering $5,000,000 4% coupon consolidated debenture
stock at 88 and interest, yielding 4.55%.
STEAM RAILROADS.
The stock is perpetual and non-callable. Interest payable J. & J. in
N. Y. City in United States gold coin. Denom. $100, $500. $1,000, and
multiples of $1.000. Exchangeable for fully registered certificates. Coupon
and registered certificates interchangeable.
The 4% consolidated debenture stock Is authorized by Acts of Parliament
of the Dominion of Canada, by the terms of which this stock JD a first
charge on the entire assets and undertakings of the company, subject
to certain priorities.
This consolidated debenture stock is secured by a statutory charge on.
the assets and undertakings of the company within the terms and meaning
of the Acts and this statutory charge is to all intents and purposes a first
mortgage and charge on such assets. These assets cannot be mortgaged
or charged to the detriment of the consolidated debenture stockholders.
At the present time the priorities aggregate $38,641,724 issued in respect
of only 1,642 miles of railroad, while the lines embraced in the railway's
traffic returns aggregate 14,574.9 miles,
The interest on the consolidated debenture stock is, therefore, a first
charge, subject to the above priorities, upon the net earnings and special
Algoma Central Terminals, Ltd.
-Report.
income of the company, which in the year 1927 were $51,392,131. The
See Algoma Central & Hudson Bay Ry. under "Financial Reports,"
requirements of the securities underlying the consolidated debenture
above.
-V. 125, p. 3343.
stock were $1,907,396, and the interest charges on the debenture stock
were $10,569,795, which, together with rentals and other interest charges,
Atchison Topeka & Santa Fe Ry.-Definitive Bonds.
- made total fixed charges for the year 1927 of $15,378,867. Fixed charges
The Guaranty Trust Co. of New York is now prepared to deliver de- were thus earned 3.34 times. Net earnings for the first nine months of
finitive California-Arizona Lines, series A,434% gold bonds, due March 1 1928 were $31.225,289. an increase of $6,730,044, or 27.5% over the same
1962, in exchange for the outstanding temporaries. (For offering, see period last year.
Upon the completion of this financing, there will be outstanding in the
V. 127. p. 2085.)-V. 127, p. 2680.
hands of the public $276,544.882 of consolidated debenture stock, in
Atlantic Coast Line RR.
-The addition to which $15,000,000 of this stock is pledged under $12,000,000
Extra Dividend.
-1
directors on Nov. 15 declared an extra dividend of 1%2% Canadian Pacific Ry. 5% coll. trust gold bonds, due April 15 1934 and
bonds due Sept. 1
on the common stock in addition to the regular semi-annual 525.000,000 under the $20,000,000 4%% coll, trust gold over $105,015,254
1946. The consolidated debenture stock has priority
dividend of 334%, both payable Jan. 10 to holders of record preference stock, paying 4% dividends, and $300,000,000 common stock,
paythg, 10% dividends, representing an equity at present quotations of
Dec. 12. An extra disbursement of 13/
2% was also made over $770,000,000.
The proceeds of this issue will be applied to construction and equipment
semi-annually from July 10 1926 to July 10 1928 incl. on
new branch lines.
this issue, while in July 1925 and Jan. 1926 an extra of 1% ofApplication will be made to list this additional issue on the New York
was paid.
-V. 127, p. 2680.
Stock Exchange.
-V. 126, p. 1971.
Surplus Freight Cars.
-Class 1 railroads on Oct. 31 had 105,017 surplus
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was an increase of 11.813 cars compared with Oct. 23, at which time there
were 93,204 cars. Surplus coal cars on Oct. 31 totaled 21,128, an increase
of 3,899 within approximately a week while surplus box cars totaled 54,263,
an increase of 5,199 for the same period. Reports also showed 16,939 surplus stock cars, an increase of 2,134 cars over the number reported on Oct.
23 while surplus refrigerator cars totaled 4.595, an increase of 387 for the
same period.
Western Rail Wage Dispute.
-Committee representing members of conductors' and trainmen's unions will meet in Chicago on Nov. 20 to consider
findings of Emergency Board in wage dispute between brotherhoods and
Western railroads. "Wall Street Journal" Nov. 12.
Matters Covered in "Chronicle" of Nov. 10.
-Gross and net earnings of
United States railroads for the month of September, p. 2597.
Bloomsburg & Sullivan RR.
-Sale.
The property was sold at public auction Oct. 23 in front of the County
Court House at Bloomsburg, Pa. and bought in for $70,000 by the Reading
Co. Of the purchase price $10,000 was paid at the time of the sale: and the
balance of $60.000 is to be paid Dec. 1 next. See also V. 127. P. 1803.
Boston & Maine RR.
-Listing.
-
The glew York Stock Exchange has authorized the listing of $30,942.000
Ist mtge. gold bonds, Series AC5%, dated Sept. 1 1927. maturing Sept. 1
1967.
Income Account
-Eight Months to Aug. 311928.
$49,802,430
Railway operating revenues
37.188,285
Railway operating expenses
Net income from railway operation
Railway tax accruals
Uncollectible railway revenues
$12,614,145
2.360,621
8,726
Railway operating income
Equipment rents, net
Joint facility rents, net
$10,244,798
Dr1,410.153
Dr187,641
Net railway operating income
Other income
$8,647,005
968,764
Total
Rent for leased roads
Interest on funded debt
Other deductions
$9,615,769
$759,421
4,218,962
272,810
Net Income
Income applied to sinking funds
Dividends declared
$4,364,577
104.389
1,451,841
Balance
$2.808,347
Condensed General Balance Sheet.
Dee. 31 '27. Aug.31'2S.
Dec. 31'27.
Assets$
$
Liabilities$
Inv. in road &
Capital stock__ _ 90,194,004
equipment- _ _216,647,601 222,691,408 Prem.on cap.stk 4,218,973
Impts. on leased
Funded debt_ -.129.934,579
ry.property_ - 8,851,450 9,709,491 'Pratt. & car serv
Sinking funds__ 3,184,510 3.300,604
balances pay- 2,804,196
Depos. in lieu of
Audited accts. &
mtged. prop'y
wages payaole 3,382,812
sold
237,986
537.541 misc.accts. pay. 313,338
Misc. phys. prop
045.171 1,115,661 int. mat'd unpd.
688,028
Inv.in attil.cos_ 3,753,545 3,749,825 Divs. mat. unpd
752,296
Other investle_ 9,048,099 7,794,836 Fund, debt mat.
Cash
4,007.604 4,247,459
unpaid
127,300
Time drafts and
Unmat.Int. seer 1,461,153
denosits
65.000
190,000 Onmatured rents
399,916
Special deposits_
563,457 accrued
186,390
Loans & oills rev
5,000
110.847 Det'd liabilities_
268,527
Trait.& car serv.
Deprec.-Equip 16,998.332
balances rec _ _
545,234
758,019 Other unadjusted
Net bal. rec. fr.
846,035
credits
905,474 1,038,769 Approp. surplus 9,601.443
arts. & cond_
2,627,461
Misc. accts. rec- 2,749 124 2,597.711 Profit and loss
,
Mail & suuplies 6,849.778 6,450,405
148,294
110,192
Int. & diva. rec..
928,629
Deferred assets.. 1,007.217
Unadj. debits._ 5.154,865 5.374,302
Total
164,403,871 271,269,155
-V. 127. p. 1250.
Total
Aug.31'48.
6
91,369,308
4,218,973
130,912,379
3,137,196
2,908.424
125,330
1,126.388
26.887
13,300
1,180,677
277,283
293,276
17.670,113
2.528,610
9,714,660
5,766,337
264,403,871 271,269,155
Buffalo Rochester & Pittsburgh Ry.-Earnings.Pres. William T. Noonan is quoted as follows:
Central Argentine Ry., Ltd.
-Annual Report.
Years Ended June 30-
1928.
1927.
Gross receipts
Working expenses
13,724,269 12,643,659
8,512,135
9.295,608
Net receipts
Renewals fund account
Contingencies, claims, etc
Remittance exchange account
4,428,660
250,000
250,000
Cr. 41,040
4,131,424
300.000
Balance
Interest on investments
3.969,700
24,809
3,774,364
26,120
Total income
Debenture stock interest
Interest on notes
Other interest
3.994.509
542,107
99,285
112,532
3,800,484
542.105
201,069
121.194
Net income
4%% Preferred dividend
6% cum. preferred dividend
Common dividend
3,240,585
436.307
270,000
845,608
2,936,116
436,307
*120.000
704.673
1,688,670
1,675,135
Surplus
* Dividend for % year only.
-V. 125, p. 90.
57,060
Chicago & North Western Ry.-Extra Dividend.
The directors on Nov. 13 declared an extra dividend of 34
of 1% and the regular semi-annual dividend of 2% on the
common stock (par $100), both payable Dec. 31 to holders
of record Dec. 3. From July 1924 to July 1928, incl., regular quarterly dividends of 2% were paid on this issue.
President F. W. Sargent is quoted in substance as follows:
"We estimate our October surplus after charges at $2.300,000, against
$1,700,000 for the same month last year. I estimate that we will show
$6.85 on the common stock this year. Net for November and December
will run practically the same as for the final two months of 1927.
"Our surplus over dividend requirenients for the first 10 months was
approximately $4,500,000, against surplus over dividend requirements for
the full year 1927 of $2,075,000.
"Our ore loadings at present are running ahead of November 1927.
I expect a good, healthy normal business era through the Northwest for
some time to come. The financial position of the armer has improved
-V. 127, p. 1803.
considerably. Some farmers are DOW lending money."
Chicago St. Paul Minneapolis & Omaha Ry.-No
-At a meeting of the
Action Telco on Preferred Dividend.
directors held Nov. 13 no action was taken toward declaring
the regular annual dividend of 5% on the 7% non-cum. pref.
stock. A distribution of 5% was made on Dec. 31 1925,
1926 and 1927, while in 1924 total dividends amounted to
834% (334% on Feb. 20 and 5% on Dec. 31).-V. 127,
p. 1943.
-Earnings.
Cincinnati Northern RR. Co.
Period End. Sept. 30Ry, oper. rev
Ry.oper.exp
1928-3 Mos.-1927. 1928-9 Mos.-1927.
$976,477 $1,225,459 $3,006,863 $3,520,136
791,141
2,157,443 2.403.716
707,562
Net rev.from ry. oper. $268,915
69,451
Ry. tax accr
52
Uncoil. ry. rev.
40.620
Equip.& joint MAI.rents
$434,317
88,687
Cr119
96,317
$849.420 $1,116,419
232,165
203,201
1.158
Cr28
226,317
257,806
$249,432
_ $158,792
$418,743
$626,476
Net ry. oper.
Our preliminary earnings estimates for October indicate gross revenued
inc__4.494
17.264
34,762
15,833
bilged]. & non-oper. inc.
will be about $1,660,000, an increase of $112,923 over the same Perla
last year; whlle net operating income should be about $230,000, compared
$163,287
$266,696
$434,576
$661.238
Gross income
with $204,353 a year ago, and surplus after taxes and charges $65,000.
23,960
33.115
74,923
85,937
The iron and steel industry has been showing increased activity, the Deduct,from gross Inc
tonnage of this commodity correspondingly increasing. With minor
$139,326
$233.582
$575,302
Net income
$359,653
exceptions such as grain and grain products, also salt,.all lines of trade
Earns, per share on 30,show an Improvement over last year.
000she.(par $100)can.
The coal outlook in the territory served by our lines Is very encouraging.
$4.64
$7.72
$19.18
stk. outstanding
$11.98
as the central Pennsylvania fields continue to regain their previous markets.
.
Labor conditions are the best in several years, there being no agitation -V.127. p. 949.
In the mining fields.
Cleveland Cincinnati Chicago & St. Louis Ry. Co.
We have been predicting a net income for the current year of about
Period Ended Sept. 30- 1928-3 MOS.-1927. 1928
-9 Mos.-1927.
$1.000 000, and there is no present reason for revising this estimate.
I believe that basic conditions justify optimism regarding 1929. The Railway oper. revenues_ $23,104,761 $24,036,253 $66.605,265 $69,455,576
outlook for November Is good, but of course will reflect the usual seasonal Railway oper. expenses 17,452,577 17,942,420 51,050,845 53,045,795
3,812,314
1,328,895 3.804,358
Railway tax accruals_ _ _ 1,358.084
decline.
-V. 127, p. 2362.
4.860
9,551
Uncoil. ry. revenues__ _
2,753
13,246
Canadian National Ry.-Car Order.
556,261
913,220
296,259
1.689,260
Equip &jointfacil.renti_
Approximately 3,000 railway cars of various types have been ordered,
Net ry. open income_ $3,732.979 $4,465.924 $10.047,556 $11.674,695
to be added to the rolling stock of this company.
1,117.813
641,364
396,042
From the Canadian Car & Foundry Co., Ltd.. the Canadian National Miscell. & non-oper. inc.
1,451.676
has ordered 1,600 box cars of 50 ton capacity; 30 tank cars and 30
$4.374,342 $4.861.967 $11,499,232 812,793,508
Gross income
standard sleeping cars, of which 5 are single-room sleeping care,introduced
Deduct,from gross Inc- 2,100.086
Into Canada by the Canadian National Rys.
2,158.462 6,409,315 6,295,923
The National Steel Car Co. have received orders for 25 first class coaches
Net income
$2,274,257 $2,703,505 $5,089,917 $6,496,586
and for 750 box cars of 50 ton capacity.
The Eastern Car Co. has received an order for 500 refrigerator cars, of Earns, per share on 470,287she.
(par $100)cap.
which 150 are designed for the banana trade, which is expected to be greatly
$13.01
stock outstanding---$4.57
incre*sed through the operation of the new stesmships between Canadian
$10.02
$5.48
-V.127, p. 2225. -V. 127, p. 2362.
and West Indies ports by Canadian National Steamships.
Nov. 17 1928.]
2813
FINANCIAL CHRONICLE
of the lines from Reading Terminal to Lansdale. Glenside to Hatboro.
Jenkintown to Langhorne and the Chestnut Hill branch. The route distance is 49.9 miles, with 110 miles of track.
Mr. Dice announced that the electrification program will insure approxi-mile bore through the
The longest railway tunnel in America, an eight
cities in the territory.
increase in service
Cascade range 100 miles east of Seattle. Wash., will be ready for train mately 25% dailytime to and from to the towns andfrom 20 to 25% over
Philadelphia of
of the company. an- with a saving in
operation on Dec. 28, C. 0. Jenks, Vice-President
nounced Nov. 10. Arrangements are being made to observe the occasion, present steam-train schedules. Supplementing the official statement.
he said. President Coolidge pressed the key that "holed through" the Mr. Dice said:
"The engineering phases of the electrification plans are virtually complete,
pioneer headings on May 1.
The railway's entire route through the Cascades, comprising about 75 and with final authority granted by the board of directors construction will
miles of main-line trackage, will be changed from steam to electrical begin within a few months.
"It will be noted that the lines to be electrified are on through routes
operation on the same date. The tunnel cost about 814,000,000, and
While no official
territory of
the
including electrification and other improvements entailed the expendi- embracing been commuting none probablyPhiladelphia. the first routes are
will be until
taken and
action has
ture of about $25,000,000.-V. 127, p. 2226.
in operation. I believe it is safe to say that ultimately the electrification will
extend from Langhorne to New York,from Jenkintown to Bethlehem and
-Earnings.
Indiana Harbor Belt RR.
after the completion of grade-crossing elimination at Manayunk through
-3 Mos.-1297. 1928-9 Mos.-1927.
- 1928
Period End. Sept. 30
Schuylkill Valley to Reading and Pottsville."
$3,314,330 $2,812,293 $9,391,736 $8,470,338 the
By.oper. rev
5.996.624 6,297,814
2,002.105
1,909,532
Sty. open exp
Would Merge Subsidiaries as Part of System.
$810,188 $3,395,112 $2,172,524
-S. C. Commission for authority to acquire
Net rev,from ry.oper. $1,404.798
The company has asked the I.
411,966 control and to operate under contracts as part of its system 10 railroad com560.687
221.473
139,967
Ry, tax accr
787 panies aggregating approximately 321 miles in length.
7.892
277
56
Uncoil. ry. rev
393.773
437.530
200,102
137.636
Equip.& joint facil.rents
The company in its application states that the capital stock of the 10
or in
$1,045.633
$469.842 $2,389,003 $1,365,999 companies is owned in large part In theits entirety by the Reading. The
Net ry. oper. inc
past it has operated the roads of
75.454
28.486
66.633 application further explains that
19,824
Miscell. & non-oper.Inc_
these subsidiaries for their account, which necessitated that they keep
$489,667 $2,464,457 81,432,632 separate accounting records and file separate reports with the Federal and
$1,074,119
Gross income
403,003 State regulatory bodies. The object sought by the proposed operating
134,104
401,486
131.209
Deduct,from gross inc
$355,563 $2,062,971 $1,029,629 contracts is to avoid the expenses incurred in this separate accounting and
Net income
$942,910
billing.
Earns. per share on 50,(par 8100 cap.
The carriers with whom the Reading has negotiated the operating con000 shs.
841.25
$18.84
/7.11
$20.59 tracts are the Catasauqua & Fogelsville RR.,45 miles: Gettysburg & Harstk.outstanding
risburg By. 56 miles; Northeast Pennsylvania RR., 33 miles: Perkiomen
-V. 127, p. 950.
RR.. 38 miles; Philadelphia & Chester Valley RR., 21 miles: Philadelphia
Valley
-New Pres. Newtown & New York RR.. 22 miles; Pickering RR., 10RR., 11 miles:
International Rys. of Central America.
miles, and the
& Columbia RR. 74 miles; Stony Creek
Fred Lavis has been elected president and a director succeeding Minot Reading Valley RR., 11 iniles.
Williams
C. Keith who has been appointed chairman of the board of directors.
The company also filed application to acquire the line of the Bloomsburg
V. 127, p. 2226.
& Sullivan RR., extending from Bloomsburg to Benton, Pa., a distance of
20 miles. The application states that, prior to its purchase by the Reading
.
Kansas Oklahoma & Gulf Ry.-$6 Pref. Dividend.
for 870,000, the road was operated independently by the Bloomsburg &
The directors have declared a dividend of $6 per share on the series A Sullivan RR.Co. and interchanged traffic with the Reading at Bloomsburg.
6% preferred stock, payable Dec. 15 to holders of record Nov. 30. This -V. 127, p. 2681.
brings the total dividend disbursements for the year to $9 per share. An
-V. 127, p. 544.
initial dividend of $3 per share was paid July 31 last.
-The direc-Resumes Preferred Dividend.
, Rutland RR.
Great Northern Ry.-Names Dec. 28 for Opening of
8
-Mile Tunnel.
-Report Half
-Year Ended June 30. tors on Nov.13 declared a dividend of 1% on the outstanding
Mexican Ry. Co., Ltd.
$8,962,300 7% cumul. pref. stock, par $100, payable Dec.
15 to holders of record Nov. 30. A distribution of like
amount was made on Jan. 20 1927; none since. This latter
dividend was the first since Jan. 1918, when a payment of'
2% was made. Of the pref. stock, the New York Central
RR. and the New York New Haven 8o Hartford RR. each
owned $2,352,050 on Dec. 31 1927.
1928.
1927.
1926.
1925.
(Mexican Currency.)
Pass.rev.(incl. baggage) $1,921,111 $1.815.863 $2.069,788 $2,180,581
Goods and livestock rev_ 4,469,852 4,195,613 4,283,173 4.165.969
Express, pulque and sun716.211
695.231
780.342
933,413
dry earnings
$7,107.176 $6,706.708 $7,133.302 $7,279,963
Total revenue
859.642
758,352
612.856
Maint. of way & struc
772.348
1.720,150
Maint. of equipment__ _ 1,372,550 1,500,364
1.937.158
Conducting transport'n_ 3,154,089 3,357,436 3,182,925 3,364,490
463,567
463,546
481.743
General expenses
485,595
Balance, surplus
$1,257.327
$627.010 31,135.628
3720,372
The net revenue account as of June 30 1928 shows: Balatice for 1st half
year of 1928, 51,257,327, which at 24d. to the peso equals £125,732; add
transfer fees, £116; add collection on account of Government transport and
-year under review, £96; interest £365;
freight earnings prior to the half
total, .£126,609. Deduct: difference in exchange, £11,980; int. on debentures. £82,696; total deductions. £94,676, leaving a surplus of £31,933,
which makes the debit to net revenue £861,251.-V. 127, p. 105.
-Earnings.
Michigan Central Railroad Co.
Period End. Sept. 30- 1928-3 Mos.-1927.
Railway oper. rev
$24,412,835 824,107,713
16.238.414 16,422,048
Railway oper. exp
Railway tax accr
1,677,209
1,705,000
8,521
Uncoil, railway rev
2,899
261.405
66.813
Eq. & jt. fac. rents
Net oper. Inc
$6.199,495 $5,938,742
601.412
Mis. & non-op. Inc.-462.066
Gross income
$6,800,907 $6,400,808
Deduct,from gross inc._ 1.448.184
1,540.621
Net income
$5,352,723 $4,860,187
Earns. per share on 187.(par $100) cap.
364 shs.
stk.outstanding
$28.57
$25.94
-v. 127. p. 2362.
1928-9 Mos.-1927.
369.701.993 $68,614,179
47,120,850 47,343,908
4,715.917 4,662,795
22,114
16,043
766,370
224.381
817.076.741 816.367,052
1,450.901
1,484.291
$18,527,643 $Ti,£173
45
.
4,388,976 4.698.856
$14,138,668 $13,152.487
Francis T. Maxwell of Rockville. Conn., has been elected a director
to succeed the late Howard Elliott.
1928-9 Mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
$1,747,694 81,728,374 85,111.648 34,783.068
Railway oper. rev
1,332.016 4,102,775 3,921.549
1.375,192
Railway oper. exp
Net rev,from ry. oper.
Railway tax accr
ITncoll. ry. rev
Eq.& it. fac. rents
$372,503
94,857
2
Cr2,473
$396,358 81.008,873
258,011
97.666
45
Cr2,187
Cr8,849
$861.519
253,073
Net ry. oper. inc
Miscell.& non-oper.inc.
$280,118
30,355
$307,541
28.608
$753,003
77.967
$666.435
80.911
Gross income
Deduct,from gross inc
$310.472
114.996
$336,149
123.173
$830.971
343.990
1747.346
362.261
Net income
Shares pref. stock outstanding (par 8100)....
Earns, per share on pref.
stock
-V. 127. p. 951.
$195,477
$212,976
$486,981
$385,085
90.576
89,613
90,576
89,618
$2.15
$2.37
$5.37
$4.30
as
Cr58.044
St. Louis & O'Fallon Ry.-Valuation Suit-See state-V. 126, p. 3926.
ment on page 2819 following.
-Proceedings of the 35th Annual
National Rys. of Mexico.
Southern Railway.
-Preliminary Discussions Look-The 35th annual meeting of the
ing to New Agreement Respecting Mexican Debt-Statement by Meeting of Stockholders.
T. A. Lamont of International Committee of Bankers.
-See stockholders was held at the principal office of the company,
Richmond, Va., on Oct. 9. Fairfax Harrison, President,
last week's "Chronicle," p. 2626.-V. 125, p. 3476.
who presided, said in part:
New York Central Railroad-Earnings.
Since the annual meeting last year there has been another gratifying
$75.47
$70.20
(Including Boston & Albany Railroad & Ohio Central Lines.)
increase in the number ofstockholders. A year ago ourstock recordsshowed
Period End. Sept. 30- 1928-3 Mos.-1927. 1928-9 Mos.-1927.
17.188 holders with an average of 110 shares each, while this year they show
$
$
$
18,280 holders with an average of 104 shares each. Those figures indicate.
$
-an increase in the number of stockholders and a
99,506,666 99.811,321 282,616,538 291,373,286 a wholesome tendency
Railway oper. rev
74.536,65673,870,219 214.544.418 219,399,934 decrease in the average holding. Since the annual meeting held three years
Railway oper. exp
6,841.100 6,791,985 19,591.496 19.707.228 ago the total number of holders has increased 30%, while the number of
Railway tax accr
19,882
22,340
111,421
Uncoil. rail. rev
86,215 women holders has increased 50%. Of the 18,280 stockholders now on our
254,686
513,394
1.969.546
2.607,234 books, 17,778 are residents of the United States and hold 1,854,244 shares.
Eq. & it. fac. rents
17.854,342 18,613,383 46,399,657 49,572,675 and 502 are residents of foreign countries and hold 43.923 shares. There are
Net open Inc
stock list. It Is a cause of regret that
now
Miscell. & non-oper.Inc- 8,503,689 7.516.187 25,661.729 24,751,537 in 8.358 women on thedirectly are still comparatively small. the holdings
That roster
territory we serve
26.358,031 26,129,570 72,061,387 74.324,212 Is,the
Gross income
however, growing slowly. There are now 2.762 stockholders resident
Deduct,from gross inc.- 11.721.687 11.603.419 35.308.947 34.477.626 on the railroad holding 198,241 shares. In considering those figures it
14,636,344 14,526,151 36,752,439 39,846.586 may be observed that Virginia accounts for nearly a third of the stockNet income
holders resident on the railroad, with 809 stockholders, holding 108,836
Shs. cap, stk. outstand4,619.510 3,832,582 4,619.510 3,832.582 shares. Most of these are in Richmond, where 534 individuals hold 101..
ing.(par $100)
$3.16
$3.79
$7.95
Earns, per share
$10.39 088 shares.
The report for the year 1927 is now more than nine months old, and we
-v. 127, p. 2524.
have prepared for the meeting this year, as we have for several years past,
-Bonds.
North Pennsylvania RR.
a statement of the results of operation for the eight months from Jan.
-S. 0. Commission on Nov. 0 authorized the company to extend to Aug. of 1928 for which the figures are now available.
The I.
from Nov. 1. 1928, to Nov. 1, 1978, the maturity of 3408.000 of 4% gold
Report of Operations for 8 Months Ended Aug. 31.
funding loan bonds.
Per
Increase+
8 Mos.
8 Mos.
Authority was also granted to the Reading Co. to assume obligation
Cent.
to Aug.31 '28.10 Aug.31'27.01 Decrease-.
and liability as guarantor for the payment of the principal of and interest
Operating Revenues
-V. 103, p. 2429.
tne bonds.
on
Freight
$71,114,773 $72,148,735 -$1.033,962 -1.43%
16,154,397
18.147.416 -1,993,019 -10.98%
Passenger
Pittsburgh & Lake Erie RR. Co.
-Earnings.
-106,795 -6.23
1,714.129
1,607.334
Express
End. Sept. 30- 1928-3 Mos.-1297. 1928-9 Mos.-1927.
Period
+4.49
+97,612
2,175,102
2,272,714
$8,065,437 $8,480,072 823,090,222 $24.779,308 Mail
Railway oper. rev
-174,415 -4.83 0
3,613.396
3.438.981
6.471,803 6,571,077 19,051,347 20,181.362 Miscellaneous
Railway oper. exp
552,900 1.466,700
535.200
Railway tax accr
894.588.199 397,798.778 -83.210,579 -3.28%
1,535.300
Totals
455
845
223
Uncoil, rail rev
Oper Expenses
Cr1.074.965 Cr1.150.329 Cr2.911,505 Cr3,335.135 Maintenance
Eq.& it. fac. rents
--$957,535 --2.97
$31.285,915 $32,243,450
82,132,944 82,506.425 85,482,835 $6.397.558 Transportation
33,171.232 -1.454,798 -4.39
31,716.434
Net oper. Inc
216.368
280.982
-11,951 -0.58
737,979
2,062,912
2,050,961
879,294 Traffic
Mis.& non-oper.inc
+3.56
+97.523
2,736.201
2,833.724
82,349,312 82,787.407 36,220,814 37,276,853 General
Gross income
+25.609 +4.20 o
610.003
635,612
669.394
392,553
1,218.689
1.947,186 Miscellaneous
Deduct,from gross inc •
868,522,646 $70.823.798 -$2,301,152
Totals
81.956.759 $2,118.013 35,002,125 $5.329,667
Net income
+0.47 o
+828.956
86,141,272
86,112.316
Taxes
Earns, per sh. on 719.Hire of equipment
712 shs.(par $50) cala•
+520.093 +133.10%
390,754
910,847
net debit
$2.26
$2.94
$5.79
$7.41
stk. outstanding
-net
Joint facilities
-V.127. P. 951
.
627.572
-1,579 -0.25%
625,993
debit
-Votes $20,000,000 to Start Electrification,. Uncollectible rallw'y
Co.
Reading
-11,919 -50.45%
23,627
11,708
Illvelnle8
Electrification of a major portion of the road in the metropolitan area of
Operating income $18,375.733 $19,820,711 -$1,444,978 -7.29%
Philadelphia, with probably ultimate extensions to New York, Bethlehem
72.42
+0.02
72.44
and through the Schuylkill Valley territory, has been announced by Presi- Operating ratio_ _ _ _
33.92
-0.39 -1.15%
33.53
Transportation ratio
dent Agnew T. Dice.
The directors have given final approval to the plans of the management Freight ton miles_ 5,545,438,993 5,702,792,454 -157,353,461 -2.78%
calling for the immediate expenditure of 820,000,000 for the electrification Passenger miles__ -- 481.498,905 535.212.756 -53.713.851 .10:04%
----- q
FINANCIAL CHRONICLE
2814
As you have seen from the statement, it has been a year of traffic recession. The traffic trend line for a series of years always shows declines
as well as advances, and this is one of the years of decline during which,
we hope, we are accumulating strength to advance further. The characteristic of this year's operations, under conditions of loss of traffic and
revenue, which gratifies me most is the demonstrated capacity of the company to-day to withstand that loss. Since I have had responsibility on
the Southern, there have been years when the first time the water sank in
the spring the bottom went out. We have had some close calls in the past
because of our inability to resist a traffic depression.
The practice of investing earnings and new capital in a railroad connotes,
among other advantages, the ability to control expenses in times of depression. Adherence to this policy during the past ten years has resulted in
steadily increasing our capacity to resist losses in times of traffic recession.
This year affords good illustration of that claim. I may fairly say that 10
years ago we would have had to come before you to-day with our fingers
in our mouths and ask to be excused for the results this year. To-day I am
not proud of the results shown, but I am not ashamed of them, and I am
willing to compare our professional achievement this year with that of any
other railroad. While a comparision with our neighbors may be invidious,
it sometimes is necessary as a matter of self-respect, and I venture some
comparisions with our neighbors in the south, who have been confronted
with the same traffic conditions, to show that this year we have lost less
than they have.
During the 8 months this year compared with the previous year, the
Southern lost 3.3% in gross revenue and 7.3% in operating income; the
Illinois Central lost 3.5% in gross revenue and 8.7% in operating income;
the Seaboard Air Line lost 9.9% in gross revenue and 9% in operating
income; the Louisville & Nashville lost 7.3% in gross revenue and 15.2%
in operating income; the Central of Georgia lost 9.8% in gross revenue
and 16.7% in operating income; and the Atlantic Coast Line lost 12.5%
in gross revenue and 21.9% in operating income. The fact that we are
at the top of that list does not mean necessarily that we are more virtuous
or more efficient than the other railroads.
The conditions of no two of those railroads are in all respects similar.
The Southern has, however, claimed many times that by reason of the
location of its lines as arteries of interior communication in the South.
spreading out to the periphery but basing traffic movement on interior
1.Wes, it is naturally in a strong position to meet traffic depressions. That
is, now, in large measure the explanation of why our loss in gross revenue
is less than that of the others during this year.
On the other hand, our operating income reflects the improvement of
our plant. We have spent money freely in the past, when we had it, with
an eye single to the vital factor of control of the expense account. Those
of you who have been on the railroad recently, or at any time within the
last three years, and have looked at out plant with the intelligent eyes of
experienced men who know about railroad problems, and have seen the
improvements in engine terminals, shops, freight houses and in other
facilities where money may be wasted in high wages paid to employees
working with inadequate tools, will appreciate the essential part played
by our improved facilities in solving the problem of expense account control. The workman is not only worthy of his hire, but he is worthy of his
tools; and we have given our men better tools in the last few years than they
ever had before. The possession of such tools puts it directly up to them.
If they fail, it is their failure; they have no alibis and no excuses. I have
said to our operating officers assembled in our monthly meetings that if
they have excuses to make, they must make them to somebody else than
me, that we have provided them the plant and facilities and it is their
responsibility to achieve. And this year they have achieved. At our
latest monthly meeting I was glad to be able to say to them candidly that
I was proud of them, that I thought they had done an excellent job of work
this year.
"It has been a difficult year for us in many ways. We have had not
only a traffic depression to face and meet, we have had not only the unpleasant but necessary task of reducing expenses, but we have also had
to cope with acts of God. In 1916 the South suffered from a flood. They
say in North Carolina that it was the greatest flood since Noah's. I do
not know how many there remember Noah, but I can testify that if Noah
had any bigger task than we had in 1916 he was a true captain of industry
as well as a prophet. This year we had a recurrence of such a flood.
These phenomena are due to denudation of the forests on the mountains,
which causes an unusual precipitation of rain water to rush down to the
plains without the control of a forest cover. We have lines in the mountains
which feel the effects of such rainfall first of all, with earth slides which fill
the cuts and undermine the fills. Then the water flows down to the level
country and there washes out our bridges and inundates our railroads for
days at a time. We have had this year two experiences of that kind. In
August we had the first one, which cost us about $450,000. That was all
charged out in our August expenses and is reflected in the maintenance item
In the statement which has been presented to you. Then in September came
the hurricane from the West Indies. That did more damage to some of our
neighbors than to us, but we suffered to the extent of $225,000 in the low
country on our Charleston and Brunswick divisions. These are things which
are not pleasant to the stockholders, because they adversely affect the financial results. But they also have another side which I know you will appreciate, and that is that when such emergencies come our men have an opportunity to show their mettle.
'You will observe from the statement that the loss of passenger traffic
has continued. That is a problem of which we have not yet found the
solution,although we have tried various experiments in the effort to solve it.
But this unpleasant picture has a cheerful side. We have lost less comparatively than our neighbors. Again, while the automobile has taken from
us a large part of our local passenger revenue, it has at the same time. made
at least an equal contribution to our freight revenue. That is perhaps
an unusual statement, but I think I can justify it by a comparison of
the figures for two selected years. The loss in passenger operating revenue
in 1927 as compared with 1921 was $5.355,000. In the same period the
increase in freight revenue due to the use of the automobile was $5,550,000
or a net gain of $195.000. The items included in the freight revenue in.
crease are:
$687,000
Automobiles and parts, increase
$2,248,000
Gasoline and oil, increase
Road building materials, sand, gravel, crushed stone, cement
$2,615,000
and asphalt, increase
$5.550.000
Total increase
Of course the $5,000.000 loss in passenger revenue is a serious loss, but
there is comfort in the knowledge that it is not entirely a net loss.
After discussion by some of the stockholders present as
as to the expediency of paying an extra or an increased
dividend President Harrison said:
"Referring to what Mr. Kemp said on the subject of the Southern's cash
resources: I have here a statement which shows the profits and the disposition of them since our organization in 1894. The total profits for all
of those years is $230,000,000, of which $105,000,000 has been put back into
the property. $100,000,000 has been paid out in dividends, and we have
$25,000,000 in government securities to represent the balance. I have
listened to the discussion concerning our cash situation with no injury to
my feelings. The $25,000.000 of government securities represents a comfortable assurance for the future. The railroads which lack that assurance
are the ones to be questioned on the subject of cash reserve. The Southern
Is on the right side. That is my answer on that.
-V.127.p.2086.
Toronto Hamilton & Buffalo Ry.-Earnings.Period End, Sept. 30
- 1928-3 Mos.-1927. 1928-9 Mos.-1927.
Railway open rev
$905,331
$904.810 $2,582,694 $2,530.257
Railway open exp
1.611,708
548.655
1,608,100
539.788
Net rev,from ry. oper.
Railway tax accr
Uncoil, railway rev_
Eq. & jt. fac. rents
$356,676
35,366
cr17.633
$365,022
34.806
3
Cr8,977
$974,594
100,863
144
Cr55,832
$918.549
97,699
582
Cr53,227
Net railway oper. inc_
Miscell. & non-oper.inc_
$338,942
30,591
$339.191
26,599
$929,420
133,702
$873.495
265,457
Gross income
Deduct,from gross inc_ _
$369,533
56.190
$365.790 $1,063,122 $1,138.952
55,990
169,077
168,317
Net income
-V. 127. P. 951.
$313.343
/309,801
$894.044
$970,635
[Vol,. 127.
Union Pacific RR.
-Listing.
-
The New York Stock Exchange has authorized the listing of $20,000,000
40
-year 4% gold bonds, dated June 1 1928, payable June 1 1968.-V. 127,
P. 1804.
PUBLIC UTILITIES.
Matters Covered in "Chronicle" of Nov. 10.-(a) Public utility earnings in
September, 13. 2596. (b) Offering of $12,000,000 Ruhr Gas Corp. bonds,
13. 2627. (c) Federal Trade Commission's investigation into public utilities;
data concerning Electric Bond & Share Co.incorporated in records, p. 2631.
Alabama Water Service Co.
-Earnings.
--30-1927.
Years Ending Sept.
$1,985,689 $1,873,974
Operating revenues
762,968
805.199
Operation expense
130,824
114,043
Maintenance
113,686
134,962
Taxes (excl Federal income tax)
Net earnings
Other income
$931,484
16.064
$866,496
12,309
Gross corporate income
Ann'l int. req. on total funded dept
-V. 127.p. 2086.
$947.548
312.700
$878,806
Allied Power 8c Light Corp.
-Definitive Ctfs. Ready.
The corporation announces that definitive engraved certificates for its
$5 cumul. 1st pref. $3 cumul. pref. and common stocks are now ready for
issuance in exchange for outstanding temporary certificates, at the transfer
office, 22nd floor, 20 Pine St., N. Y. City. (See also V. 126, p. 3295.)•
-V. 127, p. 1252.
American Cities Power & Light Corp.
-Listed.
There have been placed upon the Boston Stock Exchange list Bankers
Trust Co. certificates as depositary, representing 400,000 snares.(par $50)
convertible class A stock, optional dividend series, and 400,000 shares,
without par value, class B stock. See V. 127, p.2681.
American Commonwealths Power Corp.-Consolida'n.
-V.127, p. 2682.
See American States Securities Corp.
American Light & Traction Co.
-Report.
-Since the last report the company
R. B. Brown, President,says in part:
has acquired the capital stock of The Milwaukee Coke & Gas Co. and,
through subsidiary companies, substantial holdings of other securities,
for which there were exchanged 169.520 shares of common stock at $200
share as of July 1 1928. The Milwaukee Coke & Gas Co. has for some
years supplied large amounts of coke oven gas to Milwaukee Gas Light
Co. (one of our important subsidiaries), and the operation of the two
properties under the same management should lead to improved results.
Earnings Statement of Company and Subsidiary Companies.
Period End. Sept. 30- 1928-3 Mos.-1927.
1928-9 Mos.-1927.
(a) Subsidiary Cos.
Total gas sales (in thou9,399,892
8,546.905 39.071,127 35,526,519
sand cubic feet)
Electric sales (k. w. hrs.) 43,750.004 $34,044,574 151.852,007$123,035,516
Revenue passengers---- 6,817,661
6,553,677 28,822.237 30,676,006
Operating revenue
$10,883,097 $8,865,434 $40,698,745 $36,574,360
Operating expenses
6,214.688 5,010,143 22,725,937 21,314,902
1,116.622
Taxes
984.824
4,504.185 3.779.173
1,917.458
Reserved for retirements
673.135
467,551
2,296,840
Net operating income.. $2,878,651 $2,402,917 $11,171,782 $9,562,826
859,552
1,763,284
Non-operating income
688.090
300.538
Gross income
$3,566,741 $2,703,455 $12,935,066 $10,422,378
Interest deductions
1,332,727
1,257.595 5,032,979 4,555.239
106.770
Amort. of bond discount
147,697
39,201
33,415
52,172
Miscelleneous deduct_
Cr. 71,817
5,893
Cr.39,886
Sur. & reserve acIJ
Cr. 2.596
dr. 5,813 Cr. 26.042 Cr. 128,824
Preferred dividends_ _- _
508,987
615,049
167.729
133.724
Amount applicable to
39.846
40,335
minority interest
8,265
10,663
Balance applicable to
Amer. L.& T. Co _ _ -- $2.093,232 $1,256,353 $7,164,935 $5,288,189
(b) Am.L.& Tr. Co
Earnings on stocks of
subsidiary Co.owned_ $2,093,232 $1,256.353 $7,164,935 $5,288,189
586,209 2,271,673 2,546,274
Miscellaneous earnings_
571,278
Gross earnings
$2,664,510 $1,842,562 $9,436,607 $7,834,463
240,000
Taxes
60.000
261,500
50,000
338,623
Expense
323,476
86.766
82.475
Res.for contingency_ _ _ _
20,000
60,000
82.740
Interest deductions
234,201
75,515
30.006
Balance
$2.432,229 $1,670,079 $8,557,432 $7.173,100
Surplus and reserve at
beginning of period- - 15,923,439 13,260,145 x13,574.693 .18,939,960
Total surplus and re$18.355,668 $14,930,225 $22,132,125 $26,113,060
serve
854,172
854,172
213.543
213.543
Preferred dividends_
2,768,632
1,045.826 5,904,460 4378,232
Common dividends
Surplus and Reserve
$15.373,493 $13,670,856 $15,373,493 $21,080,656
Sept.30
Add amount tr. from
spec. res, to sur. & res.
10,000,000
Total sur. & reserve_ 315,373,493 $13.670,856 $15.373.493 $31,080,656
Stock thy. on corn. stk.
17,409.800
(50)1)
SurplusStreserve.Sept.30$15,373.493 $13,670,856 $15,373,493 13,670,856
x After deducting $96.163 charged to reserve.
Balance Sheet Sept. 30 Amer. Lt.& Trac. Co.).
1927.
1928.
1928.
1927.
LiabilitiesAssets
$
$
Investment sect_ _80,308,999 42,073,602 Preferred stock_ _ _14,238,200 14,238,200
Temporary inves.x1,716,398 1,695,897 Common stock_ _89,215,800 52,263,800
Earns., sub. Cos.y13,090,1317 14,414,795 Prem.on corn.stk.18,238,071 1,286,071
Warrants
Corn. stk In treas.
34,100
51,000
Accts. Jr bills pay.
(held against
3,500,000
warrants of like
Miscellaneous__
61,282
219,015
34,100
51,000 Reserve for taxes_ 529,948
986,951
amount)
Bills receivable.__25,792.573 33,764,111 Res.for corning__
00,000
438,287 Coupons pay. sub.
527,487
Accts.receivable
127.410
475,523
35,829
Cos
512.350
Miscellaneous_
10,640
11,241 Dividends accrueclz2,910,994 1,187,638
Int. diva. reedy_
Sub. Cos. coup.
Special reserve
6,466,265 6,466,265
475,523 Surplus & reserve_15.373.493 13,670,856
512.349
funds
5,611,507 1,291,474
Cash
127,838,503 94,343,320 Total
127,638,503 94.343,320
Total
x Bonds of subsidiary companies, $217.467: other securities $1,498,931.
y Earnings receivable $8.725,188; reconstruction reserve, $4,365 A29.
x On preferred stock. $142,362; on common stock, $2,768.632.-V. 127. P.
2086.
Allied Utilities Co.
-Preferred Stock Offered.-Boenning
& Co., Philadelphia are offering $250,000 6% cumulative
convertible preferred stock at 97 and div. to yield about
6.19%.
Dividends payable Q-M. Preferred over the common stock as to cumulative dividends and in case of dissolution or liquidation of the company
to $105 per share and divs. Red'le, on any div. date, in whole or in part,
upon 60 days' notice. at $105 per share and divds. Dividends exempt from
the present normal Federal Income tax. Registrar. Pennsylvania Co. for
Insurances on Live & Granting Annuities, Philadelphia.
Nov. 17 1928.]
2815
FINANCIAL CHRONICLE
Convertible,
-One share of 6% cumulative convertible preferred stock is
Convertible subject to previous redemption into common stock as follows:
To and including June 1 1929, into 6 shares; thereafter, to and including
June 1 1930, into 5 shares; thereafter, to and including June 1 1931, into
4 shares. Preferred stock which may be called for redemption will be
convertible to and including the date fixed for redemption. Upon any
including the date fixed for redemption. Upon any conversion, cash
adjustment of accrued dividends will be made.
Data from Letter of Francis R. Weller, President of the Company.
Authorized Outstanding
Capitalization$650,000
*$650,000
1st lien & collateral trust bonds series A 6%
500.000
250,000
6% cumul. cony, preferred stock (par $100)
a 35,000 shs. 20,000 shs.
Common stock (no par value)
Additional series may be issued only subject to the restrictions of the
*
trust indenture, and any Indentures supplemental thereto or amendatory
thereof. a 15,000 shares are reserved for delivery upon toe exercise of the
preferred stock conversion privilege.
Through its subsidiaries, the Mountain State Utilities Corp. of West
Virginia; the Citizens Water Co., of Scottdale, Pa., and the Gettysburg
Gas Co., of Gettysburg. Pa., supplies gas, water and ice services to 5,662
consumers in Pennsylvania and West Virginia. Tne combined population
of the territory served is in excess of 25,500 people.
-Owns and operates the water and ice
Mountain State Utilities Corp.
plants at Kingwood, W. Va.• the water and ice plants at Buckhannon,
at
W. Va., and toe water plant 'Philippi, W. Va.
Gettysburg Gas Co. has recently been acquired. This company was
incorp. in Jan. 1860. It serves the City of Gettysburg in Adams County,
Pa. Toe total number of gas customers at present is 1198.
Citizens Water Co. of Scottdale was purchased from the PennsylvaniaRR.
on Feb.1 1928. This company renders retail water service to the towns of
Scottdale and Everson Pa. These two towns are adjacent and are
practically one community. The estimated population at the present
time is 11,000 people. The population in 1920 was 7.760.
Consolidated Earnings of Operating Subsidiaries Year Ended Sept. 30.
$193,652
Gross earnings
125.776
Oper. exp. maint. local taxes and interest on subsidiary bonds
Net earn. avail, for interest, diva. depreciation and Fed. tax
Annual int. requirements 001st lien & coll,trust bonds Ser.A6%
$67,876
39.000
$28,876
Balance avail, for dividends, depreciation and Federal taxes
15.000
Dividend requirements (this issue)
The property will be managed by Francis R. Weller, Inc., Consulting
Engineers, Wasnington, D. C.
-Listing.
American Natural Gas Corp.
The New York Stock Exchange has authorized the listing of 49,980
shares $7 cumul. cony. pref. stock (without par value).
Consolidated Income Account for 6 Months Ended June 30.
$6,162.442
Gross revenue
Oper.exp., maintenance & general taxes other than Fed.inc. tax 3,259,950
675,883
Interest on funded debt Oklahoma Natural Gas Corp
136,188
Interest on unfunded debt
Depreciation and depletion
500,000
Interest American Natural Gas Corp
342,644
Interest on unfunded debt
52,705
Amortization of debt disct. & exp. Okla. Natural Gas Corp
70,495
Amortization of debt disct. & exp. Amer. Natural Gas Corp__ _
65,914
tock, approximately 417,600 shares, no par value. Both classes of common stock will share equally in distribution of dividends and the class B
-V. 127, p. 2682.
common will have voting power.
-Listing.
American Power & Light Co.
The New York Stock Exchange has authorized the listing of 238,289
additional shares of common stock, on official notice of issuance and distribution in payment of a stock dividend; 653,883 shares of $5 pref. stock,
series A, now outstanding in the hands of the public, and 19.174 shares of
$5 pref. stock, series A, on official notice of issuance in exchange for corn.
stock of the Montana Power Co.; 317,609 shares of $5 pref. stock, series A.
stamped, now outstanding in the hands of the public, said stamped stock
bearing a statement of the agreement of the National City Bank of New
York to pay the equivalent of certain additional divs, on said stamped
stock: 82,391 shares of $5 pref. stock, series A, stamped, on official notice
of issuance, making the total amounts applied for 2,324,047 shares of
common stock, 673.057 shares of $5 pref. stock, and 400,000 shares of $5
prof. stock, stamped.
Consolidated Statement of Income (Company and Subsidiaries).
1928.
1927.
12 Mos, Ended May 31$66.192.405 $61,643,093
Operating revenue
3.348.887
3,554,593
Maintenance
32.231,670 30,363,485
All other oper. exps. incl. Federal & other taxes..
Net revenue from operation
*Non-operating revenue
$30.611,848 $27,725,015
4,936,136 3.518,315
$35,547,984 $31,243,330
Total
325.910
307.553
Adjoin.& other expenses,Amer.Power & Light Co.
$35,240,431 $30,917,420
Gross corporate income
8.935.204
Interest to public: Subsidiaries, bond interest.... 10,797,061
1,564,999
1.027.898
Subsidiaries, other interest & deductions
3.005.971
Amer. Power & Light Co., interest St discounts_ 2,959,154
$19,919,217 $17,948.347
Balance
Divs.to public(excl.of Amer.Pow.& Lt.Co.com.):
$4,937,571 $4,191,114
Subsidiaries, preferred
177,083
140.012
Subsidiaries, common
2,353,117
1.429,987
American Power & Light Co., preferred
$12.451.446 $12,187,234
Balance
3.377.079
Approp. for renewal and replacement reserve.. _ _ _ 3.633.789
Combined undistributed income applicable to
Amer. Power & Light Co. common stock_ _ _ _ $8.817.657 $8,810,155
1,922.937
1,797,893
Shares outstanding end of each year
$4.59
$4.90
Earnings per share
* Includes miscellaneous interest revenue of subsidiaries, and revenue of
American Power & Light Co., consisting of interest, profit from sale of
securities and small miscellaneous items.
American Pipe & Construction Co.
-Stock Off List.
-
Comparative Consolidated Balance Sheet.
May 31 '28. Dee.31 '27.
May 31'28. Dec. 31 '27.
Liabilities$
$
$
Assets$
611,260,124 457,949,534 d Capital stock,
a Plants
held by public 281,037,380 206,525,681
13 Invest.(secur) 14,919.782 13,807.950
12,826,640 25,414,352 Subscrip.to pref.
Cash
19,432
232.704
828,699 stocks of subs.
493,375
Notes& loans rec
.
Accounts rec.. _ 14,894,101 13,281,209 Deb.bonds(co.) 45,810,500 45.810.500
Subsidiaries... 27,400.000 13,500,000
Mater. & SUPP.
9,253,740 7,989,024 Mtge.bds..subs.238,029.100 189,289,100
(at cost)
894,725
892,008 Contractual Bab 2,136,799
1,098,611
Prepaid sects_
Divs. declared._ 1,239,914
986,031
pref.stk.
Resctl.
Notes and loans
held for resale
payable
228,728 14,118,333
107,200
137,570
(subsidiary)._
Accts. payable_ 5,124,459 3.995,047
Trust funds and
194,113 Consumers dep _ 3,441.695 3,341,206
special dep... 1,718,432
Accrued accts. _ 12,080,276 9,602,429
c Unamort.disci.
5,324
6,948
& expense_ _ ... 18.971,943 15,399,150 Paving assess...
512,030
33,331
1,445,712 Deferred credits.
Deferred debits_ 1,981,322
Bonds of subs.
called for red..
24,784
Matured int. on
51,446
funded debt._
348,746
Renewal & rePl.
25,981,914 16.242,636
reserves
Other reserves. _ 5,675,068 4.892,726
38.044.576 27,801,002
Tot.(each side).887.355.624 537,108,954 e Surplus
This figure is fixed as to original items of property at valuations detera
mined, upon organization of the various companies, by the respective
boards of directors, after full consideration, and as to additions subsequently made at actual cost thereof, less the value of any items of property no longer forminsr a part of plant account. The plant accounts so
established have never been changed by reappraisal.
b Investments includes pref. stocks and other securities of subsidiary
and non-subsidiary companies, and undeveloped water power sites and
other properties, all carried at cost or less. c Discount and expense
amortized monthly over lives of issues. d Securities outstanding:
American Power & Light Co.(no par value): May 311928. Dec. 311927.
238.513shsPref.$6 cumul.(liquid. value $100 per 811.1_ 788,241 shs.
Pref.$5 series A (liquid. value $100 per sh.) 897,706 she.
1,921.811 shs. 1,871.091 shs.
Common
272.4 shs.
Pref, stock scrip, $6 cumul.,equivalent to.
1,126.48 shs. 1,846.48shs.
Common stock scrip, equivalent to
8,980shs.
8,980 shs.
Option warrants for corn.stk.,equivart to..
Subsidiaries.
545,023 shs.
592,971 shs.
Pref. $100 par value
175,655shs.
Prof., no par value (liquid. val. $100 sh.) 196,587 shs.
86,077shs.
137,748 shs.
Common
e Surplus:
$3.995,195
811,131.868
Date companies acquired
26.912,707
23,805,806
Surplus. earned
American States Securities Corp.
-Proposed Merger.
-
Total surplus
-V. 127. p. 2682.
Net income before Federal income tax
$1,058,662
Surplus, Jan, 1 1928
108,844
Adjustment of estimated financing charges at Dec. 31 1927 in
connection with financing completed in March 1928. to the
actual expenditures made, &c
19.881
Total
Dividends paid & accrued of Okla. Natural Gas Corp.:
7% preferred stock (cumulative)
6%% Preferred stock (cumulative)
American Nat. Gas Corp. $7 series pref. stock (cumul.)
Minority int. in earnings of Okla. Natural Gas Corp
Miscellaneous direct charges
$1.187,388
51,633
171,811
174,960
12,577
Cr1,490
Earned surplus, June 30 1928
$777,895
Consolidated Balance Sheel as of June 30 1928.
Asset
Liabilities
Property, plant & equipm't_ 355,481,403 S7 series pref. stock (no par)_844,498,200
Cash.
297,348 Common stock (no par)
b498,200
Notes receivable
Capital surplus
3,313,810
Accounts receivable
1.428:639 Earned surplus
777,896
Materials & supplies
1,083,319 Okla. Nat.Gas Corp. pref.stk 8.948,100
Prepayments
49.997 Min.stock equity in corn.stk.
Miscell. current assets
184,853 & sur. Okla. Nat. Gas Corp
127,193
Other assets
23,040 Okla. Natural Gas Corp.:
Deferred debits
1st mtge.(is
12,098,000
3,791,088
1st mtge. Is
14,285,000
Amer. Nat. Gas Corp.854s 12,298.000
Non-int. bearing notes cony.
into common stock
1,132,000
1.243.197
Notes payable
698.799
Accounts payable
591,014
Accrued interest
375.334
Accrued taxes
144.416
Accrued divs., pref. stock...
14,362
MIscell. accruea liabilities_
1.119.917
Other liabilities
160.714
Deprec.& depletion reserve
Miscellaneous reserves
7.082
Total (each side)
$62,342,221 Miscell. deferred credits
10,983
a 49,980 shares, no par value, b 651,320 shares, no par value.
-V.
127, p. 2086.
The Philadelphia Stock Exchange on Nov. 7 struck from the regular list
the capital stock of this company.
-V.121. P. 1787.
The stocknolders will vote Dec. 18 on approving the merger of this company and the American Commonwealths Power Corp.
The American Commonwealths Power Corp. will issue to American
States Securities class A and class B stockholders shares of Ameiscan
Commonwealths in the following ratio: Each holder of 100 shares of either
class A or class B stock of American States Securities Corp. will receive
30 shares of class A stock and 20 shares of class B stock of American Commonwealths Power Corp.
The directors of the American Commonwealths at a special meeting held
on Nov. 15 authorized an increase in the common stock of the American
Commonwealths Power Corp., all of which is now owned by the American
States Securities Corp.. in order that the present class A and class B stockholders of the American States Securities Corp. may acquire shares of the
American Commonwealths Power Corp.
Accordingly the common stock of the American Commonwealths Power
Corp. will be increased from a present authorized issue of 1,000 shares of
class A stock and 150,000 shares of class B stock to an authorized issue of
1.500.000 shares of class A stock and 1.000,0000 shares of class B stock.
In the near future all class A stockholders of American States Securities
Corp. will have the privilege of subscribing to shares of class A stock of
American Commonwealths Power Corp. and all class B stockholders of
American States Securities Corp. of subscribing to class B stock of American
Commonwealths Power. These privileges will be represented by warrants
maturing Feb. 28 1929, entitling respectively the holders of class A and
class B to subscribe to American Commonwealths Power Corp. class A or
class B stock at the rate of one share for each five shares now held at $15
per share.
The present warrant holders of American States Securities may accept
in exchange for their present warrants, warrants to purchase class A common stock of American Commonwealths Power at $20 a share until Sept.30
1929 and at $24 per share until June 30 1930. Each warrant holder of
American States Securities now holding 100 warrants will receive 50 new
warrants.
The American Commonwealth Power Corp. will have outstanding:
33i% and 6% gold debentures. $9,000,000; $6.50 and $7 dividend 1st pref.
,
stock, 80,384 shares:$7 dividend 2d pref. stock, 13.711 shares; class A coinmon stock, approximately 667,400 shares, no par value; class B common
$38,044,576
$27,801,002
--Makes Offer for Minority
American Superpower Corp.
-Stock of Utility Shares Corp.
The American Superpower Corp. is offering to common stockholders of
the Utility Shares Corp., one share of American Superpower common stock,
class "A" for three shares of Utility Shares Corp., common stock. The
American Superpower Corp. already owns about 72% of the common
stock of the Utility Shares Corp. The American corporation instead of
delivering fractional shares of its common stock, class "A,' for less than
three shares of Utility Shares Corp., common stock, will pay cash for
amounts of less than three shares, at $16 a share.
The offer of exchange expires at the close of business Dec.8. Stockholders
making the exchange before Nov. 30 1928, will receive, on Dec. 31. the
dividend of 1-25th of a share of American Superpower common stock,
class "A," which will be paid to holders of record Nov. 30. Stockholders
desiring to make the exchange can do so through the offices of Bonbright
-V.127. p. 2682.
& Co.,Inc., New York City.
American Water Works & Electric Co. Inc.-Earns.1927.
1928.
'
12 Months Ended Sept. 30$4,200,271 $4,015,290
September gross
1.825.431
Balance after operating expenses, maint. & taxes_ 2,066,877
50,318,043 48.255,709
12 months' gross
Balance after operating expenses, maint. & taxes_ _ 24.273,989 23,054.210
Net income avail, for diva.,after all charges incl.
5,571,032
5,222,308
reserves for renewals, retire. & depletion
An official statement says: The highest gross and net earnings for any
12 month period in its history are shown in the report, covering operations
for the 12 months ended Sept. 30 1928. Gross earnings for this period total
$50,318,043. as compared with $48,255,709 in the 12 months ended Sept.
30 1927, or an increase of $2,062,334.
Net income is equivalent, after allowing for dividends on the first preferred stock. to $3.05 a share on 1,432,163 shares of common stock outstanding on Sept. 30 1928. and compares with $3.09 on 1,361,411 shares of
common stock outstanding as of Sept. 30 1927.-V. 127, p. 2364.
2816
[voL. 127.
FINANCIAL CHRONICLE
Purpose -Proceeds from toe sale of these bonds will be used to reimburse
Associated Gas & Electric Co.
-Initial Dividend.
for
The directors recently declared the initial quarterly dividend on the $5 the company in part the improvements heretofore made,including additions
to power plants and
construction of more than 150
dividend series preferred stock of $1.25 per share, payable Dec. 15 to transmission lines and for other corporate purposes. miles of high tension
holders of record Nov. 15.
Security.
-The first
bonds
This dividend was also made payable in class A stock at the rate of Joint mortgage of the mortgage and refundingCo. andare issued under a
the Iowa Electric
2.72-100 of a share of class A stock for each share of preferred stock held. Service Corp. and areCentral States Electric
substantial
secured
This is equivalent to permitting holders of the preferred stock to apply part of the property and by a by a first mortgage lien on a property of
direct mortgage on ail other
dividend to the purchase of class A stock at the price of approxi- these companies
their cash
now owned or hereafter acquired, subject to a closed mortmately $46 per share as compared with the present market price of about
$49 per share. This stock dividend is equivalent to approximately $5.33 gage of $572.900 and to liens subject to which additional properties may
hereafter be acquired.
per share per annum.
Earnings. -Earnings of company as reported from official sources for
Consolidated Statement of Earns. ole Expenses of Properties Since Acquisition. the 12
-months ended Aug. 31 1928, were as follows:
1927.
1928.
12 Months Ended Sept. 30$926,804
Gross earnings
Gross earnings and other income
841,864,773 $33.767,452 Operating expenses (including maintenance and taxes)
582,256
23,260,790 17,919,918
Operating expenses, maintenances, all taxes, Sto
344,548
Net earnings
Net earnings
$18,603,983 $15,847,534 Interest on mortgage bonds, outstanding with public
$164,967
Underlying preferred dividends and interest
4,242,190
5,864,070
2,800,684
All other interest
6.020,501
$179,581
Balance
Prov. for replace., renewals & retirement of fixed
-V. 127, p. 1805.
1,725,002
2,304,176
capital (depreciation)
Balance for dividends and surplus
--V. 127, p. 2682.
86,037,116 $5,457,778
Cleveland Elec. Illuminating Co.-Bal. Sheet Sept. 30.1927.
1928.
1928.
1927.
$
Assets
Liabilities$
$
$
Property &Plant
Preferred stock- 16,081,700 16,081,700
-Dividend.
Atlantic Public Utilities, Inc., Boston.
general sect_ ...93.505,892 90,020,516 Common stock_ 16,629,800 16,629,800
The executive committee of the board of directors on Nov. 6 declared a
.
quarterly dividend on the common stock. class A. for Dec. 1, payable in Cap. expend's_ __ _ 7,795,682 2,008,688 Funded debt.. 45,000,000 45,000,000
389,612
200,793
564,800 Accts. payaole_
additional common stock class A previously authorized but not issued, al Sundry invest_ _ _ _ 510,500
Cash
7,405,592 11,860,990 Sundry current
the rate of 1-40th of a share per share of stock held.
1,402,849 1,287,503
liaoillties
371,765
election of any stock- Notes & bills rec_ _ 190,080
Provision has been made, however, to pay at the
2,849,771 2,923,765
1,889,134 1,725,059 Taxes accrued
holder this dividend in cash, as heretofore, at the rate of 50 cents per share. Accts. receivable
350,885
360,340
The stockholders taking the stock dividend will receive certificates for Materials & suppl. 2,426,964 2,729,117 Interest accrued
656,971
656,970
Prepaid accounts_ 666,152
657,712 Dividends accr'd
full shares only of the common stock class A to which they may become
15,169,447 13,755,160
1,511,217
292,757 Reserves
entitled. Scrip for fractional shares will not be delivered, but will be Open accounts
19,842,662 15,547,509
credited to the stockholders' account until a full share has accumulated Bond & note die 1,288,254 1,379,012 Surplus
Special funds
1,004,866 1,012,487
nor will dividends be payable upon fractional rights.
Stockholders may purchase from or sell to the company, through dealers,
118,194,335 112,622.903
Total
118,194,334112,622,903 Total
scrip to complete full shares. Sawyer, Fiske & Spencer, Inc., of Boston,
Comparative income account for the 12 months ended Sept. 30 was
and F. L. Andrews & Son, Assoc., of Fall River, Mass., are authorized to
deal in and will buy and sell such scrip for fractional shares in behalf of the published in V. 127, p. 2683.
company. Upon receiving and surrendering to the transfer agent of this
Colonial Utilities Corp.
issue the Atlantic National Bank of Boston„ sufficient of the certificates
-Definitive Bonds Ready.
representing fractional shares to aggregate one or more whole shares, the
Definitive 1st lien 53.6% gold bonds are now ready for exchange for
usual certificates of stock for such whole shares will be issued in exchange the temporary certificates either at the office of Glidden, Morris & Co.,
therefor. Dividends on the common stock class A so issued in exchange 5 Nassau St.. or at the Guaranty Trust Co., 140 Broadway, N. Y. City.
shall be cumulative only from the first day of the current dividend period
e offering in V. 127. p. 1107.)-V. 127, p. 1805.
in which said stock shall be issued.
Payment in stock will be made to all stockholders entitled thereto who do
-Debenture Bonds OfColumbia Gas & Electric Corp.
not, on or before Nov. 30 1928, request payment in cash. Such requests
-A banking group headed by Guaranty Co. of New
should be forwarded to the Atlantic National Bank of Boston, 10 Post Office fered.
within the time
Square, Boston. Mass., as disbursing agent for this issue,
-year
York has sold privately at 101 and int. $5,000,000 25
limited.
-V. 127, p. 2682.
-May Issue Additional Bonds.
Avon River Power Co.
Preferred stockholders have opposed the company's request before the
Nova Scotia Public Utility Board for authority to issue bonds to cover the
-V. 123, p. 81.
cost of proposed expansion.
-Earnings.
-Boston Elevated Ry. Co.
3 Mos. End. Sept. 30By. op. rev
By. oper. exP
1926.
1928.
1927.
$7.603,837 $7,696,940 87,836.886
6.484,814
6.131,245 6,196.743
Net revenue
Taxes
$1,472,592 $1,500,196 $1,352,072
473,394
409.599
436,698
Oper. income
Non-oper. income
$1,062,993
Gross income
, Deduction
$1,063,498
23,142
$878,677
25,423
$1,087,950 $1,086,640
1,995,624
2,022,485
$904,100
1,985,219
24,966
Net deficit
-V. 127. p. 820.
$934,526
$908,983 $1,081,119
Brooklyn City RR.
-Resumes Dividend.
The directors have declared a quarterly dividend of 10c. per share on the
oustanding 1.600,000 shares of capital stock, par $10, payable Dec. 15 to
holders of record on Dec. 1. Quarterly dividends of like amount were
-V. 127, P. 1521.
paid in December 1926 and in March 1927; none since.
California Oregon Power Co.
-Earnings.
12 Months. Ended Sept. 30Gross earnings
Net earnings
Other income
1927.
1928.
$3,204,157 $2,849.543
1,738,323
2,049,866
5,995
23,012
Net earnings, including other income
-v. 127, p. 2087.
$2,072,878 $1,744.318
California Water Service Co.
-Earnings.
30-1927.
Years Ended Sept.
8686,982
Operating revenues
8740,876
228,265
272,599
Operating expense
36,586
36,614
Maintenance
63,030
Taxes (Incl. Federal income tax)
73,565
Net earnings
Other income
$358,097
813
$359.101
598
Gross corporate income
Ann'l int. req. on total funded debt
-V. 127. p. 2525.
$358,910
193,000
$359.699
Central Maine Power Co.
-Earnings.
---
Period End. Sept. 30- 1928-3 Mos.-1927.
1928-12 Mos.1927.
Gross operating revenue $1,534,754 $1,478,295 $6,065,776 $5,697,197
Net income after charges
taxes int. & pray, for
1,397,021
retirement
1,545,143
356,749
347,444
-V. 127, p. 1804.
Central States Electric Co., Cedar Rapids, Ia.Bonds Offered.
-The Minnesota Loan & Trust Co., Minne6
apolis, recently offered $200,000 1st mtge. & ref. 5 , %
gold bonds, Series B,dated March 1 1927; due March 1 1952.
5% gold debenture bonds due May 1 1952.
History and Business.
-Corporation is engaged, through subsidiaries and
leased companies, in the production transmission and distribution of
natural and mixed gas and the production, transmission and distribution of
electricity. Operations also include a street railway and other related
minor public utility services and some production of gasoline and oil.
For the 12 months ended Sept. 30 1928, the Columbia System sold:
866,925,391 k. w, h. of electricity; 138,654,945,000 Cu. ft. of natural and
mixed natural and manufactured gas.
The public utility operations supply more than 1,000 communities in
Ohio, I'ennsylvania, West Virginia, Kentucky and Indiana. The System
has more than 1,289,200 gas and electric customers directly' connected and
serves a population estimated at over 5,000.000.
Purpose of Issue.
-Proceeds of these bonds are to be used for general
corporate purposes.
Capitalization.
--In hands of public as of September 30 1928 (giving affect
to this Issue.)
$53,026.400
Funded debt of subsidiary companies
50.000,000
25
-year 5% gold debenture bonds (including this issue)
Preferred and minority common stocks of subsidiaries, including
47,086,224
surplus applicable thereto
94,716.400
Preferred stock, 6% Series A
3,372,677 shs.
Common stock (no par)
The total funded debt of leased companies in the hands of the public
not included in the foregoing table is $3,943,000, and the aggregate amount
of stocks of leased companies on which dividends are paid as lease rentals is
$11,415,400.
Listing.
-Application will be made to list these additional Bonds on the
New York Stock Exchange.
Earnings for Periods Ended Sept. 30.
(Incl. Sub. Cos. Controlled by Over 99% Common Stock Ownership or Lease.)
1928-9 Mos.-1927
1928-3 Mos.-1927
$20,356.916 $18,026.372 $78,111,997 $70,512,767
Gross earnings
11.906,685 10,914.746 37,906,978 36,155,092
Operating expenses
Res. for renewals & re1.763,491
7,030,262 6,665,226
place. & depletion_ _ - 1,908,118
6,575,056
1,718,755
7.022,877
1.669,901
Taxes
Net operating earnings $4,872,211 $3,629,380 $26,151,879 $21,117,392
612,185
714,850
139,502
222,849
Other income
Total net earnings-- $5,011,713 $3.852.230 $26,764,065 $21,832,243
1,139,590
1,538.071
3,366,181
262,057
Lease rentals
1,470,025
1,524,867
645.357
308,982
Interest charges of subs1,548,449
875,516
606,631
266,622
Pref. dividends ofsubs-Int. charges of Columbia
1,984.869
1,148,408
606,963
528,114
Gas & Electric Corp.._
$2,890,705 $1,648,922 $20,167,808 $14,972.112
Net income
1928.
1927.
Earnings 12 Months Ended Sept. 30$103,922,079 $96,746,522
Gross earnings
50,616,816 48,520.714
Operating expenses
9,163,091
7,612,189
Res, for renewals & replace. & depletion
9,358,991
8.866,003
Taxes
Net operating earnings
Other income
$34.783,582 $31,747,616
867,463
1,185,304
$35,651,045 $32,932,921
Total net earnings
Lease rentals
2,520,499
4,452,666
Interest charges of subsidiaries
1,803,830 2,357,025
Preferred dividends of subsidiaries
1.815,156
1.173,193
Interest charges of Columbia Gas & Elec. Corp. 2,698,491
1,177,229
Data from Letter of V.-Pres. John A, Reed, Cedar Rapids, la., Oct.24.
Net income
$26,903,069 $23,772,807
Company.
-Incorporated in Iowa in 1915 as the Iowa Falls Electric Co.
Company serves without competition electric light and power,gas and water Annual dividend requirements on 947,164 shares
of 6% pref. stock outstanding at Sept. 30 1928 $5,682,984
to communities in 20 counties in north central Iowa and in Martin County,
Minn. Approximately 80% of the gross revenues are derived from the
Consolidated Balance Sheet Sept. 30 1928 (before this financing)
sale of electric light and power and the remaining 20% from the sale of
Liabilities
-Assets-gas, steam heat and water.
$553,880,960 Funded debt of Subsidiaries_ $53,026,400
The company, exclusive of controlled corporations, has over 16.700 Property account
45,000,000
customers, of which approximately. 13,000 are electric customers. Power Investment securities owned 6,691.866 5% debenture bonds,
250,000 Accounts & notes payable... 8,392.000
is supplied from 5 steam generating plants and a hydro-electric plant at Guaranty Fund
6.478,345 Accrued Liabilities
9,009,656
Iowa Falls. The total installed generating capacity of the company's Cash Gov.securities
41,175 Dividends declared
9.875
plants is in excess of 8.000 k.w. Company's distribution system comprises U.S. receivable
724,422 Customers deposits, etc-- 3,206,479
Notes
more than 500 miles of transmission lines. In addition current is purchased Accounts receivable
10,183,442 Contingent earnings pending
companies. Gas
at certain points under favorable contracts from other
3,665.404
7,504,241
rate decisions
plants are owned and operated at Iowa Falls, Knoxville, Oelwein. and klaterials & supplies
Fairmont, Minn. Water service is supplied in La Porte and steam heat is Marketable securities owned 2,879,144 Preferred & minority cornmoo stocks of subsidiaries,
Cash impounded pending
supplied in Iowa Falb and Britt.
2,095,402
including proportion of
rate decisions
Capitalization-Authorized. Outstanding.
surplus applicable thereto 47,086,224
$1,637,000 Prepaid accounts, unamort1st mtge. & ref.6% gold bonds, Series A
94,718,400
lied discount & expenses_ 10,880,696 6% Preferred A
let mtge. & ref.5% gold bonds, Series B
bt 588,600
Common (3,372,677 sh. no
572,900
Underlying div. bonds (closed mortgage)
122,422,567
ear)
168,250
Serial gold notes
For renewals, replacements
} $2,500,000 j 1,621,000
Preferred stock 7% cumulative
133,769,159
& depletion, etc
1
48,300
stock 6% cumulative
Preferred s
81,305,529
Surplus
878,683
1,200,000
Common stock
198.030
800,000
C,ommon stock Class A
$601,609,693
$601,609,693 Total
Total
a Issuance of additional bonds restricted by provisions of the mortgage.
-v.127. p. 681.
b $246,400 additional bonds held by company in treasury.
Nov. 17 1928.]
FINANCIAL CHRONICLE
Commonwealth Power Corp.
-Electric and Gas Sales.
-
Sales of Commonwealth Power Corp. subsidiaries for October amounted
to 156.837,778 k.w.h. of electricity and 672,383,200 cubic feet of gas, as
compared with 136.802,010 k.w.h. and 573,799,800 cubic feet in October
last year, increases of 14.65% and 17.18% respectively.
For the 10 months ended Oct. 311928. electric sales were 1.496.641,784
k.w.h.and gas sales 6.196.271.500 cubic feet as compared with 1.299.548,633
k.w.h. and 5.451,197,000 cubic feet for the first 10 months of 1927, gains
-V. 127, p. 2227.
of 15.17% and 13.67% respectively.
Consolidated Gas Utilities Co.
-55c. Class A Dividend.
The directors have declared a quarterly dividend of 55 cents per share
on the class A stock, payable Dec. 1 to holders of record Nov. 19. An
initial dividend of 33 cents per share (covering the period from July 6
to Sept. 1) was paid on Sept. 1 last.
The company has announced the completion of its new $5,000,000 165.
mile pipe line from the Amarillo Field to Enid, Okla. Construction of this
-inch pipe and having a capacity of 38,000,000 cubic feet of
line, built of 14
gas a day. was carried out by Williams Brothers of Tulsa, Okla., in the
short time of 10 weeks.
Completion of the line brings to fruition the plans laid by the Consolidated
company when the Mid-West Gas Co., the Larutan company and the
Northern Oklahoma Utilities Co. were consolidated last June. The line
will make available to all constituent companies of the Consolidated
system an assured supply of gas from the Amarillo field.
•
The Consolidated company is now operating 1,000 miles of main hoe,
• 300 miles of lateral lines and 370 miles of distribution lines. There are
seven compressor stations having a capacity of over 6,000 h.p. Most of
the property is less than two years old and in excellent condition,it is stated.
When the construction of this line was first contemplated it was felt
that the completion of the'line would enable the company to take on an
additional load of 5,755,000 million cubic feet per year. The directors
• state that 3,500,000 million feet of this are already assured although the
line has been operating less than two weeks. (See also V. 127. p. 2087).
-V. 127. p. 2683.
.
Eastern Massachusetts St. Ry. Co.
-Earnings.-
(As filed with the Massachusetts Department of Public Utilities.)
Period End. Sept. 30- 1928-3 Mos.-1927. 1928-9 Mos.-1927.
Operating revenues
$2,154,388 $2,217,144 $6,788,517 $7.060,558
• Operating expenses
1,637,633
1.803.079
5.072.163
5.512,366
87,249
• Taxes
76,166
265.473
258,969
Operating income_ _ _ _
Total non-oper. income_
$429,506
65,440
$337899 $1,450,881 $1,289.223
75,716
177.268
203,559
Gross income
Interest. etc
$494,946
295,426
$413,615 $1,628.149 $1.492,782
304.716
885.982
918,674
Net income
-V. 127. p. 1805.
$199.520
$108.899
$742,167
$574,108
Eastern Shore Public Service Co.(& Subs.)
.-Earns.Period End. Sept. 30Gross income
Net income after taxes,
int.& retirement prov.
127. p. 1102.
1928-3 Mos.-1927. 1928-12 Mos.-1927.
$418,462
$365,559 $1,512,578 $1.333.766
79.003
59,874
251,123
179.066
Eastern Utilities Investing Corp.
-Increases Diridend.
An increase in the fixed dividend rate on the partic. preference stock
from $5.50 to $6 per share per annum was voted at a meeting of the board
of directors. The directors declared the regular quarterly dividend of a
$1.50 per share on this stock, payable Feb. 1 1929 to holders of record Dec.
31 1928.
Earnings of the corporation for the 12 months ended Sept. 30 1928.
showed a balance equal to $7.57 per share on the 175,000 shares of partic.
preference stock. The increase in the dividend rats on this stock makes it
possible for purchasers of investment certificates of the Associated Gas &
Electric Co.. who convert their certificates into the 15 shares of stock of
Eastern Utilities Investing Corp. to realize over 5.75% on the subscription
price of $99 with "rights" under the recent offer to stockholders which
expires Nov. 17.-V. 127. v. 2525.
East St. Louis & Suburban Co.
-Earnings.
-
12 Months Emed Sept. 30Operating revenues
Operating expenses
Taxes
1928.
1927.
1926.
$4.421.134 $4.467.229 $4.271,623
2.968.634 3.175,092 3,115.414
1.332.450
290,900
246,150
Net operating revenues
Non-operating revenues
$1,120,049 $1.001.237
258,628
189,927
Gross income
Interest on funded debt
Amortization of bond discount
Other interest cnarges
Depreciation reserve
$1,378.678 $1,191,165 $1.046,119
460.718
461,050
460.850
6,105
8.219
8,172
241,316
199.524
267.879
272,540
260.669
305.716
Balance
-V.127. p. 821.
$397.999
$261.703
$910,059
136.061
$3.501
2817
Federal Power & Light Co.
-Extra Dividends.
The directors have declared an extra dividend of 50 cents per share and a
special extra dividend of $1 per share, both payable Nov. 15 to holders of
record Oct.31.-V. 119, P. 2528.
Florida Power Corp.
-Buys Municipal System.
-
The power plant and distribution system in Trenton, Fla.. has been
purchased by this corporation, one of the National Electric Power group.
Plans are under way for the construction of transmission lines to connect
the town with the company's system.
Extension of the corporation's lines will also include the town of•Chief
land, Fla. Both communities will enjoy substantial rate reductions immediately.
-V. 124. p. 3351.
Georgia Power & Light Co.
-Stock Offered.
-E. H.Rollins & Sons, Howe Snow & Co., Inc., and Utility Securities
Co. are offering at $95.50 per share flat, to yield 6.28%,
9,000 shares cumulative preferred stock $6 series (no par
value).
Fully paid and non-assessable. Prof. as to assets on liquidation at $100
per share and div., and as to cumulative div. of $6 per annum. Dividends
payable Q-F. Red. all or part on any div. date upon 30 days' notice at
$105pershare plus city. Dividends free from present normal Federal income
tax. Transfer Agent, Middle West Stock Transfer Co.,Chicago.; Registrar,
National Bank of the Republic of Chicago.
Issuance.
-Authorized by the Georgia Public Service Commission.
Data from Letter of Harry Reid, President of the Company.
Incorp. in Georgia. Ownsand operates public utility properties supplying
electric light and power to a centralized group of 39 communities, with a
total population of over 70,000, situated in the progressive agricultural and
Industrial section of Southern Georgia, and including the Cities of Waycross, Valdosta and Bainbridge. Company recently acquired the proper.
ties of Valdosta Lighting Co., Ware County Light & Power Co. and Waycross Ice & Cold Storage Co.
Purpose.
-Proceeds from the sale of these 9,000 shares of cumulative
preferred stock $6 series, and from the sale of first mortgage bonds to be
presently issued, will be used to provide funds to retire the present outstanding funded debt and to reimburse the Company in part for expenditures in connection with improvements and betterments and for other
corporate purposes.
Earnings For the 12 Months Ended Sept. 30, 1928.
Gross earnings including other income
$1,029.989
Operating expenses, including maintenance and local taxes750.477
Net earnings
Annual interest requirements on first mortgage gold bonds- --- $279.512
135.000
Balance applicable to deprec., emelt., dividends. etc
•144,512
Annual dividend on 9,000 cumulative preferred stock $6 Series
(this issue)
54,000
Balance applicable to depreciation, amortization, dividends, etc. as
shown above, is over 2,67 times annial dividend requirements of this
'
issue.
-V. 127, v. 2526.
Green Mountain Power Corp.
-Earnings.
-
Year Ended Sept. 301928.
1927.
Gross revenues
S1,840,638 S1,756,133
Operating expenses, maint Ss taxes other than Fed.
670.935
751.172
Gross income
$1.169,702 $1,004,962
-V. 127. p. 2683.
, Holyoke Street Railway Co.
-Earnings.-
• (As reported to the Massachusetts Department of Public Utilities)
3 Mos. End. Sept. 30Operating revenues
$168,338
$185,.556
Net operating revenue
24.642
30.875
Taxes
3.921
4,097
Operating income
$20,721
$26,778
Non-oper. income
17,066
5,570
Gross income
$37,787
$32,348
nterest, rents, etc
20,931
20.546
Net income
$16.856
$11.802
-V. 127. p. 821.
Indiana Service Corp.
-To Issue Additional Stock.
-
The corporation has filed with the Indiana P. S. Commission a petition
asking for authority to issue and sell 85,000 shares of its common stock
without par value to yield $850.000. The proceeds are to be used for capital
expenditures already made or planned in the company's interurban and local
electric railway and electric light and power service facilities.
The company during the year has made extensive improvements in its
railway properties and has built several electric transmission lines and made
other improvements in its facilities.
This corporation is one of the subsidiaries of the Midland Utilities CO.
V. 126, P. 3589.
Jersey Central Power & Light Co. (& Subs.).
-
Period End. Sept. 30- 1928-3 Mos.-1927. 1928-12 Mos.-1927.
Gross operating revenues $2,219,931 $2,069,142 $7,463.426 $6.956.976
A 600
-mile pipeline will be built from the Mid-Continent oil fields to Net income after taxes,
Chicago at an estimated cost of $15,000,000, according to an announceint. & retire. prov--- 524,027
469.985
1,443,586
1.264.771
ment on Nov. 12 by this company, a subsidiary of the Cities Service Co., -V. 127, p. 1525.
and the Texas Corp., which have jointly organized the Texas
-Empire
Lake Superior District Power Co.
Pipeline Co. to build and operate the new line. Each company will own
-Earnings.
Period End. Sept. 30- 1928-3 Mos.-1927. 1928-12 Mos.-1927.
60% of the stock of the new corporation.
Preliminary engineering work is completed and it is expected that the Gross operating revenue $459,608
$408.440 81.814,919 81.709,673
-inch pipe, will be ready for operation by the Net income after taxes.
line, which is to be of 12
middle of 1929. Provisions will be made for enlarging the initial capac4ty of
interest & retire. prov.
126.118
86,343
540.289
475.187
10,000,000 barrels yearly when conditions warrant.
-V. 127, p. 1807.
The purpose of the new line is to serve the oil refinery of the Texas Oil
Louisville Gas & Electric Co.
-Earnings.
at Lockport, Ill., and a refinery to be built in 1929 near Chicago by
12 Mos. Ended Sept. 30Gas & FUel Co. The crude oil to be transported through the
1928.
1927.
line will come largely from the Mid-Continent area where both the Texas Grass earnings
89.546.367 $8,747,076
and the Empire Gas & Fuel Co.own and operate large oil gathering and Net earnings
Co.
4.907,485
4,516.106
income
transportation systems and where both companies are among the most Other
273,590
159.390
important producers of oil.
Net earnings,including other income
With the line starting in the heart of the Mid-Continent area and reaching
85.181.075 $4.675,496
into the Chicago district, it will not only serve the Empire and the Texas -V. 127. p. 1525.
companies with crude oil requirements, but also will be in a
Market Street Railway Co.
-Earnings.
--connect with various pipeline systems which reach to the Atlanticposition to
Seaboard,
12 Mos. Ended
1928.
1927.
thus enabling the new line to participate as a common carried in the general Gross earnings Sept. 30$9,838,301 $9,842,536
cross-country oil transportation business.
1.499.366
1.683,837
Several months ago each company announced its intention to construct Net earnings
19,858
30,331
an oil line traversing the same territory. Realizing the economic ad- Other income
vantage of a jointly owned and operated line, the present arrangement
Net earnings, including other income
$1.519.224 $1,714.168
resulted.
-V.127.p. 821.
-V. 127, p. 2526.
Empire Gas & Fuel Co.
-New Subsidiary Formed.
-
Fhcir
empire
Engineers Public Service Co., Inc.-Pref, Stock Increased-Deposit of Puget Sound Co. Stock.
-
Massachusetts Utilities Associates.
-Earnings.
gat. Avaii.for
Dios.. Deprec
The stockholders on Oct. 25, increased the authorized pref. stock from
Gross Revenue tt. Reserves.
400,000 shares to 700,000 shares, no par value.
9 months ending Sept. 30 1928
37.564,182 42.189,234
The date for depositing Puget Sound common stock in order to effect 9 months ending Sept. 30 1927
7.195,455 y1.944.892
its exchange for Engineers Pablic Service Co. stock, in connection with
Increase
$368,727
the acquisition of control of the former company by the latter, was extended
$244.342
$886,562 • $257.624
on Nov. 15 from Nov. 16 to Nov. 19 and the Engineers directors authorized Month ending Sept. 30 1928
the issue of 246,662 shares of common and 98.665 shares of $5.50 div. Month ending Sept. 30 1927
862.341
247,288
pref. warrants, to be issued in exchange for Puget Sound stock.
Increase
ps The directors also voted to purchase from the Puget Sound Co.$7,500.000
$24221
$10.336
a Over 35 voluntary reductions in prices are in effect this year that were
of junior pref., in accordance with the plan announced Oct. 5. Ovar 75%
of the Puget Sound common is now deposited or owned by Engineers not in effect in September 1927. y Contains rebate of power cost of two
and it is expected that the Engineers stock issuable in exchange will be constituent companies totaling $33,969. -V. 127, p. 1947.
ready for delivery about Dec. 1. (See also V. 127, p. 1946. 2228.)
Michigan Electric Power Co.
-Earnings.
The Engineers Public Service Co. group, which comprises seven property
Period End. Sept. 301928-12 Mos.-1927.
units serving widely separated sections of the country, reports an output Gross operating revenues 1928-3 Mos.-1927
8184.082
8159.554
$736,548
$644,930
of 75.493,170 kw.h. for Oct. 1928, against 64,847,602 for Oct. 1927, or an Net income after taxes.
increase of over 16%. The largest gains were made by the Texas and
int. & retire. prov.- • 30.159
19.657
119,195
93.963
-V. 127. p. 2526.
Louisiana properties.
-V. 127, p. 1253.
-Earnings.
Michigan Public Service Co.
19z8-12 Mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
$763,206 $682,000
$194,746
Gross operating revenue $254,032
Net income after taxes,
140.516
158,843
72,968
62.017
interest & retir. pros'.
-V. 125, p. 18.37.
-Earnings.Milwaukee Electric Railway & Light Co.
12 Months Ending Sept. 30Operating revenues
Operating expenses
Taxes
1927.
1928.
$28,596,555 $26,913,445 $25,887.850
16,288.204 16,046,470 15.280.087
2,253.483
2,456,063
2.829,001
Net operating revenues
Non-operating revenues
$9,479,350 $8,410,911 $8,354.281
375,687
369,349
256,248
Gross income
Interest on funded debt
Amortization of bond discount
Other interest charges (net)
Depreciation reserve
$9.735,599 $8.781,260 $8,72 1.9 8
2,237.199
2,048,866
2,195,5 9
166.262
171,569
173,918
8.547
99.745
Cr. 47.762
2,471.432
2,565,232
2,846.674
Balance
Preferred dividends
$4.567,229 $3.894.848 $3.846,528
980.872
1,,,68.352
1.281,358
Bal. for corn, diva. & Burp
$3,285.870 32.826,495
Condensed Balance Sheet Sept. 30.
1928.
1927.
1928.
AssetsPreferred steck. 29,162,700
Prop'ty dr plant,
143,708
general acct _ 101,196,194 91,098,572 Fret.stk.install.
Capital expend_ 4,072,314 4,527,883 Common stock_ 21,000,000
1,016,329 Funded debt_ __ 45,518,500
Sundry invest'ts
41,561
32,500
Res., sinking &
Notes dr bills pay
762.989
578,057 Accts. payable__
797,531
special fund__
893,038
1,354,993
739,357 Sund.curl. Habil
Cash
7,934 Inter-co. accts.._ 1.016,531
Notes dr bills rec
26,383
Accts.receivable 1,790,675 1,835.274 Taxes accrued.... 2,685.013
804.101
Mat'ls dc suppl_ 2,257,739 2,680,065 Interest accrued
128,013
Inter-co. accts._ 3,869,687 3,885,138 Divs. accrued
21,545
35,250 Sund.ace'.Habil
Prepaid accounts
41,518
984,529 1,851.959 Open accounts__ 1,070,621
Open accounts
20.374,697
Bond & note disc 4,353,584 3,843,279 Reserves
5,672,591
Surplus
Reacquired secs_ 8,499.838
Total
129,286,546 112,099.098
-V. 127, p. 822.
$2,865.656
1927.
19,134,210
19,000,000
41,281.500
289,000
777,428
838.417
4,332,829
2,498,284
699.192
121,963
18,043
301,164
18.380,429
4,426,639
129,286,546 112,099,098
Total
-Earnings.
Mississippi Power Co.
1927.
1928.
12 Months Ended Sept. 30$2.919,407 $2,407,494
Gross operating revenue
427.059
577.992
Net inc. after taxes & int., but before res. & retire-V. 128, p. 3755.
-Earnings.
Mississippi River Power Co. (& Subs.).
12 Months Ended Sept. 30Operating revenues
Operating expenses
Taxes
1926.
1927.
1928.
$3.791,694 $33.665.289 $3,456,358
391.888
290,148
304,0.32
356.658
360.732
350,873
Net operating revenues
Non-operating revenues
33.138.788 $3.014.409 $2,707,812
51.100
86.058
156.782
33,293.570 $3.100,467 $2,758,912
Gross Income
1,089.469
1.057,834
1.033,326
Interest on funded debt
32.817
35,071
21.755
Amortization of bond discount
10,914
53,398
68,000
Other interest charges
260,000
260,000
260.000
Approp. for depreciation reservesBalance
Preferred dividends
31.909.546 81,694,164 $1,365.711
494.069
494,068
494,069
Bal. for common dies. & surplus.- $1.415.477 $1,200.095
Condensed Balance Sheet Sept. 30.
1928.
1927.
1928.
Liabilities$
Assets
Property & plant_48,008,056 47,910.718 Preferred stock_ _ _ 8,234,475
123,773 Common stock __ _16,000,000
5,029
Capital expends__
10,901 Funded debt _ _ _. _20,523,500
10.901
Sundry investmla
18,957
114.390
588,642 Accounts payable_
Cash
1,500
175,696 Sund.curr. Haul's_
172.475
Notes dr bills rec
183.454 Inter-co. accounts 348,225
Accts.receivable_ _ 168.681
100.947
103,603 Taxes accrued .___ 446,856
Material & suppl
Inter co.accounts_ 3.767.847 2.067,110 Interest accrued__ 281.419
33,562
12,165
9.339 Sund. wen liabils.
Prepaid accounts_
2,634,857
386,297 Reserves
Bond & note(Met_ 364.391
4,201,880
170.058 Surplus
Sinking fund
127
Res,special funds_
52.725.010 51,729,592
Total
-V.127. p. 822.
3871.643
1927.
$
8,234.475
16,000,000
20,842,000
17,728
573
189,595
377.104
285,608
59,855
2.416,472
3,266,182
52,725.010 51.729,592
Total
Mountain States Power Co.
-Earnings.
12 Mos. Ended Sept. 30Gross earnings
Net earnings
Other income
[vol.. 127.
FINANCIAL CHRONICLE
2818
1927.
1928.
$2,880,329 $2,715,979
1,067.997
1,083,408
671
175.
96,702
31.180.110 $1.243,668
Net earnings, including other income
-Tacoma and Puget Sound divisions sold Dec. 31 1927. Net
Note.
earnings of Tacoma and Puget Sound divisions for the full year ended Sept.
30 1927. and for three months ended Dec. 31 1927, are included in other
-V. 127, p. 2365.
income.
Municipal Service Co. (& Subs.).
-Earnings.
Period End. Sept. 30- 1928-3 Mos.-1927. 1928-12 M(8.-1927.
Gross operating income_ 32,356,005 32.249.306 310,183,154 310.144.282
Net income after all taxes
791,635
3,552,283 8.440.789
739.990
but before deprec____
-V. 127, p. 1103.
.National Electric Power Corp.
-Earnings
1928-9 Mos.1927
Period End. Sept. 30- 1928-3 Mos.-1927.
Gross operating revenues 37.029.225 36,267,496 327,592.744 524,736,689
Net inc. after taxes but
2.872,647 13,074,709 11 ,772,346
before depreciation_ __ 3,210,550
-V. 127. p 1253.
-Earnings.
National Public Service Corp.(& Subs.).
1928-12 Mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
Gross operating revenues 37.870.987 $7,369,092 329,620.937 328.944.246
Net after all taxes but
2.896,652 12.109.492 10,684,991
before depreciation___ 3,171,498
127, p 1103.
-Earns.
New England Power Association(& Subs.).
Earnings 12 Vont sEnded Sept. 30 1928.
Gross earnings from all sources
Operating expenses, incl. maintenance & taxes
Interest. smart. & minority int. in earnings of sub. cos
Balance avail, for deprec., dies. & surplus reserves
-V. 127. D. 2526.
$30,670,395
16,190.931
4.933,373
$9,548,091
Data from Letter of A. B. Paterson, Vice-President of theCompany.
Company.-Supplles electric power and light, natural gas and street railway service in the City of New Orleans, La. Properties directly owned
and operated include all plants now generating electric energy for commercial power and light, the entire gas manufacturing properties (now maintained for standby purposes) and all gas distributing properties in the city,
and a substantial mileage of electric street railways. The company purchases all of its natural gas requirements under a satisfactory contract.
In 1922 a settlement was effected with the City of New Orleans under
the terms of which the sum of $44,700,000 was agreed upon as the value
of the properties in the system as of Dec. 31 1920, for the purposes of the
settlement, to be increased by future investments in the property. The
settlement ordinance provided for the allowance of such rates for the com% return on the
pany's various public services as would produce a
rate base as determined from time to time, after operating expenses, taxes
and reserve for renewals and replacements. The rate base as at Sept. 30
1928, was in excess of $79,800,000, upon which the present allowed return,
before deducting appropriations for renewal and replacement reserve at
the current rate of $1,866,000 per annum, is about $7,851,000, which
compares with actual net revenues of $7,082,600 for the 12 months ended
Sept. 30 1928. In addition to the allowed return on the rate base, the
settlement provides, among other things, for indeterminate permits, for
the approval by the Commission Council of the city of the issue of securities and for an option to the city to purchase any or all of the three departments of the company at the current rate base valuation.
Security.
-Under the rate settlement with the city effected in 1922. a
basis of valuation for rate-making purposes was fixed as stated above.
which together with subsequent additions amounted, as at Sept. 30 1928.
to more than $79,800,000.
The 1st mtge. lien of the 1st Sr ref. mtge. bonds (of which 330,000,000
will be outstanding upon completion of the present financing) covers properties having a present value of about $24,550.000 and the gen. mtge. lien
extends over additional properties valued at about $54,631,000, subject
only to divisional issues (after giving effect to retirement on Jan. 2 1929.
of $2,000,000 underlying bonds) aggregating $10,069,000. Included in
the properties on which such bonds are secured by a 1st mtge. lien are important electric power and light and street railway properties and all the
gas properties of the company.
Purpose of Issue -Proceeds from the sale of these additional series B
bonds will provide funds to reimburse the company for expenditures made
for additions to property, to retire $2,000,000 underlying bonds due Jan.
2 1929, and for other corporate purposes.
Earnings.
-Gross revenues, and net revenues after taxes, available for
Interest and reserve for renewals and replacements, during the five calendar
years ended Dec. 31 1927. and for the 12 months ended Sept. 30 1928.
were as follows:
Gross Revenues
Net Revenues
(Including
(As Above).
Other Income).
Calendar Years$4,755,579
1923
$14,559.695
4,984.975
1924
15,021.483
5,480,862
1925
15,752,045
6,545,937
1926
17,726,930
7,287,589
18,714,126
1927
7,082,600
18,488,973
1928 (12 mos. ended Sept. 30)
Net revenues, as shown above, for the 12 months ended Sept. 30 1928,
were over 3.5 times the maximum annual interest requirement of $2,006,150
on total series A and B 1st & ref. mtge. 5% bonds, including this issue,
and all underlying divisional Issues outstanding, after giving effect to
retirement of $2,000.000 underlying bonds on Jan. 2 1929. Such net
revenues were more than 2.4 times the total of this maximum annual int.
requirement plus annual interest on outstanding gen. lien 445% gold
bonds and 6% mtge. gold income bonds, both junior to the 1st & ref.
mtge. bonds.
-The capitalization of the company as at Sept. 30 1928,
Capitalization.
adjusted to give effect to the issuance of these additional miles B bonds
and the retirement on Jan. 2 1929. of $2,000,000 underlying bonds, was
as follows:
$10,069,000
Underlying divisional issues
12,000,000
1st & ref. mtge. 5% gold bonds, series A. due 1952
18.000,000
1st & ref. mtge. 5% gold bonds, series B, due 1955
12.807,700
General lien 434% gold bonds, due 1935
4,778,700
6% mtge. gold income bonds, series A, due 1949
*1,460
6% mtge. gold income bonds, series B. due 1949
79,17734 she.
Pref. stock, cumul. $7 per annum (without par value)
754,028 she.
Common stock without par value)
-V. 127. p. 822.
* Represents 28,500 French francs at 4 cents per franc.
-Common Div. Payable in Stock.
North American Co.
The directors have declared quarterly dividends. payable Jan. 2 on
stock held of record Dec. 5 as follows: On the pref. stock ($50 par value).
134%, payable in cash at the rate of 75 cents for each share so held on the
common stock (without par value), 234 , payable in common stock at
the rate of 1-40th of a share for each share so held. The common dividend
Is at the same rate as paid quarterly since Oct. 1 1923.-V. 127, P• 2684.
-Listing.
North American Edison Co.
The New York Stock Exchange has authorized the listing of $20.009,000
534% debentures, series B, due Aug. 15 1963.
Consolidated Income Account 12 Months Ended Sept. 30.
1928.
1926.
1927.
387,374.442 383,544,867 $79,393,495
Gross earnings
47,709.007 47,014,633 46.169,040
Operating exp., maint. & taxes
Int. chgs. (incl. amort. of bond disc.
10,649.827 10.274,427
9,056,962
& exp.)
4.295.508
4,119.848
3,711,067
Preferred divs, of subsidiaries
1.396,492
1.185.713
1,248,359
Minority interests
8.073.579
9.000,173
8.726.888
Appropriations for deprec. reserves
Balance for dive, and surplus
314.323.433 312.223,357 311.134.489
Consolidated Balance Sheet Sept. 30.
1927.
1928.
1928.
1927.
Liabilities$
Assets$
$
$
Prop.and plant_378,076,504 354,324,156 Preferred stock _227,263,000 20,000,000
Common stock _b31,689,870 27,139,870
Cash with true1,307,715 1,257,458 Preferred stks of
tees
subsidiaries _ _ 69,394,424 65,701,771
Stocks & bonds
91.426 Minority hits. in
218,777
of other cos
504,103 stks & surplus
524,372
Sundry invest'ts
of subsidiaries 8,8132,452 8,018,903
Due from MM.
companies _ _ _ 28.339,354 9,920,215 Funded dt. of co. 37,737,000 25,000,000
10,915,983 15.814.559 Funded debt _ _166,502.878 164,376,364
Cash
263,358 Due to atilt. cos_
234,726
391,424 9,777,381
Notes & bills rec.
.
Accounts rezelv. 7,793,180 7,460,492 Notes and bills
payable
1,297,500
472,300
Mat'l & supplies 7.672,675 8.444.999
517,780 Accts. payable.. 2,029,242 2,181,571
670,430
Prepaid accts. __
Sundry current
Discount & exp.
liabilities _ _ _ _ 2.164,303 2,018,040
on securities__ 10,444,893 11,425,160
Taxes accrued. _ 8,718.709 8,452,430
interest accrued 2,385.478 2,180896
Divs. accrued.. _
531,019
493.272
85,564
Sundry accrued_
141,330
Deprec.reserve_ 52,497,241 47,096,474
Other reserves
7,011,751 7.105,949
64,041
Capital surplus_
Tot, each side) A46,198,608 410,023,716 Undivided profs. 27,572,705 19.267,161
a Represented by 272.630 shares no par). b Represented by 450.000
sine. (no par).
-V. 127, p. 1526.
--Earnings.
North Carolina Public Service Co.
Yearn Ended Aug.31Operating revenues
Operating expanses and taxes
Maintenance
1927.
1928.
32,681.025 32,350,156
$1,536.639 $1,472,400
128,409
122,563
Operating income
Other income
31,021.823
11,215
$751,347
18.803
Total income
31.033.039
Dated Jane 1 1925; due June 11955. Issued and outstanding 312.000,- Int. on funded debt (incl. Salisbury & Spencer Ry.) $334.876
3.08
000 series A and $18,000,000 series B. Incl. the 35.000,000 series B bonds Times earned
-V. 127. p. 2366
presently to be fanned.
.
$770,140
,
$334.792
2.30
-Bonds Offered.
New Orleans Public Service Inc.
Dillon, Read & Co., Brown Brothers & Co. and Old Colony
Corp. are offering an additional issue of $5,000,000 1st & ref.
mtge.5% gold bonds, ser. B at 973. and int. to yield 5.17%.
Nov. 17 1928.]
FINANCIAL CHRONICLE
I
-Earnings.
Northern States Power Co.
1928.
2819
-Stock Sold.
Public Service Co. of New Hampshire.
It is announced that the entire issue of $5 cumul. no par pref. stock,
1927.
12 Mos. Ended Sept. 30$31,066,097 $29,373,411 recently offered, has been oversubscribed. See also V. 127, p. 2090.
Gross earnings
1928-9 Mos.-1927.
15,042,238
15,785.787
Period End. Sept. 30- 1928-3 Mos.-1927.
Net earnings
$876,631 $4.923.326 52.645.882
82,064 Gross oper. revenues _ _ _
$964,803
413,778
Other income
1.386,609
1.444.941
458.999
488.118
Oper. expenses & taxes__
$15.124,302
Net earnings. including other income system 916,199.565 -V. 127.
$417.632 51,478,385 51,259.273
for full periods.
Net operating revenue $476.686
properties now in the
Note -Includes all
65.899
81.093
36,614
21,617
Non-oper. revenue (net)
p. 2089.
-Earnings.
$439,249 51,559.478 $1,325,173
$513,299
Gross Income
Utilities Co.
Northern Texas
344.107
453.274
128.283
151,696
1928 gross in- Interest charges
ended
The company reports for the 12 months shown Sept. 30
230,239
257,469
77.084
84,695
as $1,015,892 after deis
come of $1.272,784. Operating income to $256,892. This is equivalent Depreciation
ducting operating expenses amounting
$750,828
5848,735
$233.882
first lien gold notes
5276.909
Balance
to more than seven times interest charges upon the
199,535
239,505
of gas
83,351
68,213
Prof. div.requirements
outstanding as of that date. These earnings do not reflect the sales of the
to Olney, nor the line
of either branch lines now completed runningcontract, will buy its gas ex$551,292
5609.230
5165.669
Bal. avail,for com.stk. $193.558
& Western Gas Co. which, under
Stamford
are now
Earnings for 12 Months Ended Sept. 30.
clusively from the Northern Texas Utilities. As both these lines Utilities
Texas
of
1927.
1928.
In full operation, the gross and not revenues forthe Northern year.
-V. 124. Gross operating revenues
the coming
$3,895,311 $3.580,737
show very substantial increase
Co. should
1.931.931
1,884.854
Operating expenses and taxes
p. 2908.
-Earnings.
Ohio Electric Power Co.
1928-12 Mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
$945,403
$215,696 51,042.370
$236,727
Gross operating Income _
Net inc. after taxes, int.
128,358
165.841
29,304
21,088
& retire. prov
-V. 127. p. 1253.
-Earnings.
Oklahoma Gas & Electric Co.
12 Mos. Ended Sept. 30Gross earnings
Netearnings
Other income
1927.
1928.
512,116.682 $9.770,223
4,501.289
5.573.077
944.985
646.533
$6.219.610 $5.446,274
Net earnings,including other Income
-Gas properties sold Nov. 30 1927. Gas department net earnings
Note.
year ended Sept. 30 1927, and for two months ended Nov. 30
for the full
-V. 127. p. 2090.
1927, are included in other income.
-Earnings.
Oregon-Washington Water Service Co.
1927.
Years End. Sept. 30
Operating revenues
Operation expense
Maintenance
Taxes (excl. Federal income tax)
1928.
$569,077
209,111
29,201
66.741
$542.199
188.277
31,222
59,998
Net earnings
Other income
$264,024
2.736
5262.702
2.713
Gross corporate income
Ann.int. req. on total funded debt
-V. 127. p. 2090.
$266,759
134,830
$265,415
Pacific Gas & Electric Co.-L;sting.-
The Los Angeles Stock Exchanges have authorized the listing of 4,000
additional shares of common stock, par $25, increasing the amount listed
to 2,859,108 shares out of an authorized issue of 8,000,000 shares of which
2,840,475 shares are outstanding. The San Francisco Stock Exchange
also authorized the listing of 4,000 additional common shares. V. 127. P.
1253.
-Earnings.
Pacific Lighting Corp.(& Subs.).
Consolidated Income Account 12 Months Ended Sept. 30 1928.
$29,534,524
Gross revenue
13.167,725
Operating expenses
2,888,490
Taxes
$13,478.309
3,252.067
3.808,043
349,823
Net income
Bond interest
Depreciation
Amortization of bond discount & expenses
Net operating revenue
Non-operating revenue (net)
52.010,456 51.648,806
142,989
123,781
Gross income
Interest charges
Depreciation
52,134.237 $1,791.796
467,628
586,571
303,606
339.923
Balance
Preferred dividend rem ir
$1.207,744 $1,020,562
241,124
314,912
$892,832
Balance available for avn
Balance Sheci Sept 30.
1927.
1928.
1928.
Liabilities$
$
Assets5
Cap, stock, corn__ 4,074,482
Property, plant &
21,199.985 16,847,542 Cap, stock, pref.. 5,628,000
equipment
Invest. In subs. cos 2,179,256 2,282.287 Bds.7s,M.T.L.&P. 914,000
470,243 Lids. 5s,M.T.L.&P. 4,701,000
541,427
Sinking fund
12,343 Bds.5s, P.B.Co. of
Other investments 110,445
N.H
45,908
3.650.000
Reacquired secur_ 102,500
425,466 Bds. 44s,P.S.Co.
Material & suppl_ 485,863
1,800,000
of N.H
32,141
141.500
Notes receivable_
477,502 Notes payable
559,233
Accts. receivable_
110.860 Accounts payable_ 308,905
354.464
Cash
24,689 Accts. not yet due_ 2,570.523
Advance payments 136.511
1,699,746
30,275 Reserves
77.883
Suspense
1,848.709
Surplus
on
Unext. discount
784,550
885.621
securities
372,153 Total (each elde).27,195,345
Disct. on cap. stk_ 440.659
-V. 127. p. 2090.
$779,437
1927.
$
4,074,462
4,820,600
914,090
4,701,000
3,650,000
100,000
96,512
594,841
1,420.208
1,544,337
21,915,960
-Earnings.
Radio Corp. of America (& Subs.).
Period End. Sept. 30- 1928-3 Mos.-1927. 1928-9 8(os.-1927.
$23,643,332 $16,773,091 552,126,558 $33.528.631
x Gross income
y Exp.. deprec., amort.
18,422,187 13,184,102 42,380,634 29,387,276
and Fed. taxes
Net profit
55.221,145 $3,588,989 59,745,924 54,141.355
Earns. per sh. on 1,155,$2.68
57.53
$2.80
$4.22
400 shs. corn. (no par)
x From sales, communications, real estate operations and other income.
y Includes depreciation, cost of sales, patent amortization, estimated Fed.
Income tax and accrued reserve for year-end adjustment.
Surplus profits for the 9 months ended Sept. 30 1928. $9,745,925.V. 127. P. 2366.
Ruhr Gas Corp. (Ruhrgas Aktiengellschaft).-Closes
Contracts To Supply Gas to German Cities.
The corporation, which recently floated a 512.000,000 loan in the American market, announces that negotiations are nearing completion for supplying coke oven gas over its pipe lines to the communes of Cologne, Duesseldorf, Duisburg and Hess. Contracts are also pending with several provincial gas works while agreements have been concluded with a number of
small industries. With the completion of the first section of its system, which
corporation has
Remainder to surplus
$1,207,098 eventually will be the largest in the world, the the United Steel started
Works
the distribution of gas to the Duisburg works of
-V. 127, p. 2684.
Corp. and to several glass factories, tar by-products plants and tube
expansion
Penn Central Light & Power Co.(& Subs.).
-Earns. works. This is reflected in the the first ofof its monthly sales to 12,000,000
the year.
cubic feet against 7,000.000 at
Period End. Sept.:30- 1928-3 Mos.-1927.
1928-12 Mos.-1927.
Recent pressure tests show that the joint welded pipe used In the conGross operating revenue $1,185.105 51,111,078 $4,959,298 55,000,936
struction of the pipe line system Is free from leakage, thus making possible
Net income after taxes,
-V. 127, p. 2684.
Int. & retirement prov.
241.241
1,076.732 long range piping.
1,318,773
323,950
-V. 127, p. 1253.
& O'Fallon Ry.-Conference Seeks to File
Net profit
Dividends on pref. stocks of subsidiary companies
Dividends on pref. stock of Pacific Lighting Corp
Cash dividends on common stock of Pacific Lighting Corp
$6,068,376
1.316.536
597,977
2.946.764
Philadelphia Company.
-Earnings.
12 Mos. Ended Sept. 30Gross earnings
Net earnings
Other income
1928.
1927.
$61,327.591 $61.758.599
27,195.391 26.574.748
1.600,971
1.148,232
St. Louis
Brief in Suit on Railway Valuation-Supreme Court Asked to
Receired Opinions on Methods Used in Fraluating
A motion for leave to file a brief as "amicus curiae" in behalf of the
National Conference on Valuation of American Railroads, in the case of St.
-S. C. ComLouis & O'Fallon Railway Co. et al. v. United States and I.
Net earnings,including other income
$28,796,362 $27.722,980 mission, Nos. 131 and 132, has just been filed in the office of the Clerk of
the U. S. Supreme Court by counsel, Donald R. Richberg.
V.
- 127. p. 2090.
-S. C.
This case involves the methods and principles employed by the I.
company.
at a
Philadelphia Electric Co.
- Commission in arriving fromvaluation of an Interstate railavry which refused
-Exchange Offer Renewed.
the Eastern District of Missouri,
The case is on appeal
-V. 127. p. 2528.
United Gas Improvement Co. below.
See
-S. C.
to grant an injunction to enjoin the operation of an order of the I.
&
that the
The
Pittsburgh Suburban Water Service Co.
- Commission. orderSt. Louis to O'Fallon Co. in that case alleged was con-Earnings.
the recapture of OXCOAS earnings
relating
Commission's
30
1928.
1927.
Years Ended Sept.
and deprived them of their property without due process. It was
$305,313 $294,615 fiscatory
Operating revenues
alleged that the methods by which the Commission arrived at the
111.017
125.757 also
Operation expense
valuation were not in accordance with the methods laid down by the
28,728
19,352 Interstate Commerce Act.
Maintenance
4,659
Taxes (excluding Federal income tax)
5.120
Mr. Richberg, in his brief, points out that the final decision ofthis cae is
to the American public and that if the Court grants
$160,909 5144.386 of extreme importance
Not earnings
his motion he will attempt to cover points which will be of great assistance
758
Other income
3.254 to counsel for tho appellees and will also asisst in enlightening the Court
to the facts and law of the case.
$161,666 9147.639 asThe National Conference has been given authority by the I.
Gross corporate income
-S. 0. Com85.000
Annual int. requirement on total funded debt
mission to intervene in and be a party to any and all valuation proceedings
V.
- 127. p. 2090.
before the Commission pertaining to railroads, Mr. Richberg states in his
-Sale ofStock, &c.- brief.
Public Service Corp. of New Jersey.
It participated in the hearings before the Commission in the present case,
The corporation sold a total of 50,752 shares of $5 cum. pref. stock,
also filed a brief in the District Court in the Injunction proceedings
having a par value of $5,075.200, during the latest popular ownership and
brought by the railroad company.
campaign which ended on Nov. 1, according to figures just made public.
The Senate of the United States expressed its approval of the application
The stock was sold to a total of 14.674 individual subscribers. The com- of the National Conference to participate in the hearings on this case by a
pany originally planned to sell 50.000 shares so that total subscriptions resolution passed May 7 1928, and brief concludes.
-V. 126. p. 3926.
were in excess of the amount originally fixed.
-Unit.
San Diego Consolidated Gas & Electric Co.
The electric generating loan of operating subsidiaries of this corporation
IT. W. Puller, Vice-President in charge of engineering and construction
established a new peak between 3 and 5.10 p.m. on Nov. 8, according to
compiled by the corporation. During that period a peak load of of the Byllesby Engineering & Management Corp., has announced that inrecords
gen389,000 kilowatts was reached compared with a previous peak of 372.500 stallation was completed on Nov. 7 of the new 28,1190 kilowatt electricFinal
erating unit in an extension of Station B of the San Diego company.
kilowatts established on _Nov. 28 1921.-V. 127, P. 1676.
tests were started and the unit turned over on that date, and the turbine
Public Service Co. of Northern Illinois.-Earninga.- was placed on the line for regular service on Nov. 15.
1927.
1928-12 Mos.-1927.
1928.
Period End. Sept. 30- 1928-3 Mos.-1927.
12 Mos. Ended Sept. 30$8,716.943 $6,459,441
56,828,853 56,070,934 $28,576,120 $25,396,971 Gross earnings
Gross income
3,173,585 2.979,372
Net earnings
Net income after taxes,
939,928
5,913,045
5.668
2,634
1,020,241
4,879,021 Other income
Interest & deprec'n
- 127, P. 2527.
Nr.
$3,176,219 52.985,040
Net earnings. including other income
-Registrar and Trans- - 127, p. 2090.
Public Utilities Securities Corp.
V.
fer Agent.
The Chase National Bank has been appointed registrar for 40,000 shares
of $6.50 cumul. partic. pref. stock, no par value, and the..National City
Bank of New York has been appointed transfer agent.
-Time for Deposit of
Puget Sound Power & Light Co.
Stock Extended.
-V. 127, p. 2229.
See Engineers Public Service Co., Inc., above.
-Earnings.
Southern Colorado Power Co.
12 Mos. Ended Sept. 30Gross earnings
Net earnings
Other income
Net earnings including other income
V.
- 127. p. 2690.
1927.
1928.
$2,277.926 52,379,203
1,028.917
1,041,672
8.132
16,995
$1.037,049 $1,0$8,687
2820
FINANCIAL CHRONICLE
[Vou 121.
Scranton Spring Brook Water Service Co.
and over
-Earnings.
- defined in 2.2 times such requirements after provision for depreciation an
Years Ended Sept. 30the indenture.
1928.
1927.
Operating$4,207,487 $4,134,615
Purpose of Issue.
-The proceeds of the sale of these bonds, together with
Operation expense
1,137,274
1.158.599 the proceeds of tne sale of $1.300,000 10
-year convertible 6% gold debenMaintenance
381,660
378,976 tures, and 10,000 shares of $7 dividend series cumulative preferred stock.
Taxes (excluding Federal income tax)
will be used to retire the entire existing funded indebtedness of tne company
112,709
118,348
and of its subsidiaries, for additions to its properties, and for other corNet earnings
$2,575,843 $2,478,692 porate purposes.
Other income
Subsidiary Companies.
12,285
25,590
-The subsidiary companies are as follows:
Illinois.
-Standard Telephone Co. of Illinois, operates telephone proGross corporate income
$2,588,128 $2,504,282 perties aggregating 23,507 stations. comprising 22.130 owned stations.
Annual int, requirement on total funded debt
and 1.377 switched stations supplying substantially without competition,
1,609,000
-p.127. p. 2090.
local and long distance telephone service to 82 Illinois towns and contiguous rural districts located in 17 important counties of the State. The
Southern Kansas Gas Co.
-Liquidating Dividend.
population served by the company is approximately 165,000. The proThe directors have declared an initial partial liquidating dividend of perties include,
$1 per share on the common stock, no par value, payable Nov. 12 to holders feet of exchangein part, 321,777 feet of exchange aerial cable, 186,015
underground cable, 4,399 miles of exchange pole lines,
of record Nov. 1 and has called for redemption the outstanding preferred 11,643 miles of exchange
wire,
stock at $110 a share. All the properties in Kansas and Oklahoma of this toll line wire and 10,300 feet 879 miles of toll pole lines, 2,805 miles a
of aerial cable on toll line poles. These procompany were recently sold to the Oklahoma Natural Gas Corp.
-V. 126. perties are located in a fertile and highly developed agricultural section of
p. 1662.
Illinois, in which are well diversified manufacturing, mercantile and mining
activities. The territory is traversed by trunk lines of 10 important railSouthwestern Light & Power Co.
road hystems.
-New Officer.
Fed D. Shaffer. former safety director, has been elected 'Vice-President.
Texas and Oklahoma.
-Standard Telephone Co. of Texas, operates 35
-V. 127, p. 2529.
telephone exchanges with an aggregate of 7.225 connected stations, of which
5,846 are owned stations, and 1,379 are switched stations. Company
Springfield Street Railway.
furnishes without competition local and long distance telephone service to
-Earnings.
Rs reported to the Massachusetts Dept. of Public36 towns and contiguous territory in northwestern Texas and southwestern
Utilities.]
Oklahoma,serving a population of approximately 115.000. The properties
Period End. Sept. 30- 1928-3 Mos.-1927.
1928-9 Mos.-1927.
will include approximately 2,775 miles of aerial exchange lines, 74,961 feet
Operating revenues
$631,305
$643,906 $2,094,520 $2,191,059 of aerial cable, 1,095 miles of toll pole lines,
and 1,795 miles of toll line wire.
Net operating revenue
111,796
82,646
437,712
377,905
Washington,Idaho and Montana Property.
-Interstate Utilities Co. was
Oper. inc. after taxes_ _ _
103,150
70,419
389,109
323.463 organized in Idaho in 1914 to conduct a general
and telegraph
Gross inc., inc.l. "eth.inc." 104,223
72,896
393,047
336.432 business. It serves without competition parts of telephoneIdaho, eastern'
northern
Interest, &c
72.687
172,956 Washington and northwestern Montana,
58,534
212,132
covering a territory estimated
to have a population of approximately 300,000. Company owns and'
Net
$31.536
$14,362
$180,915
$163,476 operates 32 exchanges, aggregating 14.361 stations. comprising 11,999
-V. 126, p. 2965.
owned stations and 2,362 switched and leased stations. The
ProPerrY
includes 13,823 miles of wire and cable and 1.497 miles of pole line. ComStandard Gas & Electric Co.
-Earnings.
pany owns 22 office buildings located in 22 important business centers
12 Mos. Ended Sept. 301927.
1928.
within the territory which it serves. One of these buildings containing the
Gross earnings
$145.692,548$140.230,631 general business offices of the company
is located in the City of Spokane
Net earnings
65,942.820 61,832,644 and 21 of the buildings contain 21 of Its central
offices.
Other income
3,126,247
2,598,857
CapitalizationAuthorized. Outstanding.
1st lien coll. trust 5X% gold bonds, series"A"..34,400,000
Net earnings, including other income
$69,069.067 $64,431,501 10
-year convertible 69 gold debenture bonds__ _ _ $1,3710,000
-V.127, p. 2090
1,300,000
$7 dividend series cumul.pref. stock (no par)
100,000 ens. 10,000 shs.
Standard Telephone Co.
-Bonds Offered.
-West & Co., Common stock (no par)
150,000 shs. 100,000 shs.
a Open, but restricted by conservative provisions of trust indenture.
Pynchon & Co.,and Paul C.Dodge & Co., Inc., are offering
In addition
outstanding
at 95 and int, to yield over 6%, a new issue of $4,400,000, completion ofto the above there will be7% preferredwith the public upon
this financing $287,500
stock of Interstate
Utilities Co.
1st lien coll. trust 04% gold bonds, series "A."
Listed.
-The bonds, debentures and preferred stock listed on Chicago
Dated Nov. 1 1928; due Nov. 1 1943. Int. payable (M. & N.) in New Stock Exchange.
York or Chicago vritnout deduction for Federal income tax not exceeding
Management and Supervision.
2%. Red. all or part on 30 days' notice at 105 and int, on or before Nov. 1 contract,for the supervision of -Company has arranged, under a favorable
operations of its controlled companies by the
1933, this premium of 5% decreasing at the rate of X of 1% per annum firm of J. G. Wray & Co.
of Chicago, telephone engineers.
-V.127.P.8
23.
each succeeding 12 months period ending on and incl. Nov. 1 and at par
and int. during last 12 months. Denom. $1,000 and $5000. Company
Tennessee Electric Power Co.
-Extends Transmission
will reimburse resident holders of these bonds upon proper and timely
application for any property taxes assessed by any State not exceeding Lines.
five mills per annum, and for tne Mass. Income tax paid on the interest
Contracts have just been let by the company for the construction of
derived from these bonds not exceeding 6% of such interest per annum. four new substations and
new transmission lines at an estimated cost of
National Bank of the Republic of Chicago, trustee.
approximately 51,500.000. This construction work is being carried out
-The bonds will be tne direct obligation of the company and by Stevens & Wood, Inc., of
Security.
Nashville and New York and schedule calls
secured by the pledge and deposit with tne trustee of all outstanding for completion of the work during the
summer of 1929.-V. 126, p. 1812.
indebtedness (both funded and current) and stocks of the operating companies, excepting $287,500 7% cumulative preferred stock, current inTwin City Rapid Transit Co.
debtedness not exceeding current assets, directors' qualifying shares and
-Earnings.
Period End. Sept. 30- 1928-3 Mos.-1927.
less than 7% of the common stock of one subsidiary for the purchase or
1928-9 Mos.-1927.
other retirement whereof cash in excess of the appraised value thereof Gross earnings
$2,941,371 $3,008,838 $9,817,622 $9,883,113
will be deposited witn the trustee. No securities may be issued or indebted- Operating expenses
2,382.454
7,412,344
2,400,776 7,487,001
ness incurred by any subsidiary other than unpledged current indebtedness Fixed charges and taxes
576,784
1,632,711
514,397
1.774,817
not exceeding current assets, unless pledged directly or indirectly under the
Net income
trust indenture.
108417,867
$93,663
$838,058
$555.804
Earns, per eh.on 220,000
The present depreciated value of the business and property of the comshs. (par $100) corn.
pany's system, as appraised by consulting telephone engineers, is over
stock outstanding.. __ _
$7,500,000.
Nil
$0.18
$1.81
$3.09
-V. 127. p. 1392.
Debentures Offered.
-The same bankers are offering at
97 and int., to yield over 6.40%, $1,300,000 10
-year 6%
cony, gold debentures.
Union Electric Light & Power Co. of Illinois.
-Earns.
12 Months Ended Sept. 30Operating revenues
Operating expenses
1928.
1927.
1926.
$3,575,321 $2,833,517 $2,503,735
Dated Nov. 1 1928; due Nov. 1 1938. Interest payable M. & N. in
21.656
17,720
12,340
New York or Chicago without deduction for Federal income tax not exceeding 2%. Red. all or part on 30 days notice at 103 and int. on or before
Net operating revenues
53.553.665 $2,815,796 $2,491.395
Nov. 1 1932, this premium of 3% decreasing at the rate of X of 1% Per Non-operating revenues
1,638
1,390
785
annum each succeeding 12 months' period ending on and incl. Nov. 1, and
at par and int. after Nov. 1 1937. Denom.$1,000 and $500 c*. Company
Gross income
$3,555,303 $2,817,186 $2,492,180
will reimburse resident holders of these bonds upon proper and timely appli- Interest on funded debt
815,244
535,714
533.626
cation for any property taxes assessed by any State not exceeding 5 mills Amortization of bond
52,294
55.747
33,573
Per annum, and for the Mass, income tax paid on the interest derived from Other interest charges discount
240,281
118,306
228,086
these debentures not exceeding 6% of such interest per annum. National Depreciation reserve
926.933
731.232
649,116
the Republic of Chicago, trustee.
Bank of
Convertibility.
-These debentures will be convertible at any time, at the
Balance
$1,520,546 $1,376,188 $1,047,778
option of the holder, into $7 dividend series cumulative preferred stock on Preferred dividends
479.996
478,218
365,790
the basis of 10 shares of such preferred stock for each $1,000 of debentures.
In the event of redemption of these debentures prior to maturity, such
Balance for corn, dive, and surplus- 31,040,552
$897,970
$681.988
conversion privilege may be exercised up to and including but not after the
tenth day prior to the call date.
Condensed Balance Sheet Sept. 30.
1928.
1927.
1927,
Preferred Stock Offered.
1928.
-The same bankers are offering
Assets$
Liabilities$
$
$
10,000 shares $7 dividend series cumul. pref. stock (no par Property Jr plant.33,054,827 24,611.077 Preferred stock___ 8,000,000 7,999.100
Capital expend-- 397,714 7,962,484 Common stock-- 5,000,000 5,000.000
value) at $96 per share and div., to yield over 7%.
13,050 Funded debt
12,750,000 13,250,000
Preferred as to assets $100 per share ($110 per share in voluntary liquida- Accts. receivable__
5.000 Sued, curr Habil.
340
915
tion), and as to dividends over the common stock. Dividends are cumu- Inter-co. accounts
4,875
4,857 Inter-co. accounts 3,852.938 4,087,974
lative and are payable Q.
-F. Exempt from the present normal Federal Prepaid accounts_
252,134 Taxes accrued__
471,693
400,957
income tax. Redeemable at any time on 30 days' notice at $110 Per share Open accounts____ 242,529
Interest accrued
269,240
152,433
and diy. In the event of a default in payment of one year preferred divi- Bond and note dls827,696
count
859,503 Send. accr. Habil_
18,942
dends. the preferred stock as a class shall be entitled to representation on
Reserves
3,025,539 2,118,420
the board of directors of the company as provided in the certificate of inTotal (each side)_34,527,640 33,708,195 Surplus
1,135,949
corporation as amended.
698.397
-V. 127. P. 2886
Data from Letter of J. G. Wray, Vice•Prea. of the Company.
.
Company.-Ineorp. in Delaware. Company, through its operating
subsidiaries, will furnish substantially without competition, telephone
Union Street Ry., New Bedford, Mass.
-Earnings.
-service to important areas in the States of Illinois, Washington, Idaho,
Quarter Ended Sept. 301928.
1927.
Montana,Texas and Oklahoma. One subsidiary operates in Illinois, another Operating revenues
$307,553
$399,348
in Texas and Oklahoma and another in Washington, Idaho and Montana. Operating expenses
284,790
316,230
The number of stations directly served aggregates approximately 45,093, Taxes
4.007
17,500
comprising about 39,975 owned stations and about 5.118 switched and
leased stations. Total population in territory served is approximately
Operating income
318.756
$65,618
580,000. Tne lines of the operating companies are inter-connected with Non-operating income
261
347
lines of Bell and independent companies under conditions whereby patrons
of the Standard Telephone Co. system are furnished telephone service
Gross income
319.017
$65,965
throughout the United States and also connections with telephone systems Interest. rents, &c
3,116
3.470
of Canada, Mexico, Cuba and Europe.
-The consolidated earnings of the constituent properties as
Earnings.
Net Income
$62,495
$15,901
certified by indendent public accountants, for the 12 months ended Aug. Dividends declared
36,562
31 1928, with adjustment for certain non-recurring charges amounting to -V. 127, p. 411.
$53.609 per annum, were as follows:
Gross earnings
31,424,210
Union Water Service Co.
-Earnings.
Operating expenses, maint. & taxes and prov. for annual dive. on
Years Ended Sept.
1927.
$287.500 par value ofsubsidiary pref,stock held by public
800,958 Operating revenues 30$373,301
$398.668
Operation expense
100.683
110,656
Balance----- - ------------ ---- $617,252 Maintenance
17,920
17,119
Annual int. require. on $4.400,000 --------- coll. trust 537;-----Taxes (excl. Federal Income tax)
44,673
47,056
.
bonds, due 1943 (this issue)
242,000
Net earnings
$210.025
S22.1.837
Balance ---------------------------- $375,252 Other income
56.043
55,963
Annual interest requirements on
------------78.000
after deduction for annual interest on company's
Net earnings, as above,
Gross corporate Income
3265,988
funded debt, are equivalent to more than 4.2 times dividend requirements Annual interest requirement on total funded debt 3279.880
146,520
on the $7 dividend series cumulative preferred stock, before depreciation, -V. 127, p. 2091.
2821
FINANCIAL CHRONICLE
Nov. 17 1928.]
Condensed Balance Sheet Sept. 30.
1927.
1928.
1926.
1928.
1927.
AssetsLiabilities$
$
$18,348,872 $17,116.016
819.378,270
9,613,225 Property & plant_17,107,774 16,630.292 Preferred stock__
9,545,847 9,494.655
512,177 Common stock__
2,061.953 2,106.426 1,685,965 Capital expends-- 447,406
Cash
70,021
41,393 Funded debt
Accounts payable_
$7,770,470 $6,747,791 '85.817.727 Notes & bills reeeiv 500.000
264,386 Sundry curr. liab_
763.582 Inter-co. accounts_ 295.740
1,505,430 1,056,367
15,195
Open accounts- _
5,777 Inter-co. accounts_
89,275.900 $7,804.158 86,581.308 Bond & note dLsc__ 1,624,771 1,683,005 Taxes accrued____
Interest accrued__
1,631.686 1.320,512 1,268,450 Reserve, sinking &
99,400
96,750 Dividends accrued
special funds___
98,434
91,758
96.493
Open accounts__
149,995 Cr.83,516 Cr.23.056
Reserves
1.542,509 1.655,375 1,596,906
Total(each side) 20,160,307 19,233,781 Surplus
$5,861,216 $4,813.353 83,647.251 ___V. 127, p. 824.
870.000
869,930
806,483
Union Electric Light & Power Co.(St. Louis).
12 Months Ended Sept. 30Operating revenues
Operating expenses
Taxes
Net operating revenues
Non-operating revenues
Gross income
Interest on funded debt
Amortization of bond discount
Other interest charges
Depreciation reserve
Balance
Preferred dividends
1928.
1927.
$
$
4,492,000 3,979,596
3,500,000 3,500.000
8,495,500 8,495,500
2.231
12,475
6,885
140,294
176.133
122,762
125,198
70,796
70.796
7
20
1,500
2,639,926 2,218,497
685,046
658,924
West Texat Utilities Co.
-Expansion.
-
Bal. for corn. dive, and surplus.... $4,991,216 $3,943,424 $2,840,768
Condensed Balance Sheet Sept. 30.
1928.
1927.
1927.
1928.
Liabilities$
$
$
AssetsProperty & plant_58,883,619 54,266,561 Preferred stock__ 13,000,000 13,000,000
Capital expend.-- 1,710,530 3,780,221 Common stock__ _19,500,000 19,500,000
32,714,178 32,661,364
Sundry investmls 15,146,667 15,437.231 Funded debt
1,346,778 1,268.350 Accounts payable- 475,001
470,542
Cash
3,892 Sundry current lia5,439
Notes & bills ree
517,811
587,243
Accts.receivable_ _ 1,719,230 1,665,263 bilities
973,029 1,096,478 Inter-co. accounts 4,261,909 3,017,812
Mat'l & supplies
1,694.253 1,622,859
Inter-co. accounts 14,096,193 11,622,291 Taxes accrued
86,934 Interest accrued.... 421,792
431,383
Prepaid accounts_ 177,958
24.173 Sundry accrued liaOpen accounts_
41,935
bilities
7,444
800
curr. assets_
11,716,361 11,261,678
Reserves
1,100
Reacquired scour.
741,065 Surplus
10,345,597 7,467,075
note disct_ 662,432
Bond &
94,723,778 89,992,459
94,723,778 89,992.458 Total
Total
127, p. 2686.
-Earnings.
United Electric Rys. of Providence, R. I.
9 Months Ended Sept. 30Net income after charges
-V. 127. p. 412.
1928.
$359,185
The addition of Dodsonville, Medicine Mound and Wingate. Tex.,
brings the total of communities served by this company to 105. It serves
53,430 customers in these towns, representing a gain of 1,036 customers
within the past month. The entire area reached by this company's lines
has a population of more than 500.000.-V. 127, p. 2530.
Wisconsin Gas & Electric Co.
-Earnings.
--
12 Months Ended Sept. 30Operating revenues
Operating expenses
Taxes
1928.
1927.
1926.
$6,104,710 $5,532,268 $5,404,980
3,736,228 3,545,681 3,350,191
534,311
443,871
439,009
Net operating revenues
Non-operating revenues
$1,834,171 $1,542,716 81.615,780
153,406
219,201
59,477
Gross income
Interest on funded debt
Amortization of bond discount
Other interest charges
Depreciation reserve
$1.987,577 $1,761,917 $1,675,257
277,285
275,896
285,248
12,733
12,733
12,719
Cr16,733
Cr26,561
Cr36,283
485,106
431,333
428,710
Balance
Preferred dividends
$1,229,187 $1.068.515
303.622
301.922
1927.
$372,333
Balance for corn, dive. & surplus... $925,564
$766,593
Condensed Balance Sheet Sept. 30.
1927.
1928.
1928.
Assets
$
-Renews Offer of Exchange Property & plant 19,244,350 16,228,498 Preferred stock- 4,500,000
United Gas Improvement Co.
Capital expends... 1,527,390 1,550.697 Common stock-- 6,000,000
for Shares of Philadelphia Electric Co.
171,616Funded debt
5,555,500
The stockholders of the Philadelphia Electric Co. who did not deposit Sundry invest'ts__ 170,706
327,208 Notes & bills pay__ 1,745,000
'
their shares under the agreement of Oct. 7 1927, to exchange their shares Cash & bills rec.- 251,748
20,162
42,854 Accounts payable.. 283,269
Notes
115r United Gas Improvement stock upon the bads of two shares for one Accts.receivable_ _ 1,047,862
778.393 Sundry curr. liab_ 131,624
&
Gas Improvement are in receipt
or United authorized to accept stock of theof a notice that DrexelCo.Co. Mat'l & supplies- 816,935 685,794 Inter-co. accounts 1,394,777
Philadelphia Electric
for
Vas been
57,095 Taxes accrued _ _ _ _ 445,910
52.167
exchange into United Gas Improvement stock on the same basis as the Inter-co. accounts
1,770 Interest accrued__
92,175
Prepaid accounts_
1.948
1927 plan until the close of business. Nov. 30.
1.716,940 1,360,342 Dividends accrued
75,923
The stockholders of the Philadelphia Electric Co. will receive the div. Open accounts
314,088 Sundry accrue. liab
16.217
of $1 per share and the extra div. of 50c. per share, payable to stockholders Bcnd & note disc_ 301,354
Open accounts_ _ _ 235.872
Gas Improvement if they exchange their shares prior to the close Reserve, sinking &
of United
202,423
161,216 Reserves
special funds
3,395,255
of business, Nov. 30.-V. 127, p. 2229.
55,400
Reacquired seem's_
Surplus
1,537,864
-Bonds Offered.
United Power & Light Corp.(of Kan.).
-Harris, Forbes & Co., New York; Peters Trust Co.,
Omaha; Arthur Perry & Co., Boston, and E. H. Rollins &
Sons, New York, are offering at 97 and int., yielding over
-year 5% gold bonds, series B.
53%,31,000,000 1st mtge. 20
Dated Feb. 1 1927; due Feb. 1 1947.
-Authorized by the Public Service Commission of Kansas.
Issuance.
-Owns and operates long established electric power and light
Company.
properties in central Kansas, serving without competition over 125 cities
towns, including Hutchinson, Salina, Manhattan and Abilene. The
and
population directly served is estimated at over 130,000 and the territory
is one of the richest agricultural sections of the State, comprising 24 counties
with a population according to the 1920 census of 466,416. thus offering a
wide field for the company's future growth. The total generating capacity
of the company's electric plants is approximately 47 500 k.w. Company
also supplies gas, water and ice to some of the larger cities and operates approximately 85i miles of street and interurban railway.
Capitalization (After Giving Effect to This Financing).
82.215,350
Common stock
5953600
Preferred stock (7% cumulative)
serial
% debentures, due 1928 to 1931
642.000
4,600,000
First mtge. bonds-Series A 6%. due 1944
series D 5%,due 1947 (including this issue)
2,000,000
Elec. Co.(Hutchinson)5s,due 1941 (closed) 1,593.600
United Water Gas&
950,000
Sallna Light Power & Gas Co. 6s, due 1943 (dosed)
Earnings Statement of the Properties-Years Ended Sept. 30.
1928.
1927.
$3,005,532 $2,937,509
Gross earnings
1,813,237
Operating expenses, maintenance and taxes
1,686,473
81.192.295 81,251,036
Net earnings
Annual int. requirements on $9,143,600 mtge. bonds 512,680
Over 92% of the present net earnings of the properties is derived from the
sale of electric power and light and gas.
-Common stock is controlled by the North American
Management.
-V.126,P. 108.
Light & Power Co.
-Earns.
United Railways & Electric Co. of Baltimore.
25,409,386 21,679,571
Total
-V. 127, p. 824.
$748,495
1927.
4.500,000
4,500.000
5,457,500
153,300
100,513
133,221
1,434,990
387.913
91,133
75,519
13,052
183,045
3,103,060'
1,466,324
_25,409,386 21,679,571
Wisconsin Hydro Electric Co.
-Earnings.
Years Ended Sept. 30Gross revenues
Operating expenses, maintenance and taxes other
than Federal income tax
1928.
$554,631
1927.
$519.159
254,842
238,059
Gross income
$299,789
$281.100
The company is an operating subsidiary of Peoples Lignt & Power Corp.
-V. 127. P. 547
.
Wisconsin Public Service Corp.
-Earnings.
12 Mos. Ended Sept. 30Gross earnings
Net earnings
Other income
1928.
1927.
$4,892,371 $4,632,112
2.055,845
1,906,856
10.985
9.600
Net earnings, including other income
-V.127, p. 2091.
$2,066,830 81.916,456
Wisconsin Valley Electric Co.
-Earnings.
12 Mos. Ended Sept. 30Gross earnings
Net earnings
Other income
1928.
1927.
81,672.004 81.601,179
711.966
805,500
5,417
20.333
Net earnings, including other income
-V.127. p.2091.
8732,299
$810,917
Worcester Consolidated Street Ry.-Earnings.-
(As reported to the Massachusetts Department of Public Utilities.)
Period End. Sept. 30- 1928-3 Mos.-1927.
1928-9 Mos.-192.
$708.633
$714,304 $2,349,899 $2,399,809
Operating revenues
588,067
Operating expenses
695,912 1,867,052 2,072,284
Net oper. revenue_ __ _
Oper. income after taxes
Gross inc.,Ine.l. otter inc.
Interest, &c
1928.
1927.
9 Months Ended Sept. 30$12.044,670 $12,059,100
Gross income
Net income
323,699
443.390 -V.126, p. 2966.
Net income after deprec., taxes, charges, &c
$0.79
81.08
Earns, per eh. on 409,224 she, corn.stock (par $50)
-Nr. 126, p. 2966.
Virginia Public Service Co.(& Subs.).-Earnings.-
Total
$984.862
236.367
$120,566
108,086
120,126
116,362
818.392
10,962
21.117
97,605
$482,847
416,173
432,108
347,996
$327.525
263.334
277.664
280,678
$3,764 def$76.488
$84,112
def$3,014
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices Advanced.
-The following companies advanced the
Perioa End. Sept. 30- 1928-3 Mos.-1927. 1928-12 Mos.-1927.
Gross operating revenue_ $1,614,213 $1,467,447 85,991.358 $5,624,439 price of refined sugar 10 points to 5.20c. a pound: American, Arbuckle,
National and Pennsylvania. Federal Sugar Refining Co. announces a
Net income after taxes,
246,943
128,016
761,983
446,554 list price of 5.25c., up 5 points, for 7
-day guarantee contracts.
int., & retire. prey_ - _
-Notice of a 5 0 reduction in wages, effective
Textile Mills Cut Wages.
-Ar. 127, p. 2530.
were posted Nov. 14 in the Berkshire Cotton
-New Finnac- Dec. 1,the Hoosac Cotton Mills and the Greylock Mills, North Adams,
Western Power, Light & Telephone Co.
Mass.:
Mills, Williamstown
and North Pownall, Vt. New York "Evening Post," Nov. 14, p. 24.
ing Being Arranged.
Matters Covered in "Chronicle" of Nov. 10.-(a) New capital flotations
financing, which will be in the form of a new issue of 65,000 shares during the month of October and from Jan. 1 to Oct. 31. (b) Chain store
New
sales in Oct. continue to advance, p. 2612. (c) Motor output passes 4,000,no par value participating class A stock, is now being
arrangedconsammbyatiohne 000 figure; 10 months' production exceeds all records for like period, p.2614.
company with New York and Chicago bankers. Following
public
of this arrangement the bankers plan to make a plants, offering of the (d) New Bedford wages show 88% of pre-strike production in cotton mills
will be entitled under way, p. 2615. (e) Increase of 14% in sugar production in
securities. The class A stock, according to present
Poland
rate of $2 a share
to cumulative dividends at the in dividends in anyannually and after the in past year, p. 2617. (f) Preliminary discussions looking to new agreement
one year, participates respecting Mexican debt:statement by T. A. Lamont of
common has received $100.000
International ComA has been paid
equally with the common until the class which own and $3 per share. mittee of Bankers, p. 2626. (g) Private offering by Guaranty Co. of N. Y.
onerate a group of $5,000,000
The company owns subsidiary companies
of National Hungarian Industrial Mtge. Institute:
Missouri, Kansas and Okla,
-V. 127,P.1877 Ltd., p. 2628.bonds Issue of $2.500,000 5% bonds of Danish Producers
(h)
of public utility properties in
Loan Fund Committee privately sold in United States. p. 2628. (i) Trans-Earnings.-Wisconsin Electric Power Co.
actions on N. Y. Stock Exchange again exceede i 5.000.000 shares: ticker
1928.
1927.
1926.
service to be speeded up by omission of trading under 500 shares, p. 2629.
12 Months Ended Sept. 30-82,029,034 81,961,531 $1.761,949
Operating revenues
23,430
22,760
20,502
-Listing.-Abraham & Straus Inc.
Operating expenses
124.624
102.500
80,262
The New York Stock Exchange has authorized the listing of an additional
Taxes
25,750 shares of common stock (without par value) on official notice of
$1.880,979 $1,836,271 81,661,185 Issue on the exercise of presently issuable stock purchase warrants to be
Net operating revenues
425,456
424,775
435,440 attached to presently outstanding 15
-year
% gold debentures, making
Interest on funded debt
83,054
85,155
84,550 the total amount applied for 180.750 shares of common stock.
Amortization of bond discount
-V. 127.
160
16,085
11.581 ro• 2367.
Other interest charges
489,482
477,323
431,171
Depreciation reserve
Balance
Preferred dividends
Bal.for com. dividends & surplus
8883.508
262,386
8832,251
251,831
$698.433
178.859
$621,121
$580.420
$519,575
Aetna Fire Insurance Co., Hartford, Conn.
-Rights.
-
The stockholders have approved an increase In the outstanding capital
stock to $7.500,000 from $5,000,000, and the issuance of additional stock
to stockholders of record Oct. 8 in the ratio of one share for every two
shares held, at $100. Subscriptions will be payable Dec. 8.
•
2822
FINANCIAL CHRONICLE
--Earnings.
Ahumada Lead Co.
Period End. Sept.30- 1928-3 Mos.-1927. 1928-9 Mos.-1927.
1715,056 $1,585,904
$382,320
$205,077
Gross receipts
Net income after deprec.,
250,216
20,791 def118,128
def41.831
taxes, &c
Earns. per sh. on 1,192,018 shs. cap. stk. outNil
10.21
Nil
$0.02
standing (Par $1)- For the 9 months ended Sept. 30 1928 there was produced 19,122 dry
tons of ore, for which the smelter returned 9,054,647 lbs. of refined lead,
an average of 473.5 lbs. per ton. The sales for the 9 months ended Sept.
-V. 127. p. 1105.
30 were 10,834,058 lbs. of lead.
-New Director.
Air Reduction Co., Inc.
F. Edson White, of Chicago. President of Armour & Co. has been elected
-V. 127, p. 2367.
to the board.
[Vol,. 127.
management investment companies (excluding American & General Securities Corp.) which command its supervisory service exceeds $120,000,000.
The management of the corporation, as well as of the other general
management investment companies mentioned above, Is under the direction of men who have built up these investment companies to their present
resources and earning power. American Founders Corp. will supervise
the investment portfolio of the corporation under the direction and control
of its board of directors, which includes the following:
H. Foster Bain (Consulting Engineer): E. Carleton Granbery (Harris,
Forbes & Co.): Royal E. T. Rig (Seibert & Riggs); Sydney J. Dicketts
(Trustee Investment TrustAssociates); Frank K. Houston (Senior V.-Pres.
& Director Chemical National Bank. New York): Louis H. Seagrave (Pres.
American Founders Corp.): Frank B. Erwin (Senior V.-Pres. American
Founders Corp.); Erwin Rankim (Pres.); Don. C. Wheaton (Harris, Forbes
& O.)
-Sales.
American Department Stores Corp.
Increase.
-October
1928
-1927. IncreaseI1928-10 Mos.-1b27.
S182,7291110.215,306 17.462,658 $2,752.648
$1,252,801 $1,070,072
Period Ended October- 1928-3 Mos.-1927. 1928-10 Mos.-1927. -V. 127, p. 2531.
$216,000 $2,750,000 $1,976,000
$256,500
Gross income
-Earnings.
Net income after int. &
American-La France & Foamite Corp.
Ebner Mine develop.
Foamite and sundry sales departOperations for the
def19,600 ments are reported as fire apparatus,
852,100
23,500
70.700
charges
follows:
-V. 127, p. 2091.
Quar. End. Quar, End, Quar. End.9 Mos.End.
Sept. 30 '28. June 30 '28. Mar. 31 '28. Sept. 30 '28.
-Earnings.
1490,254
Albany Perforated Wrapping Paper Co.
$181,420
$196,473
$112,361
Operating profit
97,058
29,663
32,931
34,464
Interest received
Earnings for Quarter Ended Sept. 30 1928.
$344.293
gross profit
Gross sales, $1,017,285; cost of sales, $672,992;
$587,312
$211.083
$229.404
Total income
$146.825
1.963
Other income
175,193
59,862
60,626
54,705
Interest paid
$346.255
Total earnings
$412,119
$151.221
1168,778
$92,120
*Profit
Prov.for deprec.,$12,499; general administrative expense 1218,007 230.506
*Does not include 1102,539 loss shown by commercial truck operations,
preceding quarter and loss
Net profits before interest & Federal taxes (Albany company)_--$115,749 during the September quarter, loss of $51,429 in loss of $283,439 for nine
39,121 of 1129,471 in first quarter of 1928. making a
Net loss-Canadian company
44,065 months. The losses have been charged against the 12.000,000 special
Interest on bonds and notes
reserve set up in the reduction of assets as of Dec. 31 1927,for this purpose,
$32.563 and accordingly have not been charged against profit of other departments
Consolidated net profits
as shown above. This loss also includes an arbitrary charge of $82,500.
-V.127, p. 2530.
respresenting one-halfthe interest on the $4.000,000 debentures outstanding.
The company at this date, according to 0. M. Canter, Treasurer, has
-Bonds Called.
Phila., Pa.
Alden Park Manor,
receivable, all of the comAll of the outstanding 1st mtge. bonds were called for payment at 102 no bank indebtedness and retains in its notes
-V. 123, p. 1384.
mercial truck notes, having found it unnecessary to discount any of this
it was recently announced.
and int, as of Oct. 6 1928,
paper. The company is in a very strong financial position. Its working
- capital during this period has been increased 1.17.000.-V. 127, p. 825.
American Aggregates Corp., Greenville, Ohio.
-Earnings.
Alaska Juneau Gold Mining Co.
Initial Dividend.
The directors on Nov. 12 declared an initial quarterly dividend of 75 cents
per share on the new common stock (no par value) outstanding, payable
Dec. 1 to holders of record Nov. 20.
the recapitaliThis is the first dividend action taken by the directors since 15
-year 6%
zation of the company last Spring at which time 12,000,000 were offered
warrants,
sinldng fund gold debentures, bearing stock purchase amount, $1,600,000
to the public by Taylor. Ewart & Co.. Inc. Of this
is at present outstanding. See V. 126, p. 2649.
-Syndicate Buye AmeriAmerican Cirrus Engines, Inc.
can Rights to Famous Cirrus Aeroplane Motor.
the
-Listing.
American Motor Transportation Co.
The Los Angeles Stock Exchange has authorized the listing of 20,000
shares of class A cumul. cony. $3.50 preferred no par value stock, out of
a total authorized issue of 40,000 shares. The company also has an issue
of 180,000 shares of class B preferred authorized with 100,000 shares out,
standing and 500,000 shares of common stock authorized of which 120,500
shares are outstanding. Neither the class B or common shares are listed.
The company is the result of a merger of the California Transit Co.,Pioneer
Stages, Inc., Pioneer-Southwestern Stages, Inc. and the Pioneer Motor
Coach Mfg. Co.
-V.127. p.1105.
-Earnings.American Piano Co.
-3Mos.End. Sept. 30-6 Mos. End. 9 M08. End.
famous
Organization of the above company to manufacture and sell
1927. Sept. 30 '28. Sept. 30 '27.
1928.
PeriodCirrus Aeroplane Motor in this country by a syndicate of New York bankers Net loss after expenses,
house of Campbell Peterson
and business men headed by the investment
$56.272 pf.$136,942
$16.233
$85,239
deprec. and taxes-- _
& Co., Inc. has been announced. The members of the syndicate at a
Net profit for October 1928 was 186,279.-V. 127, p. 684.
special meeting authorized the exercising of the option for the acquisition
the motor in this
--Earnings.
of the sales, manufacturing and distribution rights of
American Pneumatic Service Co.
The new
country which had been held by Campbell. Peterson & Co., Inc. according
1928-9 MOS.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
corporation will be known as American Cirrus Engines. Inc. and country Net profit after charges.
$237.621
to Col. R. Potter Campbell, the production of the motor in this
$163,410
$77,616
but before Fed. taxes_ $124,414
will be under way in considerable quantities in five months.
-V.127, p. 684.
• Board of directors of the new company will include: Wilbur L. Ball (of
Viele,
-Earnings.
Rosenberg & Ball); Francis 0. Blackwell (President and Director.
American Solvents & Chemical Corp.
&
the
Blackwell & Buck); Irving W. Bonbright (Director, American Powernt,
It has been reported that the full year's dividend requirements on loss
Light Co.): Irving W. Bonbright, Jr.; George S. Gray. Jr. (Vice-Preside
has already been earned this year, compared with a
and Director. preference stock
Central Union Trust Co.); William M. Flook (_President(President and for the corresponding period last year.
George E. Hardy
American Brown Boveri Electric Corp.);
Current assets as of Sept. 30 exceeded current liabilities by a ratio of apHardy; Prof. Alexander
Director, Hodonpyl Hardy & Co., Inc.); Anton G. University); Harold C. proximately 9 to 1, as compared with the ratio of about 2 to 1 for the same
Klemin (Professor of Aeronautics at New York
corporation had substantial bank loans in
Thomas W. Streeter period last year. Whereas thethis
Richard (President and Director, State Bank);
obligation now, and have surplus cash
1927. they are entirely free of
(Chairman, Simms Petroleum Co.); William S. Yerkes (Vice-President and which they are loaning out in the call market,it is stated.
-V.127, p. 2532
Director, General Outdoor Advertising Co.): and Col. It. Potter Campbell,
Co., Inc.
Chairman of the board of directors of Campbell, Peterson &
-Listing.
American Sumatra Tobacco Corp.
-Stocks Offered.
The New York Stock Exchange has authorized the listing on or after
American & General Securities Corp.
notice of issuance as a stock dividend 5.250 additional
Nov. 15, on official
-American Founders Corp., Ames, Emerich & Co., Inc., shares of common stock without par value, making the total applied for
Bond & Goodwin, Inc., and Bauer, Pogue, Pond & Vivian 180,250 shares (see V. 127, p. 1678).-V. 127, p. 2368, 1942.
are offering 200,000 allotment certificates representing 200,000 shares $3 series cumulative first preferred stock and
200,000 shares class A common stock in units of 1 share of
.
each at$74 per unit (plus div. on pref. stock from Nov. 15)
-75c. Dividend.
Anchor Post Fence Co.
The directors have declared a quarterly divicteiou of 75 cents per share
on the common stock, payable Dec. 15 to holders of record Dec. 1, placing
the stock on a $3 annual dividend basis.
Sales for the 9 months ended Sept. 30, were $1.496.267 and profits
preferred stock (no par) preferred as to approximately $163,000, before possible/ inventory adjustments, but after
The $3 series cumulative first
any liquidation interest, taxes, and pref. div. requirements. This is equal to $4.20 a
assets and dividends over the common stocks. Entitled in the rate of $3
to 150 per share and div. and to cumul. annual dividends at upon 30 days share on the 38,987 shares of common stock, no par value.
Orders booked for the fourth quarter are running ahead of last year
-M. Red. all or part on any div. date
per share payable Q.
refund, on and earnings for the full year are estimated at $6 a share, it was stated.
notice at $52.50 per share and diva. Company has agreed to
of $3
of any of this issue of 200.000 shares four -V.126. p. 2967.
proper application, to holders
Penna
series cumulative first preferred stock, resident in Penna., the
--Earnings.
Anglo-Persian Oil Co., Ltd.
mills tax.
1928.
1927.
entitled to non-cumulative annual
1928.
Class "A" common stock (no par),
Years End. Mar.31thereafter.
£3,112.529 £4,635,443 44,383,232
dividends up to $2 per share before any dividend on class "B";"B," until Net profit after deprec.,int.,&c
on class
40,595
one-half of any dividend paid per share additional dividends Expense bonus
per share to
228,100
450.293
453,267
shares of each class shall have received $4 per annum; of class.
Extra depreciation
1,800,000
1,300,000
800,000
shall then be paid equally on common shares irrespective
National Reserve
• Transfer agents, Chemical National Bank, New York. and
Acceptance Trust Co,
£1,859,262 £2,844,555 £2,355,132
Shawmut Bank, Boston. Registrars, International
islet profits
560,000
560,000
560,000
and First National Bank of Boston.
1st
Corporation. 2ndpref. divs
315,000
315,000
315,000
pref. dive
Data from Letter of Erwin Rankin, President of the
1,566,250
1.678,125
1,006,875
investment company x Common diva
-Has been organized in Maryland as an
Company.
afford its stockof the general management type. Company is designed to
£291,430 def£86,118
def£22,613
investments and
Balance
holders wide international diversification of selected
2.041,567
1.955.449
2,246,879
Previous surplus
constant supervision under experienced management.
E2,224,266 £2,246,879 £1,955,449
reinvestProfit & loss surplus
business of the company is the investment and a limited
-The
Business.
x Includes in 1928 dividend payable on Nov. 30 1927: a final dividend of
securities, and, to
ment of its resources in domestic and foreign
eligible for investment. £1,006,875, payable Nov. 28 1927, and in 1926; a final dividend of L1,118.extent, participation in the underwriting of securities
Authorized. Outstanding. 750 payable Nov. 29 1926.
CapitalizationComparative Balance Sheet Mar. 31.
500.000 shs. 200,000 shs.
Cumulative 1st pref.stock (no par)
1927.
1928.
1927.
- -500.000 shs.*300.000 shs.
1928.
Corn.stock (no par): Class A (incl. this issue)500.000 shs.
E
Liabilities£
£
500,000 shs.
.0
AssetsClass B
Ist pref.shares __ -y7,000,000 7,000,000
shares which have been subscribed for by American Concess. shs. in &
•Includes 100,000
2nd pret.shares _4'3,500,000 3,500,000
adv. to assoc.
Founders Corp. and associates.
have purchased the 500.000
25,043,841 24,789,709 Ordinary shares _y13,425,000 13,425,000
cos.,&c
American Founders Corp. and associates
4,000,000 4,125,000
11,000,000 cash.
5.455,527 5,386,687 Deb.stock
xProp.acct
shares of class -13." common stock for
783,500
indebtedness maturing Stock of stores &
725,300
Secured notes __
of bonds, debentures or other evidence of amount equal to the
Issuance
55,806
53,928
1,097,783 1,176,819 Interest accr
&c
the date thereof is limited to an
mater.,
one year or more from
and reserves. The power of Stks. of crude oil.
1,491,095 1,043,252
by ass. cos
Dep.
surplus
aggregate of the then paid-in capital,than one year is limited to an amount
products,&c _ 3,243,739 2,977,443 Credit balances._ _ 3,166,697 3,775,294
borrow money for less
the company to
capital, surplus and reserves. The Debit balances ___ 4,591,505 4.448,983 Employ pens. &
equal to 20% of the aggregate paid-in bonds, debentures or bank loans.
2,487,109 2.206,734
3,273,756 insur.fund
company at present has no outstanding upon completion of this financing Gov.securities ___ 3,927,841 2,931,822 Reserves
5,508,128 4,708,129
1,666,562
-Net assets,
Equity.
Cash
Preferred Stock
the cumulative first preferred stock
_ 3,668,641 4,362,504
which
Profit & loss sure
will exceed 150% of the sum to
Further issues are limited so that
TotaReachside) 45.026,801 44.985,219
outstanding is entitled on liquidation.
least 150% of the sum to which all of the
x After deducting depreciation. y Par value /1.-V. 127. P. 2368.
net assets at cost shall equal at
entitled on liquidation.
be outstanding are
preferred shares then to .-The by-laws of the company contain regulations
-To Increase
Investment Regulations
Apollo Magneto Corp., Kingston, N. Y.
and insuring their distribution by
Stock.
limiting the size of its investments type of securities and otherwise.
Stock-To Pay Accrued Preferred Dividends in CommonstOck from
business, number and
country, type of
investment service of American
common
Management -Company commands the
The stockholders will vote Nov. 22 on increasing the
Securities Corp. of America,
International
150.000 shares. Of such increase. 25,8053i shares are to
Founders Corp. which serves
and United States & British Inter- 100 000 shares to
holders of pref. stock in lieu of accrued dividends thereon
Second International Securities Corp.
companies of the general management type. beissued to 1 1928 at the rate of 1-10 share of common stock for each
aggregate re- prior to Aug.
national Co., Ltd., investment is
since
of lcgp of the average
accrued dividend. It is expected that the dividend accruing
The annual fee for such service Securities Corp. The net paid-in bond
n of present reclassifiessources of American & GeneralFounders Corp. and the group of general Aug. 1 1928 will be paid in cash upon consummatio
share capital of American
and
Nov. 17 1928.]
FINANCIAL CHRONICLE
ion. The company's plant at Kingston, N. Y. is working to full capacity,
ccording to the management's statement.
2823
Bingham Mines Co.
-Earnings.
-
Period End. Sept. 30- 1928-3 Mos.-1927.
1928-9 Mos.-1927.
Net operating profits__ _
$66,660
$52,159
$138,831
$297,029
Earns, per sh. on 50,000
The stockholders will vote Nov. 19 (a) on increasing the authorized cornshe. capital stock___$1.33
$1.04
$2.78
$5.94
on stock (no par value) from 45,000 shares to 135,000 shares. and (b) on -V. 127, p. 1530.
mpowering the directors to declare out of the additional 90,000 shares a
tock dividend of two shares for each one share of common stock held.
Borden Co.
-Listing.
If the stockholders ratify this increase, the directors plan to declare the
The New York Stock Exchange has authorized the listing of 3,000
'tock dividend payable about Dec. 1 and to capitalize the additional corn- additional shares of capital stock (par $50) on official notice
of issuance,
on stock by transferring from surplus to capital $1 for each share issued to in exchange for shares of the 7% cumulative
preferred stock of Kennedy
-V. 126, p. 3931.
ay this stock dividend.
Dairy Co. In the ratio of 3 shares of the capital stock of the company for
5 shares of the 7% cumulative preferred stock of Kennedy Dairy Co., and
- 600 additional shares of capital stock on official notice of issuance, in exAtlantic Gulf & West Indies Steamship Lines.
-V. 127, p. 955.
change for shares of the 7% cumulative prefered stock of Mansfield-Caughey
See Eastern Steamship Lines, Inc., below.
Co. in
capital stock of the company for
-New Common Stock Placed on a of suchthe ratio of 3 shares of the stock of Mansfield-Caughey Co..5 shares
Atlantic Refining Co.
7% cumulative preferred
making
the total amount applied for to date 1.253.948 shares of an aggregate Par
1 Annual Dividend Basis.value of $62,697,400.
a quarterly dividend of 25c. per share on the
, The directors have declared
The company has acquired all of the outstanding capital stock of Black25 par value new common stock and the regular quarterly dividend of $1 hawk Investment Co., a holding company, which owns the entire outstander share on the old $100 par value common stock, both payable Dec. 15 ing common stock of Kennedy Dairy Co. and Mansfield-Caughey Co.
o holders of record Nov. 21. It was recently voted to split up the common and has Issued in exchange therefor 10,000 shares of its own capital stock.
hares on a 4-for-1 basis. See V. 127, p. 2368, 2533.
As at Oct. 2 1928. Kennedy Dairy Co. had outstanding 5.000 shares
(Par $100) 7% cumulative preferred stock, and Mansfield-Caughey Co.
Atlas Imperial Diesel Engine Co.-Rights.had
atockhowers are to be effereu the right to subscribe to 26,600 addi- In outstanding 1,000 shares (par $100) 7% cumulative preferred stock.
order to acquire as nearly complete ownership as possible Kennedy Dairy
• A stock (no par value) at $40 per share on the basis of
inoat sh aro or
Mansfield-Caughey Co.. the company has authorized
five
ne share of new stock for everyor char", or clavs A or B stock held. Co. andthe holders of the preferred stocks of the corporations. the above
c. oe payable on about Jan. 15 and will b 0011 st,.- offer to
,....amtions
Pro Forma Consolidated General Balance Sheet as of May 311928.
olders of record on a date to be fixed between Dec. land Dec. 15.-V. 127.
After giving effect to the acquisition of the properties and business of
. 2368.
the Reid Ice Cream Corp., J. M. Horton Ice ()ream Co., Inc.. Merrell-Estimated Output, &c.. Auburn Automobile Co.
Soule (Jo., Dairy Made Ice Cream Co., Gridley Dairy Co., Weiland Dairy
It is announced that the company by Feb. 1 will be in a position to Co., Wieland Ice Cream Co., A. J. Olson Co.. J. D. Broxham Dairy Co.
reduce comfortably 4,500 cars per month, due to the completion of its and certain assets of J. M. Barron & Sons, and of Greenview Farms Dairy
extensive plant expansion program.
Co., Inc., also Ottawa. Dairy Ltd. which is included herein as an investThe Lycoming Manufacturing Co., a subsidiary, has released material ment in subsidiary companies due to the fact that on May 31 1928 complete
ommitments for the first quarter of 1929, covering rough forgings and parts acquisition of Ottawa Dairy Ltd. had not yet been accomplished: also
other than those made by itself and used in its manufacture of engines, to properties and businesses of the Lakeshire Cheese Co., Peoples Fuel St
be extent of $2,500,000. This represents the largest single material re- Supply Co., Christiansen Bros. Dairy Co., Freeport Milk Products Co.,
-V. 127, p. 2687.
lease in the company's history.
Clintonville Milk Co.. Clover Leaf Milk Co., Blackhawk Investment Co.,
Thompson's Malted Milk Co., Thompson's Malted Milk CO. of Canada,
-New Director.Bankinstocks Holding Corp. N. Y.
Ltd., and Aurora Ice Cream Co., which are included on basis of figures
'
- as of June 30 1928. The net assets acquired from the aforementioned
John H. Carl of Rockville Centre, L. I. has been elected a director.
V. 127, p. 2369.
companies include certain property valuations based on appraisals (partially
completed) and are subject to audits of the books of the companies now
-Earnings.
B,rn -t L-:ather Co.
in progress.)
1928-9 Mos.-19i.
Period End. Sept. 30- 1928-3 Mos.-1927.
LiabilItiesAssets
$99,884 sur$35.456
$338,531 su $ 12,994 Property, plant & equip'y
Net loss *
Mortgages
$627,600
17,500
17,500
52,500
52,500
Preferred dividends
(incl. Madison Ave. and
Notes and accounts payable_ 12,185,821
Accrued accts.: Income taxes
Hudson St. office bldg.
$17,956 loss$391,031
Balance, surplus_ ___loss$117,384
$60,494
mtge. on
(estimated)
properties, less
1,966.946
253,729
1,085.769
253,729
1,085,769
Surplus as of Sept. 30_
Madison Ave. office bldg.
Other items
1,705,084
Earn, per sh. on 40.000
Deferred credits
property of $1,400,000 &
90.684
Nil
Nil
$0.45
$1.51
shs. (no par).com. stk
$61,296.006 Subscriptions to capital stock
reserves for deprec.)-.
* Loss for quarter after deducting charges for maintenance and repairs Cash
14,307,745 -The Borden Co
7,822,211
estimated amount of taxes, &c., $6,979; depreciation, $21,of plants, and
reserve for
Capital stock-The Borden
8011; additional reserve to cover recent reduction raw stock values, $71,625; Receivables-less
9,018.957
Co.: 1,171,716 sits. (par
doubtful accounts
total loss, $92,905.
$50 each)
Marketable securities (at
58,585.800
-The result is subject to adjustment at the end of the year, when
Note.
market or
accounts are finally audited, and to change incident to income tax rulings. inventories less) lower of 8,662.772 Reserves-Insurance, cen(at the
gencies, &c
9,626,335
-v. 127. p. 1106.
13,384,290 Surplus
cost or market)
24,179,227
Investments in so.. cos__ _
Aircraft Corp.
-Stock Sold.
-A new issue of Prepaid items & misc. awls 2,043,054
Bellanca
126,500 shares no par value common stock (voting trust
dr sects awaiting distriten 5.576.887
certificates) was marketed Nov. 15 by L. Sherman Adams of Tr. marks, pats.& good-will_ 2,500,000
Atlantic Coast Fisheries Co.
-200% Stock Dividend.
Boston. The stock, which represents the recent purchase by
Total assets
$116,789,711
Total liabilities
$116,789,711
a New York and Boston banking group, was priced at $23.50 -V.127, p. 1951.
The bankers have announced that subscriptions
per share.
Boyd Theatre, Philadelphia.
-Bonds Offered.-Philshave been received in excess of the amount offered. Appli- dolphin Co. for Guaranteeing Mortgages, Philadelphia, is
be made to list the voting trust certificates on offering at par and int. $1,000,000 1st mtge. 5%% gold
cation will
the New York Curb.
bonds, Series A.
Transfer Agent. American Trust Co., New York. Registrar, the Commercial National Bank & Trust Co., New York.
Authorized. Outstanding.
Capitalization
500.000 shs. 175,000 shs.
Common stock
M. Bellanca, President of the Corporation.
Data from a Letter of G.
-Corporation,incorp. in Delaware on Dec.311927.
and Business.
History
Is the outgrowth of 22 years of research and practical experience by the
president in the development of aviation. The company in engaged in the
manufacture and sale of aeroplanes at New Castle, Del. The manufacturing plant is located on a tract of about 365 acres, which includes a
flying field endowed with great natural advantages, a feature of which is an
1,100 foot frontage on the Delaware River. It Is one of the most modern
aviation fields on the eastern coast, and is equipped with two runways
east and west, 5,000 feet and north and south, 2,500 feet. The manufacturing and assembly plants and the hangar embody the latest improvements in
designing construction and all other facilities to form a complete unit for
aircraft construction.
-Corporation Is now manufacturing aeroplanes at the rate of
Production.
five aeroplanes a month, and are concentrating at present on the Bellanca
CH,a cabin monoplane, powered by a Wright Whirlwind engine, and with
a seating capacity for six persons. aThe safety, comfort and exceptional
performance of this model, which is refined and perfected development of
the famous Columbia, has created a demand for the Bellanca CH, which
necessitates an expansion of our manufacturing facilities.
-The purchase of the Bellanca plane rests upon its consistently
Record.
remarkable performance under all conditions. It has won first place in
every efficiency contest entered. At the recent National Air Meet in
Los Angeles, a Bellanca won the Aviation Town & Country Club trophy
for efficiency, the fourth time this has been won by a Bellanca. At the same
meet a Bellanca won the Detroit News Transportation trophy for efficiency,
competing against five makes of planes. After the Los Angeles meet,
E. F'. Schlee and W. S. Brock established a new American endurance record
,
with a Bellanca, staying in the air 59 hours, 73 minutes, with a load of
ever
6.300 pounds, the heaviest loanmade carried by a plane of this size. The
by Clarence Chamberlin and Bert
old world's endurance record
Acosta in April 1927, and the New York to Germany flight of the Columbia
emphasize the soundness of the principle which underlies the designs and
construction of Bellanca planes.
-Proceeds from pending financing will be used to enter upon a
Purpose.
program of quantity production in the various models of Bellanca monoplanes, including seaplanes and multi-engine planes. This schedule calls
for an output of one plane per day of the CH type. In addition to the present
models, the company plans to announce in the near future a new type of
commercial plane with new motor arrangements superior in efficiency in
my opinion to any craft now on the market.
-Due to the heavy expense involved in the
.Earnings and Balance Sheet.
initial operations and moving of the plant to New Castle, Del., in June of
1928 will not be material but have been
this year, indicated profits forthe past few months.
Profits to be secured
consistently on the increase for
business now on the company's books should be most gratifying
from the
addition
to stockholders for the year 1929. Incoming the company should derive
year
a large amount of income during the of planes. due to the development
models
of its airport and through othercompletion of the present
financing as of
The balance sheet upon the
Sept. 30 1928, shows current assets of $1,786,561 and current liabilities of
3104,707, or a ratio of 17 to 1.made in due
course to list the voting trust
Listing.-ApplicatIon will be
certificates on the New York Curb Market.
Directors include G. M. Bellanca, Wilmington; Andrew Bellanca, Roger
Wolfe Kahn, Major F. H. LaGuardia, J. Robert Rubin, George Mixter,
New York; Joseph H. Holmes, Pittsburgh; Edward S. Evans, Detroit;
Bradford Ellsworth New York; L. Sherman Adams, Boston, and Alfred
ChaD.ndler, Wilmington. V. 127, P. 2687.
-Sales.
Berland Shoe Stores, Inc.
-October--1927. Increase.I1928-10 Mns.-1927.
1928
$55,3061 $2.065,553 $1,524,939
$188,881
$244,187
-V. 127, p. 2093.
Increase.
$540,614
Dated June 11928; due June 11933. Subject to call at 102, at any time
prior to maturity upon 60 days' notice. Interest payable J. & D. Denom.
$1,000c*.
The bonds are secured by a first mortgage of $1,240,000 of which the
$1.000,000 series "A" bonds now offered have priority in payment of both
principal and interest over the $240,000 bonds, against which subordinated
Certificates have been issued by agreement.
The improvements consist of a modern fireproof theatre building now
being erected, with seating capacity for 2,290, located in the business and
financial center of the city of Philadelphia. Completion of building, according to plans and specifications, guaranteed by the Real Estate-Land
Title & Trust Co., which company also insures against liens.
The property. completed, is conservatively valued by experts at $1,500.000 for the purposes of the mortgage.
The Real Estate-Land Title & Trust Co.in the trustee under the mortgage
and insures the title to the amount of the loan. The $1.000,000 series "A"
bonds are guaranteed principal and interest by the Philadelphia Co. for
Guaranteeing Mortgages and are so endorsed.
-Earnings.
Briggs Manufacturing Co.
Period End. Sept. 30- 1928-3 Mos.-1927.
1928-9 Mos.-1927.
Netincome after deprea..
Federal taxes, &c- - $1,900,096 1oss5464,337 $3,953,650 $2.568.944
-Earns, per sh. on 2.I$3.225 shares capital stk.
$0.95
Nil
no par)
$1.98
$1.28
-V. 127, p. 956.
Broadway Garage, Inc., Cincinnati.
-Stocks Offered.Merz & Back, Cincinnati recently offered 2,000 shares pref.
stock (par $100) and 1,000 shares common stock (no par)
in units of 2 shares of pref. stock and 1 share of common at
$210 per unit.
Preferred stock is preferred as to dividends and as to assets to the extent
of $100 per share and diva, on voluntary and involuntary liquidation.
Dividends exempt from present normal Federal income tax. Tax exempt
in Ohio.
CapitalizationAuthorized. Outstanding.
Land trust certificates(5% %)
$500,000
$500,000
7% cumulative preferred stock
Common stock (no par)
5.600.
shs. 4,500 sits,
'
Company.
-The Broadway Garage, is a 750
-car, seven story, fireproof
garage, located at the north-west corner of Sixth Ave. and Broadway.
extending 186 feet on Broadway with a depth of 150 feet on New St. and a
frontage of 70feet on Sixth St. The building Is considered the last word in
modern garage construction using one-way d'Humy ramps from the basement to the seventh floor. One way ramps eliminate the congestion which
is usually found in most garages during the rush hours. 80% of the cars
will be single parked with a first floor arrangement that allows ample space
for handling cars during the rush period. The arrangement of the garage
has been approved by the Ramp Buildings Corp., N. Y. City, whose engineers are experts in this line. The location of this garage is in close proximity to a number of large business houses and office buildings, and is the
only modern garage in this section of the city.
Earnings -Earnings and expenses are estimated as follows: Operating
revenue, $245,250; operating expense, $73,500; operating profit, $171,750;
interest on $500,000 land trust certificates at 5% %.$27,500; Depreciation.
$4.500; estimated Federal income tax. $22,500; amortization of land trust
certificates per year after Oct. 15 1930. $15,000; balance, $102.250; 7%
dividend on 4.000 shares pref. stock, $28.000; applicable to surplus or
dividend on 4.500 shares common stock, $74,250.
-Earnings.
(Edward G.) Budd Mfg. Co.
Quarter Ended Sept. 30Net profit after depreciation,interest & amort.--V. 127, D. 1952.
1928.
056,576
1927.
$21,401
2824
FINANCIAL CHRONICLE -
Budd Wheel Co., Philadelphia.
-Rights.
The company is offering its common stockholders of record Nov. 15 the
right to subscribe on or before Dec. 15 for additional capital stock at $21
a share to the extent of 40% of their holdings. This issue has been fully
underwritten. The outstanding common stock consists of 162,136 shares
of no par value stock out of a total authorized issue of 200,000 shares. A
special stockholders' meeting has been called for Jan. 9 to vote on increasing
the authorized capital stock to 300.000 shares. The company is an affiliation of the Edward G. Budd Mfg. Co.
Butte & Superior Mining Co.
-Quarterly Report.
The report covering the third quarter of 1928 follows:
The results for the third quarter of 1928 shows the principal features of
tonnage production for the quarter as compared with the first and second
quarters of 1928:
Zinc Operations-3d Quar. 2s Quarter. 1st Quarter.
Zinc ore produced, tons
61,521
83.956
48,576
Average silver content, ounces
7.11
6.33
6.10
Average zinc content, per cent
13.03
12.67
12.66
Total silver in ore. ounces
531.503
437,557
286.105
Total zinc ore, pounds
12,303,675 16,037.059 21.266,354
Copper Operations
Copper ore produced, tons
3.112
7.350
1,079
Average silver content, ounces
7.23
6.52
6.10
Average copper content, per cent-4.13
3.47
3.08
Total silver in ore, ounces
22,497
47,907
6,573
510.055
Total copper in ore. pounds
256,832
66.596
Period End. Sept. W-- 1928-3 Mos.-1927.
1928-9 Mos.-1927.
Net value ofzinc ore-- 3401.783
$499.788 31.507,352 $1,841,218
178,582
Net value of copper ore_
82,661
6.824
48,955
49.815
41.927
Miscellaneous income__
14,692
16,330
Total income
Operating costs
3424.938
423.972
$563,435
515.091
$966
14,666
548.344
19.594
Operating profit
Deprec., res. for taxes
31.639.830 32,061.729
1.785,090
1,536.990
3102,840
64,820
$276,639
72.392
Net to surplus
$48.020
3204.246
$28.750
loss$13,700
The average metal prices used in figuring results are as follows:
3d Quarter. 2d Quarter. 1st Quarter.
1928.
1928.
1928.
57.06c.
59.24c.
Silver, per ounce
58.55c.
5.61c.
Zinc, per pound
5.98c.
6.23c.
13.84c.
Copper, per pound
14.15c
14.53c.
D. 0. Jackling, President, says:
"The deficiency in working forces which, as stated in the report for
the second quarter, is a usual occurrence during Summer months, continued throughout the third quarter and was most largely responsible
for that quarter's decrease in output and earnings, notwithstanding increased prices for all metals produced excepting silver. This situation
began to improve at the close of the quarter and the outlook is therefore
favorable for a somewhat larger production of zinc ores and improved
earnings from that source in the fourth quarter. As forecast in the previous quarterly report commercial copper ore reserves, so far as known,
were entirely exhausted in the third quarter and there is no reason to
expect profitable production of copper In the future, excepting In a very
limited way, from copper precipitates derived by treatment of water circulated through the old stows of the otherwise abandoned copper bearing
areas. Notwithstanding the relatively small tonnages of zinc ores mined
during the quarter, the known available zinc ore reserves of commercial
value decreased considerably. Extensions of developments on the 3.400
and 3,600 levels have disclosed nothing of either commercial value or
indicative promise. Developments will, however, be continued until possibilities of finding further ore occurrences are either realized or entirely
delimited.
"Because of accumulated cash from past operations, a distribution of
50 cents per share amounting to 3145.098 was made on Sept. 29 1928, to
stockholders of record at. the close of business Sept. 14 1928. making a
total of $1.50 per share or $435,296 paid this year, although as shown
by the above statement the current earnings for the nine months were
only $48,019."-V. 127. p. 826.
(A. M.) Byers Co.
-Earnings.
-3 Mos. Ended Sept. 30xNet earnings
Other income
1928.
$427.468
71.391
1927.
$258,806
45,156
1926.
$452.393
27,658
Total income
Int. and amortization
3498.859
8303,962
3480,051
61.0 ,I.
Net income
Slur. of COM.stk. outstanding (no par)
Earns, per sh. on com
-V.127. p. 2535.
3498,859
199.340
$1.97
3303.962
199.340
$0.98
3419.000
150.000
32.27
-Earnings.
Calumet & Arizona Mining Co.
Period End. Sept. 30- 1928-3 Mos.-1927.
Net income after all chgs.
but before depreciation
& depletion
$1,385,321
3923.301
Earns, per sit, on 642,757 shs, cap. stk. (par
$1.44
$2.15
$10)
-V. 127. p. 2688.
1928-9 Mos.-1927
34,327.077
32.918.281
$6.72
$4.55
1927.
1928.
Years Ended Sept. 30Raw sugar produced (net proceeds f. o.b.in Cuba) $3,575,865 $4,977,282
453,371
554,998
Other income
Total income
Expenses of producing, manufacturing. &c
Provision for depreciation
Interest on 1st mtge. bonds
Other interestNetloss fOr year
$4,130,863 $5,430.653
4,979.772
.
3,942.196
287,866
249,186
379,429
369.000
168,241
282,984
$712.505
$384,655
Halattee Sheet Sept. 30.
1927.
1928.
1928.
1927.
$
$
Assets$
$
I LiabilitiesCurrent assets &
I Current liabilities- 5,995,301 3,846,548
5,100.000 5,250.000
growing cane_ _ _ 6,416,319 4,997.524 I Funded debt
Prop.,planUsequip.
I Pur, non. mtges.
237,658
126,789
(less res. for deP.)12,564.204 12,801,390
on lands
Investments
1,799,557 1,736,657 Res. for disct. on
75,000
75,000
Deferred charges-. 429,779
unlss. bonds__
471.212
Deficit
1.039,952
252,423 Loan see. by mtge.
177,722
received
450,000
8% cum. pref. stk. 375,000
Total(each Ede)22,249,812 20,259,206, Common stock_ __10,400,000 10,400,000
-V. 125, p. 3203.
-50% Stock
Campbell, Wyant & Cannon Foundry Co.
Dividend.
The directors have declared a, 50% stock dividend and have voted to
increase the authorized capital stock from 210,000 to 500,000 no par value
shares, subject to the approval of the stockholders at a meeting to be held
Dec. 6.
It is expected that the increased capitalization will be maintained on a$2 annual dividend basis, the same rate received by the present shares.
V. 127. p. 2535. 2370.
-Bauer, Pogue, Pond &
Camps Corp.
-Stock Sold.
Vivian and Hayden, Stone & Co. have ,sold $2,500,000
634% cony. pref. stock at par ($100).
(This stock was purchased from individuals in connection with a proposed
consolidation, and will constitute no financing for the company.)
,
-F
Preferred as to assets and 634% annual.dividends- payable Q (cumulative from Nov. 1 1928). Red. at 110% of par, phut div. Mass. income
taw, not exceeding 6% of dividends, and Maryland, Distect of Columbia
and Virginia personal property taxes, not exceeding 5 mills per annum,
refundable. Transfer agent, National City Bank, New York; Registrar.
National Park Bank, New York.
CapitalizationAuthorized
Outstanding
63.6% cony. pref. stock (100 Par)
$2.500,000
$2.500,000
Common stock (no par)
130,000 sits.
*205,000 she.
*75,000 shares reserved for conversion of preferred stock at any time up
to five days prior to redemption.
Data from Letter of E. N. Campe, President of the company.
Company.
-Will be organized in Del. to acquire the assets and business of
The Campe Corp., (New York) and all the outstanding securities of The
Century Beverly Corp., and Ballard Knitting Co. Upon completion of the
consolidation, the Company and subsidiaries will be probably the largest
manufacturers in the country of women's Rayon and cotton knit underwear
as well as one of the largest distributors of men's athletic underwear. The
predecessors were established respectively in 1898, 1901 and 1906 and their
present assets represent undistributed earnings from a combined original
capital of only $43.500.
The 6 modern mills at Boyerstown, Norristown, Pottstown,Spring City.
Pa., and Beverly and Burlington, N. J., are situated favorably as to labor,
etc., and have annual capacity of over 30,000,000 garments. Standard products are manufactured largely on order, thus minimizing the hazard of
inventory losses, and are sold under trade-marked brands to selected
customers, including some of the largest chain stores and mail order houses.
Wide diversification of materials, weignts and styles largely eliminates
seasonal fluctuations. Company will to a great extent control every
function from spinning the yarns to mercnandising tne finished products
Net sales for 10 months ending Oct. 31, 1928, were 16'4 % above toe
same period for 1927 and 27)4% above 1926. Orders on hand substantially
exceed those at this time last year.
Earnings.
-Each of the three companies to constitute Toe Campe Corp.
and subsidiaries has earned a net profit in every year since organization. In
each of the last 18 years operating profits of the three companies combined,
Including compensation to owners, have amounted to substantially more,
than the annual dividend requirements on this preferred stock.
Net earnings of The Campe Corp. and Ballard Knitting Co. for the 6 calendar years ended Dec. 31, 1927. combined with those of The Century
Beverly corp. for the6 fiscal years ended July 31, 1927, adjusted to accord
witn new compensation contracts, depreciation based on sound values as
recently appraised by The General Valuations Co., Inc., and Federal
income taxes at the present rate of 12%, which adjustments increase
annual average earnings of the combined companies in the amount of
$193,772, all as certified by Messrs. Price, Waterhouse & Co., have been as
follows:
1922
$451.909
5559.28011925
1923
379,429
543,403 1926
1924
487.331
432,347 1927
Net earnings, adjusted and certified as above, for the fiscal year ending
July 31. 1928. of The Century Beverly Corp. were$186,345, and for the
21 weeks ended May 26 1928, were $210,984 for The Campe Corp. and
Ballard Knitting Co.
Net earnings of the three companies combined for the above periods
were at toe annual average rate of 3496.849, over 3 times this Preferred
dividend.
Net earnings of the three companies combined from the above are at the
current annual rate of $708,780, equal to 4.3 times this Preferred dividend
and to 4.20 per share on the Common stock into three shares of which each
preferred share will be convertible.
Pro Forma Consolidated Balance Sheet. May 26 1928.
Assets
l Liabilities
Cash
$1.206,500
673.458 Notes payable
Marketable securities
238.295
135,423 Accounts payable
Notes & accounts receivable_ _ 1,116,096 Provision for Fed. Income tax_
57,378
Advances to mills and others.._ 1,305,260 610% Cony. pref. stock
2,500,000
Inventories
1,342.958 Common stock (130,000 shares
Advance to mills (to be secured
2,523,202
and initial surplus)
by liquid demand collateral) 397,843
Prepaid insurance, int. etc _ _
25,428
Land, buildings, machinery &
equip
1,528,906
56.525,376
Total
$6.525,376
Total
Management.
-The Company will consolidate concerns for many years
closely associated as to management and ownership. Management will
continue in the :sands of the controlling stockholders and their associates
who nave been responsible for past growth. E. N. Campe will be Pres.
B. I. and Samuel Canape, Vice-Presidents, and E. Lee Campo, Secretary
and Treas. The Messrs. Campe will retain a major financial interest by
ownership of over 80% of the Common Stock.
Canadian Bakeries, Ltd.
-Annual Report.
Years Ended Aug. 31Operating profit
Depreciation
Interest on let mtve. 6.li% bonds
Prov. for redem. of let mtge. bonds..
Prov. for redem. of 1st pref. shares
Prov. for Dominion Sz Provincial
income taxes
1928./926.
$434,446
$429.306
3418.356
136.428
145,639
152,032
52.000
51,285
50,538
11.331
11.921
12,948
10,000
10,000
10.000
27,000
34,000
36.600
Net profit
Dividend on 1st preferred shares
Dividend on 2d preferred shares
$181,928
68.425
70,000
$176,461
69,125
70.000
$172,597
69,825
70.000
$43.504
70,108
$37,336
32.772
$32.772
Balance
Previous surplus
Camaguey Sugar Co.
-Earnings.
-
[Vol.. 127.
Profit and loss, surplus
$32,772
$113,612
$70,108
Earns, per share on 20,000 shs. no par
class A stock outstanding
$2.17
$1.87
$1.64
Comparative Balance Sheet Aug. 31.
AssetsLiabilities1928.
1927.
1927.
1028.
Land,bidgs., plant
Capital
b$2.070,000 $2.080,000
di equipment...a$I,999,4186 $1,784,219 Res. for s'k'g fund
65,000
42,500
Cash
210.240 1st m. ilyi% sink.
50,384
id.bds.due 1045 765.000
Bonds of Canadian.
777,500
Bakeries, Ltd.._
15,536 Accts. dt bills Pay- 162-195
27.228
143,643
Bank loan
First preferred_
4,175
70.000
Accts.receivable
2.51,395 c209,046 Dlv.on pref.shares
39,045
39,045
payable
Market section..
84,475
34,850
204,092 Prov. for Dom. &
202,067
Inventories
18,883
Prov.inc. taxes_
30,808
38,300
Def. charges
31,271
Surplus
113,612
70,108
Good-will, tr.-mks,
705,639
705.639
&c
Total (ea. 0(18).83,311,098 $3,186,701
a After reserve for depreciation of $453,649. I, Represented by $970,000
sinking fund preferred shares, 51,000.000 7% 2d cumul.
7% let cumul.
cony. pref. shares and 20.000 claws A shares of no par value. c After
deducting $8,468 for reserve-V. 125,.p. 3203.
Canada Packers, Ltd.
-First Annual Report.
President J. S. McLean reports in substance:
Canada Packers Ltd. was granted its charter on Aug. 15 1297. It
Immediately secured by purchase all the capital stock of the following
companies: The Harris Abattoir Co., Ltd., Gums Ltd.. and Canadian,
Packing Co., Ltd. It also secured the majority of the capital stock of
Wm. Davies Co., Inc.. The capital stock of this company consisted of:
60.435 shares class A stock and 60,000 shares class B stock. Of these,
there were transferred on Aug.. 15 1927 (in exchange for capital stock of
Canada Packers Ltd.) 53,111 shares class A stock and- 58,052 shares class
B. stock.
Since that date most of the remaining shares have been exchanged. so
that there now remain in the hands of shareholders, other than Canada
Packers Ltd.: 593 shares class A stock and 132 shares class B stock.
Of the four companies comprising Canada Packers Ltd., each had a
different date for closing its financial year. A uniform data had to be
adopted, and the end of March was chosen. The first annual statement
of Canada Packers Ltd. was prepared as at March 28 1928. It covers a
period of 7*K months (Aug. 15-1927 to March 28 1928).
The profits of the four companies'for this period, after provision for
bond interest, depreciation and income tax, were 51,028.697. Divs.. on
the pref. stock are cumulative as from Ally I 1927. On March 28 1928
diva, due were $348,427. For the 73.6 months, therefore, after Providing
for pref. div., there remains available for common stock $680,27/, egniVa^
lent to $3.40 per share. Divs. have not been paid on the pref. stock.
Nov. 17 1928.]
FINANCIAL CHRONICLE
owing to the fact that in Aug. 1929. the collateral trust bonds for $2,500,000
by
must be retired. It is expected at an early date to retire this sumthis
means of permanent financing, but until plans have been made for
financing it has been thought wise to conserve the cash position of company.
The capital structure of Canada Packers Ltd. is as follows:
$3,891,261
Harris Abattoir Co., Ltd.,6% gold bonds-due 1947
2,125,000
Wm. Davies Co., Inc., 6% gold bonds-due 1942
2,500,000
bonds, due Aug. 9 1929
Collateral trust 6%
66,367 shs.
7% cumul. pref. stock: authorized, (100,000 shs.) issued
199,812 shs.
Common stock (no par): authorized (200,000 shs.) issued
Consolidated Balance Sheet March 28 1928.
LiabilitiesAssets
86.636,700
8220,023 Cumul. pref. shares
Cash
Common shares
x1.413,739
Accounts receive..., tess tea.
4,524.603 Companies' bankers (secured) 6,802,434
for losses
9,942,095 Accounts payable at accrued
Inventories
1,714.227
1,040,980 charges
Investments in related eo.'s
109,639
182,461 Accrued bond interest
Prepaid expenses
632,689
Shareholders & employ. dep_
Sundry deposits & balances
2,500,000
164,048 Special loan
receivable
6,012,000
354,005 Funded debt
Mtges.& sundry investm'ts__
225,490
104,486 Contingent reserves
Life insurance prems. paid___
Minority in of shareholders
Cash in hands of trustees for
77,182
of subsidiary
18,769
bondholders
Res. for deprec. & surplus on
/ Land, bides., leasehold, plant
8,398,578
18,999,904 appraisals
and equipment
1,028,698
4 Profits earned
Goodwill
Total
$35,551,378
Total
-V. 125, P. 1329.
x Represented by 199,812 no par shares.
535,551.378
Celotex Co.-Note Conversion Privilege Ends Dec. 1.
-year 6% cony, gold notes, due
The company is notifying holders of its 3
June 1 1929, that the conversion privilege ends on Dec. 1 of this year. The
are convertible on a unit basis into 8 shares of pref. stock and 4 of
notes
common for each $1,000 of notes, with cash adjustment of accrued interest
and dividends. At the time of issue 2 shares of common stock were to be
given with 8 of preferred upon conversion, but since then the common stock
has been split 2 for 1 allowing the note holders a profit through the exercise
of their conversion rights, on the basis of present market prices.
October Shipments Break Record.
2825
-Stock OfCherry-Burrell Corp., Cedar Rapids, la.
-John Burnham & Co., Inc., Chicago, are offering
fered.
22,000 shares common stock (at market).
Transfer agent, First Trust & Savings Bank, Chicago. Registrar:
Continental National Bank St Trust Co., Chicago. Listed on the Chicago
Stock Exchange.
Authorized. Outstanding.
Capitalization$3,000,000 $ 2.000,000
-year 6% sinking fund gold debentures
10
2,150,000
2.150.000
7% cum.cony. pref. stock ($100 par value)
a200.000 shs. 17137.000 shs.
Common stock (no par value)
a 43,000 shares are reserved for conversion of the 7% cum. cony. pref.
stock. b Includes present issue of 22,000 shares.
Data from Letter of Walter L. Cherry, President of the Corporation.
Mstory.-Corporation was organized in Delaware in July 1928 and has
acquired substantially all of the assets and businesses of A. H. Barber
Goodhue Co., Chicago; D. H. Burrell & Co., Inc., Little Falls. N. Y.;
J. G. Cherry Co., Cedar Rapids, Iowa; Cherry-Bassett Co.. Baltimore;
John W. Ladd Co., Detroit; Milwaukee Dairy Supply Mfg. Co., Milwau-Ziegler Co., Boston. These concerns are old established
kee; and Wright
manufacturers and distributors of dairy equipment and supplies, three having a half century of business experience two a quarter century and two
more than 15 Years.
The corporation is engaged in the manufacture and sale of machinery and
supplies for the processing and handling of dairy products, including butter
churns, milk pasteurizers, coolers, separators, ice cream freezers and milk
bottle fillers.
The corporation also owns 50% of the common stock of Cherry-Burrell
Vogt Co., which has been granted the exclusive right for the manufacture
and distribution of"Vogt Instant Freezers."
The principal manufacturing plants of the corporation are located in
Cedar Rapids and Tama, Iowa; Detroit; Baltimore; Little Falls, N. Y.;
Milwaukee: Boston. and Brockville, Ont. Warehouses and sales offices
are maintained in Chicago, St. Paul, Indianapolis, Cleveland. Pittsburgh,
Philadelphia, New York City, Boston, Columbus, Syracuse and Cincinnati.
-Combined earnings of the predecessor companies for their
Earnings.
fiscal years ended within the last four calendar years, after the adjustment
of depreciation to the basis at which the properties are now carried on the
books of the corporation, the deduction of interest and amortization of discount on the present funded debt, provision for Federal income tax at 12%
per annum, and dividends on present preferred stock, as certified by Lybrand, Ross Bros. & Montgomery, were as follows:
1925.
1926.
1927.
1924.
YearEarnings avail, for corn. stock---$403.324 3462.297 3661.828 $608.271
$2.94
$3.37
$4.83
$4.44
Per share of common stock
Based On results for 11 months as shown by the company's books, earnings for the fiscal year ending Oct. 31 1928 are estimated in excess of $700,-V. 127. p. 2370.
000. equivalent to over $5 per share of common stock.
The company's mill shipments for Oct. 1928. broke all previous months'
records, totaling 532 cars, equivalent to 32,000,000 feet, it is stated. In
Oct. 1927, mill shipments were 317 cars. The previous high months' record
-V. 127. P. 2688.
was in July 192e, with 451 cars shipped.
Officials estimate that net earnings for the year ended Oct. 31 1928 will
be approximately 50% greater than the profits of $817,058 reported for the
Chesebrough Mfg. Co. Consol.-Ertra Div. of 31.50.
previous year. Thom earnings will be equivalent to approximately $6 per
share on common stock outstanding in hands of public after payment on
The directors on Nov. 16 declared an extra dividend of 25 cents per share
preferred dividends, an increase of nearly 100% over per share earnings of and the usual quarterly dividend of Si per share on the $3,000.000 common
-V. 127. p. 2688.
8
$3.13 on common stock during the previous year.
stock, par $25, both payable Dec. 0 to holders of record Dec. 10. Extras
of 25 cents per share were paid on June 30 and Sept. 29 last, making total
dividend
$6.25 per share. On Dec. 28 1927 an
Store Terminals, Inc., Louisville, Ky.-Bonds dividends paid in 1928paid, making a total of $5.50 per shareextrathat year
Chain
paid
of
-Robert Garrett & Sons and Mercantile Trust & on$1.50 per share was as compared with a total of $4.50 per share in 1926.
Offered.
the common stock,
Deposit Co.of Baltimore are offering at 100 and int. $300,000 -V. 127. D. 957.
1st mtge. 6% 10-year sinking fund gold bonds (with non-Bonds Offered.
-First
Chicago Mill & Lumber Corp.
detachable stock purchase warants).
Trust & Savings Bank, Illinois Merchants Trust Co., HitchNov. 11928; due Nov. 1 1938. Authorized. 8600,000. Interest
Dated
payable M.& N. without deduction of the normal 2% Federal income tax. cock & Co. and Continental National Co. are offering at 100
Corporation agrees to refund to holders of these bonds, upon proper and and int. $4,000,000 1st mtge.6% serial gold bonds.
taxes of any State or municipality not exceeding ti of
timely application,
Red. all or part on any int. date on
17. Denom. $1.000 and $500
A
30 days notice, at a premium ofc*.of 1% of the principal amount for each
year or fraction thereof between the redemption date and the maturity date,
but in no event to exceed 102 and interest. Mercantile Trust & Deposit
Co. of Baltimore, trustee.
-The Great Atlantic & Pacific Tea Co.(New Jersey) has leased
Lease.
this entire property for an annual rental of $30,000. The total rental is
assigned to the trustee to secure the payment by the corporation of $26,000
per annum, payable in monthly installments, to provide for interest and
sinking fund. The lease of the property extends beyond the maturity of
these bonds.
-The property upon which these bonds are afirst lien is owned in
Property.
fee simple. It is improved by a modern, fireproof, four-story, brick, concrete and steel storabe terminal structure and is located at 15th and Breekinridge streets, Louisville, Ky.
This terminal was erected in accordance with the plans and specifications
of the Great Atlantic & Pacific Tea Co. for toe storage and distribution of
all of toe merenandise and products handled by the 250 "A. & P." stores
operated in the Louisville district, and is the only such terminal in tills district. The Great Atlantic & Pacific Tea Co. is installing therein at its own
expense approximately $150.000 of machinery and otner removable equipment.
The building has a floor area of 110,540 square feet, a total cubical content of 1,487,240 cubic feet and the construction is such that enlargements
can be made with minimum additional costs. Tne entire structure has
been carefully planned and is readily adaptable to many uses.
Security. A first lien on all of the land of the corporation, owned in fee
simple,and improve...Juts thereon,subject to the lease of the Great Atlantic
& Pacific Tea Co.,the total rental from which will be assigned to the trustee
for the benefit of the bondholders.
-The income is in the form of a fixed rental, payable monthly
Income.
Tea Co., the
and in advance. The Great Atlantic & Pacificrental is paid sole tenant
under a lease
a gross rental of $330,000 per annum. This Tee
pays
maximum annual intime maturity of these bonds.
extending beyond
terest charge of this issue of bonds is $18,000, which is reduced annually
through tne amortization of the principal amount of the loan.
-Indenture provides for monthly payments to the trustee
Sinking Fund.
at the rate of $26,000 per annum for interest and sinking fund, to begin
The immediate operation of this fund, through the purchase
Dec. 15 1928.
of bonds in the open market or by redemption by lot, is calculated to retire
a total of 3105.000 par value of bonds at or before maturity.
-Each 31.000 and $500 bond will carry a warStock Purchase Warrants.
rant entitling tile nolder to purchase at $5 per share during the life of toe
it is attached, but on or before Nov. 11933. 10 and 5 shares.
bond to which
respectively, of the company's capital stock which has been issued and deposited with the trustee in accordance with the terms of the indenture
securing these bonds.
Dated Nov. 1 1928: due serially each Nov. 1. 1929-1943. Principal and
int. (M. & N.) payable at the office of the First Trust & Savings Bank,
Chicago, trustee. Denom. $1,000 and $500 c*. Red. all or part on 30
days' notice at 100 and int. plus a premium of 34 of 1% for each year or
fraction thereof between redemption date and maturity, the premium in
no event to exceed 2%%. Interest payable without deduction for Federal
normal income tax not in excess of 2%. First Trust & Savings Bank and
Melvin A. Traylor, Chicago. trustees.
Data from Letter of Walter P. Paepcke, President of the Company.
Security -These bonds are secured by a first mortgage upon all of the
fixed properties of the corporation now owned or hereafter acquired, including stan ling timber, mortgageable timber rights, land, plants, machinery
and equipment. Financial statement as of Aug.31 1928 (of the corporation
and its subsidiaries), prepared by Arthur Andersen & Co.. certified public
accountants, shows book value of fixed properties to be $13,945,510 or
2.3 times the first mortgage debt, Including this issue, and total tangible
assets of $19.837,978, after deducting all current liabilities, representing
3.3 times total first mortgage bonds.
-Recently Incorp. in Delaware. Has acquired in fee and
Company.
through its wholly owned subsidiary, the Hardwood Timber Corp., all of
the standing hardwood timber, saw mills, veneer mills and box factories
formerly owned by the Chicago Mill & Lumber Co., R. J. Darnell. Inc.,
veneer mills and saw mills of Penrod-Jurden Co., located at West Helena,
Ark., and Waterproof, La., and the saw mill of Kurz Bros. Co. of Arkansas,
located at Tallulah, La. Corporation has also acquired ownership of the
Arkansas Oak Flooring Co., which in turn has acquired the plant assets of
the Hudson Hardwood Flooring interests; as well as transportation facilities, including river equipment, comprising steamboats, barges, derrick
boats, also locomotives, cars, railroad spurs, switches and terminals.
Timber holdings of the corporation comprise some of the largest and choicest stands of Southern hardwood timber located in the States of Arkansas,
Louisiana and Mississippi, Stan .ing timber owned and controlled under
contract, according to independeot °Minato of H. M. Spain & Co., Memphis, Tenn., is in excess of 850.000,000 feet. valued by them at $8 per 1.000
feet, which, together with the usual purchase of logs and additional timber,
as well as the growth of already owned timber, will insure the plant properties of the corporation an ample raw material supply.
This corporation conducts the largest hardwood lumber operations in
the United States, both as to saw mill capacity and wood box production,
succeeding to the business which was originally established in 1881. Its
11 plants are located at Chicago, Ill.; Blytheville, Helena and Pine Bluff,
Ark.; Memphis, Tenn.; Greenville and Vicksburg. Miss.: Tallulah, Waterproof, Darnell and Alexandria, La. These manufacturing facilities include
six modern well equipped saw mills having an annual capacity of more than
100.000,000 feet. which are strategically located for the economic and advantageous conversion of its timber into finished products.
Approximately 80% of the raw material or timber JR manufactured into
finished products which are sold to manufacturers of varied and diversified
--Earnings.
Checker Cab Manufacturing Corp.
products entering into the daily needs of the people and embracing every
Net earnings for the first nine months of 1928 were $595,944, after an type of wood box,including egg cases, crates,shooks, hinge corner, plywood,
wirebound, lock corner and made-up boxes.
deductions, according to Pres. Morris Markin.
"Anticipating the introduction of its new model taxicab," continues
This corporation is also one of the two largest manufacturers of hardwood
Mr. Markin, "the company in pursuance of its policy of sound financing, oak flooring. The Arkansas Oak Flooring Co. and Hudson Hardwood
customers, reduced production Flooring mills manufacture the well known brands of "Perfection" and
based on the sale of its product to selectedin
spite of an increasing demand "Hudson" oak flooring used in private homes, hotels, apartment sand office
during the last three months of that period
buildings.
for its cabs.
-Net earnings of properties acquired by corporation and its
Earnings.
meet that demand, the company adopted a production schedule for
"To
contemplating the sale of twice the num- subsidiaries have been as follows:
the six months beginning Nov. 1,first nine months of
Net after Deprec.
Total Net Earns
ber of cabs it had sold during the
1928'
Deple., but
& Realization,
"On Nov. 2 the new model made its first appearance. Its success exreceived
Beforee
Avail. for Federal
ceeded all expectations. It was so enthusiastically taken, orthat within
orders were
more than
. .
Tazss
Federalni and
Depletion. Tax. lilt. & Debt
one week thereafter over 35,000,000 in alone exceeded the entire
schedule. These orders
business
PrinciPa •
50% of the new
$740,628
9
993:619
3 19 163
$11.373790.2.73047
for the first nine months of 1928.
2
2
94
19 5
456,567
"The company has recently acquired complete control of a taxicab sales
handled its product in New York City,
945.811
657,740
and finance company that heretofore
last eight months were in excess of $400,000. 1926
679.204
617 1,
1 r 55
1., 91 651
538.447
3
the earnings of which during the from all sources for 1928 should
1927
405,560
285,603
exceed 1928 (8 months)
Estimated company earnings
000 000.e-V, 127, p. 2689.
81. .
$891.920
$574.068
$1,465,988
Annual average
Corp. (Del.).
--Organized.
Net earnings after depreciation and depletion during the past four years
Chemical Industries organization of this
Aug. 31 1928, have averaged $891,920 annually
corporation for the pur- and eight months. ended
Announcement is made of the
s before interest charges and Federal taxes The annual average provision
pose of acquiring in whole or in part an interest in growing companies i
company, which for depletion during the period has been 3574,068, making total annual
the chemical and drug trade. Capitalization of the newof
1
250.000 shares average net earnings and realization available for payment of Federal taxes.
was incorporated in Delaware on Nov.A.1928,consistsCo.,
D.Mendes
Inc., is chair- interest and debt principal of $1,465,988. The maximum annual interest
of no par value. Arthur D. Mendes, of
first mortgage debt, Including this issue Is A"60.(ton
man of the board; Victor 0. Bell. president, and Maurice M. Minton, Jr.. charge of theresults for Sept. and Oct. esUmated net earnings and realm..
n operating
and general manager.
vice-president
2826
FINANCIAL CHRONICLE
lion available for interest charges, Federal taxes and debt principal
for the
current year will be well in excess of $1,200,000.
Purpose.
-Proceeds of this issue and of $2,000.000 first mortgage 6%
bonds of the Hardwood Timber Corp. (see below) a wholly owned subsidiary, are being used in part payment for the assets and business of Its
predecessor companies and for additional working capital.
40,213 additional shares were offered for subscription to holders of record
of voting trust certificates Oct. 18 at $70 per share. Rights expire Nov. 22,
The Guaranty Trust Co. of New York has been appointed transfer agent
for an additional 40.213 shares, represented by voting trust certificates.
See V. 127, p. 2094.
City Machine & Tool Co., Toledo, 0.
-Stock Offered.
Hemphill, Noyes & Co. New York, recently offered a block
of 30,000 shares capital stock at $31 per share. The stock
'
was purchased from individuals and did not represent new
financing for the company.
Capitalization.
-Authorized and outstanding, 150,000 shares (no par
value) no funded debt or preferred stock.
Present annual dividend rate $1.60 a share, payable Q.
-J. Dividends
free from present normal Federal income tax. Holders of snares of tells
stock, resident in the State of Ohio, are not required, under existing laws,
to list such shares for personal property tax in the State of Ohio. Transfer
Agents. Chemical National Bank, New York and the Home Bank & Trust
Co.. Toledo, Ohio. Registrars. Equitable Trust Co. of New York and
Ohio Savings Bank & Trust Co., Toledo, Ohio.
Data from Letter of Amos Lint, Pres. of the Company.
Company.
-Is engaged in the manufacture of dies for
metal stampings for automobiles. Such dies are used by producing sheet
automobile and
automobile body manufacturers in the production of a wide variety of
parts, including bodies, radiator shells, hoods, fenders, seat backs, dash
boards, tool trays, oil pans, chassis frames, &c. The business of the comppany was established some 15 years ago, the present company having been
incorp. in Ohio, Apr. 3 1925.
Earnings.
-The net profits of the company for the three years and nine
months ended Sept. 30 1928, after all expenses and provision for Federal
Income taxes, have been certified to by lionopak, Hurst and Dalton.
Certified Public Accountants of Toledo. Ohio, as folloass:
Net Profits
Per Sh. of
as Above.
Corn. Stock.
Year ended Dec. 31 1925
8187.803.97
$1.25
Year ended Dec. 31 1926
414.734.15
2.76
Year ended Dec. 31 1927
374,521.73
2.49
Nine months ended Sept. 30 1928
2.49
374,411.03
Company's plant is now, and for some months has been, operating day
and night and contracts now on the books and pending indicate that the
company will continue to operate day and night for some time in order to
handle the business offered.
Balance Sheet as of Sept. 30 1928.
Assets
Liabilities
Cash
3214,343 Accounts payaole
335,832
Value life insurance
14,424 Accrued items payable
33,003
Accounts receivable
178,141 Res.for Federal tax
51,685
Merchandise inventories _ _ _
201,290 Capitalstock & surplus
2725,817
Plant equip.(leas decree.) --221.324
Other assets
1,953
Deferred charges
14.859
Total
$846,336
Total
$846,336
a Represented by 150,000 shares conunon stock of no par value author
ized and issued.
Dividends.
-Owing to the company's strong cash position and due to the
fact that it carries a very small inventory and operates in leased quarters,
there has been no need for tho accumulation of a large surplus and consequently the dividend policy has been liberal. The regular dividend rate
was recently increased by the payment on Oct. 1 1928 of a quarterly dividend of 10 cents per share, the last previous payment baying been 25 cents
per share on July 2 1928.
Claremont Investing Corp.
-Initial Common Dividend-Rights.
The directors have declared an initial quarterly dividend of 18Uc. a
share on the common stock and the regular quarterly dividend of 31 itc. a
share on the pref. stock, both payable Jan. 1 to holders of record Dec. 29.
The corporation has completed its payments for the two-thirds control
of the Fort Morris Bank, it is stated.
The stockholders will vote Nov.23 to authorize an increase in the common
stock by 80.000 shares, which will be offered to stockholders of both classes
at $12.50 a share in the ratio of one share for each share of either class held.
-V. 126, P. 3597.
Club Aluminum Utensil Co.
-Enters New Field.
-
The company is completing arrangements to enter the vacuum cleaner
field with a machine which Is to be revolutionary in design and unique in
Its several added features of utility, according to President William A.
Burnette. Details concerning the new machine are not at present available,
but announcements will be forthcoming within the next few weeks.
-V. 127,
p. 2535.
Coca-Cola Co.
-To Create Class A Stock.
stockholders
The
will vote Dec. 8 on approving the creation of an issue
of 1.000,000 shares of class A stock. This stock, it is understood, will be
Issued to common stockholders as a 100% stock dividend.
There are outstanding 1,000,000 shares of no par value common stock.
-V. 127. p. 2535.
Coen Companies, Inc., San Francisco.
-Stock Offered.
-Russell-Colvin Co., San Francisco, recently offered 44,000
shares class A convertible stock (no par value) at 822.50
per share. The issue has been oversubscribed.
Registrar: Wells Fargo Bank & Union Trust Co.. San Francisco. Class
A shares are entitled to cumulative dividends from Oct. 1 1928 of $1.50
per annum. Convertible, share for share, into class B shares, and callable
at $30 per share after Jan. 1 1931. Dividends payable Q.
-J.
Capitalization
Authorized. Outs'd'a
Class A stock (this issue)
60,000
44,000
Class B stock
40,000
*100,000
*60.000 shares reserved for conversion.
-Application will be made to list the class A shares on the San
Listing.
Francisco Curb Exchange.
Data from Letter
G. W. Coen, Pres. of the Company.
-Is a successor to and merger of Coen Co. and the United
Company.
Death Valley Clay Co. This combination has been effected with the
object of securing improved efficiency in service and reduction in operating
costs, through unified management and importannt additions to operating
equipment.
The Coen Co. has been continuously and profitably engaged in the manufacture and sale of oil burners since 1912. The United Death Valley Clay
Co. own the larger part of the only known deposits of bleaching clay of high
natural efficiency, and are the principal producers of the clays which are
used id the "contact process"ofrefining petroleum and vegetable oil products.
Earninos. Based upon examinations and report by Price, Waterhouse
& Co. of the records of the United Death Valley Clay Co. covering all
business done since commencement of operation under the contract with
the Pacific Coast Borax Co., Ltd., and by Hood & Strong, covering operations of Coen Co. since 1922, the present consolidated earnings of Coen Co.
Inc., after deduction of non-recurring costs which are eliminated by consolidation (before depletion and Federal income tax deductions in the case
of the United Death Valley Clay Cos.) are at the rate of $134,300 per year.
This is eequiyalent to $3.05 per share of class A stock to be outstanding.
It is estimated that a further increase in net profits in excess of 830,000
Per annum will result from operating economies to be effected by additions
to field equipment and transportation facilities which are to be installed
immediately at the clay properties.
A further large increase in tonnage and in net earnings is also expected
at an early date as a result of negotiations now pending with certain of the
large southern oil companies, whose new refineries are now under construction.
a
-Listing.
Columbian Carbon Co.
The New York Stock Exchange has authorized the listing of voting
trust certificates for 40,213 additional shares of capital stock (without
par value) on official notice of issuance and payment in full, making the
total amount applied for voting trust certificates for 442.344 shares. The
[VeL. 127.
Columbia Graphophorte Co., Ltd.
-Listing.
-
The New York Stock Exchange has authorized the listing of temporary
certificates for 1,740,000 "American shares." which are to be issued by
Guaranty Trust Co. of New York as depositary under a deposit azreement
dated as of Nov. 1 1928, each such "American share" to be issued to represent one deposited ordinary registered share of capital stock of Columbia
Graphophone Co., Lts., with authority to add such additional certificates
for "American shares" as may subsequently be issued under such deposit
agreement.
The issuance of "American Shares" does not represent now financing
but is intended to attract American capital and facilitate the investment
of such capital in the company.
Comparative Income Account.
-Years Ended Mar. 31.
15 Mos End.
1925.
1926.
1927. June 30 '28.
Bal. from last acct
5581.984
a$229,583
$364,622
$536,220
Profit
574,905
733,992
878,124
2.390.938
Total
Deduct.: div. on ord.shs.
Div. on pref. shs.(7 )
Reserve for taxation &
contingencies
Staff pension fund_ _ _
To reserve fund
$656,889
363,232
45,404
34,053
$963.575 $1,242,746 $2,927,158
450,118
486,650
1,417,056
90,437
102.196
127,746
58.398
48,665
69,015
48,665
48,665
27,739
Balance at end of year a$214,200
$364,622
$536,220 $1,257,287
a Differences between "Balance at end of year" and "Balance from last
account" caused by converting English pounds at different exchange rates.
Note -Conversions into dollars at the following rates (being the average
rate of exchange for the years 1923-6 inclusive, (and at par for the years
1927 and 1928): Apr. 1 1923
-Mar. 31 1924, $4.4754 (monthly average):
Apr. 1 1924-Mar, 31 1925, $4.5404 (monthly average): Ann 1 1925
-Mar.
311926,54.8494(monthly average)• Apr. 1 1926
-Mar. 311927,$4.8665(Par)
Apr. 11927
-June 30 1928. $4.8665 (par).
acomparaltve Balance Sheets.
AssetsMar. 31 '27. June 30'28.
Liabilities- Afar. 31 '28. June 30'28.
Matrices, patents
Preference shares.$1,459.950 $1,459,950
goodwill, &c._
$5
$5 Ordinary shares. __ 1,924,297 2,389,678
Office turn. &
5
5 Reserve account. _ 2,850.885 5.325,411
Freehold land, offi.
Trade creditors. res.
drc
335,789
510,983
& credit
- 978,844 1,090,446
Fixed plant and
Res. for inc. tax &
bal._machinery, &c... 223,859
257,925
contingencies. _ _
300,507
294,022
Inv. In axsoc'd cos_ 5,722,606 8,818,203 Bal. due to assoc.
Bal. due by assoc.
79,262
companies
companies
181,626
151,149 Res. for final div.
Prepaid expen., &e
21,386
37,980
976,707
& other appropri• 564,181
Stuck on hand &c.. 307,033
587,748 Profit & loss acct._
536,220 1,257,287
Sundry debtors_ _ 1,127,135 1,250,880
Cash at bank & in
hand
695,240 1.266.885
Total
$8,614,684 812881,763
Total
$8,614,684 312881,763
aConverted into dollars at par £1 equals 34.8665-V. 127. p. 1811.
Commercial Credit Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 90.000
additional shares of common stock (without par value) on official notice
of issuance thereof In exchange for shares of Kernsley, Millbourn & Co.,
Ltd., upon the basis of 2 shares of Kemsley. Millbourn & Co., Ltd., for
one share of common stock of commercial Credit Co., making the total
amount applied for 810,000 shares.
Assets-
Consolidated Balance Sheet.
Sept. 30'28 Dec. 3127
Liabilities-
Cashnks due from
ba &
Sept. 30'28 Dec. 31'27
5
Coll, trust notes
14,994.827 14,004,943
payable
7.694.500
Open accts, notes.
aecept
Notes payable, sec. 3.757,723
23,859,629 22,777.029 Notes pay., unsec.56,582.500
Motor lien retail
Sundry accts. pay. 866,142
time sales:motes-76,401,911 48.722,243 Accrued taxes_ _ _ _
148,385
Sundry accounts &
Coll, trust notes
notes receivable 537.128
433,986
Series "A," 1934 4,339,000
114,423
Repossessed cars:_
194,474 Coll, trust notes,
Investments
2,230.758 1,331,546
Series "A," 1935 4,428,000
Deferred charves_ 1,294,981
831,806 Reserve for Fed.
Furniture & fixt's_
tax
399.785
44 Contingent reserve 2,320.372
t x
Dealers' particip.
loss reserve
2,419,862
Reservefor possible
losses
1,566,974
Del.int.& chrgs_ _ 3,908,632
Ry.stk. Baltimore
Co. (par 5100). 8,000,000
Baltimore Co.,
160, ) ale.
$ 500
2
0
at
4,000,000
Baltimore Co.
(Class "B")
(160,000 shs. at
25)
4,000,000
C
Chicago Trust(80,000 shs. at $251_ 2.000,000
New Orleans Co.,
(40.000 fibs at
5 5)
2
1.000,000
Corn. Baltimore Co.8.000,000
Surront & undivid.
pplus
4,001,816
Total
119,433,665 88,296,033
-V. 127, p. 2536.
Total
32,958.500
3.104,661
6,502,000
352,864
29,402
4,428,000
4,518,500
221,209
2,284,484
1,246.185
888.036
2,437,947
8,000,000
4,000,000
4,000,000
2.000,000
1,000,000
8,000,000
2,328,241
119,433,665 88.296,033
Columbia River Packers Association, Inc.
-Common
Stock Offered.
-Bacon & Brayton, San Francisco, recently
offered 8,000 shares common stock at $21 per share.
Transfer Agent, American Securities Co., San Francisco. Registrars,
Security Savings & Trust Co., Portland, Ore. and American Trust Co.. San
Francisco. Application will be made to list this stock on the Ban Francisco Stock Exchange.
Data from Letter of Pres. W.L.Thompson,Pm tland, Ore., Oct. 15.
Company.-Incorp. 1924 in Oregon and has acquired all the properties
and business of the Columbia River Packers Association. This latter
company had engaged in business continuously since 1899. Company
owns and operates five fully equipped, modern packing plants, situated at
Astoria, Ore.: Ellsworth and Eagle Cliff, Wash.; Nushagak and Chignik,
Alaska. At Astoria it operates the largest and most complete cold storage
plant for the refrigeration offish on the Columbia River, with facilities for
the storage of more than 2,000 tierces of mild cured salmon and a capacity
for the freezing of 20 tons of fish every 24 hours. In addition to these
properties the company owns 13 stations, located at strategic points along
125 miles of the lower Columbia River, equipped for the receiving of fish
and their distribution to the various plants. Valuable fishing rights and
grounds are owned or controlled under lease, and the company maintains
a fleet of documented and registered ships and boats to serve its Columbia
River and Alaska operations.
CapitalizationAuthorized.
Outstanding.
Funded debt
$1,165,000
$1,250,000
Common stock (no par)
80.000 shs.
70,160 ans.
Earnings.
-For the last 30 years, with toe exception of three years. when
nominal losses resulted, the company has shown an unbroken record of
profitable operations. From its earnings the Columbia River Packers
Association has made large additions to its properties, built substantial
depreciation reserves and maintained the property in the highest rate
)
Nov. 17 1928.1
FINANCIAL CHRONICLE
2827
state of efficiency and, in addition thereto, every year since 1908 (except economy in inventory carried, (5) concentration of handling and delivering
1927) hgs declared a dividend, and since organization has disbursed to facilities, (6) reduction of administrative compensation and economies in
stockholders in dividends 82,613.600. Profits, after interest, taxes and plant production, sales and general overhead costs.
maintenance, and before depreciation are as follows:
Consolidated Retail Stores, Inc.
-Rights, &c.
8207,106 1924
8346,393
1919
The stockholders will vote Nov. 19 on increasing the authorized common
173.006 1925
224,865
1920
217,633 1926
147,155 stock (no par value) from 230,000 shares to 500,000 shares.
1921
In order to reimburse the treasury for expenditures made in the acqui78,880
485,832 1927
1922
56.769 1928 (nine months)
360.739 sition of additional properties and to place the corporation in a position
1923
Profits available for dividends for the calendar year 1928 will exceed to take advantage of similar opportunities for further expansion, the direc-year tors propose, subject to stockholders' approval of the amendment, to offer
$250.000. which is more than $3.50 a share. During the last 10
period earnings have averaged more than $3.30 a share before depreciation. 50,000 shares for cash to common stockholders by extending to common
The balance sheet of the company, as of Oct. 1 1928, discloses a book value stockholders of record Nov. 20 the right to subscribe to one additional
share for each 4 shares then held at $20 per additional share.
-V. 126. p. 2796.
in excess of $37 a share.
It is also proposed, subject to approval of the above amendment, to
-Earnings.
exchange the 56,877 outstanding shares of limited dividend common stock
Commercial Investment Trust Corp.
9 Mos. End, into common stock upon a basis equitable to both classes of stock. This
Quarter Ended
Sept.3("28. June 30'28. Sept.30'27. Sept.3028. exchange is to be effected on or before March 1 1929. All but final details
Period-V. 127, P. 2094.
$948,661 $3,713,722 have been arranged.
Net inc. after charges..__ $1,467.132 $1,297,929
1,097,773
741,698
3,105,553
Balance for common_ __ - 1,266,082
Container Corp. of America.-Debs. Called.
P. 2689.
-V. 127,
All of tne outstanding 10
-year 6% gold debentures due June 15 1936,
Commonwealth Insurance Co. of N. Y.
-Stock Div.
- have been called for redemption Dec. 15 at 104 and int. Payment will
-V. 127.
The directors on Nov. 28 will consider the declaration of a 100% stock be made at the National City Bank, 55 Wall St., N. Y. City.
p. 2536.
div. by the transfer of $500,000 from net surplus to capital.
The stockholders on Nov. 7 increased the authorized capital stock (par
$1001 from $500,000 to 81.000.000.
Continental Mills, Boston.
-Balance Sheet June 30.Total assets Sept. 30 1928 (as per statement filed with the
jAs filed with Massachusetts Commissioner of Corporations.]
$7,418,315
Insurance Department, State of New York)
Assets1928.
1927.
Liabilities1928.
1927.
3,753,864
Liabilities
Capital stock
81,500,000 $1,500.000
Capital
$500,000 Real estate & machinery
83,220,147 83.184,777 Accounts payable_
17,588
67,792
946,279 1,015,235 Res. for decree__ 1,468,706 1,342,286
$3,164,451 Merchandise
Net surplus
89,540 Surplus
Accts.receivable_ _ 187.335
1,663,868 1,558,218
127, p. 2536.
39,715
Cash
161,778
105,612
105,614
Securities
Consolidated Automatic Merchandising Corp.
29.009
33.412
Tot.(each side)_84,650,162 $4,468,291
Prepaid insurance_
All Schulte-United Stares will be equipped with Peerless Weighing
Scales, Sanitary Postage Machines. Wrigley Gum Vending Machines and -V. 127. p. 552.
Machines in accordance with a contract just closed
Life Savers Vending
-Listing.
Coty, Inc.
by the Schulte-united. Inc., with the Consolidated corporation.
The New York Stock Exchange has authorized the listing of 983.286
With the 1_,000 junior departWent stores of the Sc to $1 variety, which
the Schulte-United, Inc. contemplate opening throughout the country, additional shares of capital stock (without par value) on official notice of
it is estimated that the contract just closed will cover the installation of issue as a stock split up (four for one), making the total amount applied
about 2,000 weighing scales, 1,500 Sanitary Postage Machines, 2,000 for 1,311.048 shares. The stockholders Nov. 2 increased the authorized
Wrigley Gum vending machines and 2,000 Life Savers vending machines. capital stock from 459,300 shares to 2,500.000 shares and approved the
-V. 127, D. 2094.
This contract supplements another one, recently closed by the Schulte- issuance of four new shares for each share held.
United .Inc. with "Cameo," under the terms of.which the Schulte-United
-30007
,
-stock Dividend.
Credit Alliance Corn.
stores will be equipped with talking automatic merchandising machines and
The stockholders will vote Nov. 19 on approving a 300% stock dividend,
change-making machines. Each Schulte-United store will have an autcmatte department in which candies, food products, grocery specialties and three additional shares of class A stock to be Issued for every share of
common or class A now outstanding.
many other articles will be sold automatically.
The corporation is also planning to issue $6.000 000 10
-year 534%
p In many stores from 50-up to 100-automatic units will be installed and
altogether, when the Schulte-United, Inc. plans are completed, it is esti- debenture bonds, carrying stock purchase warrants for the new class A.
mated that a total of about 50,000 "Robots- will be employed. Contracts stock with a varying price range over a period of three years. These funds
have been closed with the Hershey Chocolate Sales Corp., the Schlorer will be used for the growing needs of the business.
W. s
• ' •
The business of the corporation is running about 70% ahead of the
‘,ee
Delicate see Co.. Inc., B. e h-Nu ackin
Co. and others for the automatic sale of their products in the Schulte- volume for last year. The directors have felt that the increased volume
United stores. Each unit selling these products will not only say "Thank and profits of the business, as well as the present book and market value,
warrant a split-up of the stock into smaller units.
You." but will also add the advertising slogan of the product.
In discussing the contract with the Schulte-United, Inc., as well as other
The corporation reports gross business of 512.943.138 for the third quarter
developments in 'Cameo," A. J. Sack, Chairman of the Consolidated of this year, a new high record and an increase of 82% over the $7,048,653
Company, stated the following: "In addition to the contract with the in the same quarter of 1927. The corporation is engaged in the financing
Schulte-United, Inc. we have many other contracts on hand, among them a of time purchase sales of industrial machinery and equipment of a necessary
contract to equip with our talking automatic merchandising machines all character. In tne third quarter of 1926 gross was $5,921,638 and in 1925,
Liggett Drug Stores, about 500 in number. Orders and inquiries on hand $2,274,676.
indicate that we should have about 100,000 "Robots" at work in the
The corporation has moved its offices from 149 Broadway to the 11th
leading chain organizations, department stores and individual locations in floor of tne Harriman Building at 39 Broadway, N. Y. City.
-V. 127.
the near future. We have at this moment close to 90,000 of our automatic P. 1953. 1257.
devices in operation, and we expect to double this number during 1929."
Crown Willamette Paper Co.(& Subs.).
-Earnings.
-V, 127, p. 2094.
„
1114
(Excluding Pacific Mills, Ltd.)
Coniadated Film Industries IEarnings.-1928-9 Mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
Quarter Ended
9 Mos. End.
81,862,489 81.509,756 84.711.804 84,323.481
Sept.30'28. June 3028. Mar.31'28. Sept. 3028. Gross earnings
Period289,719
Interest
336,568
871,284
997,765
Net profit after deprec.
363,100
325.253
1,024,084
Depreciation
941,091
$419,0257M$350,032
8351,344 81,120,401 Depletion
& Fed. taxes
167,043
79,643
367,404
175,075
Earns, per sh. on com98,651
Federal taxes
94,589
236,912
272,520
bined 300,000 shs. $2
no par cum. part. pref.
Net income
8943,976
$673,703 32,212.120 $1.942,030
stk. & 400,000 shs. no par
30.59
corn. stk
80.50
$0.50
$1.60 Earn, per sh. on 1.000.000 shs. no par com.
-V. 127, p. 1108.
$0.53
$0.26
stk
$0.97
s0.70
Consolidated Indemnity & Insurance Co.-Riohts
Income Account of Pacific Mills, Ltd.,
.
.Stock purchase rights will be given subscribers to stock of Consolidated
1928-9 Mos.-1927.
- 1928-3 Mos.-I927.
Period End. Sept. 30
Indemnity & Insurance Co. under the plan of financing the new company, Gross earnings
$549,561 $1,685,222 $1,683,729
$624,000
211,806
213,735
641,207
627.734
of which John F. Gilchrist, former Transit Commissioner, will be President. Depreciation
6,954
1,980
15.113
Under this plan, holders of City Financial Corp. stock are given rights to Depletion
9,591
stock of the new Consolidated company at $28.50 a share. Interest
subscribe to
81,256
66.633
201,005
246.765
42,267
47,632
132.527
This stock is to be paid for on Nov. 15. (See also City Financial Corp. Federal taxes
125.764
in V. 127, p. 2371.)
$289,046
$212,252
$707,655
$661,585
Each share of Consolidated Indemnity stock now issued will also have
Net profit
attached to it a warrant giving the holder the privilege of purchasing an
Balance Sheet Sept. 30 (incl. wholleg owned subsidiaries)
additional half share after Nov. 15 1929, and before Jan. 2 1930, at the
1927.
1927.
1928.
1928.
Assets-V. 127, P. 2690.
rate of $30 per share.
S.
$
$
Capital stock_ _ _ _x28,382,300 28,382,300
Lana,timberlands.
Consolidated Paper Box Co.-Pref. Stock Offered.
6% gold bonds_ _ _23,755,150 19,678.500
water rights, &c
Co., San Francisco, recently offered 37,500
Russell-Colvin
(less decree.)-56,727,083 39,834,773 Accounts payable_ 1,434,610 1,047,616
1,805,509
876,891 Curr. accts. aff11.
shares class A convertible stock at $23.50 per share. The Cash
companies
U. S. Gov. bonds_ 837,314 1,014,993
issue has been oversubscribed. A portion of the class B Accts. Az notes rec. 3,310,196 2,308,156 Accrued interest_ _ 339.886 372,204
295,177
7,622.408 5,217,634 Real, personal and
Inventories
stock was also offered to the public at $18.50 per share.
200.000
Fed. taxes, 1927 241,962
Crocker First Federal Trust Co.. San Francisco. Transfer Call loans
Registrar,
55.500 12,201,160 State & county tax 786.016
202.004
Investments
agent, Wells Fargo Bank & Union Trust Co., San Francisco. Class'A
212,650 Divs. declares__ _ _ 414.366
350,000
shares are entitled to cumulative dividends of $1.50 per annum, payable Adv.to owned cos.
1,688
11,686 Notes payable_ __ 1,020,000 1,224,000
installments. Convertible, share for share, into class Sinking fund
in equal quarterly
410,312
198,584 Due owned cos_ __ 1,661.092
261,050
"B" shares, and callable after Feb. 1 1931, at $30 per share. In liquidation Def. charges
463.652
981,247
Reserves
or dissolution, class "A" snares are entitled to prior payment of $30 per
Initial surplus_ _ _ 6,799,665 6.799.665
-F.
share. Class "A"dividends are payable Q.
Total(each side)70.970.010 61,878,527 Earned surplus_ __ 5,671,311 2,284,764
-Application has been made to list both classes of shares on the
Listing.
x Represented by 200.000 shs. $7 1st pref. stock, 41,000 shs. $6 pref.
San Francisco Curb Exchange.
-'V.127, p. 1681.
Capitalization.Authorized. Outstanding. stock and 1,000,000 shares common a 1 of no par value.
60,000 shs. 37,500 sirs.
Class"A"stock (no par value)
Crown Zellerbach Corp.
-Earnings.
*120.000 shs. 50,000 shs.
Class"B"stock (no par value)
The first report of earnings issued by the corporation since its acquisition
*60,000 shares reserved for conversion of class "A" shares and 10,000
of the Crown Willamette Paper Co. early this year makes a very favorable
shares reserved for general corporate purposes.
-Will acquire and merge (subject to completion of prevent showing. The consolidation income statement of the corporation and its
Company.
financing) the entire long-established businesses ef the Independent Paper subsidiaries, which covers the 4 months' perics1 ended Aug. 31, last, shows
of last
Box Co., Enterprise Paper Box Co., Raisin & Zaruba, and Thiebaut Bros. gross income of $4,343,545, against $3,789,918 in the same periodinterest
year. Net profits for the period,after depreciation, depletion, bond
of San Francisco and Oakland. Calif., makers of paper boxes, whose com- and Federal taxes, amounted to $2,377.338. an increase of 25% over net
business represents between 60% and 70 7 of the total
,
bined volume of
profits for the same four months of
“set-up" paper box business in Central California. In addition thereto, it dividends on outstanding preferredlast year. After making provision for
stocks of
will acquire a 50% ownership in the Union Paper Box Factory, San Fran- stock of Crown Zellerbach Corp., the balance subsidiaries and preferred
available for the common
cisco, engaged in tne same type of manufacture.
-Examinations and reports of the several companies' books stock in this 4 months' period was $1,449,823, an increase of 48% over tn•
Earnings.
bankers by H. C. Averell & Co., certified public same months last year. Such balance was equivalent to 73 cents a &rare
and affairs made for the
1.969,774 shares of common stock outstanding or at the annual
accountants,San Francisco,show combined net profits,after the elimination on the $2.21 a share.
rate of
of non-recurring items and after liberal reserves for depreciation, but before
The corporation, including subsidiaries, is the largest paper manufacturer
Federal taxes, as follows:
one of
The corporation
$81,18611926
8116,379 on the Pacific Coast and a long the largest in the world.most of the news1923
period of years supplied
74,141 1927
106,296 and subisdiaries have for Coast. Other products include 'craft, manila and
1924
print used on the Pacific
86.5711
1925
warpping papers, tissue papers, wax papers, paper bags. etc.
Based upon average figures for the past two years, which most closely sulphite p.2690.
V. 127,
reflect the effect of recently installed equipment, the net profits equal
4
-Redeems Pref. Stnck.-"'-,
Distilling Co.
or approximately two times the class "A" dividend requirements,
Cuba
$111,338,
and after giving effect to economies to result from merging and concenThe American Exchange Irving Trust Co. has been appointed agent to
trating production activities under unified management, the net earnings of redeem 1,158,600 shares of preferred stock at $125 per share on Noy. II
of plant
the "consolidated" company, after depreciationannum, and equipment, 1928. (See also U. S. Industrial Alcohol Co. in V. 127, p. 2554.)-T. 137,
equivalent (after p. 2536.
are estimated at not less than $151.000 per
Federal taxes) to more than $3.40 per share of class"A"stock to be presently
-Tenders.
De Laval Separator Co.
outstanding,
The New York Trust Co., trustee, 100 Broadway, New York City, will
Purposrs of Consolidation. It is estimated that a considerable reduction
-year 6% 5. f. gold notes
and expenses can be effected in (1) purchase of raw until Dec. 4 receive bids for the sale to it of 10
of operating costs
materials, (2) elimination of duplication of plants and warehouses, (3) due July 15 1935 to an amount sufficient to exhaust $50.000 at a price
-V. 125, p. 2816.
production aTli sales in San Francisco and Oakland plants, (4) not exceeding 10134 and interest.
division of
2828
FINANCIAL CHRONICLE
Davison Chemical Co.
-Listing.The New York Stock Exchange has authorized the listing of 80,000
additional shares of common stock (without par value), on official notice
of issuance in exchange for shares of stock of the Read Phosphate Co.
making the total amount applied for 480,000 shares.
The directors on June 29 authorized the issuance of 80,000 shs. of common
stock without par value to be exchanged for shares of stock, both common
and preferred, of the Read Phosphate Co. (of West Va.). The number of
shares of the Read Phosphate Co. to be acquired are 16.615. valued at
$4,000,009, or $240.75 a share.
-V.127, p. 1954.
Detroit Electric Co.
-Listed.
The Detroit Stock Exchange has approved for listing 15,000 units (comprising( one share of class A and one share of class B) no par value.
CapitalizationAuthorized. Outstanding.
Class A cumul. pref.stock (no par value)
15,000 shs. 15.000 shs.
Class B common stock (no par value)
65,000 shs. 65,000 shs.
Transfer Agent, Guardian Trust Co., Detroit, Mich. Registrar, Guaranty 'Trust Co., Detroit, Mich.
Mvidends.-Class A cumulative preference stock, no par value, beginning
Jan. 1 1929, $2.10 per share per annum payable Q-J.
History.-Incorp. in Michigan, April 28 1927. Company through its
2,000 dealer contracts and six branches located in Grand Rapids, Kalamazoo, Lansing, Saginaw, Toledo, and Cleveland. Is one of the largest wholesale distributors of radio sets and radio supplies in the United States.
Earnings.
-Net earnings of the company for the three fiscal years ending
Aug. 311928, were as follows:
Earned
Earned
Net Profit after
per Share
per Share
Fed. Taxes &
Years Ended Aug. 31All Other Charges. Class A Shs, Class B Shs.
1926
$0.74
$5.31
$79,702
1927
0.75
5.37
80.635
1928
0.15
2.76
41,495
Based on orders, contracts on hand and net earnings reported by C. J.
Lynch & Co.. certified public accountants, for the fiscal year to date It is
conservatively estimated that net earnings available for dividends for the
fiscal year ending Aug. 31 1929, will be approximately $150.000. equivalent
to $10 per share on the class A cumulative preferrence stock and $1.82
on the class B stock.
Diamond March Co.
-Special Stock Dividend.
The directors have declared a special stock dividend on the capital stock
of 3-10 of 1 share for each share of stock held, payable Dec. 10 to holders of
record Nov. 26. Because of this payment in stock of the North American
Match Corp., no extra cash dividend on the Diamond Match Co. capital
stock will be paid during the coming year, it is announced. On March 31
last an extra dividend of 1% was paid in cash.
The North American Match Corp. is primarily a holding company, its
capital being invested generally in companies engaged in the match business
and associated industries, with a sphere of operations not restricted to the
United States. Upon completion of financing now under way and acquisition of properties and securities under contract, the company's stocks
will have an equity in assets-exclusive of good will, patents, and like
intangibles
-over all liabilities of over $100 a share.
Because of unsatisfactory conditions at present in the American match
industry earning power of North American Match Corp. during the next
year or two is uncertain, but the company should show good earnings and
pay satisfactory dividends when general trade conditions shall again become
normal, a letter to the stockholders says.
-V. 127, p. 2690.
Dunhill International, Ltd.
-Stock Increase-Rights.
The stockholders on Nov. 15 increased the authorized common stock, no
par value, from 125.000 shares (all outstanding) to 200,000 shares.
It is reported that part of the additional stock will be offered to common
stockholders at $50 per share.
-V. 127, P. 2537.
(E. I.) Du Pont de Nemours & Co.
-Listing:
-
The New York Stock Exchange has authorized the listing of not to
exceed 149.392 shares additional common stock without par value, on
official notice of issuance and as payment for all the assets of the Grasselli
Chemical Co., making the total amount applied for 2.811.050 shares.
The finance committee on Nov. 5 1928. authorized the issuance of not
to exceed 149.392 shares of Common Stock for acquisition of all the assets,
subject to liabilities, of The Grasselli Chemical Co. to be issued for the
account of the stockholders of The Grasselli Chemical Co. In proportion
to their holdings of stock. See also V. 127. p. 2371.
See Grasselli Chemical Co. below.
-V. 127. p. 2371.
[VOL. 127.
will bring total liquidation and dividend payments to $25.98 a share.
payment will be made on and after Nov. 19 by the Guaranty Trust Co
of New York or First National Bank of Boston, where certificates should
be surrendered.
-V. 124, p. 2435.
Famous Players Canadian Corp., Ltd.
-Annual Report.
Years EndedAug.25'28. Aug.27'27. Auff.28'26. Aug.29'25.
Operating profit
$800,582
$730,607
81.507.067 $1,191,878
Interest
91,683
90.370
250,446
95,513
Depreciation
265.409
299,715
180.000
301.632
Deferred charges
43.850
47.069
87.398
88,382
Prov.for Dom.inc. taxes
73,466
Net profit
Divs. let pref. stock
Divs. 2d pref. stock_
$794,124
252,054
60,000
4708,268
336,072
40,000
4399,640
334,036
4413,169
332.000
Balance, surplus
Previous surplus
Surplus of subs
$482,070
583,346
$332,196
281,005
$65,604
243,325
$81,169
187,146
3.181
Total surplus
$1.065.416
Taxes,&c., prior years
59,265
Value ofshs.Issued toretire old pref.stock-- 20,000
$613,201
29,856
$308,929
27,923
$271.496
28.171
Profit & loss surplus
$243,325
$986.151
$281,006
$583.346
x Before providing for income taxes.
Comparative Balance Sheet.
Aug.25'27 Aug.27'27
.
Aug.25'28. Aug.27'27*
.
Liabilities$
$
Property account_ 7,982,459 6,328,603 8% 1st pref.stock_
4,200,900
Franchises,&c__ __ 6,392,224 8,611,521 8% 2d pref. stock_
1,000,000
Adv,to aid!.cos_ _ 236,331
221,879 Common stock- - -x7,520,000 7,500,000
Dom.of Can. bds_
42,462
31,790 Stocks of subs. not
Inv.In affil. cos
242,326
323.075
held
738.244
Equity acquired in
635% 20-yr. bonds 8,000,000 1,116,000
affiliated cos_ _ _ 3,649,673
687,694
1 Mtates. on theatres 810,298
Acts. receivable_ _
104.018
95,917
165,871 Divs. declared_
Cash
161,538
268,277
433,349 Accounts payable_
99,586
Call loans
68.554
400,000
Deferred liabilities 494,568
Inventories
125,000
36.185
38,004 Adv.fr. aff11.cosDeferred charges
1,053,173
397,111 Accr. int. on bds &
210.989
mtges
82,912
Res, for taxes.. _ _
Res. for deprec. of
1,629,024 1,176,998
blclgs. & equip
Tot.(each side)_20.156.604 16,966.373 Surplus
583,346
986,151
x Represented by 320,000 no par shares.
-V. 126. p. 3600.
Federal Mogul Corp.
-Listed.
-
The Detroit Stock Exchange has approved for listing 130.000 shares,
(no par value) common stock. See also 17. 127. p. 1812.
Federated Cafeterias, Inc.
-Merger.
-
The company has been organized in Delaware to acquire all of the assets
of 66 cafeterias in New York and Brooklyn, doing an annual business In
excess of $11,000,000. Not earnings of the concerns to be combined have
averaged more than $1,400,060 a year. The flaw company, which will
operate ono of the largest restaurant chains in New York City, has entered
into arrangements with Jackson. Storer & Co. for the necessary financing.
Options are held on a number of restaurant properties throughout the city.
William Lowenstein, head of the St. Regis chain of restaurants, will be
President of the company.
Financial Investing Co. of N. Y. Ltd.
-Earnings.
Net profit
Dividends paid
Earnings 10 Months End. Oct. 311928.
$158,873
144,713
Balance surplus
Previous surplus
$14,160
10,946
Total surplus
$25.106
Balance Sheet October 311928.
Assets
Liabilities
Investments at cost
$3,857,031 Common stock
$1,301.400
Eastern Steamship Lines, Inc.
-Sale of Line.
212,720 Secured 5% gold bonds
1,751.000
This company, according to a dispatch from Boston, has sold the Gulf & Cash in banks
53,366 Notes pay., banks. secured-- 480,000
Southern Steamship Co. to the Atlantic Gulf & West Indies Steamship Accrued income
70,934 Accounts payable
1.691
Lings. The Eastern Steamship Lines, Inc., retains the floating equipment, Accoupts receivable
Bond di,. & exp. (unamert.).
99.212 Accrued int. on bonds & notes_
9,626
consisting of two ships, the Tampa and the Madison.
-V. 127, P. 1108.
Federal Inc. tax for 1927
2,596
Res.for Fed.inc.tax year 1928
17.627
Eastman Kodak Co.
-New Director of Sub. Co.
Premium on capital stock sold 704.216
Edward Holland-Martin of Martin's Bank, Ltd., London, has been
Total(each side)
$4,293,263 Earned surplus
25,106
elected a director of Kodak Ltd. The latter company is the subsidiary of
the Eastman Kodak Co., controlling its manufacturing and sales in Great -V.127, p. 2235.
Britain and its colonies.
-V 127, p. 2690.
First National Stores Inc.
-Earnings.
-
Electric Household Utilities Corp.
-New Executive.
Period End. Sept. 30A. D. Cameron, manager of the street lighting and supply division of Net profit
the Central Station department of the General Electric Co. has resigned Depreciation
.
to.accept an executive position with the above company, formerly the Federal taxes
Hurley Machine Co. of Chicago. His headquarters will be In New York,
and his field will cover sales, service facilities, credits, &c., in his territori.
Net income
The Electric Household Utilities Co. manufactures the Thor washing Earns, per share on corn.
machine's, ironers and vacuum cleaners, and is associated with the General
after pref. dividends_
Electric Co.
-V. 126, P. 3305.
-V. 127. p. 2691.
Emsco Derrick & Equipment Co.
-Earnings.
Earnings 9 Months Ended Sept. 30 1928.
Gross earnings
Reserve for Federal taxes
Reserve for contingencies
Interest on funded debt
$996,145
112,957
71,914
54.833
Net income
Previous surplus
$756,441
1.177.407
Total surplus
Stock dividends
Cash dividends
$2,933,848
1,125,000
269,242
1928-3 Mos.-1927
. 1928-6 Mos.-1927.
$838,379
$503,102 $1.510,346 $1.056,199
108,559
74,545
214.984
155.938
92.383
55,368
153.814
104,019
$637,437
$0.92
$373,189 $1,141,548
$0.48
$1.62
$796,242
$1.04
Gardner Motor Co.
-Sales Increase.
According to President Russell F. Gardner, retail sales of Gardner
cars for the month of October rolled up the unprecedented increase of
176% over the same month of last year.
Production in October showed an increase of 97%, while sales for the
same month increased 187%.
For September, always the best sales month in the fall season, sales
Increased 79% over the preceding September, making it necessary to
carry forward into October more orders that could not be filled in September than were shipped in the entire month of October 1927. September
production of Gardner cars was the heaviest by far of any similar period
in the company's history, it was announced.
In the past 60 days 32 distributors and dealers in 16 States have signed
up with the Gardner organization, greatly augmenting present forces
in the field," Pres. Gardner added.
-V. 127, p. 1109.
Total surplus
$539,606
Comparative Balance Sheet.
General Bronze Corp.
-Earnings.
[Including good-will, plants and other assets purchased from the D. St B.
Quarter Ended
9 Mos, End.
Pump & Supply Co. and the Emsco Derrick & Equipment Co. of Texas.]
PeriodSept.30'28. June 3028. Mar.31'28. Sept.30'28.
AssetsSept.30'28 June 3028. Net profit after charges.
Sept.30'28 June 3028..
Liabilities,
Fixed assets
x 2.145.631 52,171,322Capital stock
:
5:0000
0
5
$45 0000 54490 700
y8 0,000 1,20 00
depreciation, Federal
Cash
195,450
145,417 Fundea debt
taxes & pref. diva_ _ _ - $242.555
$166,400
$503,247
$94,291
Notes receivable_ _
148,189
531,990 Notes pay. (paid
Ohs, corn, stk. outstand.
Accounts receivle_ 1,250,226
Aug. 10 1918).
662.468
(no par)
179,212
x177.333
176,244
176.545
Inventories
2,552,240 2,316,720 Accounts payable_ 957,680
530.970 Earns, per share
51.35
$2.83
$0.94
$0.53
Good-will
62.681
42.415
200,000
.
200,000 Wages payable_ _
x Average amount outstanding.
Pats. & trade-mks. 764,120
90,000
78,587
764,120 Dividends payable
Balance Sheet Sept 30 1928.
Other assets
37,332
25.437
28,851
25,496 Accrued accounts_
247.432
160,087
AssetsReserves
Liabilities
194,336 Plant & equipment
$1,527,895 Preferred stock
539,604
$635,490
Surplus
Investments
49,360 Common stock
x1,004,240
Cash
659,210 Mortgages payable
132,000
Ttoal
$7,284,709 $6,817,533 Total
$7,284,709 $6,817,533 Time & demand loans
700,000 Accounts payable
396.432
x After reserve for depreciation of $432,637. y Funded debt reduced Notes & sects. receivable-- 977,156 Res. for taxes, &c
172,091
$750,000 as at Nov.5 1928.-V. 127, p. 2690.
Inventories
1,930,092
725,294 Paid in surplus
Insurance deposits, etc
13,144 Earned surplus
504,522
Good-will
1
. Equitable Financial Corp.
-30c. Class A Dividend.
122.717
$4,774,777
Total (each side)
The directors have declared the regular quarterly dividend of 30 cents Deferred expense
pft.share on the class A stock, par $20, payable Dec. 15 to holders of record
x Represented by 179,212 no par shares.
-V,127, p. 2236.
Dec. 1.-V. 127, p. 1682.
European Shares Inc.
-Final Liquidating Div' of 980.-
The directors have declared a final liquidating dividend of 98c. per
share, payable upon surrender of stock certificates for cancellation. This
General Foundry & Machine Co -Listed.-
The Detroit Stock Exchange has approved for listing 30,000 sharee,
no par value, class A stock, and 85,000 shares, n? par value, class B stock.
Compare also V. 127, p. 2236.
Nov. 17 1928.]
FINANCIAL CHRONICLE
-Refinancing Expected.
Refractories Co.
Cosner
Refinancing for this company. which will take the form of the sale of
dditional capital stock to stockholders, is expcted to be made in the
near future, it is stated. The offering will be made to provide sufficient
new capital for projected plant additions and to redeem the $3,644.000
1st mtge. 6% sinking fund gold bonds, due 1952. now outstanding. This
issue is redeemable at 107%.
In view of anticipated larger earnings, it is also expected that the company
will increase the common dividend in the near future from the $3 now
paid on the 225,000 shares of common stock outstanding.
2829
-Earnings.
Grand Rapids Metalcraft Corp.
The report covering the first nine months of 1928 shows net earnings of
$196,241, as compared with $132,797 for the full year of 1927. Sales were
20% in excess of those for the same period of last year. Consolidated
balance sheet as of Sept. 30 shows a ratio of current assets to current
liabilities of over 18 to 1,including over $385.000 in cash.
Purchase of the rights and manufacturing equipment of the Reich Ventilating Heater is announced by the above corporation, which is now supplying heater equipment for Cadillac, La Salle and Packard cars. The corporation also reports substantial orders from the Checker Cab Mfg. Co.
and Ron. The Kelch Heater is covered by five basic patents and six other
Develops New Processes.
valuable claims are now pending in the patent offices.
Extensive research conducted by the management and technical staff
The corporation reports that in addition to new orders from Ford.
for the past two years in the 'United States and abroad has resulted in the Chevrolet, Pontiac, Studebaker, Packard and Cadillac, the company is
perfection of new processes which are expected greatly to increase the now in production on contracts for material for Reo, Nash, Hupmobile,
processes are owned
scope of the company's activities. Patents for these
Marmon. and Chandler. A great deal of this new business is being obby the company.
patented equipment, the company having at present over 26
In addition, the company is developing new machinery processes, used tained onpatents, three of which have been issued within the last few
valuable
In the manufacture of refractories which,it is estimated will greatly improve days covering equipment formerly distributed by competitors. The
the quality of its product and result in lower costs. As an additional step company is now in a position to collect royalties from these sources and
towards that end the company has installed natural gas in some of its has a monopoly on all future business based on these patents. During the
-V. 127, P. 2538, 2374.
southern plants.
last 12 months over 500,000 panels have been sold to Fisher Body and
new commitments have just been received from Fisher Body covering
-Extra Dividend.
General Ice Cream Corp.
-V.127, p. 2375.
1929 requirements for Chevrolet and Pontiac. it is stated.
The directors have declared an extra dividend of El per share and the
regular quarterly dividend of 75 cents per share on the common stock, no
-Earnings.
Grand Union Company.
par value, both payable Jan. 1 to holders of record Nov. 18. The usual
Profit for the quarter ended Sept. 30 1928 was $135.983 after depreciation
quarterly payment of75 cents per share was made on this issue on Oct. 1 last. but before Federal taxes. This compares with a profit of $880,803 for Jones
The directors also declared a dividend of 50 cents per share on the $6 Bros. Tea
estimated profit of $30,000 for the Oneida County
cumul. div. pref. stock, payable Jan 1 to holders of record Nov. 19. A CreameriesCo. and an a total of $110,803 for the third quarter of 1927.
Co. making
regular quarterly dividend of $1.50 per share is also payable on this issue Sales for the quarter ended Sept. 30 1928 amounted to 18.238,206 as comon Dec. 1 to holders of record Nov. 19.-V. 127, p. 1258.
pared with combined sales of $7,452,944 for Jones Bros. Tea Co. and
-New President. Oneida County Creameries Co. in the third quarter of 1927.-V. 127.
Germanic Fire Insurance Co. of N. Y.
At a meeting of the organization committee, Norman T. Robertson, D. 1258.
Vice-President of the National Liberty, Baltimore American nad Peoples
-Merger Ratified.
Grasselli Chemical Co.(Ohio).
National Fire Insurance companies, was named President and General
The stockholders on Nov. 10 ratified the merger of this company with
Manager. Mr. Robertson's resignation as Vice-President and director of the E. I. duPont de Nemours & Co.
the three companies composing the National Liberty Group has been subIt was announced officially that the Grasselli Chemical Co., an Ohio
mitted to become effective at the pleasure of the boards of directors.
corporation, will transfer its entire properties and business to the E. I. du
v. 127. 13. 555
.
Pont de Nemours & Co., after which the former will be dissolved. Assets
business
-Capital Increase. and heavy chemical properties andand heavyacquired from the Grasselli
Globe & Rutgers Fire Ins. Co., N. Y.
chemical business of E. I.
Chemical Co. together with assets
The stockholders on Nov. 12 approved an increase in paid-in capital du
Pont de Nemours & Co. comprising its pigment and heavy chemical
from $3,500,000 to $7,000,000 to provide for a 100% stock dividend. As
to a new company, Grasselli Chemical Co.. a
of June 30 total surplus including special reserves amounted to $37.430,000; division, will be transferred'
1928.-V. 127. p. 2692. 2375.
total assets, 580,768,253, and premium reserve. $21,794,000. See also Delaware corporation, as of Dec. 1
V. 127, p. 2374.
-J.& W.
-Stock Sold.
Great Atlantic & Pacific Tea Co.
---Listing.
Seligman & Co. announce the purchase and sale privately of
(Adolf) Gobel, Inc.
The New York Stock Exchange has authorized the listing of 340.015 5,000 shares of stock. This purchase involves no new finanshares common stock witnout par value which are issued and outstanding,
-V. 127, P. 960.
with authority to admit to the list 10,5421. shares of stock on official no- cing by the company.
tice of issuance in exchange for outstanding minority stock of subsidiaries,
Greenway Corp. (Invest Trust), Balt.-Balance Sheet
making the total amount applied for 350,5573 shares.
At a meeting of the directors July 24, a resolution was passed (approved Oct. 1 1928.
by stockholders Aug. 22) authorizing the issue of 300.000 shares of common
LfaDillitesAssets
stock (without par value) in exchange for the then outstanding 100.000
$61,950
$26,734 Preferred stock
common stock (without par value). There was also a similar Permanent assets
shares of
63,590
21,049 Common stock
Cash
resolution passed making'an offer to outstanding subsidiary minority stock87,540
Loans payable
holders to exchange their stock for common stock of Adolf Gebel, Inc.. as Stks. dr bonds(mkt. $217,121)__ 190,262 Miscellaneous current liabilities_
1,570
15.427
Loans receivable (secured)
follows:
450
9,000 Brokers credit balances
current assets(a) Two shares of common stock of George Kern. Inc., for three shares Miscellaneous
6,475 Guardian Bldg. Assn., mtge__ _ _ 18,596
of such new common stock and two shares of preferred stock of George Brokers debit balances
3,515
3,742 Reserves
Organisation expense
Kern, Inc., for five shares of such new common stock, without any adjust1,727
1 Accrued liabilities
ment for any dividends accumulated and unpaid on the preferred stock to Good-will
15,568
2,229 Subscriptions
Other assets
date of such exchange;
20,413
Surplus
(b) One share of 6%% convertible preferred stock of Merkel, Inc., for
three shares of such new common stock.
$274,919
$274,919 Total
Total
(e) Two shares of preferred stock of B. Meier & Son, Inc., for five shares
ofsuch new common stock without par value.
-V.127, p. 1259.
The above offer of exchange will expire Nov. 28 with the exception of the
-Common Stock
Griggs Cooper & Co., St. Paul, Minn.
offer to the holders of the 6%% convertible preferred stock of Merkel. Inc.,
which will expire Feb. 11929.
& Co., St. Paul, Minn,. recently offered
complete this offer, 50,5573 shares have been reserved for issuance Offered.-kalman
To
and to date 40,015 shares have been issued, leaving 10,542% shares still 7,500 shares common stock at $35 per share.
reserved and unissued.
Merchants Trust Co., St. Paul, Registrar and Transfer Agent.
Consolidated Profit and Loss for Nine Months Ended Sept. 29 1928.
Data from Letter of Theo. W. Crises President of the Company.
to the business of Glidden,
Company.-IncorP. in 1901 and succeeded
(Including in the case of certain subsidiaries the earnings from date of
Griggs & Co., founded in 1882. Company is engaged in the manufacture
acquisition thereof after Jan. 1 1928 to Sept. 29 1928.)
wholesaling of food products, and enjoys a business which is one of the
Netsales
$13,914.465 and
largest and most profitable of its kind in the Northwest. Manufacturing
Cost of sales, selling. delivery, general administrative expenses,
principal phase of the company's operaincluding depreciation ($128,330)
13,454,779 of food products has become the
tions. The principal products manufactured in the company's own plants
are syrups, jams, jellies, preserves, pickles, gelatine desserts, condiments,
profitfrom manufacturing & trading operations
$459,686
Net
powders, crackers, cookies, candies and confecOther income(net)
6,748 spices, extracts, baking packs tea and cereals, and repacks dried fruits,
tions. It roasts coffee,
olives, &c. The company's principal trade names "Home Brand" and
$466,434
Net profit available for interest. taxes & dividends
the Northwest
65.955 "Sanitary Seal" are well and favorably known throughout
Int.on funded debt,including amortization of disc. & exp._ _ _
45.495 territory.
Provision for Federal taxes on income
Late in 1926 the company acquired through purchase, the business of
concerns
$354,981 Foley Brothers Grocery Co., one of the leading grocery jobbing
Net profit
current year,
18,742 of the Twin Cities. Company has also purchased, during the operated as
Deduct: Profits applicable to cap.stk. ofsubs. prior to acq
Fargo Mercantile Co. These businesses are
7,744 the business of
Profits applicable to minority interests
"Dolly Varden"
Arrears ofdividends on cumulative pref.stock
25,163 separate units, their well-known brands of "Foley" and
food products being continued.
contemplates other steps of this nature
Company's expansion program
303,334
Net profit available for dividends
$0.90 which,together with the rapid development of the manufacturing end of the
Earnings per share on 335.3413. shares ofcommon stock
820,042 business, are expected to add materially to future earnings.
Surplus, Sept.29 1928
-The balance sheet as of Dec. 31 1927, shows depreciated net
Assets.
Consolidated Balance Sheet, Sept. 29 1928.
tangible assets of 52.817.574, or a book value of over $57 per share for the
outstanding common stock. Company's extensively advertised trade
Assets-.
$346,378 Notes payable-banks
$656,000 names and brands, while very valuable, are not carried as assets upon the
Cash
1,107,462 Notes payable-trade
98,105 books of the company.
Accounts receivanle
82.989 Accounts payable
Fermium-For the 4-year period ended Dec. 311927, average gross sales
585.716
Notes & misc, accounts roe
20,74.4 ...Ise. accounts payable
95,280 were $7,398.312. Average net earnings available for the common stock
Due from officers
35,634 Due to officers
82,201 were 5201,331, or over $4.12 per share.
Mortgages receivable
1,301,999 Federal taxes
Based on the results of operations for the first 9 months, it is estimated
96.947
Inventories at cost
73,127 Mortgages payable
expenses
82.800 that the gross sales and net earnings for 1928 will show a satisfactory
Prepaid
50.953 Niortgages payable(1929)- -306.000 Increase over the four-year average.
Misc.Inv.& accounts rec_ _ _
222,500 6% sinking hind notes
-The regular dividend rate at present is 50c. per share, payable
Dividends.
Inv.in United Sausage, Inc.
600,000
4,340.548 634% 1st mtge. bonds Geo.
Capital assets
Kern,Inc
74.420
Regular dividends paid by the company for the past five years have
596,000
Unam.disc. & exp.on bonds_
6,037 Reserves for contingencies_ _ _
9,245 been equivalent to $2 per share per annum upon the present common stock.
Restoration of vacated prom
88.355 Geo.Kern, Inc..7% pref.stk.
187.960 Including extra dividends, the average amount paid has been $2.20 Per
Organisation expenses
1,013,178 annum. In 1927 $2.50 per share was paid.
Good will,incl.agency cont.,&c 1,676,260 Merkel.Inc.634% pref.
Merkel.Inc.634% con. prof _
Capitalization.
253,294
Minority mt.: Keane-Loffler,
$500,000
First mortgage 534 serial gold bonds (closed issue)
Inc
150.000
_
530,207 First mortgae collateral 5'1 serial gold bonds (closed
Geo. Kern,Inc
500,000
43,308 Cumulative 7" preferred stock
,
Corn.stock (no par)
48,750 shs.
52,981.457 Common stock (no par value)
Earned surplus
820,043
-This constitutes the first public offering of common stock of
Purpose.
Capital surplus
369,675 the company and will consist of approximately 15% of the outstanding
common stock, the balance being closely held. It represents no new
$9,407,420 Total
-V. 119. p. 1401.
$9.407,420 financing on the part of the company.
Total
Represented by 292.6753 shares (new) no per stock and 14,222 shares
a
ffered.-First Trust &
-Bonds0
-V. 127. D. 2539.
old no par stock.
Hardwood Timber Corp.
Savings Bank, Illinois Merchants Trust Co., Hitchcock &
-Earnings.
Gould Coupler Co.
Co. and Continental National Co. are offering $2,000,000
Period End. Sept.30- 1928-3 Mos.-1927. 1928---9
531.157
$111.606
$226,490
$356.315 1st mtge.6% serial gold bonds at 100 and int.
x Net profit
22,191
56,671
12,314
Other income
1
Dated Nov. 11928: due serially (M.& N.)from Nov. 1 1929 to Nov.as
int. (M, & N.) payable at the office of First Trust
1938.
$53,349
$111,606
5283.163
$368.629 SavingsPrin. and
Net income
trustee. Red. at 100 and int., plus a premium
Chicago.
69,762
210,567
71,250
215,408 of % of Bank, each year or fraction thereof between date of redemption
Interest charges
1% for
.
maturity, the premium in no event to exceed 2% Int. payable with$40,356
def$16,413
572.596
$153.221 and deduction for Federal normal income tax not in excess of 2%. Denom.
Net profit
out
Earns, per oh. on 175,000
.
51.000 c5 First Trust & Savings Bank and Melvin A. Traylor, Chicago,
shs. (no par) cl. A stk.
Nil
$0.23
$0.42
$0.87 trustees.
outstanding
of the
x After depreciation, selling and general expenses, provision for reserves Data from Letter of Walter P. Paepcke, PresidentstandingCompany.
hardwood
Securrey.-Bonds are secured by 1st mtge. on the
and for State and Federal taxes.
fee located in the States of Arkansas, Mississipipi
Note.
-The above figures are subject to adjustment at end of fiscal year. timber and land owned in upon all stumpage rights owned and situated in
as well as
and Louisiana
-V. 127. p. 691.
2830
FINANCIAL CHRONICLE
Franklin, Tenses and Madison Parishes, La. Mtge. provides that before
any timber may be cut or removed, $8 per 1,000 feet of timber to be cut,
as shown by cruise book, must be paid direct to the trustee.
Contract.
-These timber holdings, aggregating at least 366,255,789 feet,
according to independent estimate of H. M.Spain & Co., Memphis, Tenn..
have been sold under contract for $2,930,046 to Chicago Mill & Lumber
Corp., which covenants under this contract to pay the purchase money to
Hardwood Timber Corp. at such times and in such amounts as to provide
for the semi-annual principal and interest requirements of this issue and
all other and further sums required to be paid by Hardwood Timber Corp.
under the mortgage. This contract has been assigned to and deposited
with First Trust & Savings Bank, trustee, and these payments are to be
made whether or not the timber purchased is cut.
Chicago Mill & Lumber Corp. conducts the largest hardwood lumber
operation in the United States, both as to saw mill capacity and as to
wood box production operating a complete industrial unit, comprising the
ownership of raw material, saw mills, veneer mills, and wood box and
flooring factories.
Consolidated financial statement of the Chicago Mill & Lumber Corp.
and its subsidiaries as of Aug. 31 1928 shows net worth of $11.019,886.
Entire capital stock of the Hardwood Timber Corp. is owned by the Chicago
Mill & Lumber Corp. (see latter company above).
Harrisburg Foundry & Machine Co., Inc.
-Officers.
-
Under date of Dec. 2 1927. this company was tricorn. and succeeded to
the properties of Harrisburg Foundry and Machine Works sold by trustee in
bankruptcy Oct. 13 1927. Officers of the new company are Christian W.
Lynch, Pres.; B. Edw. Taylor, Sec. & Treas.: and Benj. T. Allen, Chief
Engineer.
The new company proposes to continue the manufacture of the well
known Harrisburg Dual Clearance Una-Flow Engines, soliciting other
business in Grey Iron Castings and general machine work.
-V.127. p. 2375
Haygart Corp.
-Stock Sold.-Hallgarten & Co. and Hayden, Stone & Co. have sold privately 250,000 shares capital
stock (no par value) at $42 per share.
The Commercial National Bank & Trust Co.. New York, transfer agent.
Equitable Trust Co. New York, registrar.
Listed.
-Stock listed on the Boston Stock Excharge.
Company.-Hallgarten & Co. and Hayden. Stone & Co. have caused
Haygart Corp. to be organized in Delaware to acquire, hold, sell, underwrite, offer and generally deal in securities, and otherwise operate under
the powers conferred upon it by its certificate of incorporation.
$, The corporation will also take part in the underwritng of security issues,
thus affording to its stockholders a means of participating indirectly in
financial operations, which would not otherwise be available to them as
individuals.
The plan of organization will afford the greatest flexibility in the employment of funds and represents a most efficient combination of diversification and possibilities for profit.
Capitalization.
-Corporation will commence business with no bonds or
pref. stock, its capitalization being all of one class of stock, as follows:
Outstanding.
Authorized.
Capital stock (no par)
$350.c00 she. 250,000 she.
* The bankers will have the right, until Dec. 31 1933, to purchase the
remaining 100,000 shares of the authorized capital stock at 842 per share,
which is the same price as this public offering: and in the event of the
future issuance of stock in addition to the 350,000 shares will be entitled
to further options in the same ratio as above and at prices not lower than
those received by the corporation in any such case from such issuance.
Management.
-The board of directors of the corporation consist of:
Charles Hayden (Hayden, Stone & Co.). Richard F. Hoyt (Hayden, Stone
& Co.), Casimir I. Stralem (iialigarten & Co.), Maurice Newton (FlaIlgarten & Co.) and Elmer Schlesinger (Chadbourne, Stanchfield & Levy).
Other than the options mentioned above, neither the above-named
directors nor the bankers will receive any special compensation in conrecLions with the o ganization of the corporation or the sale of its shares
except a reasonable commission to cover the cost of distribution.
The corporation will receive from the sale of this stock $10,125,000, of
which at least 810,000,000 will be available for its corporate purposes
after paying the expenses incidental to organization.
Haytian Corp.
Terminated.
-
of America.
-Voting Trust Agreement
[VOL. 127.
Trust Co., New York, or Harris Trust & Savings Bank. Chicago. Prin
payable at Los Angeles-First National Trust & Savings Bank, Los Angeles
Red. on 60 days' notice, as a whole at any time and in part on any int.
date at 102 and int. up to and incl. Nov. 1 1929, the premium decreaal
of 1% for each year, or fraction thereof, after said date. Denom
51.000 c*. Title Insurance & Trust Co., Los Angeles, trustee. The esta
agrees to reimburse owners resident in the respective states, upon proper
application within 60 days after payment,for the following taxes in respect
to these notes: any personal property taxes imposed by Penn. or Conn.
not exceeding 4 mills per annum on each dollar of taxable value; any personal property taxes imposed by Calif., Mich., Kentucky, Tenn. or the
District of Columbia not exceeding 5 mills per annum on each dollar of
taxable value; any Maryland securities tax not exceeding 4ji mills per
annum on each dollar of market value; any Mass, income tax net exceeding 6% per annum of the interest on these notes.
Issuance.-Autherized by the Superior Court of Los Angeles County,CaL
The Executors of the Estate of Henry E. Huntington
(Caroline H. Holladay and Los Angeles-First National Trust
& Savings Bank) have supplied the following information
regarding the Estate:
Henry E. Huntington was one of the outstanding and most successful
men on the Pacific Coast. He died May 23 1927 leaving an estate appraised by appraisers appointed by the Superior Conrt of Los Angeles
County, Calif., for more than 142,000,000. Mr. Huntington's business
interests were extensive and he was a director of a number of corporations,
among which were the Southern Calif. Edison Co., Southern Pacific Co..
Equitable Trust Co. of New York, Hammond Lumber Co., National Surety
Co., and Newport News Shipbuilding & Drydock Co. He was especially
well known in Calif. where his vision, resourcefulness and philanthropies
added much to the'
communities in which his major interests lay. His
holdings in Southern California were numerous and represented, among
others, complete ownership of the Huntington Land & Improvement Co..
the largest single asset in his Estate. This company, together with his
substantial interests in other companies, both in the East and West, now
conwiturs the assets of his estate.
The Huntington Library and Art Galley, title to which is vested in a
Board of Trustees, was set apart during Mr. Huntington's lifetime as a
ght to the public and was generously endowed by Mr. Huntington so that
the property can be forever adequately maintained. It is not included
anwmg the assets of the Estate of Henry E. Huntington.
These notes will be issued under authority granted by order of the Superio Court of Los Angeles County. Calif., and, in the opinion of counsel,
will be the direct obligations of the Estate of Henry E. Huntington. It Is
now estimated that upon application of the proceeds of these notes the
Estate will have a cash balance in excess of $800,000, and will own securities and properties valued in the above mentioned appraisal at over $40,000,000. Among the principal assets of the Estate and constituting the
major portion thereof are bonds and (or) oblirations and (or) stocks of the
following companies: Southern Calif. Edison Co., Equitable Trust Co. of
New York, Hammond Lumber Co.. Newport News Shipbuilding & Drydock Co., Pacific Electric Ry., Newport News Land CO., Huntington Land
& Improvement Co. and Los Angeles Ry. Corp. The Estate controls the
last two mentioned companies through ownership of all of their capital
stocks. The F funtington Land & Improvement Co. has no outside indebtedness except for inconsequential amounts incurred in the ordinary
course of business, and its real estate (all of which is unencumbered) and
other assets were valued in the above mentioned appraisal at over 815,000,000, represented by its capital stock. $9,500,000 notes are presently
to be outstanding. An additional $1.500,000 notes may be issued hereafter for general Estate purposes upon authorization by the Superior
Court of Los Angeles County and the Commissioner of Corporations of
the State of California.
Purpose.
-All of the proceeds to be derived from the sale of these notes
will be used to pay the balance due on the Federal estate tax as estimated
by the Executors of the Estate, the balance due on the Calif. state inheritance tax as determined and levied by the State, all approved claims and
for other estate purposes.
Price, Waterhouse & CO. have audited the books and accounts of the
Estate of If enry E. Huntington and of the wholly owned companies for
the one year and six months' period ended June 30 1928, and the combined income and profits for this period, as ce^tirled by them, are substantially in excess of the maximum interest requirements under this note
Issue for a like period.
Pursuant to the provisions of the voting trust agreement dated April 1
International Business Machines Corp.
-Earnings.
1924. with respect to shares of stock of the corporation, the voting trustees
Period End. Sept.
(Waldo Newcomer, C. Edgar Elliott and Guthrie B. Plante) on Nov. 12 Net income after 30- -1928-3 Mos.-1927- -1928-9 Mos.-1927int.,
declared the voting trust agreement in all respects terminated and at an end.
deprec., res. for Fed.
Holders of voting trust certificates will, upon presentation and surrender
taxes
81,136,682
8954.197 $3,173,864 $2,809,834
of certificates to the New York Trust
100 Broadway, N. Y. City, be Earns. per sh.on 578,643
entitled to receive certificates for stock of the corporation for the number
Co..
shs. corn. stk. (no par)
81.96
81.65
84.85
of shares represented by the voting trust certificates.
-V. 127, p. 2098.
-V.127, p. 1815.
Hershey Corp.
-Listed.
International Mercantile Marine Co.$5.T8 ansoceanic
-r
4
The Detroit Stock Exchange has approved for listing 42,000 shares, no
par value, class A convertible preference stock and 62,000 shares, no par Corp. not Seeking I. M. M
value, class B stock. Compare also V. 127, p. 2238.
In connection with reports that Laurence R. Wilder. Chairman or
Transoceanic Corp., had been interested in acquiring International Mer(Geo. A.) Hormel & Co. (Del.).
-Common Stock Offered. cantile Marine, Mr. Wilder is quoted as follows:
has
us
-Wells-Dickey Co. and First Minneapolis Trust Co. re- as"Itbasis been suggested toour several times that we acquire the I.M.M.
a
for carrying
plans for the
cently offered 25,000 shares common stock at $25 per share. American service on thequt Atlantic. This building up of an adequate
north
has appeared impossible for
This offering did not constitute financing on the part of the two reasons: first, the foreign influences, together with the foreign ship
ownership of the LNI.M., might, as in the past, prevent its acquisition of
company but was sold for the sole purpose of permitting a ships or loans for foreign trade from the Shipping Board, and second, the
more general interest in the business on the part of the pubcapital structure difficulties.
"Last year an attempt was made to recapitalize the I.M.M. The courts
lic and the establishment of a broader market for the com- upheld the injunction proceedings brought by the small
minority of the
pany's shares.
preferred stocl-holders which prevented the carrying out of what appeared
would have been a very satisfactory solution of that problem. We do not
Listed.
-This stock is listed on the Chicago Stock Exchange.
Cornpany.-Was founded in 1892 and incorp. in Minnesota in 1901 and believe, however, that such recapitalization would be any more feasible
reincorp. in Delaware in 1928. Although the business includes the packing to-day.
"oCld means be found whereby foreign influences and the ownership of
both of beef and pork, it is principally given over to the packing of highgrade pork products. Tne business ass been successful since its inception foreign ships could be eliminated and the capital structure straightened out
to the satisfaction of Mr. Franklin and his stockholders, we should be
and has grown to its present size principally out of earnings retained in the
-V. 127, p. 961.
business. Company's plant at Austin, MMn., covers an area of approxi- intensely interested."
mately 12 acres.
International
12
Co. Inc.
-Balance Sheet Sept. 30.Capitalization
Authorized. Outstanding.
Preferred stock ($100 par)
1927.
50,000 shs. al4.740 shs.
1928.
1927.
Assets
Common stock (no par value)
Liabilities$
$
Property
a Amount outstanding in the Minnesota cor0 rftion.s.In43o.8 l4
57.032,561 53.535,794 Preferred stock... 8,912,500 8,912,600
c8naec
0
5po 0 sh
with the recent reincorporation of the company in Delaware. It nes offered Investments
1,680.019 1,284.387 Common stock...4(3,909,200 41.834,600
to exchange pref. stock in the new company, with a dividend rate of either Inventories
7,809,381 10,071,689 Purch.money notes 1,800,000
Accts.& bills rec_ 3,679,502 2,539.929 Accounts payable
6 or 7% for the pref. stock in the old company which pays dive. at 7%.
Business Record.
-The growth of the business of the company is indicated Advances
114,781
138,453 & tax reserves__ 3,120,354 1,511,842
by the following record snowing average gross sales for various periods sine. Govt.securities_ _ 2,730,100 2,730,100 Bills pa able
2.100,000
the incorporation of the company:
Loans on call__ _16.000,000 2,000,000 Pref.div. payable_ 133,688
133,689
2,877,212 1,099.627 Insurance & con$1,918,723 23,836.787 lbs. Cash
1909-13
4,986,622 45.122.776 lbs. Def. install. on
tingent reserves_ 1,223,077
954,590
1914-18
79,951,442 lbs.
common stock_
114,781
12,762,241
Retire,system res. 245.551
1919-23
23,924,881
Surplus
30.636,167 17,952,658
1924-28
33,033.493 204,695,540 lbs.
-The net earnings after all charges, including depreciation and
Earnings.
Total
92,980,538 73,399,979 Total
92,980,538 73.399.970
Federal income taxes, and after deducting dividends on new pref. stock
Our usual comparative income statement for the three and nine months
as estimated by the management,available for dividends on common stock,
have averaged 82.28 per share annually for the 4 years and 10 montns end- ended Sept. 30, was published in V. 127, p. 2693.
ing Aug. 25 1928. Such net earnings for the 10 months ending Aug.25 1928
International Paints (Canada), Ltd.-Pref. Stock
amounted to $3.19 per share.
-Williams, Partridge & Rapley, Ltd., Montreal,
Since incorporation the average annual net earnings of the company have Offered.
shown a tendency to double every five years. Due to tne natural growth are offering 28,000 shares 732% cumulative participating
of the business and to new methods of merchandising certain trade-marked preferred
stock (par $30) at $33 per share and div. (with
brands, the company anticipates a reasonable prospect of continuing the
favorable 1928 earnings.
each 10 shares of pref. stock there will be a bonus of 232
Diridends.-An initial dividend of 3714 cents per share has been declared
shares class A common stock).
payable Nov. 15 1928.-V 127, p. 269 .
The preferred shares are entitled to a cumulative preferential dividend al
(Henry E.) Huntington, Estate of.
- the rate of 82.25 per share per annum, payable quarterly on dates to be
-Notes Offered.
fixed by the directors.
Harris, Forbes & CO., and E. H. Hollins & Sons, are offering Whenever in any fiscal Such dividends will accrue from Oct. 15 1928.
year dividends of $2.25 per share have been paid on
-year 6% sinking fund gold notes, the pref. shares and on the class"A"and class"B"common shares, any and
at 100 and int. $9,500,0005
all further dividends declared in such a year shall be declared and paid in
series A.
equal amounts, share for share, on all toe pref. snares and all the class "A"
Dated Nov. 1 1928: due Nov. 1 1933. Interest payable M. & N. at and class "B" common shares. The pref. snares are preferred as to assets
Los Angeles-First National Trust & Savings Bank, is Angeles; Bankers and dividends and upon the liquidation or winding up of the company the
FINANCIAL CHRONICLE
Nov. 17 1928.]
holders thereof are entitled to receive $35 per share, plus diva., before any
payment is made to or any of the assets of the company are distributed
among tne holders of any other shares of the company. Pref, shares carry
no voting rights except in respect of any modification or abrogation of the
special rights attaching thereto and provided that the company shall not
voluntarily wind up its business or liquidate without the consent of the
holders of at least 75% of the issued and outstanding pref. shares. The
noiders of the pref. shares, however, are entitled to vote in the event of
dividends on such shares being in arrears for a period of two years. Class
"A" common snares and class "B" common shares rank equally after the
pref. shares except as to voting privileges. Class "A" common shares
carry no voting rights, except in respect of any modification or abrogation
of the special rights attaching thereto. Class "B" common shares have
full voting rights. Transfer agent, Montreal Trust Co.;registrar, National
Trust Co., Ltd.
Issued.
Authorized,
Capitalization
28,000 shs. 28,000 abs.
Preferred stock (par $30)
20,860 shs. 20,860 she.
Class "A" stock no par value)
7,140 she. 7,140 she.
Class "B" stock no par value)
Company has no funded debt and no other securities senior to the pref.shs.
Company.-Incorp. 1928. Has acquired all the undertaking and assets
of International Paints (Canada), Ltd.. incorp. 1924. including all the
issued shares of National Varnish Co.ofCanada, Ltd., and has also acquired
all the issued shares of Holland Varnish Co., Ltd. Company is one of a
group of international companies, the parent of wnich is International Paint
& Compositions Co., Ltd.,of London. Eng. The group is one of tne largest
manufacturers and distributors of marine paints in the world. Last year
it supplied about one-third of the world's requirements of ship and bottom
paints, and large quantities of paints for industrial and domestic use.
The Holland Varnish Co. has a factory at 6700 Park Ave., Montreal,
and nas been doing a large business in varnish, paints and enamels since
1910. In addition to this, the company has its own plant at 189 Basin St.,
Monfres1.
-The object of the present financing is to provide funds for the
Purpose.
acquisition of the undertaking and assets of International Paints (Canada),
Ltd., incorp. 1924. and of the shares of' the Holland Varnish Co., Ltd. it
will also furnish the company with working capital to take care of the
steadily increasing demand for the products of the merred companies.
-According to statements prepared by P. S. Ross & Sons, charAssets.
tered accountants, as at Sept. 30 1928, the assets of the companies to be
merged, after dying effect to the present financing, were as follows:
•
Accounts receivable, investments, finished materials, raw ma3371,330
terials, supplies, loss reserves
Real estate, buildings, plant, machinery and equipment at de683,876
preciated value, trade marks and formulae
$1,055,206
Total
-Bills and accounts payable and reserves for Federal
Liabilities.
$75,206
and Provincill taxes
(representing 28,000 shares pref. stock,
Capital stock and surplus,
20.860 shares class "A' common stock and 7,140 shares clam
980.000
"B" common stock)
$1,055,206
Total
-P. S. Ross & Sons certify that the average net income for the
Earnings.
past two years of the companies to be merged, after giving effect to the present financing but before providing for depreciation and Federal taxes, was
$119,472, or about twice the pref. div. requirements. The elimination of
many Items of expense and increased efficiency of the company made
possible by the conolidatIon should result In a substantial increase in net
earnings. The profits for this year show a decided improvement.
-Non Mill Planned International Paper Co.
The company Is planning the construction of another kraft paper mill in
Southern United States with a capacity of about 200 tons a day. Several
sites are now under consideration in the Carolinas.
The plant will be the sixth Southern kraft paper mill of this company
and will increase its daily capacity in this group of mills to about 900 tons
of kraft paper and board. Two of the company's southern mills are at
Bastrop. La.; a third is at Camden, Ark.: a fourth is located in Moss Point.
Miss.: and the fifth is the Mobile. Ala. mill now under construction.
First Stage of Gatineau River Development Completed.
2831
(4)_916,945 shares of its class C common stock on official notice of
issuance from time to time and distribution to holders of certificates of
deposit for common-stock of International Paper Co.; with authority to add
83.055 shares of its class C common stock on official notice of issuance
from time to time and exchange for undeposited Coalman stock of the International Paper Co. and (or) distribution to holders of certificates of deposit
for said common stock who deposit subsequently to Nov. 3 1928: making
the total amounts herein applied for, 896,323.400 of 7% preferred stock,
1,000,000 shares of class A common stock, 1,000.000 shares of class B common stock, and 1.000,000 shares of class C common stock.
The issuance of the stock is in accordance with the plan and agreement
dated June 28 1928, for the reorganization of International Paper Co.,
which was approved by the directors of International Paper Co. and
recommended by them to the stockholders of that company in the letter
of the president to the stockholders dated June 28 1928 .
Said Plan contemplated the formation of a Massachusetts unincorporated
association (International Paper & Power Co.) which would acquire either
at least a majority of the shares of stock of International Paper Co.. or,
directly or indirectly, all or a part of the assets of International Paper Co.
or both shares and assets. The plan further contemplated that there
should be issued to stockholders of International Paper Co. who participated
In the plan by depositing their stock with one of the depositaries named
therein shares of International Paper & Power Co. on the following basis:
For Each Share of International Paper Co.7'here Should Be Issued by International Paper& Power Co.
1 share 7% preferred stock.
Cumulative 7% preferred stock
1 share 6% preferred stock.
Cumulative 6% preferred stock
1 share class A coin. stock,
1 share class 13 corn. stk. &
Common stock
1 1 share class C corn.stock.
At the close of business on Nov. 3 1928, 880,622 shares of cumulative 7%
preferred stock. 16,122 shares of cumulative 6% preferred stock and 916,945
shares of common stock of International Paper Co. had been deposited
under the plan. At the close of business on that date there were left outstanding and undeposited 80.162 shares of cumulative 7% preferred stock,
2,430 shares of cumulative 6% preferred stock and 83.055 shares of common
stock. The conunittee under the plan has authorized the depositaries to
continue to accept deposits until the close of business on Nov. 30 1928. and
has resolved that no further deposits be accepted after that date and that
the transfer books of the committee for the transfer of certificates of deposit
be closed on that date and be not reopened.
International Paper & Power Co. has been organized pursuant to the law
of Massachusetts under a Declaration of Trust dated Nov. 1. 1928. The
Plan and Agreement referred to above has been declared operative and
upon the consummation thereof the company will have the following
authorized and issued capitalization (assuming 100% partidpation by the
stockholders of International Paper Co. and on the basis of the amount of
stock of International Paper Co. now outstanding):
Issued
Author"red
$100 000 000 $96,078,400
7% preferred stock
1.855.200
2.000.000
6% preferred stock
5,000.000 she. 1.000 000 she.
Class A common stock
3.000,000 she, 1.000 000 Om
Class B common stock
3,000.000 shs. 1.000 000 she.
Class C common stock
In view of the fact that the holders of the cumulative 6% preferred stock
Paper Co. have had ample opportunity to exchange their
of International
stock for cumulative 7% preferred stock and that all but a small portion
of the cumulative 6% preferred stock has been so exchanged. the 6% preferred stock of International Paper St Power Co. will carry no right of
exchange into 7% Preferred stock. Holders of cumulative 6% preferred
stock of International Paper Co. may. however. until Doc. 31 1928 exchange their stock for cumulative 7% preferred stock and may, for a
limited period of time and until terminated by the board of directors of
International Paper & Power Co. exchange such cumulative 7% preferred
-V. 127.
stoci- for 79, preferred stock of International paper St Power Co.
D. 1956. 557.
-25 Cent Dividend.
International Petroleum Co., Ltd.
The directors have declared a dividend of 25c. a share payable Nov. 30
to holders of record Nov. 23. A distribution of like amount was made on
Mar. 15 and June 30 last, a total of 75c. a share in 1928, the same as in
1926 and 1927. The dividend just declared is payable on presentation of
coupon No. 18 at either the Farmers' Loan & Trust Co., N. Y. City and
London,or at the Royal Bank of Canada or the company's offices, Toronto,
Canada.
Ranking as one of the great industrial achievements of history. the
development of the wood and power resources of the Gatineau River
in the Province of Quebec by the International Paper Co. has now reached
the completion of its first stage with the opening of tne Paugan hydroelectric plant. Witnin three years, three large sites on the river have been
Production.
-electric plants, a storage dam aas been built above
developed with hydro
Crude oil production in Colombia in September totalled 1.572,849 barrels
them to regulate the flow of the river, and a newsprint paper mill and a against 1.689,428 barrels in August and 1.650,000 in Sept, 1927. Twelve
fibreboard plant have been constructed to utilize the pulpwood resources
wells were completed in September, with an aveaeage initial output of
of tne river valley. Two-thirds of the available head on the entire Gatineae 468 barrels and 23 drilling rigs were in operation. Crude oil shipments from
River has been developed In toe hydro-electric stations and practically all Cartagena in September were 1,603,474 barrels, against 1.484,468 barrels
ofthe remaining head capable ofeconomical development is controlled by the in August and 1,228,870 barrels in Sept. 1927. The company's crude oil
company.
year totalled 14.887.production
The Gatineau River power plants are owned by Gatineau Power Co. 271 barrels in Colombia in the first nine months of this
against 10,129,930 barrels in the corresponding 1927 period an
(V. 127. p. 2088), one of the principal power units in the International Increase of 4,757,341 barrels or approximately 47%. The average initial
system.
Paper Co.
production of 86 wells completed in the period was 914 barrels against an
1928-9 Mos.-1927.
Period End. Sept.30- 1928-3 Mos.-1927.
average of 1,122 barrels for 61 wells completed in the same period of 1927
34.399.397 34,015,364 313.174.210 $11,086.916 and an average of 21 rigs operated against 24 in the first nine months of
Total revenue
4,606,704
1,232.281
1,715.079
Depreciation
3.327.762 1927. Crude shipments totalled 13,462,711 barrels in the nine months ended
3,758.945
1.195,862
Interest on funded debt- 1,315,691
3.420.583 Sept. 30 1928, as compared with 8,953,697 in the 1927 Period•
Amortization of disct. on
In Peru, the company completed 10 wells In August with an average
92.055
88,758
240.682
261.152 initial output of 187 barrels against 11 in July with an average output of
funded debt
115.000
330,000
112,000
287,000 279 barrels. Production in August totalled 872,879 barrels, against 751,188
Reserve for income taxes
barrels in July. In the first eight months of 1928 production in Peru totalled
Net rev, avail for dive. $1.164,869 $1,383,166 84,237.879 $3,790,419 5,902,048 barrels against 5,127,135 barrels in the corresponding period of
Divs.on Can.11.-E.Corp.
1927. Shipments were 2,170,065 barrels against 2,476,644 barrels. In
187,500
562.500
-V. 127, 1:
Ltd., 1st pref. stock
0
.
rigs were operating compared with 57 rigs in July.
August,
Diva. on Int. l'aper Co.
1,709,176
961.058 4,948.909 2.418.725 1537.
pref. stock
-To Increase Stock-Rights.
Divs. on Int. Paper Co.
Jewel Tea Co., Inc.
568,541
600,000
1,790,993
1,342,008
common stock
The stockholders will vote Dec. 5 on increasing the authorized common
value) from 120.000 shares to 300,000 shares.
stock (no par
Balance of net rev, or
The common stockholders of record Dec. 21 will be given the right to
deficit to surplus def$1,331.807 def$146,434def$3073.525
$29.686 subscribe on or before Jan 18 for 40,000 additional common shares at $100
Cony. of Int. Pap. Co.
per share, on the basis of one new share for each 3 shares owned. The
32,510
27,550
62.260 Proceeds are to be used for the retirement of the outstanding $2,500,000
6% to 7% pref. stock_
Prem. rec. on sale of Int.
cumul. pref. stock, for increasing working capital, and for other corDr.6,718
212,036
Fa. Co. 7% pref. stk_
-V. 127, p. 2377.
21,153,131 22.463,949 22,648.544 22,258.080 porate purposes.
Previous surplus
Total surplus
--Nr, 127, p. 2543.
819.814,605 $22.350,026 819.814,605 $22,350,026
-Plan Operative.
Keith-Albee-Orpheum Corp.
Holders of over 51% of the outstanding common stock of Keith-AlbeeOrpheum Corp. have deposited their stock under the plan and deposit
agreement for the organization of a new company to be known as RadioPaper & Power Co.-Liating.-International
Keith-Orpheum Corp. Accordingly, the committee named in the deposit
The New York Stock Exchange has authorized the listin of(1)888,062,- agreement has in accordance with the provisions thereof declared the Plan
2007% preferred stock on official notice of issuance from time to time and operative. The right of' deposit continued to and incl. Nov. 15 1928.
distribution to holders of certificates of deposit for cumulative 7% preferred
In accordance with the provisions of the deposit agreement, the books
9
stock of International Paper Co.: with authority to add (1) .88.016. 00 7% for the registration and transfer of certificates of deposit closed permanently
preferred stock on official notice of issuance from time to time and exchange at the close of business on Nov. 15. Certificates for class A stock of Radiofor undeposited cumulative 7% preferred stock of International Paper Co. Keith-Orpheum Corp., Issuable under the plan, will be issued in tho roand (or) dLstribution to holders of certificates of deposit for said cumulative sPective names of the holders of certificates of deposit of record at the close
7% preferred stock who deposit subsequently to Nov 3. 1928; with further of business on Nov. 15 1928: accordingly, any subsequent transferee of a
authority to add $245,000 7% preferred stock on official notice of issuance certificate of deposit should obtain from his transferor a stock power covering
from time to time and exchange for cumulative 7% preferred stock of the class A stock of Radio-Keith-Orpheum Corp. issuable under the plan
International Paper Co. and (or) distribution to holders of certificates of In exchange for such certificate of deposit.
-V. 127, p. 2377.
deposit for said cumulative 7% preferred stock (the $245.000 par value of
-Notes Called.
(Minor C.)Keith, Inc.
cumulative 7% preferred stock of International Paper Co. being reserved
The corporation has called for redemption as of Dec. 1 next, $300,000
for the purpose of meeting Conversions of cumulative 6% preferred stock
-year 5% secured gold notes due Dec. 11931. Payment will be made at
into cumulative 7% preferred stock (the right of conversion expires on 5
par and interest at the United States Mortgage & Trust CO., trustee,55
Dec. 31 1928):
(2) 916,945 shares of its class A common stock on official notice of issu- Cedar St., New York City, and at the office of J. Henry Schroder & Co..
-V. 127. p. 962.
ance from time to time and distribution to holders of certificates of deposit 145 Leadenhall St., London, E. C.3, England.
Co.: with authority to add 83.055
for common stock of International Paper
-Bonds OfKeith Memorial Theatre Corp., Boston.
shares of its Class A common stock on official notice of issuance from
common stock
time to time and exchange for undepositedof certificates ofof International fered.
-The First National Corp. of Boston and Paine,
Paper Co. and (or) distribution to holders Nov. 3, 1928. deposit for said
Webber & Co. are offering at 100 and int. $1,500,000 1st
common stock who deposit subsequently to
B common stock on
(3) 916.945 shares of its class distribution to holders official notice of (closed) mortgage leasehold 15-year sinking fund 6% gold
and
issuance from time to time International Paper Co; with of certificates of
authority to add bonds.
deposit for common stock of
on official
Dated Nov. 1 1928; due Nov. 1 1943; Int. payable M-N at office of
83,055 shares of its class B common stock commonnotice of issuance from
at office of First National Corp.
stock
tithe to time and exchange for undepositedof certificates ofof International First National Bank, Boston Trustee or
deposit for said in N. Y. City. Denom. $1.000 and $500 c*. Red. all or part on any
(or) distribution to holders
Paper Co. and
int, date upon 60 days' notice at 105 and int. on or before Nov. 1 1933, the
common stock who deposit subsequently to Nov. 3 1928;
2832
FINANCIAL CHRONICLE
premium thereafter decreasing by X% for each additional year to maturity.
Company will agree to pay int. without deduction for any Federal income
tax not exceeding 2% per annum which the company or the trustee may be
required or permitted to pay thereon or deduct therefrom,and to reimburse
the holders of these bonds upon proper application within 60 days after
payment for the Mass. income tax on the interest not exceeding 6% of
such interest per annum. It is expected, however, that income from
the bonds will be tax exempt in Mass.
Sinking Fund.
-Indenture proVides for annual payments to the trustee
sufficient to retire 66 2-3% of the issue by maturity through delivery to the
trustee of bonds purchased in the open market below the current redemption
price, or if not so obtainable, through call by lot at the current redemption
price.
Data from Letter of Edward F. Albee, President of the company.
Company.
-Is a wholly owned subsidiary of Greater New York Vaudeville Theatres Corp., one of the most important units of the Keith-AlbeeOrpehum Corp., and has been recently organized to acquire by long-term
lease the new Keith Memorial Theatre in Boston which is now in operation.
Security.
-These bonds will be secured by a direct first (closed) mortgagn
on a ground lease,for a term extending nearly 40 years beyond the maturity
of the bonds, of land (including the site of the Old Boston Theatre) with
the new Keith Memorial Theatre erected thereon. The bonds will be
outstanding to the extent of less than 46% of the value of the ground lease
as appraised by C. W. Whittier & Bro. and Sleeper & Dunlop, plus the
oat of the building to Aug. 31 1928, as taken from the company Fl books
by Price, Waterhouse & Company.
Guaranty
.-The bonds will be further secured by the direct guaranty by
endorsement of the Greater New York Vaudeville Theatres Corp.
Earnings.
-Company has estimated that there will be available for
annual interest charges on this issue, average earnings of $385,600 or over
four times such charges.
Earnings of Guarantor.
-The earnings of Greater New York Vaudeville
Theatres Corp. for five years and eight months ending Aug. 31 1928,
excluding net earnings from properties no longer held, after depreciation
but before Federal taxes, have averaged annually 6229,092. Estimated
annual earnings available for the guaranty obligation, including earnings
from other properties to be acquired simultaneously with this financing,
together with earningsfrom the Keith Memorial Theatre Corp.are 8840,692.
Capitalization.
1st mtge.leashold 15
$1,500,000
-years sinking fund 6% gold bonds
Preferred stock, 15,000 shares 7% non-cumulative
1.500,000
Common stock.(no par value)
10,000 shs.
All of the preferred and common stock will be owned by the Greater
New York Vaudeville Theatres Corp.
-A. D.
(Henry) Klein & Co., Inc.-Pref. Stock Offered.
Mendes & Co., Inc., New York, are offering 50,000 shares
participating preference stock at 820 per share.
Application will be made to list this stock on the New York Curb Market.
Participating preference stock is entitled to a cumulative dividend of
$1.20 per share per annum before any distribution upon the common stock.
After payment of such dividend in any year, the participating preference
stock shall participate, share for share, in any further dividends with the
common stock until it shall have received a total of$2 per share per annum.
Dividends payable Q.
-F. Participating preference stock is preferred as to
assets to the extent of $25 per share and diva, upon liquidation. and is
callable in whole or in part at the option of the company at $25 per share and
diva, upon any date on 30 days' notice.
Dividends exempt from present normal Federal income tax. Transfer
agents, American Exchange Irving Trust Co., New York. Registrar, Times
Square Trust Co., New York.
CapitalizationAuthorized. Outstanding.
Participating preference stock (par $20)
150,000 shs. 50,000 shs.
Common stock (no par value)
200.000 shs. 100,000 shs.
Data from Letter of Henry Klein, President of the Company.
Company.-Incorp. in New York. Has acquired and holds all of the
capital stock, pending consolidation, of the Improved Office Partition
Co., Driwood Corp. and the Ryjen Realty Co., all New York corporations.
The original business was established in 1909 with a capital of $5,000. and
at no time in its history did it operate any year without profit. Of the
present assets. approximately $1,250,000 represent increase in value and
reinvested earnings.
Company is recognized as being one of the leading woodworking plants
in the East and occupies an outstanding position in the industry. It owns
and operates a thoroughly modern plant covering 53 acres at Elm`mrst,
Borough of Queens, New York, and also operates an additional plant at
Maspeth, Long Island. Its lumber yards, dry kilns, mill, cabinet shop and
finishing departments have been equipped with the most efficient laborsaving devices, making the plant a model of its type.
Among the products of the company which are extensively advertised
and well known to architects, builders and interior decorators are the
following, sold under registered trade names: Telesco Partition, Flaimpruf
Products and Driwood Mouldings.
Earnings.
-The consolidated net earnings of the three companies for the
three years ended June 30 1928, after charging depreciation and Federal
taxes as paid, but after eliminating expenditures on processes (estimated at
$366.070 during the three years), interest on loaaa to be paid and financing
charges for the respective years, are as follows for the years ending:
June 30 1926. $109,674: June 30 1927. $200,166: June 30 1928, $270,058.
Cumulative dividend requirements on the 50.000 shares of participating
preference stock to be presently outstanding, 860.000.
Assets.
-After giving effect to present financing, the balance sheet
indicates an exceptionally strong financial position. Total current assets
amount to $797,606 against current liabilities of $49,446 or a ratio of 16 to 1.
A mortgage of $310,000 is being amortized at the rate of $40,000 per year,
the balance being due in 3X years. Participating preference stock is
available to provide funds for the retirement of the mortgage but it is
believed that it can easily be retired from surplus.
Kraft-Phenix Cheese Co.
-Recapitalization, &c.
The stockholders on Nov. 9 approved recommendations for changing
the capital structure of the business to provide for further expansion. The
Kraft-Phenix Cheese Corp. was incorporated on Nov. 10 under Illinois
laws. The new corporation will acquire the entire assets and business of
the Kraft-Phenix Cheese Co.. manufacturers and distributors 01 package
cheese. See also V. 127. p. 2378.
Kraft-Phenix Cheese Corp.-Pref. Stock Sold. Alex.
Brown & Sons, and Brown Brothers & Co. have sold at
100(plus div.from Dec. 1) $6,000,000614% cum.pref. stook.
Cumulative dividends payable Q.
-J.. In'tial dividend, accruing from
Dec. 1 1928, payable Jan. 1 1929. Callable (other than for sinking fund
purposes) in whole or in part at any Mtn, .1 20 days' notice. at $110 per
share and dive., on or before Oct. 1 1930. at $107X per share and diva..
thereafter and on or before Oct. 1 1933. and $105 per share and diva..
thereafter. Callable for sinking fund purposes at $105 per share ano dive.
Preferred stock preferred as to assets in cases of voluntary liquidation up to
$110 per share and in case of involuntary liquidation up to $100 per sahro,
with dive, in either case. Free of present Federal normal income tax.
Exempt from present Illinois personal property tax.
Transfer agents: Bankers Trust Co., New York.and Continental National
Bank & Trust Co.. Chicago. Registrars: National Park Bank, New York,
and First Trust & Savings Bank, Chicago.
Data from Letter of J. L. Kraft, Chairman of the Board of Directors.
CapitalizationAuthorized. Outstanding.
Kraft
-Phenix Cheese Co.5% serial gold notes, due
March 11930-1931
a$4.000,000 44,000,000
Preferred stock (par $100)
612,000,000 6.000.000
Common stock (no par value
1,500,000 shs 889.429shs.
a Exclusive a $1,000 4X % serial gold notes due March 1 1929, provision
for payment of which has been made. Provision also is being made for
payment of mortgages aggregating $112.281 and for redemption of $108,900
employees 8% debentures. b Preferred stock in addition to present issue
may be issued only in accordance with restrictions contained in certificate
ofincorporation.
Cornpany.-Incorp. in Illinois Nov. 10 1928. to acquire the entire assets
and business of Kraft-Phenix Cheese Co., the largest manufacturer and
distributor of package cheese in the world, which owns and operates,
directly or through subsidiaries, plants in the United States, and owns or
controls plants in England, Holland, Canada. Australia and Cuba. together
with a comprehensive system ofsales and distributing branches strategically
located with reference to wholesale and retail markets. The business,
(VOL. 127.
which was established in 1905, has shown a continuous growth and sales
in the current year are running at an annual rate of about $70.000,000.
The products of the company include such nationally advertised brands
as "Philadelphia Cream Cheese," the largest selling package cheese in
the world,"Kraft Cheese,""Phenix Cheese,""McLaren's Imperial Cheese,'
"Nukraft" and "Kay," as well as A. E. Wright Co. brands of sandwich
spreads, salad dressings, marmalades and other similar food products,
Company owns valuable patents essential to sterilization and pasteurization
of cheese, which make possible its use in all climates, and, in addition to
the utilization of these patents in its own business, it receives license fees
for their use by other concerns.
Earnings.
-Consolidated net sales, and consolidated net earnings after
deducting depreciation, interest and taxes (Federal income tax at present
rate of 12%), of the company, subsidiaries whose common stocks are
now wholly owned, and predecessors, have been as follows:
1925.
1926.
1928.
1927.
Consolidated net salos_a$70,000,000 $65,912,418 $62.756,773 $63,811.273
1.531.3131
Consolidated net earns__ a2,000,000
1,260.373
1,316,174
a Includes last 3 months of 1928 estimated. For the 9 months ended
Sept. 30 1928, such consolidated net sales were $54,082,469, and such
consolidated net earnings after deducting depreciation, interest and taxes,
were $1.542,199.
For the 9 months ended Sept. 30 1928, such consolidated net earnings
were at the rate of over 5X times the maximum 9 months dividend requirement on this issue of (IX % cumulative preferred stock. For the 3 years
ended 1927, such consolidated net earnings averaged more than 3} times
the maximum annual dividend requirement on such issue. Since only a part
of the economies made possible by consolidated operations have as yet been
put into effect, it is expected that net earnings for 1929 will be materially
In excess of those for 1928.
Sinking Fund.
-Corporation is to set aside at Dec. 31 of each year,
beginning with 1929, out of earnings or surplus, after provision for preferred stock dividends, 3% of the par value of the largest amount of preferred stock theretofore issued, to be applied to purchase or call and retirement of preferred stock, or the corporation may. in lieu thereof, cancel
and retire preferred stock theretofore purchased and held in the corporation's treasury.
Purpose.
-Company in 1928 acquired the assets and business of Phenix
Cheese Corp., other properties, and a majority of the stock of Southern
Dairies, Inc., bank loans having been increased temporarily for the latter
Purpose. The proceeds of this issue of preferred stock are to be used
to reduce loans.
Listing.
-Application is to be made to list this issue of 6 % cumulative
preferred stock on the New York Stock Exchange.
Listing of Common Stock on N. Y. Stock Exchange.
The New York Stock Exchange has authorized the listing of (1) 22
shares of common stock (without par value) to be issued to the original
subscribers of the new company (Kraft
-Phenix Cheese Corp.): (2) 768,016
shares of common stock to be issued to stockholders of the old company
(Kraft-Phenix Cheese Co.) upon surrender of the outstanding common
stock and scrip certificates of the old company on official notice of issuance with authority to add: 40,534 shares of common stock as required by
contracts to purchase capital stock, business and assets of other companies, and 80,857 shares of common stock to be issued to common stockholders of the new company exercising rights to purchase additional com.
stock, making the total amount applied for 889,429 shares.
Authority for and Purpose of Issue.
-The issuance of 768.016 shares of
the stock is in accordance with the plan of reorganization which was approved by the directors of the old company and recommended by them to
the stockholders of that company in the letter from the Chairman of the
board to the stockholders dated Oct. 17.
The plan provides, among other things, for the following:(1) Approving
the incorporation of the new company (Kraft-Phenix Cheese Corp.), having an authorized capital stock consisting of 120,000 shares of pref. stock
(Par $100), and 1,500,000 shares of common stock (no par value), for the
purpose of taking over the assets and carrying on the business of the present company.
(2) Authorizing the sale of all of the assets of the old company to the
new company in consideration of the assumption by the new company of
the liabilities of the old company, and the issuance to the holders of corn.
stock or common stock scrip of the old company of common stock without
par value of the new company in the amount of 1X shares of such common
stock for each share of common stock and (or) an equivalent amount of
stock dividend scrip held by them in the old company, and the issuance to
the present company of 60,000 shares of pref. stock of the new company.
(3) Ratifying and approving the sale of 60,000 shares of pref. stock of
the new company and authorizing the application of the proceeds of such
sale to the reduction of the old company's current liabilities.
(4) Changing the name of the old company from Kraft-Phenix Cheese
Co. to K
-P-C Co.
At a meeting of the stockholders of the old company duly held on Nov.9
1928, the plan was adopted.
The directors of the new company on Nov. 10 1928 authorized the
issuance of 889,429 shares of common stock as follows:
22 snares of common stock to be issued to original subscribers of
new company at $50 per share.
768,016 share3 of common stock to be issued to the stockholders of the old
C3mpany upon surrender of the outstanding common stock and
scrip certificates of the old company. The total outstanding
capital stock of the old company Nov. 9 1928, was 512,010 shares
incl. scrip certificates for fractional shares. The new company is
required to issue its common stock without par value in the proportion of 1,X shares for each share surrendered by the stockholders of the old company.
2,364 shares of common stock in exchange for 1,500 shares of the common
stock of the Birnamwood Wittenberg Milk Co.
2,250 shares of common stock in exchange for 750 shares of the common
stock of the Badger Cheese Co.
600 shares of common stock in exchange for the business and assets
of F. N. Mills.
450 shares of common stock in exchange for the business and assets of
the Potsdam Creamery Co.
1,500 shares of common stock in exchange for the business and assets
of the St. Lawrence County Dairies, Inc.
2,142 shares of common stock in exchange for the business and assets
of the Lexington-Purity Creamery Products, Inc.
1,050 shares of common stock in exchange for the business and assets
of S. J. Stevens Co.
1,575 shares of common stock in exchange for the business and assets
of the Peacock Cheese Co.
6,937 shares of common stock in exchange for the business and assets
of the Chicago National Cheese Co.
18 750 shares of common stock in exchange for the business and assets
of E. W. Coon.
2,916 shares of common stock in exchange for 486 shares of the pref.
stock of the Sheboygan Cheese Co.
80,857 shares of common stock to be issued to the holders of common
)ck of ne new company exercising rights to purchase additional
ommoe stock in the proportion of one share for each 10 shares
owned a_ a purchase price of $20 per share.
Su:qrliary and Controlled Companies.
-The new company owns all of the
outstandlng ^ornmon stock of the following subsidiary companies, and
directly controls Lhrough ownership of the maiority of the common stock.
companies I..ed as controlled companies:
(1) Subs. en.'s (corn, stock owned 100%): (2) Controlled companies:
Kraft-Phenix Cheese Co. (Wis.).
Badger Cheese Co.(Wis.).
Kraft-Phenix Cheese Co.(Calif.).
Bitter Root Valley Cheese Co. (Mont.).
Kraft Phenix Co. of the South (Del.). Davison Cheese Co.(N..1.)•
Kraft-McLaren Cheese Co (Canada).
Downey Cheese Co.(Ore.)•
Laabs Cheese Co. (Wis.).
Kraft Cheese Co.. Ltd. (England)•
Kraft Chelse Co., M.B. H.(Germany). Maher Cheese Co. (Calif.).
Kraft Milk Products Co.(Wis,).
Porter Cheese Co.(Mass.).
C. D. Reynokla Co.(N. Y.).
Sanchez Cheese Co. (Ill.).
Food Snecialtl,S Distributing Co. (111.). P. E. Sharpless Co. (Ps.).
Burton Creamery Co (Utah).
C. A. wheeler Co.(N. Y.)•
C. A. Straubel Co. (Wis.).
Winkley Cheese Co. (Wash.).
Grover-Ansted Cheese Co.
(
Dalrystate Cold Storage Co.(Wis.).
Kentucky Cheese Co.(KY.).
North American Cold Storage Co. (Ill.).
H. F. iAlah Cheese co.(Idaho).
International Wood Products Co.(Del.).
Bradley Cheese Co. (Pa.).
Southern Dairies, Inc. (Del.).
Brodhead Ch. di Cold Stor. Co.(WI:).
A. E. Wright Co. (III.).
LowvIlle Cold Storage Co.(N. Y.).
Karlen-Hickelhaupt Co.(N. Y.),
Miller-Richardson Co.(N. Y.).
Nov. 17 1928.]
2833
FINANCIAL CHRONICLE
Pro Forma Consolidated Balance Sheet as at Sept. 30 1928.
Liabilities
Anets54,087,786
$1,006,436 Notes payable
ash
Notes & accts. rec., less res.- 5,575,660 Accts. payable & aces.exp_ _ 2,322,932
Prov.for Fed.,foreign & State
Raw materials, goods in proc.
538,323
income taxes
dr finish. prod,at coat which
is not In excess of market._ 11,598,643 Kraft-Pgenix Cheese Co. 5%
386.177 serial gold notes, due Mar.
Prepaid expenses
4,000.000
11930-1931
Ulcers' & employees notes
90,279 Pref.stk. of subs.cos.In hands
& accts. receivable
_ 224.537
of public(at par & div)_
& accts. of sub. co.'s
Notes
Pref.stk.6 % cumulative. _ 6,000,000
(corn, stock ownership less
1,132,699 Cora. stock, 851.258 shares,
than 100%)
19.529,511
equity applicable thereto
Subs. co.'s corn. & pref. stits.
(corn, stock ownership less
836,703,090
Tote (each aide)
than 100%):
Contingent liabilities: GuaranInv.In sou Dairies. Inc.,at
6,425,588 antee in respect of subs. co.
cost to predecessor co
1,374,727 (coin. stk. ownership less
Inv. In other sub. co.'s
100,000
137,706 than 100%)
Otherinvestments
36,310
Notesreceivable under disc
Prop., plant & equip., incl.
Improv. to leased prop..
depr. book val.to pred.co_ 6,307,145
Lease.& lie.(incl.lease. value
$750,000 as determined by
management of pred. co.),
806,248
book val.to predecessor co_
Patents, trademarks, copy'
rights and good will, book
1,861.783
value to predecessor co..
The above balance sheet is after g ving effect as of that date to (a) the
incorporation, under the laws of the State of Illinois, (b) the issuance to
ICraft-Phenix Cheese Co. of 60,000 shares of 6M % cumul. pref. stock (par
$100) and to the stockholders of said company of 770,379 shares of corn.
stock of no par value, as consideration for the business and assets, subject
to certain liabilities, of Kraft-Phenix Cheese Co., (c) the sale for cash by
Kraft-Phenix Cheese Co. of 60,000 shares of pref. stock and the application by it of the proceeds in liquidation of such liabilities as are not assumed by the corporation, ard (d) the sale for cash of 80.879 shares of
com,stock of the corporation, • nr. the application of the proceeds, together
with $823.860 cash from existing funds, to (1) reduction of notes payable,
(2) payment of $1.000,000 Kraft-Phenix Cheese Co.44% serial gold notes
due March 1 1929 (3) redemption of $108,900 employees 8% debentures,
and (4) liquidation of mortgages aggregating $112.381.
The foregoing statement does not include properties to be acquired In
terms of certain contracts yet to be consummated, the consideration for
which is to be the issuance of 38,171 shares of com. stock of Kraft-Phenix
Cheese Corp., and is based upon the assumption that no claims for valuation of shares will be asserted by stockholders of Kraft-Phenix Cheese Co.
When such shares of stock shall have been issued, there will be outstanding 889.429 shares of common stock.
-Earnings, &c.
Manhattan Financial Corp.
According to a recent statement, the earnings for the year 1928(November
and December estimated) should be equivalent to $2.32 a share on the class
A stock and 80c. a share on the class B stock.
Although the corporation has been in operation only since Jan. 1 1928.
it has paid dividends quarterly on both the class A and class B stock at the
-V. 126, p. 1674.
rate of $1.50 and 40c. per annum respectively.
-Earnings.
Marmon Motor Car Co.
G. M. Williams President, reports net profits for ten months Oct. 31 of
$1,780,448 after all charges but before Federal taxes of which the sum of
-V.127. p.2544.
$215.934 was earned during October
-Extra Dividend.
Metropolitan Paving Brick Co.
The directors have declared an extra dividend of $1 per share in addition
to the usual quarterly dividend of 50 cents per share on the outstanding
-V. 126, P. 3768.
116.360 shares of no par value common stock.
-Contracts Closed.
Metropolitan Royalty Corp.
The Renshaw Oil Corp.ofSan Angelo. Texas, and others, have just closed
contracts to run 17,500 barrels of crude oil per day, from the Howard
County properties, under which the Metropolitan Royalty Corp. has an
interest expected to yield $157,500 a year, as these contracts operate.
-V. 127, p. 1957.
according to an announcement.
--Earnings.
Mexican Seaboard Oil Co.
(Including International Petroleum Co.)
1928-9 Mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
$688,974 $1,014.826 $2,605.473
$288,437
Gross revenue
590,287
1,958,007
1.226.236
359,796
Expenses
$647.467
$98,6881oss$211.410
loss $71,359
Balance
469.247
199.336
168,347
217,267
Other income
Total income
Interest
Drilling exp. and res, for
exp. on inactive leases
$145,908
93.960
$267,034
98,927
$257.837
292,357
$846.803
295,771
211,173
411.406
652,083
2.072,265
$243,299
$686,604 $1.521.233
$159,226
x Net loss
x Before depreciation and Federal taxes.
Earnings Cia. International de Petroteo y Oleodudos. S. A.
1925.
1926.
1927.
3 Mos. End. Sept. 30- 1928.
$383,534
3365.954
$206,775
$94.151
Gross revenue
268.454
265.108
94,290
31.397
Operating expenses
Balance
Other income
862,754
111
$112.485
930
$100.846
942
$115.080
Dy.9.798
Profit
Amortization
$62,865
63.795
$113,415
116,734
3101.789
109,678
$105,282
77,467
$7.890 prof.$27,814
$3,319
$930
Net deficit
-Sales.
Kroger Grocery & Baking Co.
Increase.'
1928-10 Mos.-4927 Increase. -V. 127. p. 1399.
-0a.-1927.
1928
$10,159,194 $12.410.644 $5,748,550 I $164,292,001$132,639.72731,652.274
-Increases Dividend.
Midvale Co.
-V. 127, p. 2378.
The directors have declared a quarterly dividend of 75c. per share on
the outstanding capital stock of no par value, payable Jan. 1 to holders of
-Bonds Of- record Dec. 15. Previously quarterly dividends of 50c. per share have
Lakeview Building Corp., Oakland, Calif.
-Bowes Brothers & Co. San Francisco, are offering been paid since Oct. 1 1927. The company is controlled by the Baldwin
fered.
-V. 126, p. 2659.
Locomotive Works.
$425,000 1st (closed) mtge.'6%;% serial gold bonds.
Dated Sept. 1 1928; due serially 1931-1943. Principal and int.(M.& S.)
payable at Pacific National Bank of San Francisco, trustee. Denom.
$1,000, $500 and $100. Red. all or part, on any int. date, at a premium
of 234% if red, on or prior to Sept. 1 1938, or at a premium of
% if
red, subsequent to Sept. 1 1938. Interest is payable without deduction for
Federal income tax not in excess of2%.
Data from Letter of Fred. T. Wood, President of the Company.
-Secured by a closed first mortgage on land, owned in fee,
Security.
consisting of approximately 7,200 square feet, fronting 60 feet on Bellevue
Ave. and 120 feet on Staten Ave., Oakland, Calif., a 14
-story steel-frame
apartment building to be erected thereon, and all right, title and interest
now owned or hereafter acquired by the borrowing corporation in an adjoining property, containing approximately 3.728 square feet, to be improved with a 4-story and basement reinforced concrete garage and service
building housing approximately 60 cars.
-Gross earnings of the apartment house are estimated at
Earnings.
887,720 per annum. Operating expenses, taxes and insurance, together
with an allowance for vacancies, are estimated at $30.272 per annum,
leaving a net estimated return of $57,448. Gross earnings of the garage
and service building are estimated at $8,000 per annum, and operating
expenses, taxes and insurance are estimated at $1,500 per annum,leaving
a net estimated income of $6,500. The estimated total annual net income
from the entire project is $63,948, available for bond interest and principal
repayment. This is 2.31 times the greatest annual interest charge.
Lawyers Mortgage Co. N. Y.
-Mtge. Ctfs. Offered.-
-Dividends.
(I.) Miller 8c Sons, Inc.
The directors have declared regular quarterly dividends of 50 cents per
share on the common stock, no par value, payable Jan. 1 to holders of
record Dec. 15, and 14% on the 6% cumul. cony. pref. stock payable
Dec. 1 to holders of record Nov. 15. Initial dividends of like amount
were declared three months ago. (See V. 127, P. 963)•
Plants at Capacity-Earnings.
Production at the factories owned by the company are running at capacity, as is the output at the plants of the Rickard Shoe Co. which was
recently acquired by the former through an exchange of stock. Earnings
are showing a proportionate gain, according to official figures. For the
9 months ended Sept. 30 1928, the company reports net profit of $516,480.
equal to $3.03 a share on the 170,000 shares of common stock now outstanding, the total being the largest for any similar period in the company's
history. Based upon the 9 months showing, earnings for the year 1928
are expected to equal between $4.25 and $4.50 a share on the corn. stock.
Following the issuance of 20.000 shares of common stock at the time of
the acquisition of the Rickard Shoe Co., company now has outstanding
170,000 shares common stock of an authorized issue of 250,000 shares.
Of the latter, 37.500 shares are reserved to provide for conversion of the
outstanding $2,500,000 (par $100) 6 % cumul. cony. pref. stock.
V. 127. P. 1112.
-October Sales.Mock, Judson Voehringer Co. Inc.
The company reports an increase of 45i in October sales compared
-V. 127. p.545. 2380.
with the same month last year.
The company. it was announced, last week is offering $1.131,000 5%
Moody's Investors Service, N. Y. City.-Pref. Stock
guaranteed mortgage certificatessecured by the following properties;
-Potter & Co., New York, are offering at $52 per
(a) $460,000 matures Oct. 1 1933, secured by land and building on the Offered.
northwest corner of Montgomery St. and Schenectady Ave., Brooklyn, share 60,000 shares participating preference stock (without
N. Y. (total valuation $690.000): (b) $315.000. due April 1 1934. secured
financing
by land and building on the west side of Belmoy Road. Scarsdale Manor, par value). This offering represents company
Eastchester, Westchester County, N. Y. (total valuation $480.000): only to the extent of 10,000 shares, the balance of this stock
1 1933,secured by land and building on 81st Bt.,
(e)$220.000 matures Dec.
Jackson Heights, Queens, N. Y. City (total valuation $330,000): (d) being acquired from individuals.
Preferred as to dividends at the rate of $3 per share per annum, and no
$136,000 matures Nov. 15 1933, secured by land and building on Anderson
-F. and participating
Ave., Bronx, N. Y. City (total valuation $205,000).-V. 127. P. 2241. more, cumulative from Nov. 15 1928. payable Q.
share for share with the common stock in any dividends paid in any year
1816.
common stock has received dividends aggregating $2.25 per share
after the
in any such year. Prete'red in any liquidation to the extent of $50 Per
-Earnings.
Leslie-California Salt Co.
share and div. at the rate of $3 per share per annum, plus any previously
Earnings 3 Months Ended Sept. 30 1928.
and unpaid participating div. if any thereon, before any sum shall
Gross profit on sales
8181,518 declared on the common stock; and also entitled after $50 per share, plus
be paid
Selling expenses
40,497 any previously declared and unpaid dividends, if any,on the common stock
Handling charges
22.214 has been paidn the common stock to participate, share for share, with
Administrative expenses
21,256 the common stock in the distribution of the remaining assets. Non-voting
Depreciation_
12.684
certain instances to be provided in the certificate of incorporation
Financial expenses
23.853 except in
as amended. Transfer Agent, Bankers Trust Co. Registrar Guaranty
Trust Co., New York.
Net profit from operations
$41.013
Authorized. Outstanding.
CapitalizationFinancial income & income from investments
31,998 Participating pref.stock (without par value)_ _ _ _60.000 shs.
60,000 shs.
60,000 ails.
60,000 abs.
(without par value)
stock
Net profit for three months
$73,011 Common
Data from Letter of Pres. John Moody, New York, Nov. 8.
Earnimo per share on 80,816 shares stock outstanding
60.90
with a nominal capital
-Founded by the President
History .1 Business.
-V. 127, p. 2693.
of 31.590 in 1908, the business was incorp. under its present name in 1914
Practically
in New
Los Angeles (Calif.) Lumber Products Co.
- derived Jersey. profits. Itthe entire resources of the company have been
-Tenders.
has never had a bank loan and has regularly
front its
Toe Los Angeles-First National Trust dc Savings Bank. Los Angeles,
discounts. For the past 20 years the volume
Callf., will until Nov. 23 receive bids for the sale to it of 1st lien & collat. taken advantage of trade
excepting a slight decrease in the year
-year 74% s. f. gold bonds to an amount sufficient to exhaust of business has Increased each year
trust 20
1918.
3110,600.-V. 118, p. 1144.
activities include publication of "Moody's Manual of Investments"
Its
monthly supplements), universally recognized
Louisiana Oil Refining Corp.(& Subs.).
- (five annual volumes with
-Earnings.
as standard authorities on security investments, both American and foreign:
1928-9 Mos.-1927.
Period End. Sept.30-- 1928-3 Mos.-1927.
System of Investment Ratings, used as a guide
the operation of Moody's
$487,033 $2,790,510 $1,542,542 by thousands of investors and bankers: and the rendering of various forms
Net earns, from oper___ $1,158,182
231
Prot. on sale ofinvest230,727 of investment, analytical and research service for bankers, financial institutions, corpotations and individual investors.
81.158,182
$487.264 $2,790,510 $1.773,269
Total Income
Over 80% of the Manual editions are subscribed for or sold in advance
66,010
70,688
220.026
Deductions
163.670 of publication each year; an equally high percentage of "Service" clients
18,580
21,984
77,353
74,901 renew from year to year.standard services being sold on an annual fee basis.
Interest
68.130
94.107
212,184
Deplation of cost
294,214 This has resulted in unusual stability of revenues in all departments of the
781 785
262.852
257.153
75q 364 business.
Denreciation
185,000
51,328
336,164
Drill labor & exp
179.864
The Manuals circulate throughout every State in the Union in practically
25,865
9.313
8,536
27,940 equal proportions, as measured by "financial density." and its various forms
Amort.of pref. stk. discof service are in use in more than 2,000 cities and towns in the United
Net inc. before Fed. $549,074 def$17,310 $1.137,132
$273.316 States and In addition in many foreign countries. Manual circulation in
-V.127 p. 1539.
Europe practically doubled In the last fiscal year.
-10.000 shares of the participating preference stock are being
Purpose.
-Sales.
Co.
sold by the company for the purpose of providing additional working capital
Ludlum Steel
1928-3 Mos.-1927. 1928-9 Mos.-1927.
to take care of the steadily expanding business. The remaining shares are
Period Ended Sept. 30$911.290
$756,790 $2,723,306 $2,247.141 being sold by stockholders who, however, by retaining ownership of the
Net sales
common stock will continue in control of the management of the company.
-V. 127. p. 2694.
2834
FINANCIAL CHRONICLE
bactittics.-The head office of the company occupies two floors with
23,000 square feet of floor space in the American Express Building at 65
Broadway, New York City, and contains a complete and up-to-date financial and economic statistical plant. An additional comprehensive plant
is located in Chicago, and a third plant of similar type is being built up in
Los Angeles, In London. Eng., a fourth plant, primarily covering British,
Colonial and Continental statistics and financial data, is
Moody's Investors Service, Ltd., a subsidiary. There areoperated by
more than
250 trained security experts, editors, compilers,correspondents,statisticians
and other workers retained by the organization at the present time, besides
correspondents in all the principal financial centers of the world.
The combined statistical plants cover records on over 200,000 American
and foreign corporations, and economic and financial data on governments
and political subdivisions throughout the world. More than 40,000 distinct securities are rated under the formulae of Moody's Rating System,
Including over 5,000 foreign issues.
Growth of Business.
-Constant growth of this business is clearly shown
by the steadily increased sales of Moody's Manual as tabulated below:
Edition.
Volumes.
Edition,
Volumes.
Edition.
VoMmes.
1917
7,234 1921
17,520 1925
26,502
1918
7,593 1922
21,021 1926
28,405
1919
11,184 1923
22,635 1927
29,784
1920
16.566 1924
24.167 1928(to date)_ _ _35,020
Originally but one volume was issued at $12; to-day five volumes are
issued annually at $25 per volume or $125 per set. The original volume
contained about 1,000 pages of statistical information. In 1928, the five
volumes, with monthly supplements, aggregated over 17.000 pages of data.
The constant growth of the Service departments of the business has been
equally significant. During 20 years of operation. "Service revenues"
have increased every year without interruption, the volume ofsuch revenues
during the year 1928 being about 30 times that of 1910 and about 10 times
that of 1916. During years of dzpression in the security markets, such as
1920 and 1921. these revenues uaderwent the same consistent growth as in
more prosperous years.
Earnings.
-Net earnings of the company for the periods indicated below,
after all charges, and adjusted to give effect to non-recurring items (averaging $144,186 per annum), due to reduction of executive salaries, discontinuance of bonuses to officers and employes,effective Oct. 1 1928. and advances to the London subsidiary company for development purposes, and
to Federal and New York State taxes at present rates, as certified to by
Haskins & Sells were as follows:
Equiv. per Sh.
Net Earns. of Partici.
as Above.
Prof.tk.
Year ended Dec. 31 1925
$212,414
$3.64
Year ended Dec. 31 1926
262,880
4.38
*Nine months ended Sept. 30 1927
295.723
4.93
'Year ended Sept. 30 1928
338,692
5.64
* Fiscal year changed to end Sept. 30.
In the past fiscal year the company incurred abnormally heavy expense
due to the introduction of the first annual edition of "Moody's Bank and
Finance Manual." Haskins & Sells estimate that this abnormal expense
amounted to $60,759. In the present fiscal year, with this Manual completely established,such abnormal expense will not recur.
The company's standard forms of service to investors are all payable in
advance on an annual subscription basis, but only 1-12th monthly of such
revenues are credited to actual income. Thus a continuous reserve of
"unearned income" is carried on the books. A comparison of this "unearned income" with the same item in the previous year gives an accurate
estimate of the trend in revenues to be expected in the service departments
for the coming year. On Sept. 30 1928. this item of "unearned income"
was 8410.683, compared with $336.816 on Sept. 30 1927, an increase of
about 22%. Actual operations of the business as a whole since the close
of the fiscal year (Sept. 30 1928) more than confirm this upward trend in
current Income.
Dividend Record.
-The dividend record since incorporation in 1914 on the
old common stock outstanding prior to the proposed recapitalization has
been as follows: 1915. 6% cash and 66 2-3% stock; 1916, 200% cash and
100% stock; 1917.75% cash; 1918.20% cash and 20% stock; 1919,33 1-3%
cash and 66 2-3% stock; 1920. 60% cash; 1921, 40% cash and 20% stock;
1922, 1923, 1924 and 1925. 20% cash; 1926, 62%% cash and 30% stock;
1927 (nine months ended Sept. 30). 80% cash and 20% stock; 1928 (to
Sept. 30). 50% cash.
Management.
-Because of the nature of the business, which is largely
that of analyzing and expressing opinions of security investments and furnishing investment ratings, Moody's Investors Service has always stood
absolutely detached and independent of financial interests, does not accept
any financial or other advertising, and its owners have no business interest
in any banking, brokerage or securities firm or corporation. Company
does not execute orders or buy or sell securities for its clients, its position
in relation to the security markets being exclusively that of impartial advisor. This policy will be continued. Every share of the common stock
will be owned by active workers in the business, and provision will be made
designed to perpetuate such ownership. The board of directors, which it Is
expected will continue as at present, with no banking or other outside
representative thereon, is as follows:
John Moody, Pres.; Louis W. Holschuh, Vice-Pres., Sec. & Treas.;
William F. Moody. V.-Pres:; Donald B. McCruden, V.-Pres. & Comp.;
John Sherman Porter. V.-Pres. & Managing Editor; Paul, Clay. V.
-Pres.
& Economist; Russell Leavitt, Managing Director. London Company;
Daniel F. Shea. V.-Pres. in Charge of Service Production.
Balance Sheet, Sept. 30 1928.
(Giving effect to proposed recapitalization. exchange of capital stock, this
financing, dm.]
Assets
Cash
$560,793 Accounts payable
8103,626
U. S. & Foreign Govt. bonds
Accr.bonuses.comm.& salaries
51,184
at cost
407.735 Accr. Fed.& State Inc. taxes30,405
Accounts receivable
169,426 Unearned inc. from Investors
Inv. of manuals, &c.(at cost)
41,856
410.683
Services
Value of Maur. policy on lives
8675,000
Capital stock
of officers
11,250 Earned surplus
152,224
Inv. In Moody's Investors
Service, Ltd
12,508
Porn.& fixtures, &c
105,914
Copyright(at cost)
107,685
Good-will, rating system,
standing type,&a
1
Deferred charges
5.953
Total
$1,423,122
Total
$1,423.122
a Represented by 60.000 abs. participating preference stock of no par
value (minimum liquidation value $50 per share) and 60,000 abs. common
stock (no par value).
Motor Dealers Credit Corp.
-Foreign Subs. Earns. Inc.
-
At a meeting of the directors, It was disclosed that the foreign subsidiaries
of the company, operating in Great Britain, the Continent, Australia,
Canada and South America showed an appreciable gain in net profit during
the 4 months ended Sept. 1 as compared with the corresponding period last
year. Motor Dealers Credit Corp. was organized last spring by the Industrial Acceptance Corp., to take over from the I. A. C. the exclusive timesales financing for the Studebaker Corp. of America and its dealers. (See
also Industrial Acceptance Corp. in V. 126, P. 3130.)
Mount Hope Spinning Co., Warren, R. I.
-
Creditors of this company now in receivership, were authorized a second
dividend amounting to 20% by a decree entered in the Superior Court at
Boston. The first dividend paid several weeks ago was 60%. The receiver
announced to the Court that a third dividend will be available later.
V. 127, P. 834.
-Recapitalization Plan ApMurray Corp. of America.
proved.The stockholders on Nov. 15 approved the recapitalization plan which
sails for an increase in the authorized capital stock (no par value) from
300,000 shares so 900.000 shares and the issue of 269,300 shares at $15
a share.
The New York Stock Exchange rules that the stock shall not be quoted
sx-rights until Nov. 27 and that holders of record Nov. 19 have the right
io subscribe for one share of new stock for each share held at $15 per
-V. 127. p. 2545.
share, instead of Nov. 16. as had previouhsy been stated.
[vol. 127.
Consol. Earns.for 3 and 9 Mos. Ended Sept. 30.
1928-3 Mos.-1927.
1928-9 Mos.-1927.
Net profit after deprec.,
-.4 •
int. & Federal taxes-3699,064 loss $259,699 81.342,555 4311,34
Earns. per sh. on 269.068
:Ms. corn.stk.
(no par)_
Nil
$2.58
$4.94
Before Federal taxes.
Consolidated Balance Sheet Sept. 30.
Assets1928.
1927.
1928.
1927.
$
Liabilities$
$
$
Land, bidgs.,mach.
8% pref.stock_ ___ 217,400
251.1
&equip
x10,250.706 10,046,687 Corn,stock
y11,771,663
Re h
Catrgan. corn. Id. 3,538,785 1,317,333 Accts.payable.. ___ 2,743,089 12,044,996
727,60
Aecr.int.,taxes,&e 181.076
176,29
50.000 Fed.tax res. 1928_ 200,000
Customers'
(etsotm.)ers'sects__ 3,948,420 1,507,080 Purch, money obn. 1,000,000 1,149,58
Dies & patterns_ .. _ 346,981dfored debts Fed_. 3,451,700 3,954,700
disp _ _ _
.
Inventories
2,545,580 4,454,124 run
Res
808,261
Inv.inDietrice,Inc. 531,574
425.816
tax claims
1,459,
9631 478,82
Skg.fund depos _ _
11,711
134,478 Res.for gen.contig
Securities
111,450 Surplus
1,586,000
M iscel.acct$.&Adv
65.614
66,751
Good-will & pat.- - 302,329
343,483
Def.chgs. to future
operations
1,069,194 1,134.167
Total(each elde)22,610,895 19,591.367
x After deducting $783,293 reserve for depreciation. y Represented
by 269,068 shares of no par value.
-V.127, IL 25
45.
t:Nu
National Cash Register Co. (Md.).-To Acquire Ellis
Adding-Typewriter Co.
-Rights.
President Frederick B. Patterson announces that the company has
obtained orthns on substantially all the outstanding stock of the Ellis
Adding-Tyj ewriter Co., of Newark, N. J., and that a meeting of the
stockholders of N. C. R. will be called for Dec. 6 to authorize the creation
and Manor),e of 90.000 additional shares of common class A stock to be
applied to the exercise of the option.
The Ells company has for a number of years been manufacturing a
combination typewriter-adding machine, which is attaining wide use as an
accounting, billing and bookkeeping machine in financial and business
houses. The significance of the acquisition
the Ellis company by N. 0.
R. Is indicated in the following statement by
Patterson: "We anticipate that the sales of our accounting machine division with the acquisition
of the Ellis machine and with the new machines In development at our
factory, would, in the near future, equal the sales of this corporation's
strictly cash register business.'
The consideration involved in the acquisition of the Ellis company is
stated by Mr. Patterson to consist of 30.000 shares of common class A
stock of the National Cash Register Co., and the payment of approximately
84.000.000 in cash.
The stockholders will vote Dec.6on authorizing the issuance of additional
common class A shares in order that the company may be in a position to
close the options promptly if the directors determine to exercise them. In
addition to the 30.000 shares of N. C. R. stock involved in the purchase
a the Ellie company, the remaining 60.000 shares of the proposed issue
would be offered for subscription at 1660 per share to the holders of common
class A and common class B stock of the National company ratably according to their holdings.. There are outstanding a total of 1.500.000
shares of stock of these two classses and under such an offering each stockholder would be entitled to subscribe to one share of new stock for each
25 shares held by him.
The Ellis machine, which combines a typewriter keyboard with a complete adding and subtracting machine in such a way that it can be operated
with unusual rapidity permits the making of detailed entries at the same time
that debits and credits are entered and carried forward. It Is equally
adaptable to bookkeeping, posting, billing and invoicing.
The Ellis company, which has been in existence about 20 years was
originally located in St. Lou s, but has been for the last 17 years in Newark.
N. J., where it has its factory.
It Is understood that the Ellis machines would be marketed through the
254 branches of the iNational company in the United States, and its worldwide sales organization.
-V. 127. p. 2695.
National Rubber Machinery Co.-Pefinitire nnrds.-The National Bank of Commerce in New York is prepared to exchange
definitive 1st mtge. cony. 6% gold bonds, due July 1 1943, for the temporary bonds now outstanding. (For offering, see V. 127. P. 1170
V. 127.D. 2 81
3 .
National Securities Corp. of Calif.
-Stocks Offered.
R.H.Seward & Co., San Francisco, recently offered $1,000,000 6% cum. 1st pref. stock, series A ($50 par), and 20,000
shares common stock (no par),in units consisting of one share
of 1st pref. stock and one share of common stock at $55 Per
unit.
First preferred stock is issuable in series and Is preferred as to assets and
cumulative dividends over the second preferred stock and common stock.
First preferred stock series A is entitled to cumulative preferred dividends at
the rate of 6% payable Q.
-J. Callable all or part, by lot. on 30 days notice. on any dividend date at $2.50 per share and diva. In case of liquidation preferred as to assets to $50 per share, plus dive. Both preferred and
common stocks fully paid and non-assessable. Dividends exempt from
present normal Federal income tax. Stock excrapt from present California personal property tax.
Transfer agent, Wells Fargo Bank & Union Trust Co.. San Francisco,
Calif. Registrar, Crocker First Federal Trust Co.. San Francisco, Calif.
Gompany.-Organized in Delaware in June 1928 to operate as an Investment trust of the mobile or management type.
The purpose of the company is to invest and re-Invest the funds paid in
by its stockholders in a broadly diversified list of seasoned and marketable
securities which not only yield a satisfactory return but represent the obligations of or ownership in those companies whose business is sure to grow
in pace with the growth and development of the country.
These seatrities-bonds. notes, preferred stocks and common stocks
will be bought and sold from time to time under the guidance of a trained
and competent staff of investment analysts employed constantly in a study
of industrial conditions, the progress and management of the individual
companies, and all the factors that affect the market value or intrinsic
worth of securities.
CapitalizationAuthorized. Outstanding.
let pref. stock cumulative (350 par)
81,000.000
$2.500,000
26 pref. stock 6% convertible non-cum.($50 par)
500,000
500,000
Common stock (no par)
300,000 shs. 35,000 abs.
The 8500.000 par value of the 2d pref. stock has been subscribed for by
the organizers of the company, to net the company $500,000 and $100,000
of the purchase price of this stock has been paid into the treasury. The
remainder will be paid in as 1st pref. stock is subscribed for.
Protective Provisions.
-Following is a summary of investment regulations
imposed by the company's by-laws and the regulations of the State Corporation Commission to govern the operations of the company:
1. The management will create a reserve out of earnings by setting aside
each year at least 10% of net earnings, after dividends on 1st pref. stock,
until the total reserve equals 25% of the paid-in capital of the company.
2. Not more than 5% of the company's total funds may be invested in
the securities of any one corporation or in a single business enterprise.
3. In case the 1st pref. dividends shall become due and unpaid for a period
of 1% years (six quarterly dividends), the 1st and 2d pref. stockholders
shall have exclusive voting control of the company and shall retain such control until such time as all back dividends have been paid.
4. The company will send to its stockholders at least semi-annually a
list of all securities owned and dealt in during the period since the last previous report; and a copy of each list will be sent to the State Corporation
Department,
5. Corporation has been organized strictly for investment purposes
-it
will not engage in the promotion or management of companies whose securities it owns.
6. Company will submit to the State Corporation Department semiannually certified financial reports of its assets and liabilities.
Operations.
-The officers and directors will be assisted in the selection
of securities by the California Investment Fund,Inc., a research and invest-
Nov. 17 19281
FINANCIAL CHRONICLE
ment organization that has had many years' experience in the management
of investment funds. The work of this corporation in furnishing investment counsel is made more valuable by its experience during a decade employed In the study, analysis and selection of all types of securities.
Management.
-The management of the company is vested in the following officers and directors: Henry D. Nichols. Pres.: P. P. McCann. Sec.:
A. J. Oyster. Vice-Pros. & Treas.; C. C. Trowbridge Jr.. Asst. Sec.: W. F.
Sisson: Griffith Henshaw. V.-Pres.: Carl W. Stever.
The above named officers and directors will serve for a period of two years
without compensation.
,
Natir) •••0 q•-rvicP Comnanies.-Selis fort to Customers.
0. D. Parker & Co.. Inc., announce that over $639,000 of the securities
of the National Service Companies were sold in a customer ownership camTaign held under the direction and supervision of P. It. Whiting &
Inc., of New York. The actual selling period of the campaign was 12 days,
and in that time over 3.000 customers and friends of the company purchased
26,267 preferred and common shares. A total of 1.388 employees participated in the campaign. The average sale was sli7htiv over $200 per purchaser, which indicates that an unusually wide distribution of the security
-V 127, p. 2695, 2546.
was obtained.
National Tea Co.-Earning8.-9 Months Ended Sept. 30Sales
Net oper. profit (after Federal taxes)
Preferred dividends
Common dividends
1928.
1927.
262.735,919 240,686.848
1.680 513
1,264.610
195.212
156.654
449.777
447.670
21.035.524 $ 658 266
Balance
29.90
'Earns. per sh. on 150.000 shs. common stock
$7.37
Net profit for Sept. quarter was $340.938 after all charges equal to $1.82
a share on common against 2628.496. or 23.76 a share on common. in preceding quarter. and 333 342. or 21.87 a share, in third quarter of previous
-V.'27. p. 2695.
year.
-Quarterly Report.
Nevada Consolidated Copper Co.
-
The report covering the third quarter of 1928 follows:
The net p-oduction of copper from all sources for the third quarter. cornpar.xl .0 that for the two preceding quarters of 1928. Is shown in the following t )bulation:
3rd Quar.
2nd Quar.
lit Quar.
1)28-70.951.942 63.707.374 52 576.896
Net plands copper produced
23.650.648 21.235.791 17.525.632
Avera -e monthly production
The total quantity of company ores milled and smelted during the quarter was .994,727 tons. Of this total 2.969.676 tons was concentrating
ore. aves %ging 1.407% copper. and 25.051 tons was direct smelting ore
shipped to smelters. In addition to company ores. 193.107 tons of custom
ore was milled or smelted at the Nevada plants. The average daily tonnage of company ores milled at all concentrators was 32.279. as compared
to 30.698 tons per day for the preceding quarter.
The average recovery in the form of concentrates from all company material milled during the period was 86.06% of the total copper contained
therein, corresponding to 24.21 pounds of copper per ton treated, as corn pared to a recovery of 87.07% and 23.20 pounds per ton for the previous
quarter.
The net cost per pound of copper produced. after crediting revenue from
gold and silver and other miscellaneous earnings and income from sub
sidiaries, was 7.89 cents, as compared with 8.48 cents for the second quarter of the year These costs Include all operating and general charges of
every kind except depreciation and reserve for Federal taxes.
Results for 3 and 9 Months Fluted Sept. 30.
1928-3 Mos.-1927.
1928-9 Mos.-1927.
Oper.prof.(copper prod.) $4,371.515 $1,574.532 $9,766.824 $4,633.984
389,969
252.041
989.330
760.422
Value of pre loos metals
Miscell. revenues & Inc.
308.471
165.830
872.722
656.816
from subsidiaries
- 25.069.957 21.992.404 211.628 876 $6051223
Total open Income
420.260
413.404
1.260.783 • 1.254.213
Depreciation
Net income
24.649.696 51,578,999 $10,368,093 $4.797.010
-v. 127 13- 2381.
-Sales.
(J. J.) Newberry Co.
Increase. J 1928-10 Mos.-1927
1928-0m-1927
21.409.322
$1,871.122
-V. 127. P. 1958
.
Increase
$461,800414,193,178 210.471.614 $3,721,564
-Earnings.
New Jersey Zinc Co.
Period End. Sept. 30- -1928-3 Mos.-1927- -1928-9 Mos.-192721.863.469 21.510.106 y25.444.928 24.060.046
x income
100.000
100.000
31.295.054
Divs.from sub. cos
Total income
Dividends
$I.983.469 21.610.106 25, 44.928 25.355.100
981.632
981.632
3.926.528
3.926.528
21.001.837
Balance.surplus
2628.474 S1,518.400 21.428.573
Earns, per sh. on 490.816
24.04
23.28
211.09
$10.91
shs.(par $100) cap.stk
x After deductions for expenses, taxes, depreciation, depletion, maintenance, repairs, and contingencies. y Includes dividends from subsidiary
,.companies. V. 127. p. 2546.
-
-Tenders.
New York Shipbuilding Corporation.
The Union Trust Co. of Pittsburgh, trustee, mill until Nov. 19 receive
-year 57, sinking ufnd gold bonds,
bids for the sale to It of first mortgage 30
dur Nov. 1 1946, to an amount sufficient to exhaust $188,369, at a price
-V. 125. p. 2539,
not exceeding 10214 and interest.
-Sale of Unused Properties.
New York Transit Co.
The stockholders on Nov. 1 approved a plan to sell certain unused properties of the company. The disposition of such properties, it is statea.
will place the directors In a position to recommend a reduction in capital
and a distribution to stockholders of such funds as may become available.
See V. 127, p. 2243.
-Receivership Ended.North Butte Mining Co.
40
Jud, ilearge M. BourquIn of U. 8. District Court of Montana has
ordered the receivership of the company ended. The receivers are ordered
or
to render their final accounts onandbefore x ov. 19 and those final accounts
the receivers discharrod.
will be heard and ended Dec. 3
action to terminate the receivership as to the Minnesota property
Similar
Is being instituted in Minnesota courts.
of the North Butte company North Butte
Co. says the company is paying
Paul A. Oow, President of
issues, and that plans are being
off all Its indebtedness, including bond at
the company's mines at Butte.
made for early resumption of operations
The company, It is stated, will put on about 200 men at the start to
clean up the mines and get the workings in shape for resumption of mining.
Mr.(low expects to have 2,000 men working at the company's mines early
in 1929.
.
Judge Bourquinln his order states:"The receivership was without warrant
In the be inning,' and adds, that "it suffIcles to say that in the meantime
the company has ousted those who by unwarranted receivership ought
Its destruction."
In commenting on ending of the receivership, Mr. Cow, says: "We
have been able to regain control of our properties largely because of the
confidence shown in the company by its Butte stockholders. These stockholders put up more than 2400,000 of the $1,000,000 subscribed in the
Past few months for Its rehabilitation. of the company
over the past two
"During the trials and tribulations
Years, the Anaconda company has been most helpful to us. The Anaconda
Montana Power Co. were the two largest unsecured creditors of
and the
in the settlement of general
the North Butte and practically all other general claims again.st the comcreditors in Butte, waived
pany, they as well as
amounting to more than $18,000. -V. 127, P. 1818.
Interest
-Extra Dividend of 2%.
-The
Northern Pipe Line Co.
directors have declared an extra dividend of 2% and a
regular semi-annual dividend of 4% on the outstanding
112 001I (100 capital stock, par $50, both payable Jan. 2 to
holders of record Dec. 7. Prior to the recent change in par
value from $100 to $50 per share, and the capital repayment
2835
of $50 per share about Sept. 1, the company paid semiannual dividends of 3% each from July 1924 to July 1928
incl., and in addition paid an extra dividend of 2% in Jan.
1928 and one of 1% in Jan. 1927 and in July 1926.-V. 126,
p. 3940.
North German Lloyd (Norddeutscher Lloyd),Bremen,
Germany.
-American Shores Offered.
-Kuhn, Loeb & Co.
and Lee, Higginson & Co. have purchased Reichsmarks 35,000,000 par value of common stock of the North German
Lloyd (Norddeutscher Lloyd), Bremen, in respect to which
there will be issued under a deposit agreement 175,000 American shares each representing Reichsmarks 200 par value of
stock, which shares they are offering for subscription subject
to allotment at $69 per American share. These American
shares are entitled to all dividends hereafter declared, including the dividenas for the full year of 192R.
American shares will he Issued by Guaranty Trust Co. of New York as
depositary under a deposit agreement dated Nov. 15 1928. The company
has agreed, among other things, that dividends after deduction of German
income tax (Kapitalertragsteuer) now amounting to 10%, will be remitted
by the company to the depositary at the cable rate for dollars current in
Berlin on the day of payment of the dividend. such dividends or any other
distributions due to the shareholders will, after deduction of the depositary's fees and expenses as set forth In the deposit agreement, be paid to
the registered holders of American shares by check in dollars.
The deposit agreement Will provide that after July 1 1929 or prior thereto
with the consent of Kuhn. Loeb & Co. and Lee, Iligginson & Co., as depositors. any owner of common stock may deposit it at the agency of the
depositary in Firemen and receive therefor from the depositary in New
York an equivalent amount of American shares and vice versa, the holder
of American shares may deposit them with the depositary in New York
and receive from the agency of the depositary in Bremen in exchange therefor the amount of common stock represented by the Amercan shares vo
deposited with the depositary In New York. under the terms of and upon
payment of the charges set forth in the aforementioned deposit agreement.
Listina.-Application will be made to list these American shares on the
New York Stock Exchange.
Data from etter of Geheimrat Carl Joachim, Can. Dir. of Company.
Business and Properties.
-The North German Lloyd. Incorp. In 1857,
operates through Its wn vessels and those of subsidiary companies 31
different passenger and freight lines serving more than 200 ports In all parts
of the world. As of Nov. 1 1928 the aggregate tonnage of the 132 ocean
going vessels of the company and its wholly owned subsidiaries was over
694.000 gross registered tons Including such well known ships as the Columbus. 'Berlin. Dresden. Munchen and Stuttgart. These five ships. In
addition to 18 other smaller vessels, constitute the company's present passenger and freight service between New York. Boston. other United States
and Canadian ports. and Bremen. Germany. and the English. Irish and
French ports which the company serves. Company's tonnage devoted to
the North Atlantic passenger service will be practically doubled In the
Spring of 1929 by the entry into this service of two of the newest and fastest liners In the world. the quadruple screw, turbine driven, oil burners,
the Bremen and the Europa. each of about 46.000 gross registered tonnage.
These two de luxe vessels will embody the most modern developments In
maritime engineering. Having been designed for a service speed of over
2 knots, which is superior to that of any other liner plying the North
Atlantic, they will comfortably make the run between New York and
Cherbourg or Southampton in five days. and Bremen, the home port of
the company. In six days.
Besides the North Atlantic servce. incl. Canada. there are the important services to the East and West Coasts of North. Central and South
America and to Australia. China and Japan and other ports of the Par
East. Company participates In the African service through Its wholly
owned subsidiary. the Hamburg-Bremer-Afrika Linie A. G. besides owning substantial stock interests in the Deutsche Ost-Afrfka Ijnie A. G. and
the Woermann Linie A. G. Through its own steamers and those of wholly
owned operating companies, other than those mentioned above, the company also maintains services between Germany and English. Baltic. Mediterranean and Black Sea ports. In addition, the company 11Wes approxtmatedly 57,000 gross registered tons ofsmall ships which ply within German
territorial waters. All in all, the company controls 406 vessels of a total
of about 916.000 gross registered tons: this Includes 8 ships now under
construction, incl. the Bremen and the Europa. of a total of 134.000 gross
registered tons.
The entire fleet is modern. over 80% in value of the ships having been
built within the last 8 years. The net contract price of the Bremen and
the Europa at the date they were contracted for in 1926 amounted to about
Rm. 82.000 000 419.523.000). which was much leaver than present pre"sailing construction costs, and to this must be added very considerable
outlays for Interior decoration. furnishings. &c., which are of course, not
included in the contract price. The other additions to the fleet since 1920
alone represent an expenditure of gold marks 210 488 000 (550.116.000).
The company also owns or has substantial interests in a number of other
important shipping and allied enterprises including valuable warehouses
and office buildings and long term leases on piers and dry-docks in Oremen
and other ports all carried in the balance sheet much below their actual value.
-Provision having already been made for the cost of construcPurpose.
tion of the Bremen and the Europa. none of the proceeds of the sale of
these shares will be required for this purpose. The proceeds will be used
to reimburse the company's treasury for expenditures heretofore made for
other construction, for further additions to the company's fleet including
6 first-class, modern, cargo liners, two of which are of about 8.000 gross
registered tons each and the remaining four of about 6.500 gross registered
tons each, for the payment of the purchase price of substantial interests In
other shipping companies recently acquired and for other corporate purposes.
Captial.-11pon Issuance of the present Rm. 35.000 000 par value of
common stock and Rm. 1.093 800 par value of pref, stock which the COMpany will presently issue and sell, the company will have outstanding Rm.
6.000.000 6% cumul. pref. stock (all of which is fully paid except Rm.
1.093, 00 which will be only 25% paid in) and Rm. 160 000 000 fully paid
common stock. For 1927 dividends were pald at the rate of 6% per
annum on Its fully paid pref stock and 8% on the common stock as compared with 6% on both classes of stock for 1926. It lathe company's Intention to pay 6% on the fully paid pref. stock and 8% on the common
stock for the year 1928. as the estimate of the year's results, although
reflecting earnings below those of 1927 as hereafter explained, should permit the continuation of dividends at these rates.
Dividends on the company's stock for any year are paid. at the latest,
In June of the following year upon final audit of its accounts and the above
shares will be entitled to the full dividend for the year 1928 which, If at the
contemplated rate of 8%. will be equal to about $3.42 net per American
share, after deducting the German income tax of 10% to which the dividends are at present subject.
The price range of the common stock thus far this year has been between
a high of 166% and a low of 143% equal to 279.04 and $68.09 per American
share; they were (Nov. 15) quoted at 148%, equal to $70.47 per American
share. Company's common stock is listed on the Berlin, Bremen, Frankfurt, Hamburg and Leipzig Exchanges.
Earnings.-Por the year ended Dec. 31 1927 the net earnings of the
company, after playment of or provision for all charges, as certified by its
auditors, Fides Treuhand Aktiengesellschaft. Bremen. amounted to Rm.
26.701.691 (56.357.500), out of which Rm. 13.681.954 (53.257.500) were
set aside for at least 57 depreciation of the original cost of the vessels and
Rm. 1.985.837 (5472.800) for depreciation on buildings, shops, furniture
and fixtures, leaving a balance of Rm. 11.033.900 42.627.1001 available
for dividends. After payment of 6% on its fully paid pref. stock such
balance was equivalent to about 8.71% on the company's Rm. 125.000.000
par value of common stock outstanding as of Dec. 31 1927.
Incident to the building and handling of its previously mentioned two
new liners which are not yet in service and from which, of course, no revenues have yet been received, the company has been meeting, out of its
current earnings, heavy charges such as for advertising, increase of personnel, enlargement and expansion of its service bureaus in New York,
Paris and other cities, and the increase of its dock facilities. As a partial
result thereof. despit Its gross revenues for the 6 months ended June 30
e
1928 having been Rm. 106.730.000 (225.411.000) as compared with Em.
96,005,000 422,858,000) for the Same period of 1927, its net income for.
2836
FINANCIAL CHRONICLE
that period declined slightly from Rm. 14,743,000 ($3.510.000) for the
first half of 1927 to Rm. 13.995.000 ($3,332.000) for this period of 1928.
That the company's income is growing steadily due to its increasing tonnage is attested by the fact that its gross income in 1925 was $29,300,000,
In 1926 was over $33.000.000. In 1927 was approximately $45,400.000 and
for the first 9 months of 1928 was approximately $40.000.000. We most
conservatively estimate that the entry of the Bremen and the Europa into
active service in the Spring of 1929 will increase our gross income by approximately Rm. 40.000.000 ($9.523,000) or about 20%. and, inasmuch as
our own experience as well as that of other companies has shown the increasing profitableness of de luxe liners of this type, the company's net income
should be proportionately increased.
Of special interest to American investors will be the fact that of the
company's gross revenues for 1926 approximately $10.000.000 were received in United States currency and more than £4.000.000 ($19,466.000)
In Sterling, while for 1927 approximately $12,500.000 and 'i5.000.000
(824,333.0(X)) were received, thus automatically providing ample foreign
balances for the company's foreign commitments. Thus, for the year 1926
almost 90% of the company's revenues were received in these two foreign
currencies alone and for 1927 over 80%•
Provisional Balance Sheet as of June 30 1928.
LlaSUUies—
829,761,904
Common stock
Pi'ef, stuck liability (75% un930.048
paid on 8372,143)
8279,107 Prof. stock
20,000.000
Ocean going fleet
40,298,039 Dollar bonds
4,047.819
Legal reserve
Payments on account of ships
1,785,714
under construction
15,026.596 Reserve for renewals
2.380,952
Insurance reserve
Coastwise and river steamers,
476,962
lighters, &c
632,916 Revalorized bonds
4,522,522
Long term credits
Lands, bldgs., (incl. leases of
9,884,577
piers and drydocks), shops,
Sundry creditors
9,844.376
furniture and fixtures
1.768,638 Suspense account
3,323,032
Cash on hand & bank bal.__ 11,727,630 Profit and loss surplus
Shs, and int. In other co.'s__ 4,946,331
Ship st.res at Bremen and
1,421,192
Bremerhaven
888,957,706
Accts roe & suspense Items. 10.857.257 Total (each side)
This balance sheet does not include the company's $8.557.738 Principal
amount of debentures issued on the basis of present assessments as its
obligation under the Dawes Plan on which the maximum annual charge for
Interest and sinking fund is $513.464.28 and on which the payment for
the year ending Sept. 1 1928 was $185,325: nor does this balance sheet
include the results of the present financing or full consideration of the
two new liners, the Bremen and the Europa, whose value has not been
added to the book value of the fleet, but instead a part of their cost Is
merely included in the item, "payment on account of ships under construction." On behalf of the State of Bremen in conjunction with other
Bremen firma and industrial organizations there has recently been organized in Bremen the Bremen Hansa Bank A. G. The company has jointly
with them guaranteed certain of the bank's obligations which in turn are
specifically secured by mortgages on land and properties situated in the
State of Bremen. The company's maximum liability in this connection is
approximately $2.920.000 and this is not included in the balance sheet as
it was undertaken subsequent to the date thereof.
The company has not included in its assets in the above balance sheet
any sums recoverable from the U. S. Government and the Allen Property
Custodian of the United States in respect of its tonnage, piers and other
property seized by them. Company is engaged in recovering this property through two channels: First, it has a claim against the Alien Property
Custodian for approximately $2.800,000 of which, under the United States
"Settlement of War Claims Act of 1928." 80% is recoverable immediately
upon due proof of claim being established with the Custodian and payment of the balance remains deferred. The company's claim has ben
established before and audited by the Custodian and payment of the
approximately $2,250,000 to which it is now therefore entitled awaits only
the completion of certain minor, necessary formalities. Second. the company has its major claim against the United States Government for 29
seized ships aggregating 235.900 tons, constituting approximately one-third
of all the German tonnage seized by the United States and including the
two fast express passenger liners, the Kronprinzessin Oscine (now the
Mt. Vernon) and the Kaiser William II (now the Agamemnon), and nine
other large passenger liners including the George Washington and the
Grosser Kurfurst (now the Los Angeles), which claim awaits adjudication
by the Arbiter appointed by the President of the United States under the
"Settlement of War Claims Act of 1928" which provides for "fair compensation to be paid by the United States" for such seized property. While.
of course, it is impo sibie to forecast the time or amount of this settlement,
it will, when ultimately made. be of vital importance to the company in
further restoring it to the relative position it enjoyed before the war and
toward which It has been advancing so steadily and surely since 1921.
I All conversions from German into United States currency have been
made at the rate of 4.20 Reichmarks to the dollar.).—V. 127, p.421.
Nova Scotia Public Cold Storage Terminals, Ltd.,
Halifax, N. S.—Bonds Offered.—Drury & Co. and Hanson
Bros. Inc., Montreal, are offering $1,700,000 1st mtge. 30
year 6% sinking fund gold bonds at 100 and int., carrying
a bonus of 2 common shares with each $1,000 bond.
Legal investment for life insurance companies under the Insurance Act,
1917, Canada. Dated Nov. 1 1928; due Nov. 51958. Principal and int.
(M. & N.) payable in gold coin of the Dominion of Canada at any branch
In Canada of Royal Bank of Canada, or in gold coin of the United States of
America at the Agency of the Royal Bank of Canada. in New York, or
the equivalent thereof in Sterling money of Great Britain at the fixed rate
of exchange of $4.86 2-3 to the pound sterling, at Royal Bank of Canada,
London, Eng. Red. all or part for sinking fund or other purposes on any
interest date on 60 days' notice at 105 and int. if red. on or before Nov. 1
-year period or fraction thereof.
1933, and thereafter at 1% less for each 5
Denom. $1.000 and $500 c*. Montreal Trust Co., trustee.
Issued.
Authorized.
Capitalization—
1st Mtge 30
-year 6% sinking fund gold bonds-- 82.500.000 $1,700,000
326.250
326.250
53-6% serial gold notes (secured by subsidy)
220.000
7% cumulative preferred stock
1,000,000
shs. 50,000 shs.
150.000
Common stock (no par value)
Additional bonds may be issued only to the extent of 66 2-3% of the cost
or fair value, whichever is less, of additional property to be mortgaged and
provided that the earnings during the preceding 12 months shall have been
at least equal to 250% of the annual interest charges on the bonds issued
and to be issued.
Data from Letter of G. F. Pearson, K.C., President of the Company.
Company and Properties.—Incorp. in Province of Nova Scotia. Is erecting
at Halifax, N. S., a modern fireproof public cold storage plant and terminal
together with a public fish handling, freezing and processing plant. The
facilities to be operated by the company will include cold, ofty, bonded
and temperature regulated storage, sharp and brine freezing, packaging
and processing fish. precooling and storage of apples and potatoes. storage
of tropical fruit, landings, docks and all customary public terminal facilities.
Ample rail accommodation will be provided by the Canadian National
Railways ensuring economical transportation and distribution facilities.
The contractors have undertaken to complete the construction of the
plant and terminals by April 30 1929. To date over 50% of the work
has been done.
Dominion Government Subsidy.—A contract entered into with the Dominion Government pursuant to the "Cold Storage Act" provides for the
payment to the company of a cash subsidy. payable in annual installments
over a period of four years after completion, amounting to 30% of the
cost of constructing and equipping the terminals in accordance with the
plans and specifications now approved by and on file with the Dominion
Government and subject to the terms and provisions of such contract.
Assets and Valuatbm.—Coverdale and Colpltts. Consulting Engineers. In
their appraisal dated June 4 1928, value the company's buildings, plant,
equipment, lease, &c., on completion of construction in accordance with
plans and specifications at $3,100,000, which, plus working capital, estimated at 8200.000 will be equivalent to $1,940 for each 11,000 bond presentiy to be outstanding.
Security.—The bonds 1.'11 be secured by a specific 1st mtge. on the within
mentioned lease and fixed properties of the company now owned or hereafter to be acquired, and by a floating charge on all other assets of the
company, with the exception of that portion of the aforesaid subsidy equal
to the par value of the 53.% serial gold notes to be issued, which will be
pledged with a trustee as security for the full payment of such notes.
[VOL. 127.
Sinking Fund.—The trust deed will provide for an annual cumulative
sinking fund commencing Nov. 11933,sufficient to retire at par by maturity
the amount of bonds to be presently issued.
Earnings.—Gardner Poole,former Pres., Quincy Market Cold Storage Co.
Ltd., Boston,estimated after a thorough investigation, that thr net earnings
of the company, applicable to bond interest and before reserves for depreciation and repairs, will be as follows: For the second year $204.780, or
2 :Imes annual interest requirements, and for the third year $403.500,
3.95 times annual interest requirements. Concurrently with the certification and issue of the bonds there will be deposited with the trustee the
sum of $153,000 to guarantee the payment by the company of the interest
on the bonds during the period of construction specified in the building contract and for one year thereafter or until May 1 1930.
Occidental Petroleum Corp.—Listing.—
The Los Angeles Stock Exchange has authorized the listing of 630,000
shares of common stock out of an authorized issue of 1.000.000 shares of
$1 par value. The 630.000 shares of common stock approved for listing
consists of 311,955 shares of common stock and 318.005 shares of common
stock in the form of Trustee Certificates representing voting control of
the company. The firm operates its own transfer office while the Merchants National Trust & Savings Bank is registrar.
1235 Park Avenue, N. Y. City.—Certificates Offered.—
The Prudence Co. is offering $850,000 53i% guaranteed
Prudence certificates. The certificates are legal for trust
funds in State of New York. Interest payable A. & 0.
The purchase of one of these certificates makes the holde
the owner of a participation equal to the amount of his subscription in a first mortgage made by 1231 Park Avenue
Holding Co., Inc., on the apartment building.
The mortgage is a first lien on the land and modern 15
-story and pent
house elevator apartment building known as 1235 Park Avenue. located at
the southeast corner of Park Avenue and East 96th Street. Manhattan.
fronting 100.8 feet on Park Avenue and 90 feet on East 96th Street. The
owners estimate the total annual rentals at $210,000.
Pacific Western Oil Co.—To Acquire Properties of Petroleum Securities Co., a Doherty Company.—See Pacific Western
Oil Corp. below.
Pacific Western Oil Corp.—Stock Offered.—Blyth,Witter
& Co., and J. & W. Seligman & Co. are offering at $24 per
share, 670,000 shares capital stock (without par value).
Transfer agents: National City Bank. New York; First Trust & Savings
Bank, Chicago. and Merchants National Trust & Savings Bank, Los
Angeles. Registrars: Central Union Trust Co., New York; Illinois Merchants Trust Co., Chicago. and Los-Angeles
-First National Trust & Savings Bank,
Outstanding.
Authorized.
Capitalization—
Capital stock (without par value)
*2.000m00 shs. 1.000,000 shs.
There will also be outstanding $15.500.000 15
-year 65 % sinking fund
gold debentures of Pacific Western Oil Co., a subsidiary company.
* Including 232,500 shares to be reserved for exercise of stock purchase
warrants to be attached to the above debentures entitling the holders to
purchase capital stock of Pacific Western Oil Corp. at $33 1-3 per share
at any time on or before Nov. 1 1938. Holders of capital stock will have
no pre-emptive rights in the purchase of additional securities issued by
the corporation.
Data from Letter of Jacques Vinmont, Chairman of the Board.
Properties.—Corporation has been incorp. in Delaware as a holding
company to acquire all of the capital stock of Pacific Western Oil Co. Pacific Western Oil Co. has been organized in Delaware to acquire aubstantially
all of the oil producing properties, and the greater portion of the undeveloped oil properties in California, owned, leased or controlled by Petroleum
Securities Co., a corporation all the stock of which is owned by Edward
L. Doheny and members of his family.
The properties comprise a total of about 40,000 acres of which approximately 31.000 acres are owned in fee, 5,450 acres are held under lease
(of which 667 acres are held jointly with others). 728 acres are controlled
through ownership of mineral rights or otherwise, and 3.100 acres are held
under U. S. Government permits or leases which will be acquired subject
to Governmental consent (which, according to counsel, is usually obtained
in due course), together with certain production equipment, materials and
supplies and gasoline absorption plants located on the properties. Of the
acreage held in fee or controlled, a lease has been granted on a royalty
basis on about 10,265 acres. Production is being obtained at present from
Ventura Ave., Inplewood, Huntington Beach, Alamitos Heights (Seal
Beach), Torrance, Los Alamos and East Coyote districts.
The production for Oct. 1928,from the properties being acquired averaged
over 16,000 barrels daily after deducting production due joint owners: and
after deducting royalties, averaged approximately 13.000 barrels. net
production. In addition to the present production, the management has
shut-in production, of about 4.000 barrels daily. Eight wells aro now
being drilled, all of which are In the prolific Ventura Avenue field.
Robert B. Moran, independent engineer, estimates total recoverable oil
reserves of approximately 56.800,000 barrels from present proven acreage
in the properties being acquired, without taking into consideration potential
recovery from undeveloped acreage.
Contracts.—Pacific Western Oil Co. will presently enter into a contract
extending until 1938 with Richfield Oil Co. of Calif. under which the latter
will agree to purchase the entire crude oil production of substantially all
the properties above described up to 20,000 barrels daily at prevailing
posted market prices, and has the first call at such prices on any additional
production in excess of 20,000 barrels daily from such properties, and on
all production from properties subsequently acquired, such latter production. however, being subject to release under the terms of the contract
in the event ofsale or merger.. The company will also enter into a contract
with Richfield 011 Co. of Calif. for the sale of casing-head gasoline derived
incident to its operations. These contracts will not only assure to Pacific
Western Oil Co. the advantage of providing an immediate market at the
wells for its production at prevailing market prices but should also obviate
the necessity for large expenditures for storage and transportation facilities.
Earnings.—On the basis of net production of 5,100.000 barrels for the
first year of operation (equivalent to a daily average of 13.900 barrels),
as estimated by Robert B. Moran. independent engineer, (based on the
actual production record of wells now producing and estimated production
from wells now being drilled or to be drilled, on proven territory), and at
present prices for oll, net earnings for the first year of the properties to be
acquired, after all expenses, but before depletion, depreciation and Federal
Income taxes, are estimated by Mattison & Davey at over $4.900.000. The
foregoing earnings do not include any income from the present shut-in
production of about 4.000 barrels of oil daily. Mattison & Davey estimate
that after deducting depletion and depreciation of 81.599.000 based on book
values, maximum annual interest requirements on 815.500.000 13M%
Debentures of Pacific Western Oil Co. and estimated Federal income
taxes, the remaining net earnings will amount to more than $2.000.000.
equivalent (through its ownership of the entire capital stock of Pacific
Western Oil Co.) to over $2 per share on the 1.000.000 shares of capital
stock of Pacific Western 011 Corp. to be presently outstanding.
Valuation and Assets.—The physical properties to be acquired by Pacific
Western Oil Co. have been appraised by Robert B. Moran, independent
engineer, at over S43,000.000. On the basis of this appraised valuation
and including working capital of about 31.750.000. to be provided out of
current financing, total assets of Pacific Western 011 Co. will amount to
over $44,750.000. Such assets will be carried on the books at a valuation
of about 827.500.00.
Management.—Jacques Vinmont, formerly President of the California
Petroleum Co., Is Chairman of the Board of Pacific Western Oil Co. and
of Pacific Western Oil Corp. William C. McDuffie. formerly in charge
of crude oil production for the Royal Dutch-Shell Group, will be President
of both companies. The executives will hold a substantial interest in the
capital stock of Pacific Western Oil Corp.
Purpose of Issue.—The capital stock of the corporation, together with
115,500,000 of Pacific Western Oil Co. debentures with stock purchase
warrants of the corporation attached, Is being issued In connection with
the acquisition of the properties and to provide working capital for Pacific
Western Oil Co.
FINANCIAL CHRONICLE
Nov. 171928.]
-Offer Extended.
Pan American Western Petroleum Co.
-V. 127, p. 1688.
See Richfield Oil Co. of California below.
-Earnings.
Paramount Cab Manufacturing Corp.
The consolidated statement for October shows total sales of $471.075
and gross profit of $197,928. After expenses and special charges net profit
for the month amounted to $150,021 before Federal taxes. Federal taxes
for the month are estimated at $18.000.-V. 127, p. 2547.
-New Stock Placed on
Paramount Famous Lasky Corp.
-The directors on Nov. 12 declared a
a $3 Annual Basis.
quarterly dividend of 75 cents per share on the new common
stock, no par value, payable Dec. 29 to holders of record
Dec. 7. This places the new stock upon a $3 annual div.
-for-1 basis
basis. The old stock was recently split up on a 3
per
and prior to that time paid cash divs. at the rate of
share per annum.
Commenting upon the increase in dividend, President Adolph Zukor
stated that the present business of the company and its immediate future
Profit outlook were such as to make the other directors and himself feel
-V.127, p. 2548,
that placing the stock on a $3 basis is entirely warranted.
2837
pletion include a 53-i mile bridge across Lake Pontchartrain; 73-f mile bridge
across San Francisco Bay: 24 contracts with 11 of the leading oil companies;
26 contracts with 17 of the important atoll corporations; 22 contracts with
9 of the prominent motor car companies; and 21 contracts with 14 of the
larger railroads. Important contracts are also under way in Columbia.
Venezuela and Sumatra.
-Since 1916, when dividends were inaugurated,
Earnings and Dividends.
the company has paid substantial dividends without interruption, averaTing
over $250.000 annually. In 00000 year during this period have they tailed to
earn substantially more than the dividend requirement on this preferred
stock to be outstanding. For 9 months ended Sept. 30 1928 earnings
amounted to over 12 times the preferred dividend requirement, and for
the past 4 years and 9 months have averaged over 5 times such requirements.
It is expected that the new common stock will be placed on a remlar $2
dividend basis with such extras as the business warrants.
Balance Sheet as of Sept. 30 1928 shows net current assets of $2,938,910.
Appraisal dated Sept. 30 1928, made by the General Valuations Co. indicates net sound value, less depreciation, of plant and property, exclusive
of furniture and fixtures, of $1.406,928 in excess of book value.
Capital and Surplus.
Preferred stock cumulative dividends of $3 per annum 52.730
shares at stated value of $50 per share
$2,636,500
Common capital and surplus represented by 168,736 shares (out
of authorized issue of 221,466 shares, 52.730 shares being reserved for conversion of preferred stock)
1.494,753
-Bonds Offered.
Park Dearborn Apartments, Chicago.
Realty Foundation, Inc.
-Bonds Offered.
-An issue of
-Girard Trust Co., Chicago, recently offered at 100 and $1,000,000 guaranteed participating 6% secured gold bonds,
int. $850,000 6% 1st mtge. bonds, due serially, April and series D,is being offered at 100 and int. by National American
Oct. 15 1931-1940.
Securities Co., Inc.
The bonds, which are dated Nov. 1 1928 and due Nov. 1 1938. are a
Patino Mines&Enterprises Consolid.,Inc.-Earnings.-obligation of the company, which was
direct
incorporated in New York
to buy,sell and invest in real estate mortgages. The Foundation is a wholly
owned subsidiary of National American Co., Inc., which owns a majority
of the capital stock of General Surety Co., the guarantor of these bonds as
$2,099.710 $2,049,006 $5,031.366 $4.884,227 to principal and interest.
Operating profit
The security behind these bonds will consist of (1) a group of diversified
157.291
118.371
416.110
246,873
Other income
real estate mortgages of an aggregate face value which at all times must
$2.257.001 $2.167.377 85,447.476 $5,131.100 equal the principal amount of outstanding bonds, and (2) a participation
Total income
31.303
31.579
94.103
111.590 fund consisting of a group of diversified shares of stock listed on the New
Interest
169.205
181.800
340.895
341.207 York Stock Exchange and New York Curb Market, or stocks of insurance
Bolivia income tax
of
478.760
470,884
1.428.120
Depreciation & depletion
1,375.778 companies, banks and trust companies, which at the time thedeposit with
the trustee, must have a value of $200,000 determined by
market cost
thereof to the company. Among the corporations, banks and insurance
$1,577,733 $1,483.114 $3.584.358 $3,302,525
Netincome
companies in the stocks of which it is planned to invest the participation
Earns. per sh. on 1.380.F. W. Woolworth Co..
$1.14
$1.06
$2.59
$2.39 fund are General Electric Co.,of New York, Bank International Harves316 shs. stk. (par $20)
of the Manhattan Co.,
ter Co., National City Bank
-V.127.9. 1116.
Aetna Casualty & Surety Co., and Home Insurance Co.
The capital and surplus of Realty Foundation, Inc., as of Dec. 31 1927
Pender Grocery Co.
-New Director.
(D.)
was $3,090,025 and that of the parent company $20.730.595. An analysis
-V. 127. p. 2696.
Roscoe C. Ingalls has been elected a director.
of the collateral which secures these bonds shows the appraised value of the
real estate covered by the mortgages plus the original cost of the stocks,
Securities Co.
-New Control.
Petroleum
-See Pacific will afford a total security equivalent to at least $1,450 for each $1,000 bond.
Western Oil Corp. above.
In the opinion of counsel, these bonds will be legal investment for National
125. P. 4097.
Pittsburgh Plate Glass
Period End. Sept. 30- -1928-3 Mos.-1927- -1928-9 Mos.-1927Income from operations_ $4.997.445 $4.466.860 $12.994.765 810.973.098
2,897.735
2.417,854
7.963,399 6.088.871
Operating costs, &c_
Co.
-New Common Stock Placed
on a $2 Annual Dividend Basis.
The directors have declared quarterly dividend of 50 cents per share on
the common stock, par $25. payable Dec. 31 to holders of record Dec. 15.
This is equivalent to 8% which was paid on the old stock of $100 par value
prior to the split-up at the rate of 4 shares of $25 par stock for each share
of $100 par stock held. A 10% stock dividend, recently declared, is payable Dec. 1 to holders of record Nov. 15.-V. 127, p. 2696.
-Earnings.
Pullman, Inc.
Periodz Gross income
Charges incl. deprec-
guar. End. Quar.End. Quar.End. 9 Mos.End.
.
Sept.30'28 June 30'28. Mar.31 '28. Sept.30'28.
89.066.208 86.643.227 85.373.147 821.081.582
2.872.312
2.865.776
2.809.901
8.547.989
NetIncome
86.192,896 $3,777,450 82.563.247 $12,533,593
Earns per sh. on 3,375.000 shs. cap. stk. (no
$1.83
par)
$1.12
$0.77
$3.71
x After provision for Federal income tax.
-V. 126, p. 1998.
Radio-Keith-Orpheu m Corp.
-Plan
Keith-Albee-Orpheum Corp. above.
Operative.
-See
The board of directors of Radio-Keith-Orpheum Corp.. of which David
Samoff, V.-Pres. & Gen. Mgr. of Radio Corp. of America, is to be Chairman, will include the following, representing the Radio Corp. of America:
Owen D. Young, Chairman of Radio Corp. and of General Electric (Jo.;
Gerard Swope. Pres. of General Electric Co.; General James G. Harbord,
Pres. of Radio Corp.; David Barnett, 11. P. Davis, V.-Pres. of Westinghouse Electric & Mfg. Co.: Edward M. Harden, director of Radio Corp.:
M. if. Avlesworth, Pres. of National Broadcasting Co.
Keith-Albee-Orpheum Corp. will be represented on the board by E. F.
Albee. Maurice Goodman, Marcus Herman, B. B. Kahane, Joseph P.
Kennedy, Mrs. Caroline Kohl, J. J. Murdock. Lehman Brothers and
Blair & Co., Inc.. will be represented by Walter P. Cooke, Elisha Walker,
Edward F. Hayes, R. C Hunt. Louis E. Kirstein. Monroe C. Gutman and
-V. 127, p. 238).
Paul M. Mazur.
Raymond Concrete Pile Co.-Pref. Stock Offered.
Kidder, Peabody & Co. are offering at $50 per share and
div. 52,730 shares $3 no par value cumulative convertible
preferred stock. This issue represents no new financing by
the company, the stock offered having been purchased from
stockholders.
Transfer a,-;ent: Kidder, Peabody & Co.; registrar: Guaranty Trust Co.
Preferred as to regular dividends at the rate of $3 per share per annum.
-F. Preferred in
Cumulative from TNov. 1 1928. Dividends payable Q.
liquidation of or any distribution of assets to the extent of $50 a share if
such liquidation be involuntary, and to the extent of $55 a share if such
liquidation be voluntary. Callable in whole or in part at any time at the
option of the company on 30 days' notice at $55 a share. Dividends exempt
from present normal Federal income tax.
On April 11930, and on April 18t of each fiscal year thereafter, the company shall set aside as a purchase fund 10% of net earnings after preferred
dividends, not to exceed $100,000 in any one year, to be used to purchase
the preferred stock in the market at no over $52.50 per share. If stock is
not so obtainable, this purchase fund provision will cease to operate if and
so long as the fund on hand amounts to $250,000. Company cannot issue
any stock prior to or on a parity with this preferred issue, or create any
mortgage, other than purchase money mortgages, without the consent of
two-thirds of the preferred stock then outstanding.
Convertible at any time into no par value common stock of the company
1 share of common for 1 share of preferred as now constituted. In case
any change in the outstanding common stock is made, the ratio, of 1 share
of preferred for 1 share of common as now constituted is to be maintained.
Data from Letter of Maxwell M. Upson, Vice-President & General
Manager of the Company.
-Incorporated in New Jersey in 1902 alth $25,000 cash and
Company.
patents covering the method of driving concrete piles capitalized at
81.000.000. Patents and good-will have been written off and are now
carried on the balance sheet of the company at the nominal value of Si.
The Raymond concrete pile was the first concrete pile to be used in the
United States and for more than a decade it has been recognized as the
standard concrete Pile.
The Raymond concrete pile is used exclusively for land foundation work.
Company also does a large business In the design and construction of piers,
bulkheads,'docics and certain types of bridges, using therein modifications
of the Raymond pile, precast concrete pile and patented caisson construetion. The established policy of the compzny is to confine its efforts to
work in which it is particularly skilled, and this policy it is believed is
largely responsible for the successful development of the company,
During the last few years operations have been distributed over 45
States and several foretell countries. The average contract is for less than
$20.000. Since Jan. 1926 contracts completed or in the process of ccm-
-To Receive Dividend.
Remington Rand, Inc.
-V.127. P. 1116.
See Remington Typewriter Co. below.
Remington Typewriter Co.
-Extra Dividend.
The directors have declared an extra dividend of $5 per share on the
common stock, payable Dec. 15, in addition to regular quarterly dividends of $1.25 on the common, 1%% on the 1st preferred and 2 on the
2d preferred stocks, payable Jan. 1 next, all to holders of record Dec. 8.
Remington Rand, Inc. owns more than 99% of the $9,996,000 common
stock, par $100, of the Remington Typewriter Co.
-V. 126. P. 2470.
Reynolds Metals Co., Louisville, Ky.-Initial Div.
The directors have declared an initial quarterly dividend of $1 per share
on the non-callable participating preferred stock, no par value, payable
Dec. 1 to holders of record Nov. 21. See offering in V. 127, P. 1689..
Richfield Oil Co. of Calif.
-Extends Offer.
The directors have voted to extend indefinitely the time allowed for
deposit of Pan American Western "B" shares for exchange into Richfield
common stock. Termination of the deposit time will be at the discretion
of the directors upon written or published notice 10 days previous to expiration date. The previous date set was Nov. 11 1928.-V. 127, p. 2697.
-Listed.
Rich Tool Co.
The Detroit Stock Exchange has approved for listing 75.000 shares, no
par value, class A convertible preferred stock and 75,000 shares, no par
value, class B common stock. Compare also V. 127, p. 2382.
-Bonds Offered.
Ritchie Cut Stone Co., Ltd.
-Stewart,
Scully Co., Ltd., Toronto,are offering at 99 and int.$300,000
-year sinking fund gold bonds.
6% 1st closed mtge. 20
Dated Sept. 1 1928; due Sept. 1 1948. Principal and interest (M.& S.)
payable in gold coin of Canada at the holder's option at the Canadian
Bank of Commerce in Montreal. Toronto, Hamilton. Guelph , Stratford
and Calgary. Denom. $1,000 and $500 c*. Provision is to be made for
an annual sinking fund commencing Sept. 1 1929. of $10,000 or one-half
toe net profits of the company, whichever is toe greater. Red. all or part
on any int, date before maturity on 60 days' notice at 104 and int. up to
and incl. Sept. 1 1933: thereafter at 103 and int. up to and incl. Sept. 1
1938; and thereafter before maturity at 102 and interest. Trustee. Chartered Trust & Executor Co., Toronto.
CapitalizationAuthorized.
Issued.
-year sink. fund gold bonds_ __ $300.000
63:i% 1st mtge. 20
5300.000
250,000
193.500
7% cumul. redeemable pref. stock
Common stock (without par value)
12.000 sas. 10,000 shs.
Data from Letter of George W. Ritchie, President of Company.
Company.
-Organized in 1912 to take over the business of George Ritchie,
woo for over 20 years previous to tnat date had conducted a small but
prosperous hand-cutting stone yard in Hamilton, Ont. Steady expansion
followed with toe installation of modern machinery and methods for the
fabricating of cut-atone. Outside markets were developed successfully,
Insuring full operation wnen the local market was dull.
During the past three years the outside business, particularly in Toronto,
has grown so fast that the Hamilton plant is taxed beyond capacity, notwithstanding important additions to land, buildings and machinery.
Recent new contracts, obtained in Toronto made it essential that new and
increased production facilities be secured at once. Contracts now in hand
will provide continuous operation of both plants until June 1929.
Purpose.
-Entire proceeds will be spent on building and equipping tne
new factory in New Toronto, and providing working capital for the increased operations in Toronto and Hamilton.
Earnings.
-For the 3% years ending July 31 1928, net earnings, after
liberal allowance for depreciation, have averaged $31.852 per annum,from
the operations of the Hamilton plant only. With toe new Toronto plant
In production, toe President and Secretary-Treasurer estimate tnat the
combined net earnings of the two plants will amount to $70,000 per annum,
or over 3% times annual bond interest requirements. wnich are only $19,500.
Royal Dutch (Petroleum) Co.
-Rights, etc.
The Equitable Trust Co. of New York has been advised by the above
Company that holders of ordinary shares will have the privilege of subscribing to new ordinary shares in Holland at the rate of one new ordinary
share for each 5 ordinary shares now held. The total amount of ordinary
stock offered is Fl. 82,420,600.
'The equitable Trust Co. is making arrangements to subscribe on behalf
of holders of "New York shares" for all the new ordinary shares to which
the shares deposited under the agreement dated Sept. 10 1918 are entitled.
The right to obtain the new "New York shares" will he made available
to holders of "New York shares" as follows: Transferable warrants will be
Issued to holders of "New York shares" of record Nov. 19 1928, as soon
thereafter as practicable, entitling them to subscribe for new "New York
shares" at the rate of one share for each 5 "New York shares" held on the
record date. [The Committee on Securities of the New York Stock Exchange rules that the stock be not quoted ex-rights on Nov. 19 and not
until further notice and that rights may be dealt in on a "when issued"
basis on and after Nov. 19.1
2838
[VOL. 127.
FINANCIAL CHRONICLE
shares of common stock for each share of preferred stock. Red. ail or part on
any div. date upon 30 days' notice at $100 per share and accrued dive, with
certain protection for the conversion privile^e. Common stock has exclusive votinz rights except as required by statute, or as provided by the
certificate of incorporation in case dividends upon the preferred stock are
in arrears for eight quarterly periods. Transfer a"ents: Central Union
Trust Co., New York: The lotions' Shawmut Bank, Boston: Guardian
,New York;
Trust Co., Detroit. Registrars- Farmers' Loan & Trust Co.
State Street Trust Co. Boston- Detroit & Security Trust Co., etroit.
Business.
-Corporation has been incorp. in Delaware to frivest and reinvest its funds in securities. It is intended to afford the individual investor a diversified investment under competent management.
Outstnnding.
Authorfted.
Copitalizo
100.000 abs.
100,000 shs.
$5 convertible pref. stock (no par value)
300.000 shs.
750,000 ohs.
Common stock (nn par value)
-National Investors Corp. will purchase 100.000 shares
Common Stock.
of common stock for $1.000,000 and will hold an widen to purchase from
time to time until Jan. 1 1944 any part of 200,000 shares of common stock
-Deposits.
Roan Antelope Copper Mines, Ltd.
at $25 per share.
Future Pim-me/rm.-It Is contemplated that additional funds may be
Chas. D. homey oc Co. have notified holders of certificates for "American
shares" that fully paid and non-assessable ordinary shares of the above provided by the Issue and sale of debentures.
company of the par value of 5s .each may be deposited at any time with
Mananement.-The funds of this corporation will be managed by National
the National Provincial Bank. Ltd.. the agent in London of the American Investers Corp. which will assume all management exnenses and receive
EYchange Irving Trust Co. as depositary under the terms of the deposit an annual fee to be fixed by the board of directors hut not to exceed 3i of
of the avera-e value of such funds. The board of directors of this
agreement. "American shares" representing deposited ordinary shares
will be Issued by the American Exchange trying Trust Co. "American corporation is identical with the board of directors of National Investors
be "deposited for exchange into ordinary shares until after Corp., which include-4shares" cannot
Henry E. Bodman, Walter S. Bucklin, S. Sloan Colt, John C. Greir, Jr.,
Jan. 1 1929. See also V 127. p. 424.
Robert O. Lord, Walter S. McLucas, George Murnane, Warren M.Persons,
rn.-elnseg enntract.Fred Y. Presley, Sidney W. Somers and Frederick M. Thayer.
The company has just closed one of the largest contracts ever negotiated
Investment Police -The d'rectors will mana-e the funds without limitain the automobile accessory field, whereby all cars manufactured by the tions or restrictions and will furnish to stockholders annually a report of
Chevrolet company will he equipped with the Safe-T-Stat instrument, operations, including a list of holdings.
Unit Certipcotes.-Holders of unit certificates will be entitled to receive
according to an announcement by President R. O. Martin. Chevrolet
all dividends raid upon the shares of preferred and common steck repreproduction is now between 5,000 and 7,000 cars per day.
WillysThe instrument is already standard equipment with Durant.enlarged sented thereby and to receive, on .Tan. 1 1931 or earlier In the discretion of
the
„m ond
ar
stock certificates for such shares of preferred and
Overland and other automobiles. The Safe-T-Stat Co. recently
an
stock.
Its production facilities to handle increased sales by the completion of
additional unit to its plants in Toledo, Ohio. Additional contracts are
-V. 127, p. 2103.
pending.
-Participating Trust Shares Offered
Seneca Plan Corp.
Due to the difference in the dividend rights for the year ending July 1929
on the new ordinary shares subscribed for, the new "Now York shares"
cannot be issued against the new ordinary shares until after that date.
It. will therefore be necessary to issue to subscribers registered interim
certificates exchangeable for new New York shares' after July 1929.
Subscription warrant holders must exercise their right to subscribe on
or before Jon. 2 1929 and make payment at tha rate of $15 for each "New
York share" subscribed for at the office of the Equitable Trust Co.. 11
Broad St., N. Y. City. Such payment is for the purpose of covering all
expense, fees, &c., and any balance not expended for these purposes will
subsequently be returned to the subscribers.
Further advice has been received from the Royal Dutch Co. that an
interim dividend for 1928 at the rate of 10% will be paid on the ordinary
shares on Jan. 10 1929. The Equitable Trust Co. will at a later date
announce the rate of this dividend, the record date and the date of payment on "New York shares" outstanding. The dividend is not payable
-V. 127, p. 274, 120.
on the new shares about to be subscribed for.
,
,S •fewnv Stores. Irin.-A covisitions.-V. 127. D. 2697.
See Sanitary Grocery Co., Inc.. below.
-New Control.
St. Louis Amusement Co.
-V. 121. p. 2170.
See Warner Bros. Pictures. Inc., below.
Co.-Rio/as-To Retire nehe.atures.St. revis
Nov. 2(),
The directors have voted to offer common stockholders of record
of authorized
the right to subscribe on or before Dec. 20 to 150,000 shares
one such addiand unissued common stock at $75 a share, in the ratio of
tional share for each 4 shares held.
a share on
The board expects to maintain the present dividend rate of $3
the increased capitalization.
used for any of the following purposes: (1) RetireThe proceeds are to be
are outstanding:
ment of 6'3 debentures. due 1931. of which $4.533.500 6 % debentures
Canada. Ltd.,
(2) Retirement of St. Reds Paper Co. of outstanding; (3) Acquisition of
due 1929-1934. of which $1,200,000 are
Paper CO.
additional shares of Northeastern Power Corp. [The St. Regis a controllit
at present owns 1.490,680 shares of Northeastern stock, giving holdings on
Northeastern Power
ing interest In the company. It carries its
sli thtly more
its books at $21,297,635. an average price per share of only
these holdings have a
than $13, whereas at current market quotations manufacturing business
value of nearly $70,000,000h (4) Expansion of the
of the company and its subsidiaries.
Shares of common stock subscribed for will be Issued on and after Dec. 21
to
1928. but not prior thereto. F. L. Carlisle & Co., Inc., have agreed
underwrite any shares not subscribed for by stockholders.
a share on the outstanding pref.
Regular quarterly dividends of $1.75
stock and of 75 cents a share on the outstanding common stock, both payable
Jan. 1 1929, to holders of record Dec. 10 1928 have been declared.
,
V. 127, p. 274.
-To Retire DebenSt. Regis Paper Co. of Canada, Ltd.
tures.-V. 126, p1 2982.
See St. Regis Paper Co. above.
-Sale Ratified.
.occry Co.. Inc.
Stt;t-rv Cv
At a special meeting held on Nov. 9, the common stockholders approved
and busithe plan of reorganization. Including the acquisition of the assets and the
Inc.,
ness of this company, by a subsidiary of the Safeway Stores,
Inc. In connection with the action
dissolution of the Sanitary Grocery CO..
Merrill. Lynch
of the Sanitary stockholders, announcement was made by
acquisi& Co. that Safeway Stores. Inc., have made arrange.eents for theBrothers
business of Knoblock
tion through a subsidiary of the assets and stores in Baltimore, Md. AcCo., which operates a chain of 65 grocery
company
cording to the plan, each common stockholder of the Sanitary Inc.. for
will receive three shares of new Common stock of Safeway Stores.
of Sanitary common stock held.
each share
Holders of Sanitary preferred stock (each share of which was convertible
until Nov. 26 to
into one-third share of Sanitary common) have the right rate of one share
exchange their stock directly for Safeway common at the
The Sanitary
or Sanitary preferred for one share of Safeway common.divs. on Dec. 1
preferred stock has been called for redemption at 110 and
to exchange preferred stock for Safeway
1928. and after Nov. 26 all rights
only to the
stock will cease, and the preferred stockholders will be entitled o. 2697.
redemption price. (See also V. 127. p. 2246. 1819.)-V. 127.
-Earnings.
Savage Arms Corp.(& Subs.).
1928-9 Mos.-1927.
Period I nd. :opt. 30- 1928-3 Mos.-1927.
Net profit after deprec,
$123,793
$249,238
and reserve for taxes_ _
She, corn. stk. outstand87,474
174,948
ing (no par)
$1.37
$1.40
Earnin-s per share
-V. 127, p. 697.
$487,078
2198.755
174.948
$2.72
87.474
$2.15
Schiff Co., Columbus, Ohio.-Sales.1928-10
11,2S-Monti
Piriou End.d on. ;.)1- $473.1'06 .-1127. 84.009.279 2tfos.-1927.
82.81(4.311
$324.103
Sales
$50.000 of its
The company has called for redemption on Dec. 15 next. Payment will
outstanding 7% cumul. cony. pref. stock at 110 and divs. 127. e. 2104.
New York.
-V.
be made at the Bank of Manhattan Co. In
-The company with offices at 120 Broadway, N. Y. City,
is offering at 100 per share $5,000.000 participating trust
shares series "A" 6% fully paid and non-assessable trust
certificates (with no prior capital obligation). To be issued
in ten series of $500,000 each. A portion of this issue has
already been subscribed to by investment dealers.
The American-First Trust Co., Oklahoma City, corporate trustee.
Business.
-The trust funds of each series are invested in income-produeing
or proven oil and gas royalties restricted to properties leased or operated
by the Standard Oil Companies, their subsidiaries, or. substantial independent companies.
The net income and profits will be distributed to the owners of the
Participating Trust Shares by the American-First Trust Co.. corporate
trustee as provided in the trust agreement.
Investment Polieg.-The participating trusts created by the Seneca Plan
Corp. apply to oil royalties, the time-tested investment trust principle with
broad diversification both geographically and as to widely distributed
property ownership.
it Is the policy of the corporation to assure safety (1) by care In the
selection of properties by foremost oil geologists and field experts. (2) by
wide diversification. (3) by the method of handling the royalties through a
trust company of recognized standing. acting as corporate trustee.
-A sinking fund is provided under the terms of the trust
Sinking Fund.
agreement, for the purpose of assuring the prompt payment of the retirement coupons which are attached to the trust certificates.
After payment of6% on the outstanding principal of the trust certificates
and deducting the usual charges for taxes, trustee's and management fees,
50% of the remaining income must be deposited In the sinking fund for the
payment of the retirement coupons which must be Immediately called.
The other 50%, or any part of it. may be deposited In the sinking fund
or at the discretion of the management it may be reinvested In well selected
royalties for the use, benefit and profit of the trust certificate holders.
-The trust agreement provides for the
Distribution of Profits and Assets.
distribution of the net income and assets to the participating trust shareholders substantially as follows: 6% Income on outstanding trust certiflcates:-100% return of principal investment in trust certi" cates;-50%
participation in continuing net profit after the principal investment has
been returned; 50% participation in final distribution of Trust assets.
Directors -Conrad H. Liebenfrost. Richard Morrell, Harry F. Brewer,
Arlington W. Porter. Eugene L. Garey. George T. Webb, E. S. Barclay,
-V. 127. p. 2104.
D. R. McLain. Walter T. Arndt.
Shell Trnriginfirt Re Te-rlinq Co., Ltd.- Dividend.
The Equitahle Trust Co. of New York has received Information from its
that the "Shell" Transport & Trading Co., Ltd., has anLondon office
nounced an interim dividend of 2s. per British ordinary shares payable In
London on Jan. 5 1929. This is equivalent to 4s. per "American share."
Further notice of the rate and date of plyment of the dividend in New
York will be given out by the Equitable Trust Co. of New York at a later
date. A distribution of 2s. per ordinary share was made on Jan. 23 1928
-V. 127, p. 274.
and one of 3s. per share on July 23 last.
Simmons Co.-Sales..
1928-0avb,r-1927
$3,843,069 $3.660.038
-V. 127. p. 1961.
Incrrascl1928-10 Mos.-1927. • Increase.
$183,9311$31,427,108 229,045,754 $2,381,354
Skelly Oil Company.-Earnings.1-Yriou End. &pi. .3(1--- .0,28-3 Mos.-1927- -1928-9 Mos.-1927$8,739,117 $6,486,079 $18.637,325 $17,598,665
Gross earnings
3,959,908 11,235.079 11,226,573
Oper. expenses & taxes_ _ 4,864.664
6'2,027
728,914
230,97
8
250,075
Interest charges_ _ _ _ 4,148,637
4.210,925
1,525.255
Depreciation & depletion 1,618.315
Surplus for quarter_ _ - $2,006,063
Shs. corn. stk. outstand.
1,093,684
(par 325)
Earns. per share
$1.83
-V. 127, D. 2383.
$769.938 $2,462.407 $1,591.427
1,093,000
$0.74
1,093,684
$2.24
1,093,000
$1.46
-New Control.
Skouras Bros. Enterprises, Inc.
-V. 125. IL 795.
See Warner Bros. Pictures, Inc., below.
-To Increase Capitalization 50%
South Penn Oil Co.
Seagrave Corporation.-Earnings.- 1928-9 Mos.-1927.
-The stockholders
Paris End. Sept. 30- 1928-3 Mos.-I927. $1,490,453 $1,399,877 Stock Dividend-1% Extra Cash Dividend.
3546.608
2501,651
will vote Jan. 15 on increasing the authorized capital stock
Net sales
Cost of sales, selling and
1.213.564 (par $25) from $20,000,000 to $30,000,000, the additional
1.257,435
464.101
417,832
adm. expenses
stockholders as a
1486,313 $10,000,000 of stock to be distributed to
$233,018
$82,507
$83.819
Operating profit
32.426 50% stock dividend. The last stock distribution made was
34,459
12,131
12,174
Other income
60% in 1927.
2267.477
2218.739
$94,639
295,993
Total income
The directors have declared an extra dividend of 1% in
47.918
40,068
19.522
13.750
Charges & Fed. taxes_
addition to the regular quarterly dividend of 2%, both
$170.821
$227,409
$75,116
282,243
Net profit
payable Dec.31 to holders of record Dec. 15. Like amounts
She. corn, stk. outstand112,356 were paid on Sept. 29 last.
114,968
112,356
114,968
-V. 127, p. 1117.
$1.51
ing (no par)
$0.99
$0.50
$0.56
Earnings per share
-Earnings.
Southern Ice Co.
1690.
-V. 127, p.
1927.
1928.
12 Months Ended Sept. 30Offered.$1.261,229 $1,189,907
Second National Investors Corp.-Pref. Stock Corp. of Grosssales and earnings
769,537
801,273
and The Shawmut
Net sales
-Ice and coal
Guardian Detroit Co., Inc.
414,668
426,089
$5 convertible preferred Delivery,selling & general expenses
56.491
60,717
Boston are offering 100,000 shares stocks are offered in the Taxes
stock (with common stock). The of 1 share of pref. stock
$318,692
$294,152
Operating income
ratio
7,134
4.068
-net
Non-operating income
form of unit certificates in the
and 2 shares of common at $100 per unit.
common stock as to cumulative dividends
Preferred stock is preferred over
-J. accruing from Oct. 1
payable Q.
at the rate of $5 per annum per share, to $100 per share and dive. Conliquidation up
1928. and as to assets on
1944, at the rate of two
Jan. 1
vertible into common stock on or before
Gross income
Interest and amortization
Balance for reserves.retirements & dividends_ - -
$325.827
64.166
$298.221
73.028
$261.662
$225,192
Nov. 17 1928.1
2839
FINANCIAL CHRONICLE
Comparative Balance Sheet, Sept. 30.
Liabilities
Assets
21,217,200 1
$2,252,798 Preferred stock 7%
Plant
89.764 Common stock (no par) x_,_ 172,486
Cash
764,800
185 Bonds
Notes receivable
50,000
105,434 Notes Payable
Accounts receivable
41,832
8,400 Accounts payable
Materials & supples
54,032
3,331 Accounts not yet due
Ice inventory
866
39,709 Retirement reserve
Fuel inventory
7,993
22,606 Approp. res. for retirements__
Prepayments
20
30,705 Unadjusted credits
Miscellaneous investments_ _ _
336,018
517 Earned surplus
Unadjusted debits
91,800
Reacquired securities
$2,645,248
Total
82,645,248
Total
Note.-Preylous year's balance sheet not comparable and therefore will
not be shown until Dec. 1928.
-V.127,P.2247.
x Represented by 37,497 shares of no par value.
Southwest Corner Fifteenth & Locust Streets, Phila-Philadelphia Co. for Guarantee-Bonds Offered.
delphia.
ing Mortgages, Philadelphia, is offering at par and int.
$800,000 (class A) 1st mtge. 53'% gold bonds.
Dated Aug. 1 1928; due Aug. 1 1933. Subject to call Feb. 1 1929, or
Aug. 1 1929 at 102, or on Feb. 1 1930. or any int, period thereafter, prior
to maturity, at 101. Interest payable F. & A. Denom. $1,000 c*.
The above bonds are secured by a 1st mtge. of $1,100,000 of whicn the
$800,000 class A bonds now offered have priority in payment of both principal and interest over the $300.000 class B bonds. The improvements
consist of a group of four brick office buildings, located in the business and
financial center of the city. The lot contains 94 feet on Locust St. and
120 feet on Fifteenth St. The property is conservatively valued by experts
at $1,400,000 for tne purposes of the mortgage.
The Real Estate-Land Title & Trust Co. is the trustee under the mtge.
and insures the title to the amount of the loan. The class A bonds are
guaranteed principal and interest by the Philadelphia Co. for Guaranteeing Mortgages and are so endorsed.
-These bonds will be secured by a first mortgage on subSecurity.
stantially all tne land and buildings, and machinery and equipment thereon,
awned by the corporation. This property, which is carried at a sound
book value of $3,376,679, has been appraised by Coats & Burcnard Co, of
Chicago, as of May 31 1928, at a sound value of $5,084.887.
-An annual sinking fund equal to 5% of the largest
Sinking Fund.
amount of first mortgage bonds outstanding at any time will be provided.
beginning Nov. 1 1930, for tne purpose of retiring these bonds at not
exceeding the then current redemption price. It is calculated that in this
manner 65% of this issue of bonds will be retired by maturity in 1943.
Pro-Forma Balance Sheet, September 30 1928
LIabilUiesAssets
$788,551 Accounts payable
Cash
$246,447
4,350 Salaries, commissions, bonus &
U. S. Liberty bonds
45.063
wages payable
Notes receivable
67,036
785,350
Accounts receivable
17,930 1st mtge. 654% bonds
Life insurance policies
1,300,000
1,106,668 7% Cumul. pref. stcck
Inventories
2,355,000
157,270 Common stock 83.750 shares
Investments
El
no par value; declared value.
Property (less depreciation)--- 3,376,679
13,158 $5 a share)
418,750
Deferred charges
Reserved for contingencies__
100,000
Initial Surplus
1,807,786
Total
$6,295,020
Total
$6.295,020
Struthers-Wells Co., Warren, Pa.
-Merger.
-V. 127, p. 1961.
See Struthers Wells-Titusville Corp. below
Superior Oil Corp.
-Earnings.
1928-9 Mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
$508,952
$337.762 $1,170,606 $2,052,772
Gross income
160,348
159,491
Operating expenses, &c_
473,218
489.286
65,235
48,797
Gen. admin. expenses_ _
181,675
140,740
9,880
35,253
Loss on unexpired leases
111,17866,861
18,301
12,509
46,830
Bond interest
46,942
200,326
169,257
plant & equip
585.723
Deprec. of
786,423
187,451
115,387
Depl. of oil reserves_ _ _ _
358,928
530.508
$85,899
$249,623
Net loss
$586,945
$7,988
-Registrar.
Spang, Chalfant & Co., Inc.
The Guaranty Trust Co. of New York has been appointed registrar for -V. 127. p. 2105.
-V. 127, p. 2551.
an additional 20,000 shares of 6% cumul. pref. stock.
-Earnings.
Symington Co.
Period End. Sept. 30- -1928-3 Mos.-1927- -1928-9 Mos.-1927-Earnings.
Spicer Manufacturing Corp. (& Subs.).
$84,720
$152,959
$26,830
a Operating profit
$260,283
Period End. Sept. 30- -1928-3 Mos.-1927- -1928-9 Mos.-192711.240
13.929
3,249
23.812
$432.409 $1,592,871 $1,342,228 Other income
$485,245
Gross profit
405,832
449.046
153,269
143.399
Adm.,sell. & gen.exps
$95,960
$166,888
$284,094
$30.079
Totalincome
15,000
12.500
45,000
$936,396 Interest charges
$279,140 $1.143.825
$341,846
Net profit
101.562
86,802
30.429
48.586
Miscellaneousincome__
$154,388
$30,079
$80.960
$239,094
Net profit_ _ _ _
_-$309.569 $1,245,387 $1,023.198 Earns. per sh.on 200.000
Net before Fed.taxes- $390.432
_
$1.19
no par shs. Cl. A
-V.127.P.697.
5$
iDA0
gp
stka After depreciation, general$ lenses, provision for reserves and Federal
-Extra Dividend.- and States taxes. are subject to adjustment at end offiscal year.
Standard Oil Co. (New Jersey).
-V.127.
The abovefigures
The directors on Nov.15 declared an extra dividend of 12%c, P. 698.
per share in addition to the regular quarterly dividend of
25c. per share on the common stock, both payable Dec. 15
to holders of record Nov. 26. Like amounts were paid in
-V. 127, p. 1400.
each of the preceding 8 quarters.
-Additional Div. of 14 of1%.Sterling Securities Corp.
The directors have declared a quarterly dividend on the preference stock
at the annual rate of 5%% for the period Sept. 1 to Nov. 30, incl.. payable
on Dec. 1 to holders of record Nov. 20 1928. In addition, an initial noncumulative dividend on the preference stock at the annual rate of % of 1%
was also declared for the period of April 1 to Dec. 31, incl.. payable on
Jan. 15 1929 to holders of record Dec. 31 1928.-V. 127. p.968.
-Anticipates March
(Hugo) Stinnes Industries, Inc.
1929 Sinking Fund Payment.-
-Option on Stock.Syracuse Washing Machine Corp,
Pres. John N. Derschug states that White, Weld & Co., New York. have
been given an option to purchase outright. 25,000 shares of class "B" nonvoting stock and additional shares to a total of between 90.000 and 100.000
shares. White. Weld & Co.,it is announced will be represented on board of
-V.124.IL 3785.
directors.
-Acquires 50% Interest in Pipe Line Co.
Texas Corp.
-Y. 127, p.
See Empire Gas & Fuel Co. under "Public Utilities" above.
2383.
-Organized.
Texas-Empire Pipeline Co.
See Empire Gas & Fuel Co. under "Public Utilities" above.
-To Split up Shares
Timken Roller Bearing Co.
The stockholders will vote Dec. 4 on encreashur the authorized common
stock (no par value) from 1,250,000 shares to 2,500,000 shares, two new
It is announced that the corporation has already anticipated the sinking shares to be issued in exchange for each common share outstanding.
fund payment due in March of 1929 on the issue of 7% debentures. Halsey, V. 127, p. 2698.
Stuart & Co. and A. G. Becker & Co., joint fiscal agents for the company,
have been notified that funds for the payment, which is in excess of $200.000
-Merger.
Titusville Forge Co.
are now available. With this payment the original Issue of $12,500.000
-V. 124. p. 386.
See Struthers Wells-Titusville Corp. above
debentures offered in 1926,will be reduced to $11.372,000.-V. 127. p.1961.
-Merger.
-Bonds Offered.
Titusville Iron Works Co.
-MerStruthers-Wells-Titusville Corp.
-V. 127, p. 1961.
See Struthers Wells-Titusville Corp. above
rill, Lynch & Co., New York; Robert Garrett & Sons, Baltimore, and the Marine Trust Co. of Buffalo are offering at
-Debentures and Stock Offered.
Truax-Traer Coal Co.
100 and interest, $1,300,000 1st mtge. 15-year 63% sink- Goldman, Sachs & Co. and Lane, Piper & Jaffray, Inc., are
ing fund gold bonds (with common stock purchase warrants). offering 83,000,000 15-year64% convertible debentures and
Dated Nov. 1 1928; due Nov. 1943. Interest payable M-N. Denom, 100,000 shares of common stock. The debentures are being
$1.000. Red. all or part, on any int, date on not less tnan 60 days' notice
at 105 and int. if called for redemption on or before Nov. 11933; thereafter offered at 99M to yield over 6.55%. The common stock is
to and incl. Nov. 11938. at 103 and int; and thereafter prior to maturity being offered at $24.50 per share.
5% of the largest
amount
at 101 and int. An annual sinking fund equal to
of first mortgage bonds outstanding at any time will be provided beginning
Nov. 1 1930, for the purpose of retiring these bonds at not exceeding the
then current redemption price. Principal and interest payable in Buffalo,
N. Y., without deduction for normal Federal income tax up to 2%. Corporation will agree to reimburse to owners resident in the respective states,
u on application in the manner to be specified in the mortgage,thefollowing,
taxes paid in respect of the bonds or the interest thereon: Any Penn'ia,
personal property tax not exceeding 4 mills on each dollar of assessed value;
any Mass income tax not exceeding in any year 6% of the interest on such
bonds; any securities taxes in Maryland not exceeding in the aggregate 45c
on each $100 of assessed value in any year; the Virginia 5% mills tax: any
District of Columbia personal property tax not exceeding 5 mills per annum,
Marine Trust Co., of Buffalo, trustee.
Authorized
Presently Issued
Capitalization-year 6%% sinking fund gold
1st Mtge. 16
$1,750,000
$1.300,000
Bonds
2.355,000
Preferred stock,7% cumulative MOO par) 4,000,000
*150,000 abs.
83,750 sha.
Common stock (no par value)
•26,000 shares of common stock to be reserved for COMMOn stock purchase warrants.
Data from Letter of J. T. Dillon, President ot the Corporation.
-Corporation has been organized in Maryland
History and Business.
to acquire all the assets, business, properties and good will of The Titusville
Iron Works Co., The Titusville Forge Co., botn of Titusville, Pa. and
Struthers-Wells Co. of Warren,Pa. The business of these companies'consists of the manufacture of high-grade steam, oil and gasoline engines,
forgings, oil well equipment and various types of machine equipment for
rubber and electrical concerns. Each of tnese companies has been long
established and enjoys a high standing in the industry.
-The combined earnings of the predecessor companies, after
Earnings.
depreciation, but before Federal taxes and interest charges, for the four
years and nine months period ended Sept. 30 1928 are reported as follows:
Earnings
Times Int. on
After Deprec. 1st Mtge. Bonds
Year$280,623
3.32
1924
459,345
543
1925
887,522
10.50
1926
519,673
6.15
1927
.24
1928 (9 mos.)
earnings for the
Theinterest on theseabove period averaged $522,070 annually. or 6.17
times
first mortgage bonds. After deducting
requirements on the 1st mortgage bonds, Federal taxes at present rate
and dividends on tne preferred stock the balance average $220.211, equa
to $2,62 per share of the common stock to be outstanding.
Purpose.-Proceods will be applied principally to the extinguishing of tne
Present funded obligations o. the predecessor companies.
Common Stock PurchaseWarrants -Each $1,000 first mortgage bond will
be accompanied by a detached warrant entitling the holder to purchase
at any time on or before Dec. 31 1933 10 shares of common stock of the
corporation, at $25 Per share.
Dated Nov. 15 1928: due Nov. 15 1943. Denom. $1.000 and $500 c*.
Principal and int, payable at office of Goldman, Sachs & Co.. New York,
fiscal agents. Interest payable (M. & N.) without deduction for any
Federal income tax not in excess of 2% per annum. Penn. 4 mills tax
Minn. 3 mills tax. Conn. 4 mills tax, Maryland 4% mills tax and Mass.
income tax not exceeding 6% per annum refundable. Red.at any time, all
or part, on 45 days' notice at 105 and int. if red, prior to Nov. 15 1931.
with successive reductions in the redemption price of 1% on Nov.15 1931
on Nov. 15 1934, on Nov. 15 1937 and on Nov. 15 1940. Indenture will
provide for an annual sinking fund of 754 cents per ton of coal mined and
sold, with minimum annual payments sufficient to retire principal amounts
of debentures ranging from $150.000 in 1929 to $262,500 in 1943, calculated
to retire this entire issue of debentures by maturity. National Bank of
Commerce in New York, trustee.
-Each debenture may be converted at the option of the
Convertible.
holder at any time on or prior to maturity or redemption date into common
stock of the company on the basis of the principal amount for the debenture
and $33 1-3 per share for the common stock.
-Company has agreed to make application to list this issue of
Listing.
debentures and its common stock on the New York Stock Exchange.
Authorized. Outstanding.
Capitalization a$3,000,000 $3.000,000
-year 654% convertible debentures
15
1,500,000 shs. 245,000 abs.
Common stock (no par value)
shares of preferred stock, of which
a Not including 10,000 authorized
868 shares remain outstanding. The company has agreed to call the 868
shares for redemption on Jan. 1 1929 and promptly to initiate proceedings
to extinguish the entire authorized amount.
b 90,000 shares to be reserved for conversion of debentures and 65,000
shares against certain options at $33 1-3 per share.
Data from Letter of Pres. Walter H. Cunningham, dated Nov. 10.
-Company. which owns and operates strip coal mines located in
Business.
North Dakota. has recently acquired strip coal mines in Illinois and has
an option, which it has agreed to exercise, to purchase the entire capital
stock of a company operating drift coal mines in West Virginia. All of
these properties have records of continuous profitable operation extending
over a period of years. As a result of the combined operation of these
properties, the company will be able to effect substantial economies in
production and sales and, in addition, the effects of such contingencies as
Taber difficulties, car shortages and sectional market depressions will be
lessened. Where previously it was impractical to enter into certain markets
with but one grade of coal, now, because the coals produced by the company
largely supplement each other in quality and usage. concentrated sales
efforts may be extended to all the Middle Western States at a low sales
cost per ton.
The company or its subsidiaries will own or lease 1,275 acres of unmined
17,000.000
coal lands with proven reserves of overreserves of tons of lignite coal in
over 14,400,000 tons of
North Dakota: 1.320 acres with proven
bituminous coal in Southern Illinois: and 20,045 acres with proven reserves
of over 63,000,000 tons of Acme splint coal and 52,000,000 tons of other
splint and gas coals in West Virginia. The product of each of these proper-
2840
FINANCIAL CHRONICLE
ties compares favorably in quality with the coals mined in its respective
territory. Company's mines are completely equipped with modern electrically operated stripping and loading shovels, mining machinery and
up-to-date tipples for the preparation and sizing of the coal.
The adaptability of the North Dakota and Illinois properties to operation
by strip mining is of outstanding importance. Under this method power
driven shovels are used to strip the covering of earth from coal beds which
are near the surface, leaving the exposed coal to be easily removed. When
practicable, therefore, it is the most economical method of mining coal the
saving in operating cost as compared with deep mining being from 30%
to 50%. Relatively few mines in the United States can be operated by this
process as only a limited tonnage of coal is available for stripping. The
production of coal from strip mines in this country does not exceed 3% of
the total coal produced.
Company is the largest producer of lignite coal in North Dakota, the
properties operated by it in that State producing and shipping 498,697
tons of coal in the year ended April 30 1928. The coal at these mines
averages over 10 ft. In thickness and is covered by an average overburden
of 30 ft. which makes it readily and economically recoverable by strip
mining. The properties near Columbus, North Dakota were formerly
owned by Truax Coal Co.and Whittier Coal Co. and have been successfully
Operated for many years. The mine near Velva was developed by the company in 1927 to a production capacity of 300.000 tons per annum. This
latter property is exceptionally well situated at the eastern edge of the coal
producing area of North Dakota.
p The properties in Illinois are bituminous mines, situated in Jackson
County. near Duquoin. These properties, recently acquired, include the
mines formerly owned by Forsyth Coal Co.and the adjoining mine formerly
Operated by Black Servant Coal Co. together with additional bordering
coal acreage. The coal is a high quality steam coal, located in the number
6 vein, with an average thickness of about 6.8 ft. and an average overburden
of 43 feet. During 1927 these Illinois mines produced and shipped 810,375
tons of coal.
The West Virginia Co.. Cabin Creek Consolidated Coal Co., which
operates 8 coal mines located in Kanawha. Boone and Raleigh Counties,
operates its properties by drift mining. The Cabin Creek mines produced
and shipped 1,359,539 tons of splint and gas coal during the year 1927.
The main production of this company is from the Acme vein, which coal
is a hard structure splint, high in B.T.U.'s,low in ash, with an exoeptionally
high fusion point of ash and practically without clinkers. The Acme vein
averages over 6 ft. in thickness while the No. 2 Gas seam averages 5 ft.
All of the properties are located on the Cabin Creek branch of the
Chesapeake & UhIo Railway.
Purpose.
-The proceeds from the sale of these debentures and from the
sale of common stock provide for the discharge of obligations incurred and
to be incurred in connection with the purchase of the Illinois properties and
the entire capital stock of Cabin Creek Consolidated Coal Co., the cost
of additional equipment being installed at these properties, the retirement
of certain funded debt and preferred stock heretofore outstanding and additional working capital.
Earntngs.-The combined tonnage sold, as reported, and (a) the cornblued net earnings after all charges including interest on $160,000 purchase
money 6% notes but after the elimination of certain extraordinary expenses
and income (resulting in an average addition to profits of $42,519 Per
annum for the four years) and before depreciation, depletion, interest on
the debentures and Federal income taxes, (b) such earnings, after depreciation and depletion on bases furnished by independent engineers (except
provisions therefor are as shown by books of account for two predecessor
companies) resulting in an average decrease in said charges of $24,075 per
annum for the four years, and (c) earnings as defined in (b) above, after
Interest on the debentures and Federal income taxes at 12%, as certified,
by Arthur Andersen & Co., for the four years, all as defined and set forth
in their accompanying certificate, have been as follows:
1924.
Years End. Dec. 311927.
1926.
1925.
Tonnage sold
1,519,285
2,468,611
1,814.754
2,253,682
a Combined net earnings
before deprec., depl.,
int. on deb. & Federal
taxes
$595,698
$1,357,030 $1,220,400
8701,288
b Combined net earnings
after deprec. & depl.,
appl. to int. on debs
355,371
444,241
1,026,817
922,148
No. times ml. on
1.8
2.2
_
5.2
4.7
c Combined net earnings
debsappl.to corn.stock_ _ _
141,126
639,889
219,332
731,999
Per share on 245,000 shs.
common stock
$0.57
$0.89
$2.61
$2.98
In 1926 and 1927 net earnings, after depletion and depreciation, of any
one of the three operating units individually would have more than covered
the total annual interest charges on these debentures.
Based upon the results of the first 9 months of the current year as shown
by the books of the company, earnings for the current calendar year should
be approximately the same as those for last year, despite an unusual delay
this Spring in the beginning of the movement of coal over the Lake docks.
Dividends.
-Directors will place the common stock on an annual dividend
basis of $1.60 per share by the declaration of an initial quarterly dividend
of 40c. per share, payable Feb. 11929.
Assets.
-The consolidated balance sheet as of April 30 1928 (after giving
effect to the various transactions) shows net assets after deducting all
liabilities other than these debentures of over $6,750,000, the equivalent
of more than $2,250 per $1,000 principal amount of debentures. Based
upon sound depreciated values as appraised by Ford, Bacon & Davis, Inc.,
Howard N. Eavenson & Associates, and (or) Ralph D. Thomas, engineers,
such net assets amount to over $8,850,000, the equivalent of more than
$2,950 per $1.000 principal amount of debentures.
(VOL. 127.
Universal Aviation Corp.
-Stock Offered.-Hambelton.
& Co., Inc., Pynchon &
Love, Bryan & Co., rancis
Bros. & Co. Lane, Piper & Jaffray, Inc., and deClowen.,
Co.,
Cassady & White, Inc., recently offered 245,714 shares
common stock (without par value) at $17.50 per share.
Listed.
-Stock listed on the New York Curb.
Data from Letter of L. H. Piper, President of the Company.
Company.
-Has been organized in Delaware to acquire the stocks of
companies engaged in the various branches of commercial aviation and
allied activities. Corporation will supervise and co-ordinate the operations
of a group of subsidiary companies presently to be owned, and will in
addition do a general securities banking business as applied to the rapidly
growing field of commercial aviation. Upon completion of present financing
corporation will own stock interests in companies engaged in the five
principal branches of civil aeronautics:(1) the transportation of passengers,
merchandise, and mail on schedule runs between fixed terminals; (2) the
supplying of commercial services, including taxi service, sight seeing, aerial
photography, and related activities; (3) the maintenance of schools nor
flying instruction; (4) the manufacture of aircraft; (5) the distribution of
airplanes and accessories through territorial sales agencies.
Companies which are presently to be owned or controlled by the corporation are now operating air lines radiating from Chicago and extending
to Cleveland, St. Louis, and St. Paul and Minneapolis, and from Minneapolis to Duluth and to Fargo. It has been the policy of these companies
to establish relations with existing transportation agencies in order to
facilitate the interchange of passengers and provide for the sale of tickets.
The New York Central Lines exchange passengers with us at Cleveland,
shortening the traveling time between the Twin Cities and New York by
about 14 hours. The New York Central Lines' agents also make westbound
shortening the traveling time between the Twin Cities and New York by
reservations for their patrons on our lines out of Cleveland from all points
in the Bast to Chicago, St. Louis and the Twin Cities. It is expected that
arrangements will be concluded witn the Canadian Pacific Railway and the
Soo Line for the sale of Universal Air Line tickets at the joint ticket offices
of these railroads in all of the principal cities of the United States and
Canada as several otner railroads with whom arrangements are now pending.
Motor Transit Corp., which owns the Greyhound Lines, a bus transportation system with ticket offices in over 500 cities throughout the Middle
West and Central Eastern states, will through its operating companies sell
transportation on the airlines of Universal Aviation Corp.
At present tri-motor transport planes are in use between Chicago and
St. Louis and the balance of the lines of the Universal System are being
operated with single motor cabin planes. TA-motor 12 passenger Fokker
transport planes with a cruising speed of 125 miles per hour have been
ordered for delivery in the spring of 1929 to replace the equipment now in
use between Cleveland. Chicago and the Twin Cities, and to provide for
extensions of too lines of the Universal System. Plans are now in preparation for a line extending from St. Louis to the southwest; to the west
coast in connection with one of the largest western air lines; and to other
sections, which will complete a coast-to-coast operation. Bids will be made
for additional air mail and express contracts between cities in the territory
served by the lines of the Universal System. It is planned to extend the
air lines of the Universal System to other important cities in the United
States as rapidly as the demand for air transortation on the part of the
public makes suchprojects commercially feasible.
Universal Aviation Corp. upon completion of present financing, will
own at least 97% of the common stock of Robertson Aircraft Corp. of St.
Louis. This company is one of the oldest commercial aviation operations
In the United States, the business having been founded in 1919. It holds
contracts for the transportation of mail by airplane from St. Louis to
Chicago and from St. Louis to Omaha via Kansas City. Passengers are
carried in tri-motor transport planes on daily schedules between St. Louis
and Chicago. The corporation owns three hangars and conducts a flying
school at Lambert Field, St. Louis.
Universal Aviation Corp. will also own all of the outstanding capital
stock of the following: (1) Universal Air Lines, Inc., which operates airplanes on daily schedules between Cleveland. Chicago and the Twin
Cities, forming a link in an air-rail system between the Twin Cities and
New York conducted in co-operation with the New York Central RR.;
(2) Universal Air Lines System Terminal Co., which owns a passenger
terminal at the Chicago Municipal Airport, and two modern hangars
completely equipped with tools and supplies for the systematic maintenance
and overhaul ng of the aircraft of the Universal System; (3) Northern
Aeronautics, Inc., which through four wholly owned subsidiaries operates
airplanes on scheduled runs from Minneapolis to Duluth and to Fargo,
conducts the Mid-Plane Flying School in co-operation with Dunwoody
Institute, owns a passenger terminal and three hangars at Wold-Chamberlain Field. the Minneapolis Municipal Airport. distributes airplanes and
accessories through territorial sales agencies, and offers all types of commercial airplane services: (4) Universal Holding Corp. which operates the
at Marion. Ill..
Egyptian Airways of St. Louis, conducts a flying school
owns territorial sales agencies for the distribution of well known makes of
airplanes and aeronautical instruments and accessories, and performs
miscellaneous commercial airplane services.
Universal Aviation Corp. upon completion of present financing will own
50,000 shares of the common stock of Fokker .Aircraft Corp. of America
under its plan of recapitalization. For several years this latter company
and its predecessor have been manufacturing airplanes designed by Anthony
H. G. Fokker. This corporation is about to build additional plants inasmuch
as it now has orders for airplanes greatly in excess of its producing capacity.
The Universal Aviation Corp., as one of the large stockholders of Fokker
Aircraft Corp. of America, has been invited to elect two directors to represent it on the board of directors of the latter company under its plan of
recapitalization.
-Corporation has an authorized capitalization of 500,000
Capitalization.
I. Travel AirMfg. Co.
-Purchased by Bankers.shares of common stock without par value. There are presently to be out• Jackson & Curtis and Hayden, Stone & Co. have purchased a controlling standing 321,564 shares, of which 75.850 shares are being issued in part
Interest in the Travel Air Manufacturing Co., large manufacturers of com- payment for the stocks of subsidiary companies to be presently acquired,
mercial and pleasure aeroplanes, located at Wichita. Kansas. It is probable and the balance, 245.714 shares, has been sold to bankers to provide cash
this will result in recapitalization of the company. No announcement has to be used in part payment for the stocks of subsidiary companies presently
been made as to whether there will be any public offering of securities.
to be acquired, to purcnase 50.000 snares of the common stock of Fokker
Aircraft Corp. of America under its plan of recapitalization, to purchase
Truscorx Steel Co., Youngstown, O.
-Transfer Agent.- additional equipment, to supply working capital, and to provide funds for
The National Bank of Commerce in New York has been appointed the acquisition of interests in ot.ier companies in too field of commercial
New York transfer agent of the common stock.
aviation.-V. 127, p. 2554.
-V. 127, p. 2553.
United Carbon Co.
-Initial Preferred Dividend.-
-Quarterly Report.
Utah Copper Co.
The report covering the third quarter of 1928 follows:
The directors have declared an initial semi-annual dividend of $3.50 Per
The total net production of copper from all sources for the quarter Is
share on the outstanding 7% partic. pref. stock, payable Jan. 1.-V. 127.
shown below. in comparison with the output for the two preceding quarters
p. 1118.
of this and last year:
Net Lbs. Copper Produced Avge. Monthly Production
United States Asbestos Co.
-Sales.1927.
1928.
1928.
1927.
1928
-October
-1927. Increase11928-10 Mos.-1927. Increase. Third quarter
71,716.464 55.573,703 23,905,488 20.584.281
8706,167
$328,531
$265,997
$62,5341$3,103,382 $2,397,215
80,591,239 60,056,091 20,197,080 20,018.897
Second quarter
-V. 127, p. 2248.
55,604.174 61.752,783 18.534.725 20.584,261
First quarter
treated 2,071.500 dry tons of ore
During the quarter the Arthur
-Registrar.- and the Magna Plant 2,102,800 dryPlant a total for both plants of 4,174.300
United States Cast Iron Pipe & Fdy. Co.
tons,
The Central Union Trust Co. of New York has been appointed registrar tons.
for 600.000 shares of common stock, 600.000 shares of 1st pref. stock.
The average grade of ore treated at the mills was 0.99% copper and
and 180,000 shares of 2nd pref. stock -V.127, p.2553.
the average mill recovery of copper in the form of concentrates was88.89%
of that contained in the ore, as compared with 0.97% copper and 89.50%
United States Distributing Corp.
(& Subs.) -Earns.- recovery, respectively, for the previous quarter.
Period End. Sept. 30- 1928-3 Mos.-192'7.
1928-9 MM-1927.
.
The average cost per pound of net copper produced, including depreNet profit after deprec.,
dation of plant and equipment and all fixed and general expenses and
deplet. & Fed. taxes_
$632,154 after crediting gold, silver and miscellaneous earnings, was 6.1c. as com$476,118
$185.309
$189,349
Shares common stock outpared with 7c. for the preceding quarter, computed on the same basis.
standing (no par)_ _
377.436
382,921
Financial Results of Operations.
382,921
377,438
$0.22
Earns, per sh. on com.stk.
Nil
Nil
$0.02
1928-9 mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
-V. 127. p. 969.
Net profit from copper
0,871,357 $2,744,480 $13,557.584 $8.390,221
produced
4,078.087
1,717.301
U. S. Realty & Improvement Co.
-Earnings.Other income
1,372.713 4,604.004
1926.
6 Months Ended Oct. 311927.
1928.
Total income
Net Inc. after expenses & all taxes_ ___ $2,170.000 $2,144.000 $2.125,595
$7,58 . 5 94,117.192 $18,161.588 $12,468,307
88 9
938,277
956.794
335.405
-v.127, P. 837.
313,185
Depreciation
The directors have approved contracts for an office building on Madison
$7.253,254 $3.804,008 $17.204.794 $11,528,030
Net income
Ave.. 47th to 48th St., for the 400 Madison Ave. Corp.. and an apartment
8,122.450 . 7,310,205
3.248,980 2,436,735
house on East 72nd St. for the Lenox Hill Corp.
Dividends
The directors have declared the regular quarterly dividend of $1 per
$4.004,274 $1,367,273 $9,082,344 84,217,825
Balance
share, payable Dec. 15 to holders of record Nov. 28 1928.-V. 127. P. 837.
Earnings per share on 1,United States Steel Corp.
-Unfilled Orders.624,490 sits. (par $10)
$10.59
$7.09
$2.34
cap. stock outat'd'g
$4.47
See under "Indications of Business Activity" on a preceding page.V. 127, p. 1401.
V. 127, p. 2523.
-Earnings.
Universal Pictures Co., Inc.
1928-9 Mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
Net earns, aft, all chgs.,
$482.958 $1,286,516 $1,026,772
$635,383
incl. Fed. inc. taxes_ _
Earns. per sh.on 250.000
$3.04
$4.15
$1.59
$2.20
shs. no par com. stk__
-V. 127. p. 698.
-Common Stock Increased.
Van Raalte Co., Inc.
The holders on Oct. 29 voted: (1) to increase the authorized number of
shares of common stock without par value from 80.000 shares to 100,000
shares; (2) to consent to the issue and sale of the additional 20,000 shares
of common stock to certain employees and to approve toe stock option
contracts to be entered into by the company in connection therewith;
(3) to increase the number of directors from 11 to 15, all to be elected
-V.127, p. 2248.
annually instead of in three-year classes.
-Earnings.
Vulcan Detinning Co.
1928-9 Mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
$1,336,981 51,194,439 53,630,393 $2,981.346
Sales
132,647 Dr163,392
180,477
Dr72,261
inventories
Increase in
16,140
5,165
6,728
22,918
Other income
$1,271,447 $1,332,251 $3,480.241 $3,184,741
Gross income
1,277,065
2,897,443
3,173.105
Costs,gen.exp.,depr.,&c. 1.098,250
69,516
67,989
19,553
45,855
other exp
Res.&
NetIncome
Preferred dividends _ _
2841
FINANCIAL CHRONICLE
Nov. 17 1928.]
3127.341
57,340
835,633
72,340
4239.520
142,017
$219,309
217,020
$70,001
def$36,707
$97,503
$2,289
Net profit for period Earns, per sh on combined pref. stocks__ _
$5.26
$1.47$9.90
$9.06
Balance Sheet Sept. 30.
Liabilities1928.
1927.
1927,
1928.
AssetsPlant & equip ..._41,221,760 $1,305,627 Preferred stock -.41,500,000 $1,500,000
919,400
Pref. A stock
919,400
Patents, good-will.
4,361,637 4,361,637 Common stock -- 2,000,000 2,000.000
305.585 Common stock A
276,668
1,225,800 1.225,800
Cash
792,945 Notes payable
660,431
150,000
Inventories
2,000 Accounts payable. 186.594
2,000
176,502
Investments
337,161 Dividends payable
66,533
90,727
Accts.receivable.- 506,594
14,464 Res. for taxes &
15,670
Advances
116,313
contingent Habil
129,525
Contin.4cdef.11ab
y36.774
45,968
980,134
894,711
Total(each slde)$7,044,761 $7,119,420 Surplus
deducting $1,116,946 reserve for depreciation. y Obligations
x After
payable if and when dividend arrearages are paid upon the preferred stock
-V. 127. p. 1267.
other than preferred stock A.
--Omits Dividend.
Wabasso Cotton Co., Ltd.
into common stock in the ratio of 55-125ths of a share of common for each
share of preferred.
Under the agreement with the committee of stockholders of the Stanley
company the stockholders of that company desiring to accept this offer of
exchange were called upon to deposit their Stanley stock. The period for
deposit has now terminated and we are advised that there has been deposited 785,603.3 shares of Stanley stock out of a total of approximately
905,000 shares outstanding.
In order to carry out the plan of exchange it will be necessary for the
Warner company to amend its charter so as to create an issue of 785,604
shares of pref. stock and increase its authorized common stock. The
common stock required for exchange for Stanley stock will be 78,561 shares:
and if all of the pref. stock should be converted into common stock an
additional 345,666 shares of common stock would be required for that purpose. In order to assure to the combined companies the continued services
of H. M. Warner, Albert Warner and Jack L. Warner, the directors are
recommending to the stockholders a contract providing for their services
for six years, discharging certain obligations to them, and calling for compensation, in part in common stock. Also, the company's bankers.
Goldman, Sache & Co.. have agreed to accept common stock as compensation for the necessary underwriting and other services performed by them.
In addition, the directors have authorized the purchase of a controlling
interest in Skouras Bros. Enterprises, Inc., of St. Louis and in the St. Louie
Amusement Co., which acquisitions will give the Warner company a predominant position in the moving picture exhibition field in St. Louis and an
important position in Indianapolis. For these purposes a total of 171.000
shares of common stock will be required.
The class A stock of the Warner company, of which approximately
200,000 shares are outstanding, has been called for redemption on Dec. 1
1928. This stock is convertible to and including its redemption date for
common stock, share for share; and it is anticipated that it will all be so
converted. Thus, on Dec. 1 1928 the company's outstanding capitalization will be approximately 550,000 shares, all common stock, and it will
have no further stock authorized. After giving effect to the further issues
of stock as above set forth, the company's outstanding capitalization will
be 799,561 shares of common stock and 785.604 shares of pref. stock without par value. convertible (but only until Sept. 1 1930) into an aggregate
of 345,666 shares of common stock. The board, in addition to recommending the authorization of this amount of pref. stock, is also recommending an increase in the authorized common stock to 2,500,000 shares to meet
the foregoing requirements and to provide for further expansion of the
Warner company and other corporate purposes.
In order to carry out the further provisions of the agreement with the
Stanley stockholders with respect to their representation on the board of
directors of the Warner company, it will be necessary to classify the board
into two classes, the term of office of each class to be for two years and to
expire in alternate years.
-YearsEnded-5 Mos.Lrnd.
Aug. 31 '28. Aug. 27'27. Aug. 28'26.
Period$10,286,684 85,919,935 $2,082,147
Net income
7,012,784
5,104,136
2,216,055
Amortization and depreciation
1,039,543
785.372
304,946
Int. & miscell. charges
The directors have decided to omit the quarterly dividend ordinarily
paid about Jan. 2 on the capital stock, no par value. On Oct. 1 last, a
quarterly distribution of $1 par value was made, while from Jan. 1 1927 to
July 1 1928, incl., the company paid quarterly an extra dividend of 50 cents
-V. 127. p.
per share in addition to the regular payment of $1 per share.
1401.
-Earnings.
Waitt & Bond, Inc.
The company reports net income of $488,304 for the nine months ended
Sept. 30 1928, after all charges including Federal income taxes. This is
an increase of 14% when compared with $428,137 earned in the corresponding period of 1927. The preference dividend on the class A stock
for the three quarters of 1928 was $1.69 a share, which compares with
$1.39 a share in the corresponding period of 1927.-V. 127, p. 838.
-Stock Listed
(Hiram)Walker-Gooderham & Worts, Ltd.
Detroit Stock Exchange has approved for listing 660,000shares, no par
-V. 127. p. 2555.
value. common stock.
-To Increase Stock.
Warner Bros. Pictures, Inc.
Net profit
Extraordinary income
$2,234,357
90,484
$30,427 loss$438,854
159,759
Total income
Provision for contingencies
Provision for Federal income taxes_
$2,324.841
115,000
165,000
$30,427 loss$279,095
$2,044,841
$ 30.4271664279,095
Consolidated Balance Sheet.
Aug.31'28. Aug.27'2V
Aug.31'28. Aug.27'27.
.
Liabilities8
8
$
Assets1.991,400 1,997,800
Land, bldgs.. Ac.... 5,009,176 4,889,469 Class A stock
345,783 Common stock
822,755
x162,151
155.752
Cash
6,994,504 4,529.312
1
108,31'
183,563 Notes payable
Notes receivable
755,526 Res.for Federal inAcets receivable.- 937,032
come tax
165,000
5.649,148 5,788.088
Inventories
Purch.mon.oblig
y900,500 1,112,117
Acets rec., payable
100.000
Construc'n contr's
in ann. install_
381,905
payable
619.318
Positive prints.&c. 493,986
20,325 Accts.paylcaccels 1,452.596 1,248,314
92,135
Rights & scenarios
497,578 Royalties to prod's
74.046
105.963
Cash with trustee
353.216 Loans from officers
51,000
Dep.on contracts_ 251,976
24,027 Adv.film.ser., eze. 223.095
295,930
289,652
Investments
1,000,094 1,510,916 3-yr. 6%% notes. 319.000 4,000.000
Deferred charges
1,025,250 a1,162.827 6S4% mtge. bonds 1,750,000 1,800,000
Good-will
1,234,413 Mtges.(1-year)._ _ 224,100
417,000
Deficit
Min.int. In subs
7,804
110,234
Surplus
z1,521,603
711,175
Net income
The stockholders will vote Dec. 4 on increasing the authorized common
stock (no par value) from 550,000 shares to 2,500,000 and on approving
the creation of an issue of 785.604 shares of new pref. stock, no par value.
The stockholders will also vote on approving an exchange agreement,
dated Oct. 2 1928. between the corporation and Jacob Fabian and others
as a committee of stockholders of Stanley Co. of America for the acquisition
by this corporation of stock of the Stanley company deposited as therein
provided, in exchange for preferred and common stock of this corporation
In the ratio of one share of pref. stock and 1-10th of one share of common
stock of this corporation for each share of stock of Stanley company acTotal
15,785,801 17,147,637
15,785,801 17,147,637
Total
quired, and the various matters in connection with and incidental to said
exchange agreement and the performance thereof by this corporation,
x Represented by 350.220 shares of no par value. y Maturing within
the agreement with the bankers with relation thereto (See Stanley one year, $257,500; maturing serially after one year,$643,000. z Including
including
Co. in V.127, p. 2247).
amount arising from appriasal of property, $711,175. a Good-will (of
The holders of the pref. stock shall be entitled to receive cumulative which 31,023,796 arises from the acquisition during the year ended Aug. 27
dividends payable quarterly (March 1), at the rate of $2.20 per share per 1927 of 30% of the capital stock of the Vitaphone Corp. No good-will
annum fron Sept. 1 1928 to Aug. 31 1930 incl. and thereafter at the rate of attached to the 70% previously acquired.
$3.85 per share per annum. The first dividend shall be payable on Mar. 1
Contingent Liakihty.-Guarantee of contested income tax, maximum lia1929 for the two quarterly dividend periods ending on that date.
bility, 3100,000. Expenses of arbitration proceedings, amount undeterOn the surrender, on or before the date for the redemption thereof, the minable.
preferred stock shall be convertible at the option of the respective holders
-The stock of a subsidiary realty company has been pledged as a
Note.
thereof on or before Sept. 1 1930 (or prior redemption date) into full paid guarantee for the completion of construction of theatre. The Vitaphone
and non-assessable shares of common stock in the ratio of one share of Co2.syck. i8
, 12 p hg been placed in escrow to secure purchase money obligations
each two and 15-55ths of a share of preferred stock so
common stock for
surrendered for conversion. After Sept. 1 1930 all conversion rights shall
-Preferred Dividend No.2.
cease and no preferred stock may be converted after the redemption date
Wayne Pump Co.
In case it has been called for redemption.
The directors have declared the regular quarterly dividend (No. 2) of
The corporation at the option of the board may redeem the prof stock 87) cents per share on the preference stock, payable Dec. 1 to holders of
outstanding in whole or in part at any time or from time to
at any time
record Nov. 24. An initial quarterly dividend of like amount was paid on
time upon 60 day's notice by paying therefor in cash $55 per share plus this issue on Sept. 1 last.
accrued dividends.
President Harry M. Warner, Nov. 7, says in substance:
Before the close of the year ended Aug. 31 1928 the holders of $3,681,000
-year 6i. % notes availed themselves of the company's offer of reof $3
demption prior to maturity. The balance of $319,000 has since been paid.
In order to facilitate these transactions, the Messrs. Warner increased their
advances to the company from $2,568,000 as of Aug. 27 1927 to over $4 169,000 as of Aug. 31 1928. The arrangements now being made provide
for the repayment of these loans over an extended period, thereby reducing
the company's current liabilities.
Since Aug. 31 1928 the company has retired the $799,000 6% purchase
money obligations covering the stock of the Vitaphone Corp. acquired from
minority interests in 1927, thereby releasing from escrow the stock of that
corporation. In addition to this payment and the payment on the remainder of the 6%% notes, the company has to date reduced its liabilities
.by approximately $5C0,000, making a total net reduction in debt of about
$1,600,000 since Aug. 311928.
The progress being made in the Installation of Western Electric soundreproducing equipments with the resulting large demand for "talking"
pictures has brought about steadily increasing ,profits for our company.
The profits for the quarter ended Aug. 31 1928 amounted to $920,894, which
other quarter in the history of the com• exceeded by far the profits for anythe
first 2 months, we estimate that the
,
pany. Based upon the results of
of the current quarter will exceed $2,500,000, or about $500,000 in
profits
• excess of the profits of the entire year last past.
The directors, subject to the requisite action by the stockholders, have
entered into an agreement with a committee of stockholders of the Stanley
Co. of America looking towards the acquisition by the Warner company
Stanley company. That company, directly
of a controlling interest in the
or through its subsidiaries, operates about 250 motion picture theatres in
the eastern part of the United States. This acquisition would, in the
judgment of the board, bring about a strong producing, distributing and
exhibiting combination advantageous to both companies, and give the
company a substantial outlet for its product and an assured position in the
exhibition field.
This combination is to be effected by the exchange of Warner stock for
Stanley stock on the following basis, viz., that for each share of Stanley
stock there is to be issued one share of new pref. stock without oar value
Warner
of common
• and 1-10th of a sharecumulative stock of the the rate company. This pref.
of $2.20 per share per
dividend at
stockiis entitled to a
year until Sept. 1 1930 and thereafter at the rate of $3.85 per share per year.
redeemable at 55 and divs. Up to Sept. 1 1930 it is to be convertible
;It is
Definitive Bonds Ready.
The Interstate Trust Co. Is prepared to deliver definitive 6% sinking
fund gold debenture bonds in exchange for outstanding temporary bonds.
Common stock purchase warrants should be detached from the temporary
bonds before presentation. (For offering, see V. 126. p. 3613.)-V. 127.P.
2106.
-50c. Extra Dividend.
Western Auto Supply Co.
The directors have declared the regular quarterly dividend of 75 cents•
share and an extra dividend of 50 cents a share on the class "A' and class
"B- common stock, both payable Dec. 1 to hdlders of record Nov. 20.V. 127. p. 1822.
Western Fuel Corp. of Canada, Ltd.
-Bonds Offered.Schwabacher & Co., Anglo-London-Paris Co. and Anglo
California Securities Co., are offering 32,000,000 1st (closed)
mtge. 7% sinking fund gold bonds at 100 and interest.
Dated Nov. 15 1928: due Nov. 15 1940. Int. payable M.& N. Callable
as a wnole at 102)4 and int. up to and incl. Nov. 15 1933: thereafter callable
price reduced % of I% per annum up to and incl. Nov. 15 1936; thereafter
callable prior to maturity at 100% and int. Denom. $1,000 and $500c*.
Interest payable at the office of the Anglo-California Trust Co., San
Francisco, without deduction for U.S. normal Federal income tax up to 2%.
Anglo-California Trust Co., San Francisco, registrar and paying agent;
Montreal Trust Co., trustee.
-Corporation owns and operates one of the largest
History and Business.
coal properties in the West. The business which has been in operation for
over 50 years, consists of mining and selling coal for steam and domestic
purposes. Control of this company has been recently acquired by The
Canadian Collieries. (Dunsmuir), Ltd., which already owns extensive
properties on Vancouver Island. Among its customers are some of the
largest railroad and steamship companies in toe world.
The holdings of the corporation consist of 43.483 acres of valuable
timber and coal bearing lands at Nanaimo on Vancouver Island, directly
,
across from the City of Vancouver. and 175 miles north of Seattle by water.
-These bonds are secured by a lit closed mtge. on all of ths
Security.
company's property now or nereafter owned, including mines, timberland,
mining equipment, railroad equipment, docks and loading facilities.
George Watkins Evans. coal mining engineer has valued toe properties
of the corporation at $6,805,000, based upon the present value of the
2842
FINANCIAL CHRONICLE
[vol.. 127.
earnings from a production of 500,000 tons per annum, for 20 years, plus
-Jas. B. Colgate & Co., members New York Stock Exchange, and
surface and timber values, equipment and additional coal reserves. This one
of the oldest stock exchange firms, having been established in 1852.
shows a property value of $3,402.50 for each $1,000 bond outstanding.
Earnings.
-Net profits available for interest, depletions and depreciation have just moved for the second time in 76 years. They are now occupying
for the five years ending Dec. 31 1927, averaged $498,924 per annum, or part of the nineth floor at 44 Wall Street, New York, the Bank of America
over 3.56 times the present interest charges on this bond issue.
Building. The firm occupied their former offices, at 36 Wall Street. for
Sinking Fund.
-A.semi-annual sinking fund provides for payment of the
trustee of 25 cents per ton of all coal mined and sold and $2 per 1,000 feet over 41 years, having moved in the building at the time of its erection. The
board measure of all timber cut and sold after July 1 1928. Funds so paid partners are James C. Colgate, Harvey N. Wadham, Howard E. Andrews,
in shall be used to purchase bonds in the market up to the call price, or to W.0. Travers Jerome, Jr., and James C. Bell.
redeem bonds,if not obtainable in the market below the current redemption
-With the announcement of the removal of Chicago offices of Leight &
price. Based upon the coal production of the last five years it is estimated
that the sinking fund will retire over 70% of the bonds by maturity. How- Co. from the Conway Building, 111 West Washington St., to the new 100
ever, with the increased production contemplated by the new owners, it is North La Salle St. Building, at the
northwest corner of La Salle and Washexpected that the sinking fund will retire all of the bonds at or prior to ington
Ste., comes the establishment of added service and customer famaturity.
cilities which will be available in their new quarters. The new offices,
Westinghouse Air Brake Co.(& Subs.).-Earnings.- occupying the entire bank floor of this new building, incorporate every
Nriod End. Sept. 30- 1928-3 Mos.-1927,
1928-9 Mos.-1927.
modern facility for the handling of investment securities and for the acNet profit after deprec.
& Federal taxes
$1,720,113 $1,735,825 $4,650,463 $6,983,108 commodation of investors.
Earns, per sh. on 3,172,-Negotiations for the establishment of a Canadian subsidiary of the
111 shs.. n o par stock
40.54
$0.55
$2.20 State Capital Corp., which recently offered an issue of State Bankers'
$1.46
-V. 127, p. 699.
Financial Corp., stock are under way and plans for the new company will
White Rock Mineral Springs Co.
-Corrected Earnings.
- be announced soon, according to a statement by P. Cruso, Secretary of the
The company reports for the nine months ended Sept. 30 1928 a net profit corporation. The Canadian company
will transact all business of the
of $819,350 after charges and Federal taxes, and compares with $777,754
for the same period of 1927 [not $77,754 as reported in our advertising pages corporation in Canada, and will establish main offices in Montreal with a
branch in Winnipeg. Branch offices in other provinces will be established
of Oct. 271.
later according to Mr. Cruso.
Larger Dividends.
-Amortization tables which have been approved by the Federal Farm
The directors have declared a dividend of $1.50 per share on the common stock and a dividend of 73i% on the partic. 2d pref. stock, both pay- Loan Board for the use of land banks are a feature of a new volume entitled
able Jan. 2 to holders of record Dec. 14. The total dividends paid for the "Van Dyke's Miscellaneous Tables," just issued by the "Financial Press"
combined previous 3 quarters amounted to $1.50 per share on the common of New York, 116 Broad Street. New York. This 190
-page book contains
and 73i% on the 2d preferred stock.
-V. 127. p. 2556.
other amortization tables as well as sinking fund, instalment bond value,
present worth, stock yield, simple and compound Interest tables including
Wieboldt Stores, Inc.
-Transfer Agent.
The National Bank of Commerce in .New York has been appointed accrued interest tables figured on the 360 and 365 day per year basis.
transfer agent for the common stock. See also V. 127, p. 2248,2699.
-The co-partnership heretofore doing business under the firm name of'
Titus, Jones & Co., at 169 Broadway, N.Y., has been dissolved by mutual
Wilson-Jones Co.
-Extra Dividend of 25 Cents.
A regular quarterly dividend of 50 cents per share and an extra dividend consent. William A. Titus, Jr. and Seymour A. Steindler, both of the
of 25 cents per share have been declared on the capital stock, no par value, dissolved firm, have formed
the firm of Titus & Co. to conduct a general
payable Dec. 1 to holders of record Nov.24.-V. 126, p. 593.
brokerage and investment business. George S. Jones formerly of Titus,
Jones & Co. and T. Reid Rankin have formed Rankin, Jones & Co., Inc..
(L. A.) Young Spring & Wire Co.
-Extra Dividend.
The directors have declared an extra cash dividend of 25 cents per share to conduct a general investment business at 149 Broadway, N. Y.
and a regular quarterly dividend of 50 cents per share on the common
- order to serve more efficiently their clientele in Westchester and
In
stock, no par value, payable Jan. 2 to holders of record Dec. 15. An extra
distribution of 25 cents per share was also made on this issue on July 2 adjacent counties, Spencer Trask & Co., have established a branch office
ast.-V. 127, p. 2700.
at 228 Main Street, White Plains, N. Y.. under the management of Mr.
Earle W. Parsons. Direct telephone connection with the main office at
Youngstown Sheet & Tube Co.
-Earnings.
25 Broad Street, New York, will make available to this branch office the
Period End. Sept. 30- -1928-3 Mos.-1927- -1928-9 Mos.-1927x Net profit
x$5,767,458 $5,776,338 $15.468,960 $18,122,800 firm's extensive private wire system to important financial centers.
Other income
569,812
1,434,577
367.328
1.791,537
-The incorporation of a new investment house is announced under the
Total inc. (all sources) $6,337,269 $6.143,666 817,260.496 $19.557.377 name of David F. Thomas & Co., with offices in the Bankers Building,
105 West Adams St., Chicago. David F. Thomas, head of the firm, was
Miscellaneous charges_ _
691,924
1.761,305
689.513
1,593.808
formerly manager of A. E. Fitkin & Co.. and prior to that was associated
Net income
$5,645,345 $5.454.153 $15,666,688 817,796,072 with Hornblower & Weeks in Chicago.
Deprec.& depletion_ _ _ _ 2,010,823 2,630,131
5,895.580 7,844,090
Interest on bonds
Charles M. Henrotin. reported lost in the Vestris disaster, is a brother
916,556
3,006,911
997.209 2.898,736
Contingent reserve
230.000 of Norris B. Henrotin, partner in the firm of J. A. Sisto & Co. This anProv.for Fed.taxes_ _
288.000
y
858.000 nouncement is made to correct an etroneous impression. Charles M.
Net income
$2,717,965 $1,538,812 $6,872.371 $5,857,070 Henrotin was en route to South America on a business trip for J. A. Slsto
Shs. corn. stk. outstand.
& Co., when the Vestris sank Monday.
1.000.000
987,606
1,000,000
987,606 .
-The National City Bank still leads in deposits with a grand total of
Earns. per share
$2.51
$1.30
$5.18
86.16
x From operations after deducting all expenses of the business and after $1,102,426.630 as of September. 1928. compared with $1,087,239.460 at
deducting charges for repairs and maintenance of plants. y After provision the same time the previous year. The Chase National is second with
for Federal income taxes.
-V.127, p. 1542.
$876,092,200 and the American Exchange Irving Trust Co. third with
$523.351,600.
CURRENT NOTICES.
-Edmund Seymour & Co., Inc., announce tnat Clifford E. Minor.
formerly New York Sales Manager of the investment department of The
-Joseph Ellner, widely known advertising and merchandising consultant. National Shawmut Bank of
The Shawmut Corporation of Boston, has
has become associated with the financial advertising agency of Rudolph become associated with toe firm as Manager of
its Bond Department.
Guenther-Russell Law, Inc., to be in charge of merchandising, copy and
Detwiler & Co., Inc., 11 Broadway, New York, announce that L.
plans. Mr. Ellner's association with the Guenther-Law agency is in line
with the broadening trend in investment merchandising, one of the prmary Suffern Taller has become associated with them as Vice-President and
purposes of which is the development of hitherto dormant markets for the Director. Lloyd E. Burhams has also become associated with them as
employment of capital. According to Guenther-Law, banks, trust com- Vice-President in charge of sales.
-Van Deventer Crisp, formerly secretary of the Allied Chemical & Dye
panies, investment houses and corporations with securities to market and
services to sell, profiting by the example of many manufacturers, are Corp., has become associated with McDonnell & Co., members New York
overcoming their traditional reticence and employing more and more a Stock Exchange, 120 Broadway. New York.
type of advertising that is inspirational as well as educational. The
- L. Schmidt & Co., Inc., Chicago, announce that Paul E. Alm,
C.
Guenther-Law agency for the past several years has been advocating more formerly with the National Republic Co., is now associated with them.as
modern methods in financial advertising and has added to its staff experts Vice-President in charge of sales.
in copy and art production, thus augmenting the facilities provided by the
-Roy Bryant, formerly with the National City Co., has become assoagency in previous years, and which have resulted in the addition of many ciated with L. S. Carter & Co., Inc., as sales manager of their
New York
important new accounts of a merchandising character.
office, 37 Wall St., New York.
-There is one feature in connection with the ownership of European
David F. Thomas & Co., Chicago. announce the opening of offices
corporate stock that Is often causing American shareholders a great deal In Suite 1,000 in the Bankers Building, Clark and Adams
Streets, to deal in
of inconvenience, viz, the fact that dividends on European stocks for the Investment Securities.
most part will be paid only if and when the corresponding dividend warrants
-"United States B lying British Securities" is the title of a reprint issued
attached to the stock certificates are surrendered. This practice which is of
quite general application in Continental Europe is based on the character for distribution to investors by Bulkley, Valiance & Co., 100 Broadway.
of most European shares as bearer shares making it impossible for the New York.
-P. H. Whiting & Co., 72 Wall St.. New York, have issued a circular
management of the corporation to know the identity of its shareholders.
It is nevertheless contrary to the American custom and the reason why on Federated Capital Corporation on "What Industry Has the Best FuAmerican holders of foreign stocks very often suffer loss of interest through ture?"
failure to present their dividend warrants in due time for collection.
McDonnell & Co., members New York Stock Exchange, 120 Broadway
-Realizing the general Oaucity of information covering dividend action New York, have Issued a special analysis of Anaconda Copper Mining Co.
on the part of foreign corporations, the New York and Hanseatic Corp.,
Uhlmann & Newman, members New York Curb Market, 50 Broad
37 Wall St., New York, has inaugurated a service for the protection of Street, New York, have issued for distribution an analysis of Hart
-Parr Co.
American investors holding foreign shares by publishing a monthly list
-Allen & Co., 20 Broad Street, New York, have prepared a complete
giving the names of the principal foreign corporations that have declared descriptive analysis of Home Insurance Co. and Home Fire Security Corp.
a dividend during the period covered, the date on which the dividends will
-The Bankers Trust Co. has been appointed transfer agent for the 7%
be paid as well as the amount payable. The first of these lists has just cumul. pref, and common stock of the D.Emil Klein Co., Inc.
been sent out and covers the past three months. Subsequent lists will conHenry L. Crane has become associated with the wholesale department
tain data published during preceding 30
-day period. This service is of Bauer. Pogue, Pond & Vivian, 20 Pine St.. New York.
rendered free of charge to all clients of the New York and Hanseatic Corp.
-Morrison & Townsend, 37 Wall St., New York, have prepared a circuand will be extended we are informed to interested investors upon request. ar on United States Smelting, Refining & Mining Co.
-Harris, Ayers & Co., 100 Broadway, New York, have issued a circular
-The First National Bank leads in earnings per share, with the United
States Trust Co. second and the Central Union Trust Co. third, according discussing several stocks traded in on the over-the-counter market.
-Holt,
have prepared a
to a comparative table of New York City banks and trust companies com- circular on Rose & Troster. 74 Trinity Place, New York,distribution.
E. R. Squibb & Sons, which is now ready for
piled by Clinton Gilbert, 2 Wall St., New York, bank stock specialist.
W. W. Snyder & Co., 74 Broadway New York, announce that D. D.
For the year ended October, 1928, the First National earned $179.84 per Jackson, Jr., has become associated
with their firm.
share on its capital stock. For the year ended September, 1928, the
-Liebenfrost, Evans & Co., 120 Broadway, New York Inc., have
United States Trust Co. earned $172.43 a share, and the Central Union prepared for distribution an analysis on Ilseder Steel Corporation.
Trust Co. $73.32 per share. The First National retains its lead in surplus
-Arthur. S. H. Jones, dealer in investment securities, has moved his
and undivided profits of $88,893,100. with the National City second with office to 60 Wall St.. New York.
$74.502,900.
Estabrook & Co. have issued a circular analysing several current bond
-The New York Stock Exchange firm of Palmer and Co. has moved to and stock offerings.
larger quarters at 61 Broadway, New York, where they will occupy the
Sutro Bros. has prepared a circular on Union Pacific Railroad Company.
ffices formerly used by Chase Securities Corporation.
Nov. 17 1928.]
2843
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
COTTON-SUGAR
-COFFEE-GRAIN-PROVISIONS
-DRY GOODS
-WOOL
--ETC.
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME.
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, Nov. 16 1928.
COFFEE on the spot was quiet and steady at times,
even when futures fell. The reason was the scarcity of desirable Santos 4s and Rio 7s. Spot coffee later was quiet
but firm; Rio 7s were said to be practically unobtainable.
They have still been scarce; buyers turn their attention
to 7-8s, but these are none too plentiful either. The quality
of Santos 4s on the spot is said to be generally very poor;
buyers are taking muds. Cost and freight offers from
Brazil on the 13th inst. were slightly lower in some instances.
For prompt shipment Santos Bourbon 3s were quoted at
23 to 24.10c.; 3-4s at 22.15 to 23c.; 3-5s at 21.55 to 223(c.;
4-5s at 21.35 to 22.15c.; 5s at 21.70c.;5.6s at 20.90 to 213..c.;
7-8s at 18.75 to 19.85c.• part Bourbon 3-5s at 22c.• 6s at
'
5-6s
20 8c.; Peaberry 4s at 21.55 to 220.; 5s at 21.450.;' at
%
20.900.; Rio 3s colory at 19c.; 7s at 16.70 to 163 c.; 7-8s at
16.20 to 16Mo.; Victoria 7-8s at 16c.; 8s at 15.80c. On the
14th inst. cost and freight offers of Santos coffee were lower
and Victorias also were lower, while the rest were about
unchanged. The prmopt shipments offers were of Santos
Bourbon 3s at 23 to 23.300.; 3-4s at 22.40 to 22.90c.; 3-5s
at 21.70 to 21%c.• 4-5s at 21- to 21.600.; 5s at 20.60 to
to
213.c.; 5-6s at 21' 21.40c.; 7-8s at 185 to 193 c.; part
%
Bourbon 3-5s at 21.80 to 21.95c.; 6s at 20%c.; Peaberry 4s
at 21.80; 5s at 21.35 to 21%c.; Rio 3s colory at 19c.; 3-5s
at 18Mc.;5s at 18c.; Rio 7-8s at 16 to 16.45c.; Victoria 7-8s
at 15.90 to 16.c; 8s at 15.70c.
Owing to the holiday in Brazil on the 15th inst. there were
few early cost and freight offers and these were generally 10
points higher. They included for prompt shipment Santos
Bourbon 3s at 23 to 23.30c.; 3-4s at 22.45c.; 3-5s at 21.70
to 22.20c.; 4-5s at 213' to 21.80c.; 5s at 213 to 21%c.; 7-8s
at 183( to 19.450.; part Bourbon 3-5s at 21.95c.; Peaberry
4s at 21.80 to 21.95c.; 5-6s at 21.100.; Rio 7s at 16.60; 7-8s
at 16.100.- Rio 7-8s for December shipment were offered at
16.600. Mild coffees for shipment were reported lower.
This it was argued is not going to help Santos coffee. It is
said that gradually buyers are taking more to muds and that
it behooves Santos to keep pace with conditions and meet
the market, unless Santos wishes to lose good trade that may
not come back. Competition, it is pointed out, often disrupts the best laid plans and so long as the roaster can get a
superior coffee at a reasonable basis, he is not going out of
his way to take on Santos at what he thinks are fancy prices.
This is one view. About the only stabilizing feature to the
market is the December position. Cost and freight offers
from Brazil today were generally higher, some as much as
50 points. Those reported included:'Santos Bourbon 3s for
prompt shipment at 23.550., 3-4s at 22.70 to 233(c.; 3-5s at
213 to 23c., 4-5s at 21.45 to 22.30c., 5s at 2144 to 22c.,
%
5-6s at 20.80 to 21.600.; 6s at 20.70 to 21.15c.; 6-7s at 19.60
7s at 20.15c.; 7-8s at 17.03 to 20c.; part Bourbon,
to
20.100.•'
3-5s at 21% to 223c.; 4-5s at 22c.; 6s at 203.c.; Peaberry
4s at 22.200.; 5-6s at 21.350.; Rio 7s at 16.70 to 17.15c.;
7-8s at 16.20 to 106c.
Futures on the 12th inst. were 3 to 12 points off for Rio
and 5 to 20 for Santos on foreign selling with Hamburg
lower and cost and freight offers down. The sales were
22,500 bags of Rio and 32,000 of Santos. Selling pressure
was especially noticeable in March and May Santos. Europe
was selling. But large buying of both Rio and Santos
contracts from time to time.during the week was attributed
to the Defense Committee. Futures on what was taken to be
Brazilian or Defense Committee buying advanced on the
14th inst. 5 to 18 points on Rio with Santos up 8 to 18
points. There was a good deal of switching from December
to March "A" at 98 points; December and March Santos at
120 and the two Decembers at 555 points, the two July's
at 119 points and the two September's at 500 points. On
the 15th inst. Brazilian markets were closed but New York
advanced sharply. Europe and Brazil bought. The Defense
Committee bought December freely was said especially of
Santos through Rio was also taken. Rio rose 15 to 32 points
with sale of 52,750 bags and Santos 30 to 38 points with
transactions of 50,250 bags. One report was that the deliveries on the old contract will consist mostly of Robustas.
Also there were reports that the tenders on the Santos contract will be taken up, either for local or Brazilian account.
One remark about this was, "There is many a slip between
the cup and the lip and it does not pay, as the past has
shown, to consider a spot position as a matter cut and dried,
so far as tenders and deliveries go."
The buying on Thursday of December, apparently by
Brazil, at this late day, gave rise to the impression that
Brazilian interests intend to take up delivery of both Rio and
Santos contracts. Support of this character, 't was stated,
could change the complexion of things, at least for a while.
It is stated that there are practically no Rios or Victorias
available for delivery, since the few that are obtainable can
readily command much higher prices. So far as the Santos
contract goes, the restriction of grade, together with the
drinking quality of soft coffee, likewise limits the amount of
coffee likely to be tendered. It is added that it is a somewhat
unusual condition that Brazil is taking advantage of to force
prices upward. There is no gainsaying the fact that such a
move can put prices higher, as it has already done, but unless
followed up in March,some say they do not see how any real
rally can be more than of temporary duration. After all,
it does not put the coffee into consumption. It was reported
to-day that the Brazilian Defense Committee had sent funds
here sufficient to cover 43,000 bags which they will receive
on December contract. To-day Rio futures ended 5 to 18
points lower with sales of 19,000 bags. Santos futures were
unchanged to 10 points off with sales of 39,000 bags. Europe
and Brazil were buying. Final prices on Rio are 4 to 13
points lower for the week except December, which is 18
points higher; Santos futures were off 6 points on May,9 to
45 points higher respectively on December and March, as
compared with a week ago. Cocoa closed at 9.610. for Decomber and 9.780. for January, with sales of 226 lots.
Rio coffee prices closed as follows:
Spot unofficial_ _18
Dec
15.960
I March _ _ _ _14.97
May
14.400
July
Sept
13.95 ---13.51013.53
I July
I Sept
19.160 ---18.6340
Santos coffee prices closed as follows:
Spot unofficial
Dec
21.80®
I March_
I May
-20.400
19.600
-Prompt Cuban raw was more active early in
SUGAR.
the week at 2 3-16c. c.&f. and 3.96c. delivered with sales
of 30,000 to 35,000 tons store and duty free. That is about
100,000 bags of shipment Cubas, 11,200 tons of store sugars,
4,100 tons of Porto Rico and 1,100 tons of St.Croix were
included in the above total estimate. Later shipment
Cubas were offered firm at 2 3-16c. in a quiet market. Still
later sales were made, it was said, at 2 1-16 to 2Mc. London was firmer. British refined was advanced 3d..and
parcels of centrifugals, including Ferns, to Antwerp, were reported sold at 10s. c.i.f., equal to 1.96c. f.o.b. Cuba. Refined was 5.20 to 5.250. with a better demand for a time.
On the 12th inst. prices advanced early 2 to 5 points on
Cuban and trade buying of December, apparently against
sales of actual sugar. But when this demand had been
satisfied prices reacted and ended 2 to 4 points lower with
the stress on selling of December and Septembr as actual
raw sugar showed some weakness after larger sales which
may have satisfied refiners' requirements for the time being.
The sales of futures were large and estimated at 157,000
tons, of which about 25% was December and September.
Last Saturday quotations on beet refined were advanced
10 points with price guaranteed against decline to date of
arrival. Offerings continued withdrawn east of Cleveland,
Columbus, Cincinnati territory. Production so far has not
been up to expectation, and the demand since beginning of
operations has taken care of the daily outturn. Some believed that the withdrawal of offerings from Eastern- markets was only temporary, and within ashort time expect a
wide consumption throughout a broader territory. Chicago
wired that a revised estimate in regard to the United States
beet sugar crop. "Since our September preliminary estimate of the domestic beet sugar production conditions in
some producing sections have been unsatisfactory, but quite
the contrary is true of the major portion of the area and we
now increase our estimate to 20,760,000 bags, or 927,000
long tons, which compares with preliminary estimate of
Sg.3,000 long tons and last season's actual production of
962,000 long tons."
Havana cabled that "the sugar growers and grinders of
Cuba see a possibility that the forthcoming world congress
of sugar producers in Paris may place a restriction on the
amount of sugar all countries may produce. Plans for the
meeting, as outlined by representative sugar men here, are
believed to indicate that a future working policy for the control of sugar production likely will be developed. They say
it promises to include restriction proposals. Refined was
5.200. on the 13th inst. with a fair trade. Willett & Gray
reported Java exports during October of 281,000 tons, of
which 6,000 tons were to Europe and 275,000 tons to the
East. These figures compare with a total of 277,680 tons
exported in October last year, of which Europe took 9,366
tons and the East 218,329 tons. World's sugar crop, placing the yields of beet and cane sugars at 26,566,100 tons for
1928-29, which compares with 25,217,549 for the 1927-28
season, or an increase of 1,318,551 tons was just about in
line with expectations and appeared to have little influence
on values. Receipts at Cuban ports for the week were
25,185 tons against 24,598 in the same week last year; ex-
2844
FINANCIAL CHRONICLE
ports 67,008 tons against 56,503 last year; stock (consumption deducted) 402,648 tons against 465,875 last year.
Centrals grinding none. Of the exports, 47,643 went to
Atlantic ports, 145 to Interior United States; 7,587 to Savannah; 4,607 to Galveston; 97 to Central America and 6,929
to Europe.
Receipts at United States Atlantic ports for the week were
45,996 tons, against 25,967 in previous week and 64,663 in
same week last year; meltings 65,000 tons, against 64,000
in previous week and 48,000 last year; importers' stocks,
146,692 tons, against 156,240 in previous week and 126,380
last year; refiners' stocks, 68,481 tons, against 77,937 in
previous week and 87,664 last year; total stock, 215,173 tons,
against 234,177 in previous week and 214,044 last year.
Havana cabled that according to the Havana Sugar Club
the rainfall in Cuba during October reached 6.56 inches,
as against 11.89 inches in that month last year. The average rainfall for the four months was 44.32 inches, as compared with 43.45 inches for the same period last year. Some
contend that recent buying of raw and refined sugar has apparently filled refiners' immediate requirements and a period
of dulness is anticipated with the possibility of prices easing
somewhat under December long liquidation in advance of
the first notice day on Nov. 23. But no pronounced decline
was predicted. In refined new business was light but withdrawals were good. Rumors were afloat that New Orleans
had bought a cargo of prompt shipment Cubas at 23'c.
o. & f., but they were not confirmed. New Orleans wired
that neither American, Godchaux nor Henderson had bought
Cuban sugars on that day and added they were getting all the
Louisiana raws they need. To-day futures closed 1 to 3
points higher with sales of 38,750 tons. Final prices show a
decline for the week of 3 to 6 points.
[Vori. 1121.
375 e.p. gasoline. Other refiners generally quoted 9%c. at
refineries. Locally United States motor was quoted at lie.,
but rumors were to the effect that one of the big refiners
was selling below this price. Fuel oils were steady. Grade
C bunker oil was in fair demand at $1.05 refinery spot delivery. Gas oil 28 plus was 434 to 534c. Furnace oil was in
better demand at 63/2c. at refineries. Gasoline prices were
revised by the Standard Oil Co. of Ohio and the Standard
Oil Co. of New Jersey. The Ohio company announced that,
effective Nov. 15, no discounts will be allowed on coupon
books or at service stations. A discount of 3c. will be given
to dealers from tank wagons, while other customers at tank
wagons will be given lc. off. The New Jersey company
announced that, effective Nov. 21, all discounts off the
posted price on gasoline tank wagon deliveries will be discontinued and that a flat tank wagon price of 15c. a gallon
will be established or 2c. below the current tank wagon
price. The service station price will be reduced to 18c.
from the prevailing 190. level and the gasoline will b.e sold
at one price at all the company's service stations. Commercial trade concessions heretofore allowed will be discontinued. These changes were made to correct unfair
practices brought about by over production.
[Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
R:UBBER on the 10th inst. fell 30 points on December with
liquidation general. Singapore declined while London was
steady despite Malayan shipments in the first 7 days of
November of over 20,000 tons. Many British world estates
in the Dutch East Indies voluntarily placed themselves under
restriction and thus accumulated stocks as well as Malayan
and Ceylon estates. The decrease in the stock in London
Spot unofficial_ - _ 2 1-i6IMarch.._ - 2.081 --_ I Sept
2.310 -- is said to be due to quick shipments to American consumers
Dec
1.99© 2.00 May
2.15 ---unable to await East Indian shipments. On the 12th inst.
Jan
2.02@
July
2.23
prices were 10 to 30 points lower, the latter on March which
LARD was firm; prime Western 12.15 to 12.25c.; refined bore the brunt of the selling. The liquidation of "Stale"
%
Continent, 13c.; South America, 133 c.; Brazil, 143 e. long accounts coincident with London prices down %d. and
%
Futures on the 10th inst. changed little in a dull market. outside quotations in some cases off % to Mc. Trade
Hogs were steady. Liverpool lard closed 3d. to 9d. higher. demand was lacking at home and abroad. That had an
Deliveries on November lard contracts at Chicago were undermining effect. The London stock decreased last week
150,000 lbs. Hog receipts at Western points were 28,300 1,425 tons but this had been discounted. New York ended
against 28,300 a week previously and 15,500 a year ago. on the 12th with November, 17.90 to 18c.; December, 180.;
Receipts at Chicago for Monday were unofficially estimated January, 17.90 to 18c.; February, 18c.; March, 18 to 18.10c.;
at 43,000 with 175,000 for the entire week. To-day futures May, 18.30c.; June, 18.40c.; July, 18.60c.; August, 18.50 to
closed 5 to 7 points lower on considerable selling by com- 18.60c.; September, 18.50 to 18.70e. Outside prices:
mission houses and packers. Early prices were higher on Ribbed smoked sheets, spot to March, 18 to81 0.; April/
firmer hog market, smaller hog receipts and light offerings. June, 1834 to i83/2c.; July-Sept., 1834 to 18%c.; Spot first
The Western hog run totaled 84,000 against 101,000 a year latex crepe, 19 to 1934c.; clean thin brown, 173/2 to 173/8c.;
ago. Chicago expects 1,500 to-morrow. Final prices are specky brown, 163/2 to 173/2c.; rolled, 143/2 to 143 0.; No. 2
4
unchanged to 7 points lower as compared with those of a amber, 173/8 to 175 c.; No. 3, 173/2 to 173'c.; No. 4, 163/
8
%
week ago.
to 173/sc.; Paras, up-river fine spot, 19 to 1934c.; coarse,
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. 14 to 143/2c.; Acre, fine spot, 1934 to 20c.; Brazil, washed
Fri.
Sat.
Mon.
Tues.
Wed. Thurs.
dried fine, 26 to 263.c.; Caucho Ball, Upper, 13 to 131
/
2
0.
November
11.52
11.50
11.72
11.67
11.57
December
11.55
11.60
11.77
11.75-7711.62
London on the 12th: Spot, 83/2 to 8 9-16d.; December,
January
12.07
12.05
12.17
12.22
12.10
/
8 9-16d. to 8 %d.; Jan.
11-16d. to 83 0.; April-March, 8
PORK firm; mess, $32.50; family, $34; fat back, $25 to June, 87 d.; July-Sept., 93/d. London stock on the 12th
8
4
$28. Ribs, Chicago, cash, lower at 11.50c. basis 50 to 60 21,494 tons against 22,919 in previous week,27,370 a month
lbs. average. Beef firmer; mess, $26; packet, $28 to $30; ago, 68,236 a year ago and 35,077 two years ago.
family, $32 to $34; extra India, mess, $44 to $46; No. 1
On the 13th inst. the Far East offered standard rubber
canned corned beef, $3.10; No. 2, six lbs., South America, sparingly, it was said, even at high prices. Stocks in the
$16.75; pickled tongues, $75 to $80 per bbl. Cut meats chief consuming markets, it was stated, have decreased
steady; pickled hams, 10 to 20 lbs., 203. to 203 c.; pickled 16,500 tons in one month, 8,031 in London and 8,424 ton
4
bellies, 6 to 12 lbs., 163. to 163 0.; bellies, clear, dry salted, in the United States. The total disappearance of crude
/
boxed, 18 to 20 lbs., 143O.; 14 to 16 lbs., 14%e. Butter, stocks in England and America between January and Octolower grades to high scoring 423/ to 51%c.; cheese, flats, 25 ber was figured at 86,107 tons, whereas stocks in these counto 283'c.; daisies, 243' to 27Mc.; eggs, medium to extras, tries at this time last year had shown an increase of 36,027
.
29 to 56e.; premium, marks, 57 to 60e.
tons. On the 14th inst. New York declined 10 to 20 points.
OILS.
-Linseed of late has been a little more active with That opened up larger buying by manufacturers. London
flaxseed stronger. Large crushers advanced the price 2c. was firmer. But there were rumors of large Malayan shipon the 14th inst. Carlots were quoted at 10.2c., but on a ments. New York ended on that day with Jan. 17.70 to
firm bid business it is said could be done at 10e. For single 17.80c.; March 17.90c.; May 18.20 to 18.30c.; July 18.40c.;
barrels 10.2c. was asked. Later linseed was advanced 2 Sept. 18.40 to 18.50e. and Oct. 18.40 to 18.50c. Outside
-March, 17'% to 183/se.;
points to 10.4e. for raw oil in carlots cooperage basis. For prices: Smoked sheets, spot to Jan.
/
single barrels 11.2c. was quoted. The advance in flaxseed April-June, 183/2 to 183sc.; July-Sept., 183/2 to 183/2e.
helped. There was a better jobbing demand and manu- Spot first latex crepe, 183/2 to 193/2c.; clean thin brown crepe,
/
%
facturers manifested more interest. Cocoanut, Manila 17 to 1734e.; specky, 163 to 17c.; rolled, 14% to 145sc.;
coast tanks, 8c.; spot N. Y. tanks, 83gc.; Corn, crude bbls., No. 2 amber, 1734 to 1734c.; No. 3, 17 to 1734c.; No. 4,
/
%
103'c.; tanks, f. o. b. mill, 8%c.; Olive, Den., $1.35 to $1.50; 163 to 17c.; Paras, upriver fine spot, 19 to 193/2c.; coarse,
4
/
China wood, N. Y. drums, earlots spot, 14c.; Pacific Coast 13 to 131 c.; Acre, fine spot, 19% to 1930.; Brazil, washed
tanks, Nov.
-Dee. 13th; Soya Bean, bbls. N. Y., 123/2c.; dried fine, 25 to 253/2c.; Caucho Ball-upper, 12 to 123/2e.
tanks coast, 9%c. Lard, prime, 16c.; extra strained winter, London closed on the 14th inst. with spot and Nov.8 7-16d.
-March, 83/i to 8 11-16d.; AprilN. Y., 140. Cod, Newfoundland, 67c. Turpentine, 61% to 85/2d.; Dec., 83/2(1.; Jan.
to 67c.; Rosin,$9.67% to $11.95. Cottonseed oil sales to-day June, 18 13-16d.; July-Sept., 9 to 9 1-16d. In Singapore
including switches 3,500 bbls. P. Crude S. E., 8% to 83/20. on the 14th the standard grades declined 1-16 to 18d. on
lower prices in consuming markets, but the close was steady.
Prices closed as follows:
Nov., 83/d.; Jan., 834d.; April-June, 8 5-16d.
8
Jan
Spot
9.60(4)
10.10(4)10.16 April
On the 15th inst London was dull and at one time 1-16d. to
9.60610.00 Feb
NoY
10..45 -T
° 3 (11C
3
10.14©10.30 May
Dec
10.00(4) 9.98 Mar
50.488810.60 %d. lower. Spot, November and December quoted at
10.2914110.30 June
PETROLEUM.
-Kerosene in bulk was firmer in the 8%d.; Jan.
-Mar., 83/2d.; April-June, 8 11-16d., and JulyGulf. The Pan-American Petroleum & Transport Co. ad- Sept., 87d. Singapore closed steady and unchanged. No.
vanced water white Wie. at Gulf ports to 8%c. at New 3 amber spot crepe quoted at 73/8d. The Rubber Association
Orleans and 8c. in bulk at Tampico. Other refiners quoted of America figures for October were as follows: Consump/
prime white at 63c. and water white at 73 0. bulk, New tion, 40,857 tons, against 39,882 in previous month p.nd
Orleans. A better export inquiry was reported and the 26,790 same month last year; imports, 42,515, against
demand for domestic account was good. Water white was 46,662 in previous month and 31,310 last year; stocks on
quoted at 9c. at New York harbor refineries and 10e. in hand, 66,420, against 68,840 previous month and 97,452 last
tank cars delivered to nearby trade. Gasoline was in better year; stocks afloat, 41,560, against 48,560 in previous month
demand for export. An independent refiner is said to have and 42,804 last year. To-day prices closed 10 points lower
sold two mixed cargoes for near by shipment from the Gulf on near positions and 20 points higher on the distant with
at 9 8$3. for United States motor and 113e.for 64-66 gravity sales of 812 lots. London closed barely steady at advances
Nov. 17 1928.1
FINANCIAL CHRONICLE
of 1-16d. to %d. at 8 7-16d. for spot, November and Decem-Mar.; 8 13-16d. for April-June and 9d.
ber; 8%d. for Jan.
for July-Sept. The trade expects a decrease of about 1,200
tons in the London stock on Monday. Final prices show a
decline for the week of 30 to 90 points.
-Recent sales of River Plate frigorifico were
HIDES.
larger, i.e., 66,000 steers at $47, or 21 13-16c. c. & f.; 5,000
Uruguayan steers at 22 1-16c. Country hides were quiet.
Common dry hides were steadier but quiet. City packer
were quiet. The last sale reported was of 600 native bulls
at 13c. Common, dry Orinocos, 31c.; Central America,
30 to 303/2c.; La Guayra, 30c.; packer, native steers, 230.;
butt brands, 20e.; Colorados, 19c.; N. Y. City °oilskins,
5-7s, 2.35c.; 9-12s, 3.70c.; 7-9s, 2.80c.
-Grain was booked late last week
OCEAN FREIGHTS.
at 3s. 3d. to Lverpool, Nov.; to Leith and Avonmouth at
3s. 6d. It was said that December tonnage was offered
very sparingly and a tight condition can easily develop
as there is no question tonnage will be required; that berth
cannot take care of anything like what is likely to be wanted.
The grain rates tend to slow down business. Later grain
tonnage was still quiet.
CHARTERS included 20.000 qrs. from Range to Rotterdam. 16c. for
barley; 35,000 St. John, Antwerp, Rotterdam, 15c., Hamburg, Bremen,
16c., option full barley lc. more Dec. 1-15; 33,000 qrs. New York-Rotterdam , 16c., full barley Dec. 1-15; 26,000 qrs. range. Antwerp-Rotterdam,
15c. Nov. 15-30; prompt delivery West Coast round at $2.20; tankers 12
-Dec. 10 Buenos Aires. $16.85; same
months at $1.55; lumber Gulf Nov. 20
Dec. 15-21 Rosario and Santa Fe, 157s. 6d.: grain 30,000 qrs. Philadelphia
-Dec. 15 Antwerp or Rotterdam 15c., Hamburg 16c.; 32.000 qrs.
Nov. 28
Montreal November Leith 4s. 9d.; 28,000 qrs. range Nov. 26-Dec. 10
Antwerp or Rotterdam 15c., guaranteed 10 barley lc. more, 5 loads oats
2c. more; nitrate Chile to Continent, 27s. 64. 10% Dec -Jan.; Chile to
Continent, 27s. 6d., 10% Dec -Jan.; Chile to Bordeaux-Hamburg range,
27s. option United Kingdom 28s., picked ports Mediterranean, 29s. 6d.,
-Feb.; Chile to Bordeaux-Hamburg, 27s. 64., option North Spain.
10% Jan.
28s. 6d., Mediterranean, 29s. 3d., Adriatic or Alexandria, 30s. 9d.. 10%
-Jan.; cotton Gulf to Yokohama-Koji (including Yaweta), 11%c.
Dec.
bale foot, 3 loading, 3 discharges. 460,000 bales November; Gulf to Japan,
bale foot. 1 loading place, 3 discharges, net load, gross discharge,
11
410,000 bales, Dec. net form; first half Jan. Gulf to Continent, 7c.•. petrol
cake. Gulfsecond half Nov. to Rotterdam,$7.50;scrap iron. Atlantic range
.
prompt to Danzig. 84.90; time delivery and redelivery north of Hatteras,
round trip transatlantic 45. 6d., two to three months, West Indies at $2.05;
-Dec. to Havre-Rouen. 23s. 9d.; same Contankers clean California Nov.
stanza London 9s. 10iicl.; also berth; clean Gulf second half Dec., two
French Atlantic ports, 135., an advance of 3d.; time north of Hatteras
$1.50; grain 23.000
Nov. redelivery United Kingdom; Continent via
are. Gulf Dec. 10-31 to Constantinople. 2454c.; wheat Portland or Puget
Sound to United Kingdom-Continent. 34s.; if Cork, Dublin or Belfast,
-Jan. 10; wheat Vancouver-Lisbon, 34s.: Pacific trade, time
34s. 6d. Dec. 15
charter, three months, delivery Hampton Roads, redelivery Japan-China,
-Dec.; wheat Vancouver, Ii. C., Lisbon and(or)Leixos,31s. 9d.
$1.30 Nov.
one port, 33s. two ports. January; wheat Portland to United KingdomContinent, 308. Nov.; tankers clean Gulf prompt to two French Mediter6d •,
ranean ports. 158. 6d.: nitrate December Bordeaux-Hamburg,
27s*
North Spain. 28s 6d.; Mediterranean, 29s. 6d.; Alexandria, 30s. 6d.;Datc'
zig, 30s.; tankers Gulf to South Spain, clean 13s. 66. Nov.: 9 to 15 months'
-Jan.; Batoum, November, to Ertvelde
time charter. 45. 6d. dirty, Dec.
or Hamburg 9s, clean November.
TOBACCO has met with the usual routine demand and
prices have been steady. The sales of Connecticut shade
grown are said to have been good. The Department of
Agriculture puts the 1928 crop at 135,000,000 lbs. more
than in 1928. The yield of flue-cured cigarette tobacco
fell off more than 8,00,000 lbs. on account of storms and
excessive rainfall in the main producing regions; the crop
of other types, however, was larger than in 1927. Pennsylvania, Broadleaf filler, 10c.; binder, 20 to 25%c.; Porto
Rico, 60 to 80c.; Connecticut No. 1 second 1925 crop,
65e.; seed fillers, 20c.; medium wrappers, 65c.• dark wrappers 1925 crop, 40e. Washington wired on the 12th inst.:
'The total production of tobacco in continental United
States, estimated from reported yields per acre, is 1,346,566,000 lbs. This is an increase of 11.1% compared with
the production of 1927. Among the types which show significant increases are Paducah, product on of which seems
to have increased 60% over last year; Clarksville and Hopkinsville, 25%; Burley, 44%; One Sucker, 70%; and Wisconsin cigar leaf nearly 40%. All cigar types together
show an increase of 16%. Flue cured, Virginia dark fired
and Maryland export are producing less this year than last.
Flue cured acreage was increased in 1928 over 1927 but yields
have been relatively low. Maryland tobacco suffered great
storm damage in the late summer and the yield and quality
were decreased accordingly. In New England the weather
during October was not favorable for handling the crop.
Pennsylvania tobacco is reported curing well and the quality
good as a rule though slightly below average. From Virginia southward quality is low. Some western Kentucky
tobacco was frosted but otherwise the quality of leaf in the
State appears to be exceptionally good. The same is probably true of Tennessee,except that no frost damage has been
reported. The Wisconsin crop is curing well and most of
it is of fine quality."
-There is a better demand from the industries for
COAL.
bituminous. Pittsburgh has been steady. The biggest concern in mining at the rate of 12,000,000 tons yearly. Pennsylvania and Southern low volatile prices hold. Nut and
slack of real low volatile quality $3.75 to $4 at Hampton
Roads and $4 to $4.50 here. Hampton Roads steamer loadings over the week end were 125,154 tons net. As to Welsh
coal the Central Argentina Railroad Co. has booked 500,000
tons at 18s. 9d. f.o.b. first and second admiralty large 1929
shipment. Colleries refuse 1929 discounts. In the week
ended Nov. 3 bituminous coal production fell off 82,000
tons to 11,166,000 tons but is 2,139,000 tons greater than
in the same week last year. Anthracite dropped 571,000
tons below that of the previous week the total output being
1,388,000 tons.
2845
COPPER was in somewhat better demand for domestic
account. Buying for export was moderate. Electrolytic
was 16e.delivered to the end of February. The export price was
163c. c.i.f. Hamburg, Havre and London. In London on
the 13th inst. standard advanced Is. 3d. to £67 18s. 9d. for
spot, and £68 7s. 6d. for futures; sales 150 tons spot, and
350 futures; electrolytic unchanged at £74 15s. for spot, and
£75 5s. for futures. On the 14th inst. spot standard rose
5s. to £68 3s. 9d.; futures up 3s. 9d. to £68 us. 3d.; sales
50 tons spot and 700 futures; electrolytic spot £74 15s.;
futures £75 5s., both unchanged. Surplus stocks of refined
metal were reduced 6,169 tons in October. Most of the trade
expected very little change or a slight increase. Total shipments were 155,363 tons. They are 8% greater than the
previous record of 143,638 in August this year. Domestic
shipments also reached a record, i.e., 100,371 tons, an increase of 13% over the previous record of 88,707 tons in
September. Refined stocks were 45,648 tons, against 83,882
tons a year ago. Production of refined copper-in the two
Americas was 149,199 tons. Production at United States
mines was 85,801 tons in October, against 77,085 tons in
September, and 68,959 in October last year. These statistics
stimulated the demand to some extent. Of late the demand
has been fair for Jan. and Feb. with no change in prices
reported. London on the 15th inst. was unchanged for spot
standard from the day before being quoted at £68 3s. 9d.;
futures up Is. 3d. to £68 12s. 6d.; sales 50 tons spot, and 650
futures; electrolytic was £74 15s. spot and £75 5s. futures.
TIN was more active and higher early in the week. The
strength of shares on the Stock Exchange is said to have had
some influence on the market. Sales at New York on the
12th inst. were 300 to 400 tons. Prompt sold at 48% to
503'c., December at 49%c.; January at 49%c.; February
3
at 49% to 493/2c., and more distant deliveries at 49%e.
In London on the 12th inst. spot standard dropped 12s.
6d. to £230; futures up 12s. 6d. to £225; sales 50 tons spot
and 300 futures; spot Straits dropped 7s, 6d. to £230 5s.;
Eastern c. i. f. London advanced 5s. to £227 on sales of
225 tons. Later tin plate was advanced $2 a ton to $5.35.
Tin prices were firm. Spot and November, 50c.; December,
/
4934c.; January, 49% to 493 tc.; later deliveries 49%e.
London on the 15th inst. reported spot standard 10s. lower
at £228 10s.; futures off 17s. 6d. to £224 7s. 6d.; sales 100
tons spot and 300 futures; spot Straits off 10s. to £228 10s.;
Eastern c. i. f. London down 17s. 6d. to £225 17s. 6d.;
with sales of 225 tons.
LEAD was lower at 6.35c. New York and 6.20c. East
St. Louis. A very good business was reported. There
was much talk as to whether or not the recent reduction in
prices had anything to do with the increase in demand of
late. Many were of the opinion that it had not. In
London on the 12th inst. spot was unchanged at £20 18s. 9d.;
futures up Is. 3d. to £21 5s.; sales, 1,750 tons spot and
600 futures. Here producers are said to be very independent. They are reported to have completely sold out
their November production. In London on the 13th inst.
spot advanced 5s. to £21 3s. 9d.; futures up 3s. 9d. to
£21 8s. 9d. Later futures sold rather freely, especially
Dec. and Jan. The Middle West sold at 6.17%c. spot and
futures in contrast with 6.20c. East St. Louis previously.
London on the 15th inst. fell Is. 3d. to £21 2s. 6d. spot;
futures, £21 7s. 6d.; sales, 600 tons spot and 850 futures.
New York still 6.35c.
ZINC was in better demand and steady at 6.250. East
St. Louis. October statistics were favorable, and stimulated
buying to some degree. According to the American Bureau
of Metal Statistics principal zinc producing countries in
September turned out 121,464 tons, against 125,037 tons
in August and 124,405 tons in September. In London on
the 12th inst. spot advanced 6s. 3d. to £24 12s. 6d.; futures
up 5s to £24 7s. 6d.; sales, 250 tons spot and 225 tons futures.
On the 13th inst. spot in London was is. 3d. higher at £24
13s. 9d.; futures rose 3s. 9d. to £24 us. 3d. Later prime
Western slab zinc was still 6.250. East St. Louis. Galvanizers are using more zinc. In London on the 15th inst.
spot was £24 13s. 9d.; futures off is. 3d. to £24 10s.; sales,
100 tons spot and 1,400 futures.
STEEL advanced with a decreased production, though
it is still large. Independent makers were quoting higher
rates for next year. Others, it is predicted, will follow.
Railroads and pipe lines, it is believed, will need much steel;
pipe lines 250,000 tons. Automobile specifications tend to
increase after being noticeably small. But the point of most
interest to many was that independent companies had
raised their quotation $2 a ton on sheets and $1 on sheet
bars. Not that this is likely to be paid for this year's delivery; it applies chiefly to the first quarter of 1929. Meantime the 1928 production of steel is expected to approximate
50,000,000 tons, or 6% over the previous high record year
of 1926. At the same time the quantity of unfilled tonnage
makes a good exhibit. And in some quarters a large inquiry
for steel bars, plates and shapes is expected in the near
future. The ingot output in the Pittsburgh district averages
85% as against 90% recently. Chicago reported inquiries
for 100,000 tons of rails and 30,000 tons of track accessories.
The Chicago Burlington & Quincy has ordered 20,000 tons
of rails from Western mills. It is said that the sales of fabricated structural steel last week were 55,000 tons. Four
2846
FINANCIAL CHRONICLE
active pipe lines are said to be in the market. Semi-finished
steel is reported firmer, reflecting higher prices for basic pig
iron. Some makers of steel billets ask a higher price than
the general quotation of $33. Later tin plate was advanced
$2, the price now being $5.35.
PIG IRON has been firmer, especially in parts of the
Country not carrying large stocks. Heavy melting scrap has
declined 250. or 75c. in three weeks. Pig iron is reported
stronger on a price basis $2 higher than last summer. Iron
people are buying ore freely it appears. Offerings of iron are
not so burdensome. Steel makers are offering less iron. It
is true that the East is not selling much iron tor the first
quarter. Some think that augurs well for future trade.
Inquiries from New York, Connecticut, Ste., are reported
for foundry malleable and various other kinds. Eastern
New York and Massachusetts receive the higher prices,
Buffalo, $18 to $18.50; Eastern Pennsylvania, $20.50 to $21.
WOOL.
-.A Government report from Boston on Nov. 15
said: "Quotations on all classes of 64s. and finer territory
wools have been established on a slightly higher basis. The
demand is strongest on the shorter staple offerings, but
there is a broader demand for the strictly combing staple.
Clothing wool of this grade is selling at $1 to $1.05 scoured
basis, with a fair quantity having moved at the maximum
figure. French combing is bringing $1.07 to $1.10 and
strictly combing $1.12 to $1.15, scoured basis."
SILK closed 1 point lower to 2 higher with sales of 465
bales.
COTTON
Friday Night, Nov. 16 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
351,467 bales, against 396,001 bales last week and 538,822
bales the previous week, making the total receipts since the
1st of August 1928, 4,916,449 bales, against 4,747,973 bales
for the same period of 1927, showing an increase since Aug. 1
1928 of 168,476 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
[VOL. 127.
Russia, 54,145 to Japan and China and 40,010 to other destinations. In the corresponding week last year total exports
were 292,987 bales. For the season to date aggregate exports have been 2,988,416 bales, against 2,759,503 bales in
the same period of the previous season. Below are the
exports for the week:
Exported to
Week Ended
Nov. 16 1928.
Great
GerExports from
- Britain. France. many.
Japan&
Italy. Russia. China. Other.
Galveston
Houston
Total
Total 1927
Total 1926
94,227 28,893 81,840 31.851
54,145 40,010 330,966
83,691 33,564 94,457 29.567
130,430 49,747 156,421 47,704
42,654 29,054 292,987
56,296 34,186 474,784
From
Aug. 1 1928t.
Nov. 161928. Great
Exportsfrom- Britain. France
Galveston..-Houston
Texas CityCorpus Christi
Port Arthur_
Lake Charles
NewOrleans_
Mobile
Pensacola_
Savannah
Charleston _ _
Wilmington _
Norfolk
Newport News
New York
Boston
Baltimore_
Los Angeles_ San Diego.
Ban Francisco
Seattle
Total
Total.
35,570 16,833 104,128
16,850 12,086 135,518
724 6,843
9,457 44,536
350 5,571
-200
50
8,175
2,835
7,500
-566 -210 5,283
350 3,550
300
6,452
500
525
425
13,092 11,928 24,055 2,650
48,129 7,196 38,489 14,768
Corpus Christi
1,700 4,419
New Orleans_ - 19;555 3,919 4,621 6,683
Mobile
5,021
Pensacola
50
Savannah
8,175
Charleston
2,836
Wilmington_ _ - - 2,000
350 9;i56
Norfolk
2,773
2,000
New York
300 ---- 2:566
Los Angeles
2,102 3.850
3.850
---San Francisco.-100
Exported to
Germany.
Japan&
Italy. Russia Chinad Other.' Total.
131,836117,875 250,173 47.302 15,798 249,284 133,177,
187,591 126,792 230,930 88,536 29,458 191,605 70,5371
1,800 1,788
4,291 2,021
15,296
971_I
3
4i,9_E2.4 51,012 27, 50
37,156 41,659
82,332 21,80
550
100
743 3.250
,
84,863 28,346 69,790 31,975 613,44- 51,8156 34:131321
2,000 2,310
13,821
746 34,800 1,198
00
450
____
1,166 1,101
66,947
81,0771
600
29,118
-ioi 37,297, ____ __-- _-_I 4,133
1,000
7,000
4,650 14,150
-566 1,040
28,251
---8,463
____
_I
123
5,509 8,791
11,902 2,393
14,818 10.984
33
441
129
338
186
11-855, -164
.
7,181 8,270
5,969,
400
600
2,196'
1,948
122
1:,5 5
0
2
---- 15 0 3
682
300
-__
:7..
945,425
925,449
25,194
263 8900
6 9041
1: 3
,
368.872
54,875
550
152.825
70,654
26,800
38,054
123
52,397
905
524
31,489
14:543
1 724
6,179
610,289 329,044t 840,187220,388 118,600 584,389 285,519 2,988,416
Galveston
17,961 15,747 43.170 13.971 14,942 9,963 115,754 Total 1927_
396.286 379,0791,005,028 178,191 101,126424,649 275,1442,759,503
Texas City
9,409 9,409 Total 1926,...,. 910 660 396 123 1 009,304 272,394 117.873440,378 313,3233,460,055
Houston
18,003 25.793 15.165 13,939 9,155 11,891 93,946
Note.-Exyorts to Canada.
-It has never been our practice to include in the
Corpus Christi
____
____
____ 6,843
-------- -6,843
New Orleans
12,634 9,613 10,463 12,101 16,481 5,413 6,705 above table reports of cotton shipments to Canada, the reason being that virtually
Mobile
965
704 1.496 2,092 1,426 4,593 11,276 all the cotton destined to the Dominion comes overland and it Is impossible to get
Pensacola
50 returns concerning the same from week to week, while reports from the customs
Jacksonville
____
_
7
_
7 districts on the Canadian border are always very slow in coming to hand. In few,
Savannah
2,579 2,517 4,070 1,364 2,925 1,593 15.048 however, of the numerous inquiries we are receiving regarding the matter, we will
Charleston
846 6,090 say that for the month of October the exports to the Dominion the present season
865
704
769 1.845 1,061
Wilmington
1,132
650 1,895 1.678 1.551 1,432 8,338 have been 32,444 bales. In the corresponding month of the preceding season the
Norfolk
1,418 1,507 2,413 2,090 1.779 5,568 14,775 exports were 17,105 bales. For the three months ended Oct. 31 1928 there were
New York
---- 1,202 50,958 bales exported, as against 35,960 bales for the corresponding three months of
490
285
370
57
---Boston28 1927.
Baltimore
1,996 1.996
In addition to above
telegrams to-night also
exports, our
give us the following amounts of cotton on shipboard, not
The following table shows the week's total receipts, the cleared, at the ports named:
total since Aug. 1 1928 and stocks to-night, compared with
On Shipboard Not Cleared for
last year:
Leaving
Totals this week_ 56,047 57,698 80,517 55.196 49.298 52,711 351,467
1927.
1928.
Receipts to
Nov. 16.
This Since Aug This Since Aug
Week. 1 1928. Week. 1 1927.
Galveston
Texas City
Houston
Corpus Christi_
Port Arthur, &c
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_ _ _ _
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
GerOther
CoastGreat
Nov. 16 at
Total.
- Britain. France. many. Foreign wise
Stock.
1928.
1927.
115,754 1,549,584 93,365 1,171,153 638,720 580.431
37.853
50,789
55,001
93,911 6,196
9.409
93,946 1,776,238 107.648 1,694,352 873,571 920,797
6,843 236,441 3,002 163,745
____
1,000
-66.705 608,464 74,261 689,712 287,464 462,517
33,544
53,048
11,276 117,242 17,292 168,670
50
9,111
___550
592
628
7
8
15--76,194
66,435
15,048 221,849 15,918 408.153
6,090
__ _
8,358
14,775
___ _
1,202
28
1,996
,s39
111.343 5
3,471
--66,823 5,210
117,215 11,626
123
2,587
465
1,170
42
8,423
879
178.717
54,532
61,062
57,626
121,182
36,499
79,008
29,238
80,239
4,163
1.976
24,249
155
10,839
2,001
1,004
4,454
212,536
4,695
1,143
7,709
agl dA7 A 01A AAll RAI 1.1.2 A 7A7 A7.1 9 1c52 ooO 2 snR 5AA
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Totals
Receipts at-
1928.
1927.
1925.
1924.
1923.
126,105
165,394
103,095
24.864
30,241
169.259
65,988
80.226
8,488
18,892
170.688
90,337
88,489
5,726
23,705
102,047
9,734
54,946
2,409
14.689
19,791
4.494
24,251
7,293
2,791
21,410
14,047
8,833
28,215
9,397
6,356
20,492
3,636
2,168
4.458
377.983 432,208
224,528
1926.
Galveston_ _ ....
Houston *____
New Orleans_
Mobile
Savannah......
Brunswick _
Charleston..
Wilmington_ _
Norfolk
N'port N.. &c
All others _ _ _ _
115.754
93,946
66.705
11,276
15,048
93.365
107,648
74,261
17.292
15.918
6.090
8,338
14,775
5,339
5,210
11,526
19,535
10,584
19,476
Tot, this week
351,467
341.143
517,711
Since Aug. I__ 4.916.449 4.747 073 ft mg 711 4 488 871 4_214.738 3.437.718
* Beginning with the season of 1926. Houston figures include movement
cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
The exports for the week ending this evening reach a total
of 330,966 bales, of which 94,227 were to Great Britain,
28,893 to France, 81,840 to Germany, 31,851 to Italy, nil to
Galveston
32,500
New Orleans
2,126
Savannah
Charleston_ _ _ _
Mobile
12;586
400
Norfolk
Other ports*
- 3,000
8,700 38,700 50,000
4.006 10,030 13,911
1,000
7:585
2;666 3;856 5;666
Total 1928,... 50,376 14,706 53,230 76,161
Total 1927.. 15,729 18.203 23,778 55,304
Total1926- 41,241 23.027 38,845 79,671
* Estimated.
Stock,
7,000 136,900 501.820
150 30,223 257,241
300 1,300
65,135
75
75
54,457
100 19,700
33,348
400
78,608
-566 14.000 965,785
8,125 202,598 1,956,394
9.480 122.494 2.386,057
8,994 191.778 2.483,783
Speculation in cotton for future delivery has not been
at all active; speculative activity is left to stocks and now
and then to grain. But cotton prices crept upward much
of the week under the stimulus of trade buying and the
spur of a large home consumption as reported by the Census Bureau for October. Though some Southern guesses
had been 550,000 to 570,000 bales, the actual figures on
the 14th inst. proved to be 618,788 bales. Yet the moderate
advance which they caused was not held. It was largely
lost before the close of the day owing to realizing and more
or less hedge selling. But the undertone much of the week
was firm. Liverpool was in the same case. Day after day
its prices came higher than due. Manchester for a time
had a better trade. Its prospects brightened. Worth Street
was quiet which was a disappointment; but its prices as
a rule were firm. The spot basis seemed steadier at its
admittedly low level. Liverpool and the Continent at times
bought here. Shorts covered. The calling by the mills,
however, was the outstanding factor. And contracts were
never plentiful. Hedge selling was dying down. But of
late the tone has been less aggressive. Many of the shorts
had covered. If anything, the market seemed "long." Hedge
selling continued even if it was not large. In a small market
It was not wholly without effect. And liquidation of December on the nearer approach of notice day-Nov. 26
-also made some impression here and in New Orleans, especially when buying died down. Disappointment is felt
at the failure of the cotton goods market to show the activity which had been expected following the election.
There are fears that if the demand for goods does not in-
Nov. 17 1928.]
crease materially in the near future the stocks of goods
will begin to accumulate on a rather large scale. Rayon
competes noticeably with some goods. Charlotte, N. C.,
early in the week reported the lowest spot basis of the
season. Southern mills were doing little calling. In fact,
some mills are dispensing with that method of doing business.
The Census Bureau total of the consumption of cotton
in this country during October at 618,788 bales exclusive
of linters compared with 492,221 in September and 613,520
in October last year. Consuming establishments hold 1,194,961 bales against 719,981 in September and 1,323,703 in October last year. In public storage and at compresses are
4,635,981 bales against 2,645,977 in September and 5,419,193
last year. Exports in October were 1,240,702 bales against
814,569 in September and 1,126,509 a year ago.
The last weekly Government report of the year said
that in Arkansas picking and ginning were somewhat delayed by showers the first part of the week, but good
progress was made thereafter. In all other sections where
picking has not been completed, from the Mississippi Valley States eastward, the weather was generally favorable
and gathering the outstanding crop made satisfactory progress; late bolls are reported as opening rather slowly in
parts of northern Alabama. In Oklahoma there was much
cloudy, damp weather, and occasional rain, which made
generally unfavorable conditions for picking and ginning
with further damage to staple by dampness. In Texas
wet soil interrupted harvest the first part of the week,
but good advance was made the latter part. Some top
crop is still being picked in the extreme south.
Of late, French and German mills have been buying spot
cotton rather more freely at the South. On Thursday,
prices sagged somewhat, owing to weaker cables and more
or less realizing as well as some further liquidation of
December. The trade demand, though steady, was not very
large. To some the market had a rather tired look. It
had been advancing steadily. Some thought there were too
many bulls. In any case, there was less snap in the trading.
The South sold to some extent; also Liverpool and local
interests. Liverpool reported local and London liquidation as well as some hedge selling with the trade taking
the contracts. It added that many of the bids from India
for Manchester cloths were unworkable. At the Shanghai
auction, the sales were smaller. Worth Street was quiet
and second hands sold print cloths and flheetings at a decline of 1/16c. Outside speculation was small owing to the
wide popularity of the Stock Market and a lack of attractive fluctuations for the time being in cotton.
It was said that the spot demand was not very active
and that in many cases only distant shipments were wanted;
that is, from January to as far ahead as July and even
now and then to October, with bids not much better than
those for prompt delivery, a fact that blocked business
On the other hand, Manchester reports in the main were
more favorable. Mills seemed there less inclined to question the stability of raw cotton prices at this level. At any
rate, that was the gist of some of the advices from Manchester. They added that the general outlook was more
favorable. Cloth sellers in the main have been encouraged by the recent large inquiry and an actual increase
in the sales to India although those to China were disappointing. The larger yarn production, it was also stated,
was well taken and the general prospects were brighter.
One rather striking incident of the day was the sudden
increase in the exports to 102,400 bales. The exports to
Japan had recently been increasing. Japan's relations with
China, it is stated, are better and this fact had a favorable
reaction on Japanese trade.
To-day prices advanced 8 to 10 points early with mills
still buying and shorts inclined to cover to some extent.
The presence of mill orders under the market was still
apparent, though the business was not large. Europe was
said to be still inclined to buy spot cotton for distant shipments. Liverpool and local traders, as well as other interests, bought to some extent. The latest advices state that
the Punjab East Indian crop is only 75% of normal, owing
to the scarcity of rain this season and damage by boll worms
and other insects, according to reports received by the Department of Agriculture at Washington. Later to-day came
a moderate reaction, as the South, including, it is said,
some of the co-operatives, sold. Hedge selling was on a
moderate scale. Speculation was still dull. That was also
the case in Liverpool. Manchester yarns and cloths were
less active. Buyers were more cautious. In Worth Street
some kinds of print cloths were reported a little lower. In
Liverpool there was some hedge and Bombay selling, which
offset calling and local buying, so that the ending there was
at only a trifling advance. Just now New York evidently
awaits some new incentive for trading. Old factors do not
stimulate. Bulls were a little disappointed to find that
the into-sight figures for the week showed an increase.
This was compensated for in the estimation of many by
an increase in spinners takings and exports. Spot sales
were over 50,000 bales, or more than 20,000 bales ahead
of the same day last year and in no case were prices more
than 5 points lower, while some of the big markets did not
change at all. Final prices show a net rise for the week
2847
FINANCIAL CHRONICLE
of 20 to 30 points. Spot cotton ended at 19.65c. for middling,
an advance of 20 points for the week.
The following averages of the differences between grades,
as figured from the Nov 15 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on Nov 22:
White
.83 on middling
Middling fair
White
Strict good middling
.62 on mid iling
White
Good middling
.41 on middling
White
Strict middling
.26 on middling
White
Middling
Basis
White
Strict low middling
.83 off middling
White
Low middling
1.63 off middling
White
*Strict good ordinary
2.44 off middling
White
*Good ordinary
3.29 off middling
Extra white
Good middling
.41 on middling
Extra white
Strict middling
.26 on middling
Extra white
Middling
Even on middling
Extra white
Strict low middling
.83 off middling
Extra white
Low middling
1.63 off middling
Spotted
Good middling
.23 on middling
Spotted
Strict middling
.03 off middling
Spotted
Middling
.80 off middling
Spotted
*Strict low middling
1.55 off middling
Spotted
*Low middling
2.34 off middling
Yellow tinged
Strict good middling
.04 off middling
Yellow tinged
Good middling
.42 off middling
Yellow tinged
Strict middling
.87 off middling
Yellow tinged
*Middling
1.45 off middling
Yellow tinged
*Strict low middling
2.08 off middling
Yellow tinged
*Low middling
2.85 off middling
Light yellow stained-- 1.01 off middling
Good middling
Light yellow stained-- 1.52 off middling
*Strict middling
Light yellow stained-- 2.18 off middling
*Middling
Yellow stained
Good middling
1.28 off middling
Yellow stained
*Strict middling
2.00 off middling
Yellow stained
2.63 off middling
*Middling
Gray
Good middling
.67 off middling
Gray
Strict middling
1.08 off Diddling
Gray
1.45 off middling
*Middling
Blue stained
1.58 off middling
*Good middling
Blue stained
2.22 off middling
*Strict middling
Blue stained
2.97 off middling
*Middling
*Not deliverable on future contracts
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
19.55 19.65 19.75 19.75 19.70 19.65
Nov. 10 to Nov. 16Middling upland
NEW YORK QUOTATIONS FOR 32 YEARS.
1928
1927
1926
1925
1924
1923
1922
1921
19.65c.
20.10c.
12.95c.
21.00c.
24.85c.
34.800.
25.500.
18.75c.
1920
1919
1918
1917
1916
1915
1914
1913
19.25c.
39.65c.
29.92c.
29.55c.
20.40c.
11.80c.
7.75c.
13.800.
1912
1911
1910
1909
1908
1907
1906
1905
11.90c.
9.50c.
14.600.
14.95c.
9.35c.
10.600.
11.00c.
11.15c.
1904
1903
1902
1901
1900
1899
1898
1897
10.15c.
11.300.
8.300.
8.00c.
9.88c.
7.56c.
5.38c.
5.88c.
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Spot Market
Closed.
Saturday--- Steady,10 pts. adv - Very steady --Monday --- Quiet,10 pts.adv._ _ Barely steady Tuesday --- Steady,10 pts. adv _ Steady
Wednesday- Quiet,unchanged -- Barely steady Thursday -- uiet.5 pts.decline Steady
Quiet,5 pts. decline Barely steady Friday
Total_ _
Since Aug. 1
SALES.
Spot.
Contr'et Total.
1.000
1,000
1,218
1.218
2.000
2,000
4,218
4.218
89.956 14,300104.256
FUTURES. The highest, lowest and clos ng prices at
New York for the past week have been as follows:
Saturday,
Nov. 10.
Tuesday, Wednesday, Thursday,
Nov. 14. Nov. 15.
Nov. 13.
Monday,
Nov. 12.
Friday,
Nov. 16.
Nov.
Range.
19.4419.5219.5519.50Closing_ 19.3119.45Dec.Range- 19.16-19.40 19.45-19.60 19.44-19.65 19.56-19.73 19.50-19.58 19.51-19.65
19.61-19.62 19.56-19.57 19.51Closing_ 19.37-19.40 19.50-19.51 19.58Jan.
Range__ 19.10-19.34 19.43-19.56 19.39-19.61 19.53-19.67 19.43-19.53 19.45-15.55
Closing_ 19.32-19.33 19.43-19.44 19.54-19.55 19.54-19.55 19.4919.45-19.46
Feb.Range-19.4219.53 ----- 19.5519.31Closing_
19.50 ---- 19.46Mar.
Range _ 19.06-19.32 19.40-19.55 19.36-19.59 19.52-19.67 19.42-19.53 19.47-19.6(
Closing.. 19.30-19.31 19.41-19.42 19.52-19.53 19.55-19.56 19.50-19.52 19.47-19.41
Apr.
Range....
-19.3819.4719.5019.43
Closing_ 19.3019.45MayRange.- 18.96-19.20 19.31-19.44 19.26-19.49 19.45-19.59 19.34-19.44 19.38-19.42
Closing_ 19.17-19.18 19.31-19.32 19.42-19.43 19.4519.40-19.4119.39June
Range-19.23- - 19.35
19.36
19.32Closing_ 19.0919.32July
Range__ 18.82-19.08 19.16-19.27 19.12-19.32 19.27-19.40 19.18-19.27 19.24-19.52
19.16-19.17 19.27-19.28 19.27-19.28 19.24-19.25 19.25-19.2(
Closing_ 19.01 Aug.Range-19.18- 19.20
19.0719.1519.15Closing_ 18.94Range-19.0818.9719.1219.0419.05Closing_ 18.86Oct.
Range __ 18.55-18.79 18.87-19.00 18.91-19.00 18.92-19.10 18.89-18.96 18.90-19.01
15 75.15 70 15 5715.0510031503 -15AR -
Range of future prices at New York for week ending
Nov. 16 1928 and since trading began on each option:
Option for
Nov. 1928.
Dec. 1928__ 19.16
Jan. 1929_- 19.10
Feb. 1929
Mar. 1929__ 19.06
April 1929_
May 1929__ 18.96
June 1929
July 1929.. 18.82
Aug. 1929
Sept. 1929__
Oct. 1929.... 18.55
Range for Week.
Nov. 1019.73
Nov. 10 19.67
Nov. 10 19.67
Nov. 10 19.59
Nov. 10 19.40
Range Since Beg fining of Option.
17.25
Nov. 14 16.98
Nov. 14 17.00
18.68
Nov. 14 17.20
18.58
Nov. 14 17.72
18.00
Nov. 14 17.12
Jan. 28 1928 22.46
June 12 1928 22.70
Feb. 2 1928 22.45
Aug. 21 1928 18.70
Sept. 19 1928 22.36
Aug. 18 1928 22.06
Sept. 19 1928 22.30
Aug. 13 1928 19.07
Sept. 19 1928 19.97
June 30 1928
June 29 1928
June 29 1928
Aug. 21 1928
June 29 1928
July 9 1928
June 29 1928
Aug. 17 1928
Aug. 9 1928
Nov. 10 19.10 Nov. 14 18.08 Nov. 5 1928 19.10 Nov. 14 1928
2848
FINANCIAL CHRONICLE
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.
Nov. 16Stock at Liverpool
Stock at London
Stock at Manchester
1928.
bales- 561,000
1927.
896,000
79.000
1925.
568,000
1926.
948,000
89,000
43,000
627.000
975,000 1,037,000
414,000
165,000
9,000
75,000
26,000
517,000
235,000
8,000
99,000
19,000
269,000
136,000
11,000
27.000
43.000
Total Continental stocks
689,000
878,000
486,000
The above total shows that the interior stocks have
increased during the week 49,376 bales and are to-night
190,488 bales less than at the same time last year. The
receipts at all towns have been 738 bales less than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
611.000
66,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
[VOL. 127.
Total European stocks
1,316,000 1,853,000 1.523,000
India cotton afloat for Europe
21,000
91,000
52,000
American cotton afloat for Europe 789,000 695.000 965.000
Egypt,Brazil,&c.,afloatforEurope 117,000
97.000 113.000
Stock in Alexandria, Egypt
396,000 416,000 325,000
Stock in Bombay,India
623,000 229,000 198.000
Stock in U. S. ports
a2,158.992a2,508,550a2.675,571
Stock in U. S. interior towns_ a1,099,921a1,290,409a1.415,095
U. S. exports to-day
786
1928
Nov. 16Since
273,000 ShippedWeek. Aug. 1.
103,000
Via St. Louis
19,943
91,882
5.000
Via Mounds, &c
15,173
5,096
48,000
Via Rock Island
226
1,295
23,000
Via Louisville
1.840
8,656
Via Virginia points
5,446
66,705
Via other routes, &c
16,197 135,511
452,000
Total gross overland
48,748 319,222
Deduct Shipments
1,063,000
Overland to N. Y., Boston, Sm.. 3,226
11,623
53,000
Between interior towns
487
5.884
953,000
Inland, &c.,from South
92,830
14,951
137,000
243.000
Total to be deducted
18,664 210.337
361,000
1.380,648
Leaving total net overland*30.084 108,885
1,677,442
6,248
*Including movement by rail to Canada.
Total visible supply
6,591,699 7,140,959 7,235,666 5,874,338
Of the above, totals of American and other descriptions are as follows:
American
L
bales_ 309,000 596,000 574,000 279,000
26,000
Manchester stock
68.000
60,000
38,000
Continental stock
629,000 824.000 444,000 420,000
American afloat for Europe
789,000 695.000 965,000 953,000
U.S. port stocks
_ a2,158,992a2,508,550a2,675,571 1,380.648
01,099.92161,290,40901,415,095 1,687,442
U. S. interior stocks
6.248
U.S. exports to-day
786
1927
Since
Week. Aug. 1.
17,608 110,977
19,550
92.859
2,504
684
11,496
1.469
5.325
83,265
90,460
6,575
51,211
391,561
1,386
587
21.339
30,543
6,689
227,524
23,312
264.756
27,899
126,805
The foregoing shows the week's net overland movement
this year has been 30,084 bales, against 27,899 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 17,920 bales.
1927
1928
-In Sight and Spinners'
Since
Since
Takings.
Week. Aug. 1.
Week.
Aug. 1.
Receipts at ports to Nov. 16
351,467 4,916,449 341,143 4.747,973
Total American
5.024.699 5.973,959 6,141,666 4,742,338 Net overland to Nov. 16
126,805
30,084
108,885 27,899
East Indian, Brazil, &c..
Southern consumption to Nov. 16128,000 1,628,000 125,000 1,756,000
Liverpool stock
252,000 300,000 374,000 289,000
London stock
Total marketed
509.551 6,653,334 494,042 6,630,778
17,000 Interior stocks in excess
21,000
19,000
Manchester stock
28,000
917,557
49.376
782,432 29,453
32,000 Excess of Southern mill
42,000
54,000
Continental stock
60,000
takings
53,000
21,000
52,000
Indian afloat for Europe
91,000
over consumption to Nov. 1
59,216
265,804
97.000 113,000 137,000
Egypt, Brazil, &c.. afloat
117,000
Stock in Alexandria, Egypt
396,000 416.000 325.000 243,000
Came into sight during week_ --558,927
523,495
Stock in Bombay India
623,000 229.000 198,000 361.000
Total in sight Nov. 16
...... 7,701,570
---- 7,607,551
Total East India, &c
1,567,000 1.167,000 1,094,000 1,132,000 North.spinn's's takings to Nov.16 44,641
477.486
397,589 54,950
Total American
5,024,699 5,973,959 6,141,666 4,742,338
*Decrease.
Total visible supply
6,591.699 7,140.959 7.235.666 5,874,338
Middling uplands, Liverpool _..... 10.55d. 10.91d.
7.03d. 10.60d.
Movement into sight in previous years:
Middling uplands, New York__
19.65c. 19.80c. 12.95c. 20.80c.
WeekBales. Since Aug. 1Bales.
Egypt,good Sakel, Liverpool_..., 19.25d. 19.95d. 16.45d. 21.058. 1926
-Nov. 19
738,317 1926
9,057.667
Peruvian, rough good, Liverpool.. 14.00d. 12.758. 12.75d. 23.00d. 1925
-Nov.20
539,108 1925
8,453,951
Broach, fine, Liverpool
9.75d. 1924
640d.
8.95d.
9.70d.
-Nov.21
638,314 1924
7.159,780
Tinnevelly, good, Liverpool
6.95d. 10.15d.
10.15d. 10.20d.
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
Continental imports for past week have been 191,000 bales. markets for each day of the week:
The above figures for 1928 show an increase over last
Closing Quotations for Middling Cotton on
week of 156,106 bales, a loss of 549,260 from 1927, a
Week Ended
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Nov. 16.
decrease of 643,967 bales from 1926, and a gain of
717,361 bales over 1925.
Galveston
Holiday 19.20
19.00
19.20
19.20
19.20
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
*Estimated.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
below:
Movement to Nov. 16 1928.
Timms.
Receipts.
Ship- Stocks
ments. Nov.
Week. Season. Week. 16.
Ala.,B1rmIng'm 3,625
Eufaula
507
Montgomery. 2,716
Selma
2.860
Ark.,Blytheville 7,060
Forest City._
632
Helena
3,575
Hope
2,271
Jonesboro_ _
. 2,557
Little Rock
5,770
Newport_
4,011
Pine Bluff.. _ _ 8,404
Walnut Ridge 2,481
141
Ga., Albany__ _
Athens
1,825
Atlanta
8,616
Augusta
9.369
Columbus_
3,975
Macon
2,231
Rome
3,130
La.; Shreveport 7,472
Mbs.,Clarksdale 6,290
Columbus...
. 1,769
Greenwood_ _ 9,902
2,610
Meridian
768
Natchez
700
Vicksburg _
Yazoo City_ 2,094
Mo., St. Louis_ 23,319
N.C.,Greensb'ro 1,450
Ralelghx_
Oklahoma
15 towns.- 37.368
S.C.. Greenville 6,528
Tenn.,Memphis 63,171
Texas, Abilene_ 2,754
1,029
Austin
247
Brenham- _ 6.862
Dallas
2,662
Paris
35
Robstown
735
San Antonio_
2,400
Texarkana
4,336
Waco
26,497
11,050
39,729
34.089
45,354
12,968
34,425
43.827
14,865
68,220
25,191
73,759
10,296
3,242
20,508
44,747
129,528
18,682
36,832
11,106
101.984
105,549
20,992
140.200
32,778
16,008
15,884
31,782
100,659
4.804
2,265 8,466
367 6,361
1,362 26,398
1,300 25,578
4,512 19,170
536 8,361
2,06 20,852
1,707 16,848
2,40. 3,487
4,94 23.867
2,09
8.988
5,856 33,717
1,429 6,09
182 1.988
401 14,442
3,232 36,926
4,592 64,865
2,4 i i 9,110
1,934 10,547
550 12,341
3,614 62,143
6,021 74,974
1,141 14,136
8,133 103,437
1,879 13,049
606 18.281
700 9,398
1,109 25.385
19,94 10,148
441 4,129
Movement to Nov. 18 1927.
Receipts.
11 eek. I Season.
5,686
226
1,230
1.298
2,723
2,761
2,436
1,373
3,311
3,113
1,585
10,136
3,383
45
3,000
3,701
7,296
4,300
804
1,425
3,865
4,607
2,313
8,766
429
696
858
2.107
17,761
2.326
945
63,727
16,497
64,734
52,440
41,559
25,235
32,323
36,591
18,367
69,415
32,963
76,320
15,737
4,863
44,329
54,553
189.476
32,906
43,939
23,913
76,630
120,256
28.744
120,875
33,743
29,085
13.394
20.425
110,124
13,408
6,535
Ship- Stocks
ments. Nov.
Week.
18.
18.82
18.55
18.88
19.00
19.25
18.88
18.10
19.10
18.00
18.40
New Orleans..- _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Holiday
18.50
Holiday
18.88
Holiday
18.81
18.00
Holiday
18.00
Holiday
Fort Worth _ _ _ _
Holiday 18.40
18.66
18.35
18.70
18.75
19.15
18.69
17.85
18.90
itfle Rock.._ - _ 17.85
Dallas
18.20
18.82
18.60
18.86
19.00
19.45
18.94
18.10
19.10
18.12
18.40
18.40
18.76
18.55
18.82
18.88
19.35
18.81
18.05
19.05
18.06
18.35
18.25
18.76
18.50
18.76
18.88
19.25
18.69
18.00
19.00
16.06
18.80
18.30
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
4,691 22,875
186 11,816
2,076 38,160
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
1,224 32,191
Nov. 10.
Nov. 12.
Nov. 13. Nov. 14. Nov. 15. Nov. 16.
4,021 25,070
1,236 16,281 ___ ......_
18.41 bid
2,286 21,776 December 18.75-18.76
18.91-18.92 18.92-18.94 18.92-18.94 18.81-18.82
1,938 9,650 January _ 18.82-18.83
18.97-18.98 18.99-19.00 18.99-19.00 18.891.573 7,270 February _5,308 29,044 March ___ 18.79-18.81
18.91-18.99 10.02-19.03 19.02-10.03 18.91-18.93
2,076 7,825 April
8,001 40,850 May
18.68-18.69 HOLIDAY 18.89-18.91 18.9318.9318.85-18.87
2,427 6,002 June
103 2,310 July
18.51 18.7618.76-18.77 18.76-18.77 18.681,500 28,337 August__
3,910 19,193 September3,245 123,569 October
18.25-18.28
18.45-18.46 18.47-18.49 18.47-18.49 18.40-18.43
5,000 13.028
Tone
660 10,358 Spot
Steady
Steady
Quiet
Steady
Steady
690 13,716 Options
Steady
Steady
Steady
Steady
Rtantiv
1,420 49,030
5,761 81,416
GEORGIA COTTON REPORT.
-The U. S. Depart670 10.771
5,792 84,500 ment of Agriculture, at Atlanta, Ga., issued on Nov. 8 its
722 11,001
275 20,586 cotton crop report for the State of Georgia as follows:
The indicated cotton crop in Georgia will amount to 995,000 bales (500
680 7,753
1.012 15,116 pounds gross weight), according to data compiled by the Division of crop
17,698
580 and Livestock Estimates. This figure is based on reports from about
1,391 21,507 1.800 crop correspondents and ginners, well distributed over the State.
225 5,411 covering yield per acre, per cent of the crop picked and ginned, boll counts,
-
per cent of acreage abandoned, and other material available as of Nov. 1.
Favorable harvesting conditions had prevailed throughout most of
October and farmers were making the most of the opportunity to get out
the crop before occurrence of rainy weather. Except in the northern half
of the State, where the crop was slow in opening, picking was practically
completed on the first of the month.
Northern Georgia bids fair to produce just slightly under last season
with some scattered areas running slightly above. Middle Georgia suffers
considerably in such a comparison-indications pointing to a decrease of
about 15 7 from 1927. The southern section of the State shows a decrease
of about 7%. Taken as a whole. reported indications for the State point
to about a 6% decrease from one month ago, as with the advancement of
season ginnings earlier expectations were lowered.
Upon the 3,798,000 acres for harvest (preliminary estimate) the indicated
-_-_. orm ,..........1.2/1,OK K 9 QM A9k 9110,
on,IflflflflOIQAfl 00Q Q no's 1105000 Mil MilArIll
.
, .yield per acre should approxImate 125 pounds, as compared with the final
.
-year average (1917-1926) of 142
estimate of 154 pounds last year and a 10
pounds.
x Discontinued. •Includes the combined totals of 15 towns in Oklahoma.
458,342
71.351
605.442
26,018
40,162
25,780
80.146
64.11
27,58
32.629
43,748
109.733
39,822 78,639 59,132 445,130 59,601 108,865
3,707 29.605 17,484 139,752 10,340 62,213
58.983205,009 64,588 634,893 56.248249,967
2.926 1,853 2,713 35,143 2,744 1,475
1.171 5,068
631 20,085
323 3.630
17 15,634 1,174 19,206
841 11.619
5,462 22,929 3,611 51.754 3,773 18,409
1,334 8,657 2,606 53,458 3,179 8.160
91 1,708
15 29,668
18 2.620
643 29,720
1,034 3,313
591 4,055
2,682 16.888 1,856 44,045 2,116 18,898
4,705 17,113 1,945 67,125 1,429 13.506
2849
FINANCIAL CHRONICLE
Nov. 17 1928.]
The census reports shows 783,000 running bales of the Georgia crop
ginned prior to Nov. 1: compared with 1,009,000 bales last year; 1.102,000
In 1926; 1,114,000 bales in 1925; and 813,000 bales to that date in 1924.
1926.
1927.
1928.
November 15
Receipts at
Since
Week.lAug.l.
Singe
Since
Aug. 1.
Week.
Week.iAug. 1.
CENSUS REPORT ON COTTON CONSUMED AND
24.000 153,000 38.000 235.000 9.000 181.000
-This report, issued on Bombay
ON&HAND IN OCTOBER, &c.
Nov. 14 by the Census Bureau, will be found in full in an
Since Au,tat 1.
For the Week.
earlier part of our paper under the heading "Indications of
Exports
Great
Conti Japan dt
Great Coed- Japan&
from
Business Activity."
Total.
China.
neat.
Britain. nent. China. Total. Britain.
CENSUS REPORT ON COTTONSEED OIL PRODUC- Bombay
-Persons interested in this
TION DURING OCTOBER.
1,000 18,000 22,000 41,000 10,000 179,000 341,000 530,000
1928
5,000 3,000 8,000 12,000 92,000 158,000 262,000
1927
report will find it in our department headed "Indications of
____ 8,000 8,000
1,000 73,000 150,000 224,000
1926
Business Activity" on earlier pages.
Other India140,500
8,000 24,000 116,000
1,000 7,000
1928
to
-Reports
WEATHER REPORTS BY TELEGRAPH.
172,500
9,000 21,500 151.000
2,000 7.000
1927
108,000
1,000
7.000 101.000
1,000
during
1926
us by telegraph this evening denote that the weather
in all Total all
the week has been favorable for picking and ginning
2,000 25,000 22,000 49,000 34,000 295,000 341,000 670,000
ports of the cotton belt where this work has not been com- 1928
2.000 2,000 3,000 17.000 33,500 243,000 158,000 434,500
1927
pleted, except in Oklahoma where there has been much
8,000 174,000 150,000 332,00
____ 1,000 8.000 9,000
1926
cloudy, damp weather with occasional rain. Good advance
According to the foregoing, Bombay appears to show ao
ginning. Some top
as a rule has been made with picking and
decrease compared with last year in the week's receipts of
crop is being picked in the extreme South.
14,000 bales. Exportsfrom all Indian portsrecord anincrease
Thermometer
Rain. Rainfall.
high 78 low 59 mean 69 of 32,000 bales during the week, and since Aug. 1 show an
dry
Galveston, Texas
1 day 3.50 In. high 82 low 62 mean 72 increase of 235,500 bales.
Abllene
1 day 0.32 in. high 80 low 62 mean 71
Corpus Christi
2 days 1.04 in. high 76 low 44 mean 60
Dallas
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
1 day 0.02 In. high 78 low 56 mean 67
Del Rio
2 days 0.15 in. high 80 low 46 mean 63 now receive weekly a cable of the movements of cotton at
Palestine
high 80 low 52 mean 66
dry
San Antonio
high __ low -- mean 64 Alexandria, Egypt. The following are the receipts and
dry
New Orleans
3 days 0.12 in. high 77 low 44 mean 60 shipments for the past week and for the corresponding week
Shreveport
high 75 low 60 mean 67
dry
Mobile, Ala
years.
1 day 0.05 in. high 77 low 40 mean 58 of the previous two
Savannah. Ga
1 day
Charleston.5.0
Charlotte, N. C
0.66 in. high 72 low 42 mean 57
high 72 low 36 mean 50
dry
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m.of the dates given:
Nog. 16 1928. Nov. 18
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge..
Above zero of gauge..
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
1927.
Feet.
2.7
12.6
16.2
6.2
16.6
Feet.
3.4
12.5
7.8
7.7
17.7
1928.
1925.
1926.
420,000
3,372,665
230,000
2.715.619
380,000
2,660.424
Alexandria. Egypt,
Nov. 14.
Receipts (cantors)
This week
Since Aug. 1
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (bales)
To Liverpool
To Manchester, dm
To Continent and India_
To America
40,525 10,750 65,417
8,000 48,902
42.930
11.000 61,654 6,000 45,843
12,000 130.338 12,250 114.683 6:gob 94.642
24,228
41,124
15,000 50,172
-The folRECEIPTS FROM THE PLANTATIONS.
46.000 291.066 18.250 242.175 17,250 227,217
Total exports
lowing table indicates the actual movement each week from
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
the plantations. The figures do not include overland rethat the receipts for the week ending Nov. 14 were
This statement shows
ceipts nor Southern consumption; they are simply a state- 420,000 canters and the foreign shipments 46,000 bales.
ment of the weekly movement from the plantations of that
-Our report received by
MANCHESTER MARKET.
part of the crop which finally reaches the market through
cable to-night from Manchester states that the market in
_
the outports.
both cloths and yarns is steady. Merchants are not willing
Stocks at Interior Towns. Receiptsfrom Plantations
Receipts at Ports.
Week
to pay present prices. We give prices to-day below and leave
Bede
1928. 1927. 1926.
1927.
1926.
those for previous weeks of this and last year for comparison:
1928. I 1927. 1926. 1928.
Aug.
17- 26,280108.930 87,880 266,345 349.011 511,748 6,370, 98,132 77,815
24._ 58.671143.950133,195 258,393 336,511 496,117 50,710131,450 97,800
31_ 129,694248,049187,891 245,571 336,614 488,127116,8721248,152179,901
Sept.
222,173261,473208,801 251,324 371,441 490,340227,926296,300211.014
14- 242,040319,945330,497 275,133 421,618 533,485285,849370.122373.572
21- 338,659334,837410.234 348,050 524,594 631.415409,582437,813508,164
28- 417,651406.030567,704 1,012,624 647,605 744,323543,853529,041680,612
Oct.
5-- 532,796421,802622,656 602,945 742,848 869.7931661,488517,045748,126
11- 521,837391,639618,810 708,536 889,297 975,402825,428518,088724,419
18- 558,699 389,720587,297 847,112 974.900 1,076,125696,281I495.323688.020
25- 550.877424,130335,376 953,520 1,101,815 1.186.683657.285551,145625,934
Nov.
538,822438,156508,7631,034,0491.199,935 1,264,4501816,3511538,2761606,530
9- 396,001300,293488,446 1050.5451,260,956 1,349,950412,497451,314573.948
16_ 351,467341,143517,7111.099,9211.290.409 1415.095400.843370.596583.298
1927.
1928.
325 Cep
Twist.
(ass, Common Midair
to Finest.
UpPds
d. s. d.
d.
Aug.17_ _ __ 1534017 13 8
24____ 155.51317 13 2
31_ _ _ _ 1634(417 13 0
Sept.
7..__ - 1534(416)4 12 7
14_ 1434016 12 8
21____ 1434016 12 7
28____ 1434(416 127
Oct.
5...._ 15 (41634 12 7
11___ 154001634 13 1
18____ 153401634 13 2
25____ 10401634 13 1
Nov.
2____ 15 @18t 13 1
9.- 15 01654 13 0
323 Cop
Twist.
legs, Common AMC.
• to Finest.
Uptde
s. d.
014 0
013 4
013 2
d, s. d.
d.
a. d.
d.
10.71 165401734 13 5 013 7
10.44 1834(418 14 0 (414 2
18 019 13 6 ©14 0
013 1
0413 0
(413 1
(4131
10.62
9.84
9.99
10.72
18 019
1734(419
1734(419
175401934
13 6
13 6
13 3
13 4
(414 0
014 0
©13 5
@136
12.67
11.83
11.20
11.57
©13 1
013 3
013 4
013 3
10.64
10.95
11.00
10.51
17 (419 13 2
1634031834 13 2
1654(4184 13 2
1634(41854 13 3
® 13 6
013 8
013 6
013 8
11.72
11.54
11.09
11.66
d.
10.60
11.15
12.34
The above statement shows: (1) That the total receipts
11.75
10.49 1650:01834 13 3 (4136
013 3
from the plantations since Aug. 1 1928 are 5,696,343 bales:
11.04
1313 2
10.46 14 016 13 0 013 3
in 1927 were 5,653,654 bales, and in 1926 were 6,737,776
.
.
.
bales. (2) That although the receipts at the outports the
were 351,467 bales, the actual movement from
shown on a previous page, the
-As
SHIPPING NEWS.
past week
plantations was 400,843 bales, stocks at interior towns exports of cotton from the United States the past week have
49,376 bales during the week. Last year reached 330,996 bales. The shipments in detail, as made
having increased
receipts from the plantations for the week were 370,596 up from mail and telegraphic reports, are as follows:
Bales.
bales and for 1926 they were 583,298 bales.
-Hendon Hall, 10,799......
GALVESTON-To Bremen-Nov. 10
Nov. 9-Anselma de Larrinaga. 8,811: Cody, 4.095.....
SUPPLY AND TAKINGS OF COTTON.
WORLD
24.055
-West Quechee,350
Nov. 14
The following brief but comprehensive statement indicates
To Japan-Nov.8-Tatsumo Meru,7,119; Texas Maru. 9.351
-Steel Worker,
___Nov:9-Clyde Bank. 10,650... _Nov. 13
the world's supply of cotton for the week and
at a glance
34.570
7.450
1.000
since Aug. 1 for the last two seasons, from all sources from
To China-Nov.8-Tatsumo Maru, 1,000
-Nov. 14-Colorado Springs, 3.320-Nov.13
statistics are obtainable; also the takings or amounts
To Liverpool
which
12.505
Scholar, 9,185
sight for the like period.
gone out of
-Maryland, 5,647_Nov. 14-Wulsty
-Nov. 12
To Havre
Cotton Takings,
Week and Season.
1928.
Week.
Season.
1927.
Week.
Season.
6,435,593
6.957,445
Visible supply Nov. 9
4,175,480
4,961.754
Visible supply Aug. 1
558,927 7,701,570 523,495 7,607,551
American in sight to Nov. 16
153,000
24.000
38,000
235,000
Bombay receipts to Nov.
8,000
140,000
9,000
172,500
Other India ship'ts to Nov. 15
84,000
696,200
46.000
562,860
Alexandria receipts to Nov. 14....
23,000
296,000
20,000
283.000
Othersupply to Nov. 14..5..b.._
7.133,520 13,162,250 7,593,940 13,822,665
Total supply
Deduct
6,591.699 6,691,699 7,140,959 7.140,959
supply Nov. 16
Visible
541.821 6,470,551 452.981
706
Total takings to Nov. 16_a
427.821 4,718,351 349.981 6.681.
5,023346
Of which American
114.000 1.752.200 103.000 1.658:360
Of which otner
Europe from Brazil, Smyrna, West Indies, &c
•Embraces receipts insince Aug. 1 the total estimated
consumption by
a This total embraces
in 1928 and 1,756.000 bales in
-takings
Southern mills, 1,628,000 balesaggregate amounts taken by 1927
Northern and
available-and the
not being
in
foreign spinners, 4,842,551 bales in 1928 and 4,925,706 b 1927, of bales
bales American.
Estimated.
which 3,090,351 bales and 3,267,340
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
week and for the season from
from all India ports for the
Aug. 1, as cabled,,for three years, have been as follows:
11,928
Castle.487; Asuncion de Larrinaga, 5,794
-Nov 14-Wuisty Castle, 1,350; Asuncion de LarrlTo Ghent
7435
nags, 6.085
2,.150
To Genoa-Nov. 14-Nicolo Odero, 2,150
500
-Nov. 14-Nicolo Odero, 500
To Naples
2,050
Gothenburg-Nov. 13-Trolleholm, 2.050
To
200
To Copenhagen-Nov. 13-Trolleholm, 200
587
To Manchester-Nov. 13-Scholar, 587
7.148
-Mar Baltico, 7.148
To Barcelona-Nov. 13
100
-Liberty, 100
-To Dunkirk-Nov.9
NEW YORK
350
-City of Calcutta, 350
-Nov. 10
To Bombay
200
-Nov. 13-Rochambeau, 200
To Havre
2,600
-Nov. 13-Clara, 2,600
To Venice
300
-Royal Prince,300
To China-Nov. 13
-Nov.7
-Sinaloa,300--Nov.10
-To Vera Cruz
NEW ORLEANS
1.000
-11ibueras, 700
500
-Nov. 2- ulstconck. 500
To Venice
100
To Trieste-Nov. 2- uistconck, 100
50
-Nov.2- uistconck,50
To Piraeus
-Duquesne, 4,917; ScythLan. 1,503...
-Nov 10
To Liverpool
16.457
Nov. 13-Novian, 10.037
-Duquesne, 1,656___Nov. 13-NoTo Manchester-Nov. 10
3,399
vian, 1,743
3,919
-Cranford,3,919
-Nov. 10
To Havre
-Tugela, 550
550
To Gothenburg-Nov. 10
5
-Nov. 10-Cranford, 5
To Antwerp
1.700
-Cranford, 1,700
-Nov. 10
To Ghent
5,983
To Genoa-Nov.11-Montello,5,983
100
-Nov. 11-Montello, 100
To Naples
384
To Barcelona-Nov. 12-Cardonia, 384
-City
To Rotterdam-Nov. 13-Maasdam, 3,237___Nov. 13
5,768
of Weatherford, 2,531
-City of Weatherford,4.621
4,621
To Bremen-Nov.13
2850
FINANCIAL CHRONICLE
Bales.
HOUSTON-To Manchester-Nev. 9-Intombi, 225__ _Nov. 14
Norwegian, 350__ _Nov. 15
-Colorado Springs, 606
1,181
-Nov. 9-Intombi, 4,127_ _Nov. 14
To Liverpool
-Norwegian, 17,389_ ._Nov. 13-Telefora de farrinaga, 10,745
-Colorado Springs, 12,687
Nov. 15
44,948
To Bremen-Nov. 10 Hendon Hall, 6,183__ _Nov. 13-Yorck,
6,601; Nile, 12.173-_ -Nov. 10-Villaperosa, 6,135__ _Nov.
-Cody, 7,397
14
38,489
To Japan
-Nov.9
-Elkhorn,
-Steel Worker, 7,900__ _Nov. 14
5,350
13,250
To Antwerp
-Nov.15-Wulsty Castle, 422
422
To Barcelona
-Nov. 13-Respice Patrian, 6,351__ _Nov. 15Cardonia, 930
7,281
To Naples
-Nov.15-Nicolo Odero, 1.004
1.004
-Nov. 13-Respice Patrian, 3,200___Nov. 14
To Genoa
West Harsaw, 5,362__ _Nov. 15-Nicolo Odero, 3,250
11,812
To Venice
-Nov.15-Quistconck, 1,946
1,946
To Warburg-Nov. 13-Trolleholm, 200
200
To Trieste
-Nov. 15-Quistconck, 6
6
To Stockholm-Nov. 13-Trollehom, 100
100
To Piraeus
-Nov.15-Quistconck, 100
100
To Oslo
-Nov. 13-Trolleholm. 50
50
To Gothenburg
-Nov. 13-Trolleholm,50
50
To Aalborg
-Nov. 13-Trolleholm, 100
100
To Norrkoping
-Nov. 13-Trolleholm, 50
50
To Havre
-Nov. 13
-Brush, 2,225-__Nov. 15-Wulsty Castle, 4,971
7,196
To China-Nov. 14
3,600
-Elkhorn,3,600
To Ghent
-Nov. 15-Wulsty Castle, 3,733
3,733
MOBILE
-To Bremen
5,021
-Nov.5
-West Kyska, 5,021
To Japan
-Nov. 8
200
-Elkhorn, 200
To Rotterdam-Nov.10
150
-West Hika, 150
To Antwerp
-Nov.10
200
-West Hika, 200
WILMINGTON-To Genoa
5,150
-Nov. 10-Termni, 5,150
To Hamburg-Nov. 10-Armon, 350
350
To Liverpool
2,000
-Nov. 14-Salonica, 2,000
SAN PEDRO-To Havre
3,850
-Nov.9
-La Marseillaise, 3,850
To Liverpool
2,102
-Nov. 10-Gracia, 500; Drechtdijk, 1,602
To Japan
-Nov. 9-Takaoka Maru, 500
500
NORFOLK
-Tuscaloosa City, 300
-To Yokohama
-Nov.12
300
To Manchester
-Nov. 14-Kerhonksen, 350_ _ _Nov. 15-Na1,106
perian, 756
2.000
To Bremen-Nov. 14-Natirar, 1,800_ Hannover, 200
To Antwerp
210
-West Arrow, 210
-Nov. 14
--ManchesTo Liverpool
-Nov. 15-Naperian, 881---Nov. 1f3
1,667
ter Hero,786
SAN FRANCISCO
-To Liverpool
-Nov.9-Drechtdijk, 100
100
425
To Japan-Nov.9
-President Cleveland, 425
CHARLESTON-To Bremen-Nov. 13-Kelkhelm, 1.850
1,850
To Hamburg-Nov. 13-Kelkhelm, 985
985
CORPUS CHRISTI
-To Dunkirk-Nov. 14
-Emergency Aid, 375
375
To Havre
-Nov. 14
1.325
-Emergency Aid, 1,325
To Rotterdam-Nov. 14
-Emergency Aid,323
323
To Ghent
-Nov. 14
-Emergency Aid, 301
301
To Antwerp
-Nov. 14
-Emergency Aid, 100
100
To Bremen
-Nov. 10
-West Quechee, 4,419
4.419
SAVANNAH
-To Liverpool
-Nov. 14-Darian,4,640
4,640
To Manchester
-Nov. 14-Darian,3,535
3,535
PENSACOLA-To Bremen
-Nov. 14-Weidenfels,50
50
Total bales
330,966
COTTON FREIGHT.
-Current rates for cotton from
New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound.
High
Stand- I
High
Density.
ard. I
Density.
Liverpool .45c. .600. Oslo
.50c.
Manchester.45c. .60c. Stockholm .600.
Antwerp
be. .45c. Trieste
.50c.
Ghent
.373.4c. .5234c. Flume
.50c.
Havre
.31c. .46c.
Lisbon
.450.
Rotterdam .45c. .60c. Oporto
.600.
Genoa
.500.
.65c. Barcelona .300.
Japan
.650.
High
StandStand
ord.
Density.
ard.
.600. Shanghai .700. .85c.
.75c. Bombay
.60c.
.75c.
.45c. .600.
.650. Bremen
.650. Hamburg .450.
.600.
.75c.
.90c.
.600. Piraeus
Salonica
.75c. .90c.
.750.
.45e.
Venire
.500.
Mc.
.800.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks,&c.,at that port:
Oct. 26.
33,000
19,000
1,000
62,000
507.000
251,000
69,000
54.000
258.000
164,000
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total Imports
Of which American
Amount afloat
Of which American
Nov. 2.
38,000
22,000
1,000
61,000
516,000
269,000
67.000
48,000
382,000
267,000
Nov. 9. Nov. 16.
33,000
31,000
20.000
19,000
1.000
•1,000
63,000
61.000
562,000 561.000
314,000 309.000
77,000
120,000
45.000
90,000
331,000 365,000
223,000 272,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15 {
P. M.
Mid.Uprds
Sales
Saturday.
Quiet.
10.41d.
3,000
Monday.
Tuesday.
Good
inquiry,
A fair
business
doing,
10.50d
6,000
10.54d
6,000
Wednesday. Thurgriny.
Good
inquiry.
10.62d.
7,000
Good
inquiry.
10.54d.
6,000
Friects.
Quiet.
10.55d.
4,000
Futures.I Q't but sty Steady St'y unch'd Steady
Quiet
Steady
21)13. 3 to 5 pts. 2 to 5 pts. 1 pt. dec.to
3 to 7 pts. 5 to 7 pts
Market
advance.
decline,
decline,
advance.
opened
decline. 1 pts. adv.
Market, .1 Q't but st'y Steady
Steady
Quiet
Q't but sty Steady
4 to 7 pts. 10 to 14 pts 3 pui. adv. 3 to 6 pts. 4 to 7 pts. 2 to 3 pts.
4
tr. 1 nt dant orivanne.
":. ItX
.1aollms
advanna
.1....11,1.
.A.,or....
Prices of futures at Liverpool for each day are given below:
Sat.
Nov. 10
to
Nov. 16.
Mon.
Tues.
Wed.
Thurs.
Fri.
.
12.15 12.3 12.151 4.00 12.151 4.00 12...15] 4.00 12.1 4. 12.15 4.00
1
3•
P• m • it• m• 1 m• p.m.P. in.P. m•P• m•P• m la• m p.m p.m. p.m.
,10.2010.1 10.14 10.15 10.17
November -------- 10.01110.1010.14 10.1410.17 10.221
December ---- -- -- 10.0210.11 10.16 10.1610.18 10.22110.28 10.14 10.1510.15 10.17
January
-- -- 10.01 10.09 10.12 10.12 10.15 10.20 10.18 10.13 10.12 10.13 10.15
_ _ _ 10.0010.09 10.12 10.11 10.14 10.19,10.18 10.12 10.11 10.13 10.14
February
10.01 10.09 10.12 10.11 10.14 10.19 10.18 10.12 10.11 10.13 10.14
March
10.01 10.09 10.12 10.11 10.13 10.18 10.17 10.12 10.11 10.13 10.14
April
10.02 10.09 10.12 10.11 10.13 10.18 10.17 10,12 10.1110.13 0.14
May
9.96 10.03 10.06 10.05 10.07 10.12 10.11 10.07 10.06 10.08 10.09
June
9.9610.03 l0.0610.05 10.07 10.12 10.11 10.07 10.06 10.06 10.19
July
.99 9.9810.0010.01
9.87, 9.94, 9.97 9.96 9.9810.03.
August
9.80 9.88 9.91 9.88 9.90; 9.95 9.96 9.92 9.92 9.94 9.95
September _ _
9.72 9.80 9.83 9.80 9.821 9.871 9.88 9.84 9.84 9.86 9.87
October
9.67 9.75 9.78 9.75 9.771 9.82 9.83 9.79 9.79 9 81 9.82
November __
-
[VOL. 127.
BREADSTUFFS
Friday Night, Nov. 16 1928.
Flour was firm, with wheat at one time advancing, but
business was not active, though some mill agents reported
a better trade. Less complaint, too, was heard about shipping directions. Export trade was only moderate where
there was any.
Wheat advanced on the reduced Canadian crop estimate
of about 500,000,000 bushels and a better technical position. On the 10th inst. prices declined %c. on renewed hedge
selling by the Northwest and a private estimate of the Canadian crop as 570,000,000 bushels against 527,332,000 in
September this year and 414,915,000 the final last year.
The decline came after an early rise of lc. on reports of unfavorable weather in Argentine. Liverpool due % to %d.
higher, closed firm, and % to %d. higher, owing to the
firmness of Canadian c.i.f. offers, a scarcity of sellers and
conflicting weather reports from the Argentine. Australian
new wheat was being marketed slowly and was of irregular
quality. India and other countries were said to be eager
buyers for early shipment of Australian wheat which was
offered sparingly. Later, as already stated, came liquidation on an increased Canadian crop estimate and hedge selling with scattered liquidation.
On the 13th inst. prices advanced % to lc. with the cables
higher from Liverpool and Buenos Aires, Winnipeg noticeably firm, a fact not without influence in Chicago, and the
technical position stronger after recent liquidation and the
growth of a short interest. Many were awaiting the Canadian Government crop report. But in the meantime, Argentine advices told of damage by cyclone and rains. CMcago comment on this was to the effect that the Argentine
message reporting excessive rains and bad weather conditions in the north were significant as cutting of wheat will
be under way within the next week or ten days in the extreme northern Argentine territory. For this reason excessive rainfall at this time may easily be a serious matter.
Liverpool cabled that harvesting of wheat and also linseed
In the Argentine has commenced in the North and early
yields indicate a crop above average and of good quality.
Cutting in the Central West will probably commence in
a fortnight and prospects there are generally excellent. The
weather is unsettled throughout the country, which may delay harvesting in the North and interfere with November
deliveries on the future market. Clear weather is badly
needed now in the center and north. The visible supply
decreased last week 328,000 bushels against an increase in
the same week last year of 2,099,000.
On the 14th a bullish interpretation was placed on the
Canadian Government estimate of 501,000,000 bushels of all
wheat, or 49,000,000 bushels less than the September figures and 70,000,000 less than one of the private estimates
within a few days. On the 14th inst. prices advanced 1%
to 1%c. early on the bullish Canadian report. Liverpool
was higher than expected. Prices reacted later and wound
up at about the low for the day. Buenos Aires was % to %c.
higher, but the weather was more favorable there. Here
offerings increased on the advance, and while pressure
subsided later on, buying power was lacking. Export business was not noteworthy. Argentine sent more favorable
crop news. Australian crop reports continued satisfactory. There was a small increase in receipts of both spring
and winter. Mills were taking choice grades but medium
grades were neglected.
On the 15th inst. prices rallied on reports that President
Coolidge would talk over the radio on farm relief Friday
night. To-day prices closed unchanged to %c. higher.
Minneapolis was unchanged to 24c. up while Winnipeg was
/
% to %c. lower. The strength of corn, higher cables and
the smallness of the offerings had their influence early.
Selling by the Northwest and Eastern interests and better
weather in the Argentine together with profit-taking caused
a set-back later in the session, however. An expectation
that President Coolidge would say something favorable in
connection with farm relief to-night in his talk to the National Grange steadied prices in the end. Export business
was not large. Bradstreet's North American clearances were
15,916,000 bushels for the week against 13,815,000 last year.
Australia shipped 936,000 bushels and 'Argentine 3,029,000.
Indicated world's shipments for the week were 19,752,000
bushels. Liverpool closed % to % higher. Canadian exports for the first three months were officially put at 109,000,000 bushels against 55,000,000 in the same period last
4
year. Final prices show an advance for the week of iy
to 1%c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
160
leo% 161 1613
No. 2 Red
1563.i
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
114% 1153 115% 116
December
114
March
1194 120% 1213i 121%
119%
124%
May
1224 123% 124
122
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Mon. Tues. Wed. Thurs. Fri.
Sat.
1193 1203.1 12031
119
November
1183.1
117 4
,
11831 119% 1193 1193.4
December
1°3%
1243.4 125% 12534 1253-1
May
Nov. 171928.]
FINANCIAL CHRONICLE
2851
FLOUR
Indian corn advanced on wet weather and delayed mar$6.10 $6.50 Rye flour, patents
keting. It was up lc. on the 10th inst. on the Government Spring patenta
$6 75027.00
6.00 Semolina No. 2. pound_
6.75
Clears,first spring
3%
crop estimtae of 2,895,000,000 bushels against 2;903,000,000 Soft winter straights
6.25
6.60 Oats goods
2.65® 2.70
in Oct. 8 this year, 2,773,708,000 last year, 2,692,217,000 Hard winter straights-- 5.79 6.00 Corn flour
2.70® 2.75
patents-Hard
in 1926 and 2,916,961,000 in 1925. March and May went Hard winter clears_-__ 6.00 6.50 Barley goods
winter
5.15
5.75
Coarse
3.60
into new high ground for the season. Later there was a Fancy Minn. patents-- 7.75 8.20 Fancy pearl Nos.1,2.
7.90
8.60
3 and 4
6.50@ 7.00
reaction with wheat and most of the rise was lost. Still City mills
For other tables usually given here, see page 2778.
more new highs for the season were reached on March and
May owing to rains at the West and a retarded crop moveThe exports from the several seaboard ports for the week
/
1c.
ment. On the 13th inst. prices advanced % to 12 on ending Saturday, Nov. 10 1928, are shown in the annexed
steady buying by commission houses. Early prices were
statement:
/ lower on good weather and realizing. But the fore1c.
2
cast was for wet or unsettled weather. That told. So did
Wheat.
Corn.
ExportsfromFlour.
Oats.
Bye.
Barley.
the fact that the receipts increased but little at any of the
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
good many sections it was reported New York
terminals and in a
1,330.121
68.773 212,704
312,036
that outside points were paying higher prices than Chicago. Boston
64,000
50.000
112,000
Philadelphia
17,000
The United States visible supply increased 1,044,000 bushels Baltimore
425,000
3.000
14,000
167,000
to a total of 3,034,000 bushels against 22,440,000 last year.
Newport News
5,000
760,000
28,000
26,000
18,000
27,000 561,000
On the 14th inst. prices advanced early with offerings light New Orleans
912,000
45,000
Galveston
203.000
and the weather unfavorable for husking and the move- Montreal
7,003,000
99.000 279,000 435,000 2,424,000
14.000
90,000
ment. Later with considerable selling to take profits and Houstonincreased country offerings a reaction set in but prices
28,000 260,773 523,704 462,000 3,824.036
Total week 1928_ 10,606,121
Pftrnia irs.ak 1027____ 8.321.841
68.000 441.835 172.744 1.52900-12.211.182
ended / to Tic. higher for the day. The forecast pointed
1
2
to colder weather and this, it is believed, will result in an
The destination of these exports for the week and since
increased movement. Export business was light. To-day
July 1 1928 is as below:
prices advanced % to 12
/
1
c. Good buying by commission
houses and professionals, together with short covering, were
Flour.
Wheat.
Corn.
the strengthening factors. The weather was unfavorable Exports for Week
Since
Week
Week
Stare
and Since
Week
Since
and the forecast pointed to unsettled conditions for toNov.10. July1
Nov. 10
July 1
July 1 toNov. 10.
Jule 1
1928.
1928.
morrow. The cash market was / higher. Receipts were
1928.
1928.
1c.
2
1928.
1928.
large, however, and cash demand small. Country offerings
Barrels. Barrels. Bushels.
Bushell. Bushels. Bushels.
were light. Exporters were said to be after corn in the United Kingdom 65,380 1,319,582 2,915,059 35,998,812
709,326
26.000
good business was said to have been done Continent Amer 169,393 2,349,146 7,550,062 102,232.691
Southwest and a
158.000
10,000
117,000
So. dr Cent.
103.000
with exporters by local cash handlers. Foreign demand was West Indies
181,000
16.000
3,000
25,000
28,000
427.000
__-_
1,000
not large, and in some cases foreigners were said to be Brit. No. Am.Col. ___- 349,136 138,000 1.296,604
Other countries2,250
asking for offers to cancel purchases. Argentine exports
28,000 1,267,576
Total 1928._ -- 260,773 4,357,864 10,606,121 139,670,107
for the week were 4,592,000 bushels against 6,284,000 last .r.-,e,d 1097
_ 441.835 4.478.368 8.321.184 120.527.005
68.000
624.079
year. Final prices are 12 to 11c. higher than a week
/
1
/
2
ago.
The visible supply of grain, comprising the stocks in
DAILY CLOSING PRICES OF CORN IN NEW YORK.
granary at principal points of accumulation at lake and
Sat. Mon. Tues. Wed. Thurs. Fri.
ports on Saturday, Nov. 10, were a follows:
No. 2 Yellow
107
106%
1073 105% 106% seaboard
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
84% 85% 84% 85%
843.
86(
87% 87% 86%
87%
89
89% 90% 89% 903
December
March
May
Oats advanced with other grain. On the 10th inst. there
were no striking features and the tendency of prices was
slightly downward in response to lower prices for other
grain. On the 13th inst. prices ended % to %c. higher with
other grain higher. The United States visible supply decreased last week 282,000 bushels to a total of 14,190,000
bushels against 23,470,000 a year ago. The receipts were
fair but country movement small. Cash demand was excellent. On the 14th inst. prices advanced %c., with other
grain higher and a good cash demand. To-day prices ended
unchanged to %c. higher with a good demand, other grain
higher and shorts covering. The cash market was firm and
country offerings were light. Final prices show an advance for the week of % to lc.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 White
55
55
55
55
55
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
44%
45
45
45% 45%
7
March
45
45% 45
45% 45%
May
45%
46% 46
46% 46%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs, Fri.
November
52%
52% 53% 51 54%
December
50%
51% 51% 52
53%
May
54%
55% 55% 56
57
GRAIN STOCKS.
Wheat,
Corn.
Oats.
Rye.
bush,
bush.
bush.
bush.
291,000
29,000
209,000
115,000
27,000
4,000
680.000
16,000
149.000
6,000
2,561,000
35,000
110.000
2,000
4,000
779.000
53.000
110,000
78,000
1,958,000
7,000
4,362,000
72,000
232.000
7,000
5,556,000
35,000 1,834,000
350,000
2,025,000
2,543,000
42,000
211,000
3,000
288,000
20,000
36,000
8,000
13,265,000 1,324,000 3,445,000 1,855,000
207,000
1,235,000
251.000
846.000
571.000
24,581.000
39.000
867.000 1,215,000
28,744,000
13.000 2,549,000
775.000
712,000
71,000
329,000
4,388,000
289,000
187,000
4,000
20.128,000
31,000
74,000
28.000
5,882,000
2.000
2,000
2,460.000
13,000
25,000
715,000
892.000
316,000 1,605,000
9,236,000
92.000
650.000
60,000
648.000
72,000
690,000
15,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
afloat
Toledo
Detroit
Chicago
afloat
Milwaukee
Duluth
Minneapolis
Sioux City
Bt. LOI118
Kansas City
Wichita
St.Joseph. Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Barley,
bush.
485.000
141,000
236,000
334.000
749.000
482,000
38.000
1.089,000
48,000
123.000
1,252,00
739.000
1,087.000
1,738,000
39,000
191,000
29,000
1.000
422,000
1,000
117,000
186,000
632,000
Total Nov. 10 1928-133,921,000 3.034,000 14,190,000 5,103.000 10,159,000
Total Nov. 3 1928_134.249,000 2,030,000 14,472,000 4,780,000 8,894,000
Total Nov. 12 1927--- 90,783,000 22,440,000 23,470,000 2,585,000 4,286,000
-Bonded grain not included above: Oslo
-New York, 79,000 bushels: PhilaNote.
delphia, 5.000: Baltimore, 5,000; Buffalo. 129.000; Duluth. 3,000; total, 221,000
bushels. against 221,000 bushels in 1927. Barley
-New York, 520,000 bushels;
Boston, 284,000; Philadelphia, 4,000; Baltimore, 303,006; Buffalo, 1,717.000;
Buffalo afloat, 514,000; Duluth, 135,000: Canal, 412,000; on Lakes. 143.000; total,
4,032,000 bushels. against 1,898,000 bushels in 1927. Wheat
-New York, 1,53.5,000
bushels; Boston, 1.281,000; Philadelphia, 1,164.000: Baltimore, 2,507,000; Buffalo,
11,922,000; Buffalo afloat. 2,742,000; Duluth, 290.000: on Lakes. 2,703,000; Canal.
1,985,000; total, 26.129,000 bushels, against 18,332,000 bushels in 1927.
Canadian
3.733,000
Montreal
227,000
410,000
767.000
Ft. William & Pt. Arthur-39,367.000
2,608,000 1,814,000 7,286.000
Other Canadian
11,614,000
1,458,000
693.000 1,748,000
Rye rose with other grain. Prices on the 10th inst. dedined / to / in sympathy with a drop in wheat, though
1
2 1c.
2
as a matter of fact it made no pronounced response to the
decline in that grain. On the 13th inst. prices advanced
3 to %c. net after an earlier rise on that day of / to 1 c.
4
1
2
/
1
2
The United States visible supply increased last week 323,Total Nov. 10 1928-54,71.4,000
4,293,000 2.917.000 9.801,000
000 bushels to a total of 5,103,000 bushels against 2,585,000
Total Nov. 3 1928--- 52.836,000
3,205.000 2,237,000 7.757.000
Total Nov. 12 1927- 31,696,900
2,077,000 2.523,000 2,396,000
last year. Domestic demand was good, but no export busiSummary
ness. On the 14th inst. prices advanced % to 1%c. in reAmerican
133,921.000 3,034,000 14,190,000 5,103,000 10.159.000
sponse to the rise in other grain and a good domestic in- Canadian
54,714,000
4,293.000 2,917,000 9.801.000
quiry. Export demand was absent. To-day prices closed nu,
Total Nov. 10 1928-188.635,000 3.034,000 18,483,000 8.020,000 19,960,000
/0. lower. Demand was moderate. Commischanged to 1
Total Nov. 3 1928-187,085,000 2,030,000 17,677.000 7,017,000 16,651,000
Total Nov. 12 1927..--122,478,000 22.440,000 25,547.000 5.108,000 6.682,000
sion houses sold. Considerable profit-taking was noticeable
and export business was small. The strength of wheat inThe world's shipments of wheat and corn, as furnished by
fluenced some early buying and covering which caused high- Broomhall to the New York Produce Exchange,
for the week
Northwest was said to have bought on the ending Friday, Nov. 9, and since July
er prices. The
1 1928 and 1927,
rally. Final prices show an advance for the week of 1% are shown in the following:
to 2%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO,
Sat. Mon. Tues. Wed. Thurs. Fri.
101
100%
102% 102% 1025
%
103%
103% 105% 1057 105%
%
105%
106% 107% 108% 108
December
March
May
Wheat.
Exports.
Week
Nov.9.
Closing quotations were as follows:
Wheat, New York
No.2 red, t.o.b
No.2 hard winter,f.o.b.Own, New York
No.2 yellow
No.8 yellow
GRAIN
Oat*, New York
No. 2 white
1.61%
1.32%
No.3 white
Rye, New York
1.06%
No. 2 f.o.b
1.03% Barley. New York
Malting
55
53%
1 14%
83
1928.
Since
July 1.
Corn.
1927.
Since
July 1.
1928.
Week
Nov.9.
Sines
July 1.
1927.
Since
July 1.
Bushel*.
Bushels.
Bushels.
Bushels.
Bushels.
Bushel*.
North Amer_ 14,465,000218,624,000 191,951.000
64.000 3,233,000 1,383.000
120.000 1,288,000 7,112.000
Black Sea_ __
1,709,000 6.720,000
Argentina__ 2,785.000 38,928,000 28,064.000 5,531,000131,117,000 145,236,000
Australia
1,000,000 18,400,000 19,646,000
1,064.000 7,856,000
India
0th. countr's 1,024,000 17,460,000 10,944,000 1,293,
000 16.075,000 10,786,000
Total _
19,394.000 295,764.000 265,583,000 6,888.000152.134,000 164,125,000
2852
FINANCIAL CHRONICLE
WEATHER BULLETIN FOR THE WEEK ENDED
NOV. 13.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Nov. 13 follows:
[VOL. 127.
THE DRY GOODS TRADE
New York, Friday Night, Nov. 16 1928.
General openings of floor coverings for the spring season
featured the week in the textile markets, and attracted
The Daily Weather Maps during the week showed rather marked activity in storm movement, though no unusually low temperatures or heavy factors from all parts of the country to view the new lines.
rainfall over large areas occurred. At the beginning of the period a de- An exceptional abundance of new weaves and patterns were
pression was central over the Great Basin of the far West and moved displayed, and the ruling quotations showed a stability that
thence rapidly eastward to the north Atlantic coast by the morning of the has not been apparent for many years. Prices were firm
8th. attended by widespread precipitation over the eastern half or the for the most part. Large sales have already been concountry. This storm was succeeded by mostly fair ahd colder weather.
have been placed for
Another depression of considerable energy moved northward off the At- summated in all lines and orders
lantic coast during the last half of the week, and a third passed eastward delivery in the first quarter of 1929. The situation is a
over the more northern districts, but without widespread precipitation. confirmation of the anticipated revival in the rug trade,
Fair and moderately cold weather prevailed in most sections at the close and factors are contemplating a bright future with a good
of the period.
Chart I shows that the week, as a whole, was moderately cool in most deal of satisfaction. Cotton goods business is quiet, for
sections east of the Mississippi River and abnormally warm in the Cen- the time being, with prices steady, and greater activity is
tral and Northern States to the westward. The greatest departures of
temperature from normal occurred from the central Plains and central expected shortly. The result of the election, if it has not
Rocky Mountain States northward where the weekly mean temperatures had any positive effect on the trade, has at least not subwere generally from 4 deg, to as much as 10 deg.above the seasonal average.
Most stations in the Eastern States reported average temperatures from tracted from confidence in the favorable disposition of the
1 to 2 degs. below normal. While light frosts occurred south to 'northern future. Woolens, after some slackening around Election
Florida, with the lowest temperature for the week near freezing at several
first-order stations in the interior of the east Gulf area, readings lower Day, have experienced renewed activity, and are promising
than 32 deg, were not reported from stations farther south than southern well. Large sales of prints are taking place in the silk
Virginia and the mountain districts of North Carolina. West of the
Mississippi the freezing line extended only to southern Iowa and south- markets and the total sales in those lines promise to apwestern Kansas, with the lowest temperature for the week, 14 deg, above proximate the proportions of recent seasons. There is an
zero, at Bismark, N. Dak.
Except in the Pacific Coast States and local border areas east of the Increased demand abroad for silk and rayon mixtures which
Rocky Mountains, precipitation for the week, as shown by Chart II, was has revealed a shortage of yarns in some directions, and
very light to only moderate in amount. Stations throughout the interior
of the country and in Rocky Mountain sections reported generally amounts which is restoring these mixture weaves to an important
negligible, or less than 0.5 inch.
position in the market. According to reports, an increasing.
The weather of the week was favorable to agricultural interests in most
September
sections of the country. Moderate to unseasonably high temperatures call for rayons is in evidence. Heavy sales in
were the rule, while the absence of material precipitation in many sec- were maintained during October, being sustained by large
tions favored seasonal operations on farms, although fields were too wet
and an
and soft for gathering corn in parts of the upper Mississippi Valley and orders from hosiery and knit-underwear factors,
northern Great Plains. East of the Rocky Mountains the soil continued accentuated demand from cotton mills.
In good condition as to moisture, except that rain is needed locally for
plowing in the upper Ohio Valley, and showers would be helpful to pasDOMESTIC COTTON GOODS.—The somewhat quieter
tures and fall truck in sections of the South Atlantic and east Gulf States,
beas well as in some central Gulf districts. Light to heavy frosts in south- tone of the domestic cotton goods markets immediately
eastern sections, extending as far south as northern Florida, nipped some fore and after the election has continued. However, prices
tender vegetation, but little harm, in general, was reported.
expanded busiWest of the Rocky Mountains conditions have improved materially, are holding steady, and it is thought that
especially in the North, by reason of moderate to generous rainfall. Drought ness will be in evidence before long. The good statistical
has prevailed in much of California and in the Pacific Northwest for some
Association of Cottime past, but was largely relieved by the rains of the week. While showers position of the trade, as shown by the
were helpful in the Great Basin, more rain is generally needed in that ton Textile Merchants' report of Nov. 8, and the Government
area, especially in Nevada and Utah, and it continued very dry in parts
crop forecast, are stimulating confidence. Census Bureau's
of the extreme northern Great Plains, particularly in North Dakota.
SMALL GRAINS.—While some eastern sections of the Winter Wheat estimate of the total crop at a figure below the probable
coolness, the year's consumption is regarded as indicating that quotaBelt reported rather slow growth because of the prevailing
wheat crop, in general, made good progress during the week in the principal
producing sections; the soil continued in good to excellent condition in tions will not fall any lower, and in view of a more or
most districts, especially in the normally dry more western portion. In less general expectation of a prosperous business future,
Kansas wheat is nearlyall up and much covers the ground in the eastern
counties, while farther south excellent progress was made in seeding, and It is believed that they may very well grow firmer as the
the early-sown is making good advance. In the more northwestern States season progresses. Danger lies chiefly in overproduction.
rains of the week were of great benefit, with the drought relieved in most
continue to regulate outof the heretofore dry areas. In the Atlantic Coast States conditions It is to be hoped that factors will
continued generally favorable, with fall-sown grains making good advance.
put sufficiently to be able to maintain supply in a healthy
CORN.—With moderate temperatures, or mild, open weather prevailing,
demand. Under existing conditions, that is a
husking corn made good advance during the week in the eastern and southern relation to
portions of the belt. In the northwest portion, particularly in Iowa and necessary insurance for profits. A stronger tendency is
parts of South Dakota. wet, soft fields, and more or less rain, delayed
toward placing orders for future delivery. Just what
husking considerably;in the former State fields were mostly too wet for husk- noted
ing machines, and considerable damage to down corn has resulted from significance may be attached to this circumstance remains
dampness. In the more eastern States and in the South conditions were to be seen, but it is to be hoped that it is an early manigenerally favorable.
to the contract basis which ruled in
COTTON.—In Arkansas picking and ginning were somewhat delayed by festation of a return
showers the first part of the week, but good progress was made thereafter. previous years, the abandonment of which put primary facIn all other sections, where picking has not been completed, from the tors in an awkward position. Meanwhile, there has been
Mississippi Valley States eastward the weather was generally favorable
and gathering the outstanding crop made satisfactory progress; late bolls some increase in the fine goods sales, with the call more
are reported as opening rather slowly in parts of northern Alabama. In emphatic for the better grades. A moderate volume of
Oklahoma there was much cloudy, damp weather, and occasional rain,
which made generally unfavorable conditions for picking and ginning, wash goods is in motion, and encouraging commitments
with further damage to staple by dampness. In Texas wet soil inter- of ginghams have been made. Percales are selling well,
rupted harvest the first part of the week, but good advance was made the
and print cloths on the whole are promising favorably.
latter part; some top crop is still being picked in the extreme south.
Print cloths 28-inch 64 x 60's construction are quoted at
The Weather Bureau also furnishes the following resume 6%c., and 27-inch 64 x 60's at 65i
3c. Gray goods in the
of the conditions in the different States:
39-inch 68 x 72's construction are quoted at 9c., and 80 x
North Carolina.—Raleigh: Temperature above first, but below normal
latter half of week; rainfall 1 to 2 inches along and near coast, but light 80's at 10%c.
In interior. Good progress in gathering crops. Cotton nearly all picked
WOOLEN GOODS.—Following a quiet spell just before
In south. Fall truck and small grains doing well; seeding wheat nearly
completed.
and after the recent elections, a renewed demand for overSouth Carolina.—Columbia: Winter cereal sowing and plowing con- coatings set in as a result of reports of good retail sales.
tinue and early plantings coming slowly to stands, but weather too dry
and cool for best results, and rains have been light and scattered. Some Stocks are now very scarce, and cutters, in many instances,
cotton in Piedmont remains to be picked. Corn and sweet potato har- are having difficulty in covering their needs and are said
vests progressing.
Georgia.—Atlanta: Week favorable, with only light rain. Frost on to be taking up practically anything they can get. Primary
several mornings, but little damage. Remaining cotton being picked and factors see in the active demand which is cleaning out
ginned rapidly; other crops gathered. Grinding cane continues. Some
stocks, a probability of a decline in the hand-to-mouth buywheat and oats sown; fall crops very good generally.
Florida.—Jacksonville:• Ample sunshine and dry, except showers in ing policy which has had such a cramping effect on the
extreme north and west. Seeding oats advanced, but truck and citrus on market, and are showing considerable optimism with regard
uplands need rain. Setting cabbage continued. Frost in extreme north
to spring business in both the men's and women's divisions
and west; lower temperatures improved fruit.
Alabama.—Montgomery: Frequent, quite general, light to heavy frosts of the woolens and worsteds trade. The existing activity,
damaged tender vegetation. Moderate rains at beginning of week: other- together with prospects of a return to the stable method of
wise fair. Favorable for harvesting cotton, corn and potatoes; late cotton bolls opening slowly in some northern sections. Sowing oats pro- trading on a contract basis, would seem to herald the opengressing rather slowly;some oats up to good stand.
ing of a prosperous period after five years of more or less
Mississippi.—Vicksburg: Generally light to moderate precipitation.
Light to heavy frost throughout and locally killing in north, with little unsatisfactory conditions.
resultant damage. Housing corn and picking cotton practically completed.
FOREIGN DRY GOODS.—Some development of interest
Louisiana.—New Orleans: Cool and mostly dry weather favorable for
cane harvest, which is well under way in all parts of cane area; crop ripen- In dress linens has taken place. The attractiveness of the
ing well and sugar content unusually good for season. Gathering remnants goods is thought to be considerably enhanced by the action
of cotton, corn, rice and potatoes proceeding.
Texas.—Houston: Rains moderate to excessive in coastal section; light of certain manufacturers of featuring them as a style
elsewhere. Warmth and abundant soil moisture favorable for pastures, fabric. There is an active call for sample pieces in evidence
wheat, oats, and winter truck and condition mostly geed. Wet soil do_
as a prelude to a very satisfactory vollayed cotton picking fore part of week, but this work made good progress which is indicated
latter part; some top crop still being harvested in extreme south. Winter ume of business as the season progresses. A seasonable acplowing made good progress.
tivity continues in handkerchiefs, particularly in the Porto
Oklahoma.—Oklahoma City: Moderate temperatures; much cloudy,
which are in strong redamp weather, with occasional light rain, unfavorable for gathering crops. Rican fabrics of this description,
ginning cotton, with further damage quest as a result of their scarcity. Damasks are wanted
Rather poor progress in picking and
to staple account damp, wet weather: picking practically finished in most in both the plain and fancy effects. Household linens are
central and west. Excellent
sections of east portion and well along ingood
progress and condition. selling fairly well, with the better grades in good demand.
progress in seeding wheat; early-planted
kafir, and minor crops well advanced.
Harvesting corn,
Burlaps have eased somewhat, but the heavy weights are
Arkansas.—Little Rock: Late cotton maturing and opening rapidly,
week by light rains still considerably higher than before the recent advance
due to frost on several mornings; picking delayed first Corn, late
potatoes, took place. Light weights are quoted at 6.95c. and heavies
and cloudy weather, but good progress latter portion.
sweet potatoes, and forage crops being gathered rapidly. Wheat, oats,
at 10.15c.
and winter truck growing nicely.
Nov. 17 1928.]
FINANCIAL CHRONICLE
.tate an Titg gepartnxent
NEWS ITEMS
California (State of).—Tax Law Approved—Vote on Bond
Amendments.—By a vote of about 2 to 1 the people on Nov.
6 approved the new tax law, text of which appeared in the
"Chronicle" of Oct. 27, p. 2396. The $1,000,000 Olympiad
bonds and state park bonds propositions also carried, it is
stated, by overwhelming majorities. The $10,000,000 grade
separation bonds were defeated by about 3 to 2.
Canada (Dominion of).—Decrease in Net Debt of Dominion.—The net debt of the Dominion was reduced $84,923,297
during the seven month period ended Oct. 31, according to
the Montreal "Gazette" of Nov. 9, which carried the following Ottawa dispatch of Nov. 8:
2853
The consolidation will add one and a half square miles to the area of
Milwaukee, which will then be 40.2 square miles, and will add about 8,000
Persons to the population, now estimated at around 560,000.
North Milwaukee voters had approved the consolidation in a referendum in September and now it remains for the Common Councils of the
two cities to declare the consolidation effective Jan. 1 and for the North
Milwaukee officials to step out of their jobs on that date.
Provide for Expense.
Milwaukee's 1929 budget was approved with allowances to care for
the added expenditures resulting from the North Milwaukee consolidation and all that remains now is for the final details of merging the two
governments to be completed.
The North Milwaukee territory will be added to the Twentieth Ward
temporarily and when the official 1930 census is reported. Milwaukee's
wards will be redistricted to effect a more equitable distribution of area
and population in each ward, it is expected.
Missouri (State of).—Approve Road Bonds.—The voters
on Nov. 6 gave their approval to the constitutional amendment providing for the issuance of an additional $75,000,000
bonds for highway construction.
Oregon (State of).—Gas Tax and Income Tax Measures
Beaten.—The initiated measures proposing increase of the
gasoline tax from three cents to five cents and the levying
of a state income tax law were defeated on Nov.6,theforraer
by a 3 to 1 vote, and the latter by about 12 to 11.
Rhold Island (State of).—Bond Issues Voted.—The
proposals calling for bond issues of $600,000 for parks,
$300,000 for a State airport and $500,000 for Washington
Bridge were approved by the voters on Nov. 6.
Texas, State of.—Bill for Relief of Drainage and Levee
Districts Drafted.—Ireland Hampton of Fort Worth has
drafted a bill which is to be presented at the December
session of Congress asking the aid of the Government to
relieve the Texas drainage and levee districts of the huge
bond debt that they are now carrying at 5 and 6% annual
interest rates. The bill proposes that the Government
establish a loan fund of approximately $40,000,000 which
would be used to refund the outstanding bond issues at lower
interest rates. The following article on the subject is taken
from the Dallas "News" of Nov. 10:
The net debt of Canada decreased by $84,923,297 during the seven months
of the fiscal year ended on Oct. 31 last. For the same seven months of
the last fiscal year, there was a decrease of $78,516,605 in the net debt.
Ordinary revenue of the Dominion increased by $20,208,604 in the seven
month period. Ordinary expenditure also showed an increase amounting
to $11,672,523 when the total for the seven months just ended is compared
with the corresponding seven months of 1927-28. These figures are based
only on the receipts and expenditures which have passed through the books
of the Finance Department up to the last day of October.
The statement shows that the greater part of the increase in ordinary
revenue is accounted for by a great advance in customs collections. Customs duties collected up to the end of October of the present year, according to the statement, amounted to $109,823,819. For the corresponding
seven months of 1927-28, customs revenue amounted to $91,950,748.
Consequently, there was an increase of $17,873,071 in favor of the present
fiscal year.
Income tax collections for the seven months of the present fiscal year
were also greater than in the same seven months of 1927-28. Income tax
collected up to Oct. 31 amounted to $54,098.892, as against $49,618,277.
This was an increase of 54,480.615. The amount realized from collection
of excise duties, was $3,594,322 greater than in the seven months of the
previous fiscal year. The total amount collected in the form of excise
duties during the seven-month period just closed was $37.729,368, as compared with $34,135,046 during the same period of 1927-28.
On the other hand, the revenue from excise taxes, which include the
sales and stamp taxes, showed a decrease. Excise tax revenue collected
for the seven months just closed amounted to $42,319.309, as against
$47,080,770 in the seven months of the previous year.
On the expenditure side of the sheet payments of $63,838,105 for interest
Seeking to relieve more than 100 drainage and levee districts in Texas
on the public debt to the end of October, are shown. This is smaller than
for the previous year when these payments totalled $66,133,190. The of the $40,000,000 burden of bonded indebtedness now costing them 5 to
payments for pensions to the end of last month totaled $20,936,406, as 6% interest a year, the Texas Drainage and Reclamation Association put
against 519,563,685 last year, and payments for soldiers civil re-establish- final touches Friday on a bill to be introduced at the December session of
Congress which will propose Government refunding of these bonds at low
ment totalled $3,539.357, as compared with $3,362,895 a year ago.
rates of interest. The association met at the Baker. upon the call of John
Colorado (State of).—Voters Defeat Road Bonds.—The T. Fortson of Corsicana. president.
The proposed
Ireland Hampton
electorate on Nov. 6 defeated the $60,000,000 road bond meet the need for bill drafted byfor these districts byof Fort Worth would
cheaper money
creation of a $40,000,issue by about 70,000 votes. The amendment to Section 7, 000 Government loan fund from which bonds of the districts could be
of the State Constitution, proposing that only refunded.conclusion of the conference at noon the association decided to
Article XI
At the
taxpayers could vote at school bond elections, was also beaten. Place the bill in the hands of Congressmen and the two Senators from Texas
within the next few weeks, before they return to Washington.
The association will request
they
Connecticut (State of).—Changes in List of Savings sional committee as a substitutethatthe place the bill before the congresfor
Smith bill now under consideration.
Bank Legals.—The State Bank Commissioner has issued a
At the morning session, members of the association pointed out that
Texas levee and drainage districts including more
bulletin dated Nov. 15, showing the following changes in land have a bonded indebtedness varying from $10 than 500,000 acres of
to
With
the list of legal investments for savings banks and trust funds an annual tax offrom $1.40 to 38 an acre, they cited the$80 an acre.obtainnecessity of
ing cheaper money to meet the bonded requirements, at a rate which should
effective as of that date:
not exceed 23•5%•
Additions.
Philadelphia Baltimore & Washington general mtge. series 0434s of 1977.
Toledo, Ohio.—New Charter Proposal Defeated.—At the
Pittsburgh Cincinnati Chicago & St. bouts gen. mtge. series 04Xs of 1977.
Waterbury Gas Light Co. 1st mtge. 43.s of 1958.
general election held on Nov.6(V. 127, p. 2569), the voters
Deductions.
of the city decisively defeated the proposition to adopt the
Oil City, Pennsylvania.
Trenton. New Jersey.
East Bay Municipal Utility District, Calif.—Proposed
Purchase of Water Company.—The following, relative to the
negotiations now pending, for the purchase of the East Bay
Water Co. by the District, is taken from the "Herald-Tribune" Of Nov. 14:
There is a possibility, according to advices received here from the Pacific
Coast, that the proposed sale of the East Bay Water Co. to the East Bay
Municipal Utility District may not be completed. Stockholders have failed
to subscribe to the plan in sufficient numbers to make it active, and it has
been found necessary to grant a ten-day extension of time for deposits of
stock. Eight per cent of the Class B stock of the company must be deposited to make the plan operative,and at the expiration of the original time
set, Nov. 5, only 65.3% had come in. Class A stock had been deposited
in the amount of 82.8% of the total and common stockholders had deposited
75.4%. Only two-thirds of the Class A and common stocks are required
to effect the sale.
Under the agreement between the water company and the district, the
holders of 100,000 shares of Class A preferred were to receive $100 a share
plus unpaid accrued dividends of 6% per annum; holders of 29,782 shares
to receive $100 a share plus accrued dividends
of the Class B preferred wereshares of common
stock were to receive $500
of 6% and holders of 1,000
a share. the purchase of the water company become effective, according to
Should
advicee from an Francisco, $13,000,000 in bonds will be sold immediately
and the bonded
to cover the cost of the capital stockwill be assumed indebtedness of the
by the district. The
company, amounting to $20.790,000_,
district, according to its President, Dr. George C. Pardee, will have several
available for retiring the bonds, but this probably will be undermethods
taken serially.
new charter that had been drawn up by a special commission.
The charter as submitted called for a city manager form/of
government and a plan of proportional representation.
West Virginia (State of).—Bond Issue Carries.—By a
vote of almost 5 to 1 the people on Nov.6 gave their approval
to the $35,000,000 road bond issue.
Nil
BOND PROPOSALS AND NEGOTIATIONS.
ADA,Pontotoc County, Okla.—BOND SALE.—A $24.500 issue of
6% coupon paving bonds has been purchased by the Hanchett Bond Co.
of Chicago. Denom. 3500. Dated Oct. 14 1928. Due $3.500 from Oct.
1 1932 to 1938 incl. Prin. and int. (A. & 0. 1) pa,yable at the office of
the City Treasurer. Legality approved by Holland M.Cassid of Chica o.
ALABAMA, State of (P. 0. Montgomery).—BOND SALE.—The
$7.500,000 issue of coupon or registered series I highway and bridge bonds
offered for sale on Nov. 13—V. 127, p. 2397—was awarded to a syndicate
composed of Lehman Bros.; Equitable Trust Co., E. H. Rollins & Sons,
Kissel, Kinnicutt & Co., Stone & Webster & Blodget, Inc Wm. R. Compton Co., Estabrook & Co., Ames,Emerich & Co., Kean, Taylor & Co. and
Guardian Detroit Co., all of New York, the First National Co. of Detroit.
It. H. Moulton & Co. of New York, the Wells-Dickey Co. of Minneapolis,
Northern Trust Co. of Chicago, Mississippi Valley Trust Co. of St. Louis,
Howe, Snow & Co., R. M. Schmidt & Co. and R. W. Pressprich & Co.,
all of New York, the First National Corp. of Boston, the First National
Bank of Montgomery. Steiner Bros. of Birmingham and the National Park
Bank of New York, at public auction, as 4A % bonds, at a price of 102.06.
a basis of about 4.33%. Dated Sept. 1, 1928. Due from Mar. 1932
Iowa (State of).—Road Bonds Win.—The $100,000,000 to 1959. The other bidders and their bids, as given in the New1 York
road bonds issue submitted to the people by the 1928 special "Herald-Tribune" of Nov. 14, is as follows: were beaded respectively by
The two other groups competing for this issue
legislative session was approved on Nov.6 by a 2 to 1 vote.
the First National Bank and Halsey Stuart & Co. The First National
group dropped out of the bidding at 102.05; the Halsey, Stuart syndicate
Kansas (State of).—State Highways Amendment Ap- dropped out at 101.84.
With the First National
Chase
proved.—The amendment to Section 8, Article XI of the Brothers, Eldredge & Co..were associated& Co.,Securities Corp., Kountze
Barr Brothers
Redmond & Co..
State Constitution was approved on Nov.6, giving authority Fenn & Co. Rogers Caldwell & Co., Marx & Co. Ward, Sterne Phelps.
& Co.,
American Traders National Bank,and
First National Bank of
State highway system. An amendment providing for the First National BankBirmingham,The
for a
of Mobile.
levy of a gasoline tax for road building purposes also besides the firm,the Bancitaly Corp.• OldHalsey Stuart•syndicate included,
the
Colony Corp. George B.Gibbons
& Co.,Inc., Dewey,Bacon & Co., Arthur
Wallace & Co., Graham,
received approval.
Parsons & Co., Otis & Co., Taylor, Ewart & Co., B. J. Van Ingen & Co..
Louisiana (State of).—Vote Down Road Bonds.—A pro- F.L.Putnam & Co..and M.F. Schlater & Co..Inc.
PUBLIC OFFERING
being
posal to amend the constitution so as to allow a $30,000,000 for investment by the OF BONDS.—The above bonds are now4.25% offered
successful bidders at prices to yield
on all
indebtedness for roads was defeated by the voters on Nov.6. maturities. According to the offering notice the bonds are direct and general obligations of the entire state.
Milwaukee, Wis.—North Milwaukee to Be Annexed by
The actual valuation of taxable property in the State is estimated at
City.—At the referendum on Nov. 6 the voters gave their $2.000,000,000 while the reported assessed valuation for 1928 is placed at
$1,196,105,699.
approval by an overwhelming majority to the consolidation of
The State's total debt,including the present issue, is given as $57.388,000.
North Milwaukee with the city proper. A detailed account
ALBION, Cassia County, Idaho.—BOND DESCRIPTION.—The
of 6% school building bonds that was
of the consolidation, which becomes effective on Jan. 1, was $60,000 issueof Albion (V. 127. P. 2398) is more fully purchased by D. L.
Evans & Co.
described as follows:
given in the Milwaukee "Sentinel" of Nov.8 as follows:
Coupon or registered bonds in denom. of $500. Dated July 11928. Due
Consolidation of North Milwaukee with Milwaukee was assured by the from 1929 to 1943 incl. Optional after 1938. Int. payable on Jan. and
July 1. Awarded at a price of 97. a basis'of about 6.42%.
voters of Milwaukee Tuesday and will become effective Jan. 1.
2854
FINANCIAL CHRONICLE
ALLEGANY COUNTY (P. 0. Cumberland), Md.-FINANCIAL
STATEMENT.
-The following statement shows the financial condition of
the county at the present time, issued in connection with the proposed sale
on Nov. 20 of $250,000 school bonds, descriptioa of which appeared in
V. 127, p. 2715:
Financial Statistics.
$86,744,032.47
Assessable basis
Bonded indebtedness (not incl. this issue) (no floating debt). 2,114,000.00
-In conALPINE, Brewster County, Texas.
-OFFICIAL REPORT.
nection with the reported sale (V. 127, p. 2569) of $126.500 refunding bonds
the City Clerk informs us that the sale has not been consummated as yet
J. E. Jarrett & Co. of San Antonio according to the City Clerk have contracted to purchase the issue.
AMENIA UNION FREE SCHOOL DISTRICT NO.9 (P. 0. Amenia),
Dutchess County, N. Y.
-BOND SALE.
-The $165.000 414% coupon
or registered school bonds offered on Nov. 14(V. 127, p. 2569) were awarded
to George B. Gibbons & Co. of New York at a premium of $540.67, equal
to 101.53, a basis of about 4.39%. Dated Nov. 15 1928. Due Nov. 15
as follows. $1,000, 1930 and 1931: $2,000, 1932 to 1938 incl.; $3,000. 1939
to 1945 incl.; $4,000, 1946 to 1952 incl.; $5,000, 195.3 to 1957 incl.; $6,000.
1958 to 1962 incl.: $7,000, 1963 to 1965 incl., and $8,000. 1966 to 1968
incl. Other bids were as follows:
Rate Bid.
Bidder$167,126.50
Pulleyn & Co
167,194.50
Batchelder, Wack & Co
166,196.25
Dewey, Bacon & Co
167,336.40
Manufacturers & Traders-Peoples Trust Co
-CERTIFICATES REGISARLINGTON, Tarrant County, Tex.
TERED.
-On Nov. 7 G. N. Holton. State Comptroller, registered a $25,000
Issue of 5% serial treasury certfficates.
-BOND SALEASHTABULA COUNTY (P. 0. Jefferson), Ohio.
The $5,530 5% Improvement bonds offered on Nov. 12-V. 127, p 2569
were awarded to N. S. Hill & Co. of Cincinnati, at a premium of $78.34,
equal to 101.41, a basis of about 4.81%. Dated April 1 1928 Due Oct.
1 as follows: $355, 1930. and $345, 1931 to 1945 incl. Other bids were as
follows: Interest rate 5%.
Premium
Bidder$4200
Mansfield Savings Bank & Trust Co
387
Blanchet, Bowman & Wood
-The three issues of
ATLANTA, Fulton County, Ga.-BOND SALE.
offered for sale on Nov.
coupon or registered bonds aggregating $2,150,000
-were awarded to a syndicate composed of the First
15-V. 127, P. 2262
National Bank, the Detroit Co., Inc.. R. M. Schmidt & Co., all of New
York,the Robinson-Humphrey Co. and Bell, Speas & Co., both of Atlanta,
at a price of 103.774. a basis of about 4.13%. The issues are divided as
follows:
$1,500,000 school bonds. Dated July 1, 1926. Due on July 1, as follows:
$56,000 from 1930 to 1944 and $55,000 from 1945 to 1956, all
incl.
150,000 water bonds. Dated July 1 1927. Due on July 1. as follows:
$5,000 from 1931 to 1936 and $6,000 from 1937 to 1956, all incl.
500,000 sewer bonds. Dated July 1 1926. Due on July 1, as follows;
$20,000 from 1931 to 1936 and $19,000 from 1937 to 1956, all
incl.
Denom.$1,000. Prin. and semi-annual int. payable at the city treasurer's
office or at the National Park Bank in New York at option of buyer.
The second highest bid for the bonds was a tender of 103.70 by a group
headed by the Equitable Trust Co. of New York.
BONDS OFFERED FOR INVESTMENT.
-The above bonds are now
being offered for public subscription by the purchasers at prices to yield
from 4.00 to 4.10%. according to maturity. The bonds are legal investments. it is stated, for savings banks and trust funds in New York, Mass.,
and other States.
The assessed valuation of the City for 1928 is officially reported as $382,498,604, and the net bonded debt $9,647,000. or 234% of the assessed
valuation. The net debt given above constitutes the only municipal debt
chargeable to the City, there being no separate school or other districts
and no outstanding County debt.
Population (1920 Census), 200,616; present estimate, 273,000.
-BOND SALE.
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
The issue of 5% road improvement bonds offered on Nov. 15-V. 127, p.
2569
-was awarded to Morris Mather & Co. of New York, taking $77,000
bonds ($80,000 offered) paying $82,002. equal to 106.49, a basis of about
4.13%. The bonds are dated. Nov. 15 1928 and mature on Nov. 15 as
follows: $5,000, 1930 to 1938, incl., $7.000. 1939 to 1942,incl., and $4,000,
1943. Other bids were as follows:
Bonds Bid For. Rate Bid.
Bidder05
7 2 00
Boardwalk National Bank
78
8:4 .
$ 0 651.
78
Bankers Trust Co
80,557.15
78
George B. Gibbons & Co
80,457.00
78
H.L.Allen & Co
80,199.60
78
Batchelder, Wack & Co
80,120.00
78
Dewey, Bacon & Co
-The $30,-BOND SALE.
AVERY COUNTY (P.O. Newland), N. C.
000 issue of school funding bonds offered for sale on Nov. 5-V. 127. P.
2398
-was awarded to the Provident Savings Bank & Trust Co. of Cincinnati for a premium of $393, equal to 101.31. Dated Oct. 1 1928. Due
from Oct. 1 1930 to 1943 inclusive.
BAY AND ST. FRANCIS DRAINAGE DISTRICT NO. 29 (P. 0.
-A $500,000 issue of
Bay), Craighead County, Ark.
-BOND SALE.
534% drainage bonds has been purchased by the Federal Commerce Trust
Co. of St. Louis. Denom. $1,000. Due from 1932 to 1952 incl. Prin.
and int.(A.& 0.1) payable at the National Bank of Commerce in St. Louis.
-BOND OFFER'
BEAUFORT COUNTY (P. 0. Washington), N. C.
ING.-Sealed bids will be received until 2 p. m. on Nov. 23 by G. Burnley,
Clerk of the Board of County Commissioners, for the purchase of a $65,000
Issue of coupon or registered road bonds. Int. rate is not to exceed 6%.
is to be stated in a multiple of X of 1%, and must be the same for all the
bonds. Prin. and int. (A. & 0.5 payable at the Hanover National Bank in
New York City. Denom. $1,000. Dated Oct. 15 1928. Due $13,000
from Oct. 15 1929 to 1933 incl. Reed, Hoyt & Washburn of New York
City will furnish the legal approval. A certified check for 2% of the bid,
payable to the county, is required.
-Sealed bids
BIBB COUNTY (P.O. Macon), Ga.-BOND OFFERING.
will be received by P. H. Watson, County Clerk, until Jan. 1 for the purchase of a $500,000 issue of 434% semi-annual school bonds. Dated Jan. 1
1929.
-J. Cory
BLOOMFIELD, Essex County, N. J.
-BOND OFFERING.
Johnson, Town Clerk, will receive sealed bids until 8 p. m. Nov. 19 for the
purchase of an issue of $246,000 4X% coupon or registered improvement
bonds. Dated Dec. 15 1928. Denom. $1,000. Due Dec. 15 1933.
Prin. and int, payable in gold at the Bloomfield Trust Co., Bloomfield.
No more bonds to be awarded than will produce a premium of $1,000 over
$246,000. A certified check payable to the order of Raymond Edgerly,
Treasurer,for 2% of the bonds bid for is required. Legality to be approved
by Thomson, Wood & Hoffman of New York City.
,
BRADY SCHOOL DISTRICT (P. 0. Brady), McCulloch County.
-An issue of $135,000 5% school bonds has recently
-BOND SALE.
Texas.
sold at a price of 101.60, a basis of about 4.88%. Dated Nov. 10
been
1928. Due from 1930 to 1968 incl.
-BOND
BRIGHTON (P. 0. Rochester) Monroe County, N. Y.
OFFERING -F.Porter Surgenor,Town Clerk, will receive sealed bids until
7:30 p. m. Nov. 20, for the purchase of the following coupon or registered
5% bonds, aggregating $509,000:
$i75,000 street improvement. Due Dec. 1 as follows: $5,000, 1929;
$10,000, 1930; $15,000, 1931: $20,000, 1932 to 1934, incl.;
$25.000, 1935 to 1937, incl.. $30,000. 1938 and 1939; $35.000,
1940 and 1941, and $40.000, 1942 and 1943.
134,000 sewer. Due Dec. 1 as follows: $6,000. 1931 to 1951, Incl.. and
$8,000. 1952.
Dated Dec. 1 1928. Denom. $1.000. Principal and interest payable in
gold at the Guaranty Trust Co., New York or at the Genesee Valley Trust
Co., Rochester. A certified check payable to the order of the Town for
2% of the bonds offered is required. Legality to be approved by Reed,
Hoyt & Washburn of New York City.
-BOND OFFERING.
-BROWN COUNTY (P. 0: Nashville), Ind.
Sealed bids will be received by Mrs. Mllnes, County Treasurer, until
the purchase of $8,000 434% Washington Township
1 p. m. Dec. 5, for
VOL.i:
127.
bridge construction bonds. Dated Sept. 15 1928. Denom. $400. Due
$400 on May and Nov. 15 from 1929 to 1938 inclusive.
-BOND OFFERING.
BUNCOMBE COUNTY (P. 0. Asheville), N. C.
-Sealed bids will be received until 3:30 p. m.on Dec. 1 by George A.Digges,
Jr., Register of Deeds, for the purchase of a $2,250,000 issue of coupon
road and bridge bonds. Int. rate is not to exceed 534%. Denom. $1,000.
Dated Dec. 1 1928. and due on Dec. 1 as follows: $40,000, 1931 to 1935:
$50,000, 1936 to 1940: $60,000. 1941 to 1945: $80000. 1946 to 1950:
$100,000, 1951 to 1955,and $200,000. 1956 to 1958. all inclusive. Principal
and semi-annual hit, payable at the Hanover National Bank in New York
City. Reed, Hoyt & Washburn of New York City will furnish legal approval
The county will furnish the required bidding forms. A $45,000 certified
check, payable to the County Treasurer, is required.
BOND OFFERING.
-Sealed bids will also be received at the same time
by the above official for the purchase of a $1.000,000 issue of coupon
court house and jail bonds. Interest rate is not to exceed 534%. Denom.
$1,000. Dated Dec. 1 1928 and due on Dec. 1 as follows: $10,000, 1931
to 1940; $20,000, 1941 to 1950; $30,000, 1951 to 1960 and $50,000. 1961
to 1968, all inclusive. Principal and semi-annual interest is payable at
the Hanover National Bank in New York City. Reed, Hoyt & Washburn
of New York City will furnish the approving opinion. Required bidding
forms will be furnished by the County. A 320,000 certified check, payable to the County Treasurer, must accompany the bid.
BURLINGTON, Racine County, Wis.-BOND SALE.
-The $10,000
issue of 414% sewer bonds offered for sale on Nov. 12-V. 127, p. 2716
was awarded to the Bank of Burlington for a premium of $51. equal to
100.51, a basis of about 4.30%. Due $2,000 from Aug. 1 1929 to 1933,incl.
The only other bid was a premium offer of $6 by the Hanchett Bond Co.
of Chicago.
CACHE, Comanche County, Okla.
-BONDS NOT SOLD.
-The two
issues of bonds aggregating $25,000, offered for sale on Nov. 19-V. 127.
p. 2399
-were not sold.
BOND OFFERING.
-The above bonds will again be offered for sale on
Nov. 19 at 2 p. m. by James T. Good,Town Clerk. The issues are divided
as follows: $23,600 water works bonds and $1.400 fire equipment bonds.
CAERNARVON TOWNSHIP SCHOOL DISTRICT (P. 0. Morgan
town) Berks County, Pa.
-BOND SALE.
-The $26,600 coupon 434%
school bonds offered on Nov. 2-V. 127. p. 2570
-were awarded to the
First National Bank of Elverson, at a price of 102.50, a basis of about
4.24%. The bonds mature on Oct. 1 as follows: $5,000, 1933; $6,000,
1938: $7.500, 1943, and $8,100, 1948. The First National Bank of Honey
Brook, also submitted a bid.
CALDWELL, Canyon County, Ida.
-BOND SALE.
-A $56,700 issue
of 7% semi-annual street improvement, District No. 5 bonds has been purchased by local investors. Due in from one to 10 years.
CALHOUN CITY, Calhoun County, Miss.
-BOND SALE.
-A
$25,000 issue of water works bonds has been purchased by I. B. Tigrett
& Co. of Memphis.
-BOND OFFERING.
CALIFORNIA, State of (P. 0. Sacramento).
Bids will be received until 1 p. m. on Dec. 6 by Charles G. Johnson, State
Treasurer,for the purchase of a $500,000 issue of 4% San'Francisco Harbor
Improvement Act of 1913 bonds. The bonds will be sold at public auction
In lots or as a whole. Denom. $1,000. Dated July 2 1915 and due on
July 2 1989. Subject to redemption by lot after 1954. Prin, and int.
(J. & J. 2) payable at the State Treasurer's office or at the fiscal agency of
the State in New York City. No bids for less than par and interest are
acceptable.
-BOND SALE.
-The
CALIFORNIA, State of (P. 0. Sacramento).
$1.000,000 issue of434% State Buildings and State University bonds offered
-was awarded to a group composed
for sale on Nov. 15.-V. 127, p. 2716
of Halsey, Stuart St Co. of New York, the Crocker-First Nat. Bank and
the Wells Fargo Bank & Union Trust Co., both of San Francisco, at a price
of 101.05. a basis of about 4.16%. Dated Jan. 2 1927. Due $250,000
from Jan. 2 1945 to 1948, incl.
CAPE CHARLES, Northampton County, Va.-ADDITIONAL
DETAILS.
-The $50,000 issue of 5% funding and lighting bonds awarded
-V. 127, p. 1978
-was purchased at
to J. C. Mayer & Co. of Cincinnati
a price of 98,a basis of about 5.20%. Due over a period of 30 years.
-BONDS
CAREY SCHOOL DISTRICT, Wyandot County, Ohio.
-The voters at the election held on Nov. 6-V. 127. p. 2399
VOTED.
authorized the issuance of $120,000 school building bonds which appeared
on the ballots. Vote was 853 yes, 695 no.
-MATURITY.
-The $6,000 imCARMEL, Hamilton County, Ind.
provement bonds bearing interest at the rate of 5% awarded on Oct. 19
to A. P. Flynn of Logansport, at a premium of $35.00, equal to a price of
100.583-V. 127. P. 2716, a basis of about 4.75%. mature $1,500 on June 1
from 1929 to 1932 incl.
CARROLL VILLAGE SCHOOL DISTRICT, Fairfield County,
-A vote of 356 for to 234 against resulted in the
-BONDS VOTED.
Ohio.
approval on Nov. 6 of the 3115.000 school building bond issue placed on
-V. 127, p. 2399. No decision
the ballots for the opinion of the electors
as to when or how the bonds will be sold has been reached according to
G. 0. Noecker, Clerk Board of Education.
-BOND OFFERING.
CARTER COUNTY (P. 0. Ardmore) Okla.
Sealed bids will be received until 2 p. m. on Nov. 17, by W. B. Frame,
County Clerk, for the purchase of a $500,000 issue of coupon road bonds.
Int. rate is to be named by the bidder. Due $25,000 from 1931 to 1950
Incl. A certified check for 2% of the bid is required.
(These bonds were voted on Oct.2-V. 127. p. 2120.)
CARY CONSOLIDATED SCHOOL DISTRICT (P. 0. Cochran)
Bleckley County, Ga.-BOND OFFERING.
-Sealed bids will be received
until Nov. 28, by J. B. Porter, Clerk of the Board of Education, for the
purchase of a $15,000 issue of school bonds.
-BOND OFFERCHARLOTTE COUNTY (P. 0. Punta Gorda) Fla.
-Sealed bids will be received by W. T. Oliver, Clerk of the Circuit
ING.
Court. until 2 p. m. on Nov. 19, for the purchase of a $50,000 issue of 6%
refunding bonds. Dated Nov. 1 1928 and due on Nov. 1, as follows: $2,000,
1931 to 1951 and $4,000 in 1952 and 1953. Prin. and int.(M. & N.) payable at the National City Bank in New York City. Chapman &Cutler of
Chicago will furnish the approving opinion.
CHATHAM, Pittsylvania County Va.-BOND SALE.
-The two
issues of coupon bonds, aggregating $30:000 offered for sale on Nov. 12-were awarded to Braun, Bosworth & Co. of Toledo, as
V. 127, p. 2399
5% bonds,for a $6 premium, equal to 100.02, a basis of 4.99%. The issues
are divided as follows: 320,000 re-Issue street improvement and $10,000
re-issue sewer bonds. Denom. $1,000. Dated Dec. 11928. Due on June
1 1942. without option. Int. payable on June and Dec. 1.
-BONDS VOTED AND
CHATTANOOGA, Hamilton County, Tenn.
DEFEATED.
-At the general election on Nov. 6 the voters gave their
approval to a proposed bond issue of $250.000 for a city airport and also
endorsed an issue of $125,000 for a new incinerator. A $250,000 bond
project for a new market house was defeated by a small count.
CHICAGO SANITARY DISTRICT (P. 0. Chicago) Cook County,
-Sealed bids will be received by Lawrence F,
111.
-BOND OFFERING.
King, Chairman Finance Committee, until 11 a. m. (Eastern standard
time) Nov. 19, for the purchase of an issue of 310,000,000 4 X% district
bonds. Dated Nov. 1 1928. Coupon bonds registorable as to principal in
denoras. of $1,000. Due $500,000, on Nov. 1. from 1929 to 1948 incl.
Principal and int. payable at the office of the District Treasurer. A certified
check payable to the order of the District Clerk, for 3% of the bonds bid
for is required. Legality to be approved by Wood & Oakley of Chicago.
Financial Statement.
$4,597,395.603.00
Equalized valuation of property, 1927
229,869.780.00
Authorized indebtedness,5%
100.608,000.00
Outstanding bonds Nov. 1 1928
10,000,000.00
Amount of present issue
$110,608,000.00
Total bonded debt,including present issue
$13,509,863.00
Fixed contracts liabilities
304,606.30
Judgments
358,504.15
Leases
14,172,973.45
Total
Unexercised debt incurring power
$124,780,973.45
105,088,806.55
Nov. 17 1928.]
FINANCIAL CHRONICLE
-BOND OFFERING.
-Sealed
CLARKSVILLE, Clark County, Ind.
bids will be received by J. Walker Warner, Town Treasurer, until 8 P. m.
bonds issued for the redemption
Nov. 17,for the purchase of $18,280 4% %
of outstanding notes. The bonds are in denominations of $914 and mature
$914 on June 30 from 1929 to 1948 incl. Payable as to both principal and
nterest at the Clark County State Bank, Jeffersonville.
-NOTE SALE.
-The 120.000
CLAY COUNTY (P. 0. Brazil), Ind.
-were awarded
4%% temporary notes offered on Nov. 5-V. 127, p. 2399
the Brazil Trust Co. of Brazil. at a premium of $222, equal to $442.
to
Dated Sept. 4 1928. Due $10.000. July 1 1929 and $10,000. Dec. 1 1929.
-BIDS.
--An official tabulation
COLUMBUS, Franklin County, Ohio.
of the bids submitted on Nov. 8 for the purchase of $393,200 434% coupon
-which were
-V. 127, P. 2716
or registered bonds, fully described in
awarded to Eldredge & Co. of New York at 100.62, a basis of about 4.35%.
follows:
Bid on Total.
Bidder$2,437.84
Eldredge & Co., New York
2,242.00
Stranahan, Harris & Oatis, Toledo
2,237.00
Detroit & Security Trust Co., Detroit
R. L. Day & Co.. Boston, Item 1, $471.74; Item 2, $1,406.16.
Seasongood & Mayer, Cincinnati; Stephens & Co., New York;
1,842.00
M.F.Schlater & Co,New York
Wm. R. Compton Co., Chiacgo; Continental National Co.,
Chicago
1,111.00
Phelps,Fenn & Co., New York
1,097.03
First National Co. of Detroit, Detroit;Pulleyn & Co., New York;
F.L.Putnam & Co., New York
865.00
Northern Trust Co., Chicago;E.H. Rollins & Sons, Chicago _
821.00
795.43
A.C. Allyn & Co., Chicago; Federal Securities Corp., Chicago...
731.35
Old Colony Corp., New York;Gran & Co.,Cincinnati
564.00
The Herrick Co.,Cleveland
Otis & Co., Cleveland
556.00
Braun,Bosworth & Co.,Toledo
555.00
394.00
Halsey. Stuart & Co., Chicago
McDonald, Callahan & Co., Cleveland; A. B. Leach & Co., Chicago; American National Co., San Francisco
317.00
Harris, Forbes & Co., New York; National City Co., New York;
Hayden.Miller & Co.. Cleveland
232.00
COLUMBUS, Lowndes County, Miss.
-ADDITIONAL INFOR$25,000 issue of 5%% coupon storm sewers and bridge
MATION.
-The
bonds that was purchased by the Merchants & Farmers Bank of Columbus
-was awarded for a premium of $262.50, equal to 101.05.
V. 127, p. 2570
Denom.$500. Dated Oct. 1 1928. Int. payable on April and Oct. 1.
-BOND OFFERING.
COLUMBUS,Franklin County, Ohio.
-Howard
S. Wilkins, City Clerk, will receive sealed bids until 12 m.(Eastern standard time) Dec. 13, for the purchase of an issue of $121,000 43. Wspecial
assessment street improvement bonds. Dated Dec. 15 1928. Denom.
$1,000. Due March 1 as follows: $12,000, 1931 to 1939, incl., and $13,000
1940. Principal and interest payable at the office of the agency of the
city in New York. A certified check payable to the order of the City
Treasurer, for 1% of the bonds bid for is required.
-ADDITIONAL INFORMACOOK COUNTY (P. 0. Chicago), Ill.
-We are now informed that the Central Trust Co. and the Federal
TION.
Securities Corp., both of Chicago. were in joint account with Hill. Joiner
& Co_ also of Chicago, in the purchase of $1,080.000 4% road and bridge
bonds awarded on Nov.8 at 98.20-V. 127. P. 2716. The bonds are dated
June 1 1927 and mature $60.000 June 1 1930 to 1947 inclusive.
COOKEVILLE, Putnam County, Tenn.
-BOND SALE.
-A $65,000
issue of 5% hydro-electric plant extension bonds has been purchased by
Caldwell & Co. of Nashville. Denom. 11,000. Dated Sept. 1 1928 and
due on Sept. 1 1958. Prin. and in (M. & S.) payable at the Chemical
National Bank in New York or at the office of the City Clerk. These
bonds were voted on Aug. 4-V. 127. P. 1143.
CURTIS ROAD DISTRICT (P. 0. Sardis) Panola County, Miss.
-A $17,500 issue a 5%% road bonds has been purchased by
BOND SALE.
an unknown investor. Dated Mar. 1 1928. Due from Mar. 1 1929 to1948
inclusive•
DAVIESS COUNTY (P. 0. Washington), Ind.
-BOND OFFERING.
-B.0. Chatlin, County Treasurer, will receive sealed bids until 2 p. m.
Nov. 23, for the purchase of the following bond issues to bear interest at
the rate of 5%:
$9,866 Ira Cox et al Steele Township highway improvement bonds.
Denoms. $490. Due $490 on May and Nov. 15 from 1930 to 1939,
inclusive.
6,460 Charles A. Adams et al Elmore Township highway improvement
bonds. Denoms. $323. Due $323 on May and Nov. 15 from 1930
to 1939, incl.
2.000 G. 0. Waggoner et al Elmore Township highway improvement
bonds. Denoms. $100. Due $100 on May and Nov. 15 from 1930
to 1939, incl.
All issues dated Nov. 15 1928.
DEARBORN,Wayne County, Mich.
-BOND OFFERING.
-Myron A.
Stevens, City Clerk, will receive sealed bids until 8 p. m.(Eastern standard
time) Nov. 21 for the purchase of the following described bonds:
$206,000 special assess, sewer bonds. Due Oct. 1 as follows: $41,000. 1929
to 1932 incl., and $42.000, 1933.
40,000 special assess, paving bonds. Due $8,000,Oct. 1 1929 to 1933 incl.
24,000 special assess, paving bonds. Due Oct. 1 as follows: $4,000, 1929
and $5,000, 1930 to 1933 incl.
18,000 general obligation bonds. Due Oct. 1 as follows: $3,000, 1929
and 1930, and $4,000, 1931 to 1933 incl.
SAO general obligation bonds. Due Oct. 1 as follows: $1,000. 1929
and 1930, and $2,000, 1931 to 1933 incl.
7,000 general obligation bonds. Due Oct. 1 as follows: $1,000, 1929
to 1931 incl., and $2.000. 1932 and 1933.
All issues dated Dec. 1 1928. Interest payable April and Oct. 1. No
bids for a coupon rate less than 6% will be considered. A certified check,
payable to the order of the City Treasurer for 5% of the bonds bid for, is
required. Successful bidder at his expense will furnish and print bonds,
also provide legal opinion.
DEARBORN TOWNSHIP, Wayne County, Mich.
-BOND OFFER-William 0. Querfeld, Township Clerk, will receive sealed bids until
ING.
-rate of
8 p. m. Nov. 19 for the purchase of the following bond issues
interest not to exceed 6%:
$99,500 special assessment water main bonds. Due Jan. 1 as follows:
$23.500, 1930, and $19,000. 1931 to 1934 incl.
156,000 special assessment water main bonds. Due Jan. 1 as follows:
$32,000. 1930, and $31,000, 1931 to 1934 incl.
Dated Dec. 11928. Coupon bonds in denoms. of $1,000. A certified
for 5% of the bonds bid for is required.
check
-BOND OFFERING.
DIXON, Lee County, 111.
-Blake Grover, City
Clerk, will receive sealed bids until 8 p. m. Nov. 20 for the purchase of
$105,000 bridge bonds authorized to be sold at a special election held on
Aug. 2 this year. All bids must be accompanied by a certified check
payable to the order of the City Treasurer for 5% of the bonds bid for.
-BOND OFFERING.
DETROIT, Wayne County, Mich.
-P. L.
Montieth, City Comptroller, will receive sealed bids until 11 a. m. Nov. 20,
following coupon or registered bonds, aggregating
for the purchase of theinterest not to
exceed 434 %:
$19.460.000. Rate of
$8.182,000 Park and boulevard bonds. Due Nov. 15 as follows: $140,000
1929 to 1933, Incl.; 5150.000, 1934 to 1938, incl.; $250.000.
•
1939 to 1943. incl.; $300,000, 1944; $350.000. 1945 to 1952,
incl.:$380,000. 1953;1400,000, 1954 to 1957,incl., and $402.000,
1958.
4,000,000 public sewer bonds. Due Nov. 15 1958.
3.000,000 water supply bonds. Due Nov. 15 1958.
2,400,000 school bonds. Due $120,000 Nov. 15 1929 to 1948, incl.
595,000 fire extension bonds. Due Nov. 15 as follows: 515.000, 1929,
and 520,000. 1930 to 1958. Incl.
Nov. 15
540,000 hospital bonds. Due $18.000Due Nov.1929 to 1958. Incl.
15 as follows: $13,000,
415,000 House of Correction bonds.
1933, incl., and 514.000, 1934 to 1958, incl.
1929 to
328.000 grade separation bonds. Due Nov. 15 as follows: $11,000.
1929 to 1956, incl., and 510.000. 1957 and 1958.
Rate
Dated Nov. 15 1928. Denoms, 11,000.interestof Interest to be stated
a multiple of 14 of 1%• Principal and the officepayable at the current
in
of the City Treasurer.
of the city in New York or at
official bank
A certified check payable to the order of the City for 2% of the bid is
required. Legality to be approved by Thomson, Wood & Hoffman of
2855 '
New York City. Award to be based on bid figuring the lowest interest
cost to the city on life of loan after premium has been deducted.
DONLEY COUNTY (P. 0. Clarendon), Texas.
-BONDS NOT
SOLD.
-The $1,000,000 issue of 4%7. semi-annual road bonds offered for
sale on Nov. 12-V. 127. P. 2717
-was not sold as all bids were rejected.
The election on this issue is scheduled for Nov. 21.
DORCHESTER COUNTY(P.O. St. George),S. Caro.
-BOND SALE.
The 5250,000 issue of coupon highway bonds offered for sale on Oct. 24
- 127, p. 2400
V.
-was awarded to the Well, Roth & Irving Co. of Cincinnati as 5% bonds. Dated Oct. 15 1928. Due $25,000 from April 15
1934 to 1943 inclusive.
DORSET TOWNSHIP RURAL SCHOOL DISTRICT, Ashtabula
-BONDS DEFEATED.
County, Ohio.
-Voters on Nov. 6 rejected the
proposal to issue $40,000 bands for school building purposes, according to
the Secretary Board of Education. Of the ballots cast, 186 were against
the proposition and 122 for it; there were also 19 blanks.
DOVER SCHOOL DISTRICT (P. 0. Dover) York County, Pa.
-The $5,200
% issue of coupon joint high school bonds
BOND SALE.
-was awarded locally at par. Dated
offered on Oct. 15-V. 127, p. 1836
Oct. 1 1928. Denoms. $100. Due Oct. 1 as follows: $300, 1929 to 1933,
incl.; $400. 1934 to 1942, incl., and $100.43.
EATON, Preble County, Ohio.
-BOND OFFERING.
-H, N. Swain,
Village Clerk, will receive sealed bids until 12 m. Dec. 3 for the purchase of
an issue of $17,000 536% coupon sewage disposal bonds. Dated Sept. 10
1928. Denom. $500. Due 5500 Mar. 10 1930 to 1963 incl. Principal
and interest payable at the office or the City Clerk. A certified check,
payable to the order of the Clerk for 3% of the bonds bid for, is required.
EDEN CONSOLIDATED SCHOOL DISTRICT (P. 0. Yazoo City),
-BOND SALE.
-The $12,000 issue of school bonds
Yazoo County, Miss.
offered for sale on Oct. 1 (V. 127, p. 18361 was awarded to a local Investor
as 6% bonds for a premium of $1.25, equal to 101.041.
-BOND OFFERING.
ERICK, Beckham County, Okla.
-Sealed bids
will be received by the Town Clerk, until Nov. 20, for the Purchase of an
issue of $125,000 6% water and sewer extension bonds. Int. payable
semi-annually.
EVANSVILLE, Vanderburgh County, Ind.
-BOND SALE -The
National City Bank of Evansville, was awarded on Nov. 1. an issue of
$190,000 5% coupon airport bonds at a price of 5188,281, equal to 98.62,
a basis of about 5.25%. Dated Nov. 1 1928. Denom. $1,000. Due
519,000, Nov. 1 from 1930 to 1939, incl. Interest payable on May and
Nov. 1.
FAIRVIEW, Cuyahoga County, Ohio.
-BOND SALE.
-The following issues of bonds, aggregating $164,800, offered on Nov. 5 (V. 127, p.
2400), were awarded to Braun. Bosworth & Co. of Toledo as 58, at a premium of $1,137. equal to 100.68, a basis of about 4.87%.
$46.500 special asst. improvement bonds. Due Oct. 1, as follows: $4,500.
1930; $4,000, 1931: 15.000, 1932 and 1933: 54.000. 1934; $5.000.
1935 and 1936;$4,000, 1937, and 55,000, 1938 and 1939.
38.000 special asst. improvement bonds. Due Oct. 1 as follows: $3,000,
1930:14,000. 1931 to 1938 incl., and 53.000. 1939.
29,400 special assessment improvement bends. Due Oct. 1. as follows:
$2,400, 1930. and 53.000, 1931 to 1939 inclusive.
28,900 special assessment improvement bonds. Due Oct. 1, as follows:
$2,400, 1930; $3,000. 1931 to 1938 incl., and 52.500. 1939.
22,000 special assessment improvement bonds. Due Oct. 1. as follows:
53.000, 1930: 52,000, 1931 to 1938 incl., and 53,000,1939.
Dated Nov. 1 1928. Principal and interest payable at the First National
Bank, Rocky River. A certified check payable to the order of the Village
Treasurer. for 2% of the bonds offered is required
Dated Nov. 1 1928. A list of the other bids submitted follows:
Bidders.
Int. Rate. Premium.
W.L. Slayton & Co., Toledo
57
$3
53
20
3
Otis & Co., Cleveland
5e
McDonald, Callahan & Co. and the Guardian Trust
Co., Cleveland
Spitzer, Rorick & Co.. Toledo
q
Ryan,Sutherland & C,,Toledo
1 3942
.258
5
a
01
FLOYD COUNTY (P. 0. New Albany), Ind.
-BOND SALE.
-The
57.000 5% road improvement bonds offered on Nov. 14-V. 127, p. 2400
were awarded to the Fletcher Savings & Trust Co. of Indianapolis at a
premium of $228.80, equal to 103.26, a basis of about 4.32%. The bonds
are dated Nov. 14 1928 and mature $175 on May and Nov. 15 from 1929
to 1948 incl. Other bids were as follows:
BidderNew Albany Trust Co
Premiu"1
510O 00
4.
5 06
J. F. Wild Investment Co
FORDSON, Wayne County, Mich.
-BOND SALE.
-The First National Co. of Detroit and the Detroit & Security Trust Co., also of Detroit.
jointly were awarded on Nov. 7 $669.000 grade separation bonds at a premium of 5130, equal to 100.018. 5485,000 bonds were taken as 4345 and
$184.000 bonds as 4%s. Dated Nov. 1 1925. Denom. $1,000. Due on
Nov. 1 1958. Principal and interest payable at the office of the City
Treasurer. Legality to be approved by Thomson, Wood & Hoffman of
N. Y. City. A complete list of the bids submitted follows:
Premium. Rate Bid.
Bidders.
Detroit & Security Trust Co., and First National Co.
4485.000 at 4Yi %,$184.000 at 4)4%)
$130.00
100.018
Union Trust Co., Braun, Bosworth & Co., Joel Stockard & Co. and Lewis & Co. ($375,000 at 01%,
817.50
$294,000 at 434%)
100.12
Stranahan, Harris & Oatis, Fidelity Trust Co. and
Highland Park State Bank ($375,000 at 4)4%,
387.00
0
100.05
Union4Tr0 a 4;‘,
$ .O0 st
Co. Braun, Bosworth & Co.. Joel Stock13,647.60
102.04
ard & Co.and Lewis & Co.(at 4%
-BOND
FORSYTH COUNTY (P. 0. Winston-Salem), N. Caro.
-Sealed bids will be received by the County Clerk until
OFFERING.
Nov. 28 for the purchase of three issues of bonds aggregating $781,000 as
follows: $311,000 school, 5250,000 hospital and $220,000 road bonds.
FORT BEND COUNTY ROAD DISTRICT NO. 1 (P.O. Richmond)
-A $50,000 issue of 5%% serial road
-BONDS REGISTERED.
Tex.
bonds was registered on Nov. 5 by G. N. Holton, State Comptroller.
On Nov. 8 the State Comptroller registered a $12,000 issue of 5% consolidated School District No. 9 bonds. Due in from 5 to 40 years.
-NOTE SALE.
-A $24,425 issue
FORT MYERS, Lee County, Fla.
of park loan notes has recently been awarded at par to the Bank of Fort
Myers. Due on April 27 1929.
FRANKFORT UNION FREE SCHOOL DISTRICT NO. 9 (P. 0.
-PURCHASER.
-The Manufacturers & TradersFrankfort), N. Y.
Peoples Trust Co. of Buffalo, was the successful bidder at 101.75 for the
$125,000 434% school bonds awarded on Nov. 1-V. 127, p. 2571. In
our previous report we credit ed the purchase to Sherwood & Merrifield, Inc.
-The three issues of
GALAX, Grayson County, Va.-PE/CE PAID.
6% bonds, aggregating 540.000, that were purcnased by Taylor, Wilson
-V. 127, p. 1978
-were awarded for a premium of
& Co. of Cincinnati
$1,000, equal to 102.50, a basis of about 5.80%. The issues are: $15,000
water works improvement: 515.000 municipal building improvement and
$10.000 scnool improvement. Dated June 15 1928 and due on June 15 1948.
-BOND OFFERING.
-Sealed bids
GOULD, Harmon County, Okla.
will be received until 2 p. m.on Nov. 17. by A. R.R eeves, Town Clerk, for
the purchase of a $59,000 issue of water works system bonds. Int. rate is
not to exceed 6%. Due as follows: 13,000 from 1933 to 1951 and $2,000
in 1952. Prin. and semi-annual hat, payable at the office of the Town
Treasurer. A certified check for 2% of the bid is required.
(This is a more complete report thar in V. 127. D. 2717).
GREENBURGH.EAST IRVINGTON WATER DISTRICT (P. 0.
-BOND SALE.
-The $43,000
Tarrytown), Westchester County, N. Y.
-V. 127. p. 2717
coupon or registered bonds offered on November I4
George B. Gibbons & Co. of New York, as 4.30s. at
were awarded to
100.089 a basis of about 4.29%. Dated Nov. 15 1928 Due Nov. 15 as
follow: 51,000. 1933; and 53,000, 1934 to 1947 inclusive.
,
FA1R
GREENBURanty VNI.EWY.-W0A0TNEDR
on)r,
SALE.
-The
Westch
registered bonds offered on Nov. 14-V. 127, P. 2571-were awarded to
George B. Gibbons & Co. of New York. as 4.308, at 100.247 a basis of about
• 2856
FINANCIAL CHRONICLE
Fou 127.
HOOVERSVILLE SCHOOL DISTRICT, Somerset County, Pa.
0
4.277. Dated Nov. 15. 1928 Due Nov. 15, as follows: $1,000, 1929; and
BOND SALE.
-A. B. Leach & Co. of Philadelphia were recently awarded
$2.000, 1930 to 1946 inclusive.
an issue of $30,000 building and land acquisition bonds bearing interest
-The $175,000 at the rate of 4%. The bonds mature on Sept. 1 1948, optional after
ISGREEN BAY, Brown County, Wis.-BOND SALE.
issue of 434% coupon West High school bonds offered for sale on Nov. 8 Sept. 1 1933. Authorized for sale November 1927.
-was awarded to Halsey, Stuart & Co. of Chicago, at
-V. 127, p. 2717
HORRY COUNTY (P. 0. Conway), S. C.
-BOND OFFERING.
a discount of $625, equal to 99.642.
Sealed bids will be received untll 2:30 p. m. on Nov. 23 by Geo. W. King.
GREENE COUNTY (P. 0. Xenia), Ohio.
-SALE NOT CONSUM- Chairman of the Board of County Commissioners, for the purchase of
-George C. Stokes, Clerk Board of County Commissioners, a $50,000 issue of 534% road bonds. Due $25.000 on Jan. 15 1932 and
MATED.
Informs us that the sale of $91,189.59 county improvement bonds as 434s 1933. Prin. and semi-ann, int. is payable at some bank in New York City.
on Oct. 27 and reported in V. 127, p. 2571
-was not consummated as the Bonds and legal opinion will be furnished by the county. A $1,000 certiofficials failed to advertise the notice of scheduled sale in a State paper fied check must accompany the bid.
as well as a local publication. Bonds are be re-offered on Nov. 28.
-A
IOWA, State of (P. 0. Des Moines).
-WARRANT OFFERING.
- $200,000 issue of 57. anticipatory warrants will be offered for subscription
GREENE COUNTY (P. 0. Xenia), Ohio.
-BOND OFFERING.
the
Sealed bids will be received by George C. Stokes, Clerk Board of County at par and accraed interest by R. E. Johnson, State Treasurer, untilDue
Commissioners, until 12 in. Nov. 28, for the purchase of $91,189.59 5% close of business on Nov. 24. Denom. $10.000. Dated Dec. 11928.
construction and improvement bonds. Dated June 1 1928. Due as follows: on or before Feb. 1 1930. Int. payable on Dec. 31 1928; Dec. 311929, and
$9,189.59 June 1 192945,000 Dec. 1 1929: $4,000 June and $5,000 Dec. 1 on maturity date. Warrants will be allotted by the above treasurer. Payment at par
be made to
1930 to 1938. incl. A certified check payable to the order of the County the Treasurerand accrued interest for warrants allotted must on or before
of State in either Des Moines or Chicago exchange
Treasurer, for 2% of the bonds bid for Is required. Legality approved by Dec. 1
1928, or on the later allotment, and the permanent warrants will
Squire, Sanders az Dempsey of Cleveland.
be delivered at that time. If so desired, and arrangements are made by the
-BOND OF- subscriber, delivery will be made to any bank located in the City of Des
GREENVILLE COUNTY (P. 0. Greenville), S. Caro.
-Sealed bids will be received by H. P. Dill. County Supervisor, Moines upon payment therefor, or delivery will be made to subscriber in
FERING.
until 11 a. m. on Nov. 23 for the purchase of three issues of coupon bonds person, at the office of said Treasurer or by registered mail.
aggregating $912,000 as follows:
JACKSONVILLE, Duval County, Fla.
-BOND SALE.
-A $10,000
$402,000 highway bonds. Due on Feb. 1 as follows: $6,000. 1944; $9.000, Issue of airport bonds has recently been purchased at par by the sinking
1945; $19.000, 1946, and $184,000 in 1947 and 1948.
fund.
360.000 county road bonds. Due $25,000 from Feb. 1 1930 to 1942 and
-BOND SALE.
JEFFERSON CITY, Jefferson County, Tenn.
$35,000 in 1943.
An issue of $100,000 paving bonds has recently been purchased by Caldwell
150,000 hospital bonds. Due on Nov. 1 1948.
Is not to exceed 5% is to be stated in a multiple of X of 1% & Co. of Nashville at a price of 102.
Int. rate
and must be the same for all bonds of the same issue. Bids for the hospital
JEFFERSON COUNTY (P. 0. Beaumont) Tex.
-BOND OFFERING.
bonds must be separate. Denom. $1,000. Dated Nov. 1 1928. Frin• -Sealed bids will be received until Nov. 26, by the County Judge, for the
and int. (F. & A. 1) payable in New York in gold. Purchasers will be fur- purchase of a $50.000 issue of tuberculosis hospital bonds.
(These bonds are reported to have been unsuccessfully offered on Nov.5).
nished with the legal opinion of Reed,Hoyt & Washburn of New York. A
certified check for 2% of the bid, payable to the order of the County, is
10EMPSVILLE ROAD DISTRICT (P. 0. Princess Anne), Princess
required.
Anne County, Va.-BOND ELECTION.
-A special election will be held
General Information Nov.8 1928.
$1,963,500 on Dec. 7 for the purpose of passing upon a proposed bond issue of $290.000
Present bonded indebtedness
2,100,000 for road construction work.
Reimbursement bonds outstanding
912,000
Issues described above to be sold Nov.23 1928
KENT, Portage County, Ohio
-Ryan, Sutherland &
-BOND SALE.
Co. of Toledo, were recently awarded an issue of $75,267.83 special assess$4,975.500 ment bonds to bear interest at the rate of5X% Issue is dated Oct.1 1928
.
None
Floating debt
denominations $1,000 with the exception of one bond for $267.83 and
31,123,475 matures on Oct. 1, 1930.
Assessed valuation, 1928
300,000.000
Estimated actual value of property
KENTON COUNTY WATER DISTRICT NO. 1 (P. 0. Covington)
Population. (1920 Census), 88,498; 1928 estimated, 110,000.
-Sealed bids will be received until Nov. 17. by
Ky.-BOND OFFERING.
GROSSE POINTE TOWNSHIP AGRICULTURAL SCHOOL DIS- the District Commissioners, at their office in Covington, for the purchase
-BOND of an Issue of $1.483.32 water lateral construction bonds. Dated Feb. 21
TRICT NO. 1 (P. 0. Grosse Pointe), Wayne County, Mich.
-The 4X,% bonds aggregating $410,000 offered on Nov. 5(V. 127, 1928. Due in 10 equal installments. Prin, and int. is payable at the PeoplesSALE.
p.2401) were awarded jointly to Stranahan, Harris & Oath;and the Fidelity Liberty Bank & Trust Co. of Covington.
Trust Co.at par. The award consists of two issues-$270,000 school bonds
KLICKITAT COUNTY SCHOOL DISTRICT NO. 114 (P. 0. Golden..
maturing $9,000 1929 to 1958 incl., and $140,000 school bonds due $7,000 dale) Wash.
-BONDS NOT SOLD.
-The $1,000 issue of not to exceed
from 1929 to 1948 incl.
-was not sold due to
6% school bonds offered on Nov. 12-V. 127, p. 2572
-The $356,- an error in the proceedings. Due in from two to 20 years.
-BOND SALE.
HAMTRAMCK, Wayne County, Mich.
and repaving bonds offered on Nov. 7 (V. 127,
-BOND OFFERING.
613.27 public improvement
KOSCIUSKO COUNTY (P.0. Warsaw), Ind.
p. 2571) were awarded to the Detroit & Security Trust Co.. Detroit, as Leonard H. Bute?, County Treasurer, will receive sealed bids until 2 p. m.
1928.
4(s, at a premium of $155, equal to 100.04. Dated Nov. 1 1928. due ser- Dec. 4, for the purchase of $2,066.20 ditch bonds. Dated Nov. 15 ially on Nov. 1 from 1929 to 1933 inclusive. Guardian Detroit Co. only Denoms. $206.62. Due on May and Nov. 15, annually, first maturity
May 15 1929.
other bidder, offering a premium of $209.71 for 4X% bonds.
-BOND OFFERING.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND SALE.
-The $1,250.- William E. Whitaker, County Auditor, will receive sealed bids until 1 p. m.
HARTFORD,Hartford County, Conn.
000 4X% Main Street widening bonds offered on November 15-V. 127, Jan.2for the purchase of$200,000 47. bonds. Dated Jan. 11928. Denom.
n. 2571-were awarded to a syndicate composed of Roosevelt & Son. $1,000. Due as follows: $5,000, July 1 1929; $5.000, Jan. and July 1 1930
George B. Gibbons & Co. and R. M.Schmidt & Co. all of New York, at a
Prin. and int. payable at the office
1948 incl.; and $5,000,
price of 101.5699, a basis of about 4.08%. The bonds are dated Dec. 1 to the County Treasurer. Jan. 1 1949. check for 37 of the bonds bid for Is
0
A certified
of
1928 and mature $50,000. Dec. 1 1929 to 1953 incl. An official tabulation required. Legality to be approved by Matson, Carter, Ross & McCord
of the bids submitted follows:
Rate Bid. of Indianapolis. Bonds coupon in form not registerable.
Bidder-BOND SALE.
101.5699
-A $30,000 issue of
Roosevelt & Son,and others,as above, New York
LAUREL, Jones County, Miss.
Conning & Co., Hartford: R.L. Day & Co., Boston;B. M.Bradley
4 X% refunding bonds has been purchased at par by Rogers, Green &
101.549
& Co., New Haven
Jones of Laurel. Due on July 1 as follows: $1,000, 1929 to 1933; $2,000,
101.539
Estabrook & Co.; Hartford:Putnam & Co., Hartford
1934 to 1943 and $1,000, 1944 to 1948, all incl.
E.H.Rollins & Sons, Boston: Kountze Bros., New York:Pulleyn &
-BOND SALE.
-The five
LEON COUNTY (P. 0. Tallahassee), Fla.
101.3099
Co., New York; Arthur Sinclair, Wallace & Co., New York
issues of 5% coupon bonds aggregating $100,000, offered for sale on Nov.
G. L. Austin & Co., Hartford; Gibson Leefe & Co., New York; H.
-Ball Corp. of Jack-were awarded to the Du Pont
10-V. 127, p. 2264
101.252
L.Allen & Co., New York
sonville at a price of 97.61, a basis of about 5.20%. The issues are divided
F. L. Putnam & Co., Inc.. New York: Bankers Co. of N. Y., New
101.0591 as follows:
York;Guaranty Co.of N.Y., New York
$8,000 series A road bonds. Due on July 1 as follows: 52,000, 1931 to
100.85
Lehman Bros., New York
1933 and $1,000 in 1934 and 1935.
National City Co., New York;Stone & Webster and Blodget,Inc.,
14,000 series B road bonds. Due on July 1 as follows: $4,000, 1936 and
New York;Scranton & Co., New York; Roy T.H.Barnes & Co.,
1937 and 52.000 from 1938 to 1940.
100.559
Hartford
20,000 series C road bonds. Due $4.000 from July 1 1941 to 1945, incl.
- 26,000 series D road bonds. Due on July 1 as follows: $6,000, 1946 and
-BOND OFFERING.
FrHAWTHORNE, Passaic County, N. J.
John A. Shea, Borough Clerk, will receive sealed bids until 8 p. m. Nov.
$5,000, 1947 to 1950.
28, for the purchase of the following 4X or 5% coupon or registered bonds 32,000 series E road bonds. Due on July 1 as follows: $7,000, 1951 and
1952. and $6,000 from 1953 to 1955.
Wating $316,000:
Denom.$1,000. Dated July 1 1925. Caldwell & Raymond of New York
,000 water bonds. Due Dec. 1. as follows: $4,000. 1930 to 1955 incl.,
City will approve legality.
and $5,000. 1956 to 1967 incl.
152,000 street improvement bonds. Due Dec. 1, as follows: $10,000.
-At the
LEXINGTON, Fayette County, Ky.-BONDS DEFEATED.
1930 and 1931;$15,000. 1932 to 1939 incl., and $12,000, 1940.
-the voters defeated
Nov. 6-V. 127, p. 2572
general election held
Dated Dec. 1 1928. Denoms.$1,000. No more bonds to be awarded than the proposed issuance on 51.100,000 in 434% serial bonds for storm and
of
will produce a premium of $1,000 over the amount of each issue. Principal
sewers by a count of 4,363 "for" and 6,958 "against."
and interest payable in gold at the First National Bank of Hawthorne, sanitary
-BONDS DEFEATED.
LINCOLN PARK, Wayne County, Mich.
Hawthorne. A certified check payable to the order of the Borough for
2% of the bonds bid for is required. Legality to be approved by Hawkins, At the election held on Nov. 6, the voters rejected the proposal to issueDelafield & Longfellow of New York City.
5150,000 bonds for improvement purposes. J. M.O'Connor, City Clerk.
-A $36,500 issue
-BOND SALE.
LONE WOLF, Kiowa County, Okla.
HENRY COUNTY (P. 0. Newcastle), Ky.-BONDS NOT SOLD.
- of 6% coupon improvement bonds has been purchased by the Hanchett
The $28,000 issue of school bonds offered on Nov. 5-V. 127, p. 2263
was not sold as there was a dispute over the bonds between bidders and Bond Co. of Chicago. Denom. $500. Dated Sept. 22 1928. Due on Oct. 1,
as follows: $5,000, 1932 to 1935 and $5,500, 1936 to 1938, all incl. Prin.
the Board of Education. The bonds will again be offered for sale.
at the office of the City Treasurer.
- and int.(A.& 0. 1) payable
HIGHLANDS COUNTY (P. 0. Sebring), Fla.
-BONDS VOTED.
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
County Commissioners on Nov. 7 voted to issue $47000 in refunding
The
-BOND SALE.
-The
bonds under the State law permitting such bonds to be issued without a DISTRICT NO. 136 (P. 0. Los Angeles), Calif.
referendum. It is reported that the proceeds from the sale of the bonds $423,388.93 issue of boulevard construction bonds offered for sale on Oct.
-was awarded jointly to R. E. Campbell St Co. and
29-V. 127, p. 2572
will be used to retire installments of bonds falling due after Dec. 1.
National Co.,both of Los Angeles as6% bonds,for a premium
HOAGLIN JACKSON RURAL SCHOOL DISTRICT, Van Wert the American
basis of about 5.77%. Dated Oct. 15 1928.
-BONDS VOTED.
-At the election held on Nov.6(V. 127. of $8.188, equal to 101.933, a incl.
County, Ohio.
voters approved the issuance of $122,000 bonds for school Due from Oct. 15 1933 to 1947,
p. 2262) the
FOR INVESTMENT.
-The above bonds are now
BONDS OFFERED
construction purposes. Five previous attempts to secure the voters' apbeing offered for public subscription by the successful bidders priced to
proval were unsuccessful, according to the report.
yield 5.10% on all maturities. According to the offering notice these
-BOND OFFERING. bonds are secured by a tax lien upon the lands within the district and interest
HOLMES COUNTY (P. 0. Millersburg), Ohio.
-F.E. Aultman, Clerk Board of County Commissioners, will receive sealed and principal are collected from an ad valorem tax levied annually on all the
until 12 m. Nov. 22 for the lurchase of the following issues of 555% lands in the assessment district, which is collected at the same time and as a
bids
part of the general county taxes of Los Angeles County.
bonds, aggregating $41,600:
In the opinion of counsel if any principal or interest are unpaid owing to
$15,500 road bonds. Dated Nov. 1 1928. Due as follows: $1,550 Mar.
and Sept. 1 1930 to 1934 incl. A certified check for $775 is re- delinquencies of any lands in the distriat, the sum unpaid must be included
quired.
in the next tax levy on all zones (apportioned according to the percentage of
13.100 road bonds. Dated Dec. 1 1928. Due $1,310 Mar. and Sept. 1 the zones).
1930 to 1934 incl. A certified check for $665 is required.
The constitutionality of the Acquisition and Improvement District Act
7.000 road bonds. Dated Dec. 1 1928. Due $700 Mar. and Sept. 1 has been established by decision of the Supreme Court of California.
1930 to 1934 incl. A certified check for $350 is required.
Financial Statement.
6.000 road bonds. Dated Dec. 1 1928. Due $600 Mar. and Sept. 1 Estimated actual value (before improvement)
$14,979,930
1930 to 1934 incl. A certified check for $300 is required.
Assessed valuation
4, 7 ,
All checks should be made payable to the order of Board of County Com- Bonded debt (this issue)
423,388
missioners.
Population (estimated). 5,529.
-BOND SALE.
-The $20,000
PATH,Anderson County,S.C.
HONEA
-The $1,250,
LOUISVILLE, Jefferson County, Ky.-BOND SALE.
issue of 434% semi-annual street bonds offered for sale on Nov. 2-V. 127, 000 issue of semi-annual sufficient bonds offered for sale on Nov. 13National Bank of Hones Path at a discount
P. 2401-was awarded to the of about 4.99%. Dated Nov. 1 1928. Due V. 127. p. 2403
-was awarded to a syndicate composed of R. L. Day
basis
of $1,200, equal to 94, a
& Co., Stone & Webster & Blodget. Inc., Phelps, Fenn & Co., all of New
$1,000 from-Nov. 1 1938 to 1957, incl.
York,and E. W.Hays & Co.of Louisville,as 4 X% bonds at a price of 102.- 89, a basis of about 4.11%. Dated Dec. 1 1928. Due in 40 years. The
-BOND OFFERING.
110 HOOD RIVER, Hood River County, Ore.
until 7:30 p. m. on Nov. 26 by H. L. Howe, second highest bid was an offer of 102.77 for 4 Xs, submitted by a goup
Sealed bids will be received
City Recorder, for the purchase of a $200,000 issue of 434% water bonds. composed of the Equitable Trust Co., Lehman Bros., Ames. Emalch &
Louisville.
Dated Nov. 15 1928. Due from 1938 to 1957 incl. Prin. and semi-ann. Co., all of New York and Block. Fetter & Frost, Inc., of
BONDS OFFERED TO PUBLIC.
-The above issue of bonds are now
bat, payable at the fiscal agency of the State in New York. Teal, Winfree,
McCulloch & Shuler of Portland will furnish the legal approval. A $5,000 offered for public subscription by the purchasers at prices to yield 4.05%
According to the official offering circular the bonds, issued for refunding
certified check must accompany the bid.
ITE
Nov. 17 1928.}
FINANCIAL CHRONICLE
purposes, are direct obligations of the City of Louisville which reports an
assessed valuation for 1928 of $434.789.173 comipared with a total bonded
debt, including this issue, of $27,363.800. The City of Louisville owns the
Louisville Water Co., valued at $20,000,000, against which there are bonds
outstanding in the amount of only $1.079,000. These bonds are legal
investment for savings banks in New York, Mass., Conn. and other States.
LUBBOCK COUNTY (P. 0. Lubbock) Tex.
-BOND ELECTION.
On Dec. 1 a special election will be held for the purpose of passing upon a
proposition to issue $2,004,000 in bonds to pave county highways.
LUCAS COUNTY (P. 0. Toledo), Ohlo.-BOND OFFERING.
Adelaide E. Schmitt, Clerk Board of County Commissioners, will receive
sealed bids until 10 a. m. Dec. 6, for the purchase of the following bond
issues:
526.770 5% water supply bonds. Due Dec. 20 as follows: 52,770, 1930:
and $3,000. 1930 to 1931 to 1938 incl.
6,500 5% sanitary sewer bonds. Due 51,300, Dec. 30, from 1930 to
1934 incl.
5,740 53% sanitary sewer bonds. Due Dec. 20 as follows: 51.740,
1930: and $1,000, 1931 to 1934 incl.
4,830 53. % water supply bonds. Due Dec. 20 as follows: $830. 1930;
and $1,000,from 1931 to 1934 incl.
Prin. and int. (June and Dec. 20) payable at the office of the County
Treasurer. A certified check for $500 for each issue must accompany bid.
LUDLOW, Kenton County, Ky.-BONDS VOTED.
-At the special
election held on Oct. 16 (V. 127.P. 1980) the voters authorized the issuance
of $160,000 in bonds for the erection of a new school building.
LYNNHAVEN SCHOOL DISTRICT (P.O.Princess Anne), Princess
Anne County, Va.-BOND SALE.
-The $100,000 issue of semi-annual
school bonds offered for sale on Nov. 7 (V. 127, p. 2572) was awarded to
Walter, Woody & Heimerdinger of Cincinnati as 5% bonds for a premium
of 52,200, equal to 102.20, a basis of about 4.83%. Due as Oct. 1 as follows: 510,000, 1933 and 1938: 515,000, 1943 and 1948, and $25.000, 1953
and 1958.
MACOMB COUNTY (P. 0. Mount Clemens), Mich.
-BONDS OFFERED.
-Sealed bids were received by Edward i5. Millar, Clerk Board
of County Drain Commissioners, on Nov. 15, for the purchase of the following special assessment bonds aggregating $22,300. Rate of interest
not to exceed 6%:
$17,000 West Lateral Drain bonds. Due May 1, as follows: $100 1930
to 1932 inclusive: 52.300, 1933; $2,500, 1934 to 1936 incl.; and
52,300, 1937 to 1939 inclusive.
5,300 East Lateral Drain bonds. Due serially from 1930 to 1939 incl.,
Dated Nov. 1 1928.
MADILL, Marshall County, Okla.
-BOND SALE.
-A $40,000 issue
of refunding bonds has been purchased by R. J. Edwards, Inc., of Oklahoma City.
MARSHALL COUNTY(P.O.Plymouth),Ind.
-BOND OFFERING,
Samuel G. Heckaman, County Treasurer, will receive sealed bids until 2
p. m. Nov. 24, for the purchase of the following issues of 4%% highway
improvement bonds aggregating $9,200:
56,400 Willard N. King et al bonds. Due on May and Nov. 15 from 1930
to 1939 inclusive.
2,800 Ernest Fish et al bonds. Due on May and Nov. 15, from 1930 to
1939 inclusive.
Dated Nov. 7 1928.
MASON AID RURAL SCHOOL DISTRICT, Lawrence County,
-BONDS DEFEATED.
-At the election held on Nov. 6-V. 127,
Ohio.
-the electors rejected the proposal to issue $50,000 bonds to prop. 2123
vide funds for the construction and equipment of a new school building.
The project, according to the report, lost by 120 votes.
MENARD COUNTY (P. 0. Menard), Tex.
-BOND SALE.
-A $40,000
issue of road bonds has been purchased recently by the B.F. Dittmar Co.
of San Antonio.
Actual Value
$8.400,000
Assessed Valuation 1927
4,336,943
Total bonded debt
155,500
Sinking fund
12,355
Net debt
143,145
Population (1920 census)
3,162
Population (1928 Est.)
4,800
MIAMI AND YODER SCHOOL DISTRICTS (P. 0. Yoder), El Paso
-BOND SALE.
County, Colo.
-A $6,500 issue of 4% school bonds has
been purchased by Peck, Brown & Co. of Denver at a price of 98, a basis
of about 4.62%. Due $1,000 from 1929 to 1936 and $500 in 1937. (This
corrects report of sale given in V. 127. p. 2403.)
MIDDLETOWN, Butler County, Ohio.
-BONDS VOTED.
-The
voters on Nov.6 authorized the issuance of $900,000 bonds for a new school
building and $80,000 for a new municipal building, both propositions carrying by more than 2 to 1.
MINEOLA, Nassau County, N. Y.
-BIDS.
--A list of the other bids
submitted on Nov. 7 for the $30,000 bonds awarded as 4.705 to Batchelder,
Wack & Co. at 100.14, a basis of about 4.65% (V. 127,_p. 2718), follows:
Bidders.
Int. Rate. Rate Bid.
Manufacturers & Traders-Peoples Trust Co
4.70%
100.004
Sherwood & Merrifield, Inc
4.75%
100.11
Roosevelt & Son
4.75%
100.076
MINNEAPOLIS, Hennepin County, Minn.
--CERTIFICATE OFFER-Sealed bids will be received by George M. Link. Secretary of the
ING.
Board of Estimate and Taxation until 2 p. m. on Nov. 28 for the purchase
of three issues of certificates of indebtedness aggregating $257,000, as follows: $225,000 water works, $20,000 public welfare board, and 512,000
current expense fund. Denom. $1,000 or a multiple thereof. Dated
Dec. 1 1928. Due $225.000 on June 1 1929 and $32,000 on Feb. 1 1929.
Prin. and int. is payable in gold at the fiscal agency of the city in New York
or at the office of the City Treasurer. This offering is subject to legal approval by purchaser's attorney. A certified check for 2% of tbe bid, payable to C. A. Illoomquist, Treasurer, is required. (This report supplements
that given in V. 127. p. 2718.)
MONTAGUE COUNTY ROAD DISTRICT NO.12(P.O. Montague),
-BOND SALE NOT CONSUMMATED.
Tex.
-The sale of the $750,000
issue of 5%% road bonds to the Roger H. Evans Co. of Dallas at a price
of 100.60, a basis of about 5.43%-V. 127, p. 2403
-was not consummated due to the failure of the electors to approve the proposition at the
election held on Nov. 3.
MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT, Allegheny
-BOND OFFERING.
County, Pa.
-Sealed bids will be received by the
District Solicitor, until 8 p. in. Dec. 13, for the purchase of an issue of
5225,000 coupon bonds, rate of interest 4%%, payable semi-annually on
April and Oct. 1. Dated Oct. 1 1928. Denom. $1.000. Due Oct. 1
follows: 525,000, 1933; and $40,000, 1938, 1943, 1948, 1953 and 1958. as
A
certified check, payable to the order of the District Treasurer for $2.000,
is required. Bonds to be sold subject to their approval by the Department of Internal Affairs.
MUNSON TOWNSHIP, Geauga County, Ohio.
-BOND OFFERING.
W. Eldridge. Clerk-Treasurer, will receive sealed bids until 1 p. in.
Nov. 23, for the purchase of an issue of $6,827.57 5%% special assessment
improvement bonds. Dated Nov. 1 1928. Due Oct. 1 as follows: $827.57
1929;$500, 1930; 51.000, 1931: 5500.1932;51,000,1933;$500, 1934;$1.000.
1935 and 1936: and 16500. 1937. A certified cneck payable to the order of
the above-mentioned official for 5% of the bonds bid for is required.
MUSKOGEE COUNTY (P.0. Muskogee), Okla.
-BOND OFFERING.
-Sealed bids will be received until Nov. 27 by the County Clerk, for the
Purchase of a $250,000 issue of road bonds. (This issue is reported to bp
a part of a total issue of $1,500,000.)
NASHVILLE, Davidson County, Tenn.
-BOND SALE.
-The $400,000 issue of coupon. series C. sanitary sewer of 1925 bonds offered for sale
on Nov. 16-V. 127, p. 2403
-was jointly awarded to Rutter & Co.,
Stephens & Co., both of New York. and the Bankers Trust Co. of Knoxville, as 4(% bonds, at a price of 102.47, a basis of about 4.32%. Date
Nov. 1 1928 and due on Nov. 1 as follows: 56.000, 1929 to 1938; 58,000,
1939 to 1948: 510.000, 1949 to 1953; 512.000. 1954 to 1958; 514,000, 1959
to 1963 and 516,000. 1964 to 1968, all incl. The second highest bid was a
tender of 102.46 by the Bancitaly Corp. of New York.
NAVARRE VILLAGE SCHOOL DISTRICT, Stark County, Ohio:
BONDS VOTED.
-The voters on Nov. 6, approved the issuance of tne
2857
$96,000 fire-proof school bond issue submitted to them-V. 127, p. 1980
according to the Clerk Board of Education who says that
in the affirmative and 204 in the negative. Bonds when 517 ballots read
issued will run
for a period of 24 years.
NEWARK CITY SCHOOL DISTRICT, Licking County, Ohio.
BOND OFFERING.
-L, Tenny Rees, Clerk-Treasurer,
sealed
bids until 7 p. m.(Eastern standard time) Dec. 3,for the will receive $630,purchase of
000
% school bonds. Dated Oct. 1 1928. Denom. 51.000.
1, as follows: 526.000, 1929 to 1946 incl.; and 527,000, 1947 to Due Oct.
Principal and int. payable at the Licking Bank & Trust Co.,1952 incl.
Newark.
A certified check payable to the order of the above-mentioned official for
$6.300 is required. Legality to be approved by Squire, Sanders & Dempsey
of Cleveland.
NEW BEDFORD, Bristol Co., Mass.
-TEMPORARY LOAN.
-The
First National Co. of New Bedford, was awarded on Nov. 13,
temporary loan maturing in six months on a discount basis a $250,000
of 4.48%•
The following is a list of the other bids submitted:
BidderDiscount Basis
National Rockland Bank, Boston
First National Bank, Boston
4.83
Merchants National Bank, New Bedford
S. N.Bond & Co.(plus $83.00)
t:ff
NEW BETHLEHEM, Clarion County, Pa.
-BOND SALE.
-E. H.
Rollins & Sons of Philadelphia, were awarded on Oct. 29, 815,000 street
paving bonds, coupon or registered in denoms. of $1,000, bearing interest
at the rate of 4t% at a premium of $61.95, equal to 100.41, a basis of
about 4.45%. Dated Sept. 1 1928. Due $1,000, Sept. 1, from 1929 to
1943 incl. Interest payable on March and Sept. 1.
NEWPORT, Newport County, R. I.
-TEMPORARY LOAN.
-Sweet
set. Coffin & Fuller of Boston were awarded on Nov. 12, a $150,000 temporary loan on a discount basis of 4.837. The loan which matures on
°
March 15 1929 was also sought by the following bidders:
BidderDiscount Basis.
Salomon Bros.& Hutzler
493%
S. N. Bond & Co
4.98%
NEWPORT NEWS, Warwick County, Va.-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Dec. 10 by A. M. Hamilton,
City Clerk, for the purchase of an issue of $130,000 coupon public school
building bonds. Int. rate not to exceed 5%. Denom. $500. Due on
Jan. 1 as follows: $4,500. 1930 to 1932: $5,000, 1933 and 1934: $5,500,
1935 and 1936: $6,000, 1937 to 1939; $6,500. 1940 and 1941: $7,000, 1942
and 1943: 57,500, 1944 and 1945: $8.500, 1946 and 1947; $9,000 in 1948.
and $9,500 in 1949. Int. rate is to be stated in a multiple of % of 1%.
Principal and interest (J. & J.) payable at the National City Bank in New
York City. Thomson, Wood & Hoffman of New York City will furnish
legal approval. A certified check for 2% of the bid, payable to the City
Treasurer, is required.
NEW PORT RICHEY, Pasco County, Fla.
-BOND OFFERING.
Sealed bids will be received until 8 p. in. on Dec. 4 by Wm.C.Preetorius,
City Clerk, for the purchase of an $80,000 issue of 6% refunding bonds.
Dated Oct. 1 1928 and due on Oct. 1 1948. Prin. and int. (A. & O.)
payable at the First State Bank of New Port Richey or at the Chase National
Bank in New York City. Tne bonds will be sold subject to the legal approval of Storey, Thorndike, Palmer & Dodge of Boston.
NEW YORK, N. Y.
-COMPTROLLER REDUCES PROPOSED FINANCING TO 555,000,000.
-After a conference with city offidals, Comptroller Berry decided to reduce the proposed financing of $107,000.000,
notice of which appeared in the "City Record" of Nov. 9. and was published in the "Chronicle" of Nov. 10-V. 127, p. 2718
-to 555.000.000:
by eliminating from the offering the proposed issue of $52,000,000 Rapid
Transit corporate stock which was to mature in 1932. The sale will take
place at 12 in. on Nov. 20 as stated in our previous report and will consist of:
$15,500,000 corporate stock for dock improvements. Principal and interest
payable in gold in New York City. Due Nov. 15 1978.
13,500,000 corporate stock for the construction of rapid transit railroads.
Principal and interest payable in gold in New York City. Due
Nov. 15 1978.
The stock will be issued in coupon form and interchangeable. denoms. of
$1,000 for coupon bonds, or in registered form in any multiple of $10:
$21,000,000 serial bonds to provide for the construction of schools, also
5,000,000 serial bonds for various municipal purposes.
Principal and interest of both serial bond issues mature in 40 equal annual
Installments on Nov. 15, from 1929 to 1968 incl. To be in coupon or registered form in $1,000 denoms. Payable as to both principal and Interest
in gold in New York City.
All the above issues are to bear interest at the rate of 4%% payable
May 15 and Nov. 15. A certified check payable to the order of the abovementioned official for 2% of the bid is required.
NIOBRARA COUNTY (P.O. Lusk), Wyo.-BOND SALE.
-A $45,000
Issue of 4%% court house bonds has recently been purchased by the Lusk
State Bank. Denom. $1,000 and $500. Dated Jan. 1 1929. Due from
1930 to 1939, inclusive. Interest payable on Jan. and July 1.
NORTHVILLE, Wayne County, Mich.
-BOND SALE.
-The 565.550
special assessment street improvement bonds offered on Nov.5-V. 127, p.
2573
-were awarded to tne Detroit & Security Trust Co. of Detroit as
431s, at a premium of $557, equal to 100.87. a basis of about 4.56%. The
bonds are dated Nov. 1 1928 and mature on Dec. 15 as follows: $7,000,
1929 to 1932 incl.; $6,550, 1933; and 56,000, 1934 to 1938 incl. Other
bids were as foollows:
BidderInt. Rate.
Prem.
Stranahan. Harris & Gotta
4%
$528.65
Guardian-Detroit CO
4
239.00
First National Co
4
207.00
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-BOND SALE.
-The
$228,000 bonds offered on Nov. 5-V. 127, p. 2573
-were awarded to
Braun, Bosworth & Co. of Toledo, taking one-half of the issue as 4%s and
the other portion as 4%)), plus a premium of $25, equal to 100.01. The
bonds mature serially in from two to 10 years.
ONEIDA COUNTY (P. 0. Utica) N. Y.
-BOND OFFERING.
Charles H. F. Agne, County Comptroller, will receive sealed bids until
11 a. m. Nov. 21,for the purchase of $850.000 coupon or registered hospital
bonds-rate of interest not to exceed 4%% to be stated in a multiple of
1-20th of 1%. Dated May 1 1928. Denoms. $1,000. Due May 1, as
follows: 525,000. 1929 to 1936 incl., and 550,000, 1937 to 1949 incl. Prin.
and int. payable in gold in Utica or in New York City. A certified check
payable to the order of the County for $17,600 is required. Legality to be
approved by Clay, Dillon & Vandewater of New York. Bonds to be sold
at public auction.
ORANGE CITY
-Lake Helen Special Road and Bridge District
(P. 0. DeLand) Volusia County, Fla.
-BONDS NOT SOLD.
-The
$97.000 issue of 6% coupon road and bridge bonds offered on Nov. 8V. 127, p. 2265
-was net sold as all bids were rejected. Dated July 2 1928.
Due from July 2 1934 to 1950, incl.
ORANGE COUNTY SCHOOL DISTRICTS (P. 0. Orlando) Fla.
-The two issues of bonds aggregating $40,060, offered for
BOND SALE.
sale on Nov. 6-V. 127, p. 2265
-were awarded to Prudden & Co. of
Toledo, as follows:
$30,000 5%7 Special Tax School Distect No. 7 bonds at a price of 98.52,
°
a basis of about 5.64%. Due on Oct. 1, as follows: 51,000, 1931 to
1957, and $3,000 in 1958.
10,000 6% Special Tax School District No. 10 bonds at a price of 95.10,
a basis of about 6.59%. Due $500from Oct. 1 1931 to 1950 incl.
The only other bidder was the Brown-Crummer Co. of Orlando with the
following bids: 97.32 for the $30,000 issue and 93.25 for the 510,000 issue.
ORANGE GROVE SCHOOL DISTRICT (P. 0. Gulfport), Harrison
County, Miss.
-A 520,000 issue of 6% school bonds has
-BOND SALE.
recently been purchased by the Meridian Finance Corp. of Meridian for a
$50 premium, equal to 100.25.
ORLEANS LEVEE DISTRICT (P. 0. New Orleans), La.
-BOND
SALE.
-A $44,000,000 issue of 4%,1 levee bonds has been purchased by a
Syndicate composed of Eldredge & Co.. the Guardian Detroit Co. and the
Wm. R. Compton Co.. all of New York, the Mississippi Valley Trust Co
of St. Louis, Taylor, Ewart & Co. of Chicago, Caldwell & Co. of Nashville
and several New Orleans banks, at a price of 98, a basis of about 4.92%.
Denom. 51.000. Coupon bonds, registerable as to principal. Dated Sept.
1 1928. Due from Sept. 1 1929 to 1968. incl. Prin. and int. (M. & 8. 1)
Payable at the State Treasurer's office, the fiscal agency of the Board in
New Orleans or at the Bankers Trust Co. in New York City. Callable on
2858
FINANCIAL CHRONICLE
in
interest dates at 105 and interest. (This report supplements that given
V.1127, p. 2718.)
being offered
-The bonds are now
BONDS OFFERED BY BANKERS.
for public subscription by the above purchasers at prices to yield 4.60%
on all maturities.
Financial Statement.
$620,736,297
Assessed valuation 1928
11,037.500
Total bonded and assumed debt, incl, this issue
bk Population. 1920 census. 387.219: population, present estimate, 433,000.
-BOND ISSUE.DEFEATED
OWOSSO, Shiawassee County, Mich.
-The voters on Nov. 6. for the second time rejected
FOR SECOND TIME.
$62,000 bonds for the purpose of extending and enlarga proposal to issue
the elecing the water distribution system. A previous attempt to secure
time
tors' approval failed on Sept. 4-V. 127, p. 1559-A]though at that twothe project failed to receive the necessary
a favorable vote was polled
thirds majority.
OXFORD VILLAGE SCHOOL DISTRICT, Butler County, Ohio.
-At the election held on Nov. 6-V. 127, p. 2124
BONDS VOTED.
proposition submitted to the electors calling for the issuance of $125,the
approved 1,246 favorable votes being
000 school improvement bonds was
cast compared with 323 against the issue. Bonds will be sold next spring.
-The
-TEMPORARY LOAN.
PALMER, HAMPDEN COUNTY, Mass.
H. C. Grafton Co. of Boston, was awarded on November 14, a $75,000
loan on a 4.47% discount basis. The loan matures in five
temporary
months. Other bids were as follows:
Discount Basis.
ps• Bidder
4.475%
Old Colony
4.50
Atlantic National Bank (Boston)
4.54
First National Bank (Boston)
4.59
F. S. Moseley & Co
4.59%
Merchants National Bank
4.59%
R. L. Day & Co
4.63%
Shawmut Corp. of Boston
-A 3.575-BOND SALE.
PASADENA, Pasadena County, Calif.
jointly awarded on
112.88 issue of coupon street improvement bonds was of San Francisco
Nov. 5 to Dean Witter & Co. and the Detroit Co., both
for a premium of $11.279, equal to 101.96, a basis of about 5.08.
as 54s,
Due $23,000
Denom. $1,000, one for $1,112.88. Dated Oct. 30 1928.int. (J. & J. 2)
and
from 1933 to 1956, incl. and $23,112.88 in 1957. Prin.
of the City Treasurer. Legal opinion by O'Melveny,
payable at the office
have been as
reported
Paler & Myers of Los Angeles. Other bids are Redfield, to Evera Co.,
Van
follows: R. H. Moulton & Co.. $4.489 on 4%s, 53s, and the Fidelity
$13,808 on
$7,026 on 53.15; Wm. R. Staats Co.,
National Co., $6,500 at 53.1%•
-Sealed
-BOND OFFERING.
-A
PASS -GRILLE,Pinellas County, Fla. 5, by Howard 0. Newman,
bids will be received until 8 p. m. on Dec. 6% coupon public improveMayor, for the purchase of a $55.000 issue of 1928 and due on May 15
ment bonds. Denom. $500. Dated May 15
$17,500 in 1948. Prin. and
as follows: $12,500 in 1933, 1938. 1943 and
Petersburg.
semi-annual interest payable at the First National Bank of St. the bid.
payable to the Town, must accompany
A $250 certified check,
following issues
-The
-BOND SALE.
PASSAIC,Passaic County, N. J.
-were
13-V. 127, p. 2573
of coupon or registered bonds offered on Nov.
Co., National City
of the
awarded to a syndicate composed of NewBankers Trust below:
York City, as
and Harris, Forbes & Co; all
Co.
offered) sold as 43js paying $822,669.09.
$801,000 school bonds ($822,000 of about 4.29%. Due Dec. 1. as follows:
equal to 102.70, a basis
$20,000. 1930 to 1955, incl.; $25,000, 1956 to 1966. incl., and
$6,000, 1967. .
as 43.i8, paying $432,: 424,000 improvement bonds ($432,000 offered) sold 4.31%. Due Dec. 1
814.96. equal to 102.079, a basis of about
$20,000, 1951 to 1955,
as follows: $15,000, 1930 to 1950, incl.;
incl., and $9,000, 1956.
by a syndicate headed by Kissel,
Dated Dec. 1 1928. A bid tendered receive consideration as it was on
to
Kinnicutt & Co. of New York failedoffered to take $822,000 school bonds
none basis. The syndicate
an all or
as 43s to pay 100.282
as 4 Xs at 100.025 and $431,000 improvement bonds
for this issue.
-The successful bidders are
NT.
BONDS OFFERED FOR INVESTME
follows: 1930 maturity.
now marketing the bonds for investment, priced as 4.35%; 1932 maturity,
100.19, yield 4.40%; 1931 maturity, 100.42. yield
yield 4.25%, and
100.73. yield 4.30%: 1933 to 1937 maturities, priced to According to the
4.20%.
the 1938 to 1967 maturities, priced to yield
are a legal investment for savings banks and
offering circular the bonds
trust funds in New York, New Jersey and other states.
Financial Statement (Officially Reported).
6,268
Assessed valuation$101,70
12.848.414
Total debt, including this issue
3,180,000
Water debt
1,015,735
Sinking fund
8.652,679
Net debt
Population. U. S. census, 1920. 63,841: present estimate, 75,000.
-The $15,-BOND SALE.
PERRYSBURG, Wood County, Ohio.
t bonds offered on Oct. 27186.10 5% special assessment improvemen
-were awarded to Stranahan, Harris & Oatis of Toledo,
V. 127. p. 2124
equal to 102.054, a basis of about 4.62%. The
at a premium of $3212,1928 and mature on Sept. 1 as follows: $1,186.10,
bonds are dated Nov. 1
incl. A complete
$1,000, 1931 and 1932; and $2,000, 1933 to 1938,
1930;
list of the bids submitted follows:
-Premiums4%%
5%
$312.00 103.50
Co., Toledo,0
Btranahan, Harris & Oatis
298.00
Seasongood & Mayer, Cincinnati, Ohio
292.00
Well Roth & Irving, Cincinnati,0
264.24
0
Provident Savings Bank & Trust Co., Cincinnati,
262.60
Securities, Chicago, III
Channer
43.00
257.00
Ryan, Sutherland Co., Toledo,0
220.20
First Citizens, Columbus,0
175.00
Savings Bank, Mansfield,0
Mansfield
168.56
Perrysburg Banking Co., Perrysburg, 0
162.50
A. T. Bell Co., Toledo,0
162.50
Cincinnati,0
N. 8. Hill & Co.,
150.00
Spitzer. Rorick Co., Toledo,0
123.00
Carpenter & Reese, Toledo,0
Slier,
105.00
W. K. Terry & Co., Toledo,0
93.00
Taylor, Wilson Co., Cincinnati, 0 0
84.00
Assel, Goetz & Moerlein, Cincinnati,
79.00
Guardian Trust, Cleveland,00
28.00
L. Slayton & Co., Toledo,
W.
35.00
0
Otis & Co., Cleveland.
32.00
Arthur Hoefinger, Cincinnati,0
REJECTED.
-BIDS
PIKE COUNTY (P. 0. Petersburg), Ind. % improvement bond
43.'
Nov.
All bids submitted onsale 12 for the $53,735.24
-were rejected according to
2404
-V. 127, p.
Issue advertised for Treasurer. Bonds will be re-offered.
J. T. Wins, County
, Franklin
T TOWNSHIP RURAL SCHOOL DISTRICT Education
PLEASAN
-The Clerk Board of
-BONDS DEFEATED.
County, Ohio.
1981-the proposal
informs that at the election held on Nov. 6-V. 127, p.
n and equipment of school buildto issue $130,000 bonds for the constructio
ings failed to receive a majority vote.
, Richland and Huron
PLYMOUTH VILLAGE SCHOOL DISTRICTof 530 for to 175 against
-By a vote
-BONDS VOTED.
Counties, Ohio.
issuance of $75,000 bonds to pay
6. consented to the
tne electors on Nov.proof scnool building the President Board of Education
the cost of a new fire
the bonds when issued will bear a
reports. This official also states that 25 years.
,
coupon rate of 5 .. and mature serially in
.-The
-BOND SALE
Valparaiso), Ind.
Pr PORTER COUNTY (P. 0. bonds offered on Nov. 13-V 127, p 2719
t
$9.600 43. % road improvemen Wild Investment Co. of Indianapolis at a
awarded to the J. F.
-were
a basis of about 4.28%. Dated Oct. 16
premium of 11112, equal to 101.16.
Nov. 15 from 1930 to 1939 incl. Other
1928. Due $480 on May and
as follows:
Premium.
bids were
Bidder$49.00
Meyer-Kiser Bank
21.00
Corp
64.80
City Securities
Co
Inland Investment Co
61.25
American
Fletcher
29.00
Valparaiso National flank
[vol.. 127.
-The $2,400,-BOND SALE.
PORTLAND WATER DISTRICT, Me.
000 4% water bonds dated Dec. 1 1928 maturing_ 31,200,000 Dec. 1 in
-were awarded to a
1938 and 1948, offered on Nov. 13-V. 127. p. 2573
s_vndicate composed of Harris, Forbes & Co., Old Colony Corp., and the
First National Corp. all of Boston. The price according to the sucCessful
According to a newspaper report the Utility Combidders was
97.634.
mission had decreed that the issue was not to be sold below a price of 98.
-The successful syndicate is
BONDS OFFERED FOR INVESTMENT.
now offering the bonds for investment as follows: 1938 maturity price 98.78,
yield basis 4.15%, 1948 maturity price 98.64, yield basis 4.10%•
Other bids submitted were as follows:
Rate Bid.
BidderE. H. Rollins & Sons, Eldredge & Co., Stone & Webster and Blodget,
Parsons & Co., Fidelity Trust Co., and Charles H.
Inc., Graham.
97.42
Gilman & Co. of Portland
Estabrook & Co., R.L. Day & Co.,and Atlantic-Merrill Oldham Corp.97.59
Financial Statement (As Officially Reported).
$128,239,720
Ass
9,365,000
Total bonded debt, including this issue
$1,100,669
Lees: Sinking fund
8,264,331
Net debt
Population 1920 census, 100.000.
-BOND OFFERING.
PORTSMOUTH, Scioto County, Ohio.
Talmadge Edwards, City Auditor, will receive sealed bids until 12 m.
Nov. 20, for the purchase of an issue of $236.195.54 8% special assessment
street improvement bonds. Dated Nov. 1 1928. Due Nov. 1 as follows:
to 1935.
$23,195.54, 1930; $24.000, 1931: $23.000. 1932: $24.000. 1933 1939. A
incl.; $23,000, 1936: $24.000, 1937; $23,000, 1938. and $24,000.
certified check payable to the order of the City Treasurer for 2% of the
bonds offered is required.
Financial Statement.
$74,229,030.00
Assessed valuation Dec. 31 1927 (actual)
95,000,000.00
(t
Estimated valuation (true)
5,155,430.77
Total debt including these issues
1,574,599.49
included in total
Special assessment bonds
Water works included in total but retired by earnings of
1,157.000.00
water works
194,525.50
Sinking fund for redemption of bonded debt
Population 1920 census, 33.011. Estimated now 60,500.
REDFORD TOWNSHIP (P. 0. Detroit) Wayne County, Mich.
sealed
BOND OFFERING -Perry M.Smith, Township Clerk, will receiveissues.
bids until 4 p. m. Nov. 20 for the purchase of the following 6% bond
aggregating $57,600:
1 1928.
$48,000 special assessment District No. 328 bonds. Dated Nov.
Due $12,000 Nov. 1 1929 to 1932, incl.
5,200 special assessment District No. 128 bonds. Dated Oct. 1 1928.
Due 31,300 Oct. 1 1929 to 1932, incl.
4,400 special assessment District No. 228 bonds. Dated Oct. 1 1928.
Due $1,100 Oct. 1 1929 to 1932, incl.
and
Purchaser to pay for printing and legal opinion. Denoms. $1,000 on
-to be sold
$100. These are the bonds reported in-V. 127, p. 2573
Nov. 6.
RIVERHEAD WATER DISTRICT (P. 0. Riverhead) Suffolk
-The 335,0005% Roanoke Heights enlarge
-BOND SALE.
County, N. Y.
-were awarded to the Sag
ment bonds offered on Nov. 13-V. 127. p. 2404
Harbor Savings Bank of Sag Harbor, at 105.18, a basis of about 4.42%.
The issue is dated Jan. 15 1929 and matures on Jan. 15 as follows: 31,500,
1930 to 1948, incl., and $6.500, 1949.
Other bids were as follows.
Price Bid.
Bidder,
$36526.00
Batchelder, Wack & Co
35,771.05
Parson Son & Co
36,599.15
ers & Traders-Peoples Trust Co
Manufactur
36,564.50
George B. Gibbons & Co
-BOND OFFERINGRIVER JUNCTION, Gadsden County, Fla. Barnes, Mayor, for the
Sealed bids will be received until Nov. 19 by B. F.
and system
works
purchase of a $50.000 issue of 6% copuon water due on plant 1 as follows:
bonds Denom. $1,000. Dated June 1 1928 and 1942 to June and $4,000.
1946,
$3,000,
$1.000, 1932 to 1936;$2,000, 1937 to 1941; & D.) payable in gold at the
(J.
1947 to 1951, all incl. Prin. and int . A certified check for 1% of the
National Atlantic Bank of Jacksonville
bid, payable to the Town, is required.
ROOSEVELT IRRIGATION DISTRICT (P. 0. Phoenix), Maricopa
-Sealed bids will be received until
-BOND OFFERING.
County, Ariz.
Nov. 26 by the District Clerk for the purchase of a $565,000 issue of 5%
in
Due
irrigation bonds. Denom. $1,000. Dated Dec. 1 1928. at theserially
from 11 to 30 years. Prin. and int. (J. & J.) is payable 5% is Seaboard
required.
National Bank in New York City. A certified check for
)
(The above bonds are part of a total issue of $3,065,000.
ROSENDALE UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-The Kingston SavSALE.
-BOND
Rosendale), Ulster County, N. Y.
ings Bank and the Roundout Savings Bank, both of Kingston, jointly purbonds
chased at public auction during November an issue of $30,000 school about
bearing a coupon rate of 53.' at a price of 102 equal to a basis of
Due $1,500. from 1929 to 1948, incl.
4.74%.
ROWAN COUNTY DRAINAGE DISTRICT NO.9(P.O. Salisbury),
-Sealed bids will be received by Alma White,
N. C.
-BOND OFFERING.
of
,
Secretary of the Board of Drainage Commissioners, at the office a L. 0.
until noon on Nov. 26 for the purchase of 39,660
Gregory in Salisbury,
issue of 6% coupon drainage bonds. Denom. $966. Dated Nov. 11928.
Due $966 from Nov. 1 1931 to 1940 incl. Prin, and int.(M.& N.) payable
at the Atlantic Bank & Trust Co. of Salisbury. A $100 certified check
must accompany the bid.
RUSHCREEK TOWNSHIP RURAL SCHOOL DISTRICT, Logan
-At the election on Nov. 6, the
-BONDS DEFEATED.
County, Ohio.
not
proposal to issue $85000 school building bonds failed as the issue did the
55% majority of the votes polled, as required by law. Of
obtain a
ballots cast 351 were for the issue and 333 against it.
RYE UNION FREE SCHOOL DISTRICT NO.1(P.O. Mamaroneck),
-Sealed bids will be
-BOND OFFERING.
Westchester County, N. Y.
received until 8 p. m. Nov. 22 by Edgar L. Howe, Clerk Board of Education, for the purchase of an issue of $31,500 coupon or registered school
multiple of
bonds, interest rate not to exceed 5% and to be stated in a $500. Due
and
1-10th or X of 1%. Dated Dec. 11928. Denoms. 31.000 Incl. Prin. and
follows: $1,500. 1929; and $1,000, 1930 to 1959
Dec. 1 as
int. payable in gold at the First National Bank & Trust Co., Mamaroneck.
A certified check payable to the order of R. P. Brewer, Treasurer. for $630
is required. Legality to be approved by Clay, Dillon & Vandewater of
New York City.
-The following is a list of the
-BIDS.
SALEM, Essex County Mass.
other bidders for the $300,000 temporary loan awarded on Nov. 9 to the
Warren National Bank of Peabody on a discount basis of 4.52%.-V.
127. p. 2719:
Discount Basis.
Bidder
4.59
Salem Trust Co
4.595%
Bank (Boston)
Second National
4.65
Naumkeag Trust Co
4.77
Curtis & Sanger
4.8
Merchants Nat'l Bank (Salem), plus $2.10
4.825
Bank of Commerce & Trust Co
4.89
Salomon Bros. & Hutzler
4.90 0
8. N. Bond & Co
-W. B. Dunn,
-BOND OFFERING
SALEM, Salem County, N. J.
for
City Recorder, will receive sealed bids until 7:30 p. n. November 28,
t bondsthe purchase of 348,000 coupon or registered general improvemen of X of
rate of interest not to exceed 534% and to be stated in a multiple
1.
1%. Dated November 1, 1928 Denominations 31.000 Due November
inclusive.
as follows:$2.000, 1930 to 1938 inclusive: and 33,000,1939 to 1948 & Trust
d Interest payable in gold at the Salem National Bank 2% of
Principalan
City for
Co.. Salem. A certified check payable to the order of the
awarded then will
the bonds bid for its required. No more bends to be to be approved by
of 31.000 over $48.000 Legality
produce a premium
Clay, Dillon & Vandewater of New York City,
0. Oakland), Alameda
SAN LORENZO SCHOOL DISTRICT (P.issue of 5% school bonds
-The $26.000
-BOND SALE.
County, Calif.
-was awarded to Bond &
2719
Offered for sale on Nov. 12-V. 127, p.
31,294, equal to 104.976.
Goodwin & Tucker of Los Angeles for a premium of
a basis of about 4.48%. Due from 1929 to 1954, incl.
Nov. 17 1928.]
FINANCIAL CHRONICLE
SANTA FE PAVING DISTRICT (P.O. Santa Fe), Santa Fe County,
N. M.
-BOND SALE.
-A $60,000 issue of 6% coupon paving and sewer
bonds has recently been purchased by J. D. Grigsby & Co. of Pueblo.
Denom. $500. Dated Nov. 1 1928. Due in 1939. Int. payable on
May and Nov. 1. (This corrects report given in V. 127. p. 2574.)
2859
for the purchase of three issues of 4W% coupon or registered bonds aggregating $78,568 as follows:
841,737.17 sewer bonds, District No. 81. Dated Nov. 16 1928. Due on
Nov. 16, as follows: $4,737.17 in 1929: $4,000, from 1930 to
1937, and $5,900 in 1938.
27,212.29 sewer bonds, District No. 85. Dated Nov. 16 1928. Due on
-BOND SALE.
SEAL BEACH, Orange County, Calif.
-Two issues
Nov. 16, as follows: $2,212.29 in 1929;82,500. 1930 to 1933,and
of bonds, aggregating $50,000. have been purchased by the Bieg-Hofhine
$3,000. 1934 to 1938 inclusive.
Co. of Les Angeles. The issues are as follows: $30,000 city hall site
9,618.54 paving bonds. Dated Nov. 17 1928. Due on Nov. 17,as follows:
and construction and $20,000 sewer system.
$618.54 in 1929, and $1,000. from 1930 to 1938 inclusive.
Bidders must submit separate proposals for each of the above issues and
SENECA COUNTY (P. 0. Tiffin), Ohio.
-BOND SALE.
-The may bid upon one or more
ofsame. Prin.and send-annual int, payable at the
$48,000 57 road improvement bands offered on Nov.8-V. 127, p. 2574
were awarded to W. K. Terry & Co. of Toledo, at a premium of $657.60, State Treasurer's office in Topeka. Bonds have already been printed and
equal to 101.36, a basis of about 4.57%. The bonds are dated Oct. 24 1928 registered. Successful bidder's own attorney to furnish legal approval. A
and mature $8,000. Oct. 1 1929 to 1934 incl. A complete list of the bids Certified check for 2% of the bid is required.
submitted follows:
TOPEKA SCHOOL DISTRICT (P. 0. Topeka) Shawnee County,
Prem. Bid on
Prem. Bid on
Kan.
-BONDS VOTED-The voters at the regular election on Nov. 6-13de. with 6% int. Bde. with 4f4i
Bidders
,
--approved the issuance of $1,100,000 in bonds for a new
V. 127, p. 2125
Guardian Trust Co.,leveland
$189.00
high school braiding by a count of 15,893 "for" to 8,155 "against." It is
,
Rya Sutherland it Co., Toledo
882.40
reported that bids will be received in six or eight months.
Ealum, Bosworth & Co., Toledo
$513.00
W. K. Terry & Co.. Toledo
657.60
TULSA, Tulsa County, Okla.
-BONDS OFFERED FOR INVESTSeasengood & Mayer, Cincinnati
$6.00
AfENT.-The $1.750,000 issue of 4% and 4W % series 1928 school bonds
The Herrick Co., Cleveland
256.00
that was awarded on Oct. 15 to a syndicate headed by the Harris Trust &
the Tiffin
The Commercial Natl. Bank &
Savings Bank of Chicago at par--17. 127, p. 2406
-Is now being offered
Natl. Bank, Tiffin; the Provident Say.
for public subscription by the purchasers at prices to yield from about
Bank & Tr. Co., Cincinnati
153.00
4.28 to 4.40% according to maturity. As officially reported, the assessed
The Provident Say. Bank & Tr. Co.,
valuation for taxation is $146,782,284; total debt, including this issue.
Cincinnati
105.60
17.262,150; net debt. $6,001,435. These bonds are offered subject to
Well,Roth & Irving Co., Ccaaati
636.00
the opinion of counsel, that they will be direct general obligations of the
from unlimited ad valorem taxes levied against
SHAKER HEIGHTS VILLAGE SCHOOL insrmIcrr, Ohio.
-- entire district, payable
BONDS VOTED-The $1,250,000 bond issue funds to be used for school all the taxable property therein.
construction and equipment purposes submitted to the electors on Nov. 6
TUSCUMBIA, Colbert County,
-BOND SALE.
-An issue of
_oir. 127. P. 2125 was voted. J. W. Main, Clerk-Treasurer, reports. Of $138,000 improvement bonds has been Ala.
purchased by W. L. Slayton & Co.
the total ballots cast 5,018 were in favor of the preposition and 2,321 against of Toledo.
it. Part of the issue will probably be offered in January the Clerk-Treasurer
says.
UMATILLA COUNTY SCHOOL insalticr NO. 80 (P. 0. Pendle-BOND OFFERING.
ton) Ore.
-Sealed bids will be received until Nov.
SHELBYVILLE,Bedford County,Tenn.
-ADDITIONAL INFORMJ. Aleengs, District Clerk, for the purchase of a
ATION.
-The $50,000 issue of 551 street bomb awarded .to J. C. Bradford 20, by S.
557 semi-annual school bonds. Dated Dec. 1 1928. Due89.000 issue of
on Dec. 1, as
& CO. of Nashville at a price of 101.166-V. 127. 1). 2719
-Is dated Aug. 1
$1,000 in 1929. and $2,000 from 1930 to 1933. A certliaml check for
1928 and due on Aug. 1 as follows: $4,000. 1929, 1931, 1934. 1936, 1939, fellows: accompany the bid.
must
1946, and 1949 to 1951. and $6,000 In 1952. givtag a basis 5%
1941. 1944,
UNIONDALE SCHOOL DISTRICT (P. 0. Hempstead), Nassau
of about 4.88%.
-BOND SALE.
County, N. Y.
-The $300,000 school bonds, coupon or
SIGNAL HILL, Los Angeles County, Calif.
-BOND SALE.
-An registered In form, offered on May 23-V. 126. 3010
-were awarded to
/Mlle of $100,000 57 water works bonds has been purchased by the Wm. the Bancitalv Corporation of New York, as 4 s. The bonds mature as
H. Stoats Co. of Los Angeles. Denorn. $1,000. Dated Feb. 1 1928. follows: 810,000, 1930 to 1944, incl.: and $15,000, 1945 to 1954, incl.
Due $5,000 in 1938 and $19,000 from 1939 to 1943 incl. Prim and int.
UTICA, Oneida County N. Y.
-BOND SALE.
-The following bond
& A.) payable at the office of the City Treasurer. Legal opinion
issues aggregating $411,42461 offered on Nov. 12-V. 127, p. 2720
furnished by WAlelveriy, Tuller & Meyers of Los Angeles.
were awarded jointly to George B. Gibbons & Co. and Roosevelt & Son
SOMERFORD TOWNSHIP, 01110.
-BONDS DEFEATED-The both of New York,as 4.20s, at 100.27,a basis of about 4.16%:
voters on Nov. 6, by a count of 94 for it to 118 against the proposal refused $100,000 sewers and sewage disposal plant bonds. Dated Sept. 1 1928.
to authorize the Lenience of 126,900 bonds for construction and equipping
Due $5,000, Sept. 1 1929 to 1948 inclusive.
a new fire-proof school house.
75,000 park bonds. Dated Sept. I 1928. Due Sept. 1. as follows:
83,000, 1930 and $4,090, 1931 to 1948 inclusive.
SOUTH NORFOLK (P. 0. Norfolk) Norfolk County, Va.-ADDI67,000city court bonds. Dated Sept. 1 1928. Due $6,700, Sept. 1.
-The $175,000 ISSHO of 5% street improvement
TIONAL DETAILS.
1929 to 1938 inclusive.
bonds that was jointly purchased by Fredlc E. Nolting & Co. of Richmond
60,000 railroad grade crossing elimination bond*. Dated Sept. I 1928.
Investment ()orp. of Norfolk-V. 127, la. 2574
and the
-is dated May 15
Due $3,000, Sept. 1 1929 to 1948 inclusive.
1927 and due on May 15 1947. Denona.$1,000. Coupon bombs registerable
34,429.01 Delinquent Tax bonds. Dated Sept. 5 1928. Due Sept. 5
as to principal only. Prin. and int. (vi. & N. 15)is payable at the Bankers
as follows: 16,429.01. 1929; and 17.000. 1930 to 1933 incl.
Trust Co. of New York City. Imp:silty to be approved by Thomson.
30,000 general hospital bonds. Dated Sept. I 1928. Due $1,500.
Wood & Hoffman of New York.
Sept. 1 1929 to 1948 Inclusive.
23.000 Deferred Assessment bonds. Dated Oct. I 1928. Due Oct. I
SPENCER INDEPENDENT SCHOOL DtsrmIcr (I.. c). Sioencer),
as follows: 83.000. 1929; and $4,000, 1930 to 1934 incl.
-The 840,000 issue of 4W 51 refundClay County, Iovva.--BOND SALE.
17.000 Deferred Assessment bonds, bated Judy 1 1928. Due July 1,
0V
hag bonds offered for sale on Nov. 13- . 127,:p. 2719
-was awarded at
as follows: $2.000, 1929: and 83.000, 1930 to 1934 incl.
par to the White-Phillips Co. of Davenport. I)ated Dec. I 1928. Due
5.000 police station and court building bonds. Dated Sept. 1 1928.
$5,000 from Dec. I 1930 to 1937 inclusive.
Due $1.000. Sept. I 1929 to 1933 Inclusive.
SUVVANFAE COUNTY SPECIAL TAU( SCHOOL. DIsalucrr No.
A list of the other bids submitted follows-all bids for 43i% bonds:
-BOND SALE.
(P. (). Live (Mk), Fla.
--The $25,000 issue of 6% school
BidderPrice Bid.
building bonds offered for sale on Oct. 160V. 127, 1). 1840
Pulleyn & Co
-has been sold
1412.618.04
Dated Nov. 1 1928. Due $1,000 from Nov. 1 1931 to 1955,incl.
Maps, Fenn & Co. and R. L. Day & Co
412,169.58
Bancitaly CorE
412,092.00
SWITZERLAND COUNTY (P. 0. Vevey), Ind.
-BOND SALE.
- First Bank & Trust Co. and Dewey. Bacon & Co
412,087.30
The $38,800 434% road bonds offered on Nov. 5-ir. 127, 1). 2265
--were
el, Kinnicutt & Co
411,963.88
awarded to the First National Bank of Vevey, at a premium of $240. equal Sherwood & Merrifield. Inc., and
Citizens Trust Co.
411,787.00
to 100.61, a basis of about 4.39%. The bonds are dated Oct. 15 1928 and 11, L. Allen & Co and Rutter & Co
411.662.29
mature $1,940 on May and Nov. 15 from 1930 to 1939, incl. Other bids
were as follows:
VANDERBURG COUNTY (P. 0. Evansville), Ind.
-BOND OFFEIr
Bidder
Premium. ING.-Sealed bids will be received by Charles 0. Wesselman. County
Fletcher American Co
$217.70 Treasurer, until 10 a. m. Dec. 1, for the purchase of an issue of $5,500
Investment Co
Inland
213.00 road bonds bearing interest at the rate of 434% and maturing semi-annually
Meyer-Riser Bank
165.00 from 1930 to 1939, inclusive.
City Securities Corp
238.00
WAKEMAN TOWNSHIP RURAL SCHOOL DISTRICT, Huron
TAYLOR, Williamson County, Tex.
-BONDS DEFEATED.
-The $100.000 bond issue pro-BONDS OFFERED FOR IN- County, Ohio.
VESTMENT.
-The $250,000 issue of 4H% water plant bonds that was posed to provide funds for the construction of a new school building subawarded at par to T. H. Bowman & Co. of Austin
-was rejected, accord-V. 127. p. 2574
- mitted to the electorate on Nov.6-V. 127. p. 2407
is new being offered for public subscription by Kauffman, Smith & Co. ing to the Clerk Board of Education.
of St. Louis, priced at par and int. to yield 4.50%. Denom. $1,000.
WALLA WALLA COUNTY SCHOOL DISTRICT NO. 68 (P. 0.
Dated Aug. 1 1928. Due from Aug. 1 1938 to 1957 incl. No option of
-BOND OFFERING.
Walla
-Sealed bids will be received
prior maturity. Prin. and int. (F. & A.) payable at the National Bank by HenWalla), Wash.
Thompson,
of Commerce in New York. Legality to be approved by Chapman & purchase of an issue County Treasurer, until 10 a. m. on Nov. 24, for the
of $1,500 school bonds. Interest rate is net to exceed
Cutler of Chicago.
6%. Due in from 2 to 20 years. A certified check for 5% of the bidis
TENNESSEE,State of (P. 0. Nashville).
-NOTE SALE.
-A $2,000,- required.
000 issue of notes was recently purchased by a group composed of the First
WARREN COUNTY (P.O. Warrenton), N. C.-INT. RATE
-BASIS
National Corp. of Boston; R. W. Pressprich & Co., and Stone and Webster
issue of funding bonds that was awarded on Nov. 5 to
and Blodget, both of New York, at 5.30%. Dated Nov. 10 1928. Due on -The $50,000
Stranahan, Harris & Oatis. Inc., of Toledo at a price of 101.60-V. 127
1929.
Sept. 10
-bears interest at 5%, giving a basis of about 4.48%. Due from
p. 2720
TEXAS, State of (P. 0. Austin).
-BONDS REGISTERED.
-The Nov. 1 1930 to 1943. inclusive.
following issues of bonds were registered by the State
Comptroller during
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.-BOND
the week ended Nov. 10:
OFFERING.
-T. Howard Duckett, Chairman Suburban Sanitary Com$5,000 5
Hermleigh Independent School District. Due in 40 years.
mission, will receive sealed bids until 3 p. m. Nov. 23, at his office 1420
1,000 5% Travis County Consol. Sch. Dist. No. 37. Due serially.
New York Ave.. N. W., Washington, D. C. for the purchase of $300,000
Poteet Independent S. D. refunding bonds. Due serially.
12,500 5%
4;4% series "5" water bonds. Dated Nov. 1 1928. Due Nov. 1 1978
3,500 8% Donley County Consol. S. D. No. 16 bonds. Due serially.
optional after Nov. 1 1958. A certified check for $3,000 is required.
-BOND ELECTION.
THREE OAKS, Berrien County, Mich.
-The Legality to be approved by Chester B. Masslich of New York City.
voters on Dec. 4 will be asked to pass on a bond issue of $15,000. Of
WEST JEFFERSON, Ohio.
-BONDS DEFEATED'.
-The electors on
this amount $5,000 would be used to pay current bills.
Nov. 6 rejected a proposal to issue $10,000 bonds to provide funds to pay
-BONDS VOTED.
TIFFIN, Seneca County, Ohio.
-A $1.00,000 bond for the completion of the village sanitary sewerage system. The vote was
issue was approved on Nov. 6, by the electorate. Of the votes cast 3.787 263 for and 352 against the project.
wore for the proposal compared with 3,094 against. A 55% majority was
WEST NEW YORK, Hudson County, N. J.
-BOND SALE.
-The
required.
following issues of coapon or registered bonds offered on Nov. 13-V. 127.
p. 2574
-were awarded as
TIOGA, Williams County, No. Dak.-BOND OFFERING.
-Sealed Schldter & Ca., Prudden &stated below, to a syndicate composed of M. F.
Co. and Seasangood & Mayer, all of New York:
bids will be received until 2 p. m. on Nov. 24 by M. J. Skrede, Village
Clerk, at the office of the County Auditor in Williston for the purchase of a $299,000 school bonds (3300.000 offered) as 43s. paying 1300.831.30, equal
to 100.55, a basis of about 4.46%. Due Oct. 1 as follows: 17.000,
$6,000 issue of fire equipment bonds. Int. rate is not to exceed 6%. A
1930 to 1959, incl.; $10,000, 1960 to 1967, incl.; and 19.000. 1968.
certified check for 2% must accompany the bid. (These bonds were un12,000 assessment bonds as 454s at par. Due Oct. 1 as follows: $2,000,
,
successfully offered for sale on Aug. 25-V. 127, p. 1286.)
1929 to 1933, incl.; and $1,000. 1934 and 1935.
COUNTY (P. 0. Tipton) Ind.
-BOND OFFERING._
TIPTON
To a syndicate composed of Kountze Bros.; Kean, Taylor & Co., and
Sealed bids will be received by Chalmer Hobbs, County Treasurer, until Ames, Emerich & Co., all of New York:
10 a. m. Nov. 24, for the purchase of an issue of $11,253 road bonds to $200,000 improvement bonds as 434s, at a premium of 8260. equal to
bear interest at the rate of 434% and to mature semi-annually from 1930 to
100.13. a basis of about 4.43%. Due Oct. 1 as follows: $7.000.
1939 inclusive.
1930 to 1941, incl.; $8,000, 1942 and 1943, and $10,000. 1944 to
to 1953, inclusive.
-$5,850,000 BONDS APPROVED.TOLEDO Lucas County, Ohio.
Dated Oct. 1 1928.
-the electors authorized
At the election held on Nov. 6-V. 127, p. 2266
the issuance of $5,850,000 bonds, consisting of $3,000.000 Maumee River
WEST VIRGINIA, State of (P. 0. Charleston).
-BOND SALE.
and $2,850,000 City University bonds. Voting The 1500,000 issue of road bonds offered for sale on Nov. 13-V. 127, p.
bridge construction bonds
was as follows--Bridgo Issue: yes, 43,675; no, 30,336. University Bldg.: 2720
-was jointly awarded to Estabrook & Co. of New York and C. T.
yes, 48,905; no, 36,
Williams & Co. of Baltimore, at a price of 100.002, a net interest cost of
47I•
about 4.08%. The issue is divided as follows: $88.000 as 4;0, due on
TOLEDO CITY SCHOOL DISTRICT, Lucas County, Ohio.
-The election held on Nov. s
- July 1 1943 and $412,000 as 45, due on July 1 as follows: $62,000 in 1943;
$5,000.000 BOND ISSUE APPROVED.
-resulted in the approval of the 15,000.000 school bond 1150.000. 1944 and 1945 and $50,000 in 1946. The second highest offer
V. 127. P. 2266
was a joint bid by Lehman Bros. of New York and Stein Bros. & Boyce
issue submitted for ratification. Voting was as follows: yes, $3,116; of Baltimore. offering 100.02, for $100,000 as 4;is, and
$400.000 as 4s.
no, 41,067.
BONDS OFFERED FOR SUBSCRIPTION.
-The successful bidders are
-BOND OFFERING.-Sealed now offering the
We TOPEKA, Shawnee County, Kan.
m.on Nov.20, by F. W.Knapp,City Clerk, 4% are priced above issue of bonds for investment as follows:the $412.000
bids will be received until 10 a.
to yield 4.00% and the $88,000
% bonds are priced to
[VOL. 127.
FINANCIAL CHRONICLE
2860
yield 4.50%. It Is reported that these bonds. Issued for highway purposes,
are direct obligations of the State, and reports assessed valuation of$2,095,430,997 and the total bonded debt of $56,524,600. Population, according
to the 1920 census is shown as 1.463,701. The bonds are legal investment
for trust funds and savings banks in New York, Mass. and Conn.
WILMINGTON, New Castle County, Del.—BOND SALE.—The following issues of 434% bonds aggregating $500000, offered on Nov. 15—
V. 127. p. 2720—were awardedJointly to Morris Mather & Co. and M. F.
Schlater & Co., both of New York City, as below:
*350.000 harbor extension bonds, sold at 104.33, a basis of about 4.18%.
Due $10,000, Oct. 1 1933 to 1967, inclusive.
100,000 school bonds sold at 100.137 a basis of about 4.43%. Due as
follows: S15.000, Nov. 1 1929; $15,000, May and Nov. 1 1930
and 1931; also $15,000, May and $10,000. Nov. 1 1932.
50,000 street and sewer bonds, sold at 101.20, a basis of about 4.30%.
Due $10,000, Oct. 1 1933 to 1937, inclusive.
Dated Dec. 1 1928. The total amount paid for the three WOOS was
*515,892.
Financial Statement.
The following is published for the purpose of furnishing a summarized
statement regarding the financial condition of the City of Wilmington, Del.
$133,662,650.00
Assessed valuation for fiscal year ended June 30 1928
Value of real estate and equipment owned by the City— 30,665,358.51
Present total bonded debt Encl, these issues (exc.school bds.) 9,556,600.00
1,555,000.00
School bonds including this issue
511.325.59
Value of sinking fund
None
Floating debt
Present population, 126,400.
WILSON COUNTY (P. 0. Lebanon), Tenn.—BOND ELECTION.—
A special election will be held on Nov. 30 in order to pass upon a proposal
to issue $500,000 in bonds for road construction and improvement. Int.
rate of the bonds is not to exceed 6%. Dated Dec. 1 1928. Due from
Dec. 1 1929 to 1958, inclusive. 00210M. $1.000. Coupon bonds. Prin.
and int. (J. & D.) payable at the Chemical National Bank in N. Y. City.
WILSONVILLE, Fumes County, Neb.—BOND SALE.—A $30,000
issue of 5% water works system bonds has recently been purchased by
an investor.
WORCESTER, Worcester County, Mass.—BOND SALE.—R. L.
Day & Co. of Boston were awarded on Nov. 15, $600,000 4% street bonds
maturing 360,000, from 1929 to 1938, inclusive; $100,000 4% water bonds
maturing /5.000, from 1929 to 1948, inclusive; and another issue of 4%
water bonds amounting to *100.000, maturing $5,000, from 1929 to 1948.
inclusive, at a price of 100.549, a basis of about 3.92%. All three issues
aggregate $800,000. Other bids were as follows:
Rate Bid,
Bidder—
100.469
F. S. Moseley & Co
100.381
E. H. Rollins & Sons
d bids will
XENIA,Greene County, Ohlo.—BOND OFFERING.—Seale the purbe received by T. H. Zell. City Auditor. until 12 m. Nov. 23, for
Dated
chase of an issue of $11,000 53% fire truck apparatus bonds. 1930 to
Sept. 1 1928. Denom. $1,000. Due Sept. 1 as follows: $1.000. to the
inclusive; and $2,000, 1939. A certified check, payable
1938.
order of the City Treasurer for 2% of the bonds bid for, is required. Legality to be approved by Squire. Sanders & Dempsey of Cleveland.
YSLETA SCHOOL DISTRICT (P. 0. El Paso), El Paso County,
Colo.—INT, RATE—MATURITY.—The $50,000 issue of school bonds
that was awarded at par to the various sinking funds—V. 127. p. 2267"
bears interest at 59 and is due on April 10 as follows: *1,000. 1931 and
1932; 1934 and 1935; 1937 and 1938; 1940 and 1941; 1944 .1946 and 1947:
1949 and 1951 to 1954; 82,000, 1956 to 1961; 34,000, 1964 to 1966 and
$5,000 in 1967 and 1968.
CANADA, its Provinces and Municipalities.
KENOGAMI, Que.—BOND SALE.—The $95.000 improvement bonds
bearing a coupon rate of 5% offered on Nov. 6—V. 127. P. 2575—were
awarded to Dube. Leblond & Co., at a price of 97.50. The issue matures
serially in 30 years.
MAGOG, Qua.—BOND OFFERING.—Sealed bids will be received by
A. Tourigny, Secretary-Treasurer, until Nov. 22, for the purchase of an
issue of 892,000 improvement bonds to bear interest at tile rate of 5%
and mature serially on Nov. 1 from 1929 to 1958, inclusive.
NELSON, B. C.—BOND OFFERING.—Sealed bids will be received by
W. E. Wasson, City Clerk, until Nov. 26 for the purchase of an issue of
power debentures amounting to $140,000 to bear interest at the rate of 5%.
Due serially.
NORANDA, Que.—BOND OFFERING.—F. Herbert, Secretary-Tress
urer. will receive sealed bids until 5 p. in, Nov. 20,for the purchase of the
following 5% bond issues aggregating $413,000:
-year serial bonds.
$360,000 40
-year serial bonds.
20,000 10
-year serial bonds. Dated Jan. 2, 1929.
33,000 20
Payable at Noranda, Montreal and Toronto.
NOVA SCOTIA, Province of (P. 0. Halifax), Can.—BONDS OFFERED FOR INVESTMENT.—The syndicate headed by Blair & Co.
of New York, which purchased privately on Oct. 22, a $2.000.000 IMMO of
43i% provincial bonds, securing an option on an additional $3,000,000
—V.127, P. 2575—is now offering the issue for public subscription price
to yield 4.75%. The syndicate besides Blair & Co. includes, Chase Securities Corp., E. H.Rollins & Sons, William R.Compton Co. all of New York,
Shawmut Corp. of Boston, Royal Securities Corp. and McLeod, Young,
Weir & Co. both of Toronto, and the Minnesota Loan & Trust Co. of
Minneapolis;also the Wells-Dickey Co. of Minneapolis. Proceeds of loan
to
will be used to refund existing indebtedness. Nova Scotia, according an
the latest financial statement, as of Oct. 25 1928, had property withthis
assessed valuation of $162,040,249. and total funded debt including
issue of $45,763,990 and net funded debt of $31,142,587. The population
Is 523.837 according to the 1921 census.
OSHAWA, Ont.—BOND ELECTION.—At the municipal election held
in January the rate-payers will be asked to pass on several debenture bylaws aggregating $1,400,000 according to the Nov.9 issue of the "Monetary
Times" of Toronto.
TERREBONNE, Que.—BOND OFFERING.—Sealed bids addressed to
the
0. Vezina, Secretary-Treasurer, will be received until Nov. 23, for5%'
purchase of $100.000 improvement bonds bearing a coupon rate of
Oct. 1 from 1929 to 1968, inclusive.
maturing serially on
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