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financial
rttde
Railway&Industrial Compendium
State & Municipal Compendium
VOL. 125.
Public Utility Compendium
Railway Earnings Section
SATURDAY, OCTOBER 1 1927.
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The Financial Situation.
After the deluge of news in recent months and
recent years telling the public that the Governor of
the Federal Reserve Bank of New York was in conference with the heads of the Bank of England, the
Bank of France and the Bank of Germany, it is refreshing to have had a cablegram the past week saying that Charles E. Mitchell of the National City
Bank of New York had arrived in Berlin and was
to get in communication with the President of the
German Reichsbank, Dr. Hjalmar Schacht, and
other financial magnates. This is encouraging and
satisfactory, because if Germany or other European
countries are in need of financial assistance from
the United States, as every well-informed person
knows they are, the assistance ought to come from
private financial institutions in this country and
not from the Federal Reserve banks. Private banks
and bankers are sure to weigh most carefully the
hazards involved in such a proceeding, calculate very
closely every risk entering into the undertaking, and
make sure to divide the risks of loss among a large
number of associates, each capable of bearing his
share of the loss in the event of an unfavorable outcome. Not only that, but such financial undertakings, whether on behalf of foreign industries or of
foreign Governments or of foreign banks, are properly the function and the prerogative of private
banks and bankers in this country.
The Federal Reserve banks, on the other hand,
are not, and should not, be charged with any such
duties, and they should not voluntarily assume the
responsibility. These Federal Reserve banks are
Government, or semi-Government, institutions, and
they are the custodians of the entire reserves of a11.
the national banks in the country, as well as the
custodians of the reserves of State banks and trust
Bank and Quotation Section
Bankers' Convention Section
NO. 3249.
companies to the extent that these have joined the
Federal Reserve System. They have no right to put
these reserves in jeopardy, as they did when they
extended a revolving credit of $200,000,000 to the
Bank of England, however desirable the object in
view may have been. These reserves exist exclusively for the benefit of the banks that form parts
of the Reserve System. Nor have the Federal Reserve institutions any warrant for purchasing gold
abroad in large amounts, especially when their own
coffers are overflowing with supplies of the metal,
proving that they have no need for acquiring additional supplies either at home or abroad, for no better reason than that of placing the foreign gold at
the disposal of foreign institutions, the money meanwhile being kept unproductive.
We believe that the Federal Reserve banks in both
these engagementsexceeded their authority and acted
wholly without warrant of law. We believe furthermore that such authority ought never to be conferred upon the Reserve banks and that if the reserves of the member banks are ever placed at the
disposal of a foreign bank or banks, either directly
or indirectly, it ought to be done only with the
express consent of Congress, first obtained for the
purpose. Therefore, we welcome the announcement
that Mr. Mitchell has been in conference with Dr.
Schacht of the Bank of Germany. We know, of
course, that Mr. Mitchell has not in mind the negotiation of a credit to the Reichsbank, but if the question of a credit to that bank or the Bank of England,
or the Bank of France, or the Bank of Poland, or any
other foreign bank, shall again come up in the future, that is the course it should take. The Reserve
banks should be left out of the consideration. They
should be told to keep their hands off and be required to attend strictly to their own business.
Brokers' loans on the Stock Exchange still keep
moving upward and with a regularity worthy of
emulation on behalf of a better cause. That feature
is again the striking, if not startling, characteristic
of this week's return of the Federal Reserve Board,
the same as it has been in all recent preceding weeks.
The further addition the present week is $21,873,000,
establishing not only a new high record, but bringing the total well above $3,300,000,000, the exact
figure now being $3,305,623,000. This is the amount
at the close of business on Sept. 28. On Sept. 21 the
amount was $3,283,750,000; on Sept. 14 $3,249,251,000; on Sept. 7 $3,206,299,000; on Aug. 31 $3,184,058,000, and on Aug. 24 $3,168,074,000. Thus in the
space of five weeks the expansion has reached $137,549,000. On Sept. 29 1926, when the figure was by
no means small, the aggregate was $2,812,971,000,
1750
THE CHRONICLE
[VoL. 125.
showing an increase for twelve months not far from been enlarging their holdings of Government secuhalf a billion dollars, the precise extent of the in- rities uninterruptedly week by week since July 25,
crease being $492,652,000. There has been consider- and the present amount at $494,352,000 compares
able talk in the newspapers to the effect that the with only $302,041,000 on Sept. 29 last year, showpresent week's increase is ascribable to the payment ing an increase for the twelve months of $192,311,for the "when issued" contracts for the General 000. In this increase we see how the Federal ReMotors stock in which the dealings have been large serve banks are pushing out reserve credit of their
since they first appeared on the Exchange on Aug.19 own volition, in the absence of borrowing by the
with the announcement that two new shares of $25 member banks on the former scale, thereby affording
par value were to be issued in exchange for one share aid and stimulus to the deplorable speculation on
of the old stock of no par value. The "when issued" the stock market. As a result of the past week's instock was stricken from the Exchange list and the crease in borrowing at the Reserve institutions by
new stock then admitted to the list on Sept. 23. the member banks, which served to swell the reserve
Some borrowing, no doubt, had to be done when of the member banks at the Reserve institutions, the
taking up the "when issued" contracts.
deposits of the Reserve banks (consisting almost enBack in May it was similarly contended that the tirely of the reserve of the member banks) have risen
turning of the "when issued" new shares of the from $2,362,700,000 Sept. 21 to $2,398,768,000 Sept.
United States Steel Corporation, after the payment 28. At the same time the amount of Federal Reof the 40% stock dividend, into stock minus the serve notes in actual circulation increased from
right to the stock dividend, had played an important $1,700,522,000 to $1,705,768,000. Gold holdings,
part in swelling the total of these brokers'loans. In however, during the week declined from $2,994,196,June and July, it will be recalled, the explanation 000 to $2,988,853,000. As a consequence, the ratio
adduced for the steady expansion in these "loans to of total reserves (including reserves other than
brokers and dealers (secured by stocks and bonds)" gold) to deposit and Federal Reserve note liabilishown by the 52 reporting member banks in New ties combined fell from 77.1% Sept. 21 to 76.3%
York City was the congestion in the bond market Sept. 28.
arising out of the inability of a number of syndicates
As was expected, the New York Clearing House
to float several new bond issues for a considerable banks and trust companies in their return last Sataggregate. It happened, though, that when the bond urday showed a greatly improved condition. As
congestion referred to disappeared as a result of the against the deficiency below legal reserve requiredissolution of the syndicates concerned and the ments of $30,262,640 the previous Saturday, there
liquidation of their holdings on the Stock Exchange, now appeared excess reserve above legal requireat big concessions in prices, no reductions of any ments in amount of $25,067,450. This followed
consequence occurred in the grand aggregate of the largely as a result of the augmentation (by borrowing) of the reserves kept with the Federal Reserve
loans.
The same thing is true as regards the other spe- Bank of New York, this item having risen during the
cial influences that have been mentioned as respon- week in amount of $42,323,000. There was at the
sible, for the time being,for the rise in the aggregate same time an addition of $2,082,000 to the amount
of these loans. No contraction has followed after of cash held in own vaults, though such cash does
the special circumstances and influences operative not count as legal reserve for the members of the
for the moment had passed. Evidently, therefore, Federal Reserve. The changes in other items were
the underlying causes are of deeper origin and are to of still larger dimensions and were no doubt conbe found in the rampant and uncontrolled specula- nected with Treasury financing and Treasury tax
tion on the Stock Exchange, at huge advances in collections. Thus the loan item was reduced no less
prices, it being the nature of such speculations that than $109,433,000, and this was attended by a dethe more fuel that is fed to them, in this case money crease in demand deposits of $101,753,000 and a
decrease in time deposits of $12,555,000. In all these
supplies, the more they require.
From the returns of the Federal Reserve banks figures we are dealing with the returns of actual
themselves for the same week, it is also apparent condition at the end of the week. In the average for
that the member banks are now also enlarging their the week the excess reserve was only $3,624,270, a
borrowings at the Federal Reserve institutions. The decrease from the average of the preceding week of
Federal Reserve Bank of New York shows an in- $3,240,690. As the excess reserve at the end of the
crease on Sept. 28, as compared with Sept. 21, in the week was, as already stated, $25,067,450, this makes
holdings of discounted bills from $123,162,000 to it apparent that the deficiency in reserves recorded
$148,383,000, an increase in the holdings of accept- at the end of the previous week continued well into
ances from $70,535,000 to $84,011,000, and an in- the new week and that the improvement was not
crease in the holdings of United States Government effected until towards the end. Another point
securities from $90,878,000 to $94,864,000, giving an worth noting, more particularly as indicating the
increase in the grand total of bills and securities flourishing condition of the United States Treasury,
from $284,575,090 to $327,258,000. The twelve Re- is that Government deposits with these Clearing
serve banks combined (including the Reserve Bank House institutions, which the previous week had
of New York) show an increase in the volume of dis- been run up from only $703,000 to $114,687,000, were
counts from $414,565,000 to $430,312,000, an in- maintained at the latter figure throughout the whole
crease in acceptances from $218,660,000 to $242,148,- week.
000, and an increase in Government securities from
The stock market has again been more or less
$483,543,000 to $494,352,000, raising the grand total
of bills and securities from $1,117,588,000 to $1,167,- irregular and more or less reactionary, and yet
showing vigorous rallying power. With liquidation
632,000.
It is worth pointing out again that with the ex- in the general stock list, or rather in the recent specception of Sept. 21 the Federal Reserve banks have ulative leaders, railroad stocks have continued to
OCT. 11927.]
THE CHRONICLE
gain ground, and bonds have been distinctly strong,
the Dow-Jones average of forty investment bonds
approaching 98.50. Money conditions have remained
much the same, although during the week the call
loan rate was again marked down to 3 %. In con/
1
2
sidering the altitude of the stock market consideration must obviously be taken of the fact that stocks
are not all equally high. Many different factors, of
course, enter into the appraisal of a stock, such as
financial position, management, the situation within
the industry, etc., but when it is all boiled down,
prices are ultimately determined by dividend payments and prospects of further dividend payments,
and these in turn are determined by earnings.
During the past year we have had few general reactions in the stock market which partook of the
nature of the reaction of February and March 1926,
or even that of October 1926. Probably the principal reason for this has been the discrimination in
the selection of stocks, the selling of those which
were relatively high, and the purchase of those which
seemed relatively low. And yet, admitting all this,
the general level of prices is now so high that it
must be considered as discounting in a most liberal
nay extravagant, fashion, everything of a favorable
nature that may happen, while leaving entirely out
of the account anything of an unfavorable nature,
such as trade reaction, with which the country is
now laboring, and falling railroad earnings, which
are now also an unfortunate feature of affairs.
The eighth Assembly of the League of Nations, in
session at Geneva since Sept. 5, adjourned Tuesday
after a meeting that was summed up as the least
thrilling and at the same time one of the most important ever held. The Assembly, earlier in the
month, seemed to have reached an impasse in its efforts to further peace and to outlaw war. Progress
toward this end appeared especially difficult when
the representatives of the larger Powers very generally vetoed the sweeping resolutions introduced by
the Netherlands and Poland and supported by the
small nations as a whole. Doubt was expressed as
to whether, under the circumstances, it would be
advisable to hold the scheduled November meeting
of the Preparatory Disarmament Commission, on
which the United States is represented. The suspension of the work of this Commission last spring,
followed by the breakdown of the Tr -Power Naval
Conference, gave rise to a feeling of discouragement
which was certainly not lessened by the inability of
the small nations and the large Powers to agree on
a formula for peace. "On the one side," said a Geneva dispatch of Sept. 25 to the New York "Times,"
"there was the common wish of the small Powers
for universal guarantees: On the other side was the
British Empire with restricted obligations. On the
one side was M. Boncour with his idea that there
could be no disarmament without security first; on
the other side was Germany almost angrily demanding disarmament first and immediately."
The problem was taken up for more specific study
Sept. 12 by the Third Commission of the Assembly,
and in consequence, dispatches said, of long, hard,
earnest labor, not spectacular, great and unexpected
results were attained almost overnight. These results, embodied in a new plan to achieve disarmament, were placed before the Assembly last Saturday
in addresses by Dr. Gustav Stresemann, the German
Foreign Minister, M. Joseph Paul Boncour of
1751
France, Dr. Loudon of Holland and Senator de
Brouckere of Belgium. Dr. Stresemann insisted
that armaments could not and should not form the
basis of security, arguing that their inevitable effect
was a threat to other nations. Imploring the delegates of more than fifty nations not to shake the
faith of mankind that a better future will follow the
dark days of the war, he asserted that the League of
Nations could not endure unless the duty of general
disarmament was discharged. The speech of Senator de Brouckere, however, attracted the most attention, according to an Associated Press report.
M. de Brouckere, who acted as reporter for the
Third Commission, solemnly warned the Assembly
that the road to success would be long and perilous
but he maintained fervently that the goal would
finally be reached. "I do not say that peace now is
assured," he exclaimed. "I do not say that the
wolves of war have ceased howling in the forests.
But I do say that, under the auspices of the League,
forces are being organized which will clear the forests of these wolves; that we have realized some
part of our hopes and that the number of men of
good-will in all countries is steadily increasing." Dr.
Loudon, Chairman of the Third Commission, then
spoke of a resolution drawn up by the committee
which, he said, had given the disarmament movement a new impulse. The Preparatory Disarmament Commission will meet at the end of November,
he announced, and will appoint a special Security
Committee which will work in liaison with the parent commission. The separating of the issue of security from the issue of disarmament will enable the
Commission to pursue its labors with vigor, Dr.
Loudon predicted.
The resolution, according to a special cable to the
New York "Herald Tribune," was considered to have
removed at a stroke the stumbling block of security,
which has so far blocked all progress in the Disarmament Commission. The Franco-German difference
as to whether disarmament should precede security
or vice versa, is thus said to be reconciled. Senator
de Brouckere, who introduced the resolution, made
it plain, with patent regard for British susceptibilities, that the League was not seeking by indirect
means to revive the Geneva protocol. The resolution, he said, contained the spirit of the protocol,
but "there is no intention of maneuvering Great
Britain into a course which it does not desire to follow." The special Security Committee, it appeared,
is to be divided in three parts. The first is to study
<new forms of arbitration; the second to study the
League covenant for all points not carried in the
protocol, and the third and most important is to
work upon the British proposal for the consideration of special agreements between Powers in order
to prevent conflicts in special regions. Much interest was expressed in Geneva as to whether the
United States will extend its participation in the
Preparatory Disarmament Commission to the new
security organization about to be formed. Such participation, it was said, might contribute greatly to
the success of the undertaking.
An impressive feature of last Saturday's session
of the League Assembly was a solemn roll-call on
the question of acceptance of the Polish resolution
for outlawing wars of aggression and the settlement
of conflicts of whatever nature by pacific means.
The vote was unanimously favorable. The draft of
the resolution, according to the correspondent of
4
1752
THE CHRONICLE
the New York "Herald Tribune," was an emasculated version of the famous document that threatened a League crisis in the first week of the present
Assembly and provoked the little countries to denounce the domination of the great Powers. Francois Sokal, the chief Polish delegate, in introducing
the resolution, predicted that the denunciation of
wars of aggression as international crimes by the
League would "exercise a salutary influence on public opinion and assist in creating an atmosphere favorable to the future development of the work of the
League of Nations for security and disarmament."
The Assembly also adopted a report by M. Loucheur
on the recent economic conference, and a resolution
introduced by Senor Guerrero, of Salvador, urging
the convening as soon as possible of an international
conference to control the private manufacture of
arms and munitions. A lively discussion of the economic report followed, with speaker after speaker
mounting the rostrum to denounce the tariff barriers
that are dividing Europe into tiOrty "watertight
compartments."
An occurrence of unusual interest enlivened the
proceedings of the League of Nations Assembly Monday. It was frequently asserted, early in the month,
that the foreign Ministers of Great Britain, France
and Germany, usually referred to as the "Big
Three," habitually settled important political questions entirely outside the League at one or another
of the Alpine resorts near Geneva. With obvious
regard for these complaints, such meetings have been
carefully avoided by the Ministers concerned. Nevertheless, M. Briand of France and Dr. Stresemann
of Germany succeeded late on Monday in having a
private conversation in the least probable of all
places, namely in the direct centre of the reception
hall of the Assembly itself. What was said was not
heard by anyone, but certain indications of the conversation's purport, according to Wythe Williams,
special correspondent of the New York "Times,"
showed that the themes were Russia and the recent
speech by President von Hindenburg on war responsibilities. M. Briand, the correspondent said, "was
able to repeat that France contemplated no immediate steps to coerce Russia in any form;that for the
moment the French position was that relations
should not be broken, and that he and also the Poincare Government had no concessions to make—there
was no need to talk more now about further Rhineland evacuation in exchange for any Anglo-German
proposition." Regarding the Hindenburg speech, M.
Briand -was reported to have expressed regret that
the subject had been brought forward so strikingly
while the League Assembly was in session and before
the Preparatory Disarmament Commission had had
time to get to work. The Assembly meeting Monday
was routine otherwise, being concerned largely with
a new building for the League arid with an appeal
to the League by Dr. Fridtjof Nansen of Norway for
aid for the Armenians.
Adjournment of the Assembly followed on Tuesday after a quick disposition of the questions relating to Russian and Armenian refugees and the codification of international law—subjects which the
speakers themselves termed "dull but necessary."
President Alberto Guani faced many empty seats as
he read his closing address, for delegates, assistants
and visitors left Geneva rapidly. The Council of
the League, which met concurrently with the As-
[Vor.i. 125.
sembly, held additional meetings Tuesday afternoon
and Wednesday morning and then also adjourned.
American failure to join the World Court of Justice, because of the impossibility of satisfying the
United States regarding advisory opinions by that
Court, was made the subject of discussion at the last
meeting of the Council. M. Titulesco, Foreign Minister of Rumania, brought the matter up. "One reason why the United States did not adhere to the
statutes of the World Court," he said,"was because
assurance was not given that unanimity was essential." The President of the Council, Senor Villegas,
of Chile, agreed with M. Titulesco that this doubt
about unanimity had prevented the United States
from joining the Court. But he held that the question of whether unanimity or a majority was necessary was too grave to decide hastily. The Council
agreed on this and the question remained open.
The dispute regarding war guilt, acutely revived
by President von Hindenburg in his Tannenburg
speech of Sept. 17, continued to agitate French and
German political circles during the past week. Dr.
Gustav Stresemann, Foreign Minister of Germany,
in an interview at Geneva Sept. 23 with Jules Sauerwein, foreign editor of the "Matin," reprinted in the
New York "Times," defended the von Hindenburg
speech and put forward in definite terms Germany's
claims for an investigation and an arbitral decision
on the question of who started the war. "I am astonished that the Reich President's address at the
inauguration of the Tannenburg monument should
have made such a sensation in France," Dr. Stresemann said. The address did nothing more, he added,
than repeat sentiments often previously expressed
by Chancellor Marx and himself. He pointed out
that such inaugurations, entailing Ministerial declarations, occur much less often in Germany than
in France. "In proof of this," Dr. Stresemann asserted, "we only need consider the 'receptions now
being offered to the American Legion by France and
the military ceremonies taking place in that connection." In conclusion, the German Foreign Minister
maintained that the vigorous movement that for
years has stirred the German people, which tends to
free it from the accusation of entire culpability for
the war,shows in what a high moral value Germany
holds the ideal of peace. It was pointed out in
Paris, however, that the entire Treaty of Versailles
with all its reparations and territorial adjustments
is based squarely on German acknowledgment of
war guilt. A reopening of the question now would
necessarily involve a reconsideration of the treaty.
Louis Barthou, moreover, as Minister of Justice and
Vice-President of the French Cabinet, made a kind
of official reply to President von Hindenburg's
speech on Sept. 25. M. Barthou, at the unveiling of
a monument, said: "If Germany in 1914 had been
pure of heart she could by word or gesture have accepted mediation and avoided the perils of war which
her mobilization, ordered on receipt of false news,
aggravated and precipitated. Germany did not have
clean hands, and no denials can remove the responsibility from her." Premier Poincare also spoke at
the unveiling of war monuments last Sunday. He
made three addresses in Alsace, but carefully refrained from political allusions, contenting himself
with praise of the heroism of the French soldiers and
the patient endurance of the Alsatian people during
their long separation from France.
OCT.1 1927.]
THE CHRONICLE
1755
meat decreased £240,000, as notes in circulation in. 1,216,000 marks, silver and other coin 2,809,000
ceased £876,000. The proportion ofthe Bank's re- marks, notes on other German banks 1,916,000 marks
serve to deposit liabilities is 27.87%. A week ago and other assets 4,565,000 marks. Gold and bullion
it was 28.22%, and the week ended Sept. 14 30.97%. registered a small loss, namely 154,000 marks. The
Loans on Government securities decreased £180,000, resulting figure is 1,852,246,000 marks, compared
while loans on "other" securities increased £1,135,- with 1,566,796,000 marks a year ago and 1,174,766,000. Public deposits expanded £3,802,000, but 000 marks in 1925. Bills of exchange and checks
"other" deposits fell off £3,109,000. Notes in circu- decreased 54,729,000 marks and advances 28,408,000
lation now total £136,504,000, against £140,516,935 marks. Deposits abroad and investments remained
last year and £144,774,565 in 1925. The Bank's offi- unchanged. A comparison of the various items in
cial discount rate remains unchanged at 41 2%. Be-- the German Bank statement is shown below for a
/
low we furnish comparisons of the various items in period of three years:
the Bank of England return for five years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Sept. 23 1927. Sept. 23 1926. Sept. 23 1925.
Week.
1927.
Sept. 28.
1926.
Sept. 29.
1925.
Sept. 30.
1924.
Oct. 2.
1923.
Oct. 3.
Circulation
136,505,000 140,516,935 144,774,565 122,288,835 124,783,450
Public deposits
25,695,000 21,177,003 27,109.807 17.383,907 11,503,591
Other deposits
97,538,000 101,182,191 102,390.781 110,696,485 108,762,384
Govenim't securities 56,310,000 33,640,557 36,772,772 39,733,443 44,658.834
Other securities_ _ _.. 50.935,000 71,986,116 75,576,311 80,740,529 71,260,165
Reserve notes & coin 34.337,000 35,066,177 35,442.148 25,887,312 22,626,086
Coln and bullion....a151,092,288 155,833,112 160,446,713 128,426,147 127.659,538
Proportion of reserve
to liabilities
27.87%
28.66%
2754%
2034%
1874%
4%
4%
Bank rate
434%
5%
434%
a Includes, beginning with April 29, 1925, £27,000,000 gold coin and bullion
previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
The Bank of France in its statement issued Sept.
28 reported an increase of 382,636,000 francs in note
circulation, probably due to month-end requirements. Total notes in circulation now amount to
54,158,605,530 francs. A year ago at this time it
was 55,010,162,970 francs, and in 1925 the total was
46,353,859,485 francs. Gold holdings of all kinds
remained unchanged, the total of the three being
5,545,833,327 francs, against 5,548,736,926 francs in
1926 and 5,547,230,363 francs the previous year.
Advances to the State, an item that has shown favorable reduction for quite some time, was unchanged,
remaining at 24,400,000,000 francs, in comparison
w.ith the large amount of 36,650,000,000 francs a year
ago and 30,350,000,000 francs in 1925. "Divers," or
sundry, assets, in which item are included holdings
of foreign exchange, decreased 61,363,000 franCs.
Silver increased 100,000 francs, and bills discounted
678,184,000 francs. Trade advances decreased 11,003,000 francs, Treasury deposits 11,654,000 francs,
and general deposits 240,930,000 francs. Comparisons of the various items in the Bank of France
statement are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Sept. 28 1927. Sept. 29 1926. Sept. 30 1925.
Gold Holdings—Francs.
Francs.
Francs.
Francs.
In France
Unahanged
3,681,512.414 3,684,416,018 3,682,909,455
Abroad available_ _
Unchanged
462,771.4781 1,864,320,907 1,884,320,907
Abroad non-avail_
Unchanged
1,401,549,4251
Total
Unchanged
Silver
Inc.
100,000
Bills discounted__ _Inc. 678,184,000
Trade advances_ _ _Dec. 11,003,000
Note circulation_ _Ina. 382,636,000
Treasury deposits_Dec. 11,654,000
General deposits_ _Dec. 240,930,000
Unchanged
Advances to State_
Dec. 61,363,000
Divers assets
5.545.833,327 5,548,736,926 5,547,230,363
342.614,381
1,920,164,067
1.647,284,428
54,158.605,530
4,998,587
10,434,205,466
24,400,000,000
23,733,487,796
338,827,662
5,881.779,580
2,148,267,301
55.010,162,970
37,238,869
2,885,012,584
36,650,000,000
4,071.710,326
309,908,759
3,691,117,477
2,676,789,178
46,353,859,485
23,163.831
2,718.557,116
30,350.000,000
3,665,350,818
Note circulation of the German Reichsbank for
the week ended Sept. 23 showed a decerase of 94,329,000 marks. The total now stands at 3,547,642,000 marks. Last year's figures for the same week
were 2,799,247,000 marks, and in 1925 the amount
was 2,311,710,000 marks. Other liabilities increased
1,248,000 marks, and other daily maturing obligations 20,296,000 marks. On the asset side of the
account, reserves in foreign currencies increased
Assets—
Retchstnarks.
Gold and bullion
Dec.
154,000
Of which dense.abr'd_ Unchanged
Res've in forn curr__ _Inc.
1,216,000
Bills of exch.& checks.Dec. 54,729,000
Silver and other coin_ _Inc. 2,809,000
Notes on 0th. Ger. bkslnc.
1,916,000
Advances
Dec. 28,408,000
Investments
Unchanged
Other assets
Inc. 4,565,000
Ltabtltttm—
Notss in circulation Dec. 94,329,000
Oth.dally matur.oblig_Inc. 20,296,000
Other liabilities
Inc.
1,248,000
R,eichstnarks. Retchsmarks. Retchstnarks.
1,852,246,000 1,566,796,000 1,174.766,000
66,543,000 201,784,000 128,620,000
153,006,000 456.693,000 284,542.000
2.235,681,000 1,238,790,000 1,528,495,000
69,081,000
80.975,000 120,084.000
14,836,000
24,239,000
38,894,000
7,384,000
8,507,000
35,819.000
91,394,000 202,133,000
92,261,000
533,277,000 697,943,000 669,264,000
3,547,642,000 2,799,247.000 2,311,710,000
688,251,000 855,166,000 881,490,000
405,430,000 179,634,000 473,887,000
The New York money market remained easy during the past week, with funds in ample supply at
all sessions. Surprise was expressed by some money
brokers at the continued relaxation of the market in
the face of heavy quarterly settlements for which
preparations were made as the week progressed.
Such settlements were calculated at close to $500,000,000, and it was thought they would exert at least
a passing influence on the money market. Apparently the only result was a discontinuance for the
week of the unofficial or street market, where demand funds have been loaning quite generally for
the past several months at concessions from the
official rates. Call funds in the present week were
quoted at 4% in the early sessions, the rate having
been carried over from the previous week. The figure prevailed until Wednesday afternoon, when a
drop to 31 2% occurred. The 4% rate was again
/
restored Thursday morning and continued until yesterday's close. Withdrawals were exceptionally
light, only $5,000,000 being called Tuesday and $10,000,000 yesterday. Time money remained unchangedl with a little more business reported Thursday than has been the case for some time. Brokers'
loans against stock and bond collateral as compiled
by the Federal Reserve Bank for the fifty-two reporting member banks in New York again showed a
substantial increase in Thursday's statement. The
increase of $21,873,000 was less, however, than was
expected in view of the settlement of trades in the
new common stock of the General Motors Corporation. The aggregate of the loans has now for four
successive weeks established a new high record each
week.
Dealing in detail with the rates from day to day,
the renewal rate for call loans on the Stock Ex/
change on Monday was 334%, but with some loans
negotiated at 4%. The rest of the week all loans
each day throughout the week have been 4% and
this also has been the rate for all other loans at call
throughout the week, except that on Wednesday
/
some money loaned at 31 2%. Time loans have continued unchanged. Quotations yesterday were 33
/
4
/
@4% for 30 days, 4(4)41 8% for 60 days, 41 8@4/
/ 14%
14@438% for four months, and also
/
for 90 days, 4/
THE CHRONICLE
for five and six months. Commercial paper for four
to six months' names of choice character is now
/
quoted at the single figure of 4%,against 334@4% a
week ago, though the latter is still the figure for the
shorter choice names. For names less well known
/ which compares with
1
4%,
the quotation is now 4
4(g434% a week ago. The latter is still the range
/
for New England mill paper.
In the rates for banks' and bankers' acceptances
the only change has been that the American Acceptance Council on Thursday reduced the posted rate
for call loans against acceptances from 3I/ to 31
2
4%.
The Acceptance Council still makes the discount
rate on prime bankers' acceptances eligible for purchase by the Federal Reserve banks 318% bid and
/
3% asked for bills running 30 days; 314% bi,d and
/
31 8% asked for bills running 60 days and 90 days;
/
338% bid and 3/ asked for 120 days, and 358%
/
14%
/
bid and 31 2% asked for 150 and 180 days. Open
/
market quotations also remain unchanged, as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid.
Asked. Bid.
Asked. Bid.
Asked.
Prime eligible bills..
334
334
334
334
334
334
—90 Days— —80Days— —30 Days—
Bid.
Asked. Bid.
Asked. Bid.
Asked.
314
314
334
3
314
314
FOR DELIVERY WITHIN THIRTY DAYS.
ember banks
334 bid
non-member banks
334 bid
us
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 El/ca
on Sept. 30.
334
334
334
335
334
334
334
314
334
334
334
334
Date
Established.
Aug.
Aug.
Sept.
Aug.
Aug. 1
Aug. 1
Sept.
Aug.
Sept. 1
July 2
Aug. 1
Sept. 1
1927
1927
1927
1927
1927
1927
1927
1927
1927
1927
1927
1927
Prerfous
Rate.
4
4
4
4
4
4
4
4
4
4
4
Sterling exchange quotations this week dis• ayed
a great deal of churning about. On Saturday last
sterling sold above parity, continuing the strong
market which developed in the latter part of last
week. On heavy buying in the forenoon last Saturday bankers' sight sold at 4.86 5-16 and cable
transfers at 4.86 11-16. On Monday the latter
touched 4.863 , but the buying spent itself almost
4
immediately, and there was reaction on Tuesday.
However, the let-up in buying of bankers' bills,
together with the offering .of some commercial
bills, was not sufficient to relieve permanently the
shortage of spot sterling here and Wednesday witnessed a rebound, when cable transfers again sold
up to 4.86 23-32. The range for the week has been
4.86 1-16@4.86 5-16 for bankers' sight, and 4.86 17-32
@4.863I for cable transfers. The underlying transactions which give firmness to sterling are of the
same character as those prevailing in the past
several weeks. According to New York bankers,
the firmness is due largely to the transfer of funds
to Europe both for the security markets and to
supply short-term money requirements, though, of
course, not all these transfers rest in London. The
financial transfers are not offset by any considerable
volume of commercial bills. Of course, the fact
that the Federal Reserve Banks reduced their re-
[VOL. 125.
discount rates from 4% to 3M% during the latter
part of July and in August and September, leaving
a differential in favor of London, where the Bank
of England rate continues at 432%, has had much
to do with at least arresting any seasonal weakness
which might have developed in the pound. Had
the differential not been maintained, it is possible
that bankers' transfers to London would not have
been as large as they have turned out to be in recent
weeks. However, Lloyd's Bank of London, in a
monthly review of business and credit recently
published, takes the stand that the strength of
sterling originated entirely with the reduction of
the New York Federal Reserve Bank rate and
does not agree with the commonly accepted 'opinion
on this side that continued transfers of American
capital to London on a large scale have caused the
present high rates. The Bank states that it is
not thought that the movements of funds from
New York to London have been sufficiently extensive to account in themselves for the firm tone
of sterling. "The premium on forward dollars,"
Lloyd's Bank says, "is such that the yield on money
transferred to this country is less than can be obtained on the Continent. Other abnormal factors
(the bank probably alludes to the coal troubles,
labor disturbances, and other political factors) which
have combined to depress sterling have ceased to
influence it, and as seasonal requirements are thought
largely to be covered, it may well happen that the
present firmness may be maintained for some time
to come."
The rise in exchange to 4.869 for cable transfers
caused much idle speculation as to the likelihood of
gold being transferred from the United States to
London, but this talk receives very little consideration in banking circles. Sterling exchange would
have to go to at least 4.874 before it would be profitable to ship gold rather than buy exchange. The
exact gold point shifts, but may be considered to
ver, it is said, between 4.87% and 4.88. It has
taken very nearly eight weeks, with sterling in constand demand for financial transfers, to establish the
present high ranges. It seems more than probable
that the great bulk of financial transfers is now completed and the heaviest commercial pressure must
come in October and November, with no counter
influence until toward February, when in normal
times exchange turns seasonally in favor of London
as against New York. It is surprising, perhaps, that
with the steady loss of gold by England sterling exchange should rise. The outflow of gold has resulted
less from commercial exchange transactions in settlement of balances than from a certain designed cooperative policy on the part of the Bank of England
which is encouraging central banks in other countries
to acquire gold for their reserves, and so to bring
about a general strengthening of the monetary and
credit situation everywhere. There can be little
doubt but that a considerable proportion of the gold
exports from London are "permitted" by the Bank of
England, and that the gold, whether from the vaults•
of the bank or bought in the open market, is taken
by the central banks regardless of gold shipping points
or slight fraction of profit or loss.
The Bank of England statement for the week ended
Sept. 29 shows a gain of 036,273 in gold. On
Tuesday the Bank of England exported £23,000 in
sovereigns to Spain. On Wednesday the Bank
bought £259,000 in gold bars and exported £27,000 in
OCT.1 1927.]
T H HI
CHRONICLE
1757
sovereigns to Spain. On Thursday the Bank ex- hesitancy of the State Department in passing on this
ported £13,000 in sovereigns to Spain. At the Port loan is interpreted as indicating a change in the Govof New York the gold movement for the week ended ernment policy which may affect all German States
Sept. 28, as reported by the Federal Reserve Bank and municipalities. However, bankers are certain
of New York, consisted of imports of $120,000, that loans will be made to the industrial interests
chiefly from Latin America, and of exports of without stint, and there is hardly any probability
$10,148,000, of which $9,640,000 went to Argentina that the Government will institute any unalterable
objections respecting loans for commercial and indusand $300,000 to the Straits Settlements.
The National Bank of Commerce in New York trial account. The Bank of Germany shows a loss
received a shipment of $975,000 in gold coin and this week of 200,000 marks in gold reserve and a loss
$150,000 in silver from Ecuador for the account of in bills of exchange and checks of 54,800,000 marks.
its correspondent, the Banco Central del Ecuador. This is largely offset, however, by a reduction of
The gold includes coins of the United States, Great 104,300,000 marks in the circulation. The Bank's
Britain, Peru, Colombia and Ecuador. There was gold reserve now totals 1,852,246,000 marks. This
no Canadian movement either to or from the United compares with the low point in April 1924, when it
•
States. Canadian exchange continued at a premium, stood at 441,815,000 gold marks.
French exchange presents no new features since the
ranging from A of 1% in the early part of the week
to 5-32 of 1% toward the close. However, there was de facto stabilization which took place many months
a reaction from this higher premium to 7-64 of 1%. ago. The quotations this week were somewhat more
At 5-32 of 1% Canadian exchange is only slightly irregular than usual, but in this the franc simply folunder the gold export point of approximately 11-64 lowed the sway produced in all European exchanges
of 1%. The strength in Canadian is due to seasonal through the fluctuating sterling quotation. Paris
payments for Canadian exports. The greater volume checks ranged from 3.92 to 3.92/. For all practiof seasonal exports, however, is largely offset, as cal purposes 3.923 was the prevailing rate. It was
Canadians continue to import from the United States announced some time ago that there would be no atin increasing quantities, without a proportionate rise tempts to establish legal stabilization until after the
in American purchases of Canadian products.
French elections, if even then. The Government
Referring to day-to-day rates, sterling last Satur- seems to be perfectly satisfied with the present de
day on strong buying was 4.86/@4.86 5-16 for facto stabilization. The Finance Ministry, it seems,
bankers' sight and 4.86 19-32@4.86 11-16 for cable still feels that its holdings of foreign exchange should
transfers. On Monday demand ranged between be reduced to more workable limits. This week there
4.86 3-16@4.86 5-16, and cable transfers between was a further reduction in "sundry assets" of 61,400,4.86 11-16 and 4.86%. On Tuesday demand ranged 000 francs. Unless something should go radically
at 4.86 5-32@4.86 5-16, and cable transfers at wrong in the political affairs of France, the great vol4.86 19-32@4.86 21-32. On Wednesday sterling ume of exchange holdings of the Bank of France
again turned upward. Bankers sight ranged from 23,733,400,000 francs-together with its gold hold4.86 3-16 to 4.86 5-16; cable transfers, 4.86/@ ings of 5,545,800,000 francs, will:enable the Finance
4.86 23-32. On Thursday there was another reac- Ministry to hold the franc steady and prevent any
tion. The range was 4.863/g@4.86 5-16 for bankers' attempts of speculative interests to induce either a
sight and 4.86 9-16@4.86 11-16 for cable transfers. rise or a fall. The monetary problem has ceased to
On Friday the range was 4.86 1-16@4.86 7-32 be a source of anxiety to either French traders or
for 'bankers' sight and 4.86 17-32@4.86 19-32 for manufacturers. Credit is exceedingly plentiful and
cable transfers. Closing quotations yesterday were cheap in the French centres. A copyright dispatch
4.86 3-16 for demand and 4.86 9-16 for cable trans- to the New York "Times" dated Sept. 25 stated that
fers. Commercial sight bills finished at 4.86 1-16, one recognized reason why no great quantity of the
sixty-day bills at 4.82/, ninety-day bills at 4.80/, Bank of France exchange holdings can be either condocuments for payment (sixty days) at 4.823/g, and verted into gold or applied to debt settlements or
seven-day grain bills at 4.85 7-16. Cotton and grain for other purposes abroad is that the Bank requires a
considerable part of its exchange reserves to arrest
for payment closed at 4.86 1-16.
any attempts at speculation. The reserve of foreign
In the Continental exchanges activity this week exchange is also considered as constituting an imporwas largely confined to transactions in marks. Ger- tant basis for future legal stabilization, should such
man marks reacted from the high quotations reached a course be decided upon. The holdings, however,
on Thursday of last week, when cable transfers closed are not in themselves regarded as sufficient for effectat 23.833/2. After reaching 23.84 Monday there was ing gold resumption, and whenever stabilization is
a decline to 23.80M on Thursday, between which legally realized it is believed that further special
points the rate fluctuated the greater part of the week. credits will be obtained abroad to facilitate the operaMarks were in less demand than for several weeks, tion.
Italian exchange continues unchanged in all reowing largely to the fact that there is some decrease
in the transfer of funds to the money market. It is spects since the Government announced the pegging
also possible, though there is no means of ascertain- of the lire. The lire was firmer this week on account
ing this with any certainty, that requirements of the of some heavy investments in Italian industrial
Agent-General for Reparations may have resulted shares, many of which have risen in price from 10%
in operations offsetting the demand for marks for to 40% since the end of June. According to a
commercial and financial transfer which is well known statement of the commercial attache of the Royal
to exist in New York, London, Antwerp and Bel- Italian Embassy here, all loans placed by Italy
gium. The lower mark quotation this week is also in the last three years and now outstanding in
attributed in some measure to the discussions in American and British markets, reach a total of
Washington as to the advisability of approving the $298,140,000. All of these loans, in accordance
$30,000,000 loan to Prussia. In some quarters the with the policy governing loans enunciated by the
1758
T-FrE CHRONICLE
[VoL. 125.
Italian Ministry on several occasions, have been Spanish unit was rather freely offered in other centers
incurred for productive purposes and have been with the result that the average quotation was
authorized by the Italian Government.
fractionally below last week. Nevertheless the range,
Polish zloty did not reflect the negotiations for the 17.38 to 17.62 for cable transfers, was many points
proposed $70,000,000 stabilization loan being made better than two weeks ago. Evidently there are
with American bankers, and which it was understood more speculators buying for a rise in the peseta than
has been approved by the State Department at legitimate holdings can offset. The Scandinavian
Washington. Reports reached the market on Thurs- exchanges are quiet and the fluctuations this week
day that Poland had interrupted negotiations for have been narrow. President Hegge of the Norske
the loan, owing to objections to the proposed price Credit Bank made a statement during the week to
of issue and to the stipulation that an American be the effect that there is no prospect of a return to gold
placed on the board of the Bank of Poland. How- by Norway until,internal prices more nearly approxiever, transactions in zloty in this market are at all mate international levels. On the strength of the
times very light, as most American transactions with statement Norwegian exchange sold off on Wednesday
Poland are carried out in dollars. European specula- and Thursday about 6 points from the high of the
tions in zloty ire powerless to affect the quotation to week. The range for cable transfers was from 26.44
any great extent, as the currency is stabilized by down to 26.373/2.
operations of the Bank of Poland. The rate has
Bankers' sight on Amsterdam finished on Friday
been pegged at slightly above 11 cents for more than at 40.063/2, against 40.073/ on Friday of last week;
a year, preparatory to permanent stabilization and a cable transfers at 40.083', against 40.093/2, and commodified returnSto gold at present levels. It by no mercial sight bills at 40.033/2, against 40.043/. Swiss
2
means follows that the negotiations for a loan to francs closed at 19.28 for bankers' sight bills and at
Poland are entirely off. The proceeds are intended 19.283/2 for cable transfers, in comparison with 19.28
to effect a permanent stabilization and to consolidate and 19.283/ a week earlier. Copenhagen checks
2
economic improvements attained in Poland since 1925. finished at 26.77 and cable transfers at 26.78, against
The Bank of Poland showed a gold reserve of 203,- 26.77 and 26.78. Checks on Sweden closed at 26.89
600,000 zlotys as of July 31, against 42,200,000 on and cable transfers at 26.90, against 26.883 and
• July 311926. There can be hardly any doubt that 26.893, while checks on Norway finished at 26.37
the zloty:stabilizationlwill continue until the time is and cable transfers at 26.38, against 26.40 and 26.41.
opportune for a resumption of negotiations for the Spanish pesetas closed at 17.43 for checks and at
foreign loan.
17.44 for cable transfers, which compares with 17.59
The Londokrcheck rate on Paris closed at 124.02 on and 17.60 a week earlier.
Friday of this week, against 124.02 on:Friday of last
week. In NewWork:sight bills on the French centre
The South American exchanges continueS dull.
finished at 3.92, against 3.923/i a week ago; .cable Fluctuations in Argentine pesos and in Brazilian
transfers at 3.92%, against 3.92%, and commercial milreis were slight this week. For all practical pursight bills at 3.91 8,against 3.91%. Antwerp belgas poses the exchange on both countries is unchanged
finished at 13.92 for checks and at 13.93 for cable from the past few weeks. The Argentine seems to
transfers, as against 13.92 and 13.93 on Friday of last have taken no gold from either England or South
week. Final quotations for Berlin marks were 23.82 Africa this week. The Federal Reserve Bank of
for checks and 23.83 for cable transfers, in comparison New York, as already stated in the discussion of
with 23.82 and 23.83 a week earlier. Italtan lire sterling exchange, reported an export of $9,640,000
closed at 5.45 foribankers' sight bills and at 5.453/ to Argentina. This makes approximately $21,000,;
for cable transfers, as against 5.449 and 5.453( last 000 sent from New York to Buenos Aires in the past
week. Austrian schillings have not been changed three weeks. Brazil is looking toward London with
from 143/ Exchange on Czechoslovakia finished at an idea of drawing gold. This would seem to be
8
.
2.963/8, against 2.963/ on Bucharest at 0.62, against evident from a cable dispatch from London to Dow,
s;
0.62; on Poland at 11.20, against 11.20, and on Fin- Jones & Co. on Saturday last which stated that a
land at 2.51%, against 2.513. Greek exchange syndicate headed by Lazard Brothers, and including
closed at 1.323 for checks and at 1.323 for cable several joint-stock banks, had granted an open credit
tranqers, against 1.33 and 1.333 a week ago.
of £5,000,000 for 12 months, with the option of renewal for another six months, to the Banco de Estado
In the exchanges on the countries neutral during de Sao Paulo, which was recently established under
the war, interest),this week centered in guilders and the auspices of the Coffee Institute, which is guarin speculative transactions in Spanish pesetas. anteeing the credit. The credit will be used to grant
Exchange on Amsterdam was in demand not only in advances to planters to enable them to hold surplus
New York but in foreign centres, largely for payments coffee crop. Advices from Brazil, the dispatch
of imports from Dutchltropical territory. There was stated, indicate that the transaction will involve gold
also a strong demand arising from finance operations withdrawals from London as the bank is delivering
to meet borrowings by the Amsterdam bankers for bills drawn on Lazard Brothers to Banco de Brazil,
reloaning in other European markets. Guilder com- which will buy gold abroad to the amount of the bills
mercial bills were offered with some freedom in New drawn. The gold so bought will be deposited with
York but were not sufficient to offset demand for the Estabilisacao branch, which has just been estabAmsterdam exchange arising here and abroad. lished in London, which will issue convertible gold
Most of the business of the week came between notes against the bills. Argentine paper pesos closed
Saturday last and Tuesday:and the guilder reached yesterday at 42.71 for checks, as compared with
a new high for the year in Monday's market. when 42.71 last week, and at 42.76 for cable transfers,
cable transfers registered 40.103/2. The rate pre- against 42.76. Brazilian milreis finished at 11.94
valent most of the week was 40.10. Pesetas suffered for checks and at 11.95 for cable transfers, against
some buffeting from speculative transactions. The 11.84 and 11.88. Chilean exchange closed at 12.12
OCT. 11927.]
THE CHRONICLE
for checks and at 12.13 for cable transfers, against
12.07 and 12.08, and Peru at 3.87 for checks and
3.88 for cable transfers, against 3.91 and 3.92.
1759
DAILY CREDIT BALANCES OF NEW YORK FEDF.11 at RESERVE BANK
AT CLEARING HOUSE.
Saturday.
Sept. 24.
Monday,
Sept.26.
Tuesday, Wednesd'y, Thursday. Prkkzo.
Sept. 27. Sept. 28. Sept. 29. Sept. 30.
Aggregate
for Week.
$
In the Far Eastern exchanges the feature this week 99.000.000 85,000,000 92.000,000 80.000.000 84,000,000 92.000,000 Cr. 532.000.000
-The foregoing heavy Credits
mass of
which come
was a resumption of firmness in Japanese yen in toNote. York Reserve Bank from reflect the huge country checks operation
the New
all parts of the
in the
of
contrast to the softness displayed last week. Trans- the Federal Reserve System's par cojection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
actions in the New York market were not of moment House institutions, as only the items payable in New York City are represented in
the
The large
and the firmness is due more to Cessation of Chinese Newdaily balances. accounted volume of checks on institutions located outside of
York are not
for In arriving at these balances. as such checks do
bear operations than to commercial and financial not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the ben Clearing House banks.
transactions. The underlying factors in Japanese
exchange have been discussed here in several issues
The following table indicates the amount of bullately. The fundamental features of the Far Eastern
lion in the principal European banks:
exchanges have not changed recently. Closing
Sept. 29 1927.
Sept. 30 1926.
quotations for yen checks yesterday were 46.40@ Banks of
Gold.
Sitar. I Total.
Silver.
Gold.
Total.
464, against 46/@46% on Friday of last week
£
£
Hong Kong closed at 48.85@483/, against 48.85@ England__ 151,092,28
I 151,092,288 155,833,112
8
155,833,112
48 8; Shanghai at 61/@61 15-16, against 62; France a__ 147,260,559 13,680.000 160,940,559 147,376,641 13,520,000,160,896,641
Germany 89,285,150 c994,600 90,279,7501 68,250,000 c994.6001 69,244,600
Spain__
Manila at 49 9-16, against 49 9-16; Singapore at Italy ___ 103,903,000 27,032,000 130,935,000102.261,000 26,663.0001 128,924,090
46,826,000 3,849,000 60.675,0001 45,439,000 4,156.000 49.595.000
Netherl'ds.
34,484,0001
2,281,0
1@56 7-16, against 5634@56 7-16; Bombay at Nat. Beig_ 32,184,000 2.300,000 20,235,004 34,945.000 3,389,0041 37,226,000
563
19,055,000 1.180,000
10,955,000
14,344.000
Switzerl'd_ 17,723,000
16,991,000
363/2, against 363/, and Calcutta at 363/2, against Sweden_ 12,271,000 2,682, 20,405,000 12,641,000 3,437,0001 20,428,000
2
12,271,000
12,641,000
Denmark _ 10,121,000
723,11 10,844,000 11,617,000
878,000 12,495,000
36%.
Norway__ 8,180,000
8,180,000 8,180,000
1 8,180,000
Pursuant to the requirements of Section 522 of the Total week 637,900,997 52,440,600690,341,597614,488,7531 55.318.6001669,807,353
Tariff Act of 1922, the Federal Reserve Bank is now Prey. week 637,064,424 52,391,600689,456,024 613,301,4191 55,366.600668.668,019
certifying daily to the Secretary of the Treasury the a Gold holdings of the Bank of France are exclusive of gold held abroad, amounting
the present year to £74,572,836. b Gold holdings of the Bank of Germany are
buying rate for cable transfers in the different coun- exclusive of gold held abroad, the amount of which the present year is £3,327,150.
c As of Oct. 7 1924.
tries of the world. We give below a record for the
week just past:
Putting a Ban on Aggressive War-The Recent
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
Meeting of the League Assembly.
VANES TO TREASURY UNDER TARIFF ACT OF 1922,
SEPT. 24 1927 TO SEPT. 30 1927. INCLUSIVE.
The eighth Assembly of the League of Nations,
which adjourned on Tuesday after more than three
Noon Buying Rate for Cable Transfers to New York,
Country and Monetar
Value Os UnUed States Money.
weeks of deliberation and debate, ended more hopefins.
sex. 24. Sept. 20. Sept. 27. Sept. 28. Sept. 29.1 Sept. 30.
fully than it began. The outlook at the opening of
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paratory Commission which was to pave the way for
007250 .007230 .007245 .007286 .007273 .007268
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out having accomplished anything worth mention4.8657
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over League affairs exercised by Great Britain and
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of the League to advance the cause of disarmament
Sweden,krona
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Switzerland, franc_ _ _ .1928
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'by so much as a single step, were prepared to make
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ASIAcommon cause and to insist that something positive
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success in getting rid of the Allied troops, would be
.3636
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NORTH
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pear.
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these difficulties were ironed out, and that adjournChile, peso
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ment found the Assembly an entirely harmonious
body. Not even the speakers who praised the work
Owing to a marked disinclination on the part of two of the Assembly at its closing
session were prepared
or three leading institutions among the New York to go as far as that, and more
than one trace of disClearing House banks to keep up compiling the figures appointment or apprehension was
to be discovered
for us, we find ourselves obliged to discontinue the if one read between the lines. Nevertheless,
what
publication of the table we have been giving for so was finally done, at the most important points,
was
many years showing the shipments and receipts of in the right direction. The adoption of a resolution,
currency to and from the interior.
originally proposed by Poland, declaring that "all
As the Sub-Treasury was taken over by the Federal wars of aggression are and always shall be prohibReserve Bank on Dec. 6 1920, it is also no longer ited, and that every pacific means must be empossible to show the effect of Government operations ployed to settle disputes of every description which
on the Clearing House institutions. The Federal may arise between States," and, further, binding
Reserve Bank of New York was creditor at the Clear- the members of the League to conform their coning House each day as follows:
duct to the principles thus enunciated, had the merit
1
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1 Alme
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•
•
1760
TH 144 CHRONICLE
of putting nearly fifty nations on record as opposed
to aggressive war, without at the same time committing them to the objectionable procedure contemplated by the former Geneva protocol. Under the
protocol, which for a time seemed likely to be resurrected as an embodiment of the wishes of the smaller
States, the members of the League would have been
virtually bound to interfere by force in international
disputes to which they were not parties and in which
they had not even a remote interest, including disputes involving States not men_bers of the League.
Some of the members of the Assembly, it was reported, reconciled themselves to the abandonment of
the protocol because it was too idealistic for the
present time, but the only idealism about it was its
unworkable and irritating character. The adoption
of a simple resolution condemning aggressive war,
and binding the member States to act accordingly,
puts the question of war on the only practical basis
upon which it can ever stand, that, namely, of moral
obligation to keep the peace by avoiding aggression
upon one's neighbors. There would have been few
wars in history if such a principle had been observed.
The adoption of the resolution was a victory for
the smaller States. To the same States, with the
aid of Germany, belongs a large part of the credit
for effecting a separation of the issue of security
from that of disarmament, and directing the Preparatory Commission to go on with its work. It
was apparent from the first that if security was to
continue to be linked with disarmament,there would
never be any -disarmament, and the failure of the
Preparatory Commission to make any progress beyond discussing the difficulties afforded convincing
proof, if proof were needed, of the hopelessness of
the case. It was reserved for Germany to urge, with
much force, that good will and friendly conduct, and
not armaments, were the true foundations of national security, and at the same time to point out
that unless such mutual agreements as the Locarno
pacts were to be followed by a reduction of armaments, the pacts might as well not be made. The
position of Germany as a nation disarmed and secure was noty to be sure, in view of the way in which
its disarmament was brought about, a perfect illustration, but the illustration seems nevertheless to
have carried weight.
As the matter now stands, apparently, the members of the League will be at liberty to conclude
among themselves, with the tacit if not the formal
approval of the League, security and arbitration
agreements similar to the Locarno pacts, and to
make such agreements the bases of reductions in
their military and naval establishments. It cannot
be denied that the Locarno precedent, in so far as it
contemplates a guaranty of peace by the intervention of third parties, comes near to establishing
peace on the basis of force. It seems to have been
the feeling of the Assembly, however, that such outside participation was not vital to effective regional
understandings, and Great Britain had already let
it be known that it was indisposed to extend its own
political commitments on the Continent. A new
Security Commission which the Assembly authorized has the appearance of a sop to'those Powers,
like France, which still wish to keep the political
discussion going, and it is possible that nothing was
really expected to come from it. The Preparatory
Commission, on the other hand, which it was an-
[voL. 125.
nounced would be reconvened in November, will be
free to devote itself exclusively to the technical problems involved in the reduction of land and naval
forces. There is nothing in all this to insure that
regional agreements will promptly be made, or that
political and technical arguments will not continue
to clash, or that the great end of actual disarmament
will soon be reached, but the separation of the two
issues of security and disarmament will make it
easier to attain all of those results.
The victory of the smaller States was undoubtedly
aided, further, by the widespread dissatisfaction
with the dilatory tactics of the League whenever the
interests of the greater Powers have been concerned,
and still more by the increasing discontent under
the financial burdens which continued militarism
imposes. Of the rapid growth of this latter feeling
there can be no question, and it is a healthy sign that
the force of the popular sentiment has been recognized. In hardly any of the countries of Europe,
small or great, does the industrial, commercial or
financial situation warrant such expenditures for
war purposes as are now being made, and in none of
them is economic recovery likely to be attained unless those expenditures are materially cut down. If
the "will to peace" is the necessary condition of security, so also is the willingness actually to disarm
a necessary condition of disarmament. It may at
least be said that the Assembly, by solemnly condemning aggressive war, has done something, if its
resolution shall turn out to be more than a form of
words, to remove one of the main supports of the
militaristic spirit, and thereby prepare the way for
a lightening of the financial load which the peoples
of Europe are viewing with increasing dissatisfaction.
Of the remaining business of the Assembly, the
most important was the adoption of a resolution
providing for a conference on the codification of international law. On this subject, which has been
under consideration for some time both within and
without the league, substantial progress is reported to have been made by a committee of experts,
one of wh )se members is George W. Wickersham,
former Attorney-General of the United States; and
important contributions are also available through
the work of the Pan-American Union, the InterParliamentary Union, and various societies of international jurists. Three topics in particular, namely
nationality, territorial waters and the responsibility
of States for injury or damage to foreigners within
their jurisdictions, are believed to be in such condition of development as to admit of the codification
of the international law regarding them at the present time. The conference, which it was hoped might
be convened in 1929, is expected to meet at The
Hague. From the nature of the case, any codifications that may be agreed upon by such a conference
can find their sanction only in their acceptance by
individual States as cases arise, although the League
may perhaps give its approval for whatever such approval may be worth. Whether formally sanctioned
or not, however, it ought now to be possible, after
some centuries of experience, to give to what has
hitherto been a somewhat vague body of principle,
precept and definition a more ordered form. It
would at least give to States a clear line to which
they might hew, even though each State continues
to retain control of its own policies and enforces the
codified law in its own courts.
OCT.1 1927.]
THE CHRONICLE
The Growing Use of Capitalization by Union
Labor.
Mr. Matthew Woll, Vice-President of the American Federation of Labor, in a Labor Day message,
stressing the solidarity of the labor movement in
the United States, and its asserted ability to settle
its problems by progressive and constructive means
without resort to revolution, said: "American labor
needs no foreign guidance, much less the showings
of violent demonstrations." We make the following excerpts from several portions of his address:
"American labor is not unmindful of the fact that
political government largely embraces economic
theories and industrial fallacies of an antiquated
period. American labor well knows that the power
of State is still more inclined toward the protection
of vested interests and of property than to the promulgation of human rights and protection of personal rights. . . . This does not imply that American Governments are ill conceived. On the contrary, in a democracy where labor so largely dominates, existing institutions may as readily be used
by those dispossessed of property to assert their personal rights, if they but will. This may be done by
both political and economic action based upon constructive and evolutionary principles and practices.
There is no need for revolutionary principles or
practices. In a land of democracy, appeal to revolutionary phrases and violent demonstrations only
arouses confusing passions and divides the great
mass of wage earners, to their great loss and detriment." A little further on he says: "Labor of
America has demonstrated that the economic power
of the workers does not rest solely in the field of
production. Labor has clearly proved that by obtaining ever larger returns in the division of rewards of industry the workers can and do extend
their economic power and opportunities by the pooling of the purchasing power of their savings. Every
wage earner, in addition to being a productive unit,
is likewise a consuming factor. All combined, this
purchasing power of labor can exercise an overwhelming influence on production policies. Thus
even the meagre earnings of labor may be used to
compel a larger return to the workers."
We believe it is fair to say that the purport of this
whole address is to read out of the ranks of organized labor those Communists who seek to bore from
within. And this has been the commendable position of the A. F. of L. for many years. The firm
utterance, coming at a time when powerful nations
are severing relations with the Soviets of Russia,
adds to the decline of the spread of the "red terror"
and elevates the Federation in the eyes of all the
people. However the constructive policies, among
which are mentioned the union label movement, the
labor bank movement and the "new labor insurance
movement," of which it is said Mr. Woll is head as
President of the Union Labor Life Insurance Co.,
are all subject to dispassionate discussion in their
relation to both capital and labor.
It is our thought that in as far as organized labor
constructs a unit dealing with banking and insurance
it formulates a capitalistic enterprise. If so it must
demand protection of vested interests and of property in Much the same way as those capitalistic enterprises organized outside the ranks of union labor.
The tenor, theory, and constitution of our Government are not antiquated in affording the•same pro-
1761
tection to these "new movements" in labor's ranks
as to all others of a similar character. They are not
only permissible, but they are protected or they
could not obtain a charter to do business. Thus
organized labor makes a direct concession to that
kind of business organization under which all the
great corporations which employ labor are protected, and the principle questioned is thus affirmed.
Mr. Woll illustrates in the following example: "If
every organized wage earner in America would insure his life for $1,000, the total insurance pooled in
the Union Labor Life Insurance Co. would be five
billions of dollars. If all the workers, organized or
unorganized, would similarly pool their insurance
interests, American labor would merge in its own
company a coverage of over twenty-five billions."
If four billions are added to every one billion, from
the outside, must not economic reason ask for a form
of protection to enterprise and property that applies
to all the people, that, is in short, capitalistic? If
the labor bank receives deposits from unorganized
workers must it not rank itself among those banking institutions that receive protection from the
State and are satisfied with that which is given to
them? In other words, when organized labor enters the field of business it cannot ask for any new
or different protection to that universally afforded
to all corporations. On the other hand, if insurance
and banking in these institutions are restricted to
the patronage of organized workers alone can they
be accounted democratic institutions fostered by a
democratic State?
It may be only a mild form of condemnation to
say: "American labor well knows that the power
of State is still more inclined toward the protection
of vested interests and of property than to the promulgation of human rights and protection of personal rights," but it is nevertheless a condemnation.
A "Red" might say the same thing and demand a
new form of government—the very thing the A. F.
of L. does not want done, preferring, as said, to use
our forms for the establishment of human rights.
But what are these rights? Fundamentally, they
are, in the case of labor, to work when and where
the worker pleases, but not to conspire with all other
workers in a plant to "cease to work" at the same
hour and thus destroy the functioning of the enterprise. This is not a "promulgation of human rights,"
but the usurpation and distortion of natural rights
to the end of coercion. If the labor bank and labor
insurance have any rights as corporations, they are
rights "vested" in them by the same Government
that charters all corporations. We wonder what
would happen if all the clerks in labor banks and the
insurance company were to strike, cease to work,
where would protection against "picketing" come
from in their behalf if not from Government, State
and city?
Decrying the power or right of "injunction" and
refusing to obey it as a process of the courts is not
properly supporting a Government that is an impartial arbiter of "human rights" and a stern protector of property and property rights. Because
men form themselves into unincorporated labor
unions and make demands, does not give them any
new personal rights under our laws. The voices of
these unions cannot create for labor a sacred position that is different from other labor. In fact, the
worker, who gives over to the union the right to tell
him when to work and when to quit, is himself sac-
1762
THE CHRONICLE
rificing personal rights the Government is trying to
protect. It would accord with the general principle
enunciated of opposition to Communism and revolution if there were less of this insidious charge that
our Government favors property as against individual rights. To be sure, we are losing the latter
by yielding to incipient bureacracy, but the cause is
political and social rather than economic. Neither
labor nor capital are asking for the many forms of
regulation and control by Government that now
threaten our political system.
That labor now seeks to use its own "savings"
power in legitimate enterprise is its own affair, its
own right. No one could wish it other than success.
But this form of co-operation and unity is under our
laws. It is not the same "union" of interests that is
utilized to give workers the power of coercion
against employers. It is a recognition that savedup labor is capital, and, once co-ordinated and crys.tallized, operates the same as all capital. And by
so much as it follows the rules it wi// succeed. We
could wish that this "experiment" be seen in its true
light; that less stress be laid on the mere assertion
at least by implication, that labor by this means is
coming into its own. The saving that builds a labor
bank is the same kind of saving that has builded all
our banks. It may offer more in.-the distribution of
profits, but time will tell whether it can do so safely
as against the surplus-building of the others. The
principle of mutuality is likewise already imbedded
in "insurance," with the added safety of appealing
to a larger class of citizens. But a Government
prerogative used demands loyalty to the Government
that grants it.
A Newland Workable Philosophy.
A philosophy means, of course, a scheme of life;
but a "philosopher" is ordinarily taken to be a man
living in a world of his own. When, however, one of
the most distinguished, moved to give an account of
himself, gathers up the work of a lifetime in a simple,
brief and illuminating statement, it is worthy of
attention.
This is what the eminent Italian philosopher and
teacher, Benedetto Croce, has done in as brief a form
as possible in what he terms "An Autobiography,"
published by the Oxford University Press. It is a
sketch of the steps by which he passed through the
long series of successive historical philosophies, and
reached his present attainment of a workable philosophy that, escaping the complex theories of the past,
starts with the life of to-day as furnishing the standpoint for an ever-extending advance into the future.
It is not to him a record of attainment in the path
by which his own eager spirit expects to gain wider
vision and still truer views of life. He seeks to make
it known and intelligible to thoughtful men who
have no claim to scholarship or philosophical wisdom but still are desirous of understanding the realities and possibilities of human life. He has in mind
also many men and women who are not content with
the idea that they are simply the product of an evolutionary process or have here a casual existence
awaiting a possible transition to some future state
of perfection reserved for them beyond.
All, high and low, want a view of life that while
it looks hopefully beyond, offers on earth attainment and rewards which sustain their hopes and inspire their efforts. They want to feel that life here
[VOL. 125.
and now is worth while for every man, whatever his
position or his task.
Benedetto Croce in the fulness of his knowledge
seeks in the future the final solution of all our problems. That solution does not lie behind us, nor is it
possessed to-day. The truth to which he has come
and which is as nearly as possible fundamental for
all and unchangeable is that we are members of a
race in which as individuals we are possessed of
such powers of mind, and will, and character, as
make it possible for each by being himself to make
contribution to the perfected life beyond. We cannot forecast the form or time of that attainment, but
in the light of its conception we can perceive at
least something of the value of life on earth to every
man. Whatever our limitations or our experiences
we can feel a response to the voice within that
mourns over our failures and rejoices over every
effort to know and to reach what is best. The
philosopher has found that knowledge and wisdom
and truth unfold in the future and life is to attain
them. In this he only confirms and unfolds the
conviction in every heart that man is more and other
than an animal.
From a distant and wholly different position Dr.
Keyser, the distinguished Professor of Mathematics
in Columbia University has at the close of his career
gathered in a single volume some of his various efforts as a thinker to throw light on the meaning of
life. He has e'Xi)bunded a "Mathematical Philosophy" for the elect. But he also has written a very
suggestive book for the mass on "Thinking About
Thinking"; and now he has gathered a few of his
essays of the past for such use as men may find for
them.*
They were written, he says, to purge his mind of
certain "precipitates of experience and meditation,"
which we may suppose is what he would call "prejudices" in others. He strives to show how much a
man's business or occupation, which is in fact as
narrowly technical as is the daily work of others,
might be made expressive of his true self and have
both meaning and value far beyond the daily results.
He points out that there are two kinds of ideals,
those that can be realized, and those that cannot.
The former are spurious, the latter are genuine.
The genuine are unattainable, leading to the unseen
beyond. They are "the ever-flying perfect" of Emerson, the unattained principles awaiting the grasp of
man and application to himself. He is unaware of
Croce's new philosophy which he thus unconsciously
supports. He antagonizes with him those who would
discredit these genuine ideals and far-reaching principles, because they create what to them seem illegitimate aspirations and are disheartening, defeating thus the ends of life. He holds that they have,
in fact, even as ideals, made possible the great triumphs of the human spirit, among which he naturally places the "miracles of modern mathematics,"
alongside of the "Republic" of Plato, the art of the
Greek masters and the marvels of Empirical Science.
He says that the interesting creature known as
the mole has no eyes, but the anatomy of its nose
reveals no less than 30,000 "receptors" which serve
its needs. Men have both receptors and eyes, and
above all, Idealization, giving them visions and
dreams of things unattainable. This is the possession that marks men as human. It opens to them
""Mole Philosophy and Other Essays."
ton d; Co.
Cassius J. Keyser.
E. P. Out-
OCT. 1 19271
THE CHRONICLE
the higher life and sustains the toil that creates and
upholds civilization. Pursuit of the unattainable
ideal is the proper vocation of man, for it presents
itself to all. When a man is content to push and
strive and fight that he may gain the objects of his
immediate desire he is less than the beetle which has
wings and can fly! ,He only crawls. When he reverts to the ideals that are genuine, then only do the
true, the good and the beautiful come to be for him.
That at times he proceeds, as Croce does not, to
apply his philosophy in condemnation of others who,
also, perhaps with convictions, are striving to secure immediate relief for the community from flagrant evils by methods which are repugnant to him,
should not obscure the value of his contribution to
the new philosophy. It should be recognized as
showing what lies within the reach of every man,
and may be applied in the narrowest and most restricted of daily occupations if a man's mind is
opened to the battle. It carries the ancient religious
appeal to "make the task divine," into the realm of
the "secular," which means the routine of daily life
and gives it equal force.
This is what concerns us all. If we can see that
our unattainable ideals, even the once absorbing and
half-forgotten ones of earlier days are witness to our
humanity, glimpses of realms lying beyond to which
in reality we belong, and which are intended to be
the inspiration of our powers and hopes,then at once
life is ennobled and lifted out of the ruts of an often
weary drudgery. The daily task, whether of the
manager in his office or the employee at his bench,
the chief at his desk or the humblest clerk in his
service, is not of necessity a restriction, still less an
obliteration or destruction of his powers.
Each may have his vision. It is an ideal unattainable as yet, but real, an uplift and an assurance for
mind and heart. It is witness to his manhood, that
"image of God," whose hand fashioned him and to
whom he is to return "with his sheaves," such as the
child of God may gather. The new philosophy is to
make it possible for men who if they must be loaded
with burdens may yet give to their spirit wings.
When Professor Keyser proceeds to apply his
teachings to college graduates his test is severe, but
he stands to his guns. "The tests are many. This
one is for you. Do you read books that you cannot
understand easily? Books that require to be read
deliberately? Books that are beyond your capacity
to understand fully? If you do not you are not fully
educated; you have not the temper and habit of an
educated mind; you are not a student; you do not
really think."
He deals with equal directness when he turns to
our "opinions," our assertions of "belief." In the
great majority of cases these are only "a state of
mind"; they are of external origin; the sentiments
of the household; the neighborhood and the daily
paper create them. By a kind of "cerebral suction"
we draw them from the social atmosphere. A conviction, on the other, hand, is the result of hard
thought, patient, honest thinking, the rarest activity of man.
As a mathematician, that most exact of sciences,
he says, as in philosophy, in economics, in ethics, in
politics, one cannot rightfully say, I am convinced
of this or that until with every care he has laid the
doubts which he has honestly endeavored to raise.
This process does not always lead to conviction, but
it produces a valuable and fertile state of mind. It
1763
opens the door to the unattainable. He quotes in
support Helmholz, the great physicist, who went so
far as to say: "Only those who have worked on the
confines of knowledge know how conviction is won
and lost."
We need not follow our author further in the
direction in which he applies his philosophy. He
finds abundant occasion on all sides. Even "reviewers," he shows, fall sadly by the way, in their unconscious revelation of their own defects when they
point out the mistakes of others. He is no longer
young and has "retired"; so he may be pardoned if
his zeal leads him to denounce some who show themselves "spiritually ugly," and "no less than intellectually ignorant." He evidently has suffered.
None the less, in his examination of the Enterprise of Democracy, the Freedom of the Will, the
New Wisdom and Its Obligations, Sc)ence and Superstition, and some more personal subjects, his
application of this new philosophy will be satisfying
to Signor Croce, and profitable to all thinking men
to-day. It will sustain hearts when at atesmen have
to struggle long and often in vain to secure conditions of enduring peace; when returni ng prosperity
makes nations aggressive and jealous ot one another;
or when the character of the community changes
with that of its leaders, when success in business is
phenomenal or wealth is great.
Anxiety increases as contrasts app(ar. Recklessness grows. New ideas to meet the new demands
abound, but they are not the kind that endure. The
Age is prolific and the pace is strong. Growth,
strength, progress! Yet, but whither? What shall
satisfy? What will sustain when inevitable change
shall come, as it must? To what can a man give
himself? Where is the goal for his life? The answer is, in the call of the Ideal, that result in the
future which will be the attainment of a man's best
self. It will be when Obedient to the voices in his
heart and guided by the best that life has taught him
he finds that he has been shown "the Way and the
Truth and the Life" and has embraced the Love
which never falls. In faith he has followed the
Gleam, and it has proved surpassingly workable and
eternally true.
That we do not follow this in its application to
any particular business or occupation is only because it applies equally to all. Everywhere are to
be found the instances of men, honored of all, lovers
of their kind, good men, an example to all, who are
walking toward or have passed to the Life beyond.
We have only to think of the men we have known,
good men, dealing justly and loving mercy, straight,
simple'and pure, walking humbly with God, honored
of all, who are moving towards, or have passed into,
the peace that satisfies all desires, and have found it
in "the bosom of God." The list is long; names need
not be repeated, they are cherished in many hearts
and are the inspiration of many quiet and toiling
lives.
How Far Can Stock Exchange Speculation Co—
The Part of the Federal Reserve.
[Editorial from New York "Journal of Commerce," Sept. 80 1927.]
The temporary reaction amounting to a few points in a
considerable number of speculative stocks which occurred
late last week was ascribed by some to the opinion that
things were moving too fast in the market and that this
week's showing would probably indicate another enlargement
of credit. Consequently, some "investors" took the occa-
1764
THE CHRONICLE
sion to "get out." The week's figures now published show
that these expectations were certainly well founded, for
there is another increase of loans and investments on the
part of member banks during the past month by $400,000,000. Remembering that the "member banks" referred to
are about 600 in number and computing the probable increase for the country as a whole on this basis the figures
would indicate that total expansion during the month in
question was not less than $1,000,000,000. The result is to
bring the total loans and discount% of the banks up to the
highest figures on record.
At the same time there has been a large increase in
brokers' loans which accounts for a substantial proportion
of this immense increase in bank loans generally. Some
advance was naturally due to the seasonal growth required
for the service of agriculture and business, but the great expansion was due to speculation. This is a situation that
has been clearly illustrated in Reserve bank reports for a
good while past. It is not different now from what it has
been during the past few months. But the movement is
proceeding and is constantly accelerating. It would be
vastly more difficult to "draw out" now or to bring about
any material reduction in the amount of credit thus used
than it was a year ago. As for the Reserve banks themselves, they have gone on enlarging their holdings of acceptances and buying more United States obligations and so
letting out cash for stock market use, but there has been
little change in the amount of credit they have extended to
member banks by way of rediscount.
Summing up this situation, it seems to amount to this:
The needs of the business community for credit are pretty
well "saturated," commodity prices are nearly stable, most
sound business is very fully financed, production is, if anything, lower rather than higher as compared with last year,
so that business as such, barring temporary seasonal
changes, does not alter very much the amount of demand
that it brings to bear upon the banks or Reserve institutions
for accommodation. Expansion of demand comes from two
or three sources—brokers' loans, borrowings by investment
bankers who have to get help in carrying undigested securities, and direct applications on the part of individuals who
[vol. 125.
borrow from their own banks instead of from brokers the
money that they want to use in buying stocks and bonds.
Just how far can this situation go on? It is a question
that has been asked a great many times in the past few
months, but it loses none of its urgency with the asking.
On the contrary, it becomes more and more significant and
pressing as time goes by. It is important to make up our
minds as to the distance we can go along the present route.
As to this, a qualified answer must be given. Member banks
are in most parts of the country undoubtedly "loaned up."
If Reserve banks were to withdraw support or to make it
more expensive they would have to stop financing speculation. With ordinary bank credit at positively its highest
peak in its whole career and still steadily advancing, as
shown by a $1,000,000,000 increase during the past month,
the banks would be in a very hazardous position if they did
not have a strong anchor to windward.
How far can the Reserve banks go? Certainly they can
inflate a good deal more than they have yet done. If they
were to let down the bars still further and continue as at
present there need be no doubt that as indicated in the last
report of the Federal Reserve Board they would be able to
extend enormously more rdiscount accommodation than at
present. As a matter of fact, they are not getting applications for rediscounts and consequently the distance that
they can go is measured not by their rediscount ability, but
by the amount of acceptances or Government obligations
which they can conveniently take up in the open market.
Looked at in that way, their expansive power is much more
limited but still very large.
It is not likely that the present stock market activity will
be checked through a lack of credit. Higher rates of discount may come and would have a chilling effect, but they
are not likely to come because of the existence of a shortage
of lending power. The present outlook is that stock market
activity will be allowed to go on expanding until it breaks
down of its own weight—through sheer disbelief in values,
and not through any of the usual means of control. When
that time comes the Reserve System will have a difficult
problem to deal with—but it is not likely to meet that problem any sooner than it has to.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Sept. 30 1927.
September's trade was not so good as August's. The buying was more from hand to mouth, with the trend of prices
for one cause or another upward. But now the outlook for
wholesale trade is better, despite some queer weather and
backward corn and cotton crops. Latterly warm weather
here in the East has checked retail trade somewhat. The
great industries are slow except cotton textiles. The Jewish
holidays have interfered with dry goods and other business
here. Iron has been quiet and none too steady. Steel in the
main has been slow of sale, even if a few centres report a
slight increase in business. Steel trade is really disappointing and prices are not, it appears, universally steady. Copper has declined here and in London, and the lead and zinc
markets have been quiet. The big wool sales in London
have ended after 120,000 bales out of 144,500 offered had
been sold at firm prices. In Australia wool has also been
firm. Wool in this country has been in fair demand and
steady; nothing more than that here, though some reports
say there has been a rather better business in Boston; there
Is no activity there. Cotton has been irregular, advancing
2 cents on cold, wet weather, and then losing much of the
rise as the weather became warmer, hedge selling increased
somewhat and liquidation became more general. The trade
buys cotton only on declines, but it buys steadily. The temperatures have been too cold for the cotton and wet weather
has prevented bolls from opening; dry, warm weather is imperatively needed in the cotton belt. Everybody is on the
qui vive for the next Government cotton report on the 8th
Inst. It is expected that the last estimate of 12,692,000 bales
will be reduced.
Wheat has advanced with the technical position better.
Drought was still reported in Australia and perhaps the
rains in Argentina have only partially relieved the drought
there. English grain markets have been Inclined to be
steady or firm, despite the rapid marketing of our spring
wheat and large receipts at Canadian points. In Canada
the temperatures were down to 32 degrees. A rally followed
the drop to the lowest price for the year on Sept. 24, but it
Is still about 10 cents below that of a year ago. Corn declined owing to better weather at times with liquidation
heavy. Most of the crop la Nebraska and Minnesota is out
of danger of frost. It seems likely now that the crop will
turn out to be larger than was expected. Other grain declined slightly, with only a small export demand for rye.
Provisions have declined somewhat in sympathy with th
fall in grain prices. Coffee has advanced sharply, as the
Indications seem clear that the Defense Committee is doing
very well in "defending" prices aided by a sizeable loan.
Brazilian quotations have steadily risen. The better grades
of coffee are still anything but plentiful. Again, the shorts,
despite the talk of a big crop, have been on the defensive.
Sugar declined, owing partly to a lessened demand and
partly to the postponement of the introduction of the restriction bill in the Cuban House of Representatives until
Oct. 3.
Larger sales are noticed in rayon goods, in radio materials
and In the shoe trade. The clothing trades as a rule make
the best showing. The South is more disposed to buy merchandise with the weather cool and cotton about 7 cents
higher than a year ago. Business is unsatisfactory in automobiles and building materials, as well as in steel and iron.
The Central West, the Southwest and parts of the Eastern
manufacturing section make the poorest showing for September in contrast with a good exhibit for the South and
;
Northwest There has latterly been rather more business
in soft coal, though the output is larger from former union
mines, but anthracite has been slow of sale. The soft coal
strike seems to be dying out. The demand for soft wood
lumber is not quite equal to that of a year ago. Hardwood
lumber sales are much smaller than then. The retail trade,
OCT. 1 1927.]
THE CHRONICLE
though of late less active owing to summer-like temperatures, made a better exhibit in September than wholesale
business. Retail or department store sales gained about
,4% in September over those for August. The increase
71
over August in chain store and mail order sales was even
,
larger than that in retail trade. Rubber has latterly been
declining here and in London after it had advanced earlier
in the week on a temporary spurt of businses. Latterly it
has been a rather aimless market, awaiting developments
in regard to the restriction of exports. Meanwhile, however, production to all appearances is outrunning consumption, and there Is some net decline for the week, although
the latest rumor from London is that the British Government will make the export regulations more rigorous than
ever. Beef cattle prices are the highest in seven years.
The jewelry trade is better. There is less business in heavy
construction lines than a year ago. Building is less active
than then. Broad silks have been quiet. Raw silk was dull
and lower. In woolen and worsted goods trade is not eager.
The stock market has again been irregular, but in the
main firm, and prices have risen sharply on Baldwin Locomotive and Houston Oil, each advancing on the 29th inst.
some 10 points, with a further advance in the latter yesterday. Various specialties advanced sharply, including 3 to 7
points to-day. United States Steel and General Motors
acted well; also the railroad stocks, with Erie and Canadian Pacific in the lead and Erie at a new high. Money is
4% and an increase in brokers' loans of $21,873,000,000 over
those of the week ending Sept. 21, which was not so great as
had been predicted, had no effect. The calling of some
loans as the banks prepare to disburse some half a billion
dollars in dividends and interest had no effect. Trading
for the day ran up to 2,377,000 shares. Preliminary earnings for August on 72 Class I railroads show a decrease of
3.6% from August 1926. September car loadings to latest
date show a decrease of 3.4% from September last year.
Nineteen out of thirty-eight weeks of this year showed
smaller loadings than in the same weeks of 1926, but after
all, the decrease for the entire year is only lh of 1%. Foreign exchange has been in the main firm and both sterling
and guilders have reached a new high level for the year.
Bonds have been in good demand and firmer. London was
firm to-day on the eve of the release of some £70,000,000 of
war loans with its implications of a better investment demand. Also, there is the winding up of the conversion loan.
Stocks in general were steady there. Wall Street heard that
there was a hitch In the joint American and British loan to
the Bank of Poland as the grantors of the loan want a representative on its board.
In the New Bedford, Mass., district the mills are making
more money, it seems, than at any time in the past four
years and they are steadily increasing their rate of activity.
Many of the yarn mills are said to be operating at 85 to 95%
of capacity. Fall River, Mass., is doing a moderate business, being somewhat hampered by the irregularity of raw
cotton prices. Peabody, Mass., wired that the Naumkeag
mills at Salem, Mass., and the Danvers bleacher at Peabody were running at a high rate on sheetings. At Dover,
N. H., the Sawyer mills of the American Woolen Co. have
adopted a night schedule in several departments, with fulltime basis in all other departments of the plant. About
100 operatives have recently been added to the working
force. In the Greenville, S. O., section cotton mills are
working at full capacity, despite the big fluctuations in cotton prices. Manchester, England's, trade is quiet. Lancashire has fixed the amount of gurtailment in yarn mills and
the minimum prices. Shanghai auctions are doing a larger
business at higher prices. Berlin, Germany, cabled that
the German Government in order to avert a possible strike
of 300,000 textile workers throughout Saxony advised the
industry to raise wages from 8 to 13%. The trade union
leaders, however, are holding out for a larger wage increase.
The weather here after being cold early in the week has
latterly turned warm, so much so as to suggest Indian sammer. It was 76 here on the 29th inst., 72 in Chicago, 78 in
Cleveland, 68 in Milwaukee, 76 in Cincinnati, 72 In Boston,
80 in Philadelphia, 52 In Minneapolis, 66 in Omaha and 54 in
Winnipeg. On Sept. 29 a tornado struck St. Louis, Mo.,
killing 100 persons, destroying hundreds of houses and
causing a loss estimated at $75,000,000. To-day there was
a rise in the temperature here of 18 points, the thermometer
reaching 81 at 3 p. m., to the surprise and not a little to
the discomfort of everybody. The forecast was for cloudy
1765
weather to-night and to-morrow, with continued warm
weather. Yesterday it was 78 at Cleveland, 76 at Cincinnati, 72 at Chicago, 68 at Milwaukee, 82 at Pittsburgh, 70
at Portland, Me., and 52 at St. Paul.
Federal Reserve Board's Summary of Business Conditions in United States—Increase in Industrial
Production—Loans and Investments of Member
Banks Largest on Record.
The Federal Reserve Board reports that industrial production increased in August, reflecting a growth in the output of mines; the Board also announces that the distribution
of commodities both at wholesale and retail increased by
more than the usual seasonal amount. The general level of
wholesale commodity prices rose about 1% owing chiefly to
advances in the prices of farm products, the Board states,
and in its reference to bank credit it indicates that total
loans and investments of member banks in leading cities
between August 17 and Sept. 21 increased by $400,000,000
to the largest figure on record. The foregoing comments are
contained in the monthly summary of business conditions in
the United States, issued on Sept. 27 by the Reserve Board,
which has the following to say regarding production, trade,
6to.:
Production.
Production of anthracite and bituminous coal, which showed a considerable decline earlier in the season. Increased sharply in August and
the
early weeks of Sept., and this rise was reflected in an advance in the
Board's
Index of mineral output from 98% of the 1923-1925 average in July
to
106% in August. The index of manufactures as a whole showed practically
no change for the month. The iron and steel industry continued during
August and Sept. with little change in demand or in production, and
the
production of newsprint, lumber and cement showed only customary
seasonal changes in August.
Consumption of cotton remained unusually large for this season
of the
year, and there was an increase in the production of automobiles, which.
however, remained below the output of August of last year. Output
of
shoes and rubber tires increased from July to August by less than
the
customary seasonal amount. Factory employment was in practically the
same volume in August as in July, and both employment and production
were smaller than a year ago. The volume of building contracts awarded
In August was smaller than in Aug. 1926, which was a month of unusually
large awards. The largest decreases, as compared with last year, were in
the Boston, New York and Chicago Federal Reserve districts. In the first
half of September awards were in practically the same volume as in the
corresponding period of last year.
The Department of Agriculture's estimate of corn production on the basis
of Sept.1 condition was 2,457,000,000 bushels,compared with 2,647,000,000
harvested in 1926. The total yield of wheat is expected to be somewhat
larger than a year ago. The forecast of the yield of cotton was 12,692.000
bales, representing a reduction of 800.000 baies from the August estimate
and of over 5,000,000 bales from last year's crop.
Trade.
Distribution of merchandise at wholesale and retail increased more than
Is usual in August, and sales, were generally larger than in August of last
year. Sales of wholesale firms in most leading lines were larger than a year
ago. Inventories of department stores showed less than the usual seasonal
Increase in August, and at the end of the month were in about the same
dollar volume as a year ago. Stocks carried by wholesale firms continued
in August generally smaller than last year.
Freight car loadings of nearly all types of commodities increased considerably in August and the early part of September, but, with the exception
of grains and miscellaneous products, loadings for all groups continued
in
smaller volume than in the same period of last year.
Prices.
Wholesale commodity prices, as measured by the index of the Bureau
of
Labor Statistics, increased from 145 in July to 147 in August. There were
large increases in the prices of farm products and of clothing materials.
while most of the other groups showed only slight changes. The price of
raw cotton advanced from 173. cents a pound on Aug. 1 to over 23
cents
on Sept. 8, but since that date has declined by about three cents a pound.
Prices of cotton goods,cattle, hogs and sugar also increased during August
and the first three weeks of September, while those of grains declined.
Recently there have been reductions in the prices of some Iron and steel
products.
Bank Credit.
Total loans and investments of member banks in leading cities between
Aug. 17 and Sept. 21 increased by $400,000.000 to the largest figure en
record. There were increases in loans on securities and in investments, as
well as the usual seasonal growth in loans for agricultural and commercial
purposes.
The volume of Reserve Bank credit increased during the month ended
Sept. 21, reflecting the seasonal growth in the demand for currency and
an export of gold. The increase was entirely in the holdings of acceptances
and United States securities, as there was little change in the discounts for
member banks.
In the open money markets, rates on security loans increased slightly
during September, while rates on commercial paper and 90
-day bankers'
acceptances remained unchanged at the lowest levels of the year. Discount
rates at the Federal Reserve banks of Philadelphia. Chicago, San Francisco
and Minneapolis were reduced during September from 4 to 3%%,the
rate
prevailing in the other eight districts.
Business Progress of Past Few Months, as Reflected in
Wages and Employment Statistics, Viewed as
Encouraging by National Industrial Conference
Board, Inc.
Business progress during the past few months, as reflected in wage and employment statistics constituting fundamental elements in measuring industrial activity, inspires
[Trot. 125.
tELE CHRONICLE
confidence rather than apprehension, and the recent stiffening of commodity prices is indicative of at least a normal
seasonal increase in the demand for products, in the view
of the National Industrial Conference Board, 247 Park Avenue, New York. The element of confidence, in the view of
the Conference Board, is to be derived from the fact that in
spite of various outside influences that might be expected
to act unfavorably on business, such as the approach of a
Presidential election, disturbances in foreign affairs, a season of floods and generally unfavorable weather, industrial
activity in the United States has suffered no noticeable depression even in the branches of industry which have made
such unprecedented records during the past two years. The
Board, in stating this Sept. 26, goes on to say:
While employment and the total number of hours worked in manufacturing plants have declined slightly since last March, and in July this year
were somewhat lower than in the corresponding month a year ago, all such
fluctuations recorded during the past twelve months averaged less than 5%,
according to the data collected by the'Conference Board among about 2,000
representative establishments in 25 different industries. Average weekly
earnings per wage earner, while showing a seasonal decline in July were
at the same level as in the corresponding month a year ago. Average hourly
earnings, a sensitive indicator of wage rates paid, were even 1% higher
than in the same month last year, and since last April have been as high
as or higher than at any time during 1926.
In interpreting these data, emphasis should be laid not on such slight
fluctuations as have occurred, declares Magnus W. Alexander, President of
the Conference Board, but rather on the minuteness of the fluctuations as
Indicative of the increasing stability that has marked American industrial
and commercial life during the past five years, in great contrast to business conditions in Europe, where during that period political agitation and
uncertainty, widespread labor unrest and fiscal complications have caused
frequent and violent interruptions of business activity in most of the important industrial countries. "When variations in employment, wage earnings and wage rates are of such trivial nature as they have been in the
industries of the United States during the past two years," says Mr. Alexander, "the barometer of business activity as a whole may well be said to
register 'no change' in fundamental conditions.
Index numbers in the table below illustrate the marked stability of wage
earnings, employment and wholesale commodity prices month by month
during 1926 and 1927:
Aver. Weekly
Aver. Hourly
Wholesale
Wage Earnings
Earnings
Employment
Prices
(July 1914=100) (July 1914=100) Vane 192(=100) (1913=100)
1926.
216
January_ _ __
218
February_ __
219
March
217
April
May
216
216
June
214
July
213
August
218
September _
October_ _
219
November
216
December.,_
216
1921.
217
January__ - _
February
221
March
220
April
218
219
May
218
June
214
July
August___
227
228
229
229
229
230
229
229
231
231
232
231
83.2
85.5
86.1
85.8
84.3
83.7
83.0
83.4
85.0
84.6
82.8
80.9
156
155
152
151
152
152
151
149
151
150
148
147
231
232
231
233
233
233
232
___
82.1
83.2
84.0
83.2
82.9
82.0
81.0
___
147
147
145
144
144
144
145
147
Department of Commerce Finds Business and Industrial Conditions Better in August Than in Preceding Month-Business Indicators.
Measured by the volume of check payments, business in
*August was better than in either the preceding month or the
corresponding month of 1926, after adjustments for normal
seasonal conditions, according to the Department of Commerce, which under date of Sept. 23 added:
Retail trade, as seen from the figures covering mail-order sales and
ten-cent-store business, was ont a higher level than in either the previous
month or the same month of last year. Distribution of goods, as indicated
by figures on car loadings, however, showed a decline from both comparative periods, the decrease from the preceding year being due solely to
smaller loadings of agricultural and mineral products, miscellaneous merchandise loadings and goods in less-than-car loading lots showing increases.
Prices paid to producers of farm products averaged higher than in the
preceding month, but were lower than a year ago. Wholesale prices were
also generally higher than in the preceding month and lower than last
year. Retail prices for food averaged lower than in either the preceding
month or the corresponding month of 1928.
Production of pig iron showed no change from the preceding month, but
was lower than in August of last year. The output of steel ingots, however, was greater than in the preceding month, but showed a decline from
the same period a year earlier, while unfilled steel orders, although expanding over the previous month, were also lower than last year. The production of coal, both bituminous and anthracite, was greater than in July, but
smaller than in August of the preceding year. Cotton constimption was
larger than in either the previous month or the satne month of 1926. The
production of automobiles, both passenger cars and trucks, was greater than
in the preceding month, but substantially lower than in August 1926. The
floor space of new building contracts awarded was larger than in July, but
smaller than a year ago. Shipments of cement by manufacturers were
larger than in either the previous month or the corresponding month of
the preceding year.
Interast rates on commercial paper averaged lower in August than in
either the previous month or the same month of 1926. Prices for stocks
and bonds listed on the New York Stock Exchange averaged higher than in
either prior period. The Federal Reserve ratio, although lower than in the
previous month, was higher than in August 9f last year. Imports of merchandise were greater than in either *prior period, while exports, although
greater than in July, showed a lower dollar volume than in August 1926.
Business failures were less numerous than in July, but larger than a year
ago, with defaulted liabilities of failing firms showing similar comparisons.
BUSINESS INDICATORS.
(Relative numbers: 1919 monthly average = 100.)
1927
Items-.
July.
Aug.
Pig-iron production
116
116
Steel ingots, production
113
124
Unfilled steel orders
52
53
Coal, bituminous production
87
107
Coal, anthracite production
*68
106
Cotton consumption
115
128
Automobile production (total United States)
163
188
Building contracts(37 States, SQ. ft.)
127
137
Cement shipments
265
299
Check payments (with seasonal adjustment)
145
156
Car loadings
142
122
Farm prices
62
63
Wholesale prices
70
71
Retail prices, food
*83
82
Postal receipts, 50 largest cities
143
155
Mall-order sales (2 houses)
111
127
Ten-cent store sales (4 chains)
223
239
Commercial paper, interest rates
79
77
Security prices
-25 industrial stocks
210
217
25 railroad stocks
189
189
Bond prices(40 bonds)
120
122
Federal Reserve ratio
159
156
Imports, merchandise
98
114
Exports, merchandise
52
57
Business failures-Number offirms
326
317
Liabilities
457
415
1926
Aug.
126
142
59
119
•111
101
262
142
259
136
•126
64
72
84
145
108
206
79
163
155
117
148
*103
*58
296
298
* Revised.
Monthly Indexes of Department of Commerce-Increase
in Production.
The Department of Commerce presents as follows, under
date of Sept. 30, its monthly indexes of production, stocks
and unfilled orders.
Production.
Manufacturing production in August, after adjustment for differences in
working time, showed no change from July, but was less than in August
1926- Without adjustment in working time, all groups showed an increase
In production over July, except foodstuffs, while compared with a year
ago, declines were made only in iron and steel, other metals, paper and
printing, tobacco and miscellaneous, including automobiles. Raw material
output for August was higher than in both July 1927 and August 1926.
All the raw material groups, consisting of animal products, minerals,crops
and forest products, showed increases in output or marketing, over both
periods.
Commodity Stocks.
The index of commodity stocks, when adjusted for normal seasonal yuletions, increased during August, although, without adjustment, there was a
decline. All groups showed increases over July in the adjusted index.
Compared with a year ago, stocks also increased, all groups participating
therein.
Unfilled Orders.
The index of unfilled orders, principally iron and steel and building materials, showed no change from the end of July, although building material,
declined one point. The index declined from the end of August 1926, both
the iron and steel and the building materials groups showing lower unfilled
orders than a year ago.
The index numbers of the Department of Commerce are given below:
July
1927,
Production (Index Numbers: 1919-100)
Raw materials: total
Minerals
Animal products
Crops
Forestry
Manufacturing, grand total (adjusted)
Total (unadjusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printing
Chemicals and oils
Stone and clay products
Tobacco
Automobiles•
Miscellaneous
Commodity Stocks (Index Numbers: 1919-100)
(Unadjusted).
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
(Adjusted for Seasonal Element.)
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
Unfilled Orders.
Total (1920-100)
Iron and steel
Building materials
•Included In miscellaneous group.
August August
1927, 1926.
105
141
113
84
115
128
124
143
105
108
161
134
89
104
188
178
129
166
112
132
157
116
135
124
128
133
138
119
117
171
148
103
111
191
190
146
192
126
122
156
111
114
117
135
135
122
97
136
175
147
90
122
177
173
132
253
157
164
217
114
101
189
157
190
114
108
187
148
191
100
100
170
188
286
156
94
191
203
317
162
95
205
184
310
129
88
177
40
31
78
40
31
77
49
36
99
Real Estate Market Index for August Below That
for July.
Real estate market activity for the country as a whole for
August is indicated by an index figure of 163, according to
the compilation of statistics of real estate transfers and
conveyances made monthly by the National Association of
Real Estate Boards. The idex is compiled from official
figures of transfers and conveyances recorded in 41 typical
cities. The August figure is four points lower than the index
for July. It is six points lower than the index for August of
1926. In the Association's compilation the average number of transfers and conveyances recorded during the cor-
OCT. 1 19271
THE CHRONICLE
1767
responding month of the years 1916-1923 in the 41 cities is York in its Sept. 27 business review, from which we quote
taken as the base (100). The index record for the past the following:
twelve months is as follows:
Upward Price Trend.
August 1926
September 1926
October 1926
November 1926
169
164
160
160
December 1926
January 1927
February 1927
March 1927
April 1927
155
170
180
173
166
May 1927
Jtine 1927
July 1927
August 1927
156
163
167
163
The dollar volume of trade is greater than it was a year ago and inventories
in many industries are very satisfactory. The rise in commodity prices
is a strong feature of the present situation, the Harvard Economic Service
index figure showing a gain of 6% and reaching the highest level touched
in ten months. The noteworthy strength shown by agricultural prices
reflects the greatly improved position of the farmers and means an increased
buying power for a large area where conditions were not at all promising
a few months ago. According to the Bureau of Labor Statistics at Washington the downward trend of agricultural prices was checked last November
and had it not been for the striking weakness shown by non-agricultural
prices, the upturn in the general average would have come much sooner.
There is however, apparent basis for believing that the fall in commodity
prices is over and that the upward trend may be expected to continue from
now on. The improvement in the price situation is not confined to the
United States but extends to most of the important foreign countries. The
gain has been quite noteworthy in England, Sweden, Germany and The
Netherlands, and in the judgment of various authorities means a greater
price stabilization throughout the world. Even in Italy and France the
sitivaton is much more promising than it was a few months ago.
Loading of Railroad Revenue Freight Increasing But
Still Below the Previous Year.
Loading of revenue freight for the week ended on Sept.
17 totaled 1,124,231 cars, an increase of 134,759 cars over the
preceding week, when freight traffic was reduced owing to
the observance of Labor Day. The total for the week of
Sept. 17, according to reports filed on Sept. 27 by the railroads with the Car Service Division of the American Railway Association, was a decrease, however, of 55,028 cars
compared with the corresponding week last year but an
increase of 25,004 cars above the corresponding week in
Machinery Outlook Good, According to American
1925. The details are as follows:
Machinist."
Miscellaneous freight loading for the week totaled 447,156 cars, a decrease
Inquiries for machine tools were in larger volume during
of 4,259 cars under the corresponding week last year but 20.103 cars above
the same week in 1925.
September and forecast a gain in business for the autumn
Loading of merchandise and less than carload lot freight totaled 267,590 which
should make up for the deficiencies of the summer
cars, a decrease of 1,792 cars below the same week last year and 3,034 cars
months,"American. Mackinist" reports. New equipment just
below the corresponding week two years ago.
Coal loading amounted to 182,082 cars. This was a decrease of 23,996 brought out by machinery manufacturers is attracting widecars under the same week last year but an increase of 10,157 cars compared
spread attention, it is stated. In Detroit the automobile
with the same period two years ago.
Grain and gain products loading totaled 60.356 cars, an increase of makers are watching developments closely and much busi10,779 cars above the same week in 1926 and 6,250 cars above the same ness is known to be pending.
Chicago and Cincinnati are
period in 1925. In the western districts alone, grain and grain products
loading totaled 45.270 cars, an increase of 12.622 cars above the same working on leads furnished by the exhibitions. In the East
week last year.
buying slowed down somewhat during the past week, but
Live stock loading amounted to 31,765 cars,a decrease of 7,778 cars under
activity is expected to resume in October.
the same week last year and 1.743 cars below the same week in 1925. In
the Western districts alone, live stock loading totaled 23,875 cars, a decrease of 6,310 cars under the same week last year.
Wholesale Trade in United States in August, as ReForest products loading totaled 69,231 cars, 3.738 cars below the same
ported by Federal Reserve Board-More Than
week last year and 953 cars below the same week in 1925.
Ore loading totaled 56.231 cars, 21.578 cars below the same week in
Usual Increase Shown.
1926 and 3,465 cars below the corresponding period two years ago.
Sales of Wholesale firms reporting to the Federal Reserve
Coke loading amounted to 9,730 cars, a decrease of 2,666 cars under
the same week in 1926 and 1,711 cars below the same period in 1925.
System increased considerably more in August than is usual
All districts, except the Pocahontas and Southern, reported decreases in at that season and were as large
as in August of last year.
the total loading of all commodities compared with the corresponding period
in 1926. All districts, except the Central Western, however, reported In announcing this the Board states that trade of wholesale
firms generally begins to increase in August as retailers
increases compared with the corresponding period in 1925.
Loading of revenue freight this year compared with the two previous build up their stocks in anticipation of the expansion of sales
years follows:
in the autumn, but this year the growth between July and
1927.
1926.
1925. August was larger than during the
corresponding period in
Five weeks in January
4,524,749
4,428,256
4,456,949
Four weeks in February
3,823,931
3,677,332
3,623,047 any other recent year. Compared with a year ago, sales of
Four weeks in March
4.016,395
3,877,397
3,702,413 groceries, dry goods, shoes and drugs were
larger, while
Five weeks In April
4,890,749
4,791,006
4,710,903
Four weeks in May
4,096,742
4,145,820
3,869,306 those of meats and hardware were somewhat smaller. FurFour weeks in June
3,974,160
4,089,340
3,965,872 ther statistics are supplied as follows by the Board:
Five weeks in July
4,935,397
5,213,759
4,945,091
Percentage changes in the value of sales in August as compared with July
Four weeks In August
4,249,359
4,388,118
4,321,427
Week of Sept 3
1,117,069
1,143,448
1,102,785 of this year and August of 1926 are as follows:
Week of Sept 10
989,472
1,024,998
975,499
CHANGES IN VALUE OF WHOLESALE SALES.
Week of Sept 17
1,124,231
1.719,259
1,098,627
Total
37,742,254
37.958,733
36.771.919
Line.
The Decl ne of Car Load:ngs
Referring to the decline of loadings of freight, the "Railway Age" directs attention to the fact that not only have
loadings been constantly less for four months than in 1920,
but that there has been a decline in shipments of every large
class of commodity. "The car loadings of the railways have
been for some years accepted as one of the best indications
of the general activity of business," the "Railway Age"
says, and then continues:
Percentage of Increase (+) or Decrease (-) in
Sales in August 1927, Compared with
July 1927.
Grocery
Meat
Dry goods
Shoes
Hardware
Drugs
Total, six lines
.August 1926.
+5.7
+7.4
+44.1
+48.7
+4.9
+6.9
+0.2
-4.1
+6.0
+9.4
-0.2
+9.4
+14.1
+1.0
Among the additional lines not included in the above table domestic sales
of agricultural machinery and farm implements in August were 14% larger
than a year ago, according to reports received by the Federal Reserve
Bank of Chicago from 77 manufacturers. Orders for machine tools placed
with firms reporting to the National Machine Tool Builders' Association
The decline in the loadings of coal accounts for more than one-half of increased
considerably in August and averaged for the month about 2%
the total decline from the middle of May to the middle of September, and larger
than in August of last year. Sales of men's clothing by firms reis largely explained by the strike in the union mines, but it is probably sig- porting
in the New York Federal Reserve District were slightly smaller in
nificant of general business conditions that during the period mentioned August
than in the corresponding month of last year, and sales of women's
there was a decline in the loadings of every one of the large groups of com- dresses
were about 12% smaller. Sales of women's coats and suits, on the
modities.
other hand, were more than twice as large as in August of last year, when
The decline of total loadings in eighteen weeks was from 19,108,255 cars activity
in the clothing industry was curtailed as a result of the strike at
to 18,337.783. and amounted to 770.472 cars. or 4%. The decline in coal that time.
loadings was 349,058 cars, or almost 11%. The decline in loadings of other
Stocks of Wholesale Firms.
-Merchandise stocks carried by reporting
commodities were as follows: Grain and grain products, 5.6%; live stock,
wholesale dry goods and shoe firms were smaller in value for the country
3.0%; coke, 13.5%; forest products. .5.5%; ore, 12.5%; less than car load as a whole at the
end of August than at the end of July, while those of
merchandise, 2.0%; miscellaneous, only 0.2%.
grocery and drug firms were slightly larger. Compared with a year ago,
The decreases in railway gross and net earings within recent months have stocks of
most lines continued generally smaller.
been, of course, mainly due to this decline of freight business. The general
Index numbers of the dollar value of sales in six leading lines of wholesale
trend of freight business within recent weeks has been much the same as trade are
given below. On the following pages are shown changes in sales
throughout recent months. In other words, there has been no marked ten- and stocks by lines
and by Federal Reserve districts.
dency recently for it either to decrease or increase that cannot be accounted
VALUE OF WHOLESALE TRADE BY LINES.
for by the usual seasonal causes. In the early months of the year, total
(Index numbers with average monthly sales in 1919 as 100.)
loadings were larger than in the corresponding part of last year, but as a result of the decline since then they were, from the beginning of the year to
GroDry
Hardthe middle of September. slightly smaller than last year, and it now seems
cults. Meat. Coeds. Shoes. ware. Drugs. Total.
probable that the total freight business of 1927 will be somewhat smaller
than was that of 1926.
1926.
April
59
77
79
76
103
123
80
May
81
60
80
78
107
111
82
June
76
82
59
86
105
116
84
Bank of New York Looks for Upward July
National Park
78
77
52
84
99
113
82
August
102
81
82
73
99
115
88
Price Trend.
1927.
April
71
77
75
68
102
122
78
The belief that the fall in commodity prices is over and May
81
71
74
56
99
113
79
72
85
74
58
102
115
81
that the upward trend may be expected to continue'from June
July
78
72
75
53
94
118
77
83
75
108
now on is expressed by the National Park Bank of New August
79
99
128
85
[VOL. 125.
THE CHRONICLE
1768
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
(Increase (-1-) or Decrease (-) Per cent.)
Line and Federal Reserve District.
The cotton crop, ravaged by the boll weevil, is forecast at nearly onethird less than last season's record output. Winter wheat turned out some
75,000,000 bushels less than last year though it was about an average crop
but spring wheat is more than making up with 100,000,000 bushels in excess
Sales August 1927,
a Stock August 1927,
of last year.
Compared with
Compared with
Movement of both wheat and cotton to market is more rapid than last
July 1927. Aug. 1926. July1927 Aug. 1926. year. Potatoes appear likely to turn out about an average crop, something
.
under 400,000,000 bushels, blight and rot tending to reduce the yield below
earlier forecasts. Late fruit.is a substantially smaller crop than last year,
+4.0
-1.8
-1-5.7
+0.2
+1.9
-0.5
-0.2
-9.8
especially in the East. Apple prices are correspondingly higher and western
+1.4
-1.5
+2.7
apple districts are faring better than they did.
+3.9
-3.2
+2.0
+6.6
This Is just the critical time for corn. Warm September weather did a
-2.3
-0.8
+6.2
+4.0
lot to mature the grain but lightfrosts have left their mark lately in northern
+6.1
+0.4
+0.7
-11.2
+12.7
+6.2
+3.4
valleys while the big, general freeze is presumably not far ahead. Even if
+9.4
+2.6
-6.4
-0.9
frost holds off two weeks yet a substantial portion of the corn will be small
-10.7
+4.0
+8.0
+3.0
ears, soft, wromy, or otherwise low in quality. In general, the corn terri+4.0
-2.0
+13.0
-3.0
+12.1
-2.2
+9.4
tory west of the Mississippi has a much better crop than that east of the
-5.8
+22.7
+0.3
+4.4
-10.2
river. The corn shortage presumably will send some lighter hogs to market:
• -0.6
-0.9
+3.3
It may ast to restrict breeding somewhat for spring pigs. But there may
be more feedable corn than has been thought likely.
+44.1
+6.0
-6.3
+22.7
+6.7
Western cattle and sheep are moving down out of the high ranges and
+39.2
+0.7
2I.1
long trainloads of marketable stock are coming eastward. The beef
+63.3
+8.3
+0.3
-10.3
cattle industry is unquestionably on the upgrade. Sheep raisers are still
+65.4
-5.3
+6.3
+1.2
+20.2
-4.6
doing well and are confident, though more than one note of caution against
+68.9
-21.6
+36.7
-0.3
-6.3
-21.0
over-expansion has been raised in responsible quarters. The dairy industry
+73.5
-12.4
+3.1
+7.1
is in good shape.
+46.0
+4.8
-8.3
+11.7
+97.5
+14.8
-7.6
Summing up the season's apparent production and re+43.2
+0.3
-3.8
=-278
-
Groceries
United States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
Dry Goods
United States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
it. Louis District
Kansas City District
Dallas District
San Francisco District
Shoes
United States
+48.7
+9.4
-6.6
+3.3
Boston Gistrict
+11.0
-3.2
+35.2
New York DLstrict
+55.5
+15.3
-8.0
+30.3
Philadelphia District
+52.3
-1.2
-28.9
Cleveland District
+10.4
+6.9
+64.0
+2.9
Richmond District
+91.9
+15.6
-10.9
--3.2
ktlanta District
+61.5
+13.7
Chicago District
+62.1
-i-iii
+9.8
-1-0:4
it. Louis District
-9.8
-6.0
--2.3
Uinneapolls District
+77.0
-3.0
-4.0
-26.0
tan Francisco District
+57.1
+1.8
+0.7
-6.0
Hardware-0.2
:II:died States
+4.9
-4.2
New York District
+9.8
-0.1
-i-iii
-8.4
?hiladelphla District
+5.1
-0.3
-1.7
-2.4
Cleveland District
-3.6
+5.8
-10.6
lichmond District
+6.9
-0.03
+16.9
-6.3
ktlanta District
-10.8
-1.8
+18.6
-12.9
Chicago District
-3.1
-0.8
-4.6
it. Louis District
+11.8
+5.8
+21.8
-iii
Slinneapolis District
+10.0
-2.0
+2.0
-6.0
Kansas city District
-0.6
-0.4
+0.6
-1.0
3allas District
+15.6
-10.1
-2.5
-1.6
San Francisco District
+10.3
-1.0
--3.1
--10.3
Drugs4-9.4
+12.9
-1.4
Inited States
+6.9
+14.1
+13.4
qew York District
+6.3
+10.8
'hiladelphia District
+5.0
+0.8
+3.3
+21.9
1leveland District
+3.5
+3.7
---___ _
+10.8
lichmond District
+5.5
+11.7
Wants. District
+11.1
Chicago District
+4.6
+4.5
1
o:i
-11- :8
It. Louis District
+4.1
+19.7
Kansas City District
+13.2
-r1.6
1 5T1
-1 +19.3
--9.3
--2.1
3allas District
-7.8
+11.8
Ian Francisco District
+7.5
Furniture+39.3
-2.4
Uchmond District
+40.5
-3.4
. -- - 8
4.
)tlanta District
-19:1
It. Louis District
-10.6
-14.9
+8.3
-32.2
+52.4
-3.6
Kansas City District
+3.2
-8.0
Ian Francisco District
+47.2
-4.2
+2.8
-10.9
Agricultural Implements
+7.6
+14.0
Tinted States_b
+113.0
.linneapolis District
+8.0
46:6
iiii
--14.2
-3.0
)allas District
--6.4
-5.0
Stationery ek Paper+19.1
lew York DLstrict
--5.1
•
+11.2
Ihiladelphla District
+8.6
-0.8
+1.1
+54.4
+10.8
Manta District
--+24.0
an Francisco District
-6.1
-1.5
.
-rf.i
Automobile Supplies
+6.1
+0.4
an Francisco District
-0.9
Clothing+121.2
+32.6
tew York District
-11.2
-24.5
t. Louis District
-36.3
-19 5
-.
Cotton Jobbers
+12.6
+4.3
-2.2
few York District
-8.3
Silk Goods
+35.8
few York District
+9.1_Machine Tools
+31.7
lilted States_e
+2.1
---_
Diamonds
+29.4
-25.6
few York District
--Jewelry+2.3
+67.1
d-0.2
d+0.8
few York District
-5.4
-3.7
-6.9
hiladelphia District
+50.8
Electrical Supplies-5.4
+10.9
+1.2
-27.3
htladelphia District
-1.9
-19.9
-2.0
-18.6
tlanta District
-10.8
-24.4
+8.9
+3.9
G. Louis District
+19.8
-7.6
+12.8
sn Francisco District
---Stoves
t T.tylt93 Illsitriet
+142.7
+4.6
-2.9
-5.4
a Changes in total stocks for the United States are weighted averages computed
on the basis of firms which have reported regularly to the Federal Reserve System
since January 1923. b Sales of agricultural implements for the United States are
compiled by the Chicago Federal Reserve Bank from reports of leading manufacturers and include all of their domestic business. c Based upon indexes of orders
placed with manufacturers furnished by the National Machine Tool Builders'
Association. d Includes diamonds.
+--1:2
1
According to the Federal Reserve Board, merchandise
distribution to consumers, as indicated by sales of department stores, mail order houses and chain stores, increased
considerably more than is usual in August and was larger
than last year. The Board adds:
Compared with August a year ago department store sales were about
7% and those of mall order houses about 15% larger. Sales of chain stores
were larger in most lines from which reports were received, but sales of
these firms reflect changes in the number of units operated by the firms as
well as changes in the volume of sales. A part of the large increase in
retail trade In August reflects the fact that there were more business days
than in the previous month and In August 1926.
Percentage changes in the volume of sales of reporting firms in August
1927, compared with the corresponding period in 1926, and the number of
firms reporting are given in the following table:
CHANGES IN RETAIL SALES AND NUMBER OF FIRMS REPORTING.
Number of Stores
Percentage of Increase (4-)
Reporting.
or Decrease (-) in Sales in
August 1927, Compared
Aug. 1926. Aug. 1927.
with August 1926.
Class of Stores.
+7.4
660
660
Department stores
+14.8
*4
*4
Mail order houses
Chains of stores
27,993
+30.2
25,793
11 27 Grocery
,
2.234
2.439
+16.0
5 Five-and-ten-cent
+11.8
645
747
9 Drug
3,334
3,451
-0.7
3 Cigar
565
608
+8.2
6 Shoe
60
62
-18.8
4 Music
275
277
+7.2
5 Candy
* Total number of mail orderIfirms. Number of separate distributing house
and retail outlets not available.
Department Store Sales and Stocks by Federal Reserve Districts.
Department store sales were larger than in August of last year in all sections of the country except in the Dallas Federal Reserve district, where
they were 6% smaller. Increases over last year varied from about 3% in
the Philadelphia district to more than 12% in the St. Louis district. In
certain individual cities, however-Altoona, Akron, Atlanta, Evansville,
Lincoln, Oklahoma City and Tulsa-sales were more than 20% larger than
In August of last year.
Inventories of merchandise carried by department stores increased in
August in anticipation of the growth in sales that usually occurs early in
the autumn. The growth, however, was somewhat less than is usual at
that season, and at the end of the month stocks were In about the same
volume for the country as a whole as in August of last year. Stores in the
Boston, New York. Cleveland, Atlanta, Kansas City and San Francisco
Federal Reserve districts reported larger stocks than a year ago, while
those in other districts showed smaller stocks.
Stock Turnover.
A larger increase in sales than in stocks in August resulted in a higher
rate of stock turnover than in August of last year. For the eight months
of the year as a whole the rate of turnover averaged 2% higher than in the
corresponding period of 1926.
SALES OF DEPT. STORES, MAIL ORDER HOUSES AND CHAIN STORES.
(Index numbers. Monthly average 1919-100.)
Chains.
Depart- Mail
must Order
Stores Houses Grocery 5 & 10 Drugs Cie ar Shoe Music Candy
(5)
(4)
(6)
(3)
(9)
(27)
(3)
(359) (4)
1926.
April
May
June
July
August
e t. 1927.
April
May
June
July
August
133
137
130
99
105
120
105
113
97
98
329
322
309
517
296
143
131
130
97
113
128
106
114
100
112
385
383
399
373
385
..Z.N1
,
0
000.0
bC.04,10.b.
Compared with Year Ago.
Improvement in the agricultural situation as compared
with a year ago is shown in the Oct. 1 report of the Bureau
of Agricultural Economics of the United States Department
of Agriculture, which places the general index of purchasing power of farm products at 88, compared with 83 at this
time last year, the 1909-14 five-year period being used as a
base of 100. "The animal industries, taken together," says
the Bureau, "are in as favorable a position as they have
held for ten years. Cotton and fruit are apparently in more
moderate supply than last year, and returns from them are
correspondingly better. Wheat and potatoes are somewhat
larger crops than last year, but their prices are still favorable." The Bureau, under date of Sept. 28, also says:
Trade in United States in August as Reported by
Federal Reserve Board-Increased Distribution to
Consumers.
Retail
191
188
184
195
193
150
160
152
155
148
166
174
153
145
122
111
109
118
108
121
226
220
204
210
194 1
WWt DbON
,
WWWW.
...4. 4.4 1i.
,
,
Agricultural Situation Shows Improvement as
turns, the Bureau says "it can probably be called an average
year for the South; for the Wheat Belt a good year in the
North and a fair year in the South; for the Corn Belt a fair
year in the West but a poor year in the East; for the Far
West a good year in the Range States and Pacific Northwest."
223
206
210
217
215
157
157
151
155
147
198
143
155
145
132
104
88
87
80
98
216
215
211
257
205
OCT. 1 19271
THE CHRONICLE
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS.
(Index numbers. Monthly average 1919-100.)
1769
DEPARTMENT STORE STOCKS,BY FEDERAL RESERVE DISTRICTS.
(Index numbers. Monthly average 1919-100.)
Federal Reserve District.
Federal Reserve District.
U. S. Bos- New
Cleve- Rich- At- Chi- Mtn- Dal- San
(359) ton York Phila. land mond lanta cago neap. las Fran.
(24)* (63)" (22)* (54)• (25)• (35)* (63)• (23)* (21)• (31)•
133
137
126
100
108
126
129
123
96
93
114
114
104
80
82
147
159
146
115
121
107
102
93
Si
84
108
115
107
79
91
150
152
142
124
151
143
131
130
97
113
144
130
139
90
106
148
134
143
96
106
133
124
126
80
92
147
132
124
98
116
134
123
120
89
97
114
108
102
79
87
162
151
147
114
138
103
92
92
76
89
114
116
100
72
83
166
152
137
127
160
• Number of storm Included In Index.
CHANGES IN SALES AND STOCKS OF DEPARTMENT STORES, AUG.1927.
(Increase (+) or Decrease (-). Based on value figures.)
Change in Stocks.
August 1927 Jan. 1-Aug. 31 Aug. 31 1927 compared with
compared with 1927 compared
August 1926. with Jan. 1- Aug. 31 1926. July 31 1927.
Aug. 31 1926.
143
138
131
125
130
125
123
116
111
111
142
138
131
124
128
201
184
177
171
175
134
133
126
118
122
131
132
126
119
118
125
116
110
108
109
159
153
147
136
152
110
106
101
94
97
130
125
114
110
117
145
139
131
129
134
143
138
129
124
130
129
127
119
115
114
142
137
128
122
128
200
191
183
176
175
134
130
124
118
123
132
131
122
117
117
130
120
106
107
113
161
155
145
138
151
100
97
89
88
92
112
109
101
95
105
147
139
136
134
140
•Number of stores included in index.
Rate of S ock Turnorer.•
Federal Reserve
Jan. 1 to
District and August.
Aug. 31.
Cit01927. 1926. 1927. 1926.
Boston
Boston
.30
.29 2.66 2.68
Outside Boston_ .25 .23 2.05 2.00
New Haven_ _ _ _ .20
.18 .1.86 1.78
Providence
.29 2.40 2.37
.31
Total
+4.0
+1.8
-3.4
+2.0
+3.0
+0.5
-5.0
-2.4
+0.0
-1.9
+2.5
-4.4
-0.4
+8.7
-2.8
-0.9
-0.8
+2.4
+2.2
-14.8
-7.2
+5.9
-8.6
-12.1
-2.6
+0.3
+7.4
-10.2
+0.3
-4.2
-0.1
+5.9
+0.6
+4.1
Cleveland:
Cleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown_ _ _
Other cities_ _ _ _
Total
+12.1
+21.7
+17.2
+19.9
-2.5
+1.9
+6.5
+3.9
+13.3
-1.5
+8.6
+2.5
+5.0
+4.5
+15.0
-1.5
-2.2
+5.5
-1.7
+7.9
-1.3
+1.8
+7.0
-2.3
+6.0
+4.0
+1.5
1.0
-4.3
-7.2
+12.6
+4.3
+2.2
+4.5
+1.8
+2.9
+6.9
+14.8
+4.9
Richmond:
Richmond
Baltimore
Washington_ _ _ _
Other cities_ _ _ _
Total
+10.0
-0.6
+6.8
+6.9
+4.0
+3.6
-3.8
-1.5
-0.5
-1.9
Atlanta:
Atlanta
Birmingham- - ChattanoogaNashville
New Orleans.-Savannah
Other cities__ ._
Total
+21.0
+13.4
+6.8
+11.5
-0.2
+1.5
-0.6
+7.5
+10.2
-2.0
+1.1
-0.1
-2.5
+1.5
-8.1
-0.6
+12.1
-12.4
+3.6
+1.9
+7.3
-0.9
-2.3
+2.6
+1.7
+2.3
+4.8
+7.4
+3.5
+7.6
+17.0
+5.1
Chicago:
Chicago
Detroit
Indianapolis
Milwaukee
Other cities....
Total
+4.1
+19.8
+15.3
+8.9
+1.4
+10.9
+6.1
+6.5
+4.1
+1.3
-2.4
+2.9
+9.1
-3.0
+9.7
-4.6
-8.1
-2.6
+4.8
+8.2
+9.2
-0.3
+6.0
+6.0
St. Louis:
St. Louts
Evansville
Little Rock.- _ Louisville
Memphis
Total
+13.6
+33.6
+6.4
+11.0
+10.5
+12.2
+1.8
+17.3
-4.5
-0.1
-5.6
-2.4
-5.2
+10.6
-2.4
-9.3
-10.2
-5.8
+3.0
+3.7
+7.1
-8.2
+0.9
+2.0
+2.0
+18.0
+4.0
+5.0
-1.0
-11.0
-3.0
-3.0
-5.0
-1.0
-11.0
-7.0
+9.0
+5.0
+1.0
+4.0
+11.6
+5.8
+20.3
+26.5
+21.5
+12.3
+0.4
+10.7
-2.9
+0.8
-0.1
+13.0
+12.8
+9.4
-1.7
+2.2
+1.2
+6.7
-0.7
+12.5
+12.0
+17.3
+6.4
+4.7
+12.0
+12.7
+8.3
+26.5
+13.4
+28.3
+9.5
+13.4
-19.4
-1.3
+2.7
+3.3
-6.2
-9.2
+3.3
+2.9
+1.9
-1.5
-10.0
-5.6
-0.7
+0.0
-4.9
+12.1
+10.0
+11.1
+11.7
+11.4
+2.5
+10.7
+4.2
+6.7
+3.0
-4.7
+4.0
+6.3
+0.7
+5.8
+1.4
-1.1
+3.7
-1.6
-2.7
+3.1
+2.9
+1.6
-5.8
-1.7
+6.8
+2.5
-1.5
+1.4
+2.9
-2.5
-0.4
+8.9
+12.4
+7.2
+2.0
+2.0
.-...0 0
-11 A
4.4 5
,_-,
A
I
+5.4
-2.3
+4.9
+4.3
+2.4
-2.4
+0.7
+2.4
-0.3
.25
.18
.26
.21
.18
.19
.20
.23
.22
.19
.19
.24
.23
.25
.24
.18
.21
.20
.19
.20
.20
.25
.22
.21
.20
.22
.23
2.43 2.34
2.23
1.70
1.88
1.76
1.59
1.84
1.81
2.13
2.04
1.77
1.75
2.02
1.59
Total
Cleveland
Cleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown
Other cities_ _ _
.
.24
.23 2.09
29
.32
.29
.28
.25
.21
.25
.21
.37
.18
.27
.25
.27
.25
.25
.21
.23
.19
.40
.19
Total
Richmond
Richmond
Baltimore
Washington_
Other cities__ -
.26
.24 2.03
.24
.22
.24
.21
.22 2.10
.22 1.04
.23 2.10
.20 1.67
2.20
2.30
2.25
2.19
2.12
1.86
1.83
1.88
2.55
1.52
Total
.22
.20
1.79
1.83
.29
.30
.38
.33
.33
.30
.24
.21
.26
.24
-.31
.28
2.63
2.86
2.56
2.01
1.95
2.43
2.84
2.64
1.96
1.87
2.42
2.35
St. Louis
St. Louis
Evansville
Little Rock__ .._
Louisville
Memphis
2.29
.28
1.66
.17
1.70
.19
1.87
.27
1.66
.24
2.01
1.71
Total
.26
2.24
2.02
Minneapolis
1.80 Minneapolis_ _ __ .46
1.88 Duluth-Superior .30
1.99 St. Paul
.34
1.73
Total
.36
2.14
Dallas
2.19 Dallas
.19
2.07 Fort Worth_ _ _ _ .18
2.20 Houston
22
2.09 Other cities_ _
.19
2.09
1.88
Total
.19
1.71
1.74
San Francisco
2.82 San Francisco__ .24
1.54 Los Angeles_ __ _ .31
Oakland
.23
2.01 Salt Lake City __ .18
Seattle
.28
2.05 Spokane
.17
1.96 Other cities_ _ _ _ .18
2.14
1.75
Total
.26
.23 2.13 2.11
.14 1.51 1.39
.17 1.55 1.55
.23 2.11 1.93
.19 1.78 1.78
.22
1.98
1.94
.43 3.56 3.46
.28 2.32 2.64
.29 2.65 2.25
.32 2.78
2.61
.21
.18
.21
.19
1.64 1.56
1.66 1.50
2.11 2.00
1.75 1.76
.20
1.75
1.67
.25 1.72
.29 2.22
.21 1.63
.16 1.40
.28 2.06
.18 1.23
.17 1.32
1.78
2.21
1.55
1.30
2.05
1.25
1.36
.25
1.86
1.88
.22 1.98 2.01 United States__ .27
.23
Total
.25 2.19 2.15
'Figure for rate of stock turnover is the ratio sales during given period to average
stocks on hand.
CHANGE IN SALES OF DEPARTMENT STORES BY DEPARTMENTS.
(Increase or decrease (-)In sales In Aug. 1927, compared with Aug. 1926.
Department.
Federal Reserve District.
Total.
Bos- iNew Phila- Cleve- Chiton. York. delph. land. ago.
Per Ct
-11.5
Silks and velvets
12.2
Woolen dress goods
-15.6
Cotton dress goods
-0.5
Linens
1.5
Domestics
Laces, trimmings & embr_ -0.6
1.3
Neckwear and vollings
15.7
Ribbons
1.4
Notions
6.3
Toilet articles and drugs._
Handkerchiefs
7.9
21.4
SlIverwear and jewelry
9.0
Leather goods
Art goods, incl. needlew'k
6.8
-3.8
Men's clothing
Men's furnishings, Including hats and caps
-0.7
Boys' wear
6.5
Women's coats
58.4
Women's sults
14.0
Women's skirts
4.9
Women's dresses
7.3
NI1.9.9C3 ready'to'wear
.
27.5
Furs
10.6
Jrs. & girls' ready-to-wear 22.2
Waists and blouses
14.1
Sweaters
38.3
hIlllinery
3.3
Gloves
50.8
Corsets and brassieres
0.7
Women's & childrens' hose
13.9
Knit underwear
4.5
Silk & muslin underwear,
incl. petticoats
-1.5
Infants' wear
29.9
Negligees, aprons and
house dresses
4.1
Women's & child. shoes_
4.6
Men's and boys'
.
3.1
Furniture, beds, matshoes.tresses and springs
5.0
Draperies, lamps & shades 11.7
Floor covering
8.1
China and glassware
7.6
House furnishings
0.2
Toys and sporting goods.9.7
Luggage
-0.1
Books and stationery __
21.2
Musical Instr. At radios
20.9
Per Ct. Per Cl.
-5.8 -9.6
14.7 50.5
-14.6 -32.9
7.3 -5.7
7.6 -3.6
3.0
4.2
-12.8 -5.8
26.5 24.8
7.7 -5.0
10.9
0.6
2.0 13.3
6.6 12.0
5.2 13.8
18.5
4.6
-7.0 -16.3
-0.1 -7.0
23.0
6.1
31.8 51.0
11.4 -33.8
48.3
7.5 _- _8.0
19.9 35.2
3.4
38.2
34.2 18.4
2.4
8.1
55.8 16.7
7.1 20.6
66.9 93.4
1.7
6.7
9.9 19.0
11.3 -7.8
2.3
17.9
0.3
6.9
NN.F
+4.7
+6.8
+4.1
+4.0
+2.4
+6.3
-1.8
+4.2
-1.2
+6.9
+5.1
+3.6
-3.8
+4.1
.27
I
-2.9
+5.3
-5.0
-4.2
+2.6
+17.7
-3.1
-0.5
+11.7
+9.6
+6.6
-1.0
-1.6
-1.2
Total
Philadelphia
Philadelphia
.
Allentown
Altoona
Harrisburg
Johnstown
Rochester
Reading
Scranton
Trenton
Wilkes-Barre_
Wilmington_
York
Other cities__ _ _
Total
.27 2.56 2.50
.22 2.19 2.13
Chicago
.22 2.13 1.92 Chicago
.24 2.44 2.32 Detroit
.30 2.35 2.36 Indianapolls....._
.23 2.48 2.03 Milwaukee
.18 1.52 1.53 Other cities_ _ _ _
WON.M
-3.6
+8.4
+7.3
-9.6
-2.4
-3.5
-5.2
-0.5
1.2
+0.7
+2.9
+2.9
-4.6
-3.0
Minneapolis:
Minneapolis ___
Duluth-Superior
St. Paul
Total
Kansas city:
Kansas City_
Denver
Lincoln
Oklahoma City_
Tulsa
Wichita
Other cities__ -Total
Dallas:
Dallas
Fort Worth__
Houston
Other cities- .
Total
San Francisco:
San Francisco
Los Angeles. _ _ _
Oakland
Salt Lake City_
Seattle_ _ _
Spokane. .....
Other citles__ - Total
2.40
I "cl'" I
+3.7
+9.3
+21.2
-2.3
-5.7
+11.2
-2.3
-7.5
+4.1
-1.8
+3.0
+9.0
-4.3
+3.1
+0.07
-3.1
+1.8
+5.2
-0.04
.26
t7-71
k
Philadelphia:
Philadelphia_ .._
Allentown
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre_ _ _
Wilmington
York
Other cities
Total
New York
New York and
Brooklyn _ _ _ - .29
.25
Bridgeport
.24
Buffalo
.26
Newark
.32
Rochester
.30
Syracuse
Other cities_ _ _ _ .19
lq
IC.J...WWNCP0111
.
,
11,
00
+2.5
+2.9
+3:5
+1.5
+2.5
+8.1
-1.1
+0.2
-1-9.7 ,
+0.2
+9.9
+6.2
+7.1
.28
Per Cent.
WWW.W
W
+9.5
+10.0
+4.9
+10.3
+9.6
Per Cent.
4.=..C71=04.04.00.
Now York:
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Other cities_ _ _ _
Total
Per Cent.
.-.
I
Per Cent.
Boston:
Boston
Outside Boston.
New Haven _ __ _
Providence
Total
Rate of Stock Turnorer.•
Federal Reserve
Jan. 1 to
District and August.
Aug. 31.
City1927. 1926. 1927. 1926.
Atlanta
Atlanta
.32
.29 2.45 2.34
Birmingham..._ .25
.19 1.75 1.73
Chattanooga._ .17
.17 1.52 1.56
Nashville
.29
.26 2.13 1.98
New Orleans__ .. .16
.17 1.51 1.65
2.40 Savannah
.19
.18 1.79 1.75
Other cities_ _ _ .20
.20 1.78 1.9
0010.00.P.COW
Change in Sales.
Federal Reserve
District and
City.
1926.
April
May
June
July
August
1927.
April
May
June
July
August
San
Fran.
Per Cl. Per Cl.
--27.2 -9.9
-15.4
4.5
-19.5 -15.0
-42.6 15.8
-7.6 -7.7
-7.3 -16.6
-17.1
11.8
3.2
0.3
-7.3 -0.3
--1.3 10.1
2.0
5.8
-5.2 11.0
-3.1
5.1
-6.2
1.2
-19.8 --4.1
-23.1 --1.4
-31.1
1.1
27.1 -3.2
224.0 -I4.0
-52.9 -18.5
-5.5
2.4
-20.4
1.4
-7.3
8.3
-15.5 ILO
51.5 17.4
35.7 17.1
0.3 --13.7
12.4 -2.1
-3.3
1.7
2.0
61
15.7 -2.1
16.0 -2.0
7.6
17.7
0.9
10.0
4.1 -20.8
26.8 10.3
20.6 -10.1
7.5
9.6
3.6 -17.9
21.9 -6.2
11.0 -9.7
31.2 -5.2
7.0 45.9
Dallas.
I
I
t5c, 1c7.'2o.°41=8=mv. coZmtlXw000na.-wo,
?=,14,;0:-L46,6ii,?4
128
137
129
87
89
-22.6 -1.1
-12.6
2.E
19.9 -3.(
9.8 -2.1
-19.6
2.E
,12.A.tAcc4.-lo
138
139
137
99
99
kL4ob:14-WWirzioL4
,
133
134
134
94
97
..JC.1
133
137
130
99
105
iDisokEt4.iAbW WE4 C.a
,
1026.
April
May
June
July
August
1927.
April
May
June
July
August
U. S. Bos- New
Cleve- Rich- At- Chi Min- Dal- San
(314) ton York Phila. land. mond lanta cogs neap las Fran.
• (24)• (63)* (13)* (52)• (19)• (22). (51)• (22)• (19)• (29)•
-60.8 23.:
-27.5
5./
-29.9
5.1
-14.9 10.1
-29.6
0.1
6.4 -2.1
-30.5 -3.1
-6.1
12.4
-4r. n
i:
[VOL. 125.
THE CHRONICLh
1770
.
.1 I
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.4.wwwt.D.oba
4.k
wl
111 tO 1
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CHANGE OF STOCKS IN DEPARTMENT STORES BY DEPARTMENTS. price indexes is due to natural conditions, such as the short cotton crop,
[Increase or decrease (-)in stocks, Aug. 31 1927 compared with Aug. 31 1926.1 and to what extent to continued easy credit, it is impossible to determine.
But it is a fact of significance for business that the sustained period of
Federal Reserve District.
price deflation apparently has passed.
Total.
Department,
After ruling at low levels through the entire Summer, money rates turned
Boo- New Phila- Cleve- Chi- Dal- San
ton. York. delph. land. cap. las. Fran. a bit firmer toward the middle of September in response to increased commercial employment and continued heavy security speculation. No
Per Ct.
Per Cl. Per Cl. Per Cl. Per Cl. Per Ct. Per Cl. suspicion of a credit stringency, however, has arisen.
-2.3
7.0 -5.6
6.4 -5.9 -19.5 -10.8
Silks and velvets
2.2
8.7 -27.7 -7.9
-3.7
-2.2 -6.0
Woolen dress goods
-8.1
-16.6 -11.5 -8.1 -1.6 -21.3 -8.5
Cotton dress goods
5.2
10.7
6.6 -3.2 10.5 -17.3 23.8 Increase in Department Store Sales in New York
Linens
2.2 -12.8 -5.6
1.8
10.5
3.2 -2.3
Domestics
Federal Reserve District.
-21.4 -9.6 -7.3 -12.5-19.2 -15.3
Laces, trimmings & embrd -12.5
1.0 -12.2 -6.7
-13.7 -1.4
0.1
According to the Oct. 1 "Monthly Review of the Federal
Neckwear and vellings_ -4.1
4.4 -11.0 -34.8 -7.5
-5.6
-5.2 -5.6
Ribbons
-8.0
-20.7
1.5 -4.7-16.5-16.7 -9.2 Reserve Bank of New York," an average increase of more
Notions
1.3 --2.5 -3.6 than 7% in sales compared with a year ago
1.3
-5.5 -1.7 12.0
Toilet articles and drugs..
was reported
1.6 -6.2
Handkerchiefs
0.8
8.8 -2.1 -8.1 11.5
-5.1
4.4 13.2 -7.3-21.8 -3.1 by leading department stores in this district for the month
Silverware and jewelry _
1.7
8.7 -6.7
-3.8 15.2 14.6 13.0
goods
6.6
Leather
-6.0 -0.1 -9.5 -11.4 -12.4 -8.7 of August. One more selling day than in August 1926
Artgoods,incl.needlework -7.3
-4.3
0.4 -9.2 -4.3 -7.5 -22.7 -6.1
Men's clothing
accounted for a part of the gain. Reporting apparel stores
Men's furnishings, incl,
10.4 -6.8
2.0 -1.1 -17.1
1.4 had an equally large increase in sales, and mail order business
1.6
hats and caps
13.7
7.5 -2.1 10.0 -21.2
1.0
2.3
Boys' wear
34.0 33.5 19.8 11.0 62.0 20.6 also showed a substantial increase, says the bank, which adds:
32.4
Women's coats
14.0
17.2 -38.9 -6.7 34.6 72.9 26.6
Women's suits
The amount of stock on hand at the end of August was slightly larger
54.2 ____ -10.3 59.0 -48.8 -33.3
-21.2
Women's skirts
8.6 15.8 15.5
7.8 -8.3
6.9 than a year previous for the first time this year, but the rate of stock turn11.6
Womens' dresses
10.9 65.4 26.9 29.9 11.9 28.9 over during the month was higher than a year ago. Collections were better
27.2
Misses' ready-to-wear_ _ _
1.3 19.8 34.3
18.1
0.8
0.1 20.7 than last year as in most previous months of this year.
Furs
Juniors' dr girls' ready-to25.0
61.3 19.4 17.0 30.1 -1.7 30.1
wear
Per cent of
9.9
-18.3
8.9 12.8 70.1 42.7 16.8
Waists and blouses
Percentage Change
Charge Accounts
Sweaters
-8.1 -4.6 10.7 -11.6 -18.7 24.3
9.8
August 1927 from
Outstanding July 31
Millinery
3.2
-2.8 -35.0
6.9 22.1 -6.4
2.8
August 1926.
Collected in August.
1.7
16.9
Gloves
4.6 -4.3 10.5 -18.5 -4.9
Locality.
Corsets and brassieres
-2.8
-2.6 -3.8 -3.3 -1.1 -9.4 -2.7
Stock on
Women's& children% hose
1.2
12.2 -3.5
1.4 -1.9 -11.8 -3.6
Hand End
Net
Knit underwear
0.1 -17.4 -5.8 -21.4 -14.0 -6.7
-8.8
Sales.
of Month.
1927.
1926.
Silk and muslin underwear
including petticoats_ __ -2.6
.
-13.8 -17.6
2.3
3.5 -11.4 -5.9
43.1
41.0
+2.2
+8.1
]nfants' wear
3.6
19.6 12.2
0.8
5.4 -8.1 -3.2 New York
46.4
45.1
-7.2
+0.2
Buffalo
Negligees, aprons & house
33.8
35.0
+0.2
8.6
dresses
3.3
11.3 -3.4 10.3 '-6.0-16.6
0.8 Rochester
-12.1
+9.9
Syracuse
Women's and children's
4177
41:8
+9.7
+5.9
Shoes
5.2
2.6 -8.6
2.9
4.1 Newark
36.1 -0.2
-1.1
-14.8
Men's and boys' shoes_ -0.1
8.4 ____ -0.7 -4.3-15.8-14.3 Bridgeport
2.6
20.9
3 :a
0
Elsewhere
+6.2
Furniture, beds and matNorthern New York State
+4.9
0.1
tresses
0.4 -2.0
2.1 -14.6 -21.3 43.6
Central New York State
+11.8
Draperies, lamps & shades -0.7
5.3 -5.2 -0.7 -7,1-13.4 -0.3
+4.9
Southern New York State
-0.2
Floor covering
5.7
3.7 -1.9 -2.1 -33.5
0.9
Hudson River Valley District
+6.6
China and glassware
-0.1
-2.4 -4.9
4.0
0.2
9.0
3.2
Capital District
+5.4
House furnishings
-16.1 -3.2
2.1 -3.8 24.4 -7.1
-5.8
Westchester District
+4.5
Toys and sporting goods- -2.4
-4.2
4.2 -3.1-12.8 -8.6 -1.7
41.1
39.7
+7.1
7.9
2.6 -40.3 -9.3 All department stores
-2.0
-5.6 38.0
Luggage
43.0
+7.6
35.6
Books and stationery
-0.6 -13.3
8.1 -5.8 -22.5
0.1 Apparel stores
0.9
dl, a
ol o
la A
11 0
+14.1
Mail order houses
Sales of books and stationery and sporting goods showed the largest
women's wear, shoes and hosiery were
Bank of Montreal Reports Canadian Threshing Pro- increases over August 1926, andthe more substantial increases. Woolen
among the departments showing
gressing Favorably-Yields in Major Crops Gener- yard goods sales, though not large in actual amount, continued to show a
considerable increase over the small volume of a year ago
ally Satisfactory.
Practically all wheat in the Prairie Provinces has been
Stock on Hand
Net Sales
Percentage Change Percentage Change
cut and gobd weather is now required for threshing, accordAug. 31 1927
August 1927 from
August 1926. from Aug. 31 1926
ing to the crop report of the Bank of Montreal. In Alberta
the yields and grades are coming up to expectation, but in Books and stationery
-0.6
+31.2
+21.9
,Saskatchewan, while the yields are average, there will be Toys and sporting goods
+12.6
+21.4
Women's and misses' ready-to-wear
+30.0
+16.4
more of the lower grades than usual. The crop in Manitoba Shoes goods
2.2
+14.7
Woolen
1.5
+14.1
is generally poor. In Quebec harvesting and threshing op- Home furnishings
+12.6
+2.6
Women's ready-to-wear accessories
erations are rapidly approaching completion and the crops Toilet articles and drugs
5.5
+10.9
+12.2
+9.9
Hosiery
In general are satisfactory. Threshing operations are al- Luggage and other leather goods
+7.3
-37.6
+7.0
Musical instruments and
weather conditions Silverware and jewelry radio
ready well advanced in Ontario, with
-5.1
+6.6
+10.4
+6.3
favorable and with yields of the principal crops good. In Linens and handkerchiefs
+0.4
+4.1
Furniture
New Brunswick and Prince Edward Island good weather Cotton goods
+3.3
+2.4
+3.9
+1.4
Men's and boys' wear
for harvesting has improved the crop outlook, but in Nova Silks and velvets
+5.7
-3.2
+10.4
-0.1
Scotia adverse weather conditions have prevailed over a Men's furnishings
-15.6
+6.6
Miscellaneous
large area. Improved weather conditions have greatly
benefited the crops of British Columbia and the heavy loss Unusually Large Gains in Chain Store Sales in New
threatened earlier in the year has been largely offset.
York Federal Reserve District as Compared with
Year Ago.
With regard to the chain store trade, the Federal Reserve
Franklin Fourth Street National Bank of Philadelphia
Reports Seasonal Increase In Business Activity Bank of New York in its Oct. 1 "Monthly Review," states:
August sales of reporting chain store organizations showed unusually
Under Way.
large increases over last year in most cases. Total sales of the grocery
ago, the largest
The Franklin Fourth Street National Bank of Philadelphia chains were 30% larger than a yearchains showed gain in any month in
a very large increase,
more than a year. Variety store
"Trade Trends" presents the
in its October letter,
business forecast:
following
With the beginning of the last quarter of the year, the seasonal rise in
business activity is slowly getting under way. Goods distribution at wholesale Is showing a substantial autumn expansion, while retail trade also is
better. Leading manufacturing industries, in which curtailed production
schedules ruled throughout the summer, gradually are increasing their operations, but their Sept. production, like that of preceding months, was
behind the corresponding month of last year.
The failure of the automobile industry to improve as much as expected
is an important factor in the slack condition which still prevails in some
lines. The situation may be explained in considerable measure by delay
of one or two large companies in bringing out and beginning production
of new models. As a result, uncertainty has continued in the motor car
trade and this, in turn, has held down the demand for steel and other products essential to the manufacture ofautomobiles, while curtailed production
in all these fields affects the purchasing power of the entire country.
Government crop estimates in September pointed to substantial improvement in the condition of corn and Spring wheat with promise of gains
in barley and rye over the harvest of 1926. The cotton crop, on the other
band, has deteriorated further, and a harvest, some 5,000,000 bales below
that of last year, is forecast. In view, however, of the sharp advance
in the price of cotton since last December, the money value of this year's
crop is likely to run as much as 8300,000,000 above the 1926 figure. The
improved agricultural condition is making for a better balance In our
economic life than has obtained at any time since the deflation of 1920 and
is the most constructive factor in the current business situation.
Another favorable indication is the increase in commodity prices which
has been in progress since midsummer. To what extent the advance in
and 10-cent stores and drug chains also had considerable Increases. Sales
per store averaged 14% larger than a year ago, due chiefly to:the unusually
heavy sales of grocery chain stores.
Percentage Change.
Aug. 1927 from Aug 1926.
Type of Store.
Number of
Stores.
Total
Sales.
Sales per
Store.
Grocery
Ten cent
Drug
Tobacco
Shoe
Variety
Candy
+8.5
+9.2
+14.2
+3.4
+7.4
+24.0
+3.7
+30.4
+16.1
+11.2
-0.7
+6.2
+35.2
-2.7
+20.2
+6.3
-2.7
-4.0
-1.1
+9.0
-6.2
Total
+8.4
+24.1
+14.4
Wholesale Trade in New York Federal Reserve District
Shows Largest Year-to-Year Increase in Over
Two Years.
Wholesale trade in the New York Federal Reserve District in August showed the largest year-to-year increase
in more than two years, according to reports received by
the Federal Reserve Bank 'of New York. As in July, says
the bank, an important factor in the increase was a large
OCT. 1 1927.)
1771
THE CHRONICLE
gain in sales of women's coats and suits. The bank, in the Gains Reported in Industrial Employment Conditions
Oct. 1 "Monthly Review," comments further as follows
in Chicago Federal Reserve District.
on wholesale trade conditions:
Reports from manufacturing plants of the Seventh (ChiFairly large increases over August 1926 were reported also in sales of
cotton goods, silks, shoes, drugs, and paper, and small increases occurred
in sales of groceries, machine tools, and Jewlery.
Stocks of groceries, cotton goods, and hardware were smaller at the
end of August than a year previous, but shoe stocks continued substantially
above the low level of last year, and mill stocks of silk goods and wholesale
drug stocks also showed considerable increases. Collections showed no
consistent change from those of August 1926.
Change, August Change, August Outstanding
July31,Collected
1927 from
1927 from
in August.
August 1926.
July 1927.
Stock
Stock
Net End of Net End of 1927.
Sales. Month. Sales. Month.
Commodity-.
Groceries
Men's clothing
Women's dresses
Women's coats and suits
Cotton goods-Jobbers
Cotton goods-Commission
Silk goods
Shoes
Drugs
Hardware
Machine tools_a
Stationery
Paper
Diamonds
Jewelry
+2.7
+110.1
-1.5
____
+1.4
-3.4
-4.2
____
+160.4
_
+116.6
-.
8
+12.6 -Yi +4.3 - - 5
+22.6
____ +12.9
+35.8 *-1.1 49.1 *411.9
,_ +55.5 -8.0 +15.3 430.3
414.1 413.4 46.3 410.8
+9.8 +0.4 -0.1 -8.4
+2.1
431.7
____
____
+19.1
____ -5.1
46.5
____
___
+6.3
429.4 1 -0.2 {-25.6 1 +0.8
+57.1 f
+2.3
1926.
75.0
37.8
77.1
45.4
40:0
iili
48.9
36.0
46.8
46.9
52.7
-37.1
39.6
44.0
72.5
66.3
29.4
66.8
24.4
Weighted average
____ 51.8
+54.9
____ 412.6
* Quantity, not value. Reported by the Silk Association of America
ported by the National Machine Tool Builders' Association.
siii
53.0
a Re-
Increase in Production and Industrial Consumption
of Electric Power in Philadelphia Federal Reserve
District in August.
Industrial consumption of electric power in the Philadelphia Federal Reserve District was 5% greater in August
than July and was nearly 1% in excess of a year before.
Total sales of electricity also increased 2 and 3.6%, respectively, as compared with July and a year earlier. Production of electric power by 13 central stations exceeded the
July total by 5.5% and that of August 1926 by 4.8%.
Details, as furnished by the Federal Reserve Bank of
Philadelphia, follow:
Electric Power
Philadelphia Federal Reserve District.
Thirteen Systems.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
August 1927.
Change
Change
from
from
Jtdy 1927. Aug. 1926.
1,364,000 kw.
-.0%
411,322,000 kwh. 45.5%
18,932,000 " 428.1%
319,719,000 "
45.2%
72,671,000 "
42.1%
320,556,000 "
42.0%
53,224,000 "
-4.5%
7,355,000 " 410.0%
45,869,000 "
-6.4%
226,267,000 "
44.4%
2,033,000 "
+0.8%
42,856,000 "
41.7%
181,378,000 "
+5.1%
41,065,000 "
-1.5%
0.6%
44.8%
+11.3%
3.6%
457.5%
+3.6%
+10.2%
+7.0%
+10.7%
41.3%
43.3%
+4.1%
+0.7%
411.1%
Business Conditions in Boston Federal Reserve District
-Varying Degrees of Activity Among Industries.
The Boston Federal Reserve Bank reports that "there has
been practically no change in the composite picture of New
England business conditions during recent weeks, although
many industries have reported varying degrees of activity."
The Bank in its Oct. 1 "Monthly Review," goes on to say:
The index of New England business activity for August was at the same
level as that for July, which was higher than for the corresponding 2 months
a year ago but considerably lower than for July and Aug. 1925. The New
England cotton mills consumed more bales of cotton during August than in
July, but since there were two and one-half more working days in August,
the average daily consumption was less than in July. In fact, the average
daily consumption during August was less than in any other month this
year, but was materially larger than during August a year ago. Wool
consumption in August, although considerably greater than during the
corresponding month a year ago,increased from July by less than the usual
seasonal amount. August boot and shoe production m New England was
greater this year than during the corresponding month of the past several
years, but, nevertheless, the increase in August from July was slightly
less than the usual seasonal amount, due to the fact that production in
July was substantially above the average. Preliminary reports indicated
that shoe shipments in September would be ahead of the same month a
year ago. General employment conditions in New England industry
during August were somewhat improved as compared with July. The
number employed in identical factories in Massachusetts during August
increased 2.3% from July. Some industries, however,including the textiles,
machinery, and foundry products, were operating with smaller working
forces than in July. New England department store sales in August were
substantially greater than during any previous August, and preliminary
reports indicated that September sales might be ahead of the corresponding
month of either of the past two years. The value of new building contracts
awarded in New England increased materially in August, as compared with
July. Notwithstanding this increase, the amount of new building under
contract was below August of either 1925 or 1926. Freight carloadings in
New England during August increased from July. The number of commercial failures in New England during August was less than in July, and
less than in August a year ago. The liabilities of business failures have also
shown declines in New England in August, when compared with July and
with August 1926. There has been a tendency in recent weeks toward
slightly firmer rates in the Money market.
cago) Federal Reserve District for the period July 15 to
Aug. 15 reflect the closing of the customary vacation and inventory season, gains of 1.1% in number of employees and of
4.3% in their earnings partly balancing the losses of the
preceding month, says the "Monthly Business Conditions
Report," issued Oct. 1 by the Federal Reserve Bank of Chicago. The report adds:
Leather and paper products, having registered slight increases in employment during July, made further gains for August, while in textiles and
food products the previous gains were followed by seasonal declines. Stone,
clay and glass products show a gradual reduction in employment continued
from the preceding month. Other industrial groups indicate increases, those
for lumber and rubber products more than offsetting the earlier declines,
while metals, vehicles and chemicals registered only a partial recovery.
Increases of 2.9% in men and 4.6% in amount of payrolls for the metal
industries contrasted with losses of 5.4 and 9.2% the prior month; the
group showed a decline of approximately 10% from August 1926. With
the exception of rubber and paper products, other industries also declined
generally in comparison with a year ago, the decreases in employment
ranging from less than 1% for textiles, leather, and stone, clay and glass
products, to about 14% for vehicles. The rubber products group has registered only one decrease during the year 1927, that of July, and is close to
20% above the level of a year ago. In paper goods the advance for the
year amounts to less than 1%.
At Detroit, according to reports received from the Employers' Association, employment fell off 2.9% for the month closing the second week in
September, and was 17.2% below the level of a year ago as compared with
only 13% in August. The unemployment ratio, measured by the number
of applicants to available positions at the free employment offices of the
State, was 165% the last week in August for Illinois, as against 170% a
month earlier; for Iowa there was a drop from 248% to 233; while for
Indiana the ratio showed a rising trend in August, but fell subsequently to
146% the second week in September.
EMPLOYMENT AND EARNINGS SEVENTH FED. RES. DISTRICT.
No. of Wage Earners.
Industrial Groups.
Week Ended
Total Earnings.
Week Ended
Aug. 15 July 15 P. C Aug. 15
1927. 1927. Ch'ge 1927.
July 15 P. C.
1927. CS'
age
All groups (10)
335,464 331,906 +1.1 $9,178,474 $8,798,712 +4.3
Metals and metal products
130,341 126,653 42.9 3,421,347 3.270,444 +4.6
(other than vehicles)
921,037 +19.8
32,793 32,250 41.7 1,103,498
Vehicles
671,119
673,555 -0.4
26,698 27,001 -1.1
Textiles & textile products__
Food a: related products
47,086 49,277 -4.4 1,284.293 1,355,211 -5.2
352,082 +2.9
362,389
Stone, clay dc glass products
11,891 12,001 -0.9
748,317
693.090 +8.0
29,991 29,701 41.0
Lumber dv its products
260,565
257,788 +1.1
9,784 9,519 42.8
Chemical products
303,730 +9.8
333,365
14,683 14,247 43.1
Leather products
99,156
80,784 +22.7
3,787 3,546 46.8
Rubber products
894,425
890,991 +0.4
28,410 27,711 +2.5
Paper and printing
Merchandising Conditions in Chicago Federal Reserve
District-Increases in Wholesale and Retail Trade.
Reviewing wholesale and retail trade, the Federal Reserve
Bank of Chicago in its "Monthly Business Conditions"
report dated Oct. 1, says:
Wholesale Trade.
With the exception of hardware,the five lines of wholesale trade reporting
to this bank indicated a larger sales volume in August than during the preceding month; as compared with August of last year, hardware, grocery
and dry goods firms fell behind. Failure of the hardware trade to show the
advance of other lines was due in large part to the fact that purchasing by
farmers was influenced by crop uncertainty. This situation has been nc.
ticeable to a degree in all wholesale lines. Accounts receivable on Aug. 31
were generally higher than at the end of July, but not so large as a year ago.
Collections in the month-to-month comparison were smaller in all lines
except dry goods and shoes, but were larger as compared with August 1926
except for dry goods. For the eight months' period, sales have been smaller
than in 1926 for all of the groups. Hardware dealers, with a decline of
0.4%,showed a smaller decrease than any of the other four lines.
WHOLESALE TRADE DURING THE MONTH OF AUGUST 1927.
Net Sales During Month
Per Cent Change from
Preceding
Month.
Same Month
Last Year.
Stocks at End of Month
Per Cent Change from
Preceding
Month.
Same Month
last Year.
(33)+ 5.5 (33)- 3.4 (21)- 4.6 (21)-16.7
(15)- 3.1 (16)- 4.6 (9)- 0.8 (10)- 0.0
(
13) 32.8 (13)- 1.3 (10)- 6.2 (10)-19.9
(12)4 4.3 (12)+ 4.0 (10)4 1.3 (9) 04
(9)462.1 (9)4 9.8 (6)+ 0.4 (6)4 0.4
Groceries
Hardware
Dry goods
Drugs
Shoes
Accounts Outstanding End of Month.
Per Cent Change from
Preceding
Month.
Same Month
Last Year.
Ratio to
Net Sales
During
Month.
Collections During Month
Per Cent Change from
Preceding
Month.
Same Month
Last Year.
Groceries
(29)- 0.4 (29)- 2.9 (29) 106.6 (24)- 0.9 (24)+ 1.2
Hardware
(15)4 1.4 (16)- 3.5 (16) 200.9 (13)- 0.7 (13)4 1.0
Dry goods
(11)4 8.3 (10)- 3.6 (11) 262.0 (9)4 0.0 (9)- 6.4
Drugs
(1114 1.3 (11)- 5.9 (12) 137.2 (6) 4.6 (6)4 3.2
Shoes
(7)+14.9 (7)- 4.5
(7) 212.8 (6)4 8.6 (6)4. 1.3
firms included.
Figures in parentheses indicate number of
Department Store Trade.
According to 83 department stores reporting to this bank, total sales
during August exceeded the July volume by 19.2% and were 10.3% ahead
of August a year ago; both increases were the largest in these comparisons
of any August since 1923. Sales for the year so far, owing mainly to
business in the larger cities, exceeded the eight months' total of 1926 by
2.5%; stores in smaller communities indicated a slight decline from the
figure for Jan. 1 to Aug. 31 1926. Stocks were 5.8% larger at the end
1772
THE CHRONICLE
[VOL. 125.
of August than 30 days earlier, but declined 1.8% from the total for Aug. 31
1926; the ratio of total sales to average stocks was 31.7% for August this Meat Packing Industry Reviewed by Federal Reserve
year, 28.3 for August 1926, 247.2 for the first eight months of 1927, and
Bank of Chicago.
237.0 for the same period a year ago. Accounts outstanding on Aug. 31
Reviewing the meat packing industry, the Federal Reserve
and collections during the month both showed decreases as compared with
July. the former of 0.2 and the latter of 11.2%; these items were larger Bank of Chicago, in its "Monthly Business Conditions Rethan a year ago by 5.4 and 8.0% respectively. The ratio of collections at port," dated Oct. 1, says:
the end of August to accounts receivable on July 31 was 37.2% as againt
Production at slaughtering establishments in the United States totaled
35.9% a year ago.
a little less in August than in the preceding month, a recession in the pork
Retail Shoe Trade.
section more than offsetting greater activity in the beef and mutton deSixteen retail shoe dealers and the shoe sections of 25 department stores partments. Employment for the last week of the period declined 1.6% in
Indicated August sales as 1.9% larger than the July total and 0.7% over number, 3.6% in hours worked, and 1.3% in pay rolls from corresponding
August a year ago. Individually, a majority of the shoe dealers showed figures for July. Domestic demand continued active for smoked meat, imdeclines from July, while a majority of the department stores indicated ad- proved a little for pork, and averaged between fair and good for other
vances; in the yearly comparison a greater number of both types of stores products. Sales billed to domestic and foreign customers by 58 meat packreported decreased sales; the eight months' total dropped 4.0% behind the ing companies in the United States increased 7.4% in total value over July,
same period of 1926. Stocks on hand at the end of the month were 9.6% but showed a recession of 4.1% in comparison with August 1926. At the
larger than 30 days previous and 8.9% under the aggregate for August 31 beginning of September, domestic demand averaged between fair and good,
1926. According to data from the 16 shoe dealers, accounts outstanding with a slight improvement indicated over a month ago. Chicago quotations
on Aug. 31 were 10.0% less than the figure for July 31 and 26.1% smaller for lamb, lard, smoked ham, and most pork cuts declined in August from
than a year ago; collections during the month decreased 9.1 and 20.7% in July; prices of veal, mutton, fresh pork loins, bacon and dry salt heavy
the same comparisons. The ratio of accounts at the end of August to total fat backs advanced; while those for beef and pickled clear bellies remained
sales was 61.0%; a month earlier the figure was 63.5 and last year it was steady to slightly firmer. Sept. 1 inventories of pork, lard and miscella81.6%.
neous meat at packing plants and cold storage warehouses in the United
Retail Furniture Trade.
States decreased from the preceding month, but exceeded a year ago and
Retail furniture sales during August, as indicated by reports received the 1922-26 Sept. 1 average. Lamb and mutton stocks gained slightly over
from 24 dealers and the furniture sections of 27 department stores, increased Aug. 1, but fell below Sept. 1 1926, and the five-year average for the date;
25.0% over July and 5.6% over August 1926. Stocks at the end of the beef holdings declined in all three comparisons.
month were somewhat larger than 30 days earlier, but showed a decrease of
A majority of packers reported August shipments of meat and lard for4.7% as compared with a year ago. Installment sales, as reported by deal- warded for export a little heavier in volume than in the preceding period.
ers, advanced 23.6 and 13.9% over July 1927 and August 1926,respectively; Foreign demand for hog fats improved somewhat over July, there was fair
Collections on this type of business increased 6.7 and 17.6%, as against ex- trade in meats with Continental countries, and a slightly better inquiry
pansions for total collections of 1.2 and 10.3% in the same comparisons. from England for hams. Sept. 1 consignment inventories abroad and in
Accounts outstanding on Aug. 31 were 1.1% larger than on July 31 and transit to European markets were indicated a little below a month ago.
13.3% more than at the end of August a year ago.
Prices realized on foreign sales averaged somewhat nearer Chicago parity
during August than in July.
Chain Store Trade.
Sixteen chains, with a total of 1,453 individual stores, representing grocery, drug, cigar, musical instrument,shoe and five-and-ten-cent lines, indicated aggregate sales increases in August over July for five-and-ten-cent Business Conditions In Kansas City Federal Reserve
and musical instrument chains, little change in cigar stores, and declines
District-Upturn In Trade.
in all others. As compared with August 1926. sales were larger for all but
Better prospect for agriculture brought increased trade
musical instrument dealers. The number of individual stores in operation
was approximately the same as In July, but considerably greater than at this activity in nearly all sections of the Kansas City Federal
time last year.
Reserve District. According to the October 1 Monthly
Review of the Federal Reserve Bank of Kansas City, from
Manufacturing Activities in Chicago
District-Midwest Distribution of
Federal
Reserve which we quote the following:
Automobiles.
Total output of both passenger automobiles and trucks by
manufacturers in the United States increased seasonally in
August over July, but the aggregates remain well below the
1926 levels, it is announced by the Federal Reserve Bank of
Chicago in the Oct. 1 number of its Monthly Business
Conditions Report. It further says:
Wholesale distribution of automobiles in the Middle West declined in
August from July; the number sold increased over Aug. 1926. but the aggregate value was less. Sales at retail continued the decline started in
May,and are still considerably under the volume of a year ago. Stocks of
new cars on hand Aug. 31 totaled in excess of those held July 31 and on the
corresponding date of 1926, although more than half the firms reported a
falling-off in both comparisons. Used car sales and stocks declined in
August from the preceding month and August last year, except the value
of used cars held continued higher than a year ago. Deferred payment
sales totaled 39.7% at the retail sales of twenty-eight dealers in August;
this ratio compares with 41.5 in the preceding month and 35.7 for Aug.
1926.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in Aug. 1927, from previous months.
-% Change From- Companies Included
July
August
August
July
1927.
1928.
1927.
1926.
New cars:
Wholesale
Number sold
-7.3
30
30
+2.2
Value
-0.4
-6.2
30
30
Retail
Number sold
-16.0
-28.8
77
75
Value
-14.2
-19.4
77
75
On hand August 31
Number
+15.4
+55.7
48
46
+40.3
48
46
Value
+4.4
Used cars:
Number sold
-5.3
-8.0
78
76
Salable on hand
-1.6
47
45
-3.$
Number
-4.0
+23.4
47
Value
45
Shoe Manufacturing, Tanning, and Bides.
Shoe manufacturing establishments in the Seventh district reported more
than a seasonal gain in August volume over July, with shipments leading
current production by 12.4%. Unfilled orders of twenty-four companies
gave assurance of nearly five and one-half weeks' future operation at the
present rate of distribution. Stock shoes reported on hand by twenty-eight
of the factories were equivalent in the aggregate to 54.2% of August shipments by these concerns.
CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN AUGUST
1927, FROM PREVIOUS MONTHS.
% Change From
July
Au!
eat
Coin panies
1927.
1926.
Included.
Production+32.8
+18.0
32
+48.0
+21.5
32
Shipments
-14.4
+6.0
Stock shoes on hand
29
-8.5
-1.8
Unfilled orders
25
Leather production in the district increased over July but fell somewhat
under Aug. 1926. Sales billed to customers during August slightly exceeded
those of the preceding month and were above a year ago. Prices remained
strong to slightly firmer.
Chicago trading in calf and kip skins showed a recession in August from
the preceding month, but sales of packer green hides were about double the
volume of July. Tanners in the Seventh district increased their purchases
during the period. Shipments of hides and skins from Chicago, however,
as reported by the local Board of Trade, were slightly less than in July.
Quotations at Chicago averaged lower for August than for July, and then
ended to firm during the early part of September.
Further improvement in the condition and prospect for farm crepe,
increased activity in leading industries, and an upturn in trade, were
indicated by August reports on conditions in the Tenth District.
The Government's latest official crop report showed that between
Aug. 1 and Sept. 1 the composite condition or yields of all farm crops in
this District rose from 1.9% below to 3.6% above their ten-year average.
On Sept. 1,for the first time this year, the composite figure for this District
was higher than the average for the entire country.
Among the major results of this improvement was a gain of 122,415,000
bushels in the District's corn prospect. The official forecast, based on the
Sept. 1 condition, placed this year's crop at 570.200,000 bushels, which is
261,526,000 bushels more corn that the farmers of this District produced
in 1926.
Other crops made moderate to heavy gains during August, and it was
apparent from September reports that nine of fourteen leading crops would
show larger yields than last year and five would show smaller yields. The
heaviest decline was in cotton-a decline of about 43% from the District's
-due to reduced acreage, unfavorable weather conditions
record crop of 1926
and damage by weevil.
Marketing of grain and other farm products during August were the
heaviest for that month in several years. Receipts of livestock at primary
markets, combined for all classes, were the largest of the year. Prices
paid producers for farm products and livestock generally were higher than
last year.
The output of flour mills increased under improved domestic and foreign
demand. The slaughter of meat animals was the largest for any month
of the year. and larger than in August last year for all classes except sheep.
The production of soft coal at the mines in this District was larger in
August than in any preceding month since March, and for the first time
since March the output was larger than for a corresponding month last year.
The production of zinc and lead ore in the Missouri-Kansas-Oklahoma
District continued the increase which began in July, and August shipments
were the heaviest since March but not quite up to the record of a year
earlier.
Some curtailment of the output of crude petroleum was reported for
all of the producing states in this District, and the daily average flow fell
below that of July, although it was nearly double that for August last year.
Building contracts awarded in this District in August called for a larger
expenditure than the awards in July, but a smaller expenditure than for the
corresponding month last year. Considerable activity in building was
indicated by the reports from leading cities. The number of building
permits issued in August was greater than either the preceding month or
the corresponding month last year, but the value of permits was less than in
either the preceding month or a year ago.
The better prospect for agriculture brought increased trade activity
In nearly all sections. There were evidences that retailers were preparing
for a heavy fall business. Combined sales of wholesalers in six lines were
larger than In July of this year or August of last year. Department stores
and also single line stores handling men's and women's clothing, shoes and
furniture reported their dollar sales were larger than in the preceding month
this year, and also exceeded those for August 1926.
Business Conditions in San Francisco Federal Reserve
District-Industrial Output Equal to Year Ago
Distribution Greater.
According to Isaac B. Newton, Chairman of the Board and
Federal Reserve Agent of the Federal Reserve Bank of San
Francisco in the Twelfth Federal Reserve District, changes
In volume of production and trade during August 1927 were
largely seasonal in character. Total volume of industrial
output approximated that of a year ago, and volume of d:s-
OCT. 1 1927.]
1773
THE CHRONICLE
tribution was greater than in August 1926. Mr. Newton,
under date of Sept. 20 adds:
-PHILADELPHIA FEDERAL RESERVE DISTRICT•
AUTOMOBILE TRADE
August 1927 Change from
In view of the fact that there was one more business day during August
August 1926.
July 1927.
Thirteen Distributors.
1927 than during August 1926, industrial output, when figured on a daily
Number.
Value.
Number.
Value.
average basis, was probably smaller and average daily volume of trade only
slightly larger in August of this year than in August a year ago. Demand
+21.2%
+33.9%
+9.5%
+16.0%
for credit at member banks did not reveal the usual seasonal increase dur- Sales, new ears. wholesale-+50.9%
+49.6%
-0.2%
-1.5%
Cars under $1,000
+1.9%
+13.7%
+47.0%
ing August and early September and discounts at the Federal Reserve Bank
+44.5%
Cars $1,000 to $2,000
-4.3%
+17.8%
+14.1%
+13.0%
Cars over $2,000
of San Francisco declined to the lowest point since February 1925. On
+26.3%
+51.2%
+64.6%
+10.1%
Sales, new cars, at retail
Sept. 10 1927 the rediscount rate of the Federal Reserve Bank of San
+97.8%
+59.4%
+39.0%
Cars under $1,000
.
+12 5%
A% for all classes and maturities of paper.
-30.4%
Francisco was reduced to 31
-27.7%
-22.7%
-15.3%
Cars 51,000 to $2,000
-20.4%
-16.0%
-8.1%
-8.0%
Cars over $2,000
The former rate of 4% had been in effect since Nov. 23 1925.
+74.2%
+168.7%
+17.7%
+15.7%
A late agricultural season has contributed to the hesitation in business Stocks of new cars
+335.0%
+317.7%
+21.3%
+15.8%
Cars under $1,000
during the past few months, but conditions during August were favorable
+69.1%
+82.8%
+25.7%
+32.2%
Cars $1,000 to 82,000
-29.1%
-16.6%
+6.4%
for agricultural operations, and harvesting of the district's crops has pro+1.1%
Cars over $2,000
+64.1%
+99.9%
+17.6%
+29.6%
larger than a year ago. Although Sales of used cars
gressed rapidly. Yields are generally
+38.4%
+15.1%
+48.8%
+11.9%
of used cars
quality of some crops is reported to be below that of last year, price returns Stockssales, deferred payment -12.2%
-27.9%
-12.4%
-16.6%
Retail
to growers are reported to be generally satisfactory and market, although
reflecting the late season, is proceeding in large volume.
Volume of employment and total wages paid in the district's chief indusLumber Movement Reaches Last Year's Level.
tries were smaller during August 1927 than during August 1926. Value
of building permits issued and daily average output of lumber were approxiAccording to telegraphic reports from 351 of the major
mately the same as in August a year ago, but flour milling was less active.
received by the NaDaily average railway freight car loadings and retail sales were larger softwood lumber mills of the country,
than last year, but sales at wholesale, although larger than in July 1927, tional Lumber Manufacturers Association, for the week
were smiler than in August 1926.
ended Sept. 24, the volume of new business was almost the
This bank's seasonally adjusted index of daily average check payments
(bank credits) in 20 principal cities of the district declined from 127 in same as a year ago, and shipments and production someJuly 1927 (1923-1925 averag100) to 123 in August 1927. A year ago what more. Compared with the preceding week, softwood
the index stood at 121.
production was about the same, shipments increased slightly
-TWELFTH DISTRICT.
BANK DEBITS*
and new business fell off about 8%.
July
July
June August
August
1926. 1928.
1927. 1927.
1927.
Reports from 140 of the chief hardwood operations this
122
126
121
127
With seasonal adjustment
123
117
120
110
week, when compared with reports from 123 mills for the
121
111
Without seasonal adjustment
* Daily average, 1923-1925=100.
increases in all three factors. In com-
week earlier, show
parison with reports for a year ago, when 145 mills reported,
New Models and Prices of Automobiles.
production was about the same and there were considerable
Dodge Bros. has introduced a new sedan in its senior line. decreases in shipments and new business, particularly heavy
It is upholstered in polo grain gray leather and is priced at in the latter, adds the National Association's weekly review,
$1,495 f. 0. b. Detroit, $100 under price of corresponding from which we quote further as follows:
type upholstered in mohair or broadcloth. .This is the first
Unfilled Orders.
leather upholstered sedan in Dodge Bros.' six-cylinder line.
orders of 224 Southern Pine and West Coast mills at the
The
On Sept. 29 the Reo Motor Car Co. announced inaugura- end of unfilled
last week amounted to 604,382,938 feet, as against 607,651,855
tion of the Wolverine sedan, the third Wolverine model feet for 224 mills the previous week. The 104 identical Southern Pine
mills in the group showed unfilled orders of 229,171,200 feet last week,
brought out by the company within the last three months.
as against 232,407,040 feet for the week before. For the 120 West Coast
A one and one-half ton speed truck, the Velie model 40, mills the unfilled orders were 375,211,738 feet, as against 375.244,815
on a 134-inch wheelbase, has been announced by the Velie feet for 120 mills a week earlier.
Altogether the 336 comparably reporting softwood mills had shipments
Motors Corp. According to a factory statement, the speed
98%, and orders 91%, of actual production. For the Southern Pine mills
truck will transport one and one-half ton loads up to fifty these percentages were, respectively. 99 and 94; and for the West Coast
miles or more an hour. Power is supplied by the Velie- mills 93 and 90.
Of the reporting mills, the 313 with an established normal production for
built, six-cylinder, valve-in-head airplane type motor.
the week of 225,293,405 feet, gave actual production 103%, shipments
Business Prospects for Automotive Parts and
Accessories for Autumn.
Business prospects In the automotive parts and accessory
field are excellent as autumn gets under way, according to
the Motor & Accessory Manufacturers Association. August
sales showed a decided gain over July and September appears to be more than seasonally holding its own, the association states under date of Sept. 23, its advices adding:
Good
Reports from a large and representative group of members of the association showed August shipments to customers aggregating 154% of January
1925, as compared with 143% in July and 152% in August last year.
Along with increased car and truck production, shipments of parts and
accessories to motor vehicle manufacturers in August were 155% of January 1925, as compared with 148% in July. The August figure was slightly
under 157% for that month last year. Sales to the wholesale and retail
trade were strong in August and were generally reported running fully as
well through September. Replacement parts business had a big gain in
August, advancing from 142% to 169%. This was the biggest month for
the reporting members since May last year. Accessory shipments, which
dropped to the low level of 97% in July, advanced to 115% in August.
Deliveries of garage machinery and tools in August were about on a par
with July business, dropping from 136% for the former month to 134%.
Except for the slack production curve in January and February, the parts
and accessory business generally, including both original equipment and
trade sales, was running ahead of last year. Production was expected to
taper off during the remaining months of 1927, but indications pointed to
brisk buying considering the season.
Automobile Trade in Philadelphia Federal Reserve
District-Substantial Increase in Wholesale Business.
Wholesale business in new passenger cars, as reported by
13 distributors in the Philadelphia Federal Reserve District
increased substantially during August both in number and
value as compared with the corresponding month last year.
Between July and August sales of medium and higher
priced cars showed a masked gain but less expensive cars
declined slightly. The Federal Reserve Bank of Philadelphia, in reporting this, also says:
At retail, only the cars priced under 111.000 sold noticeably above the
total number and value of a month and a year before, while sales of other
classes of automobiles showed decreases. Sales of used cars increased
considerably in contrast with a month and a year earlier, but cars sold
on deferred payment showed a pronounced drop.
Stocks of new and used automobiles at the end of August in the main
were appreciably greater than on the same date of the previous month of
last year.
99% and orders 95% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of seven softwood, and two hardwood,regional associations.
for the three weeks indicated:
Past Week.
Softwood.
Hardw'd.
Corresponding
Week 1926.
Softwood.
Hardw'd.
Preceding Week 1927
(Revised).
Softwood.
Hardw'd.
145
339
336
123
140
Mills
336
Production_ 244,194,000 21.654,000 234,954,000 21,916,000 247,024.000 19,484,000
Shipments _ 234,781,000 20,792.000 234,307.000 23.398,000 231,660.000 18,660,000
Orders
221.683.000 19,708.000 230,585.000 29.359.000 241.921.000 19.122,000
The mills of the Califnornia White and Sugar Pine Association make
weekly reports, but not being comparable, are not included in the foregoing
tables. Fifteen of these mills, representing 46% of the cut of the California
pine region, gave their production for the week as 21,525,000, shipments
16,913.000 and new business 14,481,000. Last week's report from 17 mills,
representing 56% of the cut was: Production 26,035,000 ft., shipments
21,818.000 and new business 19,919,000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 120 mills reporting for the week ended Sept. 24 was 10%
below production, and shipments were 7% below production. Of all new
business taken during the week 44% was for future water delivery, amounting to 49,453.287 ft.. of which 34,560,444 ft. was for domestic cargo
delivery and 14,892.843 ft. export. New business by rail amounted to
57,877,160 ft., or 51% of the week's new business. Forty seven per cent
of the week's shipments moved by water, amounting to 54,581,033 ft., of
which 34,549,805 ft. moved coastwise and intercoastal, and 20.031,228 ft.
export. Rail shipments totaled 55,477,840 ft., or 48% of the week's shipments, and local deliveries 5,240,608 ft. Unshipped domestic cargo orders
totaled 131,381,913 ft., foreign 112,560,375 ft. and rail trade 131,269.450 ft.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 104
mills reporting, shipments were 0.71% below production and orders were
5.76% below production and 5.09% below shipments. New business taken
during the week amounted to 60,354,560 ft. (previous week 74,977.280):
shipments 63,590,400 ft., (previous week 64.450,560); and production
64,045,125 ft., (previous week 65,116,894). The normal production of
these mills is 70,425,214 ft. Of the 103 mills reporting running time.
53 operated full time,20 of the latter overtime. Three mills were shut down,
and the rest operated from one to six days.
The West Pine Manufacturers Association of Portland. Ore., with three
more mills reporting, shows production about the same, a nominal increase
In shipments and new business slightly below that reported for the previous
week
The California Redwood Association of San Francisco, Calif., reports
production and shipments about the same and a marked decrease in new
business.
The North Carolina Pine Association of Norfolk, Va., with five more
mills reporting, shows some decrease in production and shipments and new
business about the same as that reported for the week earlier.
1774
THE CHRONICLE
The Northern Pine Manufacturers' Association of Minneapolis, Minn..
reports a small decrease in production, a substantial increase in shipments
and a nominal decrease in new business.
The Northern Hemlock and Hardwood Manufcturers' Association of
Oshkosh, Wis.(in its softwood production), with four fewer mills reporting,
shows noticeable decreases in production and shipments and a heavy decrease in new business.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers' Associaiton of
Oshkosh, Wis., reports from 15 mills (four fewer mills than reported for the
week before) some decrease in production and shipments and orders somewhat below those reported for the preceding weeik.
The Hardwood Manufacturers' Institute of Memphis. Tenn., reported
from 125 mills (21 more mills than reported for the previous week) notable
increases in all three items. The normal production of these mills is 21.000.000 feet.
Coast Lumbermen's Association Weekly Report.
One hundred twenty mills reporting to the West Coast
Lumbermen's Association for the week ended Sept. 17 manufactured 122,134,027 feet, sold 111,431,497 feet and shipped
111,981,744 feet. New business was 10,702,530 feet less than
production, and shipments 10,152,283 feet less than production.
West
[VOL. 125.
AMERICAN LINT COTTON: ESTIMATE OF WORLD CARRYOVER,
JULY 31 1926 AND 1927.
July 31 1926.
Carryover in United States_a
European ports and afloat.b
Mills other than United States_c
Japan and China ports and afloat_b
July 31 1927.
Bales.
3,543.000
966,000
872,000
250.000
Bales.
3,762,000
2,088,000
1,613,000
375,000
Total
5,631,000
7,838,000
a Mimeographed release, U. S. Bureau of the Census, Aug. 15 1927.
b "Commercial and Financial Chronicle," Aug. 27 1927, p. 1139.
c International Cotton Federation-world figures less census estimate for the
United States.
The total of 7,800,000 bales checks closely with a computed figure
based upon stocks at the beginning of the season plus ginnings for the
season, minus world consumption.
Bales.
Carryover July 31 1926
5,631,000
Ginnings, 1920-27
17,977,000
Total supply
World consumption, 1926-27
23,608,000
15,777,000
Carryover July 31 1927
7,831,000
Your name has been placed on the mailing list to receive, as issued,
four copies of the Price Situation and four copies of Crops and Markets.
Very truly yours,
(Signed) NILS A. OLSEN.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
Acting Chief of Bureau.
SHIPMENTS AND UNFILLED ORDERS.
Week EndedSept. 17.
Sept. 10.
Sept. 3.
Aug. 27.
Number of mills reporting
120
123
113
121
Production (feet)
122,134,027 107,176,343 118.709,960 121,940,525 Late W. M. Wood of American Woolen Company One
New business (feet)
111,431,497
98,343,611
96,858,703 119,993,501
of Few Receiving $1,000,000 Salary.
Shipments (feet)
111,981,744
89.695,355 106,821,333 129,305,417
Unshipped Balances
From the New York "Times" of Sept. 27 we take the
Hall (feet)
130,012,621 133,486,379 124,401,087 126,265,685
Domestic cargo (feet)..,..126,772,778 126,434,008 114,578,150 123,073,561 following:
Export (feet)
118,459,416 126,925,804 106,910,677 135,054,744
The late William M. Wood, for many years President of the American
Woolen Co., was one of a few Americans with a salary of $1,000,000 or
Total (feet)
375,244,815 386,848,191 345,889,914 384,393,990
more. The first authentic figures concerning Mr. Wood's salary to be
First 37 Weeks of1927.
1926.
1925.
1924.
Average number of mills.
88
106
116
124 made public are in the United States Board of Tax Appeals report of
Production (feet)
3 135,572,199 3,868,447,500 3,740,388,358 3,441,268,562 July 19, now made public.
New business (feet)
3,213,390,142 4,005,806,394 3,868,977,103 3,488,849,717
Mr. Wood's salary and commissions were swelled by the refunding of
Shipments (feet)
3,175,774,736 3,967,051,917 3,889,125,081 3,598,528,753 his Federal
and State income taxes by his corporation. In 1918 Mr. Wood's
salary and commissions amounted to $978,725. In 1919 they were $548.132.87. In 1919 the American Woolen Co. paid his 1918 income tax of
Lancashire Spinners Seek to End Slump-Agree to $681,169.88.
The Board of Appeals has ruled that the refund was part
Curtail Production and Fix Prices to Meet Losses of his income of the year when it was paid and should have been reported.
so Mr. Wood's income for 1919 was $1,229,302.75 in the eyes of the Board.
to Americans in Market.
Mr. Wood committed suicide in Daytona, Fla., on Feb. 2 1926.
An agreement reached Sept. 28 by the Federation of
Master Spinners at Manchester, Eng., to Curtail production
and to fix minimum prices is interpreted in London,(according to copyright advices to the New York "Times") to mean
that the Lancashire cotton industry is going to make a determined effort to get out of the slough of depression it has been
in since the war, and into a position to fight American con-petitors for the world markets. The message to the "Times"
adds:
Post-war Lancashire found that it had lost a third of its pre-war trade,
most of this to the Americans. Faced with overproduction for the Brit
time in history, its spinners began on an era of cut-throat competition
which reduced prices but did not regain the markets.
The individualism of the Lancashire spinners has prevented co-operation.
At various times, efforts have been made to reach an agreement, but these
have failed because of the opposition of about 25% of the spinners.
The agreement now reached is understood to be virtually unanimous
among the spinners of American cotton, the section of the industry most
seriously affected by the depression. Lancashire, it is said, has retained
Its world supremacy in the finer sections of the trade, and even America
has to import 3,304.875 pounds of her better yarns.
Under the agreement, the spinners will curtail production when it exceeds
requirements and will fix minimum prices based on the prices of cotton
futures for the current month.
A cablegram from Manchester to the New York News
Bureau from the Central News under date of Sept. 30 says:
Toe agreement on curtailment of production and establishment of minimum prices was approved to-day at executive meetings of the Manchester
Cotton Yard Association and the Federation of Master Cotton Spinners.
The plan will go into effect Monday. A ballot will be taken on a proposition
to allow each section to regulate its "short time" in accordance with the
demand in its section.
Report on Hosiery Industry in Philadelphia Federal
Reserve District.
The following table, compiled by the Bureau of the Census,
showing the activities of the hosiery mills in the Philadelphia
Federal Reserve District in August and a comparison with
those of July, is made available by the Philadelphia Federa
Reserve Bank:
Men's
Full-fashioned
1Vometes
Seamless
In Dozen Pairs.
Full-fashioned.
Seam ess.
PerCent
PerCent
PerC
PerCent
August Change August Ghange August Change August Change
1927. from 1927. from
1927. from
1927. from
July
July
July
July
1927.
1927.
1927.
1927.
Production __Shipments
Stock,finished
in the gray__ _
Orders booked_
Cancell'ns reed
Unfilled orders
end of month_
23,976 +13.4200,115
631,279 +27.9 154,497
23,947 -6.7208.900 -1.6 562,991 +16.0 161,347
+2.7
+8.9
49.736 -12.9375,680 -2.6 902.093 +8.2 295,491 -4.2
24,992 +15.8289,647 +42.7 488,249 +39.7 158,260 +4.9
167 -70.7. 4.729 +21.0
8,334 -56.
1.335 --36.8
19,443
+4.6462,988 +21.61,322,074
Boys' and
Misses'
Children's and
Infants'
Athletic and
Sport.
96.968 -9.5
Total.
In Dozen Pairs.
Per Cent
Per Cent
Per Cent
Per Cent
Angus Change August Change August Change August Change
from
1927.
1927. from 1927. from
1927. from
July
July
July
July
1927.
1927.
192/.
1927.
Production
23.746
+1.6 130.027 +30.6
37,568 +29.4 1,201,208 +18.1
28,187 +50.0 46,411 -58.6 45,359 +7.8 1,077,132 +3.1
World Carryover of American Lint Cotton Estimated Shipments
Stoek,finished
43,011 -9.9203,159 +12.5 29,486 -2.91,958,650 +2.4
in the gray
at 7,838,000 Bales.
Orders booked_ 31,661 +176.3 195,121 +18.5 60,879 +37.4 1,248,809 +32.1
60 -80.5
rec'd
1,717 +8.1
16,522 -39.8
The United States Department of Agriculture in advices Cancell'neorders 180 -17.4
Unfilled
1
end of month_ 53.086 +2.1537.620 +39.8 78,906 +20.92.571.085 +9.2
to Secretary Hale of the New York Cotton Exchange
estimates the world carryover of American Lint CottonVon
July 31 1927 at 7,838,000 bales as compared with 5,631,000 Theodore H.Price Gives 12,749,000 Bales as a Composite
bales on July 31 1926. It is noted in the "Wall Street
Estimate of the 1927-28 Cotton Crop.
Journal" that this estimate by the Department of AgriIn this week's number of "Commerce and Finance" Theoculture is 886,000 bales above the estimate made early in
the season by Secretary Hester, of the New Orleans Cotton dore H. Price discusses cotton crop possibilities interestExchange, for a s --ryover of American lint cotton on July ingly as follows:
31 1927, of 6,91, ,,AA) bales. The letter to Secretary Hale
Those who are in the cotton
in
imagination.
was made public as follows on Sept. 29 by the Cotton To them the present is without business live for a world ofis the
significance,
it always
future,
Exchange which said:
vision of it, by which they shape their course.
or their
.The following reply has been received by the New York Cotton Exchange
to a request addressed to the Bureau of Agricultural Economics on Sept. 21
for an analysis of their American lint cotton carryover estimate:
UNITED STATES DEPARTMENT OF AGRICULTURE.
Bureau of Agricultural Economics
Washington. D. C.
September 27 1927.
Mr. Thomas Half Secretary New York Conan Exchange. New York, N. Y.
Dear Mr. Hale- In reply to your letter of Sept. 21, we are pleased to
submit herewitt • wore detailed statement as to the world carryover of
American lint cotter •••11 July 311927.
To know what people think about what is yet to happen, and the influences by which the price of cotton may be hereafter lifted, or depressed,
is therefore of greater importance than a knowledge of the facts to those
who would read aright the riddle of the cotton market. For this reason
"Commerce and Finance" has made a practice of canvassing its readers
and correspondents in the American cotton trade at this season of the
year in an effort to get a cross-section of the best informed opinion in
respect to the size of the cotton crop and the price it ought to bring.
In pursuance of this practice, we recently sent out a questionnaire
In which each of those addressed was asked to give us his estimate of the
total yield, as well as of the yield in his State, and the average, or mean
price at which he though middling cotton, should sell during the season
VITT CHRONICLE
OCT. 1 1927.]
of 1927-28, if the crop equalled his estimate.‘Toithis questionnaire we
have received 2,040 replies, whose average date is about Sept. 15. 1927
The estimates of the total crop average 12,749,000 bales. The mean
price expected averages 2314 cents, and the average of the estimated
yield in each State is:
Alabama
904,000 South Carolina
761,000
Arkansas
932,000 Tennessee
354,000
Georgia
1,021,000 Texas
4,285,000
Louisiana
485,000 Virginia
40,000
Mississippi
1,087,000 All others
424,000
North Carolina
857,000 I
Oklahoma
1,004,000 I Total
12,154,000
It is interesting to note that the average of the estimates of the total
crop exceed by nearly 600,000 bales the aggregate of the averages by
States. This is partially explained by the fact that some of correspondents
omitted to make State estimates because they live outside the cotton
belt. But it also discloses a tendency to take a more pessimistic view of
nearby conditions that are seen, than of the more distant fields that are
unseen.
The student of crop reporting psychology will find much food for thought
in this tendency and to it we may revert hereafter.
For the courtesy and co-operation of those who answered our various
queries, we are greatly indebted. Their names and addresses, with the
details of their replies, are published on pages 1961 to 1977 inclusive.
This is the eighth year in which "Commerce and Finance" has thus
attempted to get a cross-section of public opinion in regard to the size
of the crop by interrogating its correspondents. The averages of the
replies received compare as follows with each other and the known facts
for every year except the present:
Year.
1920
1921
1922
1923
1924
1925
1926
1927
Average
Estimate.
Census
Total.
Difference
± or-.
12,725,610 13,270,970 -545,000
8,023,805 7,977,778
+46,000
10,548,400 9,729,306 +819,000
10,771,081 10,170,695 +600,000
12,483,527 13,639,399 -1,155,000
13,757,000 16,122,516 -2,366,000
14,598,000 17,755,070-3,175,000
12740000
Average Average DifferPrice
Price
ence
Expected. Received. + or30.69
16.60
23.75
26.40
25.39
23.75
20.12
2512
17.89
18.92
26.30
31.11
24.74
20.53
15.15
+12.80
-2.32
-2.55
-4.71
+.65
+3.22
+4.97
In 1926 we also published four "common sense" estimates, which were
arrived at by making composite averages of the yield In the more important
cotton producing counties as estimated by our correspondents in each
county. These "common sense" estimates compared with the actual
out-turn as follows:
Average
Census
Difference
Average DateEstimate.
Total.
± or -.
June 3
14,160,000
17,755,000
-3,595,000
July 3
14,810,000
17,755,000
-2.945.000
Aug. 6
14,480,000
17,755,000
-3,275,000
Oct. 31
17,755,000
16,486,000
-1,269,000
From the above showing it is plain that an accurate or even an approximate estimate of the cotton crop is entirely a matter of accident, unless it
is compiled from data and opinions gathered after the frost date. The
reason for this is that the plant itself, as well as the bolls, are likely to
continue growing until their development is checked by freezing temperatures, and that even a light frost sometimes fails to entirely kill the cotton
in a well protected field. But even if we could know what the yield would
be when the crop was planted, it is doubtful whether the knowledge would
profit us much unless after acting upon it, we could persuade everyone else
that our information was impeccable.
For the price of cotton is not determined by the size of the crop. That
is not known until after the 1st of December, when at least 80% of the
yield is ginned and half of it has been sold. Until then, the controlling
influence is public opinion of what the production is likely to be, and, as
this opinion varies, the market fluctuates responsively.
As a result of the above investigation it is, we think, reasonably clear
that present prices are predicated upon the expectation that the yield will
be about 12,749,000 bales, and that in so far as the supply is a factor, an
advance or decline is likely to follow any decrease or increase in the popular
idea of the probable production.
But from this it is not to be inferred that the supply is the only influence
by which the price level is likely to be affected. Another, and an even
more elusive element in the problem, is the demand. No attempt to
crystallize public opinion with regard to the probable consumption has as
yet been made; but if an effort in that direction should evolve an estimate
that was generally accepted, it might be possible to develop a theoretical
hypothesis upon which the probable price could be calculated and changed
as there was any modification in the popular idea of the basic factors.
This is not as chimerical as it sounds, and "Commerce and Finance"
m ty undertake something of the kind in the not distant future.
For the more we study the problem of the cotton market, the more
thoroughly do we become convinced that it is psychological rather than
mathematical in its essentials; and that the conclusions of the collective
mind, if ascertainable, are far more important than a knowledge of the
facts to those who would look beyond the curtain of the present in an effort
to discern the probabilities of the future.
1775
On Sept. 28 the Gulf Refining Co. reduced tank wagon
price of gasoline 1c. a gallon and service station price 2c. at
Houston, Tex.
The Continental Oil Co., in addition to the price changes
made in Denver and noted above, on Sept. 28 reduced tank
wagon and service station prices of gasoline 1c. a gallon at
Pueblo and Grand Junction, Colo., le. at Casper and Ihc. at
Cheyenne, Wyo.
The Standard Oil Co. of New Jersey on Sept. 29 advanced
the price of kerosene for export %c. a gallon to 17.15c. and
of water white to 18.15c. a gallon, both in cases.
The price of gasoline to tank wagons and service stations
in Florida was advanced 3c. a gallon by the Standard Oil
Co. of Kentucky on Sept. 29, restoring it to the level of
Aug. 11.
In Chicago, on Sept. 29, wholesale prices were reported as
/
follows: U. S. motor grade gasoline, 61 3@6%c.; kerosene,
41-43 water white, 414c.; fuel oil, 24-26 gravity, 85@87%c.
/
Late on Sept. 30, it was announced from Cleveland that
effective Oct. 1, the Standard Oil Co. of Ohio will reduce
the price of gasoline 2c. per gallon, making new prices for
tank wagon 17c., and service station 19c., including State
tax of 2c. per gallon. Railroad stations will sell at the
same price as service stations. '
Price Concessions in Copper Market-Domestic and
Foreign Sales Volume Below Average-Easier Tone
in Lead and Zinc.
Sales of non-ferrous metals have been meagre, and the
prices for all the more important ones are easier than a
week ago, "Engineering and nining Journal" reports.
Though most of the economic surveys indicate a satisfactory rate of industrial activity for the fall months, the
metal manufacturing industries apparently are receiving a
disappointing volume of orders, judged by this week's bookings for metal, it is stated. Under present conditions, consumers are unwilling to speculate, and low prices will not
tempt them unless they see where they can use the metal.
It is added:
The excellent buying of copper of last week has been followed by a wave
of lassitude. The foreign demand also has been poor. Sellers feel that
most fabricators are under-bought and they refuse to view the situation
pessimistically. Most sellers have made no attempt to coax the market
and have merely quoted 13.25 cents
-"take it or leave it." Certain sellers
who pursue a policy of always disposing of their output have made large
concessions from this price. In order to obtain a price of even 13 cents.
however, they have been compelled to make a wide canvass of the market.
The most that can be said of the lead market is that the American Smelting & Refining Company is holding firm at its contract price of 6.25 cents.
New York, in spite of a quiet demand and continued reduction abroad.
St. Louis quoted lead at 6 cents.
less zinc has been sold in the past week than in some time. Prices have
declined to 6 1-3 cents a pound, St. Louis.
Large Increase Recorded in Crude Oil Production.
An increase of 39,250 barrels in the daily average gross
crude oil production in the United States during the week
ended Sept. 24 brought the total daily average up to 2,534,100 barrels as compared with 2,494,850 barrels per day
during the preceding week. The recent increase brought
production up to the highest figure since certain restrictions
went into effect in mid-August in the Seminole, Okla.,
fields, and nearly approaches the high record of 2,577,150
barrels per day produced during the week of Aug. 6. The
daily average production east of California was 1,896,300
barrels, as compared with 1,855,750 barrels, an increase of
40,550 barrels. The principal gains were in Oklahoma and
Crude Oil Prices Remain Unchanged as Gasoline Is West Texas. The following are estimates of daily average
Reduced in Certain Sections.
gross production by districts for the weeks indicated:
DAILY AVERAGE PRODUCTION.
No reductions in the price of crude oil have been reported
Sept. 25
Sept. 24
Sept. 17
Sept. 10
during the current week. Gasoline prices, however, have
(In Barrels)1926.
1927.
1927.
1927.
Oklahoma
464,150
800,400
782,400
793,600
been reduced in a number of localities, chiefly in the West, Kansas
105,550
114,200
105,200
105,250
98,500
122,450
93,750
97.750
where on Sept. 21 an announcement made in Denver, Colo., Panhandle Texas
83,050
North Texas
82,250
82,950
81,400
67,500
67,000
51,450
65,550
disclosed the fact that a reduction of 2c. per gallon had West Central Texas
176,400
West Texas
41,300
206,450
178,200
taken place. The Texas 011 Co. was the first to bring the East Central Texas
30,400
30,300
30,550
55,900
29,250
Southwest Texas
30,400
28,750
45.100
price down to 18c. at service stations and 16c. tank wagon. North Louisiana
54,350
53,400
53,350
57,100
101,500
101,800
Arkansas
101,100
152,500
Sommers Oil Co., Denver Powerine Co. and Continental Oil Coastal Texas
128,750
123,450
129,200
162,650
16,400
15,750
16,800
12,650
Co. made similar reductions. On Sept. 24 it was reported Coastal Louisiana
110,500
109.000
112,000
Eastern
110,500
that the Navy Gas & Supply Co., which sells "Shell" gas to Wyoming
50,050
51,800
50,450
65,450
13,800
Montana
13,750
12,350
22,900
72 filling stations and garages, had made a reduction to Colorado
6,650
6,800
7,900
8,200
2,550
2,100
New Mexico
2,650
4,950
16c. per gallon because of "unfair competition." The com- California
637,800
639,100
639,400
596,000
pany is one of the leading independents in Denver.
2,534,100
2,494,850
Total
2,505,400
2,170,400
At Springfield, Mass., on Sept. 24 the price of gasoline was
The estimated daily average gross production of the Mid-Continent field
reduced to 12c. per gallon by one company operating four including Oklahoma, Kansas, Panhandle, North, West Central, West
stations. Another station was selling gasoline at four gal- Texas, East Central and Southwest Texas, North Louisiana and Arkansas.
for the week ended Sept. 24 was 1,567.900 barrels, as compared with
lons for 50c.
1,527,050 barrels for the rreceding week, an increase of 40,850 barrels
1776
T-FrE CHRONICLE
The Mid-Continent production. excluding Smackover, Arkansas heavy oil
was 1,489,400 barrels as compared with 1,448,600 barrels, an increase of
40,800 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, follow (figures in barrels
of 42 gallons):
OklahomaSept. 24. Sept. 17.
North Louisiana-Sept.24. Sept. 17.
North Braman
2,900 3,050 Haynesville
7,100
7,050
South Braman
2,250 2,200 Urania
10,000 10,150
Tonkawa
18,650 18,700 Arkansas
Garber
10,950 10,950 Smackover, light
9,950 10,100
Burbank
35,850 36,150 Smackover,heavy
78,500 78,450
Bristow Slick
24,950 25,050
Coastal Texas
Cromwell
13,250 12,950
10.800 8,550
Wewoka
14.200 13,650 West Columbia
3,800 3,750
Seminole
273,300 264,750 Blue Ridge
9,050 8,450
Earisboro
171,350 161,700 Pierce Junction
57,050 59.000
SpindletoP
Panhandle Texas
14,700 14,200
Hutchinson County
74,000 77,650 Hull
4,600 4,850
Carson County
8.650 8.850 Orange County
Gray
9,700 9,750
WII0MingWheeler
1,350 1,450 Salt Creek
32,750 32.850
West Central Texas
Montana
Brown County
24,000 24,400 Sunburst 11,500 11,500
Shackelford County
5,700 5,900
West Texas
California
Reagan County
39,000 39,000
23,600 24.100 Santa Fe Springs
Pecos County
90,500 91,000
23,350 7,650 Long Beach
Crane & Upton Cos_ __ _136,350 128,300 Huntington Beach
65,500 67,000
Winkler
21,000 21,500
10,150 4,700 Torrance
East Central Texas
15,000 15,000
Dominguez
Corsicana Powell
8,000 8,000
14,900 15,000 Rosecrans
Nigger Creek
33,500 33,000
1,700 1,750 Inglewood
Southwest Texas
84,000 84,000
Midway-Sunset
Luling
15,850 16,000 Ventura Avenue
57,800 58,100
Laredo District
9,350 9,600 Seal Beach
138,500 67,500
Rebates on Steel Offered by British Manufacturers to
Buyers of English Made Products.
In order to combat foreign competition in the heavy steel
industry, British manufacturers have adopted a scheme which
came into effect on Sept. 1 whereby rebates at the rate of
5s. per ton to 7s. 6d. per ton will be allowed to customers
against sales, whether made direct or through merchants.
According to advicesiust received by Bankers Trust Co. of
New York from its British Information Service, (and made
public Sept. 23) at the present time many consumers of
heavy steel in thelUnited Kingdom place the cream of their
orders-that is, the large specifications of easily mannfastured material-with continental makers at low prices
reserving only the more difficult specifications for British
manufacturers, which can only be executed at a comparatively high cost. The trust company adds:
With these considerations in mind the signatories of the rebate scheme
are offering substantial rebates at considerable sacrifices to themselves,
with the object of encouraging British consumers to confine their purchases
to domestic materials manufactured by Britsh workmen. They expect the
result to be beneficial both to the heavy steel industry and to the consumers
of heavy steel rroducts, because of reduced costs consequent upon increased
production and the operation of the steel mills nearer to their full capacity,
and to generally improving trade conditions throughout the United Kingdom
as a result of once again having the home heavy steel industry busy and
prosperous.
The heavy steel industry of the United Kingdom has, ahnost withott
exception, since the end of the war, been struggling against the greatest
difficulties, chief among which was the continously increasing pressure of
foreign competition, aided as it was by longer working hours and lower
wages of continental workers, together with government subsidies and
depreciated exchanges. On two occasions the British government was
approached with the request for relief under the safeguarding of industries
procedure, against unfair foreign competition, and while it was admitted
that the heavy steel makers' case had been conclusively proved, assistance
was declined on the plea of political expediency.
The New York "Times" in London advises (copyright)
referring to the price rebates said:
Under the scheme, which is supported unanimously by all the manufacturers of heavy steel products in the United Kingdom, consumers who
buy only British products will receive in the form of rebates substantial
presents from time to time. . . .
Among the reasons for the decline of the British steel industry are the
continuously increasing pressure of foreign competition, aided by the
longer working hours and lower wages of Continental workmen; subsidies to
Continental steel makers from their Governments, low railway rates and
depreciating currencies.
Evidence of these handicaps to the British steel industry is seen in the
fact that imports of iron and steel into this country are rapidly increasing.
In 1923 the figure was 14,000,000 pounds, in 1924 it was 22,000,000, in
1925 it was 24,000,000. in 1926. 29.000,000, and it is estimated that the
figure for the present year, if unchecked, might easily reach 50,000.000.
German Trade Meets British Steel Rebates-British
Coal Explorers Recovering Ground Lost in Germany
During Strike.
The following cablegram from Berlin Sept. 25 is from
the New York "Times" (copyright):
The German pig iron syndicate has responded to the new British price
rebates by reducing prices for hematite,segerland, steel,iron and spiegelesen
3 to 6 Marks per ton, according to quality and sales district. British competition has been felt the most severely in hematite and foundry iron.
As a result of declining business the Ruhr coal syndicate has once more
reduced the selling quotas of its member .firms. The syndicate reports
its sales in districts where England competes as one-third below the volume
attained during the British coal strike. The syndicate's prices in competitive districts are now described as wholly unrenumerative.
[VOL. 125.
rebate scheme, says London advises Sept. 18 to the New
York "Journal of Commerce." The cablegram goes on to
say:
They claim that opposition to the scheme comes from those most interested in the importation offoreign steel. Regarding the question brought
up some time ago whether signatories of the rebate scheme are using foreign
raw material, it was stated that practically 100% defined materials rolled
from British steel. Makers stand ready to give buyers a guarantee to
this effect, it was stated.
Steel Orders Show Slight Increase-Pig Iron Trade Is
Quiet
-Price Advance.
While not the experience of all companies, bookings in the
last days of September are putting this month somewhat
ahead of August, observes the "Iron Age" in its Sept. 29
review of conditions affecting the trade. The volume is
not sufficient to require expanded operations; these remain
substantially the same as a week ago-about60% of capacity
at both Pittsburgh and Chicago.
What increased activity has become evident on the turn
into the fourth quarter shows no change in the cautious covering of consumers for a few weeks' needs, and mills are required to revise rolling schedules sometimes in three and fourday periods, continues the summary issued by the "Age,"
which adds:
Prices are showing surprising firmness in view of the difficulties in piling
up orders. Scarcity of lots large enough to encourage aggressive competition may explain the fewer irregularities, but at the moment stabilization
is the watchword, with results in the East of advances in plates and shapes
from the low levels recently prevailing. In Chicago a apread of $3 a ton
over Pittsburgh is being tested on the ordinary sales of the heavy tonnage
products, but a $2 differential is likely on attractive orders.
Well sustained demand for structural steel and continued activity of agricultural implement makers help to balance the backwardness of other major
consuming industries. A turn for the better in the wire trade is due wholly
to buying by jobbers. The South and Southwest have increased their buying of galvanized sheets.
Additions of 30,000 tons have been made to the pending buisness in fabricated steel, and they include 10,000 tons for a city hall in Buffalo and 4,000
tons for a bridge at Bristol, R. I. A James River bridge connecting Norfolk and Newport. Va., calls for 6,400 tons of shapes and 2,000 tons of bars.
A Pennsylvania RR. bridge soon to be built over Newark Bay, will take
11,000 tons of steel.
The railroad equipment trade, for many weeks at a point of stagnation,
is enlivened by the prospect that the Pere Marquette may buy 500 to 1,000
box cars. A packing company is inquiring for 200 refrigerator cars. As
with the 450,000 tons of rails expected to be covered in the next fortnight
the car business would not be reflected in output for six to eight weeks.
In rails, definite inquiries are for 15,000 tons, and in track fastenings,
for 35.000 kegs of spikes, 14.000 kegs of bolts and 8,000 tons of tie plates.
A new quantity-price development is a plan to name current quotations
on hot-rolled strip steel to consumers who have not used over 5,000 tons in
the past year. A reduction of as much as 83 a ton is proposed to users of
10,000 to 25,000 tons, and such further concession to still larger buyers as
competition dictates. As most users take less than 5,000 tons, it will be the
few, mostly in the automobile field (which takes the bulk of the total production), who will get the lower prices. These would be slightly above the
lowest obtaining early this year.
Concessions of $2a ton have appeared in the last few days in black sheets,
but the unsettled price situation revolves chiefly about the three-cornered
competition of hot-rolled strips, light plates and the narrower blue annealed
sheets.
Pig iron buying, on the eve of a new quarter, is unusually light. In the
Central West considerable iron will be carried over on third-quarter contracts. Fresh price weakness has developed in New England, and in the
Valleys surplus stocks of steel company blast furnaces are a disturbing
factor. Merchant furnaces at Buffalo. with fairly comfortable backlogs,
are now able to take a stronger position.
Scrap is weak throughout the country, reflecting the reduced demands of
steel works and other consumers. At Cincinnati and St. Louis heavy melting steel has declined 25c. and 50c. a ton. respectively.
The approach of cold weather has failed to develop any strength in the
fuel market, the coal strike notwithstanding.
August exports of iron and steel products at 175,636 tons fell below the
190.502 tons of July but were above the 171,588 tons of August, 1926.
For eight months exports are ahead of last year by 103,000 tons, or 7H %.
Imports of iron and steel increased 12% to 68,386 tons in August, but were
far below last year's August receipts of 91,578 tons. For the eight months
the total has fallen from 785,575 tons to 513,430 tons, due to a drop in pig
iron imports from 376,000 tons to 85,280 tons.
For the first month in more than four years more than 300,000 tons of
iron ore came into American ports in August. Imports of the first eight
months totaled 1,879,180 tons, against 1,741,982 tons to Aug. 311926.
Machine tools exported from the United States in the first eight months
of 1927 were valued at $7,395,474, a gain of 53% over the $4,835,346 of
last year's first eight months.
Germany's August output of steel was close to a 17,000,000-ton annual
rate, making a post-war record.
After holding for two weeks, the lowest level since 1916, the "Iron Age"
pig iron composite price has advanced to 818.00 from $18. It was $19.46
one year ago. The finished steel composite price remains at 2.346c. a lb.
for the second week, as the following table indicates:
Finished Steel.
Pig Iron.
Sept. 27 1927. 818.09 per Gross Ton.
Sept. 27 1927, 2.346e. per Lb.
2.346o. One week ago
$18.00
One week ago
2.387o. One month ago
One month ago
18.1$
2.439e One year ago
One year ago
19.46
1 689c. 10-year pre-war average
10-year pre-war average
15.72
Based on steel bars, beams,tank plates.
Based on average of basic iron at
plain wire, open-hearth rails, black pipe Valley furnace and foundry irons at
and black sheets, constituting 86% of Chicago, Philadelphia, Buffalo. Valley
and Birmingham.
the United States output.
Low.
High
High
Low,
1927_2.453o. Jan. 4 2.339c. Apr. 26 1927.-$19.71 Jan. 4 $18.00 Sept, lb
1926_2.453c. Jan. 5 2.403o. May 18 1926._ 21.54 Jan. 5 19.46 July 13
1925_2.560c. Jan, 6 2.396o. Aug. 18 1925._ 22.50 Jan 13 18.96 July 7
1924_2.789o. Jan. 15 2.4600. Oct. 14 1924_ 22.88 Feb. 26 19.21 Nov. 8
1923_2,824c. Apr. 24 2.446o. Jan. 2 1923.- 30.86 Mar.20 20.77 Nov.20
Export Prices for British Steel to Remain Unaltered.
Associated heavy steel makers have stated that they
have reached an agreement to leave home export prices
Iron and steel producers are emerging from the least
unaltered, being encouraged by the reception given the waisfactory quarter, both as to volume and price, thus far
OCT. 1 19271
THE CHRONICLE
in 1927, and in a restrained manner are conferring upon
October the hopes they had entertained for September,
declares the "Iron Trade Review" on Sept. 29, in summarizing the trend of the iron and steel markets this week.
Farm implement manufacturers continue to buy satisfactorily, the outlook for tin plate consumption has improved
materially and the railroads are disclosing heavy 1928 track
material programs, but these high lights are inadequate to
brighten the picture in iron and steel perceptibly. The
tonnage needed to put vigor into the markets is lacking and
steel mill operations have slumped several points in the past
week, to just below 65%,the "Review" continues, adding:
Not since the war has the competitive situation in finished steel been
so keen. Establishment of a 1.75c., Pittsburgh, base on plates, shapes and
bars by the leading producing interest has not eliminated all offers of
material below this level. Sheet prices have given ground in the East.
Concessions in hot strip are being legitimatized by the adoption of quantity
discounts. Lapwelded pipe is being shaded. The steel market continues
strictly a buyers' one.
Pig iron producers start the new quarter with only moderate order
books, melters being prompted by the uncertainty over price to restrict
their purchases to iron for which they have a definite need. Inquiry at
Pittsburgh, especially for basic iron, is limited, but some fair last-quarter
requirements remain to be placed. Water shipments are enabling eastern
Pennsylvania consumers to shave their pig iron costs. At Chicago buying
continues light and prices are not strong. Buffalo producers seek to put
basic iron on a parity with foundry and malleable at $17.
Beehive furnace coke is more easily obtainable at $2.85, and this single
figure approximates the market. Blast furnaces are covering their next
quarter needs. Beehive foundry coke, which a month ago was commanding
84.25. is off 50 cents. By-product foundry coke prices for October show
no change from September in most districts.
Provided the Pennsylvania RR. exercises the option it attaches to its
rail contracts, its 1928 requirements will be rolled as follows: 135,000 tons
each by Bethlehem Steel Co. and Steel Corporation subsidiaries, and
30,000 tons by Inland Steel Co. This road now has 100,000 to 200,000
tie plates and a like quantity of spikes on inquiry. Next year's rail needs
of Western carriers will rrobably include 150,000 tons by Santa Fe, 80,000
tons by Illinois Central. 50.000 tons by St. Paul, 42.000 tons by Burlington
and 40,000 tons each by North Western and Rock Island. The first
sizable freight car inquiry in many weeks is one for 500 to 1,000 box cars
for the Pere Marquette.
Recent sales of blue annealed sheets in the New York district indicate a
range of 2.15 to 2.25c., Pittsburgh, and of black sheets 2.90 to 3.00c. The
galvanized sheet quotation of 3.85c. is untested. The blue annealed
market in eastern Pennsylvania has been disturbed by offers of strip sheets
up to 36 inches wide at 2.10c. and 2.15c. Tin mill black sheets have been
sold at 2.90c. Sheetmakers claim firmness for their prices where no competitive material figures. Sheet mill operations average 69%•
Demand for structural steel is displaying a slight seasonal tendency
downward, but the competition for business in special sections continues
unabated. Bethlehem Steel Co. has brought out over two-score new sections, while the Carnegie Steel Co., which recently entered this field, will
add to its line.
A brighter crop prospect supports the belief that tin plate shipments will
expand and bring the 1927 total close to last year's.
Iron and steel scrap prices have further weakened in the absence of consumer buying and in some districts, notably the Chicago, have eased off
25 to 50 cents.
While many British users of steel are accepting the rebate plan offered by
British steelmakers, some doubt exists whether the former will not imperil
their competitive ability by tying themselves up with domestic producers.
Following last week's precipitate drop, the "Iron Trade Review" cornpotato of 14 leading iron and steel products is off only 1 cent this week,
to $36.09.
1777
Bituminous Coal Markets Exhibit Uncertain Trend
Anthracite Trade is Slow.
Extreme spottiness features the open market trading in
bituminous coals this week, observes the week resume issued
by the "Coal Age News" on Sept. 29. In the Middle West,
for example, industrial buying is still suffering, from the
check administered by the collapse of wage negotiations in
Illinois two weeks ago. News that President Lewis of the
United Mine Workers had suggested a third conference came
too late to have any marked effect upon the Middle Western'
markets the fore part of the present week. The invitation,
however, probably will lead to further softness in the steam
trade in and around Chicago, in the opinion of the "News,"
which adds the following comments on the general situation:
Kentucky. which has been first to feel the backwash of the Illinois labor
tides, has recovered somewhat from the effects of the earlier break. Colder
weather helped in the recovery and demand from Ohio and the Southeast
played a part. Cincinnati, as the western gateway for southern West
Virginia, has continued its upward swing although conditions in the iron
and steel industry have had a depressing effect upon the demand for smokeless slack. Birmingham, too, was shedding its listlessness.
In the Buffalo-Pittsburgh area, on the other hand, developments have
been disappointing to producers and shippers. Western Kentucky comtion has been felt in northern West Virginia prices and these in turn have
influenced spot quotations in western Pennsylvania. Columbus has been
slow in climbing back to its pre-negotiaticns position. Northern Ohio has
been marking time awaiting the expansion of open-shop operations in the
eastern part of the state. These apparently are now getting under way.
Baltimore alone of the Atlantic seaboard markets shows strength. Prices
on low volatile coals are up 10c. and high-volatile has jumped twice that
figure. Philadelphia is still talking of improvement in the future tense.
Boston declines to be stirred to enthusiasm and lower prices in that quarter
are predicted. The situation at New York Is frarkly discouraging to shippers who have been counting upon higher prices at an early date.
West of the Mississippi River the tale is more cheerful. Northwestern
dock teritory, however, if perhaps the center of the greatest activity.
Although there is some scurrying to prevent congestion. dock operatiors
appear to have the situation well in hand. During tte week ended at 7
a. m. Sept. 26 there were 845,954 net tons of cargo coal and 38.653 tons of
vessel fuel dumped at the lower ports. This brings the total dumpings to
date to 25,319,597 tons, as compared with 21,802,897 tons a year ago.
Production of bituminous coal last week, according to preliminary estimates made by the National Coal Association, approximated 9.800.000
tons. This is the highest tonnage recorded since the suspension in the
union fields on April 1. Output for the week ended Sept. 17 was estimated by the U. S. Bureau of Mines at 9,648.000 tons. The cumulative
total to Sept. 24 was 384.902,000 tons as atmpared with 396.123,000 tons
in 1926.
The "Coal Age News" index of spot bituminous prices yesterday was 171
and the corresponding weighted average price was $2.07. Compared with
the figures for Sept. 21 this was a decline of 1 point sad lc. This slight
change was in keeping with the spotty character of the market generally as
advances in one city were frequently offset by declines of the same coal
in another trading center.
The anthracite side of the market is still marking time after the re ction
from the rush of orders late last month and early this month. Production
schedules have been cut down but reports from the mining regiors show
accumulations of unsold coal on cars. Except in the case of ore independent company, which advanced prices 15c. this week. independent
quotations on domestic sizes in the New York market have been weaker.
The snap also has gone out of tne steam market.
Beehive coke is shadowed by the backwardness in the iron and steel
industry and Connellsville output.is falling. The byproduct ovens in the
Birmingham district and elsewhere are in better shape.
Gain in Iron and Steel Foundry Operations in PhilaAll is well in the anthracite regions from the Susquehanna
delphia Federal Reserve District in August as
down to the .Schuylkill-three to five days of each week
Compared with July.
Summarizing conditions in the operation of iron and steel being the average running time at the mines of the principal
foundries in its district during August, the Federal Reserve companies, declares the "Coal and Coal Trade Journal" in
reviewing events in the coal markets this week. Cleaning
Bank of Philadelphia says:
Foundries making iron castings showed an appreciable gain in acti city up as they go is the prevailing rule, and the mines are In the
between July and August, production,shipments and unfilled orders ha% inz best possible condition to meet any reasonable demand. The
increased. Unfilled tonnage also exceeded that of August 1926 by 0,er
18% in physical volume and 31% in value, but the output and shipments acciurulated storage of the open winter months has been
decreased. Stocks of raw materials at the end of August were smaller somewhat depleted and only domestic sizes are left to draw
than those on the same date a month before. Compared with a year
upon as the fines are eliminated. In fact, there is a fairly
earlier ins entories of pig iron and coke also were less, while supplies of
clean slate, but a large potential reserve capacity in the
scrap iron increased nearly 25%•
Per Cent
Pr' Cent mines to produce and ship promptly any necessary demand,
August
Change
o'hange
1927.
Year Ago.
Month Ago. says the "Journal," from which we quote further as follows:
Capacity, tons
12.042
Production, tons
4,890
-15.1%
+14.1%
Malleable iron, tons
279
-17.2
+27.4
Gray iron, tons
4,611
-15.0
+13.4
Jobbing,tons
3,383
-4.8
+16.7
For farther manufacture, tons..... 1,228
-34.8
+5.2
Shipments, tons
4,842
-2.0
+8.3
Value
8667,018
+2.9
+12.9
Unfilled orders, tons
5,643
+18.4
+2.3
Value
$984,296
+31.0
+5.4
Raw stock-Pig iron, tons
5.805
-4.7
-3.1
Scrap,tons
3,816
+24.9
-1.5
Coke, tons
1,810
-11.3
-11.0
Production and shipments of steel castings incr.nsed materially from
July to August, but unfilled orders declined almost 30%. In comparison
with a year before total output, shipments and unfilled tonnage were
smaller. Stocks of raw materials at the end of August were lighter than
on the same date a month e...lier and of last year with the exception of
coke which showed accunr tation as compared with a year before.
Per rent
Per Cent
Au vat
Change
Change
1927.
Year Ago.
Month Ago.
Capacity,tons
12,240
Production, tons
6.597
-3.6
+20.6
Shipments, tons__
4,964
. -3.2
+26.6
Value
732,629
-4.7
+22.7
Unfilled orders,.0 is
2.800
-41.5
-29.9
Value
3538.457
-42.5
-4.9
Raw stoek-rg Iron, tons
1.518
-27.8
-14.1
Scrap, tons
6,255
-16.4
-5.1
Cok., tons
1,307
+47.0
-3.9
There is no cloud in the anthracite sky at present unless it be the foolish
threat, if true as reported, that Mr. Lewis intends calling out the miners
on the check-off or the demand upon the operators to collect their dues
to the Union. This would be interpreted by the public as violating their
contract which the miners and their local officials, it is believed, would
not permit even if national officials sanctioned it. Now that dealers
have cleaned up their rush of late August shipments, new orders are coming
in and improvement is the outlook from now on.
In the bituminous trade there is an ominous quiet, a harbinger of something goin' to happen and it is believed soon. In the meantime while the
scenes are being shifted and the open-shop mines go right on, producing
nearly ten million tons for the week ending Sept. 17, somebody is accused
of having sold and moved most of it somewhere. It is believed that these
Open-shop gentlemen, operators and miners, pulling together in good team
work, have another million toils up their sleeves.
However, it is also believed It will all be needed and more, as this preduction must now be distributed over a much larger area than usual;
and cars will be any time,from a month to several, getting back home to be
reloaded
Already cars are reported sczrce in eastern Kentucky where
they have been shipping all over the West. The scene painter of the bitumminous situation has been kept as busy as the scenic artist of a traveling
theatrical company. In fact, it has been difficult to keep up with the
efforts of former closed-shop operators to resume work on an open-shop
basis with a competitive wage scale. Starting in western Pennsylvania
before the Jacksonville agreement expired, the strategical center of Mr.
Lewis's "fade-away strike" shifted to central Pennsylvania. thence to
[vol.. 125.
THE CHRONICLE
1778
As already indicated by the figures above, production of soft coal during
Ohio, back again to central Pennsylvania, and now is transferred from the
hills of Pennsylvania to the rolling prairies of Illinois, where it may fade the week ended Sept. 10 declined sharply because of the observance of the
Labor Day holiday. Total output during the week is estimated at 8,980,000
away altogether.
lp The operators in Illinois are reported to have caught the open-shop con- net tons, a decrease of 780,000 tons from the output in the week of Sept. 3.
The following table apportions the tonnage by States and gives comparable
tagion; they are submitting to their miners and posting at their mines a
competitive wage scale which will, they hope, save and recover to them figures for other recent years.
such of their Western and Northwestern market as has not already been
Estimated Weekly Production of Soft Coal by States (Net Tons).
absorbed by the open-shop mines, while they have been trying to do the
Total Production for Week Ended- September
Average
Sept..11
Sept. 10
Sept. 3
impossible-to meet competition through loyalty to a misguided agreement.
Sept. 12
1923.b
State
-1927.
1926.
1927.
1925.a
All the other districts that were formerly parties to the Jacksonville scale,
Alabama
405,000
395,000
368,000
407,000
399,000
western and central Pennsylvania and Ohio, have been steady progress Ark., Kan., Mo.
since resuming on a competitive wage basis. And now Illinois will make
Oklahoma__
& Oklahoma
264,000
183,000
215,000
192,000
171,000
214,000
248,000
215,000
182,000
193,000
will make its effort to regain its position as third among the great coal Colorado
Illinois
203.000 1,049,000 1,114,000 1,584,000
169,000
producing states of our country.
Indiana
549.000
347,000
275,000
340,000
347,000
351,000
The effect of this situation on the general market cannot be ignored. Iowa
117.000
12,000
11,000
78,000
75,000
Illinois mina: have been closed for nearly six months. Frosts and freezing Kentucky:
712,000
934,000
Eastern
1,029,000 1,072,000
972,000
temperature have already appeared in the territory dependent on these
248,000
254,000
Western
530.000
290,000
419,000
mines for supply. The stringent Illinois laws practically prevent the im- Maryland
40,000
60,000
69,000
50,000
61,000
portation of even experienced miners or strike breakers. So, even if a Michigan
27,000
18,000
11,000
14,000
16.000
68,000
67,000
50,000
55,000
71.000
large portion of the miners accept the operators' offer and break away Montana
56,000
61,000
48,000
45,000
New Mexico_ _ _ _
59,000
from the combination of musguided leaders who have so long kept them
27,000
17,000
North Dakota_ _ _
15,000
19,000
22,000
out of Work, it will be surprising if production at best is large for some Ohio
860,000
460,000
511,000
128,000
144,000
time. Western and eastern Kentucky are reported at maximum produc- Pennsylvania __- 2,246,000 2.400,000 2,548,000 2,477,000 3,580.000
2,548,000 2,477,000
119.000
112,000
95.000
88,000
112.000
tion; Ohio and other districts changing to open shop, will have all they can Tennessee
26,000
20,000
21,000
20,000
Texas
23,000
do to take care of home trade.
103,000
113,000
76,000
107,000
Utah
83,000
The next ninety days will bring the heaviest demand. So where will Virginia
244.000
269,000
269,000
260,000
261.000
58,000
they get their supply. It is believed that a considerable portion must Washington
50,000
45,000
47.000
49,000
be furnished for some time by the Eastern open-shop mines. They may West Virginia:
Southern c_ ___ 2,273,000 2,380,000 2,148,000 1,847,000 1,510,000
now be able to produce to their hearts content for a short gime, and then
818,000
714,000
742,000
935,000
Northern d..... 826,000
they will probably be looking for cars that have scattered all over the Wyoming
165,000
139,000
127.000
126,000
102,000
4,000
2,000
3,000
4,000
western country. With these conditions it should not be difficult to Others
2,000
draw conclusions affecting the near-future market. The major production
8,980,000 9,760,000 10,257,000 9,927,000 11,798.000
is now in the East; but consumption is not so confined and must be supplied. --a Revised. b Weekly rate maintained during the entire month. a InBituminous Coal and Anthracite Output Recovers from cludes operations on the N.& W.;C.& O. Virginian; K.& M.;B. C.& G.,
and Charleston division of the B. & 0. d Rest of State, including PanHoliday Slackening.
handle.
ANTHRACITE.
At the close of the full-time week of Sept. 17 the output of
In the week ended Sept. 17- anthracite production recovered from the
both bituminous coal and anthracite had recovered to some
loss incident to the Labor Day holiday but did not attain the pre-holiday
extent from the slackening during the week in which the rate. The total output is estimated at 1.593,000 net tons, which is less by
Labor Day holiday was observed. However,the production 228,000 tons, or 12.5%,than the output in the full-time week ended Sept. 3.
in neither class of fuel reached the tonnage put out in the
preceding full-time week of Sept. 3, according ts statistics
compiled by the United States Bureau of Mines,from which
we quote:
Estimated United States Production of Anthracite (Net Tons).
1926
---1927
Cal. Year
Cal. Year
Week.
to Date.
to Date..
Week EndedWeek.
1,951.000
54,186.000
Sept. 3
1,821,000
54,401.000
55,876,000
1,330.000
55,731,000
1,690,000
Sept. 101a
57,879,000
57,324,000
2,003,000
Sept. 17c
1,593.000
a Minus one day's production first week in January to equalize number of
days in the two years. b Revised since last report. c Subject to revision.
BEEHIVE COKE.
The total production of beehive coke during the week ended Sept. 17 is
estimated at 101,000 net tons. Compared with the output in the preceding
week, this shows a decrease of 11,000 tons, or 9.8%.
The accumulative production of beehive during 1927 to Sept. 17 amounts
to 5,640,000 net tons, as against 8,612,000 tons in the corresopnding period
of 1926, a decrease in the current year of 34.5%.
Estimated Production of Beehive Coke (Net Tons).
WeekEnded
1926
1927
to
to
Sept. 17 Sept. 10 Sept. 18
Date..
Dale.
1926.
1927.c
1927.b
Pennsylvania and Ohio_ 66,000 79,000 161,000 4,357,000 7,007,000
547,000
16,000
580,000
19,000
15.000
West Virginia
485,000
7.000
188.000
6,000
Ala.. Ky., Tenn. & Ga_ 3,000
260,000
5,000
6,000
247,000
Virginia_
6,000
4,000
4,000
144,000
188,000
Colorado & New MOXiC0 4,000
Washington and Utah
3.000
3.000
2.000
124,000
125,000
United States total_ _ _101,000
Daily average
17,000
1926
1925
384,406,000 net tons11924
343,164,000 net tons 1923
325,313,000 net tons
405,641,000 net tons
112.000
19,000
196,000 5,640,000 8,612,000
33,000
25,000
39,000
a Minus one day's production first week in January to equalize number of
days in the two years. b Subject to revision. c Revised'
Current Events and Discussions
on subsequent pages-namely, pages 1707 and 1708. A
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal summary of changes in the principal assets and liabilities
Reserve banks on Sept. 28, made public by the Federal Re- of the Reserve banks during the week and the year ending
serve Board, and which deals with the results for the twelve Sept. 28 1927 is as follows:
Increase (+) or Decrease (-)
Federal Reserve banks combined, shows increases for the
During
Week.
Year.
week of $50,000,000 in bill and security holdings, of $25,500,-$7.400,000
+$189,000,000
Total reserves
000 in member bank reserve deposits, and of $5,200,000 in
Gold reserves
-5,300,000
+181.700,000
+50,000,000
130,400,000
Federal Reserve note circulation, and a decrease of $7,400,- Total bills and securities
-286,300,000
Bills discounted, total
+15,700,000
000 in cash reserves. Holdings of all classes of bills and seobligations
Secured by U.S. Govt.
-138,000,000
+11,100,000
curities were larger than for the previous week-discounted
148,300.000
Other bills discounted
+4,700.000
-33,500,000
+23,500,000
Bills bought in open market
by $15,700,000, acceptances purchased in open market
bills
+192.300,000
+10,800,000
U.S. Govt.securities, total
by $23,500,000 and Government securities by $10,800,000.
+198,300,000
Bonds
-200,000
After noting these facts, the Federal Reserve Board proceeds
-3,700,000
notes
Treasury
+7,400.000
-2,100,000
Certificates of indebtedness
+3,600.000
as follows:
The Federal Reserve Bank of New York reports an increase for the week of
$25,200,000 in discounts, San Francisco an increase of $5,500,000, and Boston of $3,200,000, while the Cleveland bank shows a decline in discount
holdings of $6,500,000 and Atlanta of $4,500,000. All but two of the Federal Reserve banks report larger holdings of acceptances purchased in open
market, the principal increases being $13,500,000 at the New York bank,
$3.500,000 at Richmond and $2,800.000 at Boston. The system's holdings
of Treasury notes were $7,400,000 and of Treasury certificates $3,600,000
above the preceding week's totals.
The principal changes in Federal Reserve note circulation for the week
comprise a decrease of $4,100,000 reported by the Federal Reserve Bank of
Chicago and Increases of $3,600,000 and $3,200,000, respectively, by New
York and Philadelphia.
Federal Reserve notes in circulation
Total deposits
Members'reserve deposits
Government deposits
+5,200,000
+27,100,000
+25,500,000
+1,600,000
-10,700,000
+59,400,000
+87,700,000
-27,200,000
Returns of Member Banks for New York and Chicago
-Broker's Loans.
Federal Reserve Districts.
Beginning with the returns for June 29 last the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District
The statement in full, in comparison with the preceding as well as those in the Chicago Reserve District, on Thursltaneously
week and with the corresponding date last year, will be found days, simultaneously with the figures for the Reserve banks
OCT.1 1927.]
THE CHRONICLE
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks —now
660—cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available'until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting banks, which this week established
still another high record—the fourth in as many weeks—
the grand aggregate of these loans for Sept. 28 being $3,305,623,000, against $3,283,750,000 for Sept. 21, which latter
was the previous peak.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
NEW YORK-52 BANKS.
Sept. 28 1927. Sept. 21 1927. Sept. 29 1926.
$
Loans and investments—total
6,750.125,000 6,734,802,000 6,292,816,000
Loans and discounts—total
4 964,690,000 4,936,303,000 4,552,145,000
Secured by U. S. Govt. obligations... 38,525,000
38,442,000 55,155,000
Secured by stock and bonds
2,274,294,000 2,220,680,000 2,066,907,000
All other loans and discounts
2 651,871,000 2,677,181,000 2,430,083,000
Investments—total
1,785,435,000 1,798,499,000 1,740,671,000
U. S. Government securities
896,133,000 894,807,000 884,383,000
Other bonds, stocks and securities:
889.302,000 903,692,000 856,288,000
Reserve balances with F. R. Bank
748,004,000
716,086,000 699,076,000
Cash in vault
56,966,000
56,987,000 64,841,000
Net demand deposits
5 184.920,000 5,177,275,000 5,077,364,000
Time deposits
1,011,384,000 998,849,000 824,037,000
63,096,000
Government deposits
126,934,000 126,934,000
101.097,000 108,934,000 109,209,000
Due from banks
1,170,918,000 1,181,112,000 1,029,369,000
Due to banks
Borrowings from F. R. Bank—total— 96,055.000
74,110,000 133,739,000
Secured by U.S. Govt. obligations
55,100,000
41.050,000
85,915,000
All other
40,955,000
47,824,000
33,060,000
Loans to brokers and dealers (secured by
stocks and bonds):
For own account
1,092,479,000 1,067,675,000 1,009,962,000
For account of out-of-town banks
1 295,512,000 1,305.934,000 1,111,751,000
For account of others
917,632,000 910,141,000 691,258,000
Total
On demand
On time
3,305,623,000 3,283,750,000 2,812,971,000
2,523,595,000 2,478,124,000 2,095,270,000
782,028,000 805,626,000 717,701,000
CHICAGO-45 BANKS.
Loans and investments—total
1 840,930,000 1,837,481,000 1.777.986,000
Loans and discounts—total
1,441,609.000 1,439,789,000 1,388.385.000
Secured by U. S. Govt. obligations.... 13,764,000
Secured by stocks and bonds
758,341,000
All other loans and discounts
669,504,000
Investments—total
399,321,000
13,737,000
14,302,000
748,643,000 663,742,000
677,409,000 710,341,000
397,692,000 389,601,000
U. S. Government securities
174,311,000 174,227,000 168,538,000
Other bonds, stocks and securities._
225,010,000 223,465,000 221,063,000
Reserve balances with F. R.Bank
183,208,000 180,555,000 192,733,000
Cash in vault
19,156,000
18,546,000
21,158,000
Net demand deposits
1,241,157,000 1,238,411,000 1,227,721.000
Time deposits
558,157,000 556,074,000 513,915,000
Government deposits
22,677.000
22.677,000
15.149,000
Due from banks
139,160,000 147,029,000
141,112,000
Due to banks
361,995.000 361,873,000 369,817,000
Borrowings from F. R. Bank—total__ _ _
9,830,000
5,932,000
27,079.000
Secured by U. S. Govt. obligations_ _ _
All other
8,991,000
839,000
4.761,000
1,171,000
22,710.000
4,369,000
Complete Return 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 660, cannot be got ready.
In the following will be found the comments of the Federal Reserve Board respecting the returns of the entire body
of reporting member banks of the Federal Reserve System
for the week ending with the close of business Sept. 21:
1779
A summary of the principal assets and liabilities of 660 reporting member
banks together with changes during the week and the year ending Sept.
211927, follows.
Inc. (-I-) or Dec. (—) During
Sept. 21
Week.
1927.
Year.
Loans and investments—total
20,932,750,000 +146,788,000+1,052,956,000
Loans and discounts—total
14,892,467,000
+45,512,000 +633.603,000
Secured by U. S. Govt. obligations 122,002,000
+3,496,000 —24,820,000
Secured by stocks and bonds
5,992,154,000 —22,610,000 +454,529.000
All other loans and discounts
8,778,311,000 +64,626,000 +203.894.000
Investments—total
6,040,283,000 +101,276.000 +419,353,000
U. S. Government securities
2,588,181,000 +103,774,000 +75.861,000
Other bonds, stocks and securities_ 3,452,102,000
—2.498,000 +343,492,000
Reserve balances with F. R. banks 1,704,506,000
—293,000 +46,291,000
Cash in vault
259.995.000 —11,637,000 —17,895,000
Net demand deposits
13,219,569,000 —324,742,000 +320,082,000
Time deposits
6,291,935,000
+5,328,000 +629.990,000
Government deposits
350.997.000 +342.835,000 +92.270,000
Due from banks
—63,609,000
Due to banks
3,341,822.000 —71,744,000
Borrowings from F.R.banks—total. 269,716,000 +45,552,000 —186,306,000
Secured by U. S. Govt. obligations
All other
159,996.000
109,720,000
+14.217,000 —76,211.000
+31,335.000 —110,095,000
Summary of Conditions in World's Market According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication to-day (Oct. 1) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
AUSTRALIA.
'The drought is reported continuing in Australia. The demand for wool is
good, with strong competition between English, French and Japanese
buyers. The week's wool sales in New South Wales amounted to 41,000
bales. A revised estimate in Australia on sugar production for the current
year is 485.000 long tons, of which amount 155,000 tons is available for
export.
AUSTRIA.
Industry in both Austria and Hungary largely recovered in September
from the seasonal trade slackening in August, while fall and winter prospects
are viewed by the trades with increasing optimism and confidence. Trade
in this district is largely on a credit basis as hitherto, but the banks appear
well prepared to meet the increasing business and the seasonal agricultural
requirements, due to the plentiful offering of short time foreign funds.
Parliamentary action on the proposed tariff changes was further postponed
to the latter part of October because of the uncertainty over grain and flour
duties. Unemployment continued to decline, due principally to Vienna
construction operations. The iron and steel industries, and practically all
the metal-consuming industries, are reported as operating on a fairly satisfactory basis.
CANADA.
Cooler weather has stimulated sales in all fall lines. The Advisory Board
on Tariff and Taxation has recently held hearings on applications for increased duties on some printing materials and supplies, for the reduction of
duties on harness, buggies and cutters, raw leaf tobacco and granite ware.
aluminum and nickel ware, and for the free admission of corn oil. The
commercial apple crop is now estimated by the Dominion Department of
Agriculture to be 2.740.800 barrels, which is about 8% less than last year's
crop and 18% below the five-year average. The reduction, represented in
this estimate of about 9% from the forecast issued a month ago,is accounted
for by damage from hail, insects and drought. The pear crop is estimated
at 211,730 bushels, 3% larger than last year, and the potato crop at 49.311,000 hundredweight, about 1% larger than the 1926 crop. Quebec
crops, according to the Provincial Department of Agriculture, are in fine
condition and a record harvest is looked for in cereals, garden produce and
fruit. Vegetable canners are optimistic over a good pack this year in both
quantity and quality.
CHINA.
According to estimates of the South Manchuria By., the soya bean crop
in Manchuria will exceed that of last year by 1,000,000 tons. Tsinan
reports say that Shantung crops are about 50% below normal, with Tsinan
flour mills operating at 70% of capacity. Foreign business at Tsinan evidences a slight revival, principally in tobacco and oil products, but tax
impositions, coupled with extensive military operations over the southern
section of the Tsinan Ry.,are said to be adversely affecting trade. Central
Bank of China notes at Hankow are now quoted at five to one silver dollar.
At Canton notes of the Central Bank are said to be maintained at par
through enforcement of loans from Canton merchants. The trade situation
throughout Nationalist territory is reported still uncertain and awaiting
expressions of foreign and financial policies of the Nationalist Government.
which is undergoing reorganization at Nanking. The strike of personnel
connected with a large British steamship company has terminated, and its
vessels are now resuming traffic. Forty-seven Chinese cigarette factories
in Shanghai have made joint protest against imposition of the 50% cigarette
tax still being enforced at Shanghai.
The Federal Reserve Board's condition statement of660 reporting member
banks in leading cities as of Sept. 21, shows increases for the week of
$46,000,000 in loans and discounts, E101,000,000 in investments, $343,000.GERMANY.
000 in Government deposits and $446.000,000 in borrowings from the
German tax collections in the first five months of the current fiscal year,
Federal Reserve banks, together with a reduction of $325,000.000 in net
which began on April 1, are reported running slightly above estimates,
demand deposits.
especially in the case of customs duties. Continued improvement is shown
The principal changes in loans on stocks and bonds, including United in the
iron and steel and building industries particularly. Unemployment
States Government obligations, comprise declines of $24,000.000 In the is still declining, with only
slightly more than 400,000 now receiving doles
New York district and $9,000,000 in the Kansas City district and an from the Government.
The stringency in the money market has somewhat
increase of $14,000,000 in the Cleveland district. "All other" loans and
abated, and,in spite of increasing demands for money, rates for daily loans
discounts increased 365.000.000, of which $54,000,000 was reported by last
week were almost 1% below the end of August figures.
banks in the New York district.
INDIA.
Holdings of United States securities were $104,000,000 above the Sept.
The final jute forecast in India places the crop at 10,229,700 bales, as
14 total, all districts except Chicago reporting increases. Of this increase
was in the Philadelphia district. $19.00:.`,000 in the New York compared with 10,888,000 for last year. As the final forecast was con$20,000.000
district, $16,000,000 each in the Boston and 'an Francisco districts and siderably lower than previous estimates, the market has been stimulated,
particularly for Hessians. Jute exports had eased off slightly prior to the
$12,000.000 In the Cleveland district.
Net demand deposits declined $325,000,000 during the week,the principal final forecast, but are expected in India to increase during the next few
districts being: New York $152.000,000, Chicago $64,000,000. weeks. The general trade and economic situation shows little change from
reductions by
.an Francisco $21,000,000. Cleveland $16,000,000, Kansas city $15.000,- the favorable outlook reported last week.
000, and Boston and St. Louis $14,000,000 each.
IRISH FREE STATE.
United States Government deposits, on account of the Government
Late crop prospects are said to indicate some improvement over the
financing on Sept. 15, increased 3343,000,000, all districts except Min- August situation, when heavy rainfall caused considerable
damage. Hay
neapolis and Kansas City reporting substantial increases.
was reported particularly affected, and cereal crops have been retarded and
Borrowings from the Federal Reserve banks increased $16,000.000, the are promising only in some localities. Root crops
suffered less, but the
New York and San Francisco districts reporting an increasa of $14,000,000 sugar-beet yield is not expected to equal last year's,
either in quantity or
each.
sugar content.
1780
THE CHRONICLE
[Vol.. 125.
JAPAN.
Speaking of France, Mr. Mitchell insisted that the country is a striking
The proposed bank with which will be merged the several closed banks example of the benefits of political stability and he feels sure that the nation
Is now assured of opening, possibly in November, it is said. It is probable. must realize the necessity of continuing in the same way. Except in the
however, that the Fifteenth (or Peers') Bank will not be included in the case of a return to political instability, Mr. Mitchell does not see how
merger. Figures of foreign trade for the period Sept. 1-20 place exports France can lose the position which she has gained and he believes that legal
at 117,600,000 yen and imports at 93,800,000 yen,representing a favorable stabilization of the franc is perfectly feasible. French financing in New
gain in that period of 23.800,000 yen. The total favorable balance in York, however, has been barred by the war debt deadlock and further rise
August was slightly above 50.000,000 yen. (The yen was quoted at in French credit is checked by uncertainty of future of the franc and the
tiriff dispute. While he is wittout any information of plans of the French
50.4649 on Sept. 20.)
government for refunding the 1920 8% bends, he thinks the government
NETHERLANDS.
General business in the Netherlands during August, though showing would make a better bargin by waiting at least for solution of tariff dispute.
seasonal dulness, was somewhat better than last year, and there are many
An Item regarding Mr. Mitchell's visit abroad appeared
indications that activity will increase materially in the fall. The reduction
in these columns Sept. 24, page 1654.
in the Federal reserve rate and the transfer of American balances to Europe
-•
resulted in easier rates and temporarily removed the necessity for increasing
the discount rate of the Netherlands Bank. Stock Exchange transactions Advance in Sterling to Gold Partly Caused by America
have been restricted owing to the holiday season, but the general tone Is
—London Explains Rise by Easy Money Here, and
confident and prices have improved, partly as a result of an increased deOur Foreign Loans—Central Banks Gave Help—
mand for investment. Large sums of capital from dividend payments are
reported seeking employment.
Gold Outflow Not Checked—Controversy Over
NEW ZEALAND.
General business in New Zealand is reported seasonally dull, but the
economic outlook for the country is believed bright. Forward buying of
butter and cheese for November and December delivery in London at good
prices is reported, and practically all primary products are showing increased production.
PHILIPPINE ISLANDS.
The copra market of the past week was quiet, with production below
normal for the season, though better than business expected. All oil mill
are operating, but two on part time only. The provincial equivalent of
sesecado (dried copra) delivered at Manila remains at 13 pesos per picul
of 139 pounds; at Hondagua, 12.50 pesos, and at Cebu, 127i pesos. Abaca
trade was also quiet as the result of inactivity in foreign markets. Production was slightly heavier and prices of all grades declined somewhat.
RUMANIA.
According to preliminary data on foreign trade for the first seven months
of 1927, imports totaled 19.477,468,000 lei and exports 21,617,433,000 lei,
thus resulting in a favorable balance of 2,139,965,000 lei. This compares
with 20,756,003,600 lei of imports and 20.941,249,655 lei of exports, and a
surplus of 185,246.055 for the comparable period of 1926. A special commission for the revision of the new customs tariff, which commenced its
work on Sept. 5, is expected to finish it early in October.
UNITED KINGDOM.
Board of Trade returns of British foreign commerce during August show
totals as follows: Imports, £90,100,000; exports of United Kingdom goods,
£.59,410,000. and re-exports, £8,790,000. These figures, as compared with
those for the previous month, represent a decrease of 3.5% in imports, an
Increase of 5.9% in exports of United Kingdom goods, and a decrease of
9.2% in re-exports. Although a substantial percentage decrease appears
In the case of re-exports, this classification forms only a small fraction of
the total exports and for the latter an increase of 3.6% is shown. As compared with the August 1925 trade (that of 1926 not being comparable,
owing to the abnormal industrial situation then obtaining), July's values
were smaller by the following amounts: Imports, £1,638,000: experts of
British merchandise, £1,628,000, and re-exports, £4,710,000. On Sept. 12
the total number of persons registered as unemployed in the United Kingdom stood at 1,053,000, as against 1.075,000 on Sept. 5 and 1,025,000
on Aug. 8.
YUGOSLAVIA.
The exports for July show an increase in both volume and value over the
same month of 1926. This is the first month of the current year to show
an Improvement over the previous year. Increases are recorded in shipments of livestock, eggs, lumber products, cement and crude copper, while
large decreases continue in exports of corn and wheat. due to poor crop
estimates. Total exports for the first seven months, however, are still
below those of 1926.
Our Reserve Bank Rates Watched.
In a cablegram from London, Sept. 25 (copyright), the
New York "Times" stated:
The rise in New York exchange to parity, which was touched here by
cable rates on Saturday for the first time in fifteen months, is still mainly
ascribed to the continued ease of money in America, In addition, however,
it is recognized that America's large foreign loan operations have tipped the
scale heavily in favor of sterling. It is also strongly believed that the
closer co-operation and better understanding between the European central
banks and the Federal Reserve have had their share in helping sterling's
rise.
At the moment,the belief prevails that the rate has probably reached its
highest point, but that any subsequent reaction will not be severe. For a
time it had been feared that maintenance of sterling at its existing level was
threatened by the dispute over the rate policy of Federal Reserve Banks,
but New York cables seem to indicate that this incident is apparently now
closed.
Federal Reserve Rates and Sterling.
Yet there is some question here as to whether it may not result in an
earlier advance of the Federal Reserve Bank rates than would otherwise
have occurred. If that were to happen,and unless there should have been a
substantial improvement in the gold market position, the Bank of England
might then have to reconsider its own attitude and meet an upward movement in American bank notes by raising its own.
In spite of the rise in sterling last week,foreign withdrawals continued to
reduce the Bank of England's gold reserve. The £636,000 loss in the bank
week ended Wednesday made the net reduction nearly £5,000,000 from the
high point of last May and £2.000.000 since the middle of August. The
reduction in recent weeks is due largely to the smallness of arrivals of refsh
gold from South Africa, this development being in its turn the result mainly
of large exports of gold from South Africa to Argentina. Owing to the
absence of supplies from South Africa, numerous small foreign demands.
usually met out of Cape consignments of gold, have fallen upon the Bank
of England.
Gold for the Argentine.
At the moment the position turns upon the Argentine gold demand
Thus far the Argentine exchange has been little affected by the extensive
gold influx, remaining usually at the point to which it rose when the gold
movement commenced. The exchange market still appears unable to
absorb all bills drawn aginst grain exports from Argentina; but as soon
as the position becomes easier in this respect, cessation of gold exports
from London may follow.
Argentina is expected, however, to continue to take gold from New York
in fulfillment of the arrangement for remitting proceeds of the American
loan in gold.
Sterling advanced above gold parity of $4.8665 on Sept. 23
for the first time since June 30 last year. In referring
President Mitchell of National City Bank of New York thereto the "Times" of Sept. 24 had the 'following to say:
on Foreign Securities.
A further advance of h cent broughtsight sterling yesterday to $4.86 9-32.
rate did not
year. The
of exchange,
The following Berlin cablegram to the New York "News the highest of thebut the cablesightwent to $4.86touch the par since sterling
rate
21-32, which,
which is $4.86%,
Bureau" from the Central News was announced Sept. 24:
cables are a spot price and siIIC0 $4.8666 is the legal gold conversion point,
President Charles E. Mitchell of the National City Bank of New York may be said to have been above parity. Except for a week or two in 1926.
City in an interview here is quoted as saying that the tendency in Germany
to hasten the amortization of American loans by the purchase of bonds in
the open market is already noticeable to some extent. He expressed the
opinion that the present time is unfavorable for a Reich loan in a foreign
market and stated that he is unaware of any such negotiations in the United
States. Regarding the proposed admission of Germany shares on the
New York Stock Exchange, he said New York intended extending its dealings in foreign issues generally and to develop them into an international
exchange of the first rank.
On the eve of his return to New York by way of London,
Mr. Mitchell gave to the Paris correspondent of the "Wall
Street Journal" his impressions from his recent visits to
Germany, Italy and France, and we take the account as follows from the Sept. 30 issue of that paper:
yesterday was the first time in which sterling reached parity since Dec. 22.
1914. when the rate had been filing progressively from the 7$ maximum
reached in the war panic of August. Crossing par on the down grade at
the end of 1914, it got to $4.25 in the Autumn of 1925 and to $3.80 momentarily in 1920. In the two normal years before the war sight sterling
got to 54.87k, at which point gold was exported to London from New
York. Dealers in exchange were positive yesterday that no actual transactions had been made above parity. Sterling's continued strength was
declared to reflect continued flow of liquid capital to London from the
United States, since the interest rates on short-term invsetments are
higher in the British capitol than here.
The same paper Sept. 27 said:
Possibility of Gold Exports.
In view of the strength in sterling and the known anxiety of Great Britain
to harbor its gold and, if possible, to increase Its gold stock, some men in
While insisting on his belief that Germany Is determined to carry out the Wall Street are putting two and two together and predicting good exports
from this country to England. The supposition is a little far-fetched in
Dawes plan, he anticipates that question of transfers will become prominent
view of the fact that the gold export point is approximately 54.8754 to
before long and will prove to be of difficult solution. Mr. Mitchell admitted
this to be a serious moment for Europe besides having a reaction in the $4.88, depending upon the cost of shipment and insurance, and that the
sterling rate is yet a considerable distance from the point which would make
United States in affecting service of certain loans. Immediate danger,
however, is that of inflation starting with increase of salaries of State such shipments profitable to bankers. A feature, however, of the sterling
employes and developing into an increase in wages all around which must market which demands attention Is the fact that the "spread" between
threaten the export trade, especially as cost of living is already high. The cable and check sterling is being gradually narrowed and is now approxiboost which was given to German industry by the English coal strike was mately 34 cent, compared with a previous spread which ran up to 94.
perhaps too sudden, but German capacity for work and organization remain This was explained by dealers yesterday as due largely to the fact that there
Is no business in checks at the moment and that practically all the buying
as strong as ever and must count in the end.
Mr. Mitchell was well impressed by the situatktn in Italy since, despite and selling is in cables.
strain due to revaluation of the lira, the government is following a deliberate
policy reached after due consideration for industrial interests, investments, Proposed $30,000,000 Loan to Prussia—Must Not Interforeign debt charges,dm. By reason of its character,Italian government has
fere with Dawes Reparation Payments.
unusual powers compelling readjustment and by reason of its holdings in
The question of a loan of $30,000,000 by the United States
exchange, the governemtnt should be able to prevent the lira from rising
or falling. He is inclined to expect a legal stabilization within the next to Prussia is one of the financial proposals which has been
12 months and is sure this could be effected without a fresh foreign loan.
Government does not favor further foreign borrowing because it has all delayed of consummation. On Sept. 29 in a Washington
press dispatch to the New York "Evening Post," it was said:
he exchange it required.
OCT. 1 1927.]
THE CHRONTCLE
Assistant Secretary of State Castle is credited with the statement that
"he does not like personally" the $30,000,000 loan offered to Prussia by
American bankers, but the State Department has no objection to the loan
on the ground of public policy, it was added.
The aim of the new loan to Prussia is to stabilize currency and, therefore,
it comes within the category of loans for productive purposes to which no
objection can be made, it was asserted.
The same paper in its comments stated:
There appears to be some doubt as to who is the main objector to the
proposed Prussian loan. It is generally understood, however, that the
United States State Department has never done anything in the matter
except to make known its policy that all foreign loans must be for productive
purposes. A committee in Germany that scrutinizes foreign loans carefully
Is just as much interested in preventing unproductive borrowing.
From a Berlin message, Sept. 29,to the New York "Times"
we take the following:
The Reichsbank issued a communique to-day, saying that press reports
that President Schacht considered the proposed Prussian $330,000.000 State
loan, which has been held up in America, was of an unproductive character
are incorrect. After investigation, it says, the Reichsbank considers the
Mies to which the money is to be put as necessary for the development of
State and industrial undertakings and of value to industry and commerce
in general.
While a number of sources were certain yesterday that the•loan was
stopped by Parker Gilbert until precedence of Dawes plan payments over
interest and sinking fund for the Prussian loan was assured, these same
sources are certain to-day that the entire trouble lies in Washington,though
there is mystery as to the reason for this action.
The "Sun" of last night (Sept. 30) reported the following
in the matter from its Washington bureau:
Opposition from Germany and from those primarily interested in German reparations has held up the proposed loan to Prussia of $30,000,000.
It is feared in those quarters that amortization of the loan and the interest
payments required might interfere with the payment of German States
on the reparations account.
It was learned officially to-day that the principal comes from Germany.
No formal or informal statement will be issued and interested officials
will not designate the source of this opposition. The United States Government has no reason to suggest that the loan be not allowed.
S. Parker Gilbert, agent, general for reparations, is primarily interested.
He has the responsible task of not only looking after the collection of the
reparations amounts, but their distribution and any deficiency in collection
would lead to endless difficulty. It is well understood in Washington
that Mr. Gilbert does not approve of loans unless they are made absolutely
secondary to reparations. His position is supported by the Reichsbank
and by other factors in the German Federal Government.
The German Government feels that the national position may be seriously affected by independent actions and borrowings abroad by the German
States and is inclined to frown upon them. There is ample evidence in
Washington that the chief opposition comes from at home and not from the
United States.
The State, Treasury and Commerce Departments officially see no reason
for withholding approval. They have not withheld approval. The
situation might be changed, however, if the German national opposition
and that of the reparations commission were withdrawn. No official,
however, will make a formal statement to this effect.
It appears that the Prussian loan is doomed unless a showing can be made
by the State that reparations will come first, and that its resources are
ample to take care of the loan after meeting the national payments.
1781
The "Wall Street News"in a Washington dispatch Sept.29
said:
Secretary Mellon to-day confirmed rumors that Charles S. Dewey,
Assistant Secretary of the Treasury, had been approached by American
banking interests who desire him to become financial adviser to Poland.
It was also learned that R. W. Boyden and former Governor of Federal
Reserve Board W. P. G. Harding also had been approached.
Warsaw to Borrow $10,000,000.
Warsaw (Poland) Associated Press advices Sept. 26 stated:
Negotiations for a $10,000,000 loan by the Warsaw municipality from
an American group was authorized to-day by the Ministry of Finance.
The loan will be used for the housing problem and the Ministry of Finance
promised a state guarantee if such should be required.
Baron von Maltzan, German Ambassador to the United
States—Killed in Airplane Crash—Message of
Condolence from President Coolidge.
Baron Ago von Maltzan, German Ambassador to the
United States was killed in the crash of a Lufthansa passenger
airplane at Schleiz, Thuringia, on Sept. 23. Five other
passengers were also killed. A message of sympathy, sent
to President von Hindenburg of Germany by President
Coolidge on Sept. 23, read as follows:
I extend sincere condolences on the lamentable death of the German
Ambassador, who during his residence in Washington had rendered his
country signal service. This government will preserve a very favorable
remembrance of his excellency, not only as a diplomat of marked ability
but as a man whose high qualities won for him the respect of all. I beg that
the sympathy of Mrs. Colliclge and myself may be conveyed to Baroness
Maltzan.
In answer President von Hindenburg said:
I beg you to accept my heartfelt thanks for the warm-hearted word of
sympathy which you, Mr. President, have sent me on the occasion of the
very sudden death of Ambassador von Maltzan. It is to me a particularly
gratifying experience to find that the President and the Government of the
United States held the deceased, who had gladly devoted all his energies
these last years to the upbuilding of German-American relations, In the
same esteem that he enjoyed at home. I have not failed to convey to
Baroness von Maltzan your and your wife's condolences.
The American Embassy at Berlin was directed to convey
to the German Minister of Foreign Affairs the following
message from Secretary of State Kellogg: ,
I am shocked and grieved to learn of the untimely death of Baron Maltzan. Because of his high personal qualities and the rare tact and judgment which he displayed in his official relations, his loss will be felt deeply
throughout this country. His sterling qualities fitted him pre-eminently
to maintain the friendship between our two countries.
Secretary Kellogg also sent the following message to
Baroness Maltzan:
Mrs. Kellogg and I join in expressing to you our heartfelt condolences
on the tragic death of your husband who during his stay in Washington
made so many friends for himself and for his country.
In addition Secretary Kellogg issued the following stateThe proposed loan was referred to in these columns last ment:
Baron von Maltzan was one of Germany's most accomplished diploweek, page 1654.
mats. He proved his ability in Washington as he had long since proved
Rollins Gets Frankfort Loan—Award of $14,500,000
6% Issue Subject to Approval.
The following isfrom the New York "Journalof Commerce"
of Sept. 28:
A loan of $14,500,000 twenty-five year 6 per cent bonds of the City of
Frankfort, for which both British and American bankers had entered bids,
has been awarded to E. H. Rollins St Sons on a bid of 93.54. The award is
subject to the approval of the German Advisory Board. The proceeds
from the sale of the bonds will be used in various city-owned utilities and
in harbor works.
Applications of German municipalities with the Advisory Board to float
loan, it is understood, total more than a billion marks at the present time.
but there is reason to believe that the actual amount of loans will be well
under this total, since the Reichsbank, with the approval of the German
Government, is said to be tightening restrictions on this borrowing.
Hitch in Polish Loan Over Bankers' Demand for a Man
on Board—Poles Object to Supervision by American, but Are Expected Now to Accept Terms.
From the "Evening Post" of last night (Sept. 30) we take
the following:
The proposed $70,000,000 American and European joint loan to the
Bank of Poland,reported yesterday to have been abandoned, revived to-day
with advices from Warsaw that the offers of the American financial group
headed by the Bankers' Trust Company would be accepted. It seems
that it had only "appeared likely" that negotiations for the loan would
break down, after which Vice-Premier Bartel had announced that both
sides were "inclined to reach an agreement."
The Vice-Premier expected then that the loan contract would be signed
to-day.
Object to American on Board
Although the New York bankers participating in the deal maintained
silence, it is pretty well understood in the usual "well informed quarters"
here that the hitch is due to objections by Polish banking and Government authorities to tne stipulation that American bankers get representation on the directorate of the Polish Bank,
The Poles feel that this savors of an infringement upon their national
and financial standing.
Moreover, It is pretty well understood here that the Poles have stiffened
up their demands on the price, as the value of Polish securities in New York
has improved recently due to the broadcasting here of information showing the strength of Poland's financial and economic position, resulting partly
from a good export showing.
it in Berlin. His aim in the United States, outside of his purely official
duties, was to bring about once more Cordial relations between the American
and the German people. His efforts were highly successful and he was
personally known and liked all over the United States. His intelligence
and tact and the friendly spirit in which he conducted his negotiations
were recognized and appreciated by all officials of the American Government. He often said that he hoped to remain in Washington for twenty
years and it is a tragedy that his death should have put an end to the fine
work he was carrying on.
In offering our sincere sympathy to the German Government in the loss cf
an able public servant, I must record also the personal sorrow of the officers
of the pepartment of State with whom the Ambassador came into contact.
Baron von Maitzan's position will be difficult to fill.
Regarding the cause of the accident Associated Press
advices from Schleiz, Sept. 24 said:
Damage to the propeller blade in taking off at Leipsic was considered
by technical experts who examined the wreckage to-day a likely explanation of the cause of the crash of the Lufthansa plane near here yesterday
in which Baron von Maltzan and five others were killed. It has been
definitely established that engine trouble was not the cause, the experts
reported
Damage to the propeller, they said, would have gone unnoticed at the
time. The fracture is thought to have extended to the body of the machine.
which would have explained the breaking of the wing, which followed.
It seems that one stay of the right wing became detached and pierced the
wing, admitting air, which caused another stay to snap. At all events,
both stays hung down when the crash came after the machine had turned
over twice.
From a copyright Berlin Cablegram Sept. 23 to the New
York "Times" we take the following:
"Engagement to Miss Butterflo"—World War Message.
Ago (Alfred Georg Otto) von Maltzan, Baron Sets Wartenberg and
Penzlin, was one of the youngest men ever to reach high rank in the German
diplomatic service. Born on July 31 1877, a scion of an old Mecklenburg
family, he became an attache of the Legation at Rio de Janeiro shortly
after his graduation from the university. Herr Kiderlen Waechter, who
was then Foreign Minister, soon recognized his eminent diplomatic ability
and transferred him to the St. Petersburg Embassy, In 1912 he was
promoted to the rank of counselor of the Legation at Peking, where he
acted as Charge d'Affaires during the Chinese revolution. At the beginning
of the World War, when still in the Chinese capital, he succeeded in notifying the German Government of the impending Japanese war declaration,
sending an uncoded telegram which read:
"My engagement to Miss Butterfly expected hourly. Please inform
parents."
The dispatch seemed so harmless that it was permitted to go through by
the Allies, although Germany was then already cut off from the rest of the
world.
1782
THE CHRONICLE
To prevent the Japanese from entering the war Baron von Maltzan
offered them the cession of Tsingtao on his own responsibility, but the
Home Imperial Government failed to sanction this step.
A Lieutenant of Dragoons.
During the early part of the war Baron von Maltzan served as First
Lieutenant in the Mecklenburg Dragoons. In the Spring of 1917 he became
a representative of the Foreign Office at general headquarters and later
represented the Chancellor at the Eastern front. On account of his energetic
opposition to the Baltic annexation plans of certain high military officers,
he was to be disciplined. His adversaries did not succeed In getting him
discharged from the service, but he was sent to the legation at The Hague.
After the revolution Foreign Minister Herman Mueller called Baron von
Maltzan to the Foreign Office, where he was placed in charge of the Eastern
Department. While in this post the Conservatives accused him of being
too friendly toward the Bolsheviki. The fact was that he had actually
shaped the Reich's Eastern policy and was the originator of the famous
Rapallo Treaty.
In 1922 he became Secretary of State for Foreign Affairs, and in this
position continued his endeavors to strengthen relations between Germany
and Russia. After his successful labors, lasting two years, he received
further recognition of his great service by appointment to the important
post of Ambassador to Washington.
(voL. 125.
It is being asked in responsible financial quarters whether the time has
not arrived to put the brake on Germany's borrowing abroad before the
New York market evinces signs of satiety. Apprehension is voiced lest
continuance of borrowing may in its effect so stimulate German buying
propensities as to react unfavorably upon the Reich's trade balance, and
consequently upon reparation payments through the growing excess of
imports over exports.
It is realized that the fluidity of money has a dangerous side, and the
general feeling among financiers is that it would be better to watt and see
how the Dillon, Read loan to the Deutsche Bank fares under the novel
conditions the loan imposes.
Redemption of Debentures of Hamburg Electric Co.
The International Acceptance Bank, Inc., has notified
holders of Hamburgische Electricitats-Werke (Hamburg
Electric Co.) ten-year sinking fund 7% external gold debentures that certain of the debentures have been drawn for
redemption on Nov. 1 1927 for the sinking fund. The debentures will be payable at the redemption price, which is the
face amount plus accrued interest, at the office of the InterCoupons of Three German Issues Payable October 1— national Acceptance Bank in New York.
City of Frankfort, City of Berlin and Berlin Electric
Italy to Build Prosperity on Lower Tax Structure and
& Underground Railways Bonds.
*Modern Hydro-Electric Development.
The coupons of three German issues, two municipal and
With the first phase of its post war reconstruction program
one railway, become payable to-day, Saturday Oct. 1, at
the offices of Speyer & Co., 24-26 Pine St., New York, now over, the Italian Government is embarking on the
according to an announcement made by the bankers. The second. Advices received by J. E. Aldred & Co., American
coupons due on that date are those of the City of Frankfort- bankers who have played a leading part in financing Italian
on-Main 7% serial gold bonds, external loan of 1925; City utilities, indicate that the Government depends largely upon
of Berlin 25-year 63'% sinking fund gold bonds, municipal two things for further development of the national prosexternal loan of 1925, and Berlin Electric Elevated & Under- perity. Those are tax reduction and exploitation of hyground 'Rys. Co. 30
-year first mortgage 63% sinking draulic resources, for both power generation and irrigation.
Commenting on the possibilities for water power developfund gold bonds.
ment in Southern Italy, the "Corriere della Sera," one of
Reich Cities Protest Tax Division System—Mayors Rome's principal newspapers, states:
Make Demand at Magdeburg Meeting Upon Marx
Development of hydraulic resources would give a powerful impetus
not only to industrial development but also to agricultural, since the water
for Revision.
after having served for electric-chemical
Copyright advices Sept. 23 to the New York "Times" gating land which is now sterile on accountpurposes could be used for irriof the dryness. It is calculated
that from the hydraulic forces in Southern Italy and in the islands there can
state:
from Magdeburg
At a convention of city officials which opened here to-day, attended by
Chancellor Marx and a number of present and former Cabinet members,
the Mayors and Chamberlains of practically all the large cities of the
Reich immediately voiced a demand for a revision of the present taxation
system.
The combative spirit of the assemblage became evident from the start
because the Chancellor's address was repeatedly interrupted by a small
group of Socialist and Communist representatives.
Dr. Marx stressed the necessity for tax equalization and the largest
possible measure of self-government for the cities, but this did not suit the
radical opposition. President Mulert in his opening speech bitterly attacked
Hjalmar Schact's loan policy, accusing the Reichsbank head of favoring
the great industrial combinations at the expense of the municipalities.
be obtained more than 2,500,000 h. p.,sufficient for irrigating about 600,000
hectare.
A detailed study indicates that reductions of various
public service taxes will total 1,135,000,000 lire. Other
reductions will be divided as follows: Taxes and Dues,
935,000,000 Lire; Railways and Postal Tariffs, 200,000,000
Lire. Principal among the reductions, it is stated, is a 25%
cut in the tax on buildings in cities; a reduction by 50% of
farmers' income tax; a reduction from 2.50 Lire to 1 Lira
per 100 Lire on mortgages;and a 25% cut on the tax on bills of
exchange. The Government has decided that there will be
no stamp duty on foreign securities existing abroad and
owned by Italians.
,Wage Increase Sought by Civil Service Workers
in Germany.
According to Associated Press advices from Berlin Sept. 25,
Italian Foreign Loan Policy—Loans to Italy Outstandthe long promised rise in salaries for the army of German
ing in American and British Markets Total $298,expected to become operative Oct. 1 and it is
civil servants is
150,000—Major Portion Incurred by Hydro-Electric
being looked forward to as a red letter day by the beneCompanies.
ficiaries. The advices add:
A study of the Italian Foreign Loan Policy, prepared by
Dr. Heinrich Koehler, the Federal Finance Minister, has drawn up a
plan for granting increases ranging from 18 to 33% and involving an ex- Romolo Angelone, Commercial Attache of the Royal Italian
penditure of 1,500,000,000 marks. Of this total, 330,000,000 will go to
Embassy, indicates that the loans placed by Italy and outthe civil servants of the Reich; 350,000,000 to those of rural communes;
standing in the American and British money markets reach
300,000,000 to railways, and 160,000,000 to postal officials.
The scheme has been approved by the Cabinet and now awaits ratifica- a total nominal value of $298,150,000. Mr. Angelone subtion by the Reichstag. The effects of this vast increase in the public paymits the following under date of Sept. 26:
roll will be widespread. Whether the Reich's treasury will be able to bear
it is not unanimously admitted, especially in view of the future increases
in reparations payments, but so strong is the confidence of the Reich's
financial experts in the country's economic future that they believe the
venture is warranted.
As pointed out in his report on reparations, S. Parker Gilbert, AgentGeneral for Reparations Payments, admitted that the salary scale in the
German Civil Service was too low and would in time call for readjustment.
Dr. Koehler expects the revenue of the current fiscal year to exceed estimates by 700.000,000 marks, which will meet the increased expenditures
nearly half way. Moreover, he calculates that the beneficiaries will bear
an average of 12% in the shape of higher taxation on their increased salaries.
Also that they will be able to save more (the Prussian savings banks alone
showed an increase of 605,000,000 marks in the last six months) and spend
more, too, all of which will contribute to the country's economic prosperity.
On the other hand, it is feared that a higher cost of living is bound to
ensue. Indeed, trade seems already to have anticipated the arrival of
higher spending power. The average wholesale index figures of all household
articles and wearing apparel have risen several points since the prospect of
higher salaries in the civil service and the granting of them is expected to
lead to general demands for more pay by employees of private business.
This may cause higher money rates and difficulties in raising new capital.
Again, higher earnings may encourage higher imports and lower exports
through increased home consumption, thereby reacting adversely on the
country's trade balance.
The situation holds big possibilities with respect to Germany's budgetary
position as well as far-reaching social and economic ramifications and will
engage the close attention of Germany's creditors.
Some Germans in Fear of Too Much Borrowing.
From the New York "Evening Post" we take the following
Associated Press advices under date of Sept. 19:
Recently an English newspaper, in considering the present Italian economic situation, has made several remarks relating to the Italian loans
placed on the American market which are fully inaccurate, so as to call
for a plain statement of the actual facts.
The Italian policy governing foreign loans was fully illustrated by Count
Volpi, the Minister of Finance, on several occasions; in following same the
Italian Ministry of Finance has authorized only those loans incurred for
productive purposes, which by creating new wealth are thus able to provide
the means for paying interest and the amortization of the capital.
A rather broad interpretation of the definition "productive Purposes"
was given only in the case of two municipalities; that of Rome, which will
expend the proceeds of the loan almost exclusively for the building of productive public works, aqueducts, means of communication, transit systems.
&c., and that of Milan, one of the greatest European industrial centres,
which is fully able to meet all the liabilities it has incurred in this connection.
In total all the loans placed by Italy and outstanding in the American
and British money markets reach a total nominal value of $298,150,000; a
chronological distribution of these loans is contained in the following table:
Italian Foreign Loans.
Contracted during 1925
$110,000,000
Contracted during 1926
45,400,000
Contracted during 1927:
January
38,000,000
February
March
50,000,000
April
49,700,000
May
5,000,000
S298,100.000
,
A tabulation of the loans according to their nature clearly shows that the
volume of the foreign capital imported into Italy, beside having been kept
within safe bounds, was mainly acquired for the purpose of increasing the
national productivity and strengthening the position of the Italian basic
Industries.
•
OCT.1 1927.]
THE CHRONICLE
Italian Foreign Loans Distributed According to Their Purpose.
6100.000,000
State
60.000,000
Municipalities
75.700,000
Industry
Hydro-electric
22.400.000
Steamship Industry
16,000.000
Chemical Industry
16.000,000
Mechanical and slderurg1cal Industry
8.000,000
Rubber industry
$298,100.000
Total
loans
The above table clearly shows that a predominant part of private
activity
were incurred by the hydro-electric companies, which perform an
end of 1925
so essential to Italian industry. As a matter of fact, at the
which
Italy's most important electrical concerns had a program of work
of five to six years.
required an outlay of 4 to 5 billion lire, over a period
would have found manifest difficulty in
It is clear that Italian banks
meeting such substantial requirements during a period of monetary deflation
and instead of suspending the work, which would have meant sooner or
later an increase in the Italian purchases of coal from abroad, it was found
wealth,
useful to incur foreign loans to be used for the creation of new
as thermal and hydro-electric power stations, canals and dams, electric
lines and transformation stations, distributing systems, &c. These new
plants and construction works can generate an additional 1,000 million kw.
of hydro-electric power each year, with a resulting saving of a million tons
of coal,to be purchased abroad at a cost equivalent to about 150 million lire.
The sum required for the service and amortization of said loans represent
about
a sum smaller than 150 million lire, and, as a result, in a period of
works, which can
25 years, the country will have fully paid for plants and
more years, out of the saving from the purchase
generate power for many
of coal, made possible by the new hydro-electric development.
In total Italy has so far obtained abroad, inclusive of the two loans to
of
the cities of Rome and Milan, but exclusive of the Government loan
cannot
1925. a sum of approximately 200 million dollars—a figure which
be considered, by any means, as disproportionate to Italy's economic
development, mainly, if one remembers that a large percentage of said
the
loans was incurred in order to increase the national industrial activity,
import.
development of natural resources, increase of export and decrease of
Furthermore, the readiness with which the American and the English
of the
markets have absorbed the Italian issues offers a clear confirmation
This
Increased confidence of the outside world in Italy and its future.
of the trade balance,
confidence factor, together with the betterment
whole people,
increase in the production output and stern discipline of the
months.
is responsible for the rapid revaluation of the lira during the past
market are
The most important issues floated on the American money
as for instance, the Kingnow quoted at a price higher than the issue price;
issue price;
dom of Italy 7s are now quoted at 96%, as against 94.50, the
7s at
the City of Rome 6%s at 91X, against 91; the Lombardia Electric
Electric
953.. against 94; the Pirelli 7s at 98%. against 98; the United
Service 7s at 92%, against 92%•
lira
The economic difficulties resulting from the rapid revaluation of the
economy is
have never attained the stage of a serious crisis; the national
shown by the
now rapidly approaching its recuperating level, as it is clearly
following
firmness of the Italian financial markets during the past weeks,
new higher
the gradual adjustment of the whole economic structure to the
1783
In printing the above the "Post" stated:
A State monopoly of petroleum and its derivatives was created by Royal
the
decree at Madrid last June. Later announcement was made that
to
monopoly had been granted to a Spanish banking group which agreed
the service.
raise capital amounting to more than $40,000,000 to be applied to
The approval of the bid of the Spanish banking group was
referred to in these columns Sept. 24, page 1655.
Proposed Russian Borrowing to Balance Budget—
Soviet Council Expects 400,000,000 Rubles from
Home Loan—Estimates for Industry.
In announcing that the Soviet Council of Economy has
published its annual plan for the business year beginning
next October. A copyright cable from Berlin, Sept. 25 to
the New York "Times" states, adding:
With the aid of 400 million rubles from domestic loans, it expects the
budget to balance at 5,466 million rubles against 5,045 millions in the current
financial year.
makes
Russian nuance, the council reports, is in a state of tension which
further increase in the budget difficult. Revenue from taxation will,
however, yield 2.457 million rubles, or 10% more than in the current year,
while revenue from the State's share in the profits of industry, in banking.
SLC , is estimated at 769 millions, or 13% above the year preceding. The
remainder of the expected revenue consists of 1,784 million rubles, gross
receipts from railroads and posts.
New capital investment in industry will be 1,182 million rubles, in
railways 543 millions. Toward these capital investments, the budget and
other public funds will contribute 613 million rubles, of which 118 millions
are expected to be obtained from increase in foreign credits, the remainder
chiefly from accumulated profits of the various trusts.
The Council estimates that industrial production in Russia will increase
8% as compared with the present business year, but that combined industrial
and agricultural output will increase only 23 %. Iron and steel production,
it predicts, will remain 18% below 1913.
price level.
Russian Government Issues New Gold Loan.
The following is from the New York "Journal of Commerce" of Sept. 27:
Cable dispatches reaching Wall Street announce that the Soviet Government is offering an issue of 200.000.000 gold rubles of internal 6% bends.
as the
dated Oct. 10 1927 and due Oct. 10 1937. The issue is known
"industrialization loan."
Executive
The bonds have been approved by the President of the Central
making the
Committee of the Union of Socialist Soviet Republics. In
that the present
announcement of the loan, the Soviet authorities indicate
.
government has not defaulted on any of its own obligations
to yield 6%.
The bonds are being offered at par and accrued interest,
drawings of bonds annually
They will bear a lottery feature, involving
with large prizes.
Italian Government Working for Stabilization.
From a Rome wireless message Sept. 25 to the New York
Lottery in Soviet Russia Issue-200,000,000 Ruble Loan
"Times"(copyright) we take the following:
favor money
The (Italian) Government is still taking measures to
Carries Statement Denying Any Defaults.
emit notes,
stabilization. After having reserved for one bank the right to
has
maturity, it
The New York "Evening Post" published the following in
and after suppressing issue of Treasury bonds of short
of reducing
now established a new branch of the Treasury for the purpose
its issue of Sept. 27:
prevent any undue
"public debt currency." It has also intervened to
taxaincrease in the number of small banks and now engaged in reducing
tion, raUway rates and postal charges.
rubles of
The Soviet Government is offering an issue of 200.000,000 gold
bonds aninternal 6% bonds with a lottery feature, involving drawings of
to-day.
nually with large prizes, according to cable dispatches
10. and is
The "industrialization loan." as it IS known, is dated Oct.
authorities indidue Oct. 10 1937. In making the announcement, the
of its own
cated that the present Government has not defaulted on any
obligations.
Interim Receipts Exchangeable for Definitive Bonds
of City of Milan External Loan of 1927.
Dillon, Read & Co. announce that interim receipts for
the issue of $30,000,000 City of Milan (Italy) external loan George Le Blanc Back, Denies Soviet Agency Report—
Equitable Trust Not Acting in Russian Loan,
of 1927 sinking fund 6% bonds are now exchangeable
He Says.
for definitive bonds at the office of the Bankers Trust Co.,
Reporting the return on Sept. 27 on the new French liner
16 Wall St., New York City.
Ile de France of George Le Blanc, Vice-President of the
Redemption of Bonds of Kingdom of Italy External Equitable Trust Co., wbo has been abroad on a business
Loan of 1951.
trip to Russia, the "Times" stated: Moscow said he had agreed
When he was informed that a report from
& Co., as sinking fund administrator, anJ. P. Morgan
to act as agent for the floating of a $500.000.000 Russian
of Italy external for his company
was acting as agent
nounced this week to holders of Kingdom
loan Mr. Le Blanc denied that the Equitable Trust
admitted that he had been at Moscow
a
7% sinking fund gold bonds, due Dec. 1 1951, and for the Soviet in raisingHeloan, butwould issue a statement in a few days
loan
said he
banking business.
issued under the loan contract dated Nov. 18 1925, that on the Russian financial situation.
of this issue have on
$1,605,000 principal amount of the bonds
been drawn for redemption at par and interest on Dec. 1
r in Russian Bonds—Flare-Up in
1927 out of moneys in the sinking fund. Bonds bearing $1,000,000 Turnove
Dollar Securities on Curb Laid by Some Bankers
the serial numbers drawn by lot will be redeemed and paid
to Speculation.
1 1927 at the office of J. P. Morgan & Co.,
on and after Dec.
From the New York "Times" of Sept. 27 we take the
23 Wall St., New York, on presentation of such drawn bonds
coupons maturing after such rdeemption date. following:
and of the
point where more
An increase in activity in Russian dollar bonds to the
Interest will cease on drawn bonds after Dec. 1 1927.
over on the Curb Market yesterday
Spanish Industry Fights Bankers' Oil Monopoly.
From the New York "Evening Post" of last night (Sept.
30) we take the following Associated Press advices from
Biarritz, France:
monopoly has reached a delicate
The question of the Spanish petroleum
decided to grant the concession to a
stage. Since it has been virtually
Government, numerous commercial
banking group favored by the Spanish
Spain have pointed out that the concession to a
and industrial concerns in
of the problem, as the tendency
a
banking consortium will not bring solution
to decline to supply the bankers with fuel,
among groat oil companies is
their own petroleum and derivatives, the
and as these do not possess
be derpived of oil fuel.
oountry will for the time being
to be exercising pressure on the State
The Government Is understood
's offer, The Council has the power
Council to accept the banking consortium
to decide.
than $1.000,000 of them was turned
to France. Alhas developed as a sequel to the latest Russian proposal
nevertheless,
though gains were not established by these bonds yesterday, showed
an
securities
the
the turnover was large and speculative interest in
1921 there were sales of 170
increase. Of the Russian Government 5s of
of 1921 certificates 77 bonds
bonds ranging from 20% to 18%. Of the 5%s
Government 6%s of 1919:
were sold, ranging from 204 to 19. Russian
to the extent of 169 bonds.
ranging between 20% and 18% were turned over
713 bonds were sold between
and in the case of the 6%s of 1919 certificates
20% and 18%.
these issues, which occurs IntermitThe sudden flare-up of interest in
speculators believe that eventually
tently, Is due to the fact that some
by the Soviet Government, whereby
some sort of compromise will be made
be redeemed, possibly at a fraction of their
these pre-war securities will
held, however, by substantial bankers
issuance price. This theory is not
is entirely a speculative one, and that
who say that the flare-up in bonds
these repudiated issues, it will be a good
If any payment is ever made on
many years in the future.
1784
T H141 CHRONICLE
Housing Fund in Australia—Government Allots $100,000,000 to Aid in Purchase of Homes.
Melbourne (Australia), Associated Press advices, Sept. 28
appeared as follows in the New York "Times:"
A total of $100,000,000 is allotted to a plan to enable Australian subjects
to purchase their own homes, under the budget for the fiscal year just
prepared. Naval construction and defense of the empire will be subsidized
to the extent of $10,000,000, civil aviation will benefit by $1.000,000 and
land and income taxes will be reduced by 10%.
The budget discloses there was a surplus of $13,000,000 in the Commonwealth at the end of the past financial year. This was $12,000,000
more than was anticipated.
The Australian war debt, which at the beginning of the year was $1,520.000,000. was reduced $38,000,000 during the year. The Commonwealth
Bank had a profit during the year of $2,500,000.
Redemption of Bonds of Government of Chile, due
Nov. 1 1942.
[vol.. 125.
The purpose of the loan is given as for housing and other municipal Improvements.
The proposed bond issue is to consist of $10,400,000 of 734% bonds,
repayable by semi-annual drawings at par over a period of thirty years. In
several banking quarters here the 73i% coupon is considered low, especially
In view of the fact that certain South American cities have been floating
8% bonds.
The proposed loan, as outlined by the city in its request for bids, will
have the following specific security:
1. A lien on present and future revenues of the municipality, to take priority over all future loans which may be floated.
2. The payment of interest and sinking fund on the loan is to have priority over all other municipal expenses,except the amortization of
preceding
loans.
3. If revenues securing this loan should for any six months'
less than four times the interest and sinking fund charges, newperiod be
revenues
will be created which will bring up the total income to at least four times
the charges.
The city points out that revenues now amount to eight times the annual
charges. It is also pointed out that the budget of the city is balanced. An
interesting feature of the loan as proposed is that payment by the bankers is spread over ten monthly instalments, so that they have the use of
the money for a certain period of time after the bonds are sold.
Holders of Republic of Chile twenty-year 7% external
loan, sinking fund gold bonds, due Nov. 1 1942, have been
notified by the National City Bank of New York, as fiscal
agent, that on Nov. 1 1927 it will redeem at its principal
office, 55 Wall Street, New York, $214,000 aggregate
principal amount of these bonds drawn for redemption, at
100% of the principal. The bankers also call attention to
the fact that $25,500 of serially numbered bonds called for
redemption on May 1 of this year and one $1,000 bond
drawn to redemption on Nov. 1 1926 are as yet unredeemed.
The bonds of this issue called for retirement should be surrendered by the holders of the same with all interest coupons,
maturing on and subsequently to the redemption date.
After Nov. 1 next, drawn bonds will cease to bear further
interest.
Lien Is Unusual.
Banking houses approached with this deal are giving considerable attention to Its details. The nature of the lien proposed is unusual. The city
proposes a lien on all revenues, instead on certain specific receipts. This
makes the loan a charge on the income of the municipality ahead of the
salaries of city employes and other expenditures which generally take a
preferred position. The question is raised concerning the ability of the city
to thus place a fixed charge on a foreign loan ahead of all its other outlays.
The request for bids from so many sources also is looked on as a direct
invitation for intense bidding on the part of American banking houses, and
in more conservative banking circles this is not looked on with favor. It is
feared that houses may tend to overreach each other In their endeavors to
secure the business, with the result that the price bid will go too high. The
increased competition for loans in recent months has already been commented upon as containing elements of danger by both financial and political
leaders.
Although this sum Is small in comparison with the gold reserves in New
York, It is considered an ample basis for exchange stabilization.
The usual procedure in the case of small nations seeking to place their
exchange on a firmer footing is the establishment of a gold reserve in New
York.
arrears.
The primary feature of the plan is the establishment of the Bank of
Greece with a capital of 400,000.000 drachmas. The bank's first duty will
be to insure stability of the gold value of its notes by control of currency and
credit. A minimum reserve of 40% must be maintained. The bank will
receive £3,000,000 from the loan on its opening day.
Greek Loan of £9,000,000 Planned by League of Nations
—Establishment of Bank of Greece.
Further Shipment of Gold From Ecuador.
Under date of Sept. 28, Associated Press advices from
Arrival of $1,000,000 in gold on Sept. 28 from Ecuador,
consigned to the National Bank of Commerce in New York, London stated:
The League of Nations financial reform plans for Greece provide for a
was interpreted as a move on the part of Ecuador to seek
£9,000.000 loan, to be divided into three
stabilization of exchange, according to the New York here to-day. One is for the Asia Minorblocks of /3,000,000,it was stated
refugees, one for a second repayment of the State debt to the National Bank and the third for budget
"Times," which added:
A previous gold shipment from Ecuador was noted in our
The proposed loan in behalf of Greece was referred to in
Issue of Sept. 24, page 1656.
our issue of Sept. 17, page 1532. From London, Sept. 20, the
New York "Evening Post" reported the following:
Further Movement of Gold into Argentina.
The Greek Government will probably soon get a £9,000,000 loan with
nambros
A new shipment of gold to augment the funds of the Caja French Bank, Ltd., and Speyer & Co. participating largely. The
are bringing pressure to oblige Greece to settle its war debt with
de Conversion, consisting of £450,000, arrived at Buenos France. France demands 282,000,000 gold francs, payable in sixty-two
Aires on Sept. 27, according to Associated Press accounts, years.
which said:
-million pounds more is expected to-day; also $12.500,000 from the Bonds of American Tranche of Greek Government
A half
United States, which Is part of the loan of $40.000,000 contracted there
Refugee Loan of 1927 Drawn for Redemption.
recently.
Speyer & Co. announce that $47,000 bonds of the American
A previous item regarding gold shipments to Argentina
tranche of the Greek Government 7% Refugee Loan of 1925
appeared in these columns Sept. 17, page 1532.
have been drawn for redemption on Nov. 1 1927 at par. Of
this amount $31,000 bonds were drawn for the regular
Mexico Pays $603,281—Sent to United States as Sep- semi-annual sinking fund and the balance of $16,000 bonds
out of additional funds received from the sale of land to
tember Assessment on Foreign Debt.
Mexico City Associated Press advices Sept. 28 published refugees.
in the New York "Evening Post" stated:
It is officially announced that the Bank of Mexico has delivered to the
International Bankers' Committee, through the Mexican Financial Agency
In New York, $803,281.59, as the September assessment on the service
of the Mexican foreign debt.
Under date of Sept. 27 Associated Press advices from
Buenos Ares stated:
Broadcast Request for Bids on Loan to City of
Bucharest—Two Score Houses Get Formal invitation to Bid on 734% Issue.
France,through its Ambassador here, M.Picot, has offered the Argentine
Government a loan of about 50,000,000 gold pesos (about $22,000.000)
with which to purchase naval units in France.
The loan would be practically under the same terms as that contracted
lately between Argentina and Spain, whereby Argentina purchased two
destroyers and other craft.
Reports of a French Offer of Loan to Argentina Denied.
Breaking with past precedent in the field of foreign
The "Wall Street Journal" on Sept 29 printed the followfinancing, the City of Bucharest, capital of Rumania, has ing from Paris denying
the report.
issued a request to two score banking houses for bids on a
Officials of the foreign office and ministry of Finance denied reports from
loan of $10,400,000, which the city seeks for municipal Argentina that France had offered that country a loan of 50.000,000. pearls
It was explained that the French government
construction work says the New York "Journal of Commerce" French francs directly to French firms building merely was willing to pay
war vessels for Argentina,
of Sept. 28, which also has the following to say:
the payments to reduce the French debt to Argentina.
The city had previously been reported to having arranged to sell the bonds
to P. W. Chapman & Co., but negotiations with that house were broken
off recently.
Loss in Argentine Meat War.
The majority of foreign loans which have been placed here have been arranged by private negotiations between one or a few bankers. The broadLondon advices Sept. 19, are taken as follows from the
cast for bids being made by the general municipal council of Bucharest,
which has sent particulars of the loan to the majority of large banking New York "Evening Post":
The Sansienna Meat Packing Company of Buenos Aires reports loss of
houses here interested in foreign investments, therefore constitutes a new
3.422,228 gold pesos for the year ended Dec. 31 1926, which was due to
departure, especially for a credit little known in this market.
the meat war. Loss is to be met by writing down the common stock by
No Guaranty Proposed.
30%. Directors allege the big three companies are rushing the smaller
The present proposed loan was first authorized by the Rumanian Parlia- ones and that they have no confidence in any voluntary
agreements.
ment in 1924. The bonds are to be based upon the credit of the city it
Government intervention and control of exports of chilled meat to Europe
self, and, according to present plans, wlll not have a government guaranty. Is advocated.
OCT. 1 1927.]
THE CHRONICLE
Issue of $1,281,000 Province of Cordoba (Argentine
Republic) Treasury Notes Sold.
White, Weld & Co. and Ernesto Tornquist & Co., Ltd.,
announced on Sept. 28 the sale of a new issue of $1,281,000
Province of Cordoba (Argentine Republic) six months 6%
treasury gold notes dated Oct. 1 1927, due Apr. 1 1928. The
proceeds from the sale of these notes, which are issued in
anticipation of tax collections will be used for the general
purposes of the province. The bonds were marketed by
the bankers at 100 and accrued interest to yield 6%. The
notes are in bearer form in denomination of $1,000. Prin.
and int. will be payable April 1 1928, at the office of White,
Weld & Co., New York, Paying Agent, in United States
gold coin of the present standard of weight and fineness,
without deduction for any Argentine national, provincial
or other taxes, present or future. Regarding the Provincial
finances it is stated:
The revenues of the Province in the three years 1924-1926 inclusive
averaged 26,725.000 pesos paper per annum; expenditures during the same
period averaged 27,286,000 pesos paper. The provincial budget for 1927
estimated revenues of34,656,000 pesos paper and expenditures of34.577,000.
The Legislature of theProvincevoted to increaserevenuesandexp enditures
for 1927 by 1,559,000 pesos paper for the payment of debt resulting from
previous fiscal years and for other expenditures.
Debt of the Province at September 1 1927. comprised 13.789.000 pesos
paper external funded and 49,659,000 peso paper internal funded debt,
a total of 83,448,000 pesos paper, equivalent to about $26,933,000 U. S..
or about $26 per capita.
1785
According to Attorney-General Ottinger, the inquiry into
investment trusts is expected to cost $100,000. He added
that the aggregate holdings of these investment trusts
amount to $500,000,000, while they have been capitalized at
approximately $1,000,000,000. 'The "Times" in an Albany
dispatch Sept. 20 referring to the investigation into these
organizations said:
The "investment trust," which has enjoyed a vogue in European countries
for years, is an innovation in America, a fact which prompted AttorneyGeneral Ottinger to single out this form of promotion at this time in order
to prevent questionable enterprises from availing themselves of the advantages this system affords and utilizing them for the purpose of exploiting
the investing public, into the hands of whom $2,000,000,000 will fall with
the retirement of the Second Liberty Loan bond issue before Nov. 16.
The Attorney-General declared to-night that in addition to preparing a
questionnaire which will be circulated among the "investment trusts" now
operating, the purpose of which will be to ascertain the reliability and
soundness of these promotions, he and Assistant Attorney-General Shea will
turn their attention immediately to the task of framing legislation for
introduction at the 1928 session of the Legislature, designed to standardize
and regulate this form of investment security.
The fact that questionnaires had been prepared by Deputy Attorney-General Winter was noted in our issue of Aug.
20, page 1001. In its issue of Sept. 22 the New York "Journal of Commerce" stated:
Questionnaires have been mailed to 90 investment trust organizations by
the office of Deputy Attorney-General Keyes Winter of New York State, it
was learned yesterday. A period of two weeks is allowed for the preparation of answers to the questionnaires, but extensions of time are allowed
where evidence is submitted that such is needed.
A substantial number of the investment trusts to which the questionnaire
has been addressed have already sent in their answers. Men have been set
to work classifying the replies to the twenty questions included, but it is
as yet too early to determine the nature of the information vouchsafed.
This will be the first reliable compilation of information on the investmeat
trust movement in the United States in all its aspects, as only a few of the
trusts publish adequate information regularly. The Attorney-General's
office will consider the replies wholly confidential, however, until there is
some good reason for making any of the information included public.
Definitive Bonds of Mortgage Bank of Bogota Available.
Hallgarten & Co. and Kissel, Kinnicutt & Co. announce
that definitive bonds of the issue of $3,000,000 Mortgage
Bank of Bogota, Republic of Columbia, twenty-year 7%
sinkingfund gold bonds,are ready for delivery at the National
Bank of Commerce in New York, 31 Nassau Street, in
In an address in this city before the annual conference
exchange for and upon surrender of outstanding temporary of the National Better Business Bureau on Sept. 20, Deputy
bonds.
Attorney-General Winter pointed out that because of the
newness of the investment trust idea, it was not surrounded
Province of Tucuman, Argentina, Borrows $2,122,500. with the same protective restrictions as other forms of inFrom the "Sun" of last night (Sept. 30) we take the fol- vestment; the plan, he added, was fraught with evil, and
lowing:
the public is bound to suffer unless restrictions are imThe Argentine Province of Tucuman has arranged with Paine, Webber posed, just as the public lost heavily in some real estate
& Co.for a loan of $2,122,500 in the form of an issue of 7% external sinking
bond and mortgage investments before restrictive legislafund bonds, which are expected to appear in the market here shortly.
Tucuman is one of the fourteen autonomous provinces of Argentina, tion was passed. In its account of his speech, Mr. Winter,
having an area of 10,422 square miles and a population of about 400,000.
according to the "Times," said:
It is the chief centre of the sugar industry of Argentina and is the fifth largest
province in the republic in respect to population and the fourth in commercial importance. The total investment in the sugar industry of the
province is estimated at over $150,000,000.
The proceeds of the proposed financing are destined to increase the capital
of the Bank of the Province of Tucuman, which was established in 1908
and which Is required by law to provide each year one-third of the service
of the loan.
Resignation of Keys Winter as Assistant AttorneyGeneral of New York in Charge of Martin Anti
Stock Fraud Bureau—T. J. Shea Successor—
Investigation of Investment Trusts.
The resignation of Keyes Winter, as Assistant AttorneyGeneral of New York State, announced on Sept. 20, will become effective to-day (Oct. 1). Mr. Winter, who was in
charge of the Martin Anti-Stock Fraud Bureau, will be
succeeded by Timothy J. Shea, a partner in the law firm
of Cullen & Dykman of Brooklyn. The announcement of
Mr. Winters's resignation was made by Attorney-General
Ottinger, who said:
It is with deep regret that I announce the resignation of Assistant Attorney-General Keyes Winter, For almost three years he has given up all his
time and unselfishly devoted himself to the work of ferreting out bucket
shops, bucketeers and stock swindlers. One of his outstanding achievements was the suppression of the irregular activities of the Consolidated
Stock Exchange and the extermination of a string of bucket shops telegraphically hooped up with it between New York City and Buffalo.
While Mr. Winter is leaving the office, he will nevertheless continue as
a special deputy in the prosecution of proceedings directed against corporations controlled and promoted by George Graham Rice.
While I regret the retirement of Mr. Winter, I feel that I am singularly
fortunate in obtaining as his successor Timothy J. Shea, a member of the
well-known law firm of Cullen & Dykman of Brooklyn. I am deeply grateful to Colonel William N. Dykman, former President of the State Bar
Association, for his public spirit in lending the services of Mr. Shea to the
State until the expiration of my term. Mr. Shea has had an unusually
varied experience in the practice of the law. He is recognized as a thoroughly grounded lawyer throughout the State.
As chief of the Martin Bureau Mr. Shea will immediately address himself to consideration and thorough investigation of the "investment trust"
problem in the State of New York. Some of these enterprises are legitimate and these shall not be penalized by the patently dishonest organizations masquerading as "investment trusts."
At this time I feel it my duty to warn the investing public to be wary of
the "investment trust" and to rely upon the advice of reputable banks and
trust companies and to avail themselves of the assistance of the Martin
Anti-Stock Fraud Bureau of the Attorney-General's office, to the management of which I have to-day appointed Mr. Shea.
He made it plain that he was not criticizing any particular investment
trust, but that, on the contrary, he thought that as a whole this new method
of financing was in the hands of responsible and conservative financiers so
far. What he feared, he indicated, was that unscrupulous persons would
seize upon the idea and take advantage of the lack of restrictions surrounding it to bilk the public out of huge sums.
More Safeguards Needed,
Mr. Winter said that it was a sound and safe investment if properly used,
but that it was just starting in this country and unless it was properly
controlled it might get into the hands of people who would abuse the confidence of their investors. Many such trusts, he added, might be merely
"blind pools" engaging in speculations. Drawing an analogy between theme
trusts and the real estate bond and mortgage companies, he said some of
the latter had got into the hands of unscrupulous persons who had put the
proceeds of stock sales, including amortization payments, into their own
pockets, and had diverted funds contributed for particular building enterprises to general purposes. This had been stopped, he said, by legislation
providing that the funds must be spent for the specific purpose for which
they were raised. He said he could not say any more about the investment
trust problem until his investigation had been completed.
Declaring that he thought this year's loss from stock frauds would be
greater than the $1,700,000,000 recent estimate by Secretary of the Treasury Mellon, Mr. Winter said that real estate bond and mortgage losses
probably involved a billion in themselves. He considered the Martin Act of
this State superior to the licensing laws of other States in actual practice
and said that the vigorous enforcement of the Martin Act had driven many
fake stock salesmen from New York and New Jersey, Boston and Montreal,
and that the drive against stock frauds had redounded to the advantage of
legitimate business.
W. I. Throckmorton Contends that Present New York
Laws are Ample to Cover Investment Trust Situation.
In a statement discussing the proposed investigation of
Investment trusts by the New York Attorney-General, W. Irving Throckmorton, of Throckmorton & Co., New York City,
said:
Legitimate investment trusts welcome the proposed investigation by the
New York Attorney-General. Although it has not been shown that there
has been abuse in the flotation of investment trusts, the situation, in the
interests of all concerned, will bear investigation. Special legislation,
however, will not be necessary, for the laws of New York are ample to cover
the situation.
Attorney-General Ottinger has expressly stated it as his intention that
legitimate enterprise shall not be penalized by the patently dishonest organizations masquerading as investment trusts.
The Attorney-General's investigation is directed primarily against secalled investment trusts where there is misrepresentation, or where the
collateral stated to be on deposit with a trust company is not actually so
deposited, or where securities are held on margin, or where the character
of operations is in the nature of a blind speculative pool. The investiga.
1786
THE CHRONICLE
tion does not compromise the outstanding and well-established investment
trusts where no malpractice of the kind described exists.
There is no intimation that the inquiry has been undertaken as the result of complaints received. Most of the trusts which are old enough to
have made any showing at all have given little cause for the public to
view the investment trust movement with alarm.
Move to Restrain Inquiry by State Attorney General's
Office into Stock Market Operations of Manhattan
Electrical Supply Co., Inc.
Action toward preventing the State Attorney-General's
office from proceeding with its proposed investigation, under the Martin Act, into the stock operations during August
of the Manhattan Electrical Supply Co., Inc., was taken on
Sept. 20 by Thomas Jefferson Britton, who on that day obtained from Supreme Court Justice Ingraham an order
directing the Attorney-General to show cause why he should
not be restrained. It was stated in the New York "Herald
Tribune" that Mr. Britton contended that the Martin Act
confines the authority of the Attorney-General to the investigation of issue, sale and negotiation of new stocks and of
stocks not listed on any exchange. The stock of the Manhattan Electrical Supply Co., it was declared, was distributed prior to its listing on the New York Stock Exchange
In 1917. The paper quoted went on to say:
Mr. Britton said Attorney-General Ottinger was seeking to examine him
regarding the rise and decline of the Manhattan stock and that he had been
served with a subpoena on Sept. 14 to appear and give information "relating to the practices of the Manhattan Electrical Supply Co. and others
in the issue, negotiation and sale of securities in and from New York."
The Attorney-General already has possession of the company's records.
Charges Invasion of Rights.
Mr. Britton complains that the Investigation is an invasion of his constitutional rights and he wants the Attorney-General restrained from examining the officers and records of the cornpany.
Manhattan Electrical, whose low mark for the year 1927 was 50, went
up to 132, then suffered a net loss on Aug. 11 of 60% points. The collapse was responsible for the failure of A. L. Fuller & Co., a Stock Exchange firm still in receivership.
In indicating that Supreme Court Justice Walsh reserved
on Sept. 22 decision on Mr. Britton's application, the New
York "Times" said:
Keys Winter, Deputy Attorney-General, argued that the terms of the
Martin Act wre sufficiently broad to permit an inquiry into the purchase
and sale of securities listed on the Stock Exchange as well as into stocks
unlisted or about to be issued, and contended that the court should not interfere. He said that Britton's examination was sought because during the
time the stock was most active on the Exchange, Britton bought about
$400,000 worth on margin. In behalf of Britten, it was said yesterday
that he had nothing to do with the operation of any pool in the stock.
Richard H. Brown, President of the Manhattan Electrical Supply Co., in
a statement yesterday, declaring that Britton had no connection with the
company in any way, and was not even a stockholder, according to its
records, said:
"This company has not taken, and does not intend to take, any steps to
restrain or interfere with any inquiry that may be conducted by the Attorney-General."
Richard A. Knight, attorney for Britton in the injunction suit, said he
had been unable to find any court ruling extending the scope of the Martin Act to stocks listed on the Exchange, and disagreed with Mr. Winter's
assertion that because the Act deal with any alleged "fraudulent" transactions in stock, it covers the pool operations under investigation. The attorneys are to file briefs on Tuesday, after which the court will consider the
case.
The proposed investigation was referred to in our issue of
Aug. 20, page 1000.
Unlisted Brokers Plan Fight on Bank Stock Trading
on New York Stock Exchange—Activity In Chase
Bank Stock.
The following is from the New York "Journal of Commerce" of Sept. 24:
Unlisted security dealers apecilaizing in bank stocks conferred yesterday
on ways and means to halt the development of trading in these shares on the
New York Stock Exchange. Bank stocks were more zie.tive on the big
place in
board than for a long time past, substantial transactions
Chase National, National City and Bank of the Manhattan Co. stock.
The unlisted dealers, who have built up a large and active market in bank
stocks over the counter, resented the recent action of the Stock Exchange
in admitting bank stocks to the inactive pea, giving odd-lot trading
privileges, which will greatly facilitate trading in these securities.
The Bank Stock Dealers' Association is particularly exercised over recent
growing activity of bank stocks on the exchange. They discussed yesterday
the action which would be taken to induce the exchange to leave this portion of the security business. While the volume of sales in the bank stocks
on the exchange was small, it resulted in the printing and widespread dissemination of quotations that might conceivably conflict with the market
established by the dealers over the counter. Furthermore,the banks themselves have consistently opposed trading in their consistently opposed trading In their securities on the New York Stock Exchange,although the great
number of them have had their stocks listed for a long time.
This question was brought nearer to a head-on Thursday afternoon. When
the stock of Chase National Bank soared 40 points on confirmation of
Dews that a capital Increase was being contemplated. Undoubtedly
Initiated by tales of large profits made on this stock. some Stock Exchange
trading in Chase National Bank shares, which had been shunted to an
Inactive trading poet in the New York Stock Exchange on September 19,
was done that afternoon. Ten trading units of ten shares each were sold at
1173. On the same day two other stocks, usually bought and sold by overthe-counter firms. were traded. Three hundred units of Fidelity Phenix
[VOL. 125.
Insurance
were sold at 14934, while sale of 100 trading units of National
City Bank at 705 was also reported among the day's transactions.
The effect of the Chase National news was easily discernible in the
trading on the Stock Exchange yesterday. Eight hundred and twenty
trading units of the stock were sold altogether and the shares closed at 605
a gain of 32 points over the preceding close. Seventy units of the Bank of
Manhattan Co.stock were also traded on the exchange yesterday,along with
eighty like blocks of National City and 200 units of Fidelity Phenix Insurance.
The Bank Stock Dealers' Association whose members will suffer by loss of
profits from the action of the New York Stock Exchange in restoring trading privileges to the bank stocks, Is headed by John Thomas, of Potter &
Co. Among the firms which are members of the association are the Clinton
Gilbert Co., Gilbert, Elliot & Co.. l3romhall, Killough & Co., Potter & Co.
and others who lead on the Street in amount of trading done over the counter
In bank stocks.
Change Adopted by New York Stock Exchange in Rule
Affecting Marking of Stocks to Market.
At a meeting of the Governing Committee of the New
York Stock Exchange on Sept. 28 new regulations governing
the marking of stocks to the market were adopted. It was
noted in the New York "Times" that under the new rule,
which entirely supplants the old one, all deposits agreed
upon between the makers of contracts must be made with
the Stock Clearing Corporation. "Mutual deposits," that
is, deposits arranged by makers of contracts and made privately, are eliminated. The "Times" also stated:
The change has been under consideration for some weeks and is designed
to remove the ambiguity that now exists and to fix a definite course of procedure in a process that is one of the most troublesome involved in security
transactions.
Under the proposed change makers of Stock Exchange contracts will be
assured, it is believed, of a greater degree of protection in the case of violent fluctuations of security prices.
The following is the amendment to the rules as adopted
by the Governing Committee this week:
CHAPTER V.—MARK]NG TO THE MARKET.
Marking to the Market.
Sec. 1. In the case of all Exchange contracts, except contracts for the
borrowing and loan of securities if the market value of the subject of the
contract is above or below the contract price, the party who by reason of
the change in mtiket value Is partially unsecured may demand from the
other party the difference between the contract price and the market price
and such difference shall bear interest at the current renewal rate for call
loans, but the other party instead of complying with such demand, or after
complying therewith, may elect to make the deposit in cash with the
Stock Clearing Corporation, in accordance with its by-laws and rules,
In which case, any difference already paid to the other party shall be
released.
Loans of Securities.
In the case of contracts for the borrowing and loan of securities, demand
may be made by either party Who by reason of the change in the market
value is partially unsecured for an amount covering the difference between
the contract price and the market price.
Deposits on Due-Bills.
The holder of a due-bill may require the maker of the due-bill to deposit
the full amount due thereon with the Stock Clearing Corporation and,
where said due-bill is for securities or for rights, the holder may require
the deposit of the market value thereof and either the holder or maker of
said due-bill may require that it shall thereafter be kept marked to the
market.
Hours of Call—Form of Demand and Compliance Therewith.
All demands for the difference between the contract price and the market
price or for deposits on due-bills shall be made during the hours during
which the Exchange is open for business, shall be in writing and shall be
delivered at the office of the party upon whom the demand is made and shall
be complied with immediately.
If the party making a deposit with the Stock Clearing Corporation is
not a Clearing Member as defined in the By-Laws of the Stock Clearings
Corporation, he shall cause the deposit to be made for him by a Clearing
Member. The cash so deposited with the Stock Clearing Corporation
shall be held by it subject to its By-Laws and Rules.
Failure to Comply with Demand.
Sec. 2. Failure of either party to a contract or of either the holder or
the maker of a due-bill to comply with the provisions of this chapter shall
be a failure to fulfill a contract according to its terms,
Arbitraging in Security Dealings Increases.
In its issue of Sept. 27 the New York "Times" stated:
Brokerage interests reported yesterday that there had been a progressive
increase recently in arbitraging between New York and the principal
financial centers abroad. One trader in the stock market was represented
as predicting that arbitrage transactions would reach pre-war proportions
within a few months. One reason for the enlargement of arbitrage activity,
It appears, is the revival of interest on the part of European traders and
Investors In American securities. This Interest has been reflected in a
growing number of inquiries for investment opportunities from abroad.
Before the war, one of the daily "Topics in Wall Street" invariably was
made up of London's purchases or sales "on balance."
New York Curb Market Receives Recognition Under
Indiana Securities Law.
The New York Curb Market has recently received official
notice of its designation by the Indiana Securities Commission,
as a stock exchange entitled to recognition under the Indiana
Securities Law. This means that securities traded in on the
Curb may be freely bought and sold in Indiana without
receiving the sanction of the Commission. Dealers therein
are also not required to be registered. A similar privilege is
granted to the New York Stock Exchange.
OcT.1 1927.1
THE CHRONICLE
Gordon B. Todd Expelled from New York Stock Exchange—President Simmons Issues Warning.
Gordon B. Todd, senior partner of the brokerage firm of
Gordon B. Todd & Co. of 25 Broad Street, this city, was
expelled from membership in the New York Stock Exchange
on Thursday of this week (Sept. 29) for violation of the
rules of the Exchange—the second expulsion for the same
offense within two weeks. Mr. Todd's expulsion was
announced by President E.H.H.Simmons from the rostrum
of the Exchange as follows:
1787
violation of the rules. The bankruptcy petition alleged that
the broker's liabilities were in excess of $500,000, but made
no estimate of his assets. Three women who signed the
petition, which was filed by Hays, St. John & Buckley,
their attorneys, alleged that Mr. Booth had appropriated
to his own use $44,000 which they had turned over to him
for the purpose of buying securities. The petitioners and
their claims are: Edith Perry, $35,000; Katherine T.
Roche, $6,000, and Alexandrienne Wangenheim, $33,000.
Following the filing of the petition, which included a demand
for a receiver, Federal Judge Thatcher appointed Edward H.
Childs receiver under a $50,000 bond.
The "Times" furthermore stated that on the same day
(Sept. 27) Attorney General Ottinger obtained from Supreme
Court Justice Leander B. Faber of Kings County an injunction against the broker, restraining him from "issuing,
promoting or handling, in any manner, any and all securities." The order, it was said, also calls for Booth's attendancerfor examination in Special Term, Brooklyn, on Oct. 4,
at 10 a. m. The order of the Supreme Court, the paper
mentioned went on to say, ties up all moneys, securities
and properties in the name of Booth in any bank, trust
company or broker. In conclusion the "Times" said:
and
Charges and specifications having been preferred under Section 7,
on,
the first paragraph of Section 5, of Article XVII of the Constituti
of the
against Gordon B. Todd, a member of the E change and a member
present, said
form of Gordon B. Todd & Co.. said Gordon B. Todd being
Committee
charges and specifications were considered by the Governing
at a meeting held Sept. 28 1927.
specification against Mr. Todd
The substance of the first charge and
carried for
was that he made a practice of pledging more of the decurities
in view
the account of certain customers than was fair and reasonable
violating Section
of the indebtedness of said customers to his firm, thereby
Committee and
4 of Chapter 12 of the Rules adopted by the Governing
Constitution.
rendering himself amenable to Section 7 of Article XVII of the
Mr. Todd
The substance of the second charge and specification against
Committee
was that he made a misstatement upon a material point to the
of the questionnaire
on Business Conduct in answering the Eighth question
which reads as follows:
of Chapter
"8 What steps are your firm taking to comply with that part
James E. Duress of 100 Broadway, attorney for Booth, said yesterday
Committee pursuant
XII, Section 4,of the Rules adopted by the Governing
obligations dollar
between a member that his client had told him he expected to pay all his
to the Constitution, which declares that—'An agreement
was not reached. He is said to own valuable
the member in pledging or loaning for dollar. Mr. Booth himself
and a customer. . . does not justify
client
indebtedness real estate in Monroe, N. Y. His attorney's opinion was that his
more ofsuch securities than is fair and reasonable in view of the
made upon
himself amenable needed only a fair chance to meet the "unexpected" demands
of said customer to said member.'" thereby rendering
n.
him.
to the first paragraph of Section 5,of Article XVII of the Constitutio
followB. Todd
The seat of Mr. Booth was put up for sale by the Stock Exchange
The Governing Committee having determined that Gordon
that institution and a bid of S235.000 received.
charges and specifications, said Gordon B. Todd was ing his expulsion from
was guilty of said
may be
Under the Exchange constitution the seat of an expelled member
expelled.
any claims
sold forthwith and the proceeds held for the settlement of
will hold the
follows:
The sections referred to are in part as
which other members may hold against him. The Exchange
"Sec. 7. A member who shall have been adjudged by a majority vote proceeds of the sale until his affairs are adjusted. Mr. Booth will have
of the Governing Committee guilty of a violation a profit of at least $180,000 on his seat, which he bought in 1914.
of all the existing members
of the Constitution of the Exchange,or guilty of a violation of a rule adopted *According to last night's New York "Evening Post" the
pursuant to the Constitution, or guilty of the violation of a resolution of the
mysteriously disappeared. This report
Governing Committee regulating the conduct or business of members, bankrupt broker has
or guilty of conduct or proceeding inconsistent with just and equitable it was said, was made yesterday to Federal Judge Thatcher
principles of trade, may be suspended or expelled as the said Committee
by Mr. Childs. A letter from Mr. Booth submitted with
may determine, unless the offense is the violation of a resolution or rule
other Mr. Childs's affidavit hinted that the broker may have
for which a different penalty has been provided, in which case such
penalty may be imposed."
self-destruction following his difficulties. In
a considered
"Sec. 5. Whenever the Governing Committee shall adjudge that
g for an order to open two of the broker's safe deposit
member has made a misstatement upon a material point to the Governing aski
or to boxes at the Empire Safe Deposit Co., Mr. Childs submitted
Committee, or to a Standing or Special Committee of the Exchange,
Clearing
the Executive Committee or Board of Directors of the Stock
that Booth's brother and sister, private
a material affidavits showing
Corporation, or on his application for membership has made
personal attorney and friends have not seen
to the Committee on Admissions, the Governing Committee secretary, his
misstatement
shall suspend or expel said member, as it may determine."
nor heard from him since last Saturday,Sept.24. The letter,
affidavit, written by Booth under
When asked to comment on the action of the Exchange in attached to Mr. Childs's
private
making false statements in their date of Aug. 30, was found among the broker's Bethel,
punishing members for
Addressed to William R. Chapman of
papers.
questionnaires, President Simmons said:
the
"The questionnaire is one of the most important means by which
Me., it says:
The Exchange requires that these questionExchange protects the public.
I have decided to put all our transac+ions with H. W. Booth & Co., Inc..
full
occur to me through
naires be answered accurately, truthfully and in full detail. The
a corporation that never dies, so that should anything
with any
power of the Exchange will be used at ail times to punish evasion or supor otherwise from now on you will not have to bother
pression of any essential facts or data."
Yesterday's New York "Times" quoted Mr. Todd as
saying on Thursday in regard to the first charge made against
him by the Exchange that a clerk in his firm "had placed
certain securities in certain loans, which he should not have
done, and which he did without the knowledge of members
of the firm." The "Times" also quoted Mr. Todd as saying
that Question 8 of the questionnaire was left "completely
unanswered" when the questionnaire was returned to the
Stock Exchange, and that the Governing Committee "evidently misinterpreted the firm's response."
Mr. Todd, who was the sole floor member of his firm,
purchased his seat on the Exchange on Nov. 5, 1925 for
$130,000. The future of the firm, it is understood, has not
been decided upon. The "Wall Street News" of Thursday
reported C. J. Todd, also a partner in the firm as declaring
"We are solvent entirely. We have no other comment to
make on the action of the Stock Exchange in expelling
Gordon B. Todd." The same paper furthermore stated
that due to the expulsion of Gordon B. Todd, the firm of
Gordon B. Todd & Co. has retired as clearing members
and that Barbour & Co. will assume the open exchange contracts of the firm and security balance orders through the
day branch of the Clearing House.
accident
estate matters whatsoever.
Replies to Underwriting Questionnaire of White, Weld
& Co. Indicate That Market Is in Position to
Absorb "Reasonable Amount" of New Offerings.
White, Weld & Co., underwriters and members New York
Stock Exchange, made public recently the results of a confidential questionnaire which they sent to 150 of their dealer
friends in the principal investment centres of the country
in an effort to ascertain conditions governing the flotation
of new securities at this time. The reports, which reveal a
good deal not hitherto made available to the financial public, indicate, when summarized, it is stated, that "investment conditions at this time are quite satisfactory and that
the market is in shape to absorb a reasonable amount of new
offerings of sound Government (United States and foreign),
railroad, public utility, industrial and municipal issues,
where the price has been established at a fair level and
where sufficient inducement is given to the dealer to cooperate with the underwriting house." "Industrially," says
the report on the results of the questionnaire, which was
filled out and returned by 92 dealers in 48 principal cities of
the country, "the majority reported their territories as generally prosperous. This was particularly true in New England, the Middle West, Ohio, New Jersey and New York.
Receiver Appointed for Herman W. Booth—State
indicating unfavorable conditions, 11
Supreme Court Enjoins Him from Doing Business Of the 23 reports
looked for a material change in the near future."
in Securities.
There are still some misgivings as to the volume of new
On Tuesday of this week (Sept. 27)an involuntary petition issues "that can readily be absorbed in the present market
in bankruptcy was filed in the United States District Court without bringing about a repercussion of the glut in the
against Herman W. Booth, broker, of 120 Broadway, this market which existed in the earlier summer months," it is
city, according to the New York "Times" of Sept. 28. As
stated. "On the other hand," the report adds,"a great numnoted in last Saturday's issue of the "Chronicle," page 1656,
ip in the New York ber of the dealers are looking forward to a profitable fall
Mr. Booth was expelled from membersh
and winter and are frankly optimistic. In this connection.
Stock Exchange the previous Wednesday (Sept. 21) for
1788
THE CHRONICLE
sentiment was overwhelmingly expressed in favor of syndicates as against the selling group method of wholesaling.
The inability of the distributing dealer to obtain an adequate allotment of firm bonds has tended towards making
the subscription selling group unpopular." In only four
cases, it is said, were investment conditions reported as unfavorable and these appear to have been affected by conditions peculiar to their own territories. About half the reports reflected conditions as mixed, although a majority of
these reported conditions in August as improved over those
prevailing in the previous month. Furthermore, quite a
number of these look for a substantial change in the near
future. Among the chief reasons advanced for this expected improvement were the marketing of crops and a plethora of cheap money. Optimism was most pronounced in
New England the Pacific Northwest, with somewhat more
than the average good feeling in the Middle West and the
Atlantic seaboard. Local conditions colored the reports received from California, Ohio, Pennsylvania and the South,
all of which reported conditions as mixed. Chief among the
reasons advanced for the lethargy there were unfavorable
'conditions in the anthracite coal industry and speculation in
real estate in the Pennsylvania district; unsatisfactory conditions in the lumber business in Oregon; flood conditions in
the Mississippi Valley section, and the automobile situation
in Michigan, which was affected by the Ford and Dodge
shut
-downs during August. The majority of the reports
indicate that about 35% of the banks have been buying and
some 40% have bath bought and sold. In only two instances
were these banks reported as purely sellers. Securities purchased were about equally divided between long and shortterm issues, with no particular discrimination between low
and high yield issues. There was, however, a marked preference for public utility issues, although quite a number
have been taking on foreign Government and industrial
bonds.
[VOL. 125.
York is the favorite depository among the foreign central
banks.
America's pre-eminence as guardian of a goodly share of
the reserves behind the world's currencies has a good deal
to do with the prolonged ease of money in our markets.
Conversely, the liability of our banking institutions to foreign depositors for hundreds of millions of dollars suggests
the possibility that when money does stiffen the change
may come very suddenly in response to influences entirely
unconnected with the normal ebb and flow of American
business. Under the new conditions that have arisen since
the war American bankers have greater need than ever
before for world-wide vision.
Use of Cash Discounts to Stimulate Advance Sales of
Seasonal Products—More Generous Payment Terms
Sought by Buyers, According to Merchants' Assocelation.
Cash discount practices have recently come into prominence as a business problem by reason of increasing competition and narrowing profits. Coincident with a growing
laxity in meeting bills, buyers are seeking more generous
payment terms. Industries which formerly sold on draft
have come to permit 2% 10 days and buyers are asking for
10th prox. terms. Although current trends appear to be in
the direction of more liberal discount terms, these have not
been adopted widely enough to be considered as established
trade practices. The Merchants'Association, which through
its Industrial Bureau made a survey of discount practices in
1921, has just completed a second survey of some 30 trades.
In all of these the survey shows only two or three changes in
terms which have been widely enough adopted to be reported
as the established trade custom—an increase from 1 to 2%
in the rate or from 30 to 60 days net,or vice-versa—although
isolated cases of changes, usually in the direction of more
liberal terms, are not uncommon. The following table
shows the discount terms prevalent in certain lines of indusForeign Balances in the United States—Borrowers at try as reported to the Merchants' Association:
Biscuits and crackers
17 10 days
30 days net
6%—Lenders at 2%.
Buttons
1 10 days
30 days net
[From the "Boston News Bureau," Sept. 30 1927.1
Current discussion of the difference of opinion between
the Federal Reserve Board and the management of the
Chicago Reserve Bank has drawn renewed attention to the
large volume of balances in American banks held for the
account of foreign countries. It was estimated by the Department of Commerce recently that $1,443,000,000, was on
deposit in American banks to the credit of foreigners. It
is doubtful whether the owners of these balances obtain a
return of much more than 2% to 2%% on their money. In
contrast many of them have obtained these funds by the
flotation of long-term loans in our market at 6% and even
higher rates.
Offhand it may appear distinctly unbusinesslike procedure
for a foreign Government to pay a high rate of interest for a
dollar loan and then leave the proceeds on deposit in American banks at nominal rates. The difference is, of course,
that the high rate is for a long-term loan, the low rate for
liquid investment which may be withdrawn on short notice.
The American investor who buys a foreign bond carrying
an attractive interest rate is content to defer repayment of
his bond to a distant maturity. The foreign owner of a
deposit in an American bank wishes to be able to convert it
Into a gold shipment whenever the necessity arises.
The American dollar went through the war and the period
of post-war readjustment with less damage to its prestige
than any other currency in the world. As a result, countries which have reconstructed their currency systems in
recent years and some of the new nations have in many
Instances utilized dollar balances as the equivalent of gold.
Countries which have been forced to practice economies
have found it good business to keep the reserves of their
banks of issue in the form of deposits in sound banks in the
more stable countries rather than in gold. A 2% return on
a New York bank balance is better from this standpoint
than the expense of guarding a stock of gold bars in the
bank vaults at home. A typical stipulation respecting the
reserve behind a newly stabilized currency is the provision
In the case of Austria that it may consist of gold, foreign
currency, foreign bills of exchange and credits or deposits
available on demand at leading banking centres in Europe
and America. Of course London and Amsterdam have received large deposits in this way, but unquestionably New
Cardboard
Chewing gum
Confectionery: Jobbers
Retail dealers
Cooperage
Envelopes: No standard policy:
Jobbers
3 cash
2 10 days
2% 10 days
1 or 2% 10 days
No discount
30 days net
30 days net
30 days net
30 days net
30 days net
2 or 3%
30 days net (or
10th prox.)
Consumers
Usually no cash discount.
Farm equipment: No standard policy.
Light lines
2 10 days
30 days net
or 2% 10 days
60 days net
or Just a cash discount of 5%.
Heavy lines, larger cash discounts; terms extending over two years.
Flint and lime glass
1 15 days
30 days net
Glue
2 10 days
30 days net
Hardware
2 10 days
30 or 60 days net
Heating and cooking appliances
2 10 days
30 days net
Knitted outerwear
2% 10 days
60 days net
Malleable castings
No discount
30 days net
Paint, oil and varnish
10 days
30 or 60 days net
Paper—Waxed and tissue
2 10 days
30 days net
Paper—Writing
3 10 days
30 days net
Pharmaceuticals
10 days
30 days net
Silks—Spun silk
2 10 days
30 days net
Silks—Thrown silk
10 days
60 days net
Shoes
o uniformity;
1, 2,4 or 5%. 10 days 30 to 90 days net
Toys
2% 10 days
30 days net
The Merchants' Association also says:
An interesting trend disclosed by the survey was the use of cash discounts
to stimulate advance sales of seasonal products. Summer shipments, for
instance, are made for Oct. 1 payment, and winter shipments for Aprll 1
or May 1 payment, with liberal discounts for settlement In advance of these
dates. Even in non-seasonal lines some sellers are shipping goods for immediate consumption but dating the invoice 30 or 60 days ahead and still
allowing 1 or 2% discount within 10 days following the date of invoice.
This latter practice, however, has resulted largely from the pressure of
buyers in a highly competitive market.
A disputed phase of discount practice arises in connection with transportation charges. Should a discount be allowed on freight charges or
should it be taken only on the net bill
In the case of prepaid shipments
the discount is usually figured on the whole amount, although in some instances the shipper bills the freight separately and permits the discount
only on the bill minus the freight. In the case of f.o.b. shipments, buyers
sometimes take the discount on the whole amount of the bill, including
freight charges; but this is usually not permitted by the seller.
A practice which is becoming popular with buyers Is to take discounts
for payments made within the first 10 days of the month following the date
of invoice, that Is, 10th proximo terms. This Is particularly helpful to
buyers who make several purchases from the same seller in the course of the
month and make a practice of meeting all of these bills in one payment.
The principal objection to this practice as sellers see it, is that the trend
may be to extend the terms to the 15th or even the 20th proximo.
J. L. Merrill of Merrill, Lynch & Co., Finds Chain
Stores Growing Rapidly in Europe.
Joseph L. Merrill, of Merrill, Lynch & Co., who has just
returned from a trip to England and France, stated on
Sept. 29 that chain stores were flourishing in England and
on the Continent, and were gaining steadily. He said
that Woolworth was firmly entrenched in England and was
OCT. 11927.1
THE CHRONICLE
successfully invading Germany. In discussing the general
situation, Mr. Merrill stated further as follows:
Chain stores in England and on the Continent are getting a larger percentage of the retail business each year. They are not showing as large
Increases in number of stores, sales, and net profits as our well-managed
chains are showing, as the territory is much more intensively developed.
Many years ago the English chains faced many of the serious problems
American chains are only just beginning to encounter, for example: competition of other powerful chains. Up to very recently the principle competitor of the American chain store was the individual neighborhood store.
Now the chains are beginning to compete with each other. Intensive
development has been the battle cry of the chains abroad for years. This
has been a minor Issue with our chains. Expansion—cover the territory
before someone else does—has been the watchword here. As the territory
In Europe is so limited, locations are more of a factor than in our country.
and "repeat business" is more essential.
The acid test has been applied to the chain-store system of distribution
In Europe. Most of the large chains are being carried on successfully by
others than the founders, while in our country, with one notable exception,
the founders are still active. Most of the English chains have been publicly
financed, and the securities are thoroughly seasoned. Service is the one
noticeable and superior characteristic of the chain store system abroad.
An American Is greatly impressed with the genuine desire of the European
chain-store salesman to please. The Englishman Is courteous by nature and
Inclination, as well, as training. However a humble his position he is consistently cheery, obliging and well mannered. All business, however
small, is really appreciated and each sale Is treated as a special order.
Our chains have much bigger possibilities, of course. America is still
the land of opportunity for chain stores. Except in the congested sections of
a few large cities, the field in all lines is comparatively undeveloped.
He has been a resident of St. Paul since 1890, when he became teller of
the old St. Paul National Bank. For the past seven years he has been
Deputy Governor of the Federal Reserve Bank in Minneapolis but continued to maintain his residence in St. Paul.
Born in Medina, Ohio, Aug. 23 1867, he was educated at Ripon, Wis.,
where his father, Joseph M. Geery, was a professor in Ripon College. Five
years after he began his banking career in the Ripon bank he came to St.
Paul as teller of the St. Paul National Bank. Two years later he was appointed Assistant Cashier and was Cashier of the same bank from 1902 to
.
1906, when he was elected Vice-President and director of the Capital National Bank. He remained In the latter position until 1920, when he was
named Deputy Governor of the Federal Reserve Bank.
Privilege of Exchanging Second Liberty Loan Bonds for
Treasury Notes Expires To-day (Oct. 1).
As indicated in these columns last week (page 1661),
Secretary of the Treasury Mellon announced on Sept. 23
4
1
/
that the privilege of exchanging Second Liberty Loan 4 %
bonds would expire to-day (Oct. 1). His announcement in
full follows:
Federal Reserve Board Postpones for One Week Conference of Reserve Governors and Agents so as not
to Conflect With A. B. A. Meeting.
The Federal Reserve Board has postponed for one week
the annual joint meeting in Washington of Governors of
Federal Reserve banks and Federal Reserve Agents, according to the "Wall Street Journal" of Sept. 28. This
action, it is noted, avoids a conflict between the Washington meeting and the annual convention of the American
Bankers Association at Houston, Tex., Oct. 24 1927. The
fact that the Houston bankers had requested that the Reserve Board change the date of its meeting with the Reserve Governors and Agents (the dates for which were Oct.
24-29) was indicated in our issue of Sept. 24, page 1659.
The Houston "Post" gives as follows the resolution sent by
wire to the Federal Reserve Board, which had been drafted
by a local committee of bankers, by Guy M. Bryan, head of
the Houston Clearing House Association, and by the Board
of Governors of the Houston branch of the Dallas Federal
Reserve Bank:
Secretary Mellon to-day announced that the privilege of exchanging
Second Liberty Loan 4 X % bonds for the new 3%% Treasury notes of
Series B-1930-32, will not be available after the close of business on Saturday, October 1st.
The Secretary further stated that the Treasury had definitely decided
that with the closing of the subscription books on October 1st no further
exchange privilege will be offered to holders of Second Liberty Loan bonds.
The bonds of the Second Liberty Loan have been called for redemption
on November 15 1927, and will not bear interest after that date. In
view of the Treasury's decision, holders of Second 43is' who fail to exchange
their bonds for the 33.5% notes before the close of business on October
1st will have no further opportunity to convert their bonds into other
securities of the Government.
.
% Treasury notes was announced by the
The current offering of
Treasury on Sept. 6th. $250,000,000 of the notes were offered for cash
subscription, and over a billion dollars in cash subscriptions were received.
Of those, only $250,522,600 were alotted. In addition holders of Second
Liberty Loan 43es. were given an opportunity to enter exchange subscriptions for the new notes, at 100%. The terms of the exchange offering
provided that interest on any Second 43.es. surrendered and allotted would
be paid in full for November 15 1927. This means that holders of Second
43es. who make the exchange before the close of business on Octbber let
will receive at the same time of delivery of the new Treasury notes, interest
from May 15 1927 to November 15 1927. in the Second 43.1's. surrendered
In exchange, less the amount of the premium on the notes issued.
Secretary Mellon further announced that the exchange subscriptions
thus far received have maintained a daily average which meets the expectations of the Treasury. However, In view of the obviously advantageous
terms of the offering whereby a holder of Second 43.es. may receive the
new notes in exchange and at the same time be paid six months interest
on his Seconds to November 15th, less the premium, the Treasury desires
every holder of Second 43.es. to learn of the exchange privilege prior to
October let, and to have the opportunity to consider making the exchange.
Second 434's are widely held and the banks of the country can perform
a real public service in endeavoring to inform their customers of the exchange
offering and remind them that Second Liberty Loan bonds have been
called for redemption Nov. 15th. Second 434's are now selling in the
market at about 1003.4, or slightly better. With the closing of the exchange
privilege on October 1st this premium will be considerably reduced.
Treasury Broadcasting Defended by Secretary—Comptroller General McCarl's Decision Against Use of
Public Funds for Purpose.
Under date of Sept. 23 a Washington dispatch to the New
York "Journal of Commerce" stated:
The Treasury is planning to file a protest with Comptroller General
McCarl against his decision that the Treasury should not use public funds
to pay for commercial broadcasting of Treasury fiscal pronouncements,
It was learned today.
This controversy was aroused through the payment of a recent bill
of more than $5,000 for broadcasting through a chain of stations by the
Treasury in connection with its efforts to inform holders of Second Liberty
bonds of the exchange privilege offered by the department.
Secretary Mellon is preparing to show the Comptroller General, according to indications to-day, that the money used for this purpose is
specifically appropriated by Congress to be used at the discretion of the
Secretary.
W. B. Geery Elected Governor of Federal Reserve Bank
of Minnaepolis Succeeding Roy A. Young.
W. B. Geery, Deputy Governor of the Federal Reserve
Bank of Minneapolis, was elected Governor of the bank on
Sept. 25, succeeding Roy A. Young, who, as reported in
these columns last week (page 1658), has become a member
of the Federal Reserve Board, and is expected to be made
Governor of that body. In reviewing Mr. Geery's career,
the St. Paul "Pioneer Press" of Sept. 27 stated:
1789
At a meeting to-day of the administrative committee representing the
associated banks of Houston in charge of arrangements for the fifty-third
annual convention of the American Bankers Association, which will be
held in Houston Oct. 24 to 27, the following resolution was unanimously
adopted: "Whereas, The Federal Reserve Board has called a conference
of Federal Agents and Governors and a joint conference of said Agents
and Governors to convene in Washington Oct. 24 to 29; and
"Whereas, The American Bankers Association will hold its annual
convention in Houston Oct. 24 to 27; and
"Whereas, The conflict in dates of these two meetings will prevent
many interested persons from attending the convention at Houston:
Ask Change in Dates.
"Therefore, Be it Resolved, That we, the administrative committee
representing the associated banks of Houston, respectfully request and
urge the Federal Reserve Board to change the dates of the aforesaid conference, which action on its apart will be gratefully appreciated by this
committee and we belive by the several thousand members of the American
Bankers Association who will attend the convention in this city.
Be it Further Resolved, That this committee extends to the members of
the Federal Reserve Board a most cordial and urgent invitation to attend
the American Bankers' Association convention in this city and that the
Chairman of this committee be instructed to transmit this resolution by
telegram to the Federal Reserve Board urging its kind consideration of
the urgent request herein contained."
Death of Edward T. Jeffery—His Long Connection
with the Illinois Central and Denver & Rio Grande.
Edward T. Jeffery, one of the oldest and best-known railroad men in the United States, died suddenly early Saturday morning in his rooms in the Biltmore Hotel, this city,
from heart trouble, after an Illness of only a few days. Mr.
Jeffery was at his office, 165 Broadway, New York, as
usual, on Tuesday and attended a meeting of the direcctors
of the Equitable Trust Co., of whose board he had been a
member for many years. The funeral was held at 2.30 p. m.
on Monday at his home, 915 North Dearborn Street, Chicago. Mr. Jeffery leaves a widow, Mrs. Edward T. Jeffery,
and a daughter, Mrs. E. J. Doering. both of whom reside in
Chicago.
Mr. Jeffery retired from active railroad work in 1917. At
the time of his death he was a director of the First National
Bank of Chicago and of the First Trust & Savings Bank of
that city, as well as a director of the Equitable Trust Co.
of New York.
Mr. Jeffery was born in Liverpool, Eng., April 16 1843,
and was a son of William S. and Jane (McMillan) Jeffery.
His father, who was long in the merchant marine engineering service at Clyde, Scotland, died in Woolwych in 1849.
Two years later the mother brought her family to America
and settled in what is now Wheeling, W. Va. In 1856 the
family moved to Chicago and, when about 13 years of age,
the son Edward entered the employ of the Illinois Central
Railroad Co. as an office boy to the Superintendent of Machinery, Samuel J. Hayes. He rose rapidly in the service
of the company, holding many important positions. On
Jan. 1 1885 he was elected General Manager. After serving
in that•capacity for four years, he resigned to obtain needed
rest, having been in the service of the company thirty-three
years.
1790
THE CHRONICLE
Shortly thereafter Mr. Jeffery was appointed by. the
Mayor of Chicago to visit Paris and report on the International Exposition in that city and, at the same time, to
promote in every way practicable the claims and desirability of Chicago as a site for the Columbian International
Exposition that was held in that city in 1893. He was entirely successful in this mission and declined to aocept compensation for this and other services in connection with the
exposition. For several years, while residing in Chicago,
Mr. Jeffery was a member of the Young Men's Literary
Society, the Chicago, Iroquois and Calumet clubs, the Masonic fraternity, and the American Railroads Master Mechanics Association. In October 1891 he accepted the position of President and General Manager of the Denver & Rio
Grande Railroad Co. He continued his service as General
Manager until 1900 and as President until 1912, when he
was elected Chairman of the Board. He retired from official connection with the company in 1917. In 1905, when
the Western Pacific Railway Co. was organized to build a
Western outlet for the trans
-continental system that had
been developed by George J. Gould, Mr. Jeffery was elected
President and devoted much time to the building of this
line. He retired as President in 1913, but continued two
years longer as Chairman. Mr. Jeffery was held in universal esteem and widespread feelings of regret have been ex
pressed at his death.
New Banks Proposed in Owens Valley, Calif., to
Replace Closed Institutions—Assessment on Stock
of Inyo County Bank.
Plans to bring about the establishment of new banking
facilities in Inyo County, Calif., to relieve the financial
stress caused by the closing on Aug. 4 of all the banks in
Owens Valley, Calif. (five in number), have been developed;
on Aug. 22 State Superintendent of Banks Wood authorized
the establishment of a new bank at Bishop, a permit for its
organization under the name of the Owens Valley Bank
having been granted to George Watterson, an uncle of W. W.
Watterson and M. Q. Watterson, who had been President
and Cashier, respectively, of the Inyo County Bank of
Bishop, one of the closed banks; Charles A. Partridge,
Thomas Williams, W. A. Cashbaugh, George B. Warren and
George W. Naylor. Messrs. Partridge and Naylor are members of the Inyo County Board of Supervisors. George
Watterson, according to Superintendent Wood, had no previous connection with any of the banks. The new bank will
be capitalized at $100,000, according to the Los Angeles
"Times," which said:
Closing of the banks in the county originally was attributed by the Watterson brothers to the policy pursued by Los Angeles city in gaining its
water supply in the Owens Valley, but subsequent investigations made by
Wood's department cleared the city of this charge, the Superintendent
announcing that a shortage of more than $800,000 in the State bank's accounts alone had been revealed.
In the Los Angeles "Times" of Sept. 7 it was stated that
W. W. Watterson and M. Q. Watterson pleaded "not guilty"
on Sept. 6 to 44 counts of embezzlement, theft and false
statement growing out of the closing of the Inyo County
Bank, according to reports from Independence. The same
account stated:
Superior Judge Dehy set the trial of the case for the 26th inst. District
Attorney Hession, of Inyo County, who filed the charges against the Wetterson brothers, announced the trial will be handled with the greatest expedition possible. He said he had hoped the Wattersons would come into court
and plead guilty, thereby saving the county the expense of a long-drawnout trial. . . .
In the information filed against them, the Wattersons are charged with
embezzling more than $500,000 of the bank's funds, with embezzling $420,000 worth of bonds of the Owens alley Irrigation District, of which they
were officials, and with making a false statement to the State Banking Department regarding the financial condition of the bank.
The same paper in its issue of Sept. 8 stated:
Instructions to file suits against the defunct Watterson banks in Owens
Valley to recover approximately $3,000 in funds deposited by Owens Valley
postmasters were received yesterday by United States District Attorney McNabb from Washington.
According to information forwarded from Washington, postmasters in
the valley towns purchased drafts for the purpose of forwarding their postal
receipts to the United States Treasury. When the drafts were presented
for payment they were returned dishonored because of the closing of the
banks.
According to Assistant United States Attorney Doherty, who is preparing
papers in the suit, the Government has priority over all other claims.
With regard to an assessment on the stock of the Inyo
County Bank, the "Times" (Los Angeles) Sept. 15 said:
The first proposal by which the State Banking Department hopes to recover for the depositors some of their money in the closed Inyo County
Bank was made public yesterday by State Superintendent of Banks Wood.
A levy of $5,000 per share, or 50% on the par value of the stock of the
bank, in order to make up partially the defalcation recently discovered,
[VoL. 125.
was announced by Wood. The official statement from the Banking Department said that under the State Bank Act the stockholders of the bank have
an unlimited liability.
According to the statement, if the stockholders respond fully to the levy
it will bring in $625,000. This probably is the largest assessment on bank
stocks in the history of California, Wood said.
Large Levy Made.
In discussing the levy yesterday at the local offices of the Banking Department, Mr. Wood said: "We find that Watterson Bros., Inc., are owners
of 87% of the 125 shares of the capital stock of the Inyo County Bank. It
is necessary to make Watterson Bros., Inc., the debtor of the Inyo County
Bank in order to recover in behalf of the depositors. This levy will make
Watterson Bros., Inc., debtor in the amount of $435,000."
Wood also announced that an agreement has been made whereby the
Watterson brothers have made assignments of all their assets of every kind
and description for the benefit of the creditors. The assignee has not been
named, but will be selected by representatives of the creditors. Mr. Wood
indicated that the amount that can be paid to depositors in the Inyo County
Bank depends in considerable measure on the amount that can be recovered
from the stockholders of the bank.
Terrible Mess.
It also is understood that what the levy on the stock of the bank will net
is dependent on the condition of Watterson Bros., Inc., financially. That
matter has not been gone into yet to the point where any definite announcement can be made.
Mr. Wood said that it would be hard to conceive of any more tangled
financial mess than that in the closed banks. It probably will be after the
first of the year before anything like an accurate estimate can be made
of what per cent the depositors can hope to realize.
In addition to the proposed new bank indicated above,
authorization to establish two branch banks in Inyo County
was received at Bakersfield, Calif., on Sept. 7 by the First
Bank of Kern, from the State Superintendent of Banks, it
was announced by Dwight L. Clarke, Manager of the Security Trust Co. of Kern, which recently was purchased
through stock control by the United Bank & Trust Co. of
San Francisco. It was announced that the branches would
be established at Independence and Bishop. Additional
branches in Inyo County are also planned, according to Mr.
Clarke. The closing of the banks in Owens Valley was
noted in our issue of Aug. 13, page 870.
Julian M. Gerard Resigns as Chairman of Central
Mercantile Bank to Head International Germanic
Trust Co.—Latter to Open October 17.
•At the organization meeting this week of the International
Germanic Trust Co., Julian M. Gerard was elected President
and director, W. E. von Marx, Vice-President and director
In charge of the foreign department, and Ernest K. Satterlee was elected Vice-President and Trust Officer. Mr. Gerard has resigned as Chairman of the board of directors of the
Central Mercantile Bank & Trust Co. to become President of
the International Germanic Trust Co. Mr. Gerard has had
extended banking experience in this city, having been Vice
President of the Columbia Trust Co. and having organized
and been President of the National American Bank of this
city until it merged with the Central Mercantile Bank &
Trust Co., when he became Chairman of the Board. Mr.
Gerard has been a member of the Committee on Organization of the new trust company and was one of the advocates
for an institution to supplement the credit facilities now
available in the reconstruction of business and industry in
Central Europe through the organization of the new trust
company. Mr. Gerard and his associates, in developing the
company, have in mind the creation of an institution with
special facilities for the handling of foreign business and
the International Germanic Trust Co. will be the first American trust company definitely organized for this purpose.
The new company will open for business on Oct. 17 at 26
Broadway, and while special attention will be given to the
development of the foreign facilities, it will conduct a general banking and trust business for which it is chartered
under the banking laws of the State of New York with a
capital and surplus of $5,000,000. W. E. von Marx, of Berlin, formerly representing Blair & 0o., Inc., and the Chase
National Bank in Germany, who will be Vice-President and
a director of the International Germanic Trust Co., In
charge of the Foreign Department and European activities,
has sailed on the "Berengaria" to complete organization of
the Berlin office of the company.
Mr. Catterlee since 1917 has been President and a trustee
of the Franklin Savings Bank in the city of New York. He
was Chairman of Group IV of the Savings Banks Association of the State of New York and for several years did
examining work for the New York State Banking Department and the United States Treasury Department; seven
years with the Guaranty Trust Co. of New York, mostly in
the trust department; is a director of the Morris Plan Co.
of New York and Vice-Chairman of its Finance Committee.
OCT.1 1927.]
THE CHRONICLE
1791
it should superThe Business
Subscription books of the International Germanic Trust 'Me the draftingConduct Committee, considering whether members of the
of a disclaimer to be recommended to all
the public on Sept. 15 despite the fact Association, found by a poll that sentiment was opposed to such action.
Co. were opened to
The subject of syndicate subscription of bonds was another
that unsolicited applications for shares were said to have
been received by the Organization Committee in excess of of the discussions which has attracted attention, and we
the authorized capital of the new institution which is 30,000 quote the following from the New York "Evening Post"
shares. The shares were offered at $170 each to provide a of last night (Sept. 30) credited to its Financial Editor,
capital of $3,000,000, a paid-in surplus of $2,000,000 and Paul Willard Garrett:
-just three weeks ago, but which grew to full
A sub-committee, born
$100,000 for expense of equipping the new banking offices
stature quickly under the chairmanship of Trowbridge Callaway of Callaway,
floor of the Standard Oil Building, and for Fish & Co., New York, rose in its might here late yesterday in the next
on the ground
organization disbursements. Payments on the shares are last session' of the Investment Bankers Association' sixteenth annual
carefully avoided
opened the
called for by the committee on Oct. 5. The subscription convention and Committee.fight on internal problems so day did not carry
The official program of the
by the General
books were closed Sept. 15, except in the case of the Euro- the name of Callaway, but after an all-night session his sub-committee
pean applications for which the books remained open Sept. brought the subject of syndicate distribution right out on the convention
floor where it now is destined to remain until next year.
17.
The proposal that originating houses desist from advertising that "subThe Executive Committee, acting for the organizers, and scriptions have been received for amounts in excess of this issue and the books
actually have been
of which Harold G. Aron is Chairman, stated that it has have been closed," except where the bonds offered make a 10% cash subpayscribed in full by investors and that distributors
made no allotment on the advance applications and that it ment for their subscriptions to prevent padding threw the convention into
the purpose of the committee to accomplish the widest lively discussion. Underwriting houses frequently carry an "oversubwas
disnew issue if the
and most effective distribution of the shares for the future scribed" clause in their advertisements of a the bonds, but secondary of
irrespective
tributing houses or dealers have taken all
development of the company. The committee pointed out whether or not the bonds have been taken over by the investor.
The statement by Mr.Callaway that brought a variety of opinions pro and
that, in accordance with the purposes originally stated, no
that "this cash payment
voting trust or individual control of the trust company is con from different delegates was the suggestion subscriptions," making
might tend to lessen the present practice of padding
allotments It more possible for syndicate managers to allot bonds on a mutually more
projected and that in postponing the making of
until after the subscription books were closed, the commit- satisfactory basis and place syndicates on a firmer financial basis and further
that it might make possible a more prompt closing of syndicates and a free
tee hoped to place the shares in the hands of those having secondary market and relieve some of the difficulties and malpractices prea permanent interest in the new trust company. The com- vailing under our present subscription system.
Called Impractical.
mittee also held for allotment a fractional part of the capiThe committee believes that this suggestion should be thoroughly distal stock for Europeon subscription, in order that the new
cussed and well considered for its advantages and disadvantages. Pliny
Institution shall be international in ownership as well as Jewell, retiring President of the association and Vice-President of Coffin
in its interests and objects. The European subscriptions & Burr, Inc., said that the 10% system seemed to him in itself probably
speeding up of the closing of the syndiwere received at the offices of the Executive Committee in impractical, but "if it results in thefor syndicate distribution and If on top
cates we could have a shorter time
Berlin, which are located in the Hotel Esplanade until the of that we get a little quicker delivery it would give us several decided
opening of the company's offices there. In conjunction with advantages."
Plans for the reduction of waste in the distribution of sethe plan for international distribution of the stock, it is
planned to have an advisory board made up of representa- curities also featured the convention of the Association, the
tive financial and business men of Europe and of this coun- matter being brought before the meeting in a report of a
months ago
try. It is expected that the following will be among the Business Problems Committee created a few
Chicago. The
board of directors: C. E. Albright, Harold G. Aron, Julian under the chairmanship of William L. Ross of
in a report
B. Beaty, James Bruce, Marcus Daily, Oscar Dressler, growth of investment trusts was also dealt with
of PhiladelJulian M. Gerard, Roland E. Harriman, C. H. Huston, Wil- by Charles L. Dickey of Brown Brothers & Co.
Davenport
liam 0. C. Kiene, David H. Knott, Theodore Lamprecht, phia, and the subject was also discussed by
28
J. D. McGuire, Herman A. Metz, Kenneth O'Brien, Rudolf Pogue of Pogue, Willard & Co. of New York. On Sept.
following a speech by Governor John E. Martineau of ArPagenstecher, Franklin D. Roosevelt, Woolsey A. Shepard,
resolution on
Max W. Stoehr and William L. Wirbelauer. Items regard- kansas, the Association adopted the following
the organization of the company appeared in our issues flood control:
ing
Be it resolved, That the Investment Bankers' Association hereby recogof July 16, page 344; Aug. 20, page 1011, Aug. 27, page 1133. nizes and declares that the control of the flood waters of the Mississippi
River and its tributaries is a national duty: that the loss of life and property
the economic
Annual Meeting of the Investment Bankers Association resulting from periodical overflows seriously affects and impairsUnited States
the Government of the
welfare of this entire nation; and
of America—Report on Disclaimer Clause—Resolu- should take immediate steps tothat
promptly, effectively and permanently
tion on Flood Control.
At the annual convention of the Investment Bankers
Association which has been in progress at Seattle, Wash.,
during the present week, many important matters figured in
the reports and discussions, not the least of which was the
disclaimer clause in financial advertising and circulars. In
a dispatch Sept. 27 from Seattle to the New York "HeraldTribune," it was stated that the fact that the clause frequently has harmful effete is overlooked by bankers, according to
the conclusion reached by the Business Conduct Committee
of the Association in a thorough study of the subject laid
before the convention. The dispatch said in part:
The committee declines to draft a non-guaranty clause for the use of
members of the Association, feeling that it is a matter for attorneys, and
does not even presume to suggest whether members should or should not
use the disclaimer.
Tho report states emphatically, however, that "entirely too much
emphasis is placed on the non-guaranty clause, for apparently there Is a
strong public bile that the investment banker is extremely anxious to
disclaim all responsibility for.any facts, figures or statements Mat he
may present or make."
Despite warnings to this effect in the past, the committee finds that
the banking fraternity is placing even greater emphasis to-day on the
non-guaranty clause than ever before. . .
"As far as the Business Conduct Committee can asertain, and in spite
of considerable publicity to ,the contrary, the value of the disclaimer or
non-guaranty clause on circulars, advertisements, &c., has never been
directly passed upon by the highest court in any State.
Value Not Determined by Suits.
"Furthermore in the several important cases now in court the disparticular question involved, although it may be passed
claimer Is not the
upon before the suits are finally decided. Therefore, it is the opinion of
your committee that the non-guaranty clause is of just as great or just
am little value to-day as It has been at any time. However, in our opinion
any dealer may feel assured that if he allows statement to made over
his name which he knows to be false, he will not escape liability by reason
of a disclaimer caluse, no matter in what form."
The Northwest group of the Association has recommended to Its members
the use of a particular disclaimer clause, reading as follows:
are
"The information and data furnished concerning securities sold by
taken from official statements, records or other sources which It considers
-does not guarantee securities sold or their future
reliable, but the
market value."
deal with this pressing national problem.
We shall in a later issue give a more detailed account of the
convention, the reports, speeches,&c.
ITEMS ABOUT BANKS,TRUST COMPANIES,ETC.
The New York Stock Exchange membership of W.H.Colvin
was reported posted for transfer this week to E. B. Bernhard
the consideration being stated as $235,000. This is the
same sum as the last preceding sale.
The New York Curb market membership of Harry C.
Twidell was reported sold this week to Martin Penis for
$33,000. This is the same sum as the last preceding sale.
Robert H. Delafield, for the past five years Vice-President
.
of the National City Company in Boston has been transferred to the New York office of the company, assuming his
new duties yesterday (Sept. 30). He has been succeeded
in the Boston office by W. C. Wells of the Chicago office
of the organization.
--•-A. M.Pope, Executive Vice-President of the First National
Corporation of Boston, returned this week on the S. S.
"Arabic" from a three months' trip in various European
countries.
Together with the announcement this week of the plans to
Increase the capital of the Chase National Bank of this city,
It was made known that a consolidation of the Mutual Bank
with the Chase National is proposed, after the conversion
of the Mutual Bank into a national bank. The latter is
located at 49 West 33d Street. The Chase National, which
has a capital of $40,000,000, will increase the amount to
$50,000,000; with its enlarged capital it will have a surplus
of $40,000,000 and undivided profits of $15,000,000, making
its *vorking capital $105,000,000. Of the 100,000 shares of
1792
THE CHRONICLE
[VOL. 125.
new stock to be issued by the Chase, 7,000 shares will be
Former United States Senator William M. Calder was
issued to the stockholders of the Mutual Bank, the capital elected a director of the Nassau National Bank of Brooklyn
of which is $500,000. The Mutual has surplus and profits on Sept. 22. Mr. Calder is President and Treasurer of the
of over $900,000 and deposits of more than $17,500,000. The William M. Calder Co., director of the Lawyers Title &
Chase National in announcing on Sept. 28 the plans which Guaranty Co., and a director of the Fifth Avenue Builders
have been developed said:
Association.
At meetings of the board of directors of the Chase National Bank and of
the Mutual Bank held to-day the consolidation of the two institutions was
considered and the terms were unanimously approved and recommended
for requisite approval by the shareholders. The terms of the consolidation
are outlined in the letter being sent to the shareholders of the Mutual Bank.
In connection with the consolidation it is proposed to increase the capital
of the Chase National Bank to $50,000,000, divided into 500,000 shares of
$100 each. This represents an increase of 100,000 shares, of which 7,000
shares will be issued to the shareholders of the Mutual Bank on the basis
of 1.4 shares of Chase Bank stock for each share of Mutual Bank stock, and
93,000 shares will be issued to provide additional capital. These shares
will be offered for subscription by the shareholders of the two consolidating
banks on the basis of the largest full unit of allotment, namely, one new
share for each five shares of old stock, at $325 per share. This will require 81,400 shares of the additional stock and the balance, or 11,600
shares, will be issued at not less than $425 per share under an officers'
stock purchase plan. The consideration for the new stock will be allocated
on the basis of $75 per share to Chase Securities Corporation and the balance per share to the Chase National Bank. This will result in the addition of approximately $24,400,000 to the capital and surplus of the Chase
National Bank and approximately $7,000,000 to the capital and surplus of
Chase Securities Corporation. On the consummation of the proposed consolidation the assets of the Chase Bank will be divided approximately:
Capital
$50,000,000
Suprlus
40,000,000
Undivided profits
15,000,000
Combined assets of the Chase National Bank and Chase Securities Corporation will be over
134,000,000
On consummation of the consolidation the Chase National Bank will
have twenty-two banking locations within the city of New York and three
foreign branches. The increase in capital will materially strengthen the
commanding position already occupied by the Chase National Bank, the
directors and management of which will continue as at present. Charles
A. Sackett and Hugh N. Kirkland, President and Vice-President, respectively, of the Mutual Bank, will become Vice-Presidents of the Chase National Bank and will also become Chairman and Vice-Chairman, respectively, of the Advisory Board of the branch (to be known as the Mutual
branch), which is to be established at the present location of the Mutual
Bank, and the present directors of the Mutual Bank will become members
of the Advisory Board of that branch. Eugene Galvin, Cashier of the
Mutual Bank, will became Assistant Cashier of the Chase National Bank
and will continue at the Mutual branch to perform similar services as at
present.
Reference to the proposed increase in the capital of the
Chase was made in our issue of Sept. 24 (page 1664).
The Guaranty Trust Co. of New York announced on Sept.
26 the appointment of Charles M. Schmidt as Assistant VicePresident in its main office fiduciary department. Mr.
Schmidt was formerly an Assistant Secretary.
At the special meeting of st-ockholders of the Seventh National Bank, of New York, which has been called for Oct.
24 next, stockholders will be asked to approve the issuance
of 5,000 additional shares, to be offered to present holders
at a price of $150 per share. It is pointed out that as the
Seventh National Bank stock is quoted around $300 per share,
shareholders will receive valuable rights to subscribe to the
new stock.
Advices by the Associated Press from Niagara Falls,
N. Y., on Sept. 28 stated that the respective stockholders of
the Cataract National Bank and the Bank of Niagara, both
of Niagara Falls, had on that day approved a consolidation
of the two concerns. The new organization, the dispatch
stated, would be known as the National Bank of Niagara &
Trust Co., of Niagara Falls, and would have a capital of
$1,200,000, consisting of 24,000 shares of the par value of
$50 a share.
The following changes have taken place in the personnels
of the Bristol National Bank, Bristol, Conn., and its affiliated institution, the American Trust Co., of that place,
according to the Hartford "Courant" of Sept. 16: Charles
T. Treadway, heretofore President of the institutions, has
become Chairman of the Board of both banks, and has been
succeeded as President by William P. Calder, formerly
a Vice-President of both institutions. Mr. Treadway, who
will continue to take an active part in the affairs of the
banks, has been connected with the Bristol National Bank
since 1905, when he was elected a director. Two years later
he was made President and served continuously until his
recent resignation to become Chairman of the Board. In
1919, upon the organization of the American Trust Co., he
was elected President of that institution also. Mr. Treadway is prominently identified with several corporations and
is also connected with the firm of Conning & Co., investment bankers, of Hartford. Mr. Calder, the new head of
the banks, was born in Hartford and obtained his early
business experience in that city. In 1897, following his
graduation from the Hartford High School, he entered the
employ of the Hartford Steam Boiler Inspection & Insurance Co., which position he later resigned to attend the
Wesleyan University, from which he was graduated in 1903.
His first banking experience was obtained with the Phoenix
National Bank of Hartford, where he was employed eight
years. After four years with the Mutual Life Insurance
Co., Mr. Calder re-engaged in banking, becoming Treasurer
of the Windsor Trust Co., Windsor, Conn., in 1918. The following year, Jan. 1 1919, he Joined the Bristol National
Bank and the then newly organized American Trust Co., as
Vice-President.
George C. Hulick resigned as Secretary-Treasurer of the
Hillside Trust Co. of Newark, N. J., on Sept. 20. The resignation will become effective on Oct. 31. Mr. Hulick will
become associated with the Downtown Trust Co. as its Secretary-Treasurer. This trust company plans to open for
business Dec. 1 1927 in its own building now under conMax Markel has resigned as Vice-President of the
struction. All of the latest banking features will be inChatham Phenix National Bank & Trust Co. of this city,
stalled, including cageless interior.
effective Sept. 21. Mr. Markel prior to his resignation was
In charge of the Bowery branch.
The stockholders of the Newark Trust Co., and the
Merchants Trust Co. both of Newark, N. J., voted on Aug.
George C. Textor and Georg-e Bryant Woods were on Sept. 23 to consolidate under the title of the
Merchants & Newark
23 appointed Assistant Secretaries of the Fidelity Trust Co., Trust Co. The union of the two institutions
became effective
of this city. Mr. Textor began his banking career in 1916 Sept. 19 when they opened under the new
title. The
with the International Bank and continued with the Fi- Merchants & Newark Trust Co. has a capital
of $2,500,000,
delity Trust Co. after its merger with the International surplus of $2,500,000, and individed
profits of $800,000.
Bank. Mr. Woods was formerly Manager of the statistical In a letter to the stockholders of the Merchants
Trust Co.
department of Kean, Taylor & Co. He will be in charge of on July 20, President Arthur L. Phillips said:
the investment advisory department of the Fidelity Trust
The agreement provides for the payment of a stock dividend to shtureholders of Merchants Trust Co. of 25% in order to adjust the book value of
Co.
An application to organize the Commodore National Bank
of this city was received by the Comptroller of the Currency
on Sept. 22. The institution will have a capital of $1,000,000 and surplus of $500,000.
each bank's stock to an equal basis.
The 5,000 shares of stock of the Newark Trust Co. will then be exchanged
for the new Merchants and Newark Trust Co. stock share for share. This
will make outstanding 21,875 shares. The balance of 3,125 shares will be
offered to all the stockholders at the rate of $400 per share in the ratio of
1 share of new stock to 7 shares of old stock, to make the total capital an
even $2,500,000. Rights to subscribe to additional shares will expire
Sept. 15 1927. This enlarged capital will place the bank in a position to
meet the increasing financial requirements of Newark's rapidly expanding
Industries.
The assets of the merged bank will be over $25,000,000 with capital,
surplus and undivided profits in excess of $5,800,000, placing the bank
among the city's largest financial institutions.
The New York State Banking Department on Sept. 18
authorized the Banca Commerciale Italians Trust Co. of
this city to increase its capital from $1,000,000 to $2,000,000.
The approval of the stockholders to increase the capital of
The officers of the Merchants & Newark Trust Co. are
the trust company was noted in these columns Sept. 17, page
Julius S. Ripple, Chairman of the Board; Arthur L. Phillips,
1541.
President; E. Allen Smith, Vice-President and Trust Officer;
Irving H. Pullman was elected a Vice-President of the George L. Frost, Secretary; F. H. Kilpatrick, Treasurer;
Claremont National Bank of this city on Sept. 16.
A. C.Buehler, and Theodore R.Plume,Assistant Treasurers;
and L. E. Ayres, Assistant Secretary. Mr. Rippel had been
OCT. 1 1927.]
1793
THE CHRONICLE
President of the Newark Trust Co. The merger plans of the and Cashier; J. George Krattenmaker and John W. Frank,
two institutions were referred to in these columns July 30, Assistant Cashiers, and B. C. Washington, Trust Officer.
The Mutual Trust Co. was organized in 1907 and two
page 606.
years ago (March 1925) took over the Middle City Bank.
Edward E. Gnichtel was elected a director and Vice-Presi- The institution maintains four branch offices in addition
dent of the F.ederal Trust Co. of Newark, N. J., on Sept. 21. to its main office at 1518 Walnut St., namely at Fourth
At the same time the directors of the company ratified the and Market Sts., 60th and Ludlow Sts.; 2809-11 Germanplans for the merger of the Springfield Avenue Trust Co. town Ave., and Ridge Ave. and Spring Garden St. Its
with the Federal, effective Oct. 1. Mr. Gnichtel will be in capital is $1,000,000 with surplus and undivided profits of
charge of the Springfield Avenue branch. The Federal $784,939, and deposits of $10,014,909. Besides President
Trust Co. announces that there will be no increase in its Gardner,its officers are: Sydney Street, D.B.McKimmie,
stock other than a sufficient amount to exchange for the and J. K. Scattergood, Vice-Presidents; F. C. Hansel,
outstanding stock of the Springfield Avenue Trust Co., Vice-President and Secretary; Paul R. Renn, Vice-President
and Trust Officer; William J. Smedley, Treasurer; Winfield
which is $400,000.
S. Caldwell, Title Officer; George M. Gradel, Assistant
An application to organize the First National Bank & Title Officer; H.F. Scheurer, Assistant Treasurer, and D.D.
Trust Co. of Waynesburg, Pa., was approved by the Comp- Durand and Frank J. Straka, Assistant Secretaries.
A more recent issue of the Philadelphia paper (Sept. 24)
troller of the Currency on Sept. 14. The institution will
have a capital of $250,000 and surplus of $250,000. Its open- says that in connection with the proposed consolidation of
ing date has been set for Oct. 15. The stock, offered at the banks, a special meeting of the stockholders of the
$200 per $100 share, has all been sold and paid for in full; Mutual Trust Co. will be held on Nov. 28 to vote on a.
it was over-subscribed to the extent of 613 shares. S. M. proposed increase in the institution's capital from $1,000,000
Smith is President of the new institution. On the board to $2,000,000, and further states that the name of the new
with Mr. Smith are A. H. Sayers, James R. Cray, Charles organization will be the Union Bank & Trust Co.
Mong, and J. A. Knox, Secretary.
A charter was issued to the Addison National Bank of
Chicago, Ill., by the Comptroller of the Currency on Sept. 14
and the new bank began business Sept. 17. The institution
has a capital of $200,000 and a surplus of $40,000; its stock,
par $100, was sold at $135 per share. The organization of
the bank appeared in these columns Sept. 10, page 1417.
The officers are: President, M. J. Schmidt; Vice-Presidents,
Walter Horn, W. H. Bolton and P. I. Bukowski; Cashier,
N. L. Schank.
The Colonial Trust Company, with head office at 20 South
15th Street,Philadelphia and several branch offices throughout
the city, has been admitted to full membership in the Philadelphia Clearing House Association, effective as of September 28. This marks the first time in sixteen years that
a new member has been admitted to the Clearing House
Association, the last previous admission having been that of
the Pennsylvania Company in 1911.
Still another important consolidation of Philadelphia
banking institutions has been announced in addition to
those noted in our issue of Sept. 17—making the third
within a period of ten days. The institutions involved are
the Union National Bank and the Mutual Trust Co., with
combined resources of approximately $36,000,000. According to the Philadelphia "Ledger" of Sept. 17, the terms
of the proposed union were agreed upon by the banks'
directors at a meeting held on Sept. 15, and are subject to
ratification by the respective shareholders of the institutions at meetings to be held shortly. The merger terms
provide for the exchange of Union National Bank stock for
stock in the new organization on a share-for-share basis
and for the issuance of nine shares of stock in the new bank
for each 20 shares of present outstanding stock of the
Mutual Trust Co. The consolidated bank will be headed
by J. S. McCulloch, the present head of the Union National
Bank. Samuel F. Scattergood has resigned the Presidency
of the Mutual Trust Co. and is succeeded in that office by
Edgar S. Gardner,formerly a Vice-President of the company,
who will continue to serve until the merger has been completed in its entirety. The present headquarters of the Union
National Bank, at Third and Arch Sts., it is said, will be
the head office of the enlarged bank, but eventually the
main office will be moved to the present headquarters of the
Mutual Trust Co. at 1518 Walnut St. (a new 18-story bank
and office building recently opened) and the Third and Arch
Sts. building will be used as a branch office of the enlarged
bank.
The Union National Bank was first chartered May 5, 1857
becoming a national institution in 1864, following the passage of the National Banking Act. In 1908 it purchased the
assets of the Consolidation National Bank and seven years
later the Manufacturers' National Bank was merged with
the institution. It is capitalized at $1,000,000 with surplus
and undivided profits of approximately $1,550,000, and has
deposits in excess of $18,000,000. The officers in addition
to Mr. McCulloch are: Henry F. Mitchell, 0. Stuart
White, Vice-President; Frederick Fairlamb, Vice-President
--4--
Festus Ja Wade, President of the Mercantile Trust Co.,
of St. Louis, and for more than twenty-five years an outstanding figure in St. Louis financial circles, died at his
home in that city on Wednesday of this week (Sept. 28)
after a short illness with penumonia. He had been in ill
health for many months and at the time he was stricken
with pneumonia was thought to have been on the road to
complete recovery from an operation for an infection of the
throat, which he underwent on Aug. 9. He was 67 years of
age. Mr. Wade was born in Limerick, Ireland, but when
only a year old was brought to America by his parents, who
settled in St. Louis. He obtained only elementary schooling in the St. Louis public schools and went to work when
10 years old. From then until he was 29 years of age he
had many and varied occupations. In the meantime he
managed to take a business school course, which helped to
fit him for the business in which he eventually became a
leader. At 29 Mr. Wade became a real estate broker, and
started one of the first exclusively real estate firms in St.
Louis. In 1899 he helped organize the Mercantile Trust Co.,
of which he was President until his death: A special dispatch from St. Louis to the New York "Times" reporting
the financier's death contains the following:
On Nov. 4 1899, the Mercantile Trust Co. was organized with Wade as
President Its first location was in the offices which the real estate cornany had occupied. Then a building was constructed across the street on
the northeast corner of Eighth and Locust streets. It has twice been
enlarged, until it now covers half a block and extends along Eighth Street
from Locust to St. Charles Street. The first offices had 2,500 square feet.
The present quarters occupy 93,000 square feet.
Total deposits at the time the bank was organized were $17,000, as
against approximately $60,000,000 to-day. Capital and surplus then were
$500,000 each, while the capital now is $3,000,000, the surplus and undivided profits in excess of $8,000,000.
As President of the trust company, Wade soon became a leader of the
financial world, not only of St. Louis, but of the country. The bank's
financial ventures have been varied and many, the institution having financed many projects throughout the Southwest
Once Mr. Wade, with a group of associates, invaded the heart of the
country's leading financial district to employ their business acumen to
realize a substantial profit out of a real estate deal. They made a profit
of $500,000 on the buying and selling of 1 Wall Street, New York, a syndicate of which the late Lorenzo E. Anderson and R. King Kauffman also
were members, bought the property, which had a frontage of 30 feet on
Broadway and 40 feet on Wall Street, for $700,000 and sold it for $1,200,000.
Mr. Wade attended the International Chamber of Commerce meeting
held in Paris in 1920 as Chairman of the American Bankers Association
committee. In 1921 President Harding invited him to a conference of
financiers and business men on the economic situation. He served on the
currency committee which drafted the Federal Reserve Act, and was for
some time a member of the Federal Advisory Council of Banks.
A special dispatch from Martin, Tenn., on Sept. 22 to the
Nashville "Banner" reported the closing for liquidation on
that day of the People's Bank of Martin, a notice to that
effect appearing on the bank's door. Examiners sent by the
State Banking Department, the dispatch said, were in charge
of the institution, which is capitalized at $25,000, and has
total deposits of $113,141. "Frozen loans" was given as the
reason for liquidating the bank. The decision to liquidate,
the dispatch said, was reached at a meeting of the directors
and the examiners (J. S. Hunt and C. E. McFarland). At
this meeting, the dispatch reported, K. H. Warren and Joe
Banes, the President and Cashier, respectively, of the bank,
were exonerated from any blame in connection with the
1794
THE CHRONICLE
[Wu 125.
situation. The advices furthermore stated that the bank's THE WEEK ON THE NEW YORK STOCK EXCHANGE.
offlicers predicted on the day of the closing that all the deThe New York Stock Market has been irregular and somepositors would be paid in full and that the stockholders what confused during the greater part of the present
week,
would get some return on their investment.
and the general tendency has been toward lower prices until
Friday, when the price trend was upward. Railroad
stocks, especially those in the Van Sweringen group, have
displayed moderate improvement. Public utilities have
been uniformly, though moderately, strong, the copper
stocks have been active and higher and oil stocks, with the
exception of Houston Oil, were practically at a standstill.
The market continued its upward trend during the short
session on Saturday, the new General Motors stock moving
to the front with an advance of 3 points, which carried it
across 135. General Motors old stock also was in strong
demand and sold up to 271 at its high for the day. Mack
Trucks continued strong and rose to 10734, followed by
Hudson and Chrysler, which closed with substantial gains.
Railroad issues displayed a firm tone with New York Central
and Erie issues in strong demand at steadily improving
prices, though trading in this group was not particularly
heavy. Price movements were irregular and confused during
the greater part of the day on Monday,and some of the conspicuously prominent stocks moved around with considerable
violence. United States Steel common slipped back from a
high at 153 to 148% and General Motors new stock dipped
from 1363 to 13034. The erratic movements of the two
market leaders had a pronounced influence on the rest of the
issues and many prominent stocks had a range of from
1 to 9 points in the downward movement. One noteworthy
exception to the general trend was the public utility stocks,
The following in regard to the affairs of the Los Angelesstrong
First National Trust & Savings Bank, under date of Sept. 22, which moved briskly forward to higher levels. The
issues in this group included Standard Gas & Electric, North
was received from the bank this week:
American, Electric Power & Light, American Power & Light
Definitive stock certificates covering the recent issue of 140,000 shares
of new $25 par value stock of the Los Angeles-First National Trust & and Philadelphia Co. Many of the so-called specialties had
Savings Bank will be available for distribution to subscribers beginning alternate periods of advance and recession, the new ComFriday morning, Sept. 23, it was announced by the bank yesterday
mercial Solvents having an extreme range of 6 points and
(Sept. 21).
Subscribers to the new stock may receive the actual certificates upon ending the session with a loss of.4 points. Du Pont slipped
presentation to the head office of the Los Angeles-First National Trust & back 934 points and recovered 234, American Smelting
Savings Bank, Seventh and Spring streets, of their non-negotiable receipts
dropped from 177 to 17334 and closed at 1743. Baldwin
Issued by the bank at the time the subscriptions were made.
This announcement replaces an earlier announcement of the bank to Locomotive advanced 434 points and closed with a loss of
the effect that the exchange of stock for non-negotiable receipts would be 3 points and Timken Roller Bearing had a loss of 4 points
J. Ross Clark, a Vice-President of the Citizens' National
Bank of Los Angeles and one of the prominent pioneer capitalists of Southern California, died suddenly at his home
In Los Angeles on Sept. 18 in his 78th year. Death followed
an illness of several months. Born in Pennsylvania, Mr.
Clark with his brother, the late Senator William A. Clark,
migrated to Montana and started in the banking business.
Later—about forty years ago—he went to California, where
he became identified with the early industrial development
of the State. With his brother, the Senator, he built the
Salt Lake Railroad (eventually sold to the Union Pacific
Railroad), floating a bond issue of $70,000,000 for the purpose, a big undertaking for those days. For many years he
was Vice-President and executive head of the road. Mr.
Clark was one of the founders of the Citizens' National
Bank—of which he was a Vice-President at his death—and
also of its affiliated institution, the Citizens' Trust & Savings Bank of Los Angeles. In addition to his banking interests, he was also President of the Los Alamitos Sugar Co.,
said to be the first organization of its kind to be formed in
Southern California, and President of the Montana Land
Co. Mr. Clark was a Mason and held membership in several California clubs.
made on and after Oct. 1.
William D. Woolwine, Vice-Chairman of the Merchants'
National Trust & Savings Bank of Los Angeles, and for
many years prominent in financial affairs in California,
died of heart disease in Paris on Sept. 21, while on a European tour. Mr. Woolwine, who was 72 years of age, was
born at Christiansburg, Va. After obtaining his education
in village schools of Christiansburg and Pearlsburg, Va.,
he was employed for three years in a store in the latter
place. In 1886 Mr. Woolwine left Virginia and went to
California, settling first in San Diego, where •he entered
the banking business. In 1888, with others, he organized
-the Bank of San Diego and remained with the institution as
Its Vice-President until it was merged with the First National Bank of San Diego in 1889. He then assumed the
position of Assistant Cashier of the consolidated bank, subsequently becoming its Cashier. In January 1894 Mi. Woolwine moved to Los Angeles and became Cashier of the
Savings Bank of Southern California, holding the post for
four years, when he accepted the Cashiership of the Los
Angeles National Bank and remained In that institution
until 1903. His rise continued. In 1904 he became VicePresident of the Southern California Savings Bank and
two years later resigned the position to accept the VicePresidency of the National Bank of California. In 1917,
when the institution was merged with the Merchants' National Bank of Los Angeles, Mr. Woolwine was made a VicePresident of the enlarged bank and held this position until
January 1924, when he was elected President. Finally, when
in October of last year the Merchants' National Bank and
the Hellman Commercial Trust & Savings Bank consolidated
to form the present Merchants' Trust & Savings Bank, Mr.
Woolwine became Vice-Chairman of the Board of the new
organization, the position he held at his death. The de.leased banker was a member of the Los Angeles Chamber
of Commerce.
Lloyds Bank, Ltd., of London, announces that Sydney
Parks, Joint Manager of the city office, has been appointed
an Assistant General Manager of the bank, and that G. L.
Potter, from Bradford, has been appointed Joint Manager of
the city office in his place.
•
in all to 1147'.
On Tuesday selling again predominated and, though
several attempts were made to steady the market, the trend
was generally toward lower levels. Public utilities continued
.to make a better showing than any other group, and some
issues moved briskly forward to new peaks, though not all
of the gains were retained. United States Steel common
alternated between strength and weakness all through the
day. General Motors sold up to 265, declined to 261 and
later recovered all of its loss. Railroad stocks were moderately strong, Ches. & Ohio, N. Y. Central and Chicago &
North Western all moving upward. In the final hour there
was a sharp run up in Houston Oil, which sold up to 152.
Baldwin Locomotive moved up from a low of 247 to a high
of 249 and then slipped back to 248,and Du Pont made a
net gain of 24 points. Irregularity again characterized the
movements of the stock market on Wednesday, the strong
spots of the day centering around the railroad shares and
public utility stocks. In the railroad group Chesapeake &
Ohio assumed the leadership early in the session and crossed
200 to the highest point in its history. Speculative interest
was also attracted to N. Y. Central, New Haven and Texas
Pacific, the latter selling above par. Mercantile issues
moved briskly forward under the leadership of Sears-Roebuck, which sold at the highest for the present no par value
shares. Some of the market leaders were weak in the final
hour. This was particularly true of General Motors old
stock, which had a decline of 8 points and United States
Steel common, which sold down to 147, a loss of 14 points
from the high record made about ten days ago. American
Smelting yielded about 3 points and General Motors new
stock slipped under 130, which carried it nearly 10 points
below its recent high level.
The stock market was somewhat mixed on Thursday,
many issues moving up to the highest prices in their history,
while other stocks equally prominent in the general trading
slipped back to new low levels. Abitibi Power & Paper
traveled over a particularly wide range and moved up over
12 points to a new high in all time at 127. International
Paper reached the highest price of the present capitalization
when it shot upward 3 points to above 60. Railroad shares
continued forward, Ches. & Ohio gaining over 2 points and
establishing a new top at 20634. Erie issues, N. Y. Chicago
& St. Louis, Pere Marquette and Nickel Plate also improved
and closed with substantial gains. Baldwin Locomotive
was again strong and bounded upward 9 points to 2573/s.
Trading in the motor stocks was on an unusually large scale
all through the day, General Motors declined more than
%
2 points to 2573-i, and the new stock dipped to 1283 ,though
both issues regained their early losses before the close. Houston Oil was another strong stock and advanced 7 points to
above 136; Atlantic Refining, after a fractional loss, again
moved upward 3 points tco 120. United States Cast Iron
Pipe & Foundry advanced 5 points to 207. American Smelting & Refining came back to 1713 ,but again slipped down
%
to 1693/i at the close. The market turned strongly upward
on Friday and practically all classes of stocks were included
in the forward movement, and a long list of new highs was
recorded before the close. At first the railroad shares
assumed the leadership of the market, Ches. & Ohio, N. Y.
Central and Erie standing out conspicuously in the advances.
Other strong railroad stocks included N. Y. Chicago & St.
Louis, Texas & Pacific and Atlantic Coast Line. The advances were most pronounced among the industrial specialties, such as General Electric, American Smelting & Refining, General Asphalt, Case Threshing Machine, Gillette
Safety Razor and General Railway Signal, all of which moved
upward from 3 to 7 points. As the day advanced motor
shares again moved to the front and advanced more than
5
6 points to 166. Du Pont sold up to 334/s, making a net
gain of 6% points. The copper stocks were active and
strong The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
sbc..
Bonds.
State,
Municipal it
Foreign Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
907,250
1,948.850
1,897.940
2.142,050
2,142,610
2,334,900
83,594,150
6.828,000
9.402.100
9,820,500
6,931,000
7,168,000
81,076.000
2.247,000
2,993,000
2,118.000
3,269,500
2,464,000
8331,500
1,544,000
780,500
2,754.000
405,000
1,164,000
Total
11,373,600
843.743,750
814,167,500
66.979,000
Week Ended Sept. 30.
Sales at
New York Stock
Exchange.
Week Ended Sept. 30.
1927.
Stocks
-No,of shares_
Bonds.
Government bonds__ State and foreign bonds
Railroad itz misc. bonds
Total bonds
1926.
United
States
Bands.
Jan. 1 to Sept. 30.
1927.
1926.
11,373.600
8,431,615
413,147,153
340,200,320
$6,979,000
14,167,500
43,743,750
$3,947,300
10.814,000
30,255,500
8231,799,800
617,010,600
1,632,976.300
8201,112,000
488,089,950
1,510,588,200
864,890,250 845,016,800 82,481,786,700 82,199.790,150
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Sept. 30 1927.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
1795
THE CHRONICLE
OCT. 1 1927.]
Philadelphia.
Baltimore,
Shares. Bond Sate,. Shares. Bond Sales. Shares. Bond Sales.
*18,709
*32,333
*27,798
*30,242
*28,930
15,207
$12,000
20.400
18,100
18,000
19,150
12,000
43.010
36,921
28,511
35,724
29,060
17,486
819,000
14,600
12,500
7,000
30,000
41.000
2,430
2,579
3,255
3,806
2,304
3,625
$24,000
53,400
20,700
77.900
45,200
37,000
153,219
$99,650
190,712
8124,100
17,999
8258,200
202,176
$177,050
199,693
899,200
22,179
$172,800
* In addition, sales of rights were: Saturday, 2,635; Monday, 4,548; Tuesday;
7,379; Wednesday, 7,231; Thursday, 10,780,
THE CURB MARKET.
Curb Market trading was in good volume this week, with
the course of prices irregular, though there was a tendency
to advance. N. Y. N. H. & Hartford preferred stock was
active and advanced from 108% to 1113/ N. Y. Central
8
.
new stock lost 23. points to 164%, but recovered to 168%.
5
3
Bucyrus Co.conimon sold up from 66% to 75%. Caterpillar
Tractor gained 53/ points to 443/2, but reacted finally to
4332. Deere & Co. after an early advance from 1693/i to
173% dropped to 167, moved upward again, reaching 180,
the close to-day being at 175. G. C. Murphy, common,
moved up from 67 to 733' and eased off finally to 713/2.
Royal Baking Power common dropped from 275 to 2253,
recovered to 273 and ends the week at 265. Tubize Artificial Silk class B sold down at first from 287 to 2773/2, then
up to 302%, the close to-day being at 301. U. S. Freight
advanced from 102 to 1153%, reacted to 109 and finished today at 1113%. In public utilities Amer. Gas & Elec. common
declined from 1163/i to 1123%, recovering finally to 1143 .
%
Electric Bond & Share Sec. was a strong feature moving up
1
%
from 753/i to 803 , the close to-day being at 79%. Oil
stocks were quiet and lower. Humble Oil & Ref. lost over
two points to 62% and recovered finally to 63%. Imperial
Oil of Canada was strong, advancing from 583% to 64, the
close to-day being at 61. Prairie Pipe Lino fell from 185
to 181%,the final figure to-day being 1813%. Russian bonds
experienced an active market for a time and reached new
high prices for the year. Later they reacted and much of
the improvement was lost.
A complete record of Curb Market transactions for the
week will be found on page 1825.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares)
Week Ended Sept. 30.
101,915
247,720
174,495
229,875
204,015
196,860
49,450
105,900
79,800
73,450
47,600
67,860
1,154.880
424,060
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
BONDI(Par Value).
Domestic.
Oil.
Ind &Miss
Foreign Govt.
$1,282,000
2,927,000
2,754,000
2,929,000
2,636,000
2,963,000
$326,000
1,509,000
408,000
325,000
585,000
459,000
322,970 $15,491,000
$3,612,000
58,650
59,900
32,610
57,000
80,100
34,710
-Concluded from page 1828.
Curb Market Transactions
Foreign Government
and Municipalities
(Concluded)
Mendoza (Prov) Argentina
1951
734s
Montevideo (City) 6s_1959
Mtge Bk of Bogota 75.1947
Mtge Bk of Chile 65_ _1931
Mtge Bk of Jugoslavia 75'57
Neth'ds (Kingd'm) BBB '72
Nuremberg (City) 68_1952
Peru (Republic of) 78.1959
Prussia(Free State)630'51
Rio Grande do Sul (State)
Brazil ext 7s(of 1927) '66
En!at 7s (of 1927)_1967
Russian Govt 634s___ 1919
636s ctfs
1919
536s
1921
534s certificates_ ___1921
Santa Fe (City) Argentine
Republic ext1 7s__ _1945
Saxon State Mtge Inv 78'45
6 368
1946
Serbs Croats & Slovenes
(King) ext sec 7s ser B '62
Switzerland Govt 536s 1929
Friday
Last Week's Range Sales
for
ofPrices
Sale
Price Low. High. Week.
Range Since Jan. 1
Low.
High.
June 994
9734 9631 97% 45,000 95
28,000 9136 July 94%
934 94
914 914 9236 12,000 914 Sept 95%
July 994
97
96% 97
35,000 94
87% 87% 884 141,000 82 June 92%
10634 10636 2,000 )05,'4 Sept 109
954 95
9536 104.000 9.4 Sept 9534
92,000 9( May 102
99% 9934 100
994 9936 9934 183,000 96 June 10034
9736
9634
9734
9636
1734
16%
17
17
16%
974 59,000
29,000
97
2536 235,000
204 133,000
20% 254,000
2036 89,000
96
96
12
1136
11%
12
July
Aug
June
July
July
June
Jan
Feb
Aug
Feb
Apr
Jan
Sept
Sept
Feb
984 Jan
974 June
204 Sept
20% Sept
20% Sept
20% Sept
9136 June 9536 May
99% Apr 102% Feb
Sept
964 June 101
93
94
33,000
93
1004 100% 12,000
9836 98% 49,000
884
884 8934 402,000 86
101% 10234 6,000 101
June 924 Apr
July 10234 Sept
COURSE OF BANK CLEARINGS.
Bank clearings this week will show a small increase
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day
(Saturday, Oct. 1), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 1.0% larger than for the corresponding week
last year. The total stands at $10,424,805,590, against
$10,325,619,428 for the same week in 1926. At this centre
there is a gain for the five days of 6.4%. Our comparative
summary for the week is as follows:
1927.
1926.
Per
Cent.
$4,900,000,000
561.205,432
461,000.000
382,000,000
106.595.437
111,900,000
165,770,000
133,737,000
148,420,449
133,305,886
103,712,413
77,566.267
63,269,973
84,606,000,000
529,963.517
451,000,000
358,000,000
117,667,337
117,500,000
154,608,000
141,057,000
158,837,736
142,416,697
97,232,454
88.714,693
71,211,953
+6.4
+5.9
+2.2
+6.7
-9.4
-4.8
+7.2
-5.2
-6.6
-6.4
+6.7
-12.6
-11.2
Thirteen cities,5 days
Other cities, 5 days
$7,348,482,857
1,088,855,135
$7,034,209,387
1,096,329,875
+4.5
-0.7
Total all cities, 5 days
All cities, 1 day
$8.437,337,992
1,987.457.598
$8,130,539,262
2,195,080,166
+3.8
-9.5
tin at94 RAR gon gin :12S RIO 42R
4-1.0
Clearings-Returns by Telegraph.
Week Ended October 1.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
.r...i.di of.leos fro. sonalr
•
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous
-the week ended Sept. 24. For
that week there is an increase of 20.3%, the 1927 aggregate
of clearings being $10,777,839,050 and the 1926 aggregate
$8,955,619,588. Outside of New York City the increase
is only 2.8%, the bank exchanges at this centre having
increased no less than 35.4%. We group the cities now
according to the Federal Reserve districts in which they are
located, and from this it appears that in the New York
Reserve District (including this city) the totals are larger
by 34.6%, in the Boston Reserve District by 3.2% and in
the Philadelphia Reserve District by 2.3%. The Cleveland
1796
THE CHRONICLE
Reserve District shows a gain of 0.5%,the Richmond Reserve
District of 1.0% and the Atlanta Reserve District of 3.8%.
In the Chicago Reserve District the clearings show a loss
of 11.6%, and in the St. Louis Reserve District of 1.8%,
but in the Minneapolis Reserve District they run 16.2%
larger than a year ago. In the Kansas City Resrve District
there is a decrease of 1.0%, but the Dallas Reserve District
has 2.3% increase and the San Francisco Reserve District
0.7% increase.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Sept. 24 1927.
1927.
Inc.or
Dec.
1926.
1925.
%
+3.2
+34.6
+2.3
+0.5
+1.0
+3.8
-11.6
-1.8
+16.2
-1.0
+2.3
+0.7
1924.
Federal Reserve Dists.
S
1st Boston._ _ _12 cities
495,741,103
2nd New York 11 "
6,656,028,960
3rd Phlladelphial0 "
578,679,152
4th Cleveland__18 "
405,731,9E3
187,369,182
5th Ittchmond..16 "
227,881,870
6th Atlanta_ ....13 "
958,377,477
7th Chicago _ _20 "
.
220,879,649
8th St. Louis. 18 "
151,109,423
9th Minneapolls17 "
257,639,424
10th Kansas City12 "
15 "
98,841,359
110 Dallas
539,559,468
12th San Fran_ _17 "
$
480,168,410
4,944,132,761
565,536,383
403,840,635
185,538,171
219,489,106
908,963,466
034,963,659
130,016,835
260,291,585
96,624,360
536,051,217
$
443,677,192
5,034,776,187
591,073,602
387,198,538
205,080,669
290,008,790
942,047,766
234,296,688
149,860,889
248,741,409
96,166,967
539,252,246
5
420,131,620
4,619,657,528
512,394,571
3 3,788,453
4
174,309,015
192,266,820
838,718,857
192,484,310
145,205,656
737,868,560
81,102,198
431,552,423
129 cities 10,777,839,050
Total
4,244,969,419
Outside N. Y. City
8,955,619,588 +20.3 9,162,180,943
4,130,417,842 +2.8 4,238,275,492
8,189,480,011
3,667,142,069
."...
91
nI.Idm
AM nal AA
'no 1157 000
.4.001
110 OM 411
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Sept. 24.
1927.
1926.
Inc. or
Dec.
1925.
$
$
%
First Federal Reserve Dist rict-Boston Me.
-Bangor.._ _
666.970
709,470 -6.0
_
4,126,714
3,298,303 +25.1
Portland
-Boston _. 441,000,000 431,000,000 +2.3
Mass.
2.186.475
1.883.328 +16.1
Fall River.._.
a
a
a
Holyoke
955,214 -0.4
d951.000
Lowell
a
a
Lynn
a
1,015.356
1,078,511 -5.9
New Bedford_.
5,166.510 -2.2
5,050,491
Springfield_ _ .
3,408,338
2,986.195 +14.1
Worcester.-. .
16,340,963
12,582,286 +29.9
.Conn.-Hartfor 1
7,567,021
6,471,300 +16.9
.
New Haven..
13,565,000 -6.4
R.I.-Providenc e
12,698,500
472,293 +54.4
r
-Manche'
729,277
N. H.
) 495,741,103
Total(12 cities
480,168,410
Second Feder al Reserve D strict-New
5,744.325
5.782,960
-Albany._
N. Y.
1,182,600
Binghamton_ _ _
964,827
53,205,184
50,431,085
Buffalo
902,041
Elmira
882.794
1,317,100
1.424,310
Jamestown._ _ _
New York... _ 6,532,869,631 4,825,201,746
12,113,655
_
11,964,319
Rochester_
5.974,463
4,874,576
.
Syracuse
c4,336,638
3,912.730
Conn.-Stamfor,
1
714,131
790,000
N. J.-Montclalr
40.478,123
35,094,483
Northern N. J.
+3.2
1924.
$
$
592,695
3,285,803
397.000.000
2,071.184
a
869,122
a
1,167,304
5,366,912
3.224,826
12,108,840
6,087,187
11,269,900
633,419
729,309
3,353.840
376,000,000
1,658,774
a
949,728
a •
1,238,658
5,002,517
3,328,978
10,858,341
5,994,616
10,383.800
533,059
443,677.192
420,131,620
York
4,924,252
+0.7
5,179,439
+22.6
816,200
794,000
-5.2
52,943,421
43,128.718
+2.2
920,743
677,010
1.369,474
-7.5
1,083,940
+35.4 4,923,905,451 4,522,337,942
-1.2
10,169,109
10,055,450
5.347,269
+22.6
4312.324
+10.8
4.106,153
2,915,447
+10.6
532,464
643.104
29,741,651
+15.3
28,730,154
)
Total(11 cities 6,656.028,960 4,944,132,761 +34.6 5,034,776,187 4,619,657,528
Third Federa , Reserve Dist rict-Philad elphia
1,634,257 +4.5
.
1,707,229
Pa.
-Altoona...
4,869,094
5,307,098 -8.3
Bethlehem _ _ .
1,165.405
1,222,850 -4.7
Chester
1,877,961
+9.2
2,050,592
Lancaster.....
Philadelphia . 539,000,000 534,000.600 +0.9
•
4.004,000
3,799,612 +5.4
Reading
12.279,410
.
5.929,610 +107.2
Scranton
4,486,614 +19.1
Wilkes-Barre_ , .c15,343,363
1,539,044
1,714,587 -10.2
York
6,721,016
5,563,794 +20.8
-Trenton. •
N.J.
Del.-Wilming'n
a
a
a
1.658,398
5,280,111
1,486,839
2,434,482
560,000,000
3.487,310
5,414,061
4.123,415
1.735.927
5,453.059
a
1,541,171
4,132,933
1,286,882
2.540,843
485,000,000
2,756,273
5,633,578
3,262,684
1,732,528
4,507,679
a
591,073.602
512,394,571
Fourth Fede al Reserve D istrict-Cler land7,103.000
6,036.000 -2.6
5,878,000
Ohlo-Akron _ _ _
2,004,647
3,293,745 +13.1
3.725,261
Canton
71.029,338
+3.1
72,039,601
74,243,888
Cincinnati
+9.4 114,076,633
124,076,587 113,403,166
Cleveland
13,106,200
14,928,100 +25.8
18,777.000
Columbus
a
a
a
a
Dayton
a
a
a
a
Lima
2,075,421
2,834,375 -15.5
d2,396,277
Mansfield
a
a
a
a
Springfield....
a
a
a
a
Toledo
5,264,976
4,557,163 -0.8
4,518,516
Youngstown-rt.-Pittsburgh
. 172.116.454 186,748,485 -7.8 172,538,325
8.758,000
4,197,774
59.859,757
97.686,278
12,644,400
a
a
1,749,658
a
a
3,905,522
154,987,064
Total(10 citten
578.879,152
565.536.383
403,840,635
+2.3
+0.5
387,198.538
343,788,453
Fifth Federal Reserve Dist rict-Richm ond1,323,534 -10.4
1,185,743
W.Va.-Hunt'o
8,160,723 -34.5
d5.344,588
Va.-Norfolk__ _ _
49,532.368 -1.3
48,877,000
Richmond
3,247,919 -14.3
d2,785,146
S.C.-Charlesto
99,118,308 +6.6
Md.-Baltimore. 105.637,869
24,155,319 -2.6
23,538,836
D.C.-Wash'gtofl
1,285,602
7.854,423
63,533,000
2,883,832
105,203,246
24.320,566
1,445,211
6,344,103
53,640.000
2,753,049
88,711.652
21,415,000
+1.0
205,080,669
174.309,015
Sixth Federal Reserve Dist rict-Atlant 58,220,290 +16.2
d9,549,377
Tenn.-ChatVga.
2.923,883 + 11.2
*3,250,000
Knoxville
20,777,293
+7.5
22,336.956
Nashville
57,891,319 +8.0
62,539.322
a.-Atlanta_ _
3,246.692 -3.4
Augusta
3,135.558
1,990,594 +63.1
Macon
3,246.083
a
Savannah
a
a
22,013,161 -22.5
1a.-Jack'nville.
17,058,096
Miami
4.095,000 -2.1
4,011,000
Ala.-Birro'gh'm.
26,578,269 +19.1
31,662,244
1,946,099 -5.7
Mobile
1,836,056
-Jackson..
2,452,000
Miss.
1,928,630 +27.1
467,945 +12.4
Vicksburg
526,192
Lit.-NewOrleans
67.409,931 -1.7
66,278,988
8,493,310
2,892,314
21,548.942
85,611,094
2,621,587
2,300,853
a
32,070,618
26.979,461
28.486,668
2,055.018
1,977,986
732,373
74,240,566
6,197,080
3,204,645
18,497,577
54,390.095
2,063,856
1.696,493
a
12,927,271
2,843,834
25,969,460
1,850,858
1,571,000
380,651
60,674,000
Total(8 cities)
Total(6 cities).
Total(13 cities)
405,731,983
187,369,182
227,881,870
185,538,171
219.489.106
+3.8
290,008,790
192.268,820
Week Ended Sept. 24.
Clearings at
1927.
Inc. or
Dec.
1926.
1925.
1924.
5
$
Seventh Feder al Reserve D strict-Chi cagoMich.
-Adrian _
244,676
237,481
.
+3.0
194,779
Ann Arbor_ _1,066,552
1,077,845 -1.0
1,222,158
Detroit
177,075,711 186,738,222 -5.2 182,074.283
Grand Rapids_
7,654,147
8,155,940 -6.2
8.713,277
Lansing
2,455,405
2,651.114 -7.4
6,539,691
Ind.
-Ft. Wayne
2,826,881
2.570,958 +10.0
2,509,419
Indianapolis...
21,563,000
21,878.000 -1.4
16,172,000
South Bend_ - 2,994,800
2,838,300 +5.5
2.433,500
Terre Haute_ _ _
4,771,510
4,789,737 -0.4
5.425,391
Wis.-Milwaukee
40,828,254
37,910,380 +7.7
37,551,298
Iowa-Ced. Rap_
2,724,364
2,511,260 +8.5
2,553,143
Des Moines...
9,329,450
9,622,000 -3.0
10,054,808
5,906.675
Sioux City_ _ _ 5,870,562 +0.6
6,139.078
1,217,347
Waterloo
1,205,929 +0.9
1,389,208
-Bloomington
Ill.
1,562,254
1,459,508 +7.1
1,492,247
665,278.377 608,008,389 +9.4 646,410,125
Chicago
Danville
a
a
a
a
1,309,452
Decatur
1,245,235 +9.4
1,474,605
4,416,280
Peoria
4,997,396 -11.6
4,871.867
Rockford
3,076,459
2,820,396 +9.1
2,462.07o
Springfield....
2,074.883
2,374,814 -12.6
2,364,814
Total(20 cities) 958,377,477 908,963.466
Eighth Feder al Reserve D istrict-St.
-Evansville.
5,584,193
Ind.
5,027,004
Mo.-St. Louis.- 138,200,000 143,800,000
Ky.-Loulsville33,035.234
31,093.465
Owensboro_ _ _ _
323.435
250.000
-Memphis
Tenn.
25,587,506
25,861,035
-Little Rock
16,308,313
Ark.
17,100,854
-Jacksonville.
321,833
Ill.
343,610
1,519,135
1387,691
Quincy
--11.6
Louis
i-11.1
--3.9
i-6.2
i-29.4
--1.1
191,472
1,090371
155,706,700
6,444,479
2,137,324
1,948,042
17,570,000
1,997.000
5,302.908
33,411.242
2,406,581
9,905.885
6,246,235
1,552,468
1,336.462
581,437.374
a
1,333.903
4,272,988
2,152,721
2,274,604
942,047,766
838,718.887
5,453,749
141,200.000
30.012,104
279,452
34,866.308
20,798,458
388,753
1,297,864
4,246,599
125,300,000
31,511,132
313,199
17,102,639
12,378,189
345,117
1,287,479
Total(8 cities). 220,879,649 224,963,659 -1.8
Ninth Federal Reserve Dia trict-Minne spoils
Minn.
-Duluth.. d 18,806.182
9,868,084 +70.3
Minneapolis
96,818,990
84,055,131 +15.2
29,429,190
28,998,827 +1.5
St. Paul
1,837,993
N. Dak.-Fargo.
1,726,835 +6.4
-Aberdeen.
1,695,235
S. D.
1,240,851 +36.6
-Billings_
Mont.
795,853
674,178 +18.0
3,726,000
3,452,929 •+7.9
Helena
234,296,688
192,484.310
13,909,725
99,132,181
29.245,104
1,501,640
1,594,206
760.664
3,717,369
14,474,476
94.693,296
29,164,417
1,555.810
1.554,999
600,341
3.162,397
Total(7 cities).
Tenth Federal
Neb.-Fremont _
.
Hastings
Lincoln
Omaha
Kan.
-Topeka _ Wichita
Mo.-KansasCity
St. Joseph- - - Okla.
-Okla. City
Tulsa
-Col. Spgs.
Colo.
Denver
Pueblo
110 ATI 00A
Clearings at
[VOL. 125.
149,860,889
145,205,656
494.552
494,855
3,999,988
41,468,745
2,765,154
7,135,785
134.065.729
6,644.592
29,550,425
a
1,074,780
19,874,950
1,171,854
347,327
538,363
3,360,132
40,872,444
2.808.085
6,840,698
129,355,551
6,272,996
25,602,479
a
1,016,545
20,057,332
796,608
248,741,409
237,868.560
2,101,530
59,736,790
14,478,066
12,773,700
a
7,076,881
2,304,823
49,121,061
13,517,140
11,103,930
a
5,055,244
+2.1
151,109,423 130,016.835 +16.2
Reserve Dis trict Kane as City
d334.052
320.760 +4.1
413,002
464,120 -11.0
4,434,104
4,195,371
+5.7
41,891,317
41,610,262 +0.7
d3.446,418
3,065,543 +12.4
d8,373,406
8,089.774
+3.5
138,396,274 140,333.466 -1.4
6,435,904
6,558,009 -1.9
d31,176,832
34,587,519
a
a
a
1,138,976
1,264.303 -9.9
20,154,980
18.685,602 +8.0
1,444,159
1,139,856 +26.7
Total(12 cities) 257,639,424 260,294,585 --1.0
Eleventh Fade ral Reserve District
-Da IlasTexas-Austin...
1,901,245
2,024,204 --6.1
Dallas
64,307,080
58,011,634 +10.9
Fort Worth _ _ d13,785,649
14,986,433 --8.0
Galveston
8,648,000
14,792,000 --41.5
Houston
a
a
a
La.
-Shreveport_
6,199,385
6,810,089 -9.0
Total(5 cities).
98,841,359
96,624,360 +2.3
96.166,967
81,102,198
Twelfth Feder al Reserve D istrict-San Franci 8C0-Wash.
-Seattle..
26,861,162
74,252,242
46,218.184 -41.9
38.582,403
Spokane
14,082.000
12,654,000 +11.3
12,470,000
11,600,000
Tacoma
a
a
a
a
a
Yakima
1,571,215
1,495,753 +5.0
1,735,829
1,469,165
Ore.
-Portland..
43,213,699
42,777,077 +1.0
37,394,391
37,050,853
Utah-SaltL.City
18.733,062
19,727,416 -5.0
18,845,565
14,970,261
Nev.-Reno
a
a
a
a
a
Ariz.
-Phoenix
a
a
a
a
a
Calif
.-Fresno...
5,001,486
5,448,229 -8.2
5,213,892
4,850,019
Long Beach...
6,882,091
8,478,887 +6.2
6,248,107
5,871,235
Los Angeles... 169,987,000• 166.260,000 +2.2 153,486,000 123,782,000
Oakland
19,264.038
19,291,402 -0.1
19,164,269
15,638,006
Pasadena
6.592,675
5,686,296 +15.9
4,931,391
4,606,744
Sacramento... d12,110.701
8.814,163 +37.4
8,572,863
8,625.138
San Diego....
4,341,609
5,182,762 -16.2
4,599,069
3,189,851
San Francisco. 201,296,000 186,395,000 +8.0 182,891,527 153,300,000
San Jose
2,864,138
3,289,576 -12.9
3.084,040
2,544,270
Santa Barbara_
1,475,846
1,204,006 +22.6
1,333,790
1,023,386
Santa Monica_
2,081,246
2.234,766 -6.9
1,929,571
1,656,194
Stockton
c
3,201,500
2.893.700 +10.6
3,099,700
2,792,900
Total(17 cities) 539,559,468 536,051,217 +0.7 539.252,246 431.552,423
Grand total (129
10777 839.050 8,955,619,538 +20.3 9,182,180,943 8,189,480,611
cities)
Outside N.Y
4.244,969,419 4330.417,842
+2.8 4,238,275,492 3,667,142,069
Week Ended Sept. 22.
.
.1 RC UT
1927.
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
moral rat rit1881
$
144,457,288
139.480,308
42.212,308
19,524,430
8,191,348
6,830,691
2,977,070
6,739,208
6,936,292
2,481,270
2,361,260
3,238,177
5,503.370
4,913.875
657,806
672,946
2,267,022
1,407,746
1,286,775
1,069,771
829,712
327,311
876,288
956,238
1,204,585
4,774,462
464,407
865.447
1,109,270
729,876
744,932
416.091.489
1926.
$
99,710,786
99,298.958
51,479,799
17,761,283
6,037,205
5,390,451
2,614,739
5,978,025
5,181,819
2,619,158
1,979,126
2,654,647
4.650.063
5,301,206
622,009
463,173
2,107.339
1,343,926
995,461
1,049,593
766,127
313,186
722,578
842,643
981,185
4,980,211
388,922
809,919
1.555,633
724,920
733,840
Dec.
%
+44.9
+40.5
-18.0
+9.9
+35.7
+26.7
+13.9
+12.7
+33.9
-5.3
+19.3
+22.0
+18.4
-7.3
+5.8
+45.3
+7.6
+4.7
+29.3
+1.9
+8.3
+4.5
+21.3
+13.5
+22.8
-4.1
+193
+6.9
-28.7
+0.7
+1.5
330.057.930 +26.1
1925.
$
87,580,133
90,366,140
65,472,853
17,379.349
5,662,798
5,223,235
3,923,024
4,976,261
4,893,465
2,453,435
2,048,680
2,614,481
4,371,198
8,177,871
649,391
524,270
1,794,049
1,207.581
957,630
1,073,419
733,048
334,588
699,555
875,018
927,445
3,493,193
275,260
770.997
749,734
318.207.901
1924.
$
99,257,096
136.697,724
40,050.492
14,252,632
5.331,582
5,068,594
2,397,205
4,586,862
5,054.124
2,168.038
1 83
. 5.015
2,491,791
3,601,042
3,249,844
606,951
453,349
1,423,887
1.053,513
924,024
1,148,911
629,833
298,283
747,018
650,564
961.198
2,740.710
259,710
1,046,025
687,979
339 673 005
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Sept. 21. d Week ended Sept. 22. e Week ended Sept. 23. • Estimated.
THE ENGLISH GOLD AND SILVER MARKETS.
New York City Banks and Trust Companies.
lauks-N.Y. Bid Ask
kmerica•____ 375 385
kmer Union*. 245 255
3owery EastR 640 660
3ronx Boro*. 520 535
3ronx Nat_ _ _ 650 675
3ryant Park* 220 250
Dapitol Nat.
Bank & Tr_ 320 330
.lent Mere Bk
dc Trust Co. 330 338
210 218
Dentral
590 598
Dhase
Math Phenix
NatBk &Tr 520 528
'
..Theisea Exch• 300 315
.
.
_
Dhemical_ . 955 965
Dolonial*____ 1000 1200
Dommerce_ _ _ 543 548
_ _.
Dontinental_• 300
Dorn Exch_ _ _ 595 605
Dosmop'tan... 415 440
Fifth Avenue_ x2225 2325
3620 3675
First
480
3arfield
3Iobe Exch._ 250 380
__ _
325
lrace
234 242
ffamliton
1325 1355
Ianover
B14
Banks.
Harriman____ 800
Manhattan* _ 600
800
Mutual*
National City 712
New Neth'ds* 455
625
Hark
Penn Exch__ _ 190
400
Port Morris
645
Public
Seaboard _ _ 755
0260
Seventh
820
State*
245
Trade*
355
United
UnitedStates* 550
Yorktown* _ _ 215
Brooklyn.
Coney Island* 425
300
Dewey•
400
First
Mechanics'* _ 355
y420
Municipal*
415
Nassau
750
People's
Ask
___
606
...._
718
480
632
200
--655
775
290
645
375
560
___
_____
425
365
430
439
_--
*State banks.
!New stock.
z Ex-dividend.
e Ex-stock dividend
411 prices doUa rs per share u Ex-rlsehts.
Trust Cos. Bid
1 New York.
Am Ex Iry Tr. 422
Bank of N Y
1 & Trust Co. 685
Bankers True 885
Bronx Co Tr_ 325
Central Union 1225
370
County
418
Empire
Equitable Tr_ 412
Farm L & Tr_ 684
Fidelity True 350
505
Fulton
Guaranty Tr_ 580
,Interstate____ 290
i Lawyere Trust _ _
Manufacturer 790
,Murray Hill__ 300
(Wes
'Mutual
i chester) ___ 285
iN Y Trust___ 675
Terminal Tr_ 260
210
Times Squa
Title Cu & 'Fr 753
555
U S Mtg &
United States_ 2550
900
Westchest'r
Brooklyn.
Brooklyn_ _ _ _1050
Kings ca____ 2450
Midwood_ _ __ 290
Ask
426
695
895
350
1250
385
428
418
692
355
525
585
295
_ ...
800
315
685
280
220
760
575
2625
1100
2550
---
New York City Realty and Surety Companies.
A ,k
53 1Mtge Bond__
288 Nat Surety__
390 N Y Title &
Mortgage__
336
S Casualty_
325
Bid
145
253
527
350
Bid
Ask
155 Realty Assoc's
(Bklyn)com 303
258
let pref____ 94
2d pref. _ _ _ 88
532
360 Westchester
Title & Tr_ 560
Ass
308
97
91
580
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Md.
Dee. 15 1927.__ 434% 100he
Mar. 15 1928_
% 100
3% 991111
Mar. 15. 1928__
Asked.
Maturity.
Rate,
Bid.
10(182n Sept. 15. 1930-2 314% 99"se
10021s Mar.15 1930-32 334% 9We,
99181e
Asked.
993041
99"ss
-Completed Returns
Public Debt of United States
Showing Net Debt as of July 31 1927.
The statement of the public debt and Treasury cash holdings of the United States as officially issued July 31 1927,
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 1926.
ASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Balance end month by daily statement, &c
Add or Deduct-Exceos or deficiency of receipts over
or under disbursements on belated items
July 31 1927. July 31 1926.
8164.540,961 6218,237,589
-837,342
-2,943,192
$163,703,619
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant checks
Total
Balance, deficit (-) or surplus 4-1-)
$215,294,397
$36,997,825
73,849,138
7,675,115
3.699,244
$39,888,864
74.282,502
9.909,575
1.562,081
8122,221,122
8125,643,022
+341,482,497 +889,651,375
INTEREST-BEARING DEBT OUTSTANDING.
Interest July 311927.
Payable.
Title of Loan-J. 599,724,050
Q.
25 Consols of 1930
48,954,180
-F.
Q.
26 of 1916-1930
25,947,400
-F.
Q.
28 of 1918-1938
-M.
Q.
49,800,000
35 of 1961
28,894,500
-J.
Q.
38 Conversion bonds of 1946-1947
J.
-J. 700,742,500
Certificates of indebtedness
.J.-J. 1.397.687.000
33.15 First Liberty Loan, 1932-1947
5,155,700
-D.
J.
45 First Liberty Loan, converted
.1 -D. 532,823.350
4)48 First Liberty Loan, converted
3,492.150
Liberty Loan, second converted- -J.-D.
4345 First
-N.
M.
17,581,100
45 Second Liberty Loan, 1927-1942
1,227,993,300
43411 Second Liberty Loan converted
M.-13. 2,147,664,850
4448 Third Liberty Loan of 1928
A.-0. 6,296,906,450
4)45 Fourth Liberty Loan of 1933-1938
762,320,300
4M5 Treasury bonds of 1947-1952
1,042,401,500
49 Treasury bonds of 1944-1954
491,212,100
3345 Treasury bonds of 1946-19543
493,778,200
3348 Treasury bonds of 1943-1947
300.107,268
Savings and Thrift Stamps
48 War
-J
J. .
13,951,780
2345 Postal Savings bond
-D. 2,019,194,550
J.
530 to 5)45 Treasury notes
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 14 1927:
GOLD.
The Bank of England gold reserve against notes amounted to £150,330.600
as compared with £149,686,295 on the previous Wednesday.
on the 7th inst.
Only about £30,000 bar gold was available in the open market this
week, and this was absorbed by India and the Trade.
The following movements of gold to and from the Bank of England
have been announced:
Sept. 8. Sept. 9. Sept. 10. Sept. 12. Sept. 13. Sept. 14.
£170,000
£250,000
Received
24.000
£9.000 £698,000
31.000
£500,000
Withdrawn__.
The receipt on the 9th inst. was in sovereigns "released from set aside
account South Africa." The £1,100,000 sovereigns included in the above
withdrawals were destined for Argentina. During the week under review
£842,000 on balance has been withdrawn from the Bank, increasing the
net efflux this year to £1,357,000, and since the resumption of an effective
gold standard to £6,681,000, as set out in the daily bulletins at the Bank.
The Transvaal output of gold for the month of August last amounted
to 863,345 fine ounces, as compared with 851,861 fine ounces for July
1927 and 843,854 fine ounces for August 1926. The output tor lart month
Is a record Mine, the previous highest being in March last, when the
production amounted to 860,511 fine ounces.
The following were the United Kingdom imports and exports of gold
registered in the week ended the 7th inst:
Exports
Imports-
AU prices dollars per share.
Alliance R'Ity 48
Amer Surety. 280
Bond & M G.' 380
Lawyers Mtge 331
Lawyers Title
& Guarantee' 318
1797
THE CHRONICLE
OCT. 1 1927.]
July 311926.
599,724,050
48.954,180
25,947.400
49,800,000
28,894,500
482,079,000
1.397.689.100
5,156,800
532,874,250
3,492,150
20,849,700
3,083,678.100
2,463,272,450
6,324,471,950
763,948,300
1,047,087,500
494,898,100
Russia(U.8.8. R.)
Roumania
Venezuela
British South Africa
Other countries
£7,500
831,300
13,073
30,589
3,873
£27,580
202,179
26,700
71,200
100,000
31,900
7,530
Germany
Belgium
Austria
Egypt
Argentina
British India
Other countries
E467,089
Total
£886,335
Total
The following was the composition of the Indian Gold Standard Reserve
on Aug. 31 1927:
In India
L'969
In England: Cash at the Bank of England
2,152,334
Gold
9,002,158
British Treasury bills-value as on Aug. 31 1927
Other British St Dominion Government sectuities-value as
28.844,539
on Aug. 31 1927
£40,000,000
Total
Disagreement as to the constitution of the proposed Indian Reserve
that the Reserve
Bank culminated in the announcement by the Government
Bank bill had, for the present, been withdrawn.
The Imperial Bank of India announced on the 8th inst. that its official
rate of discount was raised from 4 to 5%.
The following were the United Kingdom imports and exports of gold
registered during the month of August last:
Exports.
Imports.
E85,000
Russia (U. S. S. It.)
Sweden
Netherlands
3.970
9,700
500
Belgium
France
Switzerland
qpain and Canaries
90
Egypt
West Africa
Java and other Dutch Possessions in the Indian
Seas
Central America and West Indies
,
Argentina, Uruguay and Paraguay
Other countries in South America
Rhodesia
Transvaal
British India
Straits Settlements
Germany
Austria
Other countries
93,661
1713
19,107
73.270
124,672
4,700
89,050
70
5,550
4,411
367,935
168,101
3,671,210
7,096
500,000
44,681
31.964
138.820
10.5,510
50,696
£4,411,674 £1,188,166
Total
SILVER.
A poorly supplied market has responded readily to buying orders from
China and India, although the former has also sold at the higher prices.
The quotations rose steadily to 253.id.,and at this level the market appeared
somewhat hesitant, bear operators showing more inclination to meet the
demand made by the Indian Bazaars. As the latter have purchased
silver in New York, offerings from America in this market have been
restricted.
The following were the United Kingdom imports and exports of silver
registered in the week ended the 7th inst.:
Imports-
Exports
£18,000 Germany
Roumania
United States of America__ 18,845 British India
172,336 Other countries
Mexico
1,685
Other countries
£12.680
23.500
13,393
£49,573
Total
£210,866
INDIAN CURRENCY RETURNS.
Aug. 22. Aug. 31. Sept. 7.
(In lacs of rupees.)
18048 18046
17910
Notes in circulation
11357 11490 11476
India
Silver coin and bullion in
India3
Silver coin and bullion out of
2976
N'iti
2976
Gold coin and bullion in India
359,357,204 Gold coin and bullion out of India
3572
3563
3561
Securities (Indian Government)
19
12,881,080 Securities (British Government)
19
16
1,612,403,600
week ended the 7th inst.
No silver coinage was reported during the
The stock in Shanghai on the 9th inst. consisted of about 58.700,000
18,206,332,228 19,357,459,414
Aggregate of interest-bearing debt
79,100,000 dollars and 4,680 silver bars, as compared
244,409,920
244,430,756 ounces in sycee,
nearing no interest
ounces in sycee, 77,500,000 dollars and 2,740 silver
12.452,100
10,632,740 with about 57,900,000
Matured, interest ceased
bars on the 3rd inst.
Quotations during the week:
a18,463,194,248 19.612,522.910
Total debt
Bar Gold,
-Bar Silver, Per Oz. Std.Deduct Treasury surplus or add Treasury deficit____ +41,482,497 +89,651,375
Per Oz. Fine.
2 Mos.
Cash.
257-16d.
849. 11)4d.
2584d.
Sept. 8
848. 1134d.
259-164.
518,421,711,751 19,522,871.335
25 9-164.
9
Net debt
25 1.
848. 11d.
25 d.
10
845. 11144.
2534d.
2534d.
12
debt July 31 192700 the basis of daily Treasury statements was
a The total gross
84s. 1114d.
25 d.
25 d.
13
848. 1134d.
25 16d.
$18,463,199,183 and the net amount of public debt redemption and receipts in
25 9-16d.
14
84s. 11.66
25.562d.
25.552d.
Average
transit. Am, was $4,935,
The silver quotations to-day for cash and two months delivery are
LI No deduction is made on aceount of obligations of foreign Governments or other
each 3-164. above those fixed a week ago
Investments.
Total
1798
THE CHRONICLE
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London
as reported by cable, have been as follows the past week:
London,
Veek Ending Sept. 30.
Silver. Per oz
Gold. per fine ounce
Consols. 2) per cents
British, 5 per cents
British, 45 per cents
French Rentes (in Paris), fr
French War Loan(in Paris),fr
Sept.24. Sept.26. Sept.27. Sept.28. Sept.29. Sept. 30
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
25 13-1625 11-16 25%
2511-16
25%
2531
84.11j. 84.1031 84.11
84.1031 84.1031 84.11
_
5434
5434
5434
5434
5434
10234
10231
10234
10231
1023f
97
9731
9731
9731
9734
_
56.90
56.75
56.40
56.70
56.60
76.55
76.15
75.70
76.30
76.30
The price of silver in New York on the same day has been:
Silver in N. Y., per oz. (cts.):
Foreign
56
5534
5534
5534
5534
5534
(fonmercial araiMiscdianconsgem
Breadstuffs figures brought from page 1863.
-All
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-
Flour.
Wheat.
Corn.
Oats.
Barley.
546.000 19,572,000
500,000 9,722.000
498,000 14,991,000
5.511,000
4,678,000
3,504,000
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Rye.
Barley.
United Statesbush,
bush,
bush,
bush.
bush.
New York
443,000
23,000
423,000
30,000
64,000
Boston
1,000
2,000
11.000
3,000
35,000
Philadelphia
920,000
17.000
91,000
14,000
1,000
Baltimore
2,251,000
30,000
75,000
27,000
95,000
New Orleans957,000
260,000
57.000
48,000
2,000
Galveston
1,141,000
57,000
116,000
Fort Worth
3,403,000
92.000
308,000
5,000
35,000
Buffalo
3,045.000 2,022,000 2,048,000
10,000
218,009
" afloat
1,013,000
299,000
51,000
184,000
Toledo
3,457,000
76.000
200,000
2,000
3,000
Detroit
230.000
22,000
5
6,00081,000
50,000
Chicago
6,653,000 9,884,000 6,049,000
324,000
569,000
Milwaukee
503,000 1.190,000 1,911.000
29.000
317,000
Duluth
13,687,000
1,240,000 1,160,000 1,306,000
Minneapolis
6,309,000 2,092,000 9,742,000
121,000
790,000
Sioux City
200,000
176.000361,000
1000
12,000
St. Louis
3,040,000 1.050.000
226.000
60„000
60,000
Kansas City
15,132,000 2,440,000
314,000
98,000
201,000
Wichita
4,024.000
2.000
4,000
1,000
St. Joseph. Mo
613,000
705,000
1,000
2.000
Peoria
3,000
272.000
795,000
Indianapolis
1,426,000
641,000
511,000
Omaha
3,264,000 2,180,000
559,000
36,000
127,000
On Lakes
1180,000
258,000
100,000
296.000
On canal and river
1,601 000
151,000
63,000
483,000
Total Sept. 24 1927_ _ _75,226,000 23,733,000 25,133.000 2,323.000 4,972,000
Total Sept. 17 1927.._.69,888.000 22,694,000 25,132,000 3,317.000 5,222.000
Total Sept. 25 1926_ ._..74.173.000 17.288.000 48,893,000 10,739,000 4,740,000
Note.
-Bonded grain not included above: Oats, Duluth, 24.000: total, 24.000
bushels, against 249,000 bushels in 1926. Barley. New York, 1,000 bushels; Duluth,
19,000; total, 20,000 bushels, against 622,000 bushels in 1926. Wheat, New York,
653.000 bushels; Philadelphia, 243,000; Baltimore, 472,000; Buffalo, 2.957,000;
Duluth, 125,000; on Lakes, 260,000; Canal, 63,000; total. 4,773,000 bushels,
against 5.182.000 bushels in 1926.
Canadian
Montreal
2,214,000
671,000
132,000
64,000
Ft. William Sr Pt. Arthur. 6,138,000
260,000
964,000
614.000
Other Canadian
976.000
297,000
445,000
64,000
Rye.
bls.1961bs.bash.60 lbs.bush.56 tbs. bush. 32 tbs.bush.4811s
.bush.561bs.
280,000
Chicago
418.000 2,850.000
650,000
233.550
46,000
Minneapolis
4,955,000
111,000
669,000
747,000
247,000
10,016,000
Duluth
2,000
35,000 1.571,000 2,444,000
77,000
Milwaukee_ _
.
111.000
376,000
147,000
269,000
8,000
145,000
Toledo
57,000
85,000
2.000
2,000
Detroit
36.000
12,000
23,000
16,000
Indianapolis
74.000
446,000
232.000
St. Louis__ _ _
136,000
684.000
529,000
486.000
87,000
52,000
53,000
Peoria
38,000
468,000
119,000
40,000
Kansas City_
1,645,000
206,000
131,000
Omaha
771,000
247,000
192,000
297.000
131,000
St. Joseph__
32,000
321,000
Wichita
6,000
6,000
63.000
Sioux City__
70,000
162,000
5.000
Total wk.1927
Same wk.1926
Same wk.1925
[VOL. 125.
2,969,000 2,954.000 2.815.000
2,630,000 1,505,000
813.000
6,574,000 3,015,000 1,501,000
Total Sept. 24 1927...., 9,328,000
1,228,000 1,541,000
742,000
Total Sept. 17 1927.... 8,289,000
1,181,000
861.000
518,000
Total Sept. 25 1926.....15,l65.000
5,155,000 1,589.000 3,814,000
Summary
American
75,226,000 23,733,000 25.133,000 2,323,000 4,972,000
Canadian
1,228,000 1,541,000
9,328,000
742,000
Total Sept. 24 1927.....84.554.000 23,733,000 26,361,000 3,864,000 5,714,000
Total Sept. 17 1927____78,157,000 22,694,000 26,313,000 4,178,000 5,740,000
Total Sept. 25 1926_ __.89,338,000 17,288,000 54.048.000 12,328,000 8.554,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Sept. 23, and since July 1 1927 and 1926,
are shown in the following:
Wheat.
Since Aug.13,743,000 134.974.000 35,575,000 37,838,00022,112,000 11.396,000
1927
4.015,000 113.604.000 22,299,000 37,104.00010.757,000 4,861,000
1926
109A
a AM non 10R.515 OM xi nxn nnn an ono 00095 91A non 7 AAA non
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept. 24, follow:
Receipts at-
Flour.
Wheat.
Barrels.
255,000
New York___
34,000
Philadelphia.
29,000
Baltimore.._.
10,000
Norfolk
90,000
New Orleans *
Galveston_
65.000
Montreal
28.000
Boston
Corn.
Oats.
I Barley.
Bushels.
1,089,000
74,000
160,000
Bushels.
29,000
4,000
8,000
481.000
194,000
5,020,000
42,000
6,000
9,000
1,000
577,000
9,000
Rye.
Bushels.
Bushels. Bushels.
122.000
489,000
183,000
20,000
1,000
14,000
165,000
2,000
1927.
Week
Sept. 23.
Total
472,000 6,105,000
Week 1926
Moen Jan.1'26 18.385.000 157.634.000
99,000
5.314.000
321,000
708,000
48.000
non 2:1 9217 00097 ion non
The exports from the several seaboard ports for the week
ending Saturday, Sept. 24 1927, are shown in the annexed
statement:
Week
Sept. 23.
1920.
Since
July 1.
Since
July 1.
-MONTHLY
TRADE OF NEW YORK
STATEMENT.
Merchandise Movement at New York.
Month.
Imports.
1927.
3/3.4114
*Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
Since
July 1.
14,941,000150,771,000 145,718,000 9,068.000 111,657,000 52,204,000
FOREIGN
93,000
748,000 1,596,000 2,746,000
7,617,000 18,626.00029,234,00024,551,000
1927.
Bushels. I Bushrls.
Bushels.
Bushels.
Bushels.
Bushels.
40,000 1,005,001
North Amer_ 11,831,000,101,546,000 119,655,000
781,000
391,000 5,815,000 6,078.000
Black Sea...152,000' 2,528,000 8,204,000
Argentina... 1,126,0001 19,240,000 8,370,000 6,904.000 100,416,000 45,320,000
848,000, 15,440,000 6.128,000
Australia ___
India
424,0001 6,976,000 2,776,000
0th. countr'
560.000 5,040,000
585,000 1,733,000 4,421,000
25,000
917.000 2,560,000
25,000
511.000 7,018.000
Total wk.1927
Since Jan.1'27 15,653,000 197,368.000
Since
July 1.
Corn.
1926.
1926.
Customs Receipts
at New York.
Exports.
1927.
1926.
1927.
•
$
January _ _ 178,319,795215,137.735 155.804,975 153.410.759 24,850,299
February.154,108,688 195.930,212 129,846,153 135,855,812 23,681,705
March_ __ _ 185.002,209234,703,468 150,660,298 147,798,478 26,675,460
188,933,508 193,961,303 164,037,393 164,810,083 26,635,472
April
163,149.501 161,807,859 139,497,479 124,551,637 24,059,482
May
June
165.089.895 164,794,382138,284,513940,184
127.325.100.
132,903,105 26,620,038
158,169.597
July
1926.
26,628.880
25,131,733
29,523,243
24,280,726
20,333,749
25,280,529
24,619,552
1190773 2831341366035 1005455 911 971,865,819 180,462,640 175,798,412
ExportsfromNew York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
Montreal
Houston
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
107.067
1,457,576
195,678 487,164
12.000
9.000
371,000
10.000
392,000
26,000 133,000
10,000
547.000
63,000
30,000
5,000
648,000
38,000
90,000
3,680,000
72,000 204,000 1.421,000 479.000
9,000
Total week 1927._ 7,095,576
Same week 1926.... 6.706,726
63,000
88,577
288,067
365,602
218,000 1,642,676 1,189.164
134.710
47.000 426.000
The destination of these exports for the week and since
July 1 1927 is as below:
Movement of gold and silver for the seven months:
Gold Movement at New York.
Month.
Imports.
1927.
1926.
Silver-New York.
Exports.
1927.
$
705,698 14.466.637
January -- 17,840,866
February _ 14.060,641 10,707.020 2.084,371
March.... 1,512,363 3,201,667 1.628,544
895,895 1,928,638
6,853,056
April
619,245
756,245
27,257,658
May
932,108
8,031,123 4,267.601
June
846,762 1,090.730
5,215,929
July
1926.
3
2.569,831
2.012,359
2,038.148
802,731
901,208
2,174,510
1,598,540
Total.-- 80,771,636 21.243,888 22,887,273 12,097,327
Flour.
Exports for Week
and Sines
Week
Sept. 24
July 1 to-1927.
Since
July 1
1927.
Wheat.
Week
Sept. 24
1927.
Since
July 1
1927.
288.067 2.153.389 7,095,576 64.375,124
385.802 2.712.013 6.706.726 78.424.306
Week
Sept. 24
1927.
Since
July 1
1927.
63.000
341.000
88.577 1,217.610
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 23, were as follows:
Exports.
1927.
1926.
$
1,105,628
955.028
1,702,278
1,154,684
1.514,513
1,501,913
1,554,118
3,881,180
3,757,076
3,745,506
4,766,576
3,854,017
2,833,622
3,470,003
9,488,142 26.307,980
Corn.
Bushels.
Bushels. Bushels.
Bushels.
Barrels. Barrels.
United Kingdom_ 96.731
814,302 2,089,426 21,568.097
Continent
152.066 1,006,495 4,925,150 42,475.024
94,000
Bo. & Cent. Amer_
11,000
96,000
1,800
1.000
102,555
West Indies
245,800
9,000
52,000
4.000
9.000
101.000
Other countries
229,003
76,000
29,270
129,067
Total 1927
Total 1926
Imports.
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
-The First National Bank of Columbus, N. J
Sept. 21
Correspondent, Edwin H. Lippincott, Columbus, N. J.
Sept. 21-Webster National Bank, Webster, N. Y
Correspondent, Dr. Grant T. Ellwood, Webster, N. Y.
-The Valley National Bank of Renton, Wash
Sept. 21
Correspondent, John McQuade, Renton, Wash.
-The Commodore National Bank of New York, N. Y...1,000,000
Sept. 22
Correspondent, Emanuel Neumann, 1261 Broadway,
New York, N. Y.
-The First National Bank of Glen Cove, N. Y
100,000
Sept. 24
Correspondent. Harry L. Hedger, Clan Cove. N. Y.
50.000
50,000
OCT. 1 19271
THE CHRONICLE
APPLICATION TO ORGANIZE APPROVED.
Sept. 21-The University Avenue National Bank of Madison, Wis. 100,000
Correspondent, T. R. Hefty, care First National Bank,
Madison, Wis.
APPLICATION TO CONVERT RECEIVED.
Sept.21-The Letcher National Bank of Whitesburg, Ky
25,000
Conversion of the Letcher State Bank of Whitesburg, Ky.
APPLICATION TO CONVERT APPROVED.
-The Hartford National Bank, Hartford, Ala
Sept. 2I
50.000
Conversion of the Bank of Hartford, Hartford, Ala.
•
CHARTERS ISSUED.
-The Mahopac National Bank, Mahopac, N. Y
Sept. 19
25.000
President, Edward S. Agor; Cashier, Herbert S. Bell.
Sept.21-Guardian National Bank of New York, N. Y
100,000
(Address, 1600 Sheepshead Bay Road, Brooklyn,
New York, N. Y.)
Conversion of the Bank of Sheepshead Bay, Brooklyn, N. Y.
President, E. J. Whalen; Cashier, W. C. Betts.
Sept.22
-The Lincoln National Bank of Passaic, N. J
500,000
President, Harry Meyers.
BRANCH AUTHORIZED UNDER THE ACT OF FEB.25 1927.
-The National Commercial Bank & Trust Co. of Albany, N. Y.
Sept. 19
Location of branch, vicinity of southwest corner of Broadsay
and Pleasant Street, Albany.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per oh.
85 Nat.Shawmut Bank _335-336 M ,ex-div
5 Second National Bank
450
3 National Shawmut Bank_ _335, ex-div.
115 Lyman Mills
16854
21 Pepperell Manufacturing Co_ __.110 M
2 Great Falls Manufacturing Co... 1214
35 Nashua Mfg. Co., corn
6334
2 Indian Orchard Co
13314
10 Providence-Washington Insurance Co., Par $50
490, ex-div.
10 Merrimac Chemical Co., par 350
89, ex-div.
25 Quincy Market Cold fitoraze &
Warehouse Co., corn
303.4
16 Columbian Nat. Life Insur. Co_310
70 Amer.Ina. Co.of Newark, par $5
32, ex-div.
10 American Glue Co., corn
3744
35 Scituate Water Co, pref
9134
25 Skinner Organ Co
31
25 Jones, McDuffee & Stratton
Corp., class A
3034
138 Towle Manufacturing Co
12834
8 Converse Rubber Shoe Co., pref. 30
Shares. Stocks.
3 per oh.
10 Draper Corporation_ _ _ _7534, ex-div.
9 North Boston Ltg. Prop., corn.,
v. t C
16314-16334
5 Springfield Gas Light Co.,undep.,
par 325
733.4
13 Hood Rubber Co..73% prior Pf.971i
5 Quincy Market Cold Storage &
Warehouse Co., pref
6244
25 Springfield Gas Light, Co., undep., par $25
7314
60 Mass. Consolidated Rys., pref.
50 Nor. Mass. St. Ry. Co., pref._
8 Lewiston-Clarkson Imp.Co.,com
30 Lewiston-Clarkston Imp.Co..pf $1 lot
15 Combined Heat & Sprinkler
Co., corn
30 Combined Heat & Sprinkler,
CO., pref
$5 lot
30 Hale & Kilburn Corp., coin
Bonds.
Per cent.
$4,000 Old Colony Investment Trust
deb.414s. Feb. 1947, without stk.
90 dc int.
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per oh.
34 Merchants National Bank
444
10 National Shawmut Bank_338 M,ex-div
33 First National Banic____495, ex-div.
7 Atlantic National Bank._305, ex-div.
4 Atlantic National Bank_ _305, ex-div.
135 Nat. Shawmut Bank_337%, ex-div.
6 Federal National Bank
230%
25 Blackstone Canal Nat. Bank,
Providence, R. I., par $25
83
2 Pepperell Manufacturing Co- 11014
13 Naumkeag Steam Cotton Co.
18744, ex-div.
4 Arlington Mills
5414
140 Hamilton Manufacturing Co .842 lot
Pepperell Manufacturing Co... 14
2-8
33 Great Falls Manufacturing Co
1214
4 Cabot Manufacturing Co
87
20 Pepperell Manufacturing Co_ _ _11044
4 Naumkeag Steam Cotton Co.
189, ex-div.
18 Farr Alpaca Co
17034
5 Lancaster Mills, pref
29
1 Boston Insurance Co
834, ex-div.
Shares. Stocks.
5 per oh.
10 Mass. Imiestors Trust, par 350
8034 dr dlv.
15 Hood Rubber Products,7% pref. 98
40 Quincy Morket Cold Storage &
WarehouselCo., corn
3144
81 Saco Lowell Shops, corn
454
45 Saco Lowell Shops, 2d pref
814
4 units First Peoples Trust..49, ex-div.
111 Jessup dr Moore Paper Co.,com. 9
5 Folmer-Greflex Corp., pref
6I3.4
10 Heywood Wakefield Co., 1st Pt. 8334
15 Boston Co-Operative Bldg. Co
163.4
2 Essex Company, par $50
201
1 Boston Athenaeum, par 3300..._901
7 Central Maine Power Co.,7% Pf-106
3 Heywood Wakefield Co.. corn
4034
25 Springfield Gas Light Co., free
stock, par $25
7354
No. Rights.
per right.
117 Newmarket Manufacturing Co. 26c.
Bonds.
Per cent.
$5,000 Boston Elevated Ry. Co. 5s,
Feb. 1937
9944-9934
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per oh.
516 Eagan-Johnson Steel & Iron Co.,
pref
3500 lot
14 Finance Co. of Penna., 2d pref._ 428
100 Yukon Gold Co., par 35
320 lot
500 Sioux Mines Co., par 10c
$1 lot
4 Long Beach Water Co
$1 lot
Commonwealth Construction HoI
tel Corp
7
22 Internat. Utilities Corp.,clan A,
no par
31
11 Internat. Utilities Corp.,class B.
no par
334
Securities Corp. General, corn.,
no par
85
2,250 Corp. of American Mines,Par
$1
31 lot
250 Black Prince Copp. Co., par 31.31 lot
6 Penna. Power & Light Co., pref.,
no par, temporary certificate.._ _10544
1 Penna. Academy of the Fine Arts_ 31
100 Phila. Life Insur. Co., par 810_ 1414
1 Corn Exchange National Bank _ _ _787
10 Drovers & Merchants Nat. Bank205
5 Union National Bank
360
5 Union National Bank
359
5 Union National Bank
355
20 Union National Bank
354
10 Tenth Nat. Bank of Phila.
355
10 Southwark National Bank
450
1 Nat. Bank of Germantown, par
350
531
10 Cheltenham National Bank_.-.125
7 First Nat. Bank dr'Rust Co,Par
$50, Woodbury, N: J
200
4 Citizens Nat. Bank of Jenkintown, Pa
IN
110 Allegheny Title & Trust Co.,
par$50
75
10 Fidelity Philadelphia Trust Co- _717
6 Fidelity Philadelphia Trust Co.
..715
7 Provident Trust Co
80434
10 Provident Trust Co
80434
20 Penna. Co.for Ins.on Lives,&c.90514
11 Penna. Co.for Ins.on Lives.&c.905
2 Mutual Trust Co., par 350
170
23 Amer. Bank & Tr. Co.. Der 350.195
Shares Stocks
•
10 Republic Trust Co., par 3,50_ _..1651(
15 Republic Trust Co., par $.50.._.16534
30 Bankers Trust Co.. par $50873.4
10 63d St. Title & Trust Co.,par$50 40
25 Varcraft Works, Inc_ _ -3922.13 Int
25 Varcraft Works, Inc. ..$922.13 lot
2 Gloucester Co Title & Mtge.Guar.
Co., N. J
124
1,000 Penn Beaver 011 Corp., par $135
100 United Zinc Smelting Corp., no lot
par
$1 lot
6 Citizens Passenger Railway Co- -185
10 Phila. & Camden Ferry Co.. Dar
325
80
200 Midco Oil Corp., V. t. c...31.000
100 Manufacturers Casualty Ins.Co lot
173 Manufacturers Casualty Ins.Co 5
5
6 East Pennsylvania RR
10 Northern Liberties Gas Co., par 6434
$25
11 Mine Hill & Schuylkill Haven 38
RR., par $50
65
3 Philadelphia Bourse, pref.,
4 Philadelphia Bourse, corn., par325 2534
par$50 4034
25 Constitution Indemnity Co., par
3114
18 Hare dr Chase, Inc., prof
3 United Security Co
21634
10 Colonial Trust Co
24034
10 Broad Street Trust Co
80
3 Horn dr Hardart
222
1 Franklin Fourth National Bank_ _595
No. Rights.
$ per right.
12 Manufacturers Casualty Ins.Co- 544
Bonds.
Per
$1,000 American Ice Co. 1st a. f. 65, cent.
1942
103
$203 Temple University of Phila.
1st & ref. 6s. 1942
100
$2,500 Sesqui-Centennial participation certificate
$20 lot
$25,000 Sesqui-Centennial participation certificate
$75 lot
$1,000 Manufacturers Club of Phil- so
adelphla 2d M.fis. 1940
9734
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
10 Pierce Oil Corp., no Par
800 March Gold (old), par 10e
18 Prisms, Inc.. no Par
$ per sh. Shares. Stocks.
$ per oh.
780. 5 Buff. Mag.& East.Pow., no par- 36
8e. 3 Blg Ledge, Par 35
$1 lot
81106
1799
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
8 r oh.
50 Wasson Piston Ring Co., corn.
(inc. N. J.)
$2 lot
50 Wasson Securities Corp., pref.
(Inc. N.Y.)
344 Kenneth H. Day. Inc. (Inc.
Fla.)
320 lot
278 Del Rio Petrol. Corp. temp.
certif.. corn.. $5 each
2 Norfolk & New Brunswick Ho- $10 lot
siery Co., corn., par $25
6 Norfolk dr New Brunswick Hosiery Co., pref., par $25
Shares. Stocks.
er sh.
20 Roland Steel Co.. Inc., pref.__
40 Roland Steel Co., Inc., corn.. $4 lot
no par
50 Roland Steel Co., Inc., pref.__
100 Roland Steel Co., Inc., corn., $7108
no par
700 Otis Co.(Mass. corporation)._ 45
2,999 Thorndyke Co., pref. (Mass." I
corporation)
35
540 Thorndyke Co.. corn., no par
1
50 Patmor Heights Realty Co.,Inc $32lot
30 Wyoming United Oil Co., no par.32 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclustre.
Railroads (Steam).
Baltimore & Ohio, corn. (guar.)
Dec. 1 Oct. 16 to Oct. 17
Preferred (quar.)
1
Dec. 1 Oct. 16
Cincinnati Sandusky & Cleve., pref.(qu.) 114 Nov. 1 Oct. 26 to Oct. 17
Delaware, Lackawanna dr Western (qu.) $1.50 Oct. 20 Holders to Nov. 1
of rec. Oct. 8
Norfolk & Western, adj. prof.(quar.)... *1
Nov. 19 'Holders of rec. Oct. 31
Pennsylvania Company (quar.)
134 Sept.30 Holders of rec. Sept.28a
Pittsburgh & West Virginia (guar.)
134 Oct. 31 Holders of roc: Oct. 15a
Public Utilities.
Arizona Power,7% pref. (guar.)
134 Oct. 1 Holders of roe. Sept.244
Eight per cent preferred (guar.)
2
Oct. 1 Holders of
Cape & Vineyard Electric Co., pi.(mi.). 13.4 Oct. 1 Holders of rec. Sept. 24a
rec. Sept. 15
Central Power, pref.(quar.)
144 Oct. 15 Holders of rec. Sept. 30a
Ches. & Potomac Tel. of Bait., IA (qu.) 134 Oct. 15 Holders
of rec. Sept. 30
City Gas Co.(Norfolk), pref.(guar.)._ 2
Oct. 1 Holders of rec. Sept. 15a
Coast Valleys Gas dr Electric, corn
750. Oct. 1 Holders of rec. Sept.15a
Seven per cent preferred (quar.)
134 Oct. 1 Holders of rec. Sept.15a
Six per cent preferred (guar.) 134 Oct. 1 V. elders of rec. Sept. 15a
Commonwealth Edison Co.(quar.)
*2
Nov. 1 *Holders of rec. Oct. 16
Fairmount Park Transportation
4
.254. Nov. 1 *Holders of rec. Oct. 31
General Gas & El. Corp., corn. A (qu.).' b3734 Jan. 1 'Holders of
rec. Dec. 12
Common class B (No. 1)
*b$1.50 Jan. 1 *Holders of rec. Dec. 12
$8 preferred class A (guar.)
.32
Jan. 1 *Holders of rec. Dec. 12
$7 preferred class A (quar.)
*31.75 Jan. 1 *Holders of rec. Dec. 12
$7 preferred class B (quar.)
*31.75 Jan. 1 *Holders
General Public Service $6 pref. (quar.).. $1.50 Nov. I Holders of ree. Dec. 12
of rec. Oct. 10
Convertible preferred (quar.)
$1.75 Nov. 1 Holders of Tee. Oct. 10
Holyoke Water Power (quar.)
s3
Oct. 3 Molders of rec. Sept.23
Extra
*234 Oct. 3 *Holders of rec. Sept. 23
Houston Gas dr Fuel. pref.(quar.)
154 Sept. 30 Holders of
Illinois Northern Utilities,6% pref.(qu.) •1% Nov. 1 *Holders of rec. Sept. 21a
Seven per cent preferred (quar.)
•1% Nov. 1 *Holders of rec. Oct. 15
Massachusetts Gas Cos., corn. (Quer.)-- N1.25 Nov. 1 *Holders of rec. Oct. 15
rec. Oct. 15
Manufacturers Light & Heat (quer.)--- 2
Oct. 15 Holders of rec.
Michigan Gas & Elec., prior lien (guar.). •1% Nov. 1 *Holders of rec. Sept. 30a
Oct. 15
Preferred (quar.)
*144 Nov. 1 *Holders of rec. Oct. 15
New England Power Co., pref.(quar.)
$1.50 Oct. 1 Holders of rec. Sept.170
New England Public Serv., pref.(quar.)_ *31.7 Oct. 1 *Holders of
ree. Sept.30
Adjustment pref. (quar.)
031.54 Oct. 1 *Holders of
Ottawa-Montreal Power Co., pref. (qu.) 144 Oct. 15 Holders of rec. Sept.30
rec. Sept.30
Penn-Ohio Edison, corn.(quar.)
25e. Nov. 1 Holders of rec.
Common (1-50th share corn. stock)- _ _ (I) Nov. 1 Holders of rec. Oct. 15
Oct. 15
$6 preferred (quar.)
$1.50 Oct. 15 Holders of
Penn-Ohio Securities Corp., corn.(guar.) 180. Nov. 2 Holders of rec. Sept.30
rec. Oct. 15
Philadelphia dr Camden Ferry
NI.25 Oct. 10 *Holders of rec. Sept.30
Public Serv.of Noill.,com.3100 par(qu.) *2
Nov. 1 *Holders of rec. Oct. 15
Common (no par) (quar.)
"32
Nov. 1 *Holders of rec. Oct. 15
Six per cent preferred (quar.)
'
1 34 Nov. 1 *Holders of rec. Oct.
15
Seven per cent preferred (quar.)
•15.4 Nov. 1
*Holders of
Quint° & Trent Valley Power, pref.(qu.) 13 Oct. 1 Holders of rec. Oct. 15
,
1
rec. Sept.20a
San Diego Consol. Gas & Elec.. pf.(qu.). 144 Oct. 15
Holders of rec. Sept.30
Securities Management Corp., cl. A(N.) 1% Oct. 15 Holders
of rec. Oct. 1
Southern Canada Power, corn. (quar.)
Nov. 15
Southern Wisconsin Elec. Co., pref.(qu.) *134 Oct. 15 Holders of ree. Oct. 31
Tennessee Elec. Power,6% 1st pref.(qu.) 13.4 Jan. 3 *Holders of rec. Sept.30
Holders of rec. Dee. 15
7% first preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 15
7.2% first preferred (guar.)
1.80 Jan. 3 Holders of rec. Dec. 15
6% first preferred (monthly)
50c. Nov. I Holders of rec. Oct. 15
6% first preferred (monthly)
500. Dec. 1 Holders of rec. Nov. 15
6% first preferred (monthly)
60c. Jan, 3 Holders of rec. Dec. 15
7.2% first preferred (monthly)
60c. Nov. 1 Holders of rec. Oct. 15
7.2% first preferred (monthly)
600. Dee. 1 Holders of rec. Nov. 15
7.2% first preferred (monthly)
60c. Jan. 1 Holders of rec. Dec. 15
Tr -City Ry.& Light, corn.(quar.)
1
Oct. 1 Holders of rec. Sept.
Preferred (quar.)
114 Oct. 1 Holders of rec. Sept. 200
Trinidad Electric Co.(guar.)
144 Oct. 10 Oct. 1 to Oct. 20a
10
Union Elec. & Gas, partic. pref.(quar.). 8744c Oct. 1 Holders
of rec. Sept. 20
$7 first pref.. series A (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 2A)
Union Gas (Independence, Kan.).
Preferred (quar.)
144 Oct.
Holders of rec. Sept.
West Boston Gas (quar.)
"25e. Sept.3 'Holders of rec. Sept.204
27
Banks.
First National (Brooklyn) (quar.)
2% Oct. 1 Holders of rec. Sept.23
Nassau National (Brooklyn) (quar.) _
Oct. 1 Holders of rec. Sept.2815
3
Public National (guar.)
"4
Oct. 1 *Holders of rec. Sept.20
134
Miscellaneous.
Abitibi Power & Paper. corn.(quar.)
$1.25 Oct. 2 Holders of rec. Oct. 10
Alles & Fisher, Inc. (quar.)
50c. Oct.
Sept.20 to Sept.30
Alliance Realty (quar.)
6234c. Oet. 1 Holders of rec. Oct. 80
Allied Chemical dr Dye, corn.(guar.)- - $1.50 Nov.
Holders of rec. Oct. 11 ,
American Can, cont.(quar.)
50c. Nov. 1 Holders of rec. Oct. 31a
American Glanstoff Corp., pref.(No. 1.) •1% Oct.
*Holders of rec. Sept. 20
American Ice. corn.(guar.)
50c. Oct. 2 Holders of rec. Oct. 7a
Preferred (guar.)
1% Oct. 2 Holders of rec. Oct. 7a
American billlIng (quer.)
2
Oct.
Holders of rec. Sent.21
American Salamandra Corporation
$1.25 Oct.
Holders of rec. Sept.23
American Thermos Bottle, corn.(quar.). 415c. Nov.
*Holders of rec. Oct. 10
Preferred'
(Wax.)
873.40. Oct.
Holders of rec. Sept.254
Anaconda Copper Mining (guar.)
75c, Nov.2 Holders of rec. Oct. 15
Arctic Dairy Products, COM.(QUM%)
50e. Oct.
Holders of rec. Sept.20
Preferred (guar.)
144 Oct.
Holders of rec. Sept. 20
Associated Laundries, Inc., pref. (quar.) 2
Sept.29 to Sept.30
Oct.
Atlantic Coast Fisheries, pref.(quar.)_
144 Oct.
Holders of rec. Sept.22
Atlantic Steel (quar.)
1% Sept.30 Sept.21 to Sept.30
Atlas Powder, preferred (quar.)
1% Nov.
Holders of rec. Oct. 20a
Augusta Knitting, pref. (guar.)
144 Oct.
Holders of roc. Oct. 1
Baer, Sternberg dr Cohn, first pref. (qtr.) 1% Oct.
Sept.28 to Sept.30
Second preferred ((luar.)
2
Oct.
Sept.28 to Sept.30
Brandrarn-Henderson, Ltd., pref. (qu.). 134 Oct.
Holders of rec. Sept. la
Browning-Crane Ca., corn. (guar.)
13.4 Oct.
Holders of rec. Sept.22
Preferred (guar.)
1% Oct.
Holders of rec. Sept. 22
Buffalo General Laundries, pref.(quar.). 5614 Oct.
Bullard Machine Tool, cont. (guar.)-- -- 3734e. Sept. 30 Holders of rec. Sept. 23a
Holders of rec. Sept.20a
Burt(F. N.) Co.,corn,(guar.)
750. Oct.
Holders of rec. Sept. 16a
Preferred ((Mar-)
1% Oct
Canadian Industrial Alcohol (quar.)_ _ _ _ 32e, Oct. 1 Holders of rec. Sept. lOa
Holders of rec. Sept. 30
Chicago June. Rys.& Union Stock Yards
Common ((luar.)
154 Oct.
Holders of rec. Sept. 15
Preferred (guar.)
2% Oct.
Holders of rec. Sept. 15
Chicago Pneumatic Tool (quar.)
*1;4 Oct. 2
*Holders of rec. Oct. 15
•
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Christie, Brown & Co., corn.(quar.)__ 300. Nov. 1 Holders of rec. Oct. 15
14 Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
50c. Oct. 1 Holders of rec. Sept. 15a
Colts Patent Fire Arms Mfg. (qu.)
Consolidated Sand, Ltd., pref. (quar.)-- 14 Oct. 1 Holders of rec. Sept. 29
•15i Oct. 1 *Holders of rec. Sept. 30
Consumers Co., prior pref.(quar.)
el% Jan. 1 *Holders of rec. Dec. 31
Prior preferred (guar.)
Continental Motors Corp. corn.(quar.)- 20c. Oct. 31 Holders of rec. Oct. 15
.
Crocker-Wheeler Elec. Mfg., pref. (go.) 51% Oct.; 15 *Holders of rec. Oct. 5
;
14 Oct. 1 Holders of rec. Sept 19a
Curtis Publishing, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 19a
Dawes Bros., pref. (quar.)
*50c. Nov. 1 *Holders of rec. Oct. 15
Eaton Axle & Spring, corn. (quar.)
Oct. 1 Sept. 24 to Oct. 2
$1
Electric Vacuum Cleaner (quar.)
Oct. 1 Sept. 24 to Oct. 2
SI
Common (extra)
'62340 Nov. 1 *Holders of rec. Oct. 15
Elgin National Watch (quar.)
Nov. 1 Holders of rec. Oct. 15
$I
Eureka Pipe Line (quar.)
Fairbanks, Morse 5c Co., corn. (guar.)._ •750. Dec. 31 *Holders of rec. Dec. 12
Dec. 1 *Holders of rec. Nov. 12
Preferred (quar.)
16c. Oct. 16 Holders of rec. Oct. 3
Fifth Avenue Bus Securities
Filing Equipment Bureau, pref. (quar.). 144 Oct. 1 Sept. 21 to Sept. 30
14 Oct. 1 Holders of rec. Sept. 266
Finance & Trading Corp., pref.(guar.)._
.
•flti Oct.
1
Fuller Brush, pref. (quar.)
Oct. 15 Holders of rec. Oct. I
$1
General Ice Cream Corp
50c. Oct. 15 Holders of rec. Oct. 1
Extra
Gen. Laundry Mach.,corn.(qu.)(No. 1) 40c. Sept. 30 Holders of rec. Sept. 27
*75c. Oct. 31 *Holders of rec. Oct. 15
Gilchrist Company (quar.)
Nov. 1 *Holders of rec. Oct. 20
Gobel (Adolph), Inc., pref. (quar.)
Goodyear T. & It. of Can., corn. (rm.). *$1.25
14 Oct. 1 Holders of rec. Sept. 20
Haloes Corp., pref.(quar.)
75e. Oct. 1 Holders of rec. Sept. 23
Harris-Seybold-Potter Co.(quar.)
*31
Oct. 1 *Holders of rec. Sept. 26
Hart & Cooley Co., corn. (quar.)
*81.25 Oct. 1 *Holders of rec. Sept. 26
Common (extra)
*30c. Oct. 15 *Holders of rec. Oct. 10
Hawaiian Sugar (monthly)
*20c. Oct. 15 *Holders of rec. Oct. 10
Extra
*30c. Nov. 15 *Holders of rec. Nov. 10
Monthly
•20c. Nov. 15 *Holders of rec. Nov. 10
Extra
•30c. Dec. 15 *Holders of rec. Dec. 10
Monthly
*20c. Dec. 15 *Holders of rec. Dec. 10
Extra
Nov. 1 Holders of rec. Oct. 15
Holly Sugar Corp.. pref. (quar.)
*14 Nov. 1 *Holders of rec. Oct. 20
Hood Rubber Co.,7% pref.(quar.)
*51.88 Nov. 1 *Holders of rec. Oct. 20
734% preferred (guar.)
Hood Rubber Products, pref. (quar.)_ _ _ *14 Dec. 1 *Holders of rec. Nov. 21
*3734c Nov. 1 *Holders of rec. Oct. 10
Horn dr Hardart, corn. (quar.)
*25c. Nov. 1 *Holders of rec. Oct. 10
Common (extra)
35c. Nov. 1 Holders of rec. Oct. 15
Hupp Motor Car, corn. (quar.)
334 Oct. 1 Holders of rec. Sept. 29
Insurance Securities Co, Inc. (quar.)_ _
60c. Nov. 15 Holders of rec. Nov. la
International Paper, corn. (guar.)
11.1%• Oct.
I *Holders of rec. Sept. 30
Jordan Motor Car, pref.(quar.)
8234c Oct. 15 Holders of rec. Sept. 300
Kawneer Company (quar.)
Kellogg Switchboard dc Supply, com.(qu) 3234e Oct. 31 Holders of rec. Oct. 8
14 Oct. 31 Holders of rec. Oct. 8
Preferred (guar.)
Keystone Watch Case Corp., pref. (qu.) 14 Nov. 1 Holders of rec. Oct. 200
134 Oct. 1 Holders of rec. Sept. 20
Laclede-Christy Clay Prod., pref. (qu.)_
Oct. 1 Holders of rec. Sept. 26
2
Laclede Steel (quar.)
Sept. 30 *Holders of rec. Sept. 30
Lowenstein (M.) & Sons, lot pref. (qu.)
134 Oct. 3 Holders of rec. Sept. 30,
Manning. Maxwell & Moore, Inc.(qu.)_
Mathews Industries, class A (quar.)_ - •40c. Nov. 1 *Holders of rec. Oct. 20
14 Oct. 15 Holders of rec. Oct. 1
National Fireproofing, pref. (quar.)____
Oct. 1 Holders of rec. Sept. 30
4
New York Sun. Inc. lot preferred
Noe-Equl Textile Mills, Inc., cl. A (qu.) 5834c Oct. I Holders of rec. Sept. 22
Pacific Investing Corp., 1st pref.(No. 1) •134 Oct. 1 *Holders of rec. Sept. 15
50c. Oct. 5 Holders of rec. Sept. 28
Palmolive-Peet Co., common
14 Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
8234c Oct. 1 Holders of rec. Sept. 24
Pedigo-Weber Shoe (quar.)
Nov. 15 Holders of rec. Nov. 5
$1
Penmans, Ltd., corn. (guar.)
134 Nov. 1 Holders of rec. Oct. 21
Preferred (guar.)
Pierce, Butler & Pierce Mfg., common
50c. Oct. 15 Holders of rec. Oct. 5
($25 par) (quar.)
Oct. 15 Holders of rec. Oct. 5
2
Common ($100 par) (quar.)
14 Nov. 1 Holders of rec. Oct. 20
Seven per cent preferred (quar.)
Nov. 1 Holders of rec. Oct. 20
2
Eight per cent preferred (quar.)
Sept. 30 Holders of rec. Sept. 22
2
Pilgrim Mills (quar.)
Oct. 15 Holders of rec. Sept. 22
12
Extra
•750. Oct. 15 *Holders of rec. Oct. 4
Pittsburgh Screw & Bolt (quar.)
.134 Oct. 20 *IM1ders of rec. Oct. 1
3
Plymouth Cordage (quar.)
334 Nov. 1 Holders of rec. Oct. 20
Prudence Co., Inc., pref., series of 1928_
$2.50 Oct. 15 Holders of rec. Oct. 5
Realty Associates, common
Oct. 15 Holders of rec. Oct. 5
3
Second preferred
2
Oct. 8 Holders of rec. Sept. 29
St. Lawrence Paper Mills, pref. (quar.)_
Oct. 1 *Holders of rec. Sept. 30
*V
Sandusky Cement,corn.(quar.)
234 Sept. 30 Holders of rec. Sept. 23
Scott Paper (quar.)
50c. Oct. 1 Holders of rec. Sept. 25
Southern States Corp., class A (quar.)_
Spalding (A. G.)& Bros., ccm.(guar.)._ $1.25 Oct. 15 Holders of rec. Oct. 8
134 Nov. 1 Holders of rec. Oct. 7
Steel Co. of Canada, com. & pref. (qu.)_
*30c. Nov. 1 *Holders of rec. Oct. 15
Telautograph Corp., corn. (quar.)
*51.25 Nov. 15 *Holders of rec. Oct. 31
Tide Water Oil, pref. (quar.)
Oct. 15 Holders of rec. Sept. 30
I
Tuckett Tobacco, corn. (guar.)
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 30
24 Dec. 1 Holders of rec. Nov. 15
United Drug, corn. (quar.)
United Verde Extension Mining (gnarl_ *75c. Nov. 1 *Holders of rec. Oct. 6
U. S. Industrial Alcohol, corn. (quar.)_ _ $1.25 Nov. 1 Holders of rec. Oct. 15a
Ref. & Mining, corn. (qu.) 8734c Oct. 15 Holders of rec. Oct. 6
U. S.
8744c Oct. 15 Holders of rec. Oct. 6
Smelt..
Preferred (quar.)
*40c. Oct. 15 *Holders of rec. Oct. 1
Upson Co., corn. A & B (quar.)
*10c. Oct. 15 *Holders of rec. Oct. 1
Common A dr B (extra)
$1.75 Oct. 15 Holders of rec. Oct. 3
Victor Talking Machine. pref. (quar.)
14 Nov. 1 Holders of rec. Oct. 3
Prior preference (quar.)
$1.50 Nov. 1 Holders of rec. Oct. 3
$6 cony. preferred (quar.)
14 Oct. 15 Holders of rec. Sept. 30
Western Grocers, Ltd., pref. (quar.)_
1% Oct. 3 Holders of rec. Sept. 30
Woods Manufacturing, pref. (quar.)._ _
*25c. Oct. 1 *Holders of rec. Sept. 24
Yellow Cab, Inc., Newark (guar.)
'134
14
'134
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Akron Canton & Youngstown
Alabama & Vicksburg
Bangor & Aroostook, common (guar.)._
Preferred (quar.)
Beech Creek (quar.)
Boston & Maine, prior preference (guar.)
First preferred class A (quar.)
First preferred class B (quar.)
First preferred class C (guar.)
First preferred class D (guar.)
First preferred class E (quar.)
Boston & Providence (guar.)
Boston Revere Beach & Lynn (quar.)_
Canadian Pacific, corn.(guar.)
Preference
Carolina Clinchfield & Ohio
Stamped certificates
Cheeapeake Corporation (quar.)(No. I)Chesapeake & Ohio, common (quar.)-- Preferred
Clev. Cin. Chic.& St. L.,com.(quar.)..
Preferred (quar.)
Consolidated Mts. of Cuba, pref.(go.).
CubaRR., preferred
Georgia Railroad & Banking (quer.).
Gull Mobile & Northern. pref.(guar.).
Joliet & Chicago (guar.)
Kansas City Southern, pref.(guar.)
Lehigh Valley, common (guar.)
Preferred (quar.)
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct. 10
$1.25 Oct. 10
750. Oct. 1
234 Oct. I
33$ Jan 128
Oct. 20
2
134 Oct. 20
134 Oct. 1
Feb1•28
3
234 Oct. 15
134 Oct. 1
Oct. 3
Oct. 15
1
8734c Oct. 1
$1.25 Oct. 1
Ilolders of rec. Sept. 150
Holders of rec. Sept. 80
Holders of rec. Aug. 31
Holders of rec. Aug. 31a
Holders of rec. Sept. 150
Holders of rec. Sept. 160
Holders of rec. Sept. 18a
Holders of 'rec. Sept. 18,
Holders of roe. Sept. 16a
Holders of rec. Sept. 16,
Holders of rec. Sept. 160
Holders of rec. Sept. 20
Holders of rec. Sept. 15a
Holders of rec. Sept. la
Holders of rec. Sept. 1
Holders of rec. Sept. 30a
Holders of rec. Sept. 30a
Holders of rec. Sept. 8a
Holders of rec. Sept 8o
Holders of rec. Dec.
Holders of rec. Sept. 30a
Holders of rec. Sept. 30a
Holders of rec. Sept 10
Holders of rec. Jan. 16a
to Oct. 14
Oct. 2
Holders of roe. Sept. 15a
Holders of rec. Sept. 23a
Holders of rec. Sept. 30a
Holders of rec. Sept. 17a
Ho.ders of rec. Sept. 17a
[VOL. 125.
THE CHRONICLE
1800
4
3
880.
134
500.
134
134
2
134
234
134
234
134
234
2
When
Per
Cent. Payable.
Name of Company.
Railroads (Steam) (Concluded).
Mahoning Coal RR.,corn.(quar.)
Maine Central. corn. (guar.)
Meadville Conneaut Lake & Linesville_
Midland Valley, common
Minneap. St. Paul 4: S. S. Marie
Leased lines
Missouri-Kansas-Texas. pref. A (guar.).
New London Northern (guar.)
New York Central RR.(guar.)
N. Y. Chicago & St. Louis, corn. (guar.)
Preferred A (quar.)
New York Lackawanna dr Western (qu.)
Northern Pacific (quar.)
Northern RR.of New Hampshire (guar.)
Norwich & Worcester, pref.(quar.)
Old Colony (guar.)
yPere Marquette. corn. (in corn. stock).
Pere Marquette, common (guar.)
Prior preference (guar.)
5% preferred (guar.)
Pittsburgh Bessemer & Lake Erie, corn__
Pittsb. Ft. Wayne & Chic., coin.(qu.)
Preferred (quar.)
Reading Company, corn. (guar.)
Second preferred (guar.)
St. Louis-San Fran. By., corn.(gust.)_ _
Common (extra)
Preferred (guar.)
Southern Pacific (quar.)
Southern By.. common (gmar.)
Preferred (guar.)
Southern By. M. d: 0. stock tr. ctfs___ _
Union Pacific, corn. (guar.)
Preferred
United N.J. RR.& Canal Cos.(quar.)..
Vermont & Massachusetts
Vicksburg Shreveport &Pacific, corn_
Proferred
Wabash By., pref. A (quar.)
West Jersey dr Seashore
--
Books Closed.
Days Inclusive.
$12.50 Nov. 1
1
Oct. 1
2
Oct. 1
$1.25 Oct. 15
Holders of rec. Oct. 24:
Holders of rec. Sept. 15
holders of rec. Sept. 15:
Holders of rec. Sept. 30a
2
Oct. 1
134 Nov. 1
234 Oct. 1
Nov. 1
134 Oct. 1
144 Oct. 1
134 Oct. 1
134 Nov. 1
134 Oct. 1
2
Oct. 1
134 Oct. 1
/20 Oct. 1
144 Oct. 1
134 Nov. 1
134 Nov. 1
750. Oct. 1
134 Oct. 1
14 Oct. 4
$1
Nov. 10
50e. Oct. 13
134 Oct. 1
25c. Oct. 1
134 Nov. 1
134 Oct. 1
14 Nov. 1
134 Oct. 15
2
Oct. 1
234 Oct. 1
Oct. 1
2
234 Oct. 1
3
Oct. 7
234 Oct. 1
235 Oct. 1
134 Nov. 25
81.25 Oct. 15
Holders of rec. Sept. 20:
Holders of rec. Oct. 15a
Sept. 16 to Sept. 30
Holders of rec. Sept. 300
Holders of rec. Aug. 15a
Holders of rec. Aug. 15a
Holders of rec. Sept. 15a
Holders of rec. Sept. 30a
Holders of rec. Sept. 120
Holders of rec. Sept. 15a
Holders of rec. Sept. 10a
Holders of rec. Sept. y7a
Holders of rec. Sept. 140
Holders of rec. Oct. 140
Holders of rec. Oct. 14a
Holders of rec. Sept. 15
Holders of rec. Sept. 100
Holders of rec. Sept. 100
Holders of rec. Oct. 130
Holders of rec. Sept. 206
Holders of rec. Sept. 90
Holders of rec. Sept. lla
Holders of rec. Oct. 15a
Holders of rec. Aug. 2136
Sept. 21 to Oct. 12
Sept. 21 to Oct. 12
Holders of rec. Sept. 150
Holders of rec. Sept. la
Holders of rec. Sept. la
Sept. 21 to Sept. 30
Holders of rec. Sept. 7
Holders of rec. Sept. 8:
Holders of rec. Sept. Ra
Holders of rec. Oct. 25a
Holders of rec. Oct. la
Public Utilities.
Oct.
Adirondack Pow.& Lt.,8% pref. (guar.) 2
14 Oct.
Seven per cent preferred (guar.)
81.50 Oct.
$6 preferred (gust.)
$1.75 Oct.
Alabama Power, 37 pref. (guar.)
$1.50 Oct.
Sib preferred (guar.)
Amer.& Foreign Power. pref. (guar.)._ $1.75 Oct.
Allot, elf:, for pref., 25% pd.(quar.)- 434c Oct.
Oct. 1
2
American Gas (gust.)
Amer. Gas & Elec.. common (guar.). -- 25e. Oct.
134 Nov.
Preferred (guar.)
134 Oct.
American Power & Light, pref. (quar.)_ _
American Public Serv. Co.. pref. (guar.)
Oct.
American Public Utilities
Prior pref. and participating pref.(qu.) 134 Oct.
American Superpower Corp.
300. Oct.
Common class A and B (guar.)
$1.50 Oct.
First preferred (guar.)
234 Oct. 1
Amer. Telephone & Telegraph (quer.) _ _
Amer. Water Wks.St El. $6 1st pf.(qu.)_ 81.50 Oct.
12c. Oct.
Arkansas Natural Gas (Oust.)
Arkansas Power dr Light,$7 pref. (guar.) 81.75 Oct.
Associated Gas & Elec. 87 pref (guar.). 41.75 Oct.
/8734c Oct.
Original pref. (quar.)
50c. Nov.
Class A (quar.)
Bangor Hydro-Elec. Co.,8% pt.(qu.)__
154 Oct.
14 Oct.
7% preferred (quar-)
Oct. 1.
2
Bell Telephone of Canada (guar.)
134 Oct. 1
Bell Telephone of Pa.. pref. (quar.)__ _ _
Binghamton L., Ht.& Pr.. $6 Pf.(go.).. 81.50 Oct.
Birmingham Elec. Co.. $7 pref. (qu.). 81.75 Oct.
$1.50 Oct.
16 preferred (guar.)
Boston Elevated By., common (gust.).. 134 Oct.
334 Oct.
Second preferred
Brazilian Tr., Light & Pow.. pref.(go.). 134 Oct.
Brooklyn Borough Gas, Corn. (quar.)... $1.50 Oct. 1
8134c. Oct.
Preferred (guar.)
Bklyn.-Manhattan Transit
Oct. 1
El
Common (quar.)
$1.50 Oct. 1
Preferred, series A (quar.)
31.50 Janl(T2
Preferred, series A (quar.)
¶I.50 Apri6'2
Preferred, series A (quar.)
81.25 Oct.
Brooklyn Union Gas(guar.)
Buffalo Niagara de East. Pow.,com.(qu.) 250. Oct.
40c. Oct.
Preferred (guar.)
134 Oct. 1
Canada Northern Power,7% pref.(qu.)
Capital Trac.(Washington, D. C.) (lu.) 14 Oct.
Carolina-Georgia Service, 87 pref. (gu.). 81.75 Oct.
Carolina Power & Light, $7 pref.(guar.) 31.75 Oct.
81.50001.
$6 preferred (guar.)
134 Oct.
Central Illinois Light Co..6% pf. ((NJ_
14 Oct.
7% pref. (guar.)
Central Illinois Pliblle Service, IA.(qu.)_ 51.50 Oct. I
134 Oct.
Central Maine Power. 7% pref. (guar.,
6% preferred (quar.)
134 Oct.
134 Nov.
Central Power & Light, pref. (guar.)
Cent. Pub. Serv. Corp., pref. (quar.)_ _ _ 81.75 Oct.
Central & Southwest Utilities (quar.)_-- 75o. Oct. 1
Central States Elec. Corp.. corn. (go.).. 250. Oct.
134 Oct.
Preferred (guar.)
134 Oct.
Chic. North Shore & Mil., pref. (qu.)
134 Oct.
Prior lien stock (quar.)
Chic. Rap.Tran., pr. pf. A (monthly)...._ 650. Oct.
650. Nov.
Prior preferred A (monthly)
650. Dec.
Prior preferred A (monthly)
600. Oct.
Prior preferred 13 (monthly)
60c. Nov.
preferred 13 (monthly)
Prior
600. Doe.
Prior preferred B (monthly)
250. Oct.
Cincinnati Car Co. (guar.)
144 Oct.
Cincinnati Gas & Electric (quar.)
14 Oct.
Cincinnati Street By.(quar.)
Cincinnati & Suburban Bell Telep.(qu.)_ 31.13 Oct.
Cities Service Pow.& Lt.7% pf (mthly.) 58 1-30 Oct. 1
Cities Service Pow.& Lt..86 pf.(mthly.) 50c. Oct. 1
$3.50 Oct.
Citizens Pass. By. Phila (guar.)
234 Oct. I
Cleve. Elec. Ill., common (guar.)
5134 Dec.
(guar.)
Preferred
134 Oct.
Cleveland Ry., corn.(guar.)
Columbus Elec. & Pow., common (Cluj_ 50c. Oct.
134 Oct.
Preferred series B (guar.)
134 Oct.
Preferred series C (guar.)
134 Oct.
Second preferred (guar.)
Columbus By., Pr. dr Lt., 1st pf. A(qu.) 134 Oct.
134 Nov.
Preferred series B (guar.)
Commonwealth Power Corp.. corn.(qu.) 62340 Nov.
IH Nov.
Preferred (goar.)
Oct.
1
Connecticut Elec. Serv. Co., pref. (qu.)_
Cense!. Gas El. L.& P.(Balt.) com.(1111.) 6230 Oct.
Oct.
2
Preferred series A (guar.)
134 Oct.
Preferred series B (guar.)
14 Oct.
Preferred series C (guar.)
143 Oct.
Preferred series D (gust.)
31.25 Nov.
Consolidated Gas(N. Y ). Pref.
31.25 Oct.
Consumers Gas (Toronto) (guar.)
134 Oct.
Consumers Power,6% pref.(guar.)._
1.65 Oct.
6.6% preferred (guar.)
14 Oct.
Seven per cent preferred (quar.)
130c. Oct.
Six per cent preferred (monthly)
p
.m preferred (monthly)
55c. Oct.
14
Holders of rec. Sept. 21a
Holders of rec. Sept. 210
Holders of rec. Sept. 21a
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 160
Holders of rec. Sept. 1130
Holders of rec. Sept. 300
Holders of rec. Sept. 13
Holders of rec. Oct. 10
Holders of rec. Sept. 16
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 200
Holders of rec. Sept. 15
Holders of rec. Sent. 14a
Holders of rec. Sept. 15
Holders of rec. Aug. 31
Holders of rec. Aug. 31
Holders of rec. Sept. 30
Holders of rec. Sept. 10
Holders of roe. Sept. 10
Holders of rec Sept. 23:
Holders of rec. Sept. 200
Holders of rec. Sept. 15a
Holders of rec. Sept. 12
Holders of rec. Sept. 12
Holders of rec. Sept. 10
Holders of rec. Sept. 10
Holders of rec. Sept. 15
Holders of rec. Sept. 30:
fielders of rec. Sept. 19a
Holders of rec. Oct. la
Holders of rec. Oct. la
Holders of rec. Dec. 31a
Holders of rec. Apr 1'28a
Holders of rec. Sept. 80
Holders of rec. Sept. 150
Holders of rec. Sept. 150
Holders of rec. Sept. 30
Sept. 15 to Sept. 30
Holdres of rec. Sept. 15
Ilolders of rec. Sept. 17
Ilolders of rec. Sept. 17
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept.30a
Holders of rec. Sept. 10:
Holders of roc Sept. 10:
Holders of rec. Oct. 15:
Holders of rec. Sept. 10a
Holders of rec. Sept. 30
Holders of rec. Sept. 10
Holders of rec. Sept. 10
Holders of rec. Sept. 150
Holders of rec. Sept. 150
Holders of rec. Sept. 200
Holders of rec. Oct. 18a
Holders of rec. Nov. 15a
Holders of roc. Sept. 200
Holders of rec. Oct. 18a
Holders of roc. Nov. 15:
Holders of rec. Sept. 20a
Sept. 15 to Sept. 21
Holders of rec. Sept. 26:
Sept. 21
to Sept. 30
Holders of rec. Oct. la
Ilolders of rec. Oct. la
Sept. 21 to Sept.30
Holders of rec. Oct. la
*Holders of rec. Nov. 15
Holders of rec. Sept. 100
Holders of roc. Sept. 9a
Holders of rec. Sept. 9a
Holders of roe. Sept. Da
Holders of rec. Sept. Da
Holders of rec. Sept. 15
Holders of rec. Oct. 15a
Holders of rec. Oct. 1M
holders of rec. Oct. 11
Holders of rec. Sept. 15a
Holders of rec. Sept. 15:
Holders of roe. Sept. 15a
Holders of rec. Sept. 15a
Holders of rec. Sept. 15a
Holders of rec. Sept. 15a
Holders of rec. Sept. 30a
Holders of reo. Sept. 15a
Holders of roe. Sept. 15
Holders of roe. Sept. 15
Holders of ree. Sept.15
Holders of rec. Sept.16
Holders of rec. Sept. LS
OCT. 1 1927.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
Continental Gas & Electric
Common (quar.)
Oct. 1 Holders of rec. Sept. 12a
Prior preference (guar.)
154 Oct. 1 Holders of rec. Sept. 12a
Participating pref.(quar.)
134 Oct. 1 Holders of rec. Sept. 12a
Participating pref. (extra)
Si Oct 1 Holders of rec. Sept. 124
6% preferred (quar)
13.4 Oct. 1 Holders of rec. Sept. I2a
Denver Tramway Corp., pref. (guar.)._ 13.4 Oct. 1 Holders of rec. Sept. I5a
Detroit Edison Co. (guar.)
2
Oct. 15 Holders of rec. Sept. 204
Diamond State Telep., 634% pref. (qu.) 151 Oct. 15 Holders of rec. Sept. 20a
Dixie Gas& Utilities pref. (quar.)
13.4 Oct. 1 Holders of rec. Sept.20
Dobry(D.A.) Secur.Co.. panic pf (Qua 134 Oct. 1 Holders of rec. Sept. 15
Participating preferred (guar.)
54 Oct. 1 Holders of rec. Sept. 15
Dominion Power & Transmis.. pref.(qu) 154 Oct. 15 Holders of rec. Sept. 23a
Duke Power (guar.)
Oct. 1 Holders of reo. Sept. 150
1
Duluth-Superior Trac., pref.(guar.)____ 1
Oct. 1 Holders of rec. Sept. 15a
East Bay Water, pref. A & B (quar.)..- 134 Oct. 15 Holders of rec. Sept.30a
Eastern Mass. St. Ay., adj. stock
234 Oct. I Holders of rec. Sept. I50
Eastern New Jersey Power.7% pt.(qu.) 134 Oct. 1 Holders of rec. Sept. 6
Eight per cent preferred (hoar.)
Oct. 1 Holden of roe Sept. 6
2
Eastern N.Y.Utilities, Pref.(quar.)_
Holders of rec. Sept. 20a
134 Oct.
Eastern States Power Corp., pref.(qua_ $1.75 Nov. 1 Holders of rec. Oct. 150
Eastern Texas Electric Co., pref.(guar.) 154 Oct. 1 Holders of rec. Sept. 60
Edison Elec. Ill. Co.of Brockton (guar.) 62540. Nov. 1 Holders of rec. Oct. 14
Electric Bond & Share. pref. (quar.)____
134 Nov. 1 Holders of rec. Oct. 14
Electric Bond & Share Securities(quara_ 25e. Oct. 15 Holders of rec. Sept. 17
Elec. Light & Power Co. of Abington &
Rockland (quay.)
50c. Oct. 1 Holders of rec. Sept. 150
Electric Power & Light. pref.(quara_ _ $1.75 Oct. 1 Holders of rec. Sept. 15
Allotment ctfs. for pf. stk. full pd.(qu. $1.75 Oct. 1 Holders of rec. Sept. 150
Allotment etf. for pt. stk. 40% pd.(qu) 70c. Oct. 1 Holders of rec. Sept. 150
Electric Public Service 7% pref.(guar.). 154 Oct. 1 Holders of rec. Sept. 20
Electric Public Utiltitles, $7 pref. (qua. $1.75 Oct. 1 Holders of rec. Sent. 20
El Paso Elute()Co.. pref. A (quar.)---. 134 Oct. 15 Holders of rec. Oct. 30
Empire Gas& Fuel,8% pref.(montlVy). 662-30
Holders of rec. Sept. 15a
Seven per cent preferred (monthly).- 58 1-3 Oct. I Holders of rec. Sept. 15a
Empire Power Corp.. $6 pref.(quar.)___ $1.50 Oct. 1 Holders of rec. Sept. 17
Participating stock (guar.)
Holders of rec. Sept. 17
50o. Oct.
Engineers Public Service, $7 pref.(guar.) $1.7 Oct. i Holders of rec. Sept. 6a
Fall River Electric Light (quar.)
Holders of reo. Sept. 20a
50c. Oct.
Federal Light dr Traction. corn. (guar.). 20e. Oct. 1 Holders of rec. Sept.I3a
Common (payable in common stock) al5c. Oct. 1 Holders of rec. Sept. 13a
Holders of rec. Sept. 20a
Federal Water Service, $7 pref. (qu.)___ $1.75 Oct.
$1334 preferred (quar.)
$ I .6234 Oct. 1 Holders of rec. Sept. 200
Florida Power & Licht.$7 pref.(guar.)._ $1.7 Oct. 1 Holders of rec. Sept 15
Holders of rec. Sept. 15a
Florida Public Service Co., pref.(guar.). 134 Oct.
Foshay (W.B.) Co., corn. (monthly)_ _ _ 670. Oct. 10 Holders of rec. Sept. 26
Seven per cent preferred (monthly)_ _ _ 58e. Oct. 10 Holders of rec. Sept. 26
Eight per cent preferred (monthly)___ 67c. Oct. 10 Holders of rec. Sept.26
Frankford & Southwark Pass fly .(qui. $4.50 Oct
Sept. 2 to Oct. I
General Gas & Elec.. corn.. class A(qu.). o3734o Oct.
Holders of reo. Sept. 12a
$2 Oct.
$8 preferred class A (guar.)
Holders of rec. Sept. 12a
$1.75 Oct.
$7 preferred class A (guar.)
Holders of roe. Sept. 12a
Preferred Clegg B (guar.)
$1.75 Oct.
Holders of rec. Sept. 120
General Public UM.. $7 pref. (quar.)___ $1.75 Oct.
Holders of rec. Sept. 20
Georgia Power Co.,$6 pref. (guar.)
$1.50 Oct.
Holders of rec. Sept. 10
Germantown Pass. By.(Phila.) (quar.)- $1.31 Oct. 4 Sept. 15 to Oct. 3
Gold dr Stock Teleg.(quar.)
134 Oct. I Holders of rec. Sept. 30a
Greenwich Water & Gas, pref. (guar.).- *154 Oct. 1 *Holders of rec. Sept. 21
Haverhill Gas Light (quar.)
560. Oct. 1 Holders of rec. Sept. 19a
Illinois Power Co..6% prof (guar.)..._
13.4 Oct. 1 Holders of rec. Sept. 15
Seven per cent preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 15
Illinois Pow. dr Lt. Corp..7% pt.(guar.) 154 Oct. 1 Holders of rec. Sept. 10a
6% cum. pt. and 6% panic. pf.(au.). 1114 Oct. 1 Holders of rec. Sept.10a
Indianapolis Pr.& Light 654% pt. (qu.) 134 Oct. 1 Holding of rec. Sept. 9
Indianapolis Water Co., pref.(guar.) _. _
134 Oct. 1 Holders of rec. Sept. 100
Indianapolis Water Works Securities. pf _
33.4 Oct. 1 Holders of re.c. Sept. 10a
Inland Power & Light, pref. (quar.)_._
134 Oct. 1 Holders of rec. Sept. 20a
International Securities Corp.
First and second pref. (guar.)
*75c. Oct. 1 *Holders of rec. Sept. 15
Internat. Telep. & Teleg. (quar.)
134 Oct. 15 Holders of rec. Oct. 3a
International Utilities Corp.. cl. A(gu.). 87340. Oct. 15 Holders of rec. Sept. 30a
Interstate Power. preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 6
Jamaica Public Service, pref. (quar.).__ $1.75 Oct. 1 Holders of rec. Sept. 19a
Jersey Central Pow.& Lt., 7% pt.(au). 13.4 Oct. 1 Holders of rec. Sept. 17
Six per cent preferred (guar)
134 Ott. 1 Holders of rec. Sept. 17
Kansas City Pow.& Lt. 1st pt. A (qua _ $1.75 Oct. 1 Holders of rec. Sept. 14a
First pref eeriest)(guar.)
$1.50 Oct. 1 Holders of rec. Sept. 140
Electric Power Co.. 7% pt.(qua 134 Oct. 1 Holders of rec. Sept. 15a
Kansas
Kansas Gas & Electric. Prof.(guar.)_
Oct 1 Holders of rec. Sept. 16
Kentucky Securities, common (quar.)__
134 Oct. 1 Holders of roe. Sept. 20a
Preferred (quar.)
114 Oct. 15 Holders of rec. Sept. 20a
Kings County Lighting, 7% pt.(qui
134 Oct. 1 Holders of rec. Sept. 19a
Laclede Gas & Electric Co -see note (k)
Laurentide Power (quar.)
114 Oct. 15 Holders of rec. Sept. 30a
Long Island Lighting pref. A (quar.)_. 154 Oct. 1 Hceders of rec. Sept. 17
Loulsv. Gas & El. of Ky.,7% pf.(qui __
134 Oct. 15 Holders of rec. Sept. 300
Six per cent preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 300
Mackay Companies, corn.(quar.)
Holders of rec. Sept. 3a
134 Oct.
Preferred (guar.)
1
Got.
Holders of rec. Sept. 3a
Manhattan Railway.7% guar.(guar.)._
134 Oct.
Holders of rec. Sept. 12a
Modified guar. (quar.)
154 Oct.
Holders of rec. Sept. 12a
Manila Electric Co.(quay)
6234e Nov.
Holders of rec. Sep..30a
Massachusetts Ltg. Cos..6% pref. (au.) 134 Oct. 1 Holders of rec. Sept. 26
Eight per cent preferred (quar.)
2
Oct. 1 Holders of rec. Sept.26
Memphis Power & Light,$7 pref.(guar.) $1.75 Oct.
Holders of rec. Sept. 17
$1.50 Oct.
$6 preferred (guar.)
Holders of rec. Sept. 17
Metropolitan Edison Co.$6 pref.(guar.) $1.50 Oct.
Holders of rec. Sept. 15a
$1.75 Oct.
$7 preferred (hoar.)
Holders of rec. Sept. 15a
Middle West Utilities, pref. (quar.)---- 131 Oct. 1 Holders of rec. Sept. 30
$6 preferred (quarterly)
$1.50 Oct. 1 Holders of rec. Sept. 30
Midland UM.,7% pref.. cl. A (guar.)._
134 Oct.
Holders of roc. Sept. 22
6% pref. class A (quar.)
134 Oct. 6 Holders of rec. Sept. 22
151 Oct. 6 Holders of rec. Sept. 22
7% prlor lien stock (guar.)
6% prior lien stock (quar.)
134 Oct. 6 Holders of roc. Sept. 22
Milwaukee Elec. By.& Light, pref.(an.) 134 Oct. 31 Holders of roe. Oct. 20a
Minnesota Power & Light. pref.(guar.). 131 Oct. 1 Holders of roe. Sept. 15
Missouri Gas & El.Secy., prior lien (qua $1.7 Oct. 15 Holders of rec. Sept. 30a
Missouri Power & Light, pref.(guar.)... 154 Oct. 1 Holders of rec. Sept. 20
Mohawk & liud. Pow. Corp.,2d PI.(qu.) 134 Oct. 1 Holders of rec. Sept. 21
Mohawk Valley Co.(guar.)
50o. Oct. 1 Holders of rec. Sept.20a
Monongahela West Penn Public Service
Preferred (guar.)
43510 Oct. 1 Holders of roe. Sept. 15
Montana Power, corn. (quar.)
154 Oct. 1 Holders of rec. Sept. 12a
Montreal Lt. IR.& Power Cons.(qu.)
50o. Oct. 31 Holders of rec. Sept. 30
Montreal Telegraph (guar.)
2
Oct. 15 Holders of rec. Sept. 30a
Mountain States Power, pref.(guar.)
134 Oct. 20 Holders of rec. Sept. 30
Municipal Service Corp., cony. pt.(qui 50c. Oct. 3 Holders of rec. Sept. 15
Nassau & Suffolk Lighting. pref.(guar.). 134 Oct. 1 Holders of rec. Sept. 17
National Electric Power. pref.(guar.)_
Oct. 1 Holders of rec. Sept. 200
National Fuel Gas(quar.)
200. Oct. 15 Holders of rec. Sept. 30a
National Power & Light Co.. pref. WO. $1.75 Oct. 1 Holders of rec. Sept. 15
National Public Service
Prof.series A and pectic. Prof.(quay.). $1.75 Oct. 1 Holders of roe. Sept. 17
Nevada-Calif. Elec. pref. (guar.)
131 Nov. 1 Holders of rec. Sept.30
New England Power Assoc.. corn.(qu.). 50o. Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 19a
New Jersey Power & Light. $6 pf.(qu.)_ $1.50 Oct. 1 Holders of rec. Sept. 15
New Orleans Public Service corn.(quar.) 5634 Oct. 1 Holders of rec. Sept. 19a
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 19a
New York Central Elec. corp.. pf. WO- 131 Oct. 1 Holders Of MC. Sent. 17
New York & Richmond Cu,corn.(qua.
2 Oct. I Holders of rec. Sept. 15a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15a
New York Steam Corp.,$7 prof. A (qu.)_ $1.7 Oct. 1 Holders of rec. Sept. 150
$6 preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 15a
New York Telephone, pref.(quar.)
154 Oct. 15 Holders of rec. Sept. 20
Niagara Fails Power
Preferred (quar.)
43310 Oct. 15 Holders of rec. Sept. Otla
Niagara Lockport & Ont. Pow.. pf.(qu.) 13.4 Oct. 1 Holders of coo. Sept. 15a
North Amer.Co.,corn.(qu.)(in corn.stk.) 123.4 Oct. 1 Holders of reo. Sept. 6a
Preferred (quar.)
75c. Oct. 1 Holders of recs. Sept. 6a
North American Light & Power,Pf.(qui $1.50 Oct. 1 Holders of rec. Sept. 20a
Name of Company.
1801
When
Per
Cent. Payable
Books Cloud
Days Inclusive.
Public Utilities (Continued).
North Boston Ltg. Prop.. corn.(quar.)__ $1.13 Oct. 15 Holders of roe. Oct. 3a
Preferred (guar.)
111.50 Oct. 15 Holders of rec. Oct. Sa
North West Utilities, prior lien stk.(qu.) IN Oct. 1 Holders of rec. Sept. 15
Northeastern Power Corp.. corn.(qu.)
15c. Oct. 1 Holders of reo. Sept.15a
Class A stock (quarterly)
$1.50 Oct. 1 Holders of rec. Sept. 15a
Oct. 1 Holders of ree. Sept. 16a
North. Mexico Pow. & Dee., corn (qu.) 1
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept. Itia
Northern Ohio Pr. & Lt.,6% pref.(qui - 134 Oct. 1 Holders of rec. Sept.15
154 Oct. 1 Holders of rec. Sept. 15
Seven per cent preferred (guar.)
Northern Penna. Pow. Co.. $7 Pf.
$1.75 Oct. 1 Holders of rec. Sept. 15a
$1.50 Oct. 1 Holders of rec. Sept. 150
$8 preferred (quar.)
Northern States Power,corn. cl. A (qu.). 2
Nov. 1 Holders of rec. Sept. 30
Commonclass B (quar.)
20e. Nov. 1 Holders of rec. Sept. 30
131 Oct. 20 Holders of rec. Sept. 30
7% pref. (quar.)
13-4 Oct. 20 Holders of rec. Sept. 30
8% pref.(quar.)
Northport Water Works, pref. (attar.)..
th Oct 1 Holders of roe. Sept. 17
Northwestern Bell Telep.,654% pt. qu.) 134 Oct. 15 Holders of rec. Sept.20s
151 Oct. 1 Holders of roe. Sept. 200
Ohio Bell Telephone, pref. (quar.)
Ohio Edison Co.,6% pref.(quar.)
13-4 Dec. 1 Holders of rec. Nov. 15
13-4 Dec. 1 Holders of rec. Nov. 15
6.6% preferred (quar.)
Seven per cent preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 15
50c. Oct. 1 Holders of rec. Sept. 15
Six per cent preferred (monthly)
Six per cent preferred (monthly)
50c. Nov. 1 Holders of rec. Oct. 15
Six per cent preferred (monthly)
50c. Dec. 1 Holders of rec. Nov. 15
550. Oct. 1 Holders of rec. Sept. 15
6.6% preferred (monthly)
6.6% preferred (monthly)
55c. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
550. Dec. 1 Holders of rec. Nov. 15
Ohio Electric Power. 7% pref.
151 Oct. 1 Holders of rec. Sept. 20
Ohio Mid-Cities Corp., corn
1
Holders of rec. Sept. 15
Common (payable in common stock). /2
Holders of rec. Sept. 15
Ohio Pub. Serv., let pref. A (monthly)... 581-3 Oct. 1 Holders of rec. Sept. 15a
Ohio River Edison, 7% pref. (quay.)... 151 Oct. 1 Holders of rec. Sept. 15
Ohio Telephone Service, pref. Mara .-- 134 Oct. 1 Holders of rec. Sept. 15
Ottawa Lt., Ht. & Pow., pref. (quar.)__ 134 Oct. 1 Holders of rec. Sept. 154
Ottawa Traction. Ltd.(quar.)
1
Oct. 1 Holders of rec. Sept. 154
Pacific Gas & Electric, corn. guar.)_
500. Oct. 15 Holders of rec. Sept.30a
Pacific Ltg.Corp.,corn., pay.In corn.stk. 1900 Nov. 15 Holders of rect. Nov. la
Pacific Telep. & Teleg., pref. (guar.)... 134 Oct. 15 Holders of rec. Sept. 300
Panama Power dr Light Corp., pref.(qu.) la( Oct. 1 Holders of rec. Sept.16
Penn Cent. Light & Pow..$5 pref.(go.). $1.25 Oct. 1 Holders of rec. Sept. 154
Pennsylvania G.& E. Co.. corn.(quar.)_ 2
Oct. 1 Sept.21 to Sept. 30
Preferred (quar.)
131 Oct. 1 Sept. 21 to Sept. 30
Penn.
-Ohio Power dr Light
36 Preferred (quar.)
$1.50 Nov. 1 Holders of rec. Oct. 20
Seven per cent preferred (guar.)
Nov. 1 Holders of rec. Oct 20
7.2% preferred (monthly)
600. Oct. 1 Holders of rec. Sept 20
7.2% preferred (monthly)
60e. Nov. 1 Holders of rec. Oct. 20
6.6% preferred (monthly)
550. Oct. 1 Holders of rec. Sept. 20
550, Nov. 1 Holders of rec. Oct. 20
0-6% Preferred (monthly)
Penna.Power & Light,$7 pref.(quay.).. $1.75 Oct. 1 Holders of rec. Sept. 15
$6 preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
Pennsylvania Water & Power (quarj_
62540. Oct. 1 Holders of rec. Sept. 16
Peoples Gas Light dr Coke (guar.)
Oct. 17 Holders of rec. Oct. 3a
2
Philadelphia Company, common (quar.) $1
Oct. 31 Holders of roe. Oct. la
Corn.(stk. div., 1-120th sh. corn. stk.) (1) Oct. 31 Holders of rec. Oct. la
Six per cent preferred
$1.50 Nov. 1 Holders of rec. Oct. la
Philadelphia Rapid Transit, corn.(quar.) $1
Oct. 31 Holders of rec. Oct. 15a
Preferred
$1.76 Nov. 1 Holders of rec. Oct. la
Philadelphia Traction
Oct. 1 Holders of rec. Sept. 100
$2
Philadelphia dr Western RY., pref.(qua - 134 Oct. 15 Holders of rec. Sept.300
Portland Electric Power, lot pref.(qu.). 134 Oct. 1 Holders of rec. Sept. 15
Prior preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 15
Portland (Me.) Gas Light (quar.)
Oct. 1 Holders of rec. Sept. 170
$2
Porto Rico Railways, corn
Oct. 1 Holders of rec. Sept. 15
2
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15
Porto Rico Telephone, corn. (quar.)._
Oct. 1 Holders of rec. Sept.150
1
Common (extra)
1
Oct. 1 Holders of rec. Sept. 15a
Preferred
4
Oct. 1 Holders of rec. Sept. 154
Power Corp. of Canada,
pref.(quar.) 134 Oct. 15 11..lders of rec. Sept. 30
Providence Gas Co. (guar.)
Oct. 1 Holders of reo. Sept. 15a
$1
Pub.Sera. Corp. of Long Island. pf.(qu.) 151 Oct. 1 Holders of rec. Sept. 17
Public Service Co.of Okla.. corn.(qui
2
Oct. 1 Sept.25 to Oct. 2
7% prior lien stock (quar.)
151 Oct. 1 Sept.25 to Oct. 2
6% prior lien stock (quar.)
lb( Oct. 1 Sept 25 to Oct. 2
Puget Sound Power dr Light, pref.(Qui _
134 Oct. 15 Holders of rec. Sept. 20a
Prior preferred (guar.)
lb( Oct. 15 Holders of rec. Sept. 20a
Quebec Power, COM.(Quer.)
2
Oct. 15 Holders of rec. Sept. 30
Radio Corp. of Amer.. pref. A (quar.)-. 873.40.Oct. 1 Holders of rec. Sept la
St. Maurice Power Co.(No. 1)(qu.)
$1
Oct. 15 Holders of rec. Sept. 300
Savannah Elec. & Power, preterred
3
Oct. 1 Holders of rec. Sept. 6411
Debenture stock, series A (guar.)
2
Oct. 1 Holders of rec. Sept. 6a
Debenture stock, series B (quay.)
134 Oct. 1 Holders of rec. Sept. 64
Second & 3d Sts. Pass. By., Phila.(gli.)- 83
Oct. 1 Sept. 2 to Oct. I
Shawinigan Water & Power (guar.)
500. Oct. 10 Holders of rec. Sept.23
South Pittsburgh Water, pref.(quara_ _ _
131 Oct. 15 Holders of rec. Oct. 1
Southeastern Pow.& Lt.. corn. Mari
- 25e. Oct. 20 Holders of reo. Sept.30
$7 preferred (quar.)
$1.7 Oct. 1 Holders of rec. Sept.15
$6 preferred (quar.)
81.50 Oct. 1 Holders of rec. Sept.15
Participating preferred (quar.)
$1
Oct 1 Holders of rec. Sept. 15
Southern Calif. Edison. original pt.(qu.) 50c. Oct. 15 Holders of rec. Sept. 200
Preferred series C (quar.) (No. 1).... 343.4cOct. 15 Holders of rec. Sept.204
Southern Canada Power. Prof. (quay.).. 134 Oct. 15 Holders of roe. Sept. 240
Sou. Indiana Gas & Elec.. 7% pref.(qu.) 131 Oct. 1 Holders of rec. Sept.23a
Six per cent preferred (guar.)
134 Oct. 1 Holders of rec. Sept.230
1.65 Oct. 1 Holders of rec. Sept. 23a
6-6% Preferred (guar.)
Southern New England Telep. (guar.)._ 2
Oct. 15 Holders of rec. Sept. 30a
Southwest Power 7% prof.(au).
131 Oct. 1 Holders of rec. Sept. 15a
Southwestern Bell Tolley.. pref.(quar.)__
131 Oct. 1 Holders of rec. Sept. 20
Southwestern Gas & El..8% pref.(qu.). *2
Oct. 1 °Holders of rec. Sept. 15
•131 Oct. 1 *Holders of rec. Sept. 15
Seven per cent preferred (quar.)
Southwestern Light & Pow • $6 pf. (qua 31.50001. 1 Holders of rec. Sept.156
Springfield G.& EL, pfd. A (qu.)(No. 1) $1.75 Oct. 1 Holders of rec. Sept. 15
Springfield (Mo.) Ry.& Lt., pref. (ail.). 151 Oct. 1 Holders of roe .Sept. 15
Standard Gas & Elec., corn. (quay.).... 87340 Oct. 25 Holders of rec. Sept.30o
131 Oct. 25 Holders of rec. Sept.30
7% prior preferred (guar.)
Superior Water, Light dr Power
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.15
Tennessee Eastern Elec. Co..corn.(qu.)Oct. 1 Holders of rec. Sept.200
Tennessee Elec Power 6% 1st prof (go.). 154 Oct. 1 Holders of rec. Sept. 15
Seven per cent 1st preferred Mari
- 151 Oct. 1 Holders of rec. Sept. 15
7.2% 1st pref. (guar.)
1.80 Oct. 1 Holders of rec. Sept. 15
Six per cent 1st pref. (monthly)
50e. Oct. 1 Holders of rec. Sept. 15
7.2% let Prof. (monthly)
600. Oct. 1 Holders of rec. Sept. 15
Texas-Louisiana Power, pref. (quara_
151 Oct. 1
Sept. 15
Toledo Edison Co.. prior pref.(quay.)
Oct. 1 Holders of rec. Sept. 15
2
Twin City Rap.Trait.. Minn.,corn.(qu) $1
Oct. 1 Holders of rec. Sept.134
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 134
United Gas & Electric Corp.. pref. (qu.) 151 Oct. 1 Holders of rec. Sept. 16
United Gas Improvement (quar.)
Oct. 15 Holders of rec. Sept. 30a
61
United Light & Pow., corn. A new (g.). 120. Nov.
Holders of rec. Oct. 15
Common B new (quar.)
Holders of rec. Oct. 15
12e. Nov.
Common A and B old (guar.)
Holders of rec. Oct. 15
600. Nov.
Preferred A (guar.)
Holders of rec. Sept. 15
31.63 Oct.
Holders of rec. Sept. 15
Preferred B guar.)
Oct.
$1
United Securities. Ltd.. pref.(guar.).--- 134 Oct.
Holders of rec. Sept. 23
United Utilities Co.. first Prof.(guar.).- $1.75 Oct.
Holders of rec. Sept.21
Holders of rec. Sept. 15
Utah Gas& Coke, pref. & panic. DI•(au) 81.75 Oct.
Utah Power & Light, $7 pref.(guar.)
Holders of rec. Sept. 8
$1.75 Oct.
S1.150 Oct.
$6 preferred (quar.)
Holders of rec. Sept. 8
Utility Shares Corp.,corn.(quar.)
300. Nov.
Holders of rec. Oct. 10
300. Doe.
Participating preferred (guar.)
Holders of rec. Nov. 14
Utilities Power & Light, class A (qOW.)-- p500. Oct.
Holders of req. Sept. 6
p250. Oct.
Class B (guar.)
Holders of rec. Sept. 6
131 Oct.
Preferred (aura
Holders of rec. Sept. 6
Washington Water Pow., Spokane(gni- 2
Oct. 15 Holders of rec. Sept.230
West Kootenay Power & Light. Pt.(qua 134 Oct. 1 Holders of rec. Sept. 200
West Penn Power Co., 7% pref.(guar.). 134 Nov. 1 Holders of rec. Oct. 50
Six per cent preferred (guar.)
13.4 Nov. 1 Holders of rec. Oct. 5a
Western Power Corp., 7% pref.(guar.). 131 Oct. 15 Holders of rec. Sept.304
Western Union Telegraph Co. (guar.)._ 2
Oct. 15 Holders of coo. Sept. 24a
Winnipeg Elec. Co.. prof. (guar.)
131 Oct. 1 Holders of rec.. Sept.
134
Name of Company.
Public Utilities (Concluded).
Worcester Gas Light. coin. (guar.)
York Railways, com. (guar.)
Preferred (guar.)
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
63e. Oct. 1 Holders of rec. Sept. 200
75e. Oct. 15 Oct. 7 to Oct. 16
6254c. Oct. 31 Oct. 15 to Oct. 24
Banks.
3
America (Bank of) ((mar.)
Capitol Nat. Bank & Trust Co.(guar.)_ _ 1H
334
Chase National ((uar.)
$1
Chase Securities Corp.(guar.)
Chatham-Phenix Nat. Bk.& Tr.(guar.) 4
2
Chelsea Exchange (quar.)
3
Colonial (quar.)
4
Commerce. Nat. Bank of (guar.)
254
Commercial Exchange (guar.)
6
Fifth Avenue (quar.)
d5
First National (guar.)
d20
First Security (guar.)
6
Hanover National (guar.)
(Bk.of the)($50Par)(qu.) $2
Manhattan Co.
4
$100 par stock (guar.)
3
Mechanics (Brooklyn) (guar.)
3
Mutual ((mar.)
4
National City (guar.)
3
National City Company (quar.)
2
New Netherland (guar.)
6
Park, National (guar.)
3
Peoples National (Brooklyn) (guar.)_
4
Seaboard National ((mar.)
Standard National Corp.,pref.(guar.) _ _ "154
4
3tate (quar.)
3
United States (Bank of) (guar.)
54
Extra
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Trust Companies.
'merican Exchange Irving (guar.)
Bank of Europe Trust Co.(quar.)
Bank of N.Y.& Trust Co.(guar.)
Bankers ((mar.)
Brooklyn (guar.)
Jentral Union (guar.)
Pulton (guar.)
danufacturers (Brooklyn) (guar.)
J.S. Mortgage & Trust(quar.)
hilted States (guar.)
314
254
454
5
6
7
234
5
4
1254
Oct. 1 Holders of rec. Sept. 16n
Oct. 1 Holders of rec. Sept. 20a
Oct. 1 Holders of rec. Sept. 23a
Oct. 1 Holders of rec. Sept. I5a
Oct. 1 Holders of rec. Sept. 24a
Oct. 1 Holders of rec. Sept. 23a
Oct. 1 Holders of rec. Sept. 19a
Oct. 1 Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept. 27a
Oct. 1 Holders of rec. Sept. 20
Fire Insurance.
Ianover Fire (guar.)
Tome Insurance (guar.)
toes% (quar.)
254 Oct. 1 Sept. 16 to Sept. 30
5
Oct 10 Holders of rec. Sept. 30
$1.50 Oct. 1 Holders of rec. Sept. 14a
1 Holders of rec. Sept. 15a
1 Holders of rec. Sept. 20a
1 Holders of rec. Sept. 13a
1 Holders of rec. Sept. 130
1 Sept. 16 to Sept.30
1 Holders of rec. Sept. 160
1 Sept. 21 to Sept. 30
1 Holders of rec. Sept. 160
1 Holders of rec. Sept. 15a
1 Holders of rec. Sept. 30a
I Holders of rec. Sept. 30a
1 Holders of rec. Sept. 30a
1 Sept. 21 to Sept. 30
1 Holders of reo. Sept. 16a
I Holders of rec. Sept. 16a
1 Holders of rec. Sept. 17n
1 Holders of rec. Sept. 24a
1 Holders of rec. Sept. 16
1 Holders of rec. Sept. 16
1 Sept. 20 to Sept. 30
1 Holders of rec. Sept. 16a
1 Holders of rec. Sept. 13a
1 Holders of rec. Sept. 24
I *Holders of rec. Sept. 260
1 Holders of rec. Sept. 16a
I Holders of rec. Sept. 20a
1 Holders of rec. Sept. 20a
Miscellaneous.
154 Oct. 1 Holders of rec. Sept. 20
klaltIM Power & Pacer, pref.(quar.)
131 Nov. 1 Holders of rec. Oct. 150
ibraham & Straus, Inc.. pref.(guar.)
Oct. 1 Holders of rec. Sept. 201
$1
Ione Steel (guar.)
50c. Oct. I 1161ders of rec. Sept. 150
Rubber, common (guar.)
ketna
1 114 Oct. 1 Holders of roe. Sept. Ito
Preferred (guar.)
$1.25 Oct. 15 Holders of rec. Sept. 300
Or Reduction Co.(guar.)
52
Oct. 15 Holders of rec. Sept. 300
Extra
Oct. 1 Holders of rec. Sept. Ma
'Aron Rubber Reclaiming, pref. (guar.)_ 2
Oct. 1 Sept. 21 to Sept. 30
2
Llabama Fuel & Iron (guar.)
154 Oct. 1 Sept. 16 to
Sept. 30 ,
ilberta Pacific Grain Co., pref. (guar.)._
Lilted Chemical & Dye Corp.. Pt.(qu.)_Oct. 1 Holders of roe. Sept. 9a
62c. Oct. 1 Holders of roe. Sept. 20
common (guar.)
doe (A. S.) Co.,
154 Oct. 1 Holders of roe. Sept. 20
Preferred (quar.)
Llumlnum Co. of America. prof. (guar.) 134 Oct. 1 Holders of rec. Sept. 150
iluminum Manufacturers. corn.(guar.). •50o. Dec. 31 *Holders of rec. Dec. 150
,malgamated Laundries. pref.(mthly.). 581.o. Oct. 1 Holders of roe Sept. 15a
581.c. Nov. 1 Holders of rec. Oct. 15a
Preferred (monthly)
581.e. Dec. 1 IltIders of rec. Nov. 150
Preferred (monthly)
581.e. Jan 2'28 Holder.' of rec. Dec. 15a
Preferred (monthly)
581.c. Feb 1'28 Hold, of roe. Jan. 15280
(monthly)
Preferred
591.c. M'rl'28 Hold, of rec. Feb. 15 28a
Preferred (monthly)
581.c. Apr 1'28 Hold.ofrec Mar. 15'28a
Preferred (monthly)
581.c. M'yl'28 Hold,of roe. Apr. 15'280
Preferred (monthly)
581.c. Jun 1'28 Hold,of rec. May 15'25a
Preferred (monthly)
SOn. Oct. 31 Holders of rec. Oct. 15a
Corporation (guar.)
A,merada
.merican Art Works,corn,and pref.(qu.) I H Oct. 15 Holders of rec. Sept. 30
A
50C. Oct. 1 Holders of rec. Sept. 120
.merican Bank Note, COM.((MM.)
A
75e. Oct. I Holders of rec. Sept. 120
Preferred (guar.)
.merican Bond Mortgage. pref. (guar.). 154 Oct. I Holders of rec. Sept. 20
A
154 Oct. 1 Holders of rec. Sept. 15a
Can, prof.(guar.)
.merican
A
$1.50 Oct. 1 Holders of rec. Sept. 12a
Amer. Car & Fdy., Common (quar.)
154 Oct. 1 Holders of rec. Sept. 12a
Preferred (guar.)
154 Oct. 1 Sept. 21 to Sept. 30
A mer. Chain Co., pref.(guar.)
75c. Oct. 1 Holders of rec. Sept. 15a
A merican Chicle, corn. (guar.)
154 Oct. 1 Holders of rec. Sept. 16a
Six per cent preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 15a
Seven per cent preferred (quar.)
merican Cigar Co., preferred (quar.)„ 154 Oct. 1 Holders of rec. Sept. 15
Nov. 1 Oct. 12 to Nov. 1
51
merican Coal (guar.)
Oct. 1 Holders of rec. Sept. 26a
merican Credit Indemnity (guar.)_ _ _ _ $1
300. Oct. 1 Holders of roe. Sept. 15
mer. Cyanamtd, com. A & B (quar.)
100. Oct. 1 Holders of rec. Sept. 15
Common A & B (extra)
154 Oct. 1 Holders of roe. Sept. 15
Preferred (quar.)
11.50 Oct. 1 Holders of reo. Sept. 16a
American Express (guar.)
Amer. Furniture Mart Bldg., pref.(qu.) $1.75 Oct. 1 Sept. 21 to Sept. 30
Nov. 1 'Holders of rec. Oct. 15
"2
American Glue, prof. (quar.)
Oct. I Sept. 16 to Sept. 30
4
A merican Hardware Corp. (guar.)
Amer. Home Products Corp (monthly)._ 20c . Oct. 1 Holders of rec. Sept. 14a
200. Nov. I Holders of rec. Oct. 14a
Monthly
A merican Indemnity Corp.,Philadelphia
131 Oct. 1 Holders of rec. Sept.24
and preferred (guar.)
Common
Oct. 3 Holders of rec. Sept. 19
41
A merican International Corporation
mer.-La France Fire Eng., Inc., pf.(qu) 154 Oct. 1 Holders of rec. Sept. 15a
A.
154 Oct. 1 Holders of rec. Sept. 16a
corn. (guar.)
A.merican Mfg. Co..
154 Deo. 31 Holders of rec. flee. 166
Common (guar.)
154 Cot. 1 Holders of rec. Sept. 16a
Preferred (guar.)
154 Dec. 31 Holders of reo. Dee. 16,
Preferred (guar.)
75c. Oct. I Holders of rec. Sept. 10a
A merican Piano, com. (guar.)
154 Oct. 1 Holders of rec. Sept. 100
(guar.)
Preferred
•50e. Oct. 1 *Holders of rec. Sept. 15
A.merican Products, prof. (guar.)
merican Rolling Mill, common (guar.) We. Oct. 15 Holders of rec. Sept. 300
154 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
750. Oct. 1 Holders of rec. Sept. 150
A mer. Safety Razor (quar.)
Oct. 1 Holders of reo. Sept. 15a
el
(payable in stock)
Extra
Oct. 1 Holders of rec. Sept. 15a
51
A mer. Sales Book,common (guar.)
Oct. 1 Holders of rec. Sept. 21a
I
nerican Screw (Quar.)
A
250. Oct. 1 Holders of rec. Sept. 20a
A.nerican Seating. com.(extra)
75c. Oct. 1 Holders of rec. Sept. 20a
Common (guar.)
2
Nov. 1 Holders of rec. Oct. 15a
nerican Shipbuilding, corn. (quar.)
154 Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
Oct. 1 Holders of rect. Sept. 15a
3
Snuff, common (quar.)
A nerican
134 Oct. 1 Holders of roe. Sept. 15a
Preferred (quar.)
Atnor. Steel Foundries. corn.(guar.)._ 760. Oct. 15 Holders of rec. Oct. la
50e. Oct. 1 Sept. 16 to Oct. 2
Atnerican Stores Co.(guar.)
134 Oct. 3 Holders of rec. Sept. la
nerican Sugar Refining,com.(quar.)
1.54 Oct. 3 Holders of rec. Sept. la
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 10a
A nerican Tobacco. pref. (quar.)
Oct. 15 Holders of rec. Oct. So
2
A nor. Type Founders, com. (quar.)
131 Oct. 15 Holders of roe. Oct. 50
Preferred (guar.)
50c. Oct. 15 Holders of roe. Oct. 5,
Alnor. Vitrified Prod.. com.(guar.)
154 Oct. 1 Holders of rec. Sept. 20a
Atnerlcan Wholesale Corp. p1.(qu)
154 Oct. 1 Holders of rec. Sept. 2I0
'
nor. Window Glass Mach , prof.(qu.)_
154 Oct. 1 Holders of rec. Sept. 10a
mour dc Co. (Illinois), pref. (guar.).
154 Oct. 1 Holders of rec. Sept. 100
& Co. of Del.. pref. (quar.)
A moor
1 Sept. 16 to Oct. 1
154 0
A ixtstrong Cork, common (guar.)
154 Oct. 1 Sept. 16 to Oct. 1
Preferred (qual.)
Oct. I "Holders of rec. Sept. 3
511.63
A TOW Electric Co., pref.(No. 1)
750. Oct. 1 Holders of rec. Sept. 15a
Axtloom Corp., corn. (quar.)
131 Dec. 1 Holders of reo. Nov. 18
Preferred (guar.)
50c. Oct. 1 Holders of rec. Sept. 23
Al=del Corporation (quar.)
154 Oct. 15 Holders of rec. Sept.30
bestos Corp.. Ltd.. prof. (guar.)
[VOL. 125.
THE CHRONICLE
1802
Name of Company.
When
Per
Cent. Payable
Books Owed
Days Inclusive.
Miscellaneous (Continued).
Associated Dry Goods, corn. (quar.)---- 62c. Nov. I Holders of rec. Oct. 8a
134 Dec. 1 Holders of rec. Nov. 120
First preferred (quar.)
154 Dec. 1 Holders of rec. Nov. I2a
Second preferred (guar.)
Oct. 15 Holders of rec. Oct. 15a
Associated Industrials, first pref. (guar.) 2
$1
Oct. 1 Holders of rec. Sept. 20a
Atlantic Ice dc Coal, corn. (quar.)
Oct. 15 Holders of rec. Oct. la
Atlas Plywood (guar.)
Ti
2
Oct. 1 Holders of rec. Sept. 23
Atlas Portland Cement pref.(quar.)_..
Oct. 1 Holders of rec. Sept. 201
Auburn Motor Car (guar.)
$1
75e. Oct. 1 Holders of rec. Sept. 15
Auto Strop Safety Razor, cl. A (quar.)
154 Oct. 1 Holders of rec. Sept. 20a
Babcock & Wilcox Co.(quar.)
154 Jan l'28 Holders of rec. Dec. 20a
Quarterly
154 Aprl'28 Hold. rec. Mar. 20'280
Quarterly
25e. Oct. 1 Holders of rec. Sept. 200
Balaban & Katz, common (monthly)154 Oct. I Holders of rec. Sept. 20a
Preferred (guar.)
Baltimore Acceptance Corp.. corn.(111.) 25c. Oct. 1 Holders of rec. Sept. 20a
154 Oct. 1 Holders of rec. Sept. 20a
Preferred (guar.)
154 Dec. 1 Holders of rec. Nov. 12a
Bomberger (L.) & Co., pref.(guar.).Mc. Oct. 1 Sept. 16 to Sept. 30
Bancitaly Corporation(Mar.)
(
• e142-7 Oct. 10 Sept. 25 to Sept. 30
Stock dividend
Oct. 15 Holders of rec. Sept. 30
$2
Bankers Capital Corp., pref. (guar.) _
$2
Jan16'28 Holders of ree. Doe. 31
Preferred ((mar.)
Bankstocks Corp. of Maryland. pf.(qu.) 154 Oct. 1 Sept. 21 to Sept. 22
154 Oct. 1 Holders of rec. Sept. 290
Barnet Leather, Inc., pref. (guar.)
Barnhart Bros. & Spindler
154 Nov. 1 Holders of rec. Oct. 220
First and second pref (guar.)
Barnsdall Corp.
Class A & B (pay.In class A stock)_ _ _ e254 Nov. 1 Holders of rec. Sept. 260
154 Oct. 15 Holders of rec. Sept. 30a
Bayuk Cigars lot and 2d pref. (quar.)_..
2
Oct. 15 Holders of rec. Sept. 30a
8% second preferred (guar.)
$1.25 Oct. I Sept. 21 to Sept. 30
Beatrice Creamery, corn. (guar.)
154 Oct. 1 Sept. 21 to Sept. 30
Preferred (qual.)
60c. Oct. 15 Holders of rec. Sept. 24a
Beech-Nut Packing, corn. (guar.)
154 Oct. 15 Holders of rec. Oct. to
Preferred (quar.)
50c. Oct. 1 Holders of rec. Sept.20a
Belding Hemingway Co.corn. (guar.)
154 Oct. 10 Holders of rec. Sept. 30
Belgo-Cantullan Paper, corn.(guar.)._ _
154 Oct. 1 Holders of rec. Sept. 2
Preferred (guar.)
50e. Oct. 1 Holders of rec. Sept. 154
Bendix Corporation, class A (quar.)
Sept30 Sept. 21 to Sept. 30
300.
Berry Motor (quar.)
134 Oct. 1 Holders of rec. Sept. 20
Bethlehem Steel, pref. (guar.)
Oct. 5 Holders of rec. Sept. 24a
$1
Bingham Mines (guar.)
*25e. Nov. I *Holders of rec. Oct. 14
Hinman Elec. Co., com.(guar.)
*25c. Nov. 1 *Holders of rec. Oct. 14
Common (extra)
Nov. 1 *Holders of rec. Oct. 14
'131
Preferred (guar.)
75c. Nov. I Oct. 22 to Nov. 1
Blaw-Knox Co., corn. (guar.)
154 Nov. 1 Oct. 22 to Nov. 1
Preferred (guar.)
260. Dot. 1 Holders of rec. Sept. 20
Bliss (E. W.) Co., corn. (guar.)
Oct. 1 Holders of rec. Sept. 20
$t
First preferred (guar.)
87He Oct. 1 Holders of rec. Sept. 20
Second preferred, class A (guar.)
160. Oct. 1 Holders of rec. Sept.20
Second preferred, class B (guar.)
3754c Nov. 15 Holders of rec. Nov. 10
Bloch Bros.'robacco. corn. (guar.)
154 Dee. 31 Holders of rec. floe. 26
Preferred (guar.)
Bloomingdale Bros.,Inc.
194 Nov. 1 "Holders of rec. Oct. 200
Preferred (guar.)
3754c. Oct. 7 Holders of ree. Sept. 15
Bohn Aluminum & Brass Mfg.(quar.)
II
Oct. 30 Holders of rec. Oct. 15a
Bon Aml Co., common A (guar.)
50e. Oct. 1 Holders of rec. Sept. 27a
Common B (quar.)
Oct. 1 Holders of rec. Sept.20a
351
Borg & Beck (guar.)
Oct. 15 Sept. 24 to Oct. 14
51
Borne Scrymser Company
750. Oct. 15 Sept. 24 to Oct. 14
Extra
Nov. 15 Holders of rec. Sept. 19
Boston Woven Hose & Rubb.. com.(ext.) 52
Bowman-Biltmore Hotels, first pref.(gu.) 154 Oct. 1 Holders of rec. Sept.21a
75c. Oct. 1 Sept. 25 to Oct. 1
Boyd-Welsh Co. (guar.)
50e. Oct. 1 Holders of roe. Sept. 150
Wino Mfg., Inc.. class A ((mar.)
154 Oct. 1 Holders of rec. Sept. 20
Bridgeport Machine, pref.(guar.)
20(3. Oct. 1 Sept. 15 to Sept.30
British American Oil, Ltd
British Columbia Fishing. corn. (guar.). 51.25 Dee. 10 Holders of rec. Nov. 30
$1.25 3-10-28 Holders of rec. Feb.28'28
Common (guar.)
154 Dec. 10 Holders of roe. Nov. 30
Preferred (guar.)
154 3-10-28 Holders of reo. Feb.28'28
Preferred (quar.)
Brockway Motor Truck Corp., pref.(qu.) 194 Oct. 1 Sept. 21 to Sept. 30
.
Brompton Pulp & Paper .com. (guar.) 50c. Oct. 15 Holders of rec. Sept. 300
Brunswick-Balke-Collender. pref. (gu.). 154 Oct. 1 Holders of rec. Sept. 20
25o. Oct. I Holders of rec. Sept. 23a
Brunswick Site Co. (guar.)
6254c. Oct. 1 Sept. 21 to Sept.30
Bruce Co., com. (guar.)
ii Oct. 1 Sept. 21 to Sept.30
Preferred (guar.)
8750. Oct. 1 Holders of rec. Sept. 200
Buckeye Incubator, corn.(guar.)
Oct. 1 Holders of rec. Sept.200
2
Preferred (guar.)
75c. Oct. 1 Holders of rec. Sept. 19a
Bucyrus Company, corn. (guar.)
154 Oct. 1 Holders of roe. Sept. 19a
(guar.)
Preferred
Bulkley Building (Cleveland). pref.(qu.) 134 Oct. 1 Sept. 21 to Oct. 2
3754c Oct. 1 Sept. 21 to Sept. 30
Burkart (F.) Mtg.. corn. (guar.)
55e. Oct. 1 Sept. 21 to Sept. 30
Preferred (guar.)
Byers(A. M.) Co., 7% pref. (guar.).
- 0154 Nov. 1 "Holders of rec. Oct. 15
800. Oct. 1 Holders of rec. Sept. 200
Byers Machine,class A (guar.)
154 Oct. 1 Holders of rec. Sept. 13a
Burns Bros.. preferred (guar.)
154 Nov. 1 Holders of roe. Oct. 140
Prior preferred (guar.)
Oct.
1u 0ct. if Holders of rec. Sept. 30a
f2
Bush Terminal Co., corn. (guar.)
if Holders of rec. Sept. 300
Seven per cent debenture stock (qu.).
154 Oct.
Holders of rec. Sept.160
Bush Terminal Bldgs., pref. (quar.)_....
2)( Oct. 1 Holders of roe. Sept. 20a
By-Products Coke, pref. (guar.)
Oct. 1 Holders of rec. Sept. 15a
$1
Cambria Iron
154 Oct. 1 Holders of rec. Sept. 20
Cambridge Rubber Co., pref. (guar.)
Oct. 1 Holders of roe. Sept. 19a
$1
Campbell Baking, class A,(guar.)
Holders of rec. Sept. 19a
8734c Oct.
Class B (guar.)
•154 Oct. 1 'Holders of rec. Sept. 15
Canada Bread, preferred (guar.)
13.4 Oct. 17 Holders of rec. Sept. 300
Canada Cement. Ltd.. corn. (quar.)--750. Oct. 11 Holders of rec. Oct. la
Canada Dry Ginger Ale (guar.)
25c. Oct: 15 Holders of rec. Oct. la
Extra
154 Oct. 1 Holders of rec. Sept.1$
Canada Steamship Lines, Ltd., pf.(qu.)
1H Oct. 17 Holders of rec. Sept.300
Canadian Canners. Ltd. corn. (quar.)
154 Oct. 1 Holders of rec. Sept. 22
Preferred (guar.)
Canadian Car & Foundry, pref. (guar). 154 Oct. 10 Holders of rec. Sept. 26a
Oct. 4 Holders of rec. Sept. 24
Canadian Cottons, Ltd., com. (guar.)._ 2
134 Oct. 4 Holders of rec. Sept. 24
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 300
Canadian Fairbanks-Morse, pref. (qu.)
Canadian General Electric. pref.(guar.). 154 Oct. 1 Holders of rec. Sept. 156
Canadian Locomotive. Ltd.. Pr.(guar.). 154 Oct. 1 Holders of rec. Sept.200
Oct. 1 Holders of reo. Sept.24
2
Canadian Salt (guar.)
1H Don. 31 Doe. 21 to Jan. 4
Canfield Oil, com.(guar.)
154 Doe. 31 Den. 21 to Jan. 4
(guar.)
Preferred
Carling Breweries, Ltd.(No. 1) (guar.). 50c Oct. 1 Holders of roe. Sept. 10a
13.4 Oct. 1 Holders of re0. Sept.120
Case (J. I.) Thresh. Mach., corn. (qu.)154 Oct. 1 Holders of rec. Sept. 120
Preferred (guar.)
75c. Oct. 1 Holders of rec. Sept. 150
Celotex Co., common (guar.)
S1.75 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept.24
Central Aguirre Sugar (guar.)
50c. Oct. 10 Holders of rec. Sept.240
Central Alloy Steel, corn.(guar.)
154 Oct. 1 Holders of roe. Sept. 13a
Preferred (guar.)
*50(3. Oct. 1 *Holders of roe. Sept. 20
Central Dairy Prod., class A (quar.)_
154 Oct. 1 Holders of rec. Sept. 150
Electric Co.. pref. (guar.)
Century
Oct. 1 Holders of re. Sept. 160
Certain-teed Prod. Corp., corn.(guar.)._ 11
154 Oct. 1 Holders of rec. Sept. 16a
First and second preferred (quar.)__
623.c Oct. 1 Holders of rec. Sept. 20a
Chandler-Cleveland Motor. pref.(guar.)
50c. Oct. 1 Holders of rec. Sept. 200
Chicago Elec. Mfg., class A (quar.)
6254c Oet. 1 Holders of rec. Sept. 16a
Chicago FUSO Mfg. (guar.)
1x Oct.
•1 54 0ct.
"Holders of rec. Sept. 22a
Chicago MlIl & Lumber. pref.(quar.)_
Sept. 21 to Oct. 3
Chicago Railway Equipment, corn. (qu.)
131 Oct. 1 Sept. 21 to Oct. 3
Preferred (guar.)
33 1-3c Oct. 1 Holders of roe. Sept.20a
Chicago Yellow Cab (monthly)
33 1-3c Nov. 1 Holder.] of ree. Oct. 210
Monthly
33 1-3c Dee. 1 Holders of rec. Nov. 180
Monthly
Oct. 1 Holders of rec. Aug. 26a
Childs Co.,cora.(In no par corn. stk.)_ _ 11
Dee. 30 Holders of roe. Nov. 25a
00 par corn. stk.) 11
Common (payable 10
54 Oct. 1 Holders of rec. Sept. 15
Cities Service, common (monthly) '
54 Nov. 1 IIolders of rec. Oct. 15
Common (monthly)
154 Oct. 1 liolders of rec. Sept. 15
Common (payable in common stock)
f54 Nov. ; Holders of roe. Oct. 15
Common (payable in common stock)
A Oct. 1 Holders of roe. Sept. iS
Preferred and preferred BB (monthly)
H Nov. 1 Holders of rec. Oct. 15
Preferred and preferred BB (monthly)
5o. Oct. 1 Holders of roe. Septa°
Preferred B (monthly)
5c. Nov. 1 Holders of roe. Oct. 15
Preferred B (monthly)
Name of Company.
1803
THE CHRONICLE
Om.11927.]
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Cordinue(1)•
Miscellaneous (Continued).
25o. Oct. 1 Holders of rec. Sept. 15
32
Jan 3'28 Holders of rec. Dec. 150 Forhan Company,com.(guar.)
Chrysler Corp., pref. A. (guar.)
40e. Oct. 1 Holders of rec. Sept. 15
Class A stock
134 Oct. 1 Holders of rec. Sept.28
City Investing, pref.(guar.)
250. Oct. 1 Holders of rec. Sept. 15
Formica Insulation (guar.)
2
Oct. 1 Holders of rec. Sept.19
Cleveland Union Stock Yards (guar.)._
100. Oct. 1 Holders of rec. Sept. 15
Extra
Club Aluminum Utensil Co.
(No. 1)(qtL) 50c. Oct. 1 Holders of rec. Sept.15a
25c. Jan1'28 Holders of rec. Dec. 15
Quarterly
13( Oct. 1 Holders of roe. Sept. 20
Cluett. Peabody & Co., Inc.. pref.(qu.)
10c. Jan1'23 Holders of ree. Dec. 15
Extra
$1.25 Oct. 1 Holders of rm. Sept. 100
Coca-Cola Co.,common (guar.)
134 Oct. 1 Holders of rec. Sept.20
Foster(W.C.) Co., pref.(guar.)
32.50 Oct. 1 Holders of rec. Sept. 10
Coca-Cola Internat. Corp. (guar.)
25e. Nov.15 Holders of rec. Nov. la
1% Oct. 1 Holders of rec. Sept. 20a Foster & Kleiser Co., com. (guar.)
Cohn-Hall-Marx Co., Pref. (guar.)
1% Oct. 1 Holders of rm. Sept.27a
Preferred (guar.)
Holders of rec. Sept. 15a
900. Oct.
Commercial Invest. Trust,corn.(qua
Holders of roe. Sept. 156 Foster Wheeler Corp., corn.(au.)(No.1) 3734e. Oct. 1 Holders of rec. Sept. 12a
134 Oct.
7% first pref. (guar.)
154 Oct. 1 Holders of rec. Sept.12a
7% convertible preferred (guar.)
Holders of rec. Sept. 15a
634% first pref.(guar.)
134 Oct.
Oct. 15 Holders of rec. Sept.30
31
Holders of rec. Sept.20a Fox Film Corp., corn. A and B (guar.)
Oct.
Commercial Solv., new stk.(gu.)(No.1) $2
prof. (quar.).- 134 Oct. 1 Holders of rec. Sept. 25
Holders of rec. Sept. 170 Fraser Companies. Ltd..
Conde Nast Publications, corn.(guar.).- 50e. Oct.
Nov. 1 Holders of rec. Oct. 15a
Si
Holelers of rec. Sept. 150 Freeport Texas Co.(guar.)
$1.75 Oct.
Consolidated Cigar. com. (guar.)
50o. Nov. 1 Holders of rec. Oct. 15a
Extra
2
Oct. 2 Holders of rec. Oct. 15
Consolidated Royalty Oil (quar.)
Oct. 1 Sept. 22 to Oct. 2
3
Oct. 1 Holders of rec. Sept. 19a French (Fred F.) Companies, pref
Continental Baking, common A (quar.)_ 31
8730 Oat. I Holders of rec. Sept. 170
Oct. 1 Holders of rec. Sept. 190 Fulton Sylphon, common (guar.)
2
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 170
Six per cent preferred (guar.)
Continental Can. Inc., pref.(guar.)_
_ I% Oct. 1 Holders of rec. Sept.20a
87340 Oct. 1 Holders of rec. Sept. 130
Oct. 15 Holders of rec. Oct. la Gabriel Snubber Mfg. (guar.)
Si
Cooper Corporation, common (quar.)
20c. Oct.' Holders of rec. Sept. 20
General Alloys, common (No. 1)
50c. Oct. 20 Holders of rec. Oct. 3a
Corn Products Refg., com.(guar.)
Oct. 1 Holders of rec. Sept. 156
1% Oct. 15 Holders of rec. Oct. 30 General Amer. Tank Car, com.(guar.)._ Si
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
1
Oct. 1 Holders of rec.Sept.d200
Cornell Mills (guar.)
31.25 Oct. 1 Holders of rec. Sept. 20
Baking, class A (guar.)
134 Oct. 1 Holders of rec. Sept.280 General
Cosgrove-Meehan Coal, pref. , quar.)
(
Nov. 1 Holders of rec. Oct. 200
1
134 Dec. 21 Holders of rec. Dec. 190 General Cigar, Inc., common (qua?.)
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 230
Preferred (guar.)
Crane Company. corn. (in corn. stock)._ 110 Nov. 1 Holders of rec. Oct. 20
154 Oct. 1 Holders of rec. Sept. 24a
Debenture pref. (guar.)
50c. Oct. 10 Oct. 1 to Oct. 10
Creamery Package Mfg., com. (guar.)
Oct. 28 Holders of rec. Sept. 230
$1
General Electric Co.(guar.)
1.34. Oct. 10 Oct. 1 to Oct. 10
Preferred (quar.)
15e. Oct. 28 Holders of rec. Sept. 256
Special stock (guar.)
10c Oct. 10 Holders of rec. Sept. 30a
Cresson Consol. Gold Min.& MM.(qtr.)
$1.25 Oct. I Sept. 21 to Sept.30
134 Oct. 1 Holders of rec. Sept. 20a General Fireproofing, com. (guar.)
Crown Finance, pref. (quar.)
134 Oct. 1 Sept. 21 to Sept.30
Preferred (guar.)
Crown-Willamette Paper. 1st pref. (au.) 1% Oct. I Holders of rec. Sept.13a
Nov. 1 Holders of rec. Oct. 100
(guar.).
Crucible Steel, corn. (quar.)
114 Oct. 31 Holders of rec. Oct. 150 General Motors Corp.,6% pref. (qua?.). 134 Nov. 1 Holders of rec. Oct. 10a
154
Seven per cent preferred stock
31
Oct. 15 Holders of rec. Oct. 5
Packing, corn. (guar.)
Cudahy
Six per cent debenture stock (guar.).- 134 Nov. 1 Holders of rec. Oct. 100
Nov. 1 Holders of rec. Oct. 20
3
Six per cent preferred
50c. Oct. 15 Holders of rec. Oct. 50
Gen'l Outdoor Advertising, corn.(qu.)
334 Nov. 1 Holders of rec. Oct. 20
Seven per cent preferred
$1.25 Oct. 1 Holders of rec. Sept. 140
Dec. 15 Holders of rec. Dec. la General Ry.Signal. corn.(guar.)
$1
Cuneo Press, class A (guar.)
134 Oct. 1 Holders of rec. Sept. 14a
Preferred (guar.)
500. Oct. 4 Holders of rec. Sept.22a
Curtis Publishing, corn. (monthly)
75e. Oct. 15 Holders of rec. Oct. 7a
500. Oct. 4 Holders of rec. Sept.22a General Refractories (quar.)
Common (extra)
154 Oct. I Holders of rec. Sept.2,0
General Tire & Rubber, pref.(guar.)
Danish-American Corp., first pref. (qu.) 13( Oct. I Holders of rec. Sept. 15
Oct. 1 Holders of me. Sept. 10
C. G. Spring & Bumper, pref. (quar.)_ 2
134 Oct. 1 Holders of rec. Sept. 15
Second preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 154
Glidden Co., prior pref. (guar.)
25c. Nov. 3 Holders of rec. Oct. 17
Davega, Inc. (guar.)
780. Nov. 1 Holders of rec. Oct. 17a
Dust Corp.(No. 1) (guar.)
Gold
250. Nov. 3 Holders of rec. Oct. 17
Extra
114 Oct. 1 Holders of rec. Sept. 90
Goodrich (B. F.) Co., prof. (quar.)._
Davenport Hosiery Mills, Inc., pt.(qu.). 1% Oct. 1 Holders of reo. Sept.20
Oct. I Holders of rec. Sept. 15a Goodyear Tire & Rubber. 7% pref. (qu.) 134 Oct. 1 Holders of rec. Sept. 1
2
Detroit & Cleveland Nay.(guar.)
Goodyear Tire& Rub.of Canada,pf.(qu.) 154 Oct. I Holders of rec. Sept. 15
40e. Oct. 1 Sept. 21 to Oct. 2
Detroit Creamery (guar.)
Gossard (H.W.) Cu.,common (monthly) 33 1-3 Oct. 1 Holders of rec. Sept.30a
134 Oct. 15 Oct. 1 to Oct. 16
Detroit Motor Bus (guar.)
Gotham Silk Hosiery. Inc., corn.(qu.)_ _ 6234( Oct. 1 Holders of rec. Sept. 15a
Devoe & Raynolds Co.,cl. A At B (qu.). 60o. Oct. 1 Sept.21 to Sept. 30
154 Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
184 Oct. 1 Sept.21 to Sept. 30
First and second preferred (quar.)---Oct. 1 Holders of rec. Sept.20
2
1% Oct. 15 Holders of rec. Sept. 270 Goulds Pumps. Inc., corn.(guar.)
Dodge Bros., pref.(guar.)
184 Oct. 1 Holders of reo. Sept.20
Preferred (guar.)
25c Oct. 20 Holders of rec. Sept.30a
Dome Mines, Ltd.(guar.)
134 Oct. 1 Sept. 23 to Sept.30
Gray & Dudley Co., com.(guar.)
Oct. 3 Holders of rec. Sept. 27
Dominion Engineering Works,Ltd.(qu.) 2
134 Oct. 1 Sept.23 to Sept.30
Preferred (guar.)
1% Oct. 1 Holders of roe. Sept. 15
Dominion Glass, com & pref.(guar.) _ _
154 Oct. 1 Holders of rec. Sept. 150
Dominion Stores, Ltd., com.(guar.)._ 60c. Oct. 1 Holders of rec. Sept. 15a Great Lakes Towing, pref. (quar.)
*134 Oct. 1 *Holders of rec. Sept. 20
Dominion Textile, cont. (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 150 Great Lakes Steamship (guar.)
1% Oct. 15 Holders of rec. Sept. 300 Grt. West. Soc., new com.(qu.)(No. 1) 700. Oct. 2 Holders of rec. Sept.156
Preferred (guar.)
154 Oct. 2 Holders of rec. Sept. 156
Preferred (guar.)
Holders of rec. Sept. 15
Douglas(W. L.) Shoe, pref.(guar.) - 134 Oct.
.
Greenfield Tap & Die,6% pref.(guar.). 134 Oct. 1 Holders of rec. Sept. 15
Sept. 21 to Oct. 4
2
Oct.
Dow Drug. corn. (quar.)
Oct. 1 Holders of rec. Sept. 15
2
8% preferred (guar.)
Sept.21 to Oct. 4
1% Oct.
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.20a
Greif(L.) di Bros., Inc., pref. (quar.)._
Holders of rec. Aug. 27
1
Oct.
Draper Corporation (guar.)
80e. Oct. 1 Holders of rec. Sept. 15
Oct. 1
Holders of rec. Oct. la Grief Bros. Cooperage, corn. A (guar.)
Dunhill International, corn. (quar.)
81
Nov.20 Holders of rec. Jan. 20a
Common (guar.)
Jan15'2 Holders of rec. Jan.1'28a Guenther Publishing Co.. pref. (quar.)- 5
$1
37540 Oct. 1 Sept.21 to Sept.25
Apr15'28 Holders of rec. APr.1 28a Gulf Oil Corp.(guar.)
Common (guar.)
Si
.
1,o Oct. 1 Holders of rec. Sept. 150
Gulf States Steel, Cora.(guar.)
DuPont(E. I.) de NemourS & Co.
134 Jan 3'23 Holders of rec. Dec. 154
First preferred (guar.)
Debenture stock (quar.)
134 Oct. 25 Holders of rec. Oct. 10a
500. Oct. 1 Holders of rec. Sept. 15
400. Dec. I Holders of rec. Nov. I5a Curd (Chas.) & Co., Ltd., com
Eagle-Picher Lead. com. (guar.)
154 Oct. 1 Holders of rec. Sept. 15
Preferred
1% Oct. 15 Holders or rec. Sept.30a
Preferred (guar.)
1
Oct. 1 Sept. 24 to Sept. 30
Hamilton-Brown Shoe (monthly)
134 Jan15 28 Holders of rec. Dec. 31
Preferred (guar.)
Hammermill Paper, preferred (guar.).-- 154 Oct. 1 Holders of rec. Sept. 206
1% Oct. 1 Sept. 23 to Sept.30
Eagle Storage & Warehouse (guar.)
6234c Oct. 1 Holders of rec. Sept.200 Hanes(P. H.) Knitting Co.. pref.(guar.) 184 Oct. 1 Holders of rec. Sept. 20
Early & Daniels. common (guar.)
250. Oct. 1 Holders of rec. Sept. 200
250. Oct. 1 Holders of rec. Sept.200 Harbauer Co., common (guar.)
Common (extra)
134 Oct. 1 Holders of rec. Sept. 20a
Preferred (guar.)
82340 Jan 128 Holders of rec. Dec. 20a
Common (guar.)
Jan 1'28 Holders of rec. Dec. 20a Harbison-Walker Refrac., pref. (guar.). 113 Oct. 20 Holders of rec. Oct. 10a
(extra)
25e.
Common
*250. Oct. 1 *Holders of rec. Sept. 28
31.75 Oct. 1 Holders of rec. Sept. 200 Harris(B. T.) Co.. class A (extra)
Preferred (guar.)
Oct. 15 Holders of rec. Oct. la
2
$1.75 Jan 128 Holders of rec. Dec. 200 Hathaway Banking, class A (quar.).Preferred (guar.;
50c. Deo, 1 Holders of roe. Nov. 17
Hartman Corporation, class A (quar.)
$1.75 Nov. 1 Holders of rec. Sept. 30
Eastern Bankers Corp., pref. (quar.)
(0 Dec. 1 Holders of rec. Nov. 170
Class B (payable in class A stock)__
31.75 Feb. 1 Holders of rec. Dec. 31
Preferred (guar.)
Hawaiian Commercial & Sug.(mthly.)._ 25c. Oct. 5 Sept.28 to Oct. 4
Eastern Rolling Mill (guar.)
3734c Oct. 1 Sept. 18 to Oct. 2
250. Oct. 5 Sept.26 to Oct. 4
Extra
Extra
1234e Oct. 1 Sept. 16 to Oct. 2
250. Nov. 5 Oct. 26 to Nov. 4
Monthly
Eastern Steamship Lines, 1st pref (quar) 1% Oct. 1 Holders of roe. Sept. 220
25c. Nov. 5 Oct. 26 to Nov. 4
Preferred (guar.)
Extra
873.4 Oct. 15 Holders of rec. Oct. fla
25e, Dec. 5 Nov.26 to Dec. 4
Monthly
Eastman Kodak. com.(guar.)
31.25 Oct. 1 Holders of rec. Aug. 31a
25c. Dec. 5 Nov. 26 to Dec. 4
Common (extra)
Extra
Oct. I Holders of rec. Aug. 3I0
75e.
50e. Oct. 1 Sept. 18 to Sept. 19
Preferred (guar.)
1% Oct. 1 Holders of rec. Aug. 310 Hazel-Atlas Glass (guar.)
Oct. 1 Holders of rec. Sept. 120
Economy Grocery Stores (quar.)
Helme (George W.) Co.. cont. (qua?,)... 51
250. Oct. I Holders of rec. Oct. 1
154 Oct. 1 Holders of rec. Sept.126
Edwards (William) Co., prof. (guar.).- 134 Oct.
Preferred (guar.)
Holders of rec. Sept. 200
8
Elsenlohr (Otto) & Bros., pref. (quar.)..
Holders of rec. Sept. 200 Hibbard, Spencer, Bartlett Co.(mthly.) 30e. Oct. 2 Holders of rec. Oct. 21
134 Oct.
30c. Nov.2 Holders of rec. Oct. 18
5
Eider Manufacturing, core. (guar.)_ _ 280. Oct.
Monthly
Holders of rec. Sept.21
300. Dec. 30 Holders of rec. Dec. 23
Monthly
A stock (guar.)
134 Oct. 1 Holders of rec. Sept.21
Hibernia Securities Co.. prof. (guar.)
- 134 Oct. 1 Holders of rec. Sept. 24
First preferred (guar.)
Oct. 1 Holders of roe. Sept.21
2
134 Oct. 16 Holders of rec. Sept. 300
Electric Auto-Lite Co.,com.(guar.) _ _
31.50 Oct. 1 Holders of rec. Sept.22a Hillcrest Collieries, corn. (guar.)
134 Oct. 15 Holders of rec. Sept. 305
Preferred (quar.)
Electric Controller & Mfg.(guar.)
$1.25 Oct. 1 Holders of rec. Sept. 200
o6234c Oct. 1 Holders of rec. Sent. 15
Holland Furnace (guar.)
Electric Storage Battery
Common and Preferred (quar.)
31.25 Oct. 1 Holders of rec. Sent. fia Hollinger Consolidated Gold Mines,Ltd 100. Oct. 7 Holders of rec. Sept.21
154 Oct. 1 Holders of rec. Sept. 280
Elliott-Fisher Co., com.&ser.B com.(qU) 31.50 Oct. 1 Holders of rec. Sept. 21a Holt, Renfrew & Co., pref. (guar.)
corn.(qua?.).. 31.25 Oct. 1 Sept.21 to Oct. 1
1% Oct. 1 Holders of rec. Sept. 21a Horn & Hardart
Preferred (quar.)
$1 Oct. lb Holders of rec. Oct. la
• 1,‘ Oct. 1 *Holders of rec. Sept. 23
Howe Sound Co.(guar.)
Elyria Iron & Steel, pref.(guar.)
81.25 Oct. 1 Holders of roe. Sept. 120
Hudson Motor Car Corp. (guar.)
1% Oct. 1 Holders of rec. Sept. 20
Emerson Electric. pref. (guar.)
30e. Oct. 1 Sept. 11 to Sept.30
Empire Bond dr Mtge.,com•(rIU.)(No.1) 31.50 Oct. 15 Holders of roe. Sept.306 Humble 011 & Refining, con.(quar.)
20c. Oct. 1 Sept. 11 to Sept.30
Common (extra)
1% Oct. 15 Holders of roe. Sept.300
Preferred (guar.)
Endicott-Johnson Co., com. (guar.).31.25 Oct. 1 Holders of rec. Sept. 200 Hussmann (Harry L.) Refr., com.(qu.). 62330. Oct. 1 Holders of rec. Sept.20
37350. Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
124 Oct. 1 Holders of rec. Sept. 200 Huttig Sash & Door, corn.(guar.)
134 Oct. 1 Holders of rm. Sept.20
Equitable Office Bldg. Corp., com.(qu.) $1.75 Oct. 1 Holders of rec. Sept. 150
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 20a
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 15a Huylers of Delaware, pref.(guar.)
Erupelon Mining Co.(guar.)
- 134 Oct. 1 Holders of rec. Sept. 23
7340. Oct. 3 Holders of rec. Sept. 15a Hydraulic Press Brick. pref. (quar.)
Si
Oct. 1 Holders of rec. Sept. 150
Evans Auto Loading, class A & B (guar.) $I
Oct. 1 Holders of rec. Sept. 20a Ideal Cement, common (guar.)
134 Oct. 1 Holders of rm. Sept. 15a
Fair (The), common (monthly)
20e. Oct. 1 Holders of rec. Sept. 20a
Preferred (guar.)
60c Oct. 15 Oct 5 to Oct. 16
Common (monthly)
Holders of rec. Oct. 210 (w)Minors Brick (guar.)
200. Nov.
25e. Oct. 31 Holders of rec. Oct. 170
Preferred (guar.)
1% Nov. I Holders of rec. Oct. 21a Independent Oil & Gas (guar.)
1
Oct. 1 Holders of rec. Sept. 200
Fanny Farmer Candy Shops. pref.(au.). 600. Oct. 1 Holders of rec. Sept. 15
Independent Pneumatic Tool (quar.)
Faultless Rubber, corn. (guar.)
(no par), corn.(qu.) 45e. Oct. 1 Holders of rec.Sept. 200
Sept. 16
500. Oct. 1
India Tire & Rubber
Preferred (quarterly)
234 Oct. 1 Holders of rec. Sept.20a
Sept. 16
1% Oct. 1
Common ($100 par) (guar.)
Fedders Mfg., class A
50c Oct. 1 Holders of rec. Sept. 21a
154 Oct. 1 Holders of rec.Sept. 200
Preferred (guar)
Federal Knitting Mills, corn. (guar.).- - 6254c Oct. 15 *Holders of rec. Oct. 5
134 Oct. 1 Holders of rec.Sept. 210
Indian Motocycle, pref.(guar.)
Preferred (guar.)
Si
Nov. 15 Holders of rec. Oct. 21
•15( Oct. 1 *Holders of rec. Sept.20
Indiana Pipe Line (guar.)
Federal Motor Truck (guar.)
31 Nov. 15 Holders of rec. Oct. 21
200. Oct. I Holders of rec. Sept. 170
Extra
Stock dividend
e2% Oct. 5 Holders of rec. Sept. 17a Industrial Securities Corp., corn,(qu.) •75c. Oct.
Federated Bus.Publications, lstpf.(qu. 62340 Oct. 1 Holders of rec. Sept. 23
•35e. Oct.
Common (extra)
*134 Oct.
Feltman & Curme Shoe Ste.
Preferred (guar.)
Preferred (quar.)
Holders of rec. Sept.23
1% Oct. 1 Holders of rec. Sept. la Indus. Acceptance Corp., let prof.(au) 144 Oct.
Fifth Avenue Bus Securities (guar.)
Holders of rec. Sept.23
160. Oct. 17 Holders of roe. Oct. 3a
2
Oct.
Second preferred (quar.)
Holders of rec. Sept.30
Finance Co. of Am.(Bait.), corn. A(gu) 1234c. Oct. 15 Holders of rec. Oct. 5a Industries Development, pref. (guar.)._ 2
Oct.
Holders of rec. Sept. 150
Common D (guar.)
12340.Oct. 15 Holders of rec. Oct. fer Inland Steel, preferred (guar.)
134 Oct.
7% preferred (guar.)
Sept. 18
to Sept. 30
4334c Oct. 15 Holders of rec. Oct. ba Interlake Steamship (quar.)
$1.50 Oct.
Oct. 1 Holders of rec. Sept. 250
Financial di Indus. Secur., com. (qtr.).-- •75c. Oct. 7 *Holdere of rec. Sept. 22
Internat. Business Machines (quar.).--- Si
Holders of rec. Sept. 15
•35e. Oct. 1 *Holders of rec. Sept. 22
Common (extra)
Sewing Machine (an.).. 15c. Oct.
Lat. Button llolo
Nov. 1 *Holders of rec. Oct. 31
ts Common (payable in corn. stock)__ _ •15
114 Oct. 1 Holders of rec. Sept.244
International Harvester, corn. (qua?.) _ _
•1;1 Oct.
80c, Oct. 1 Holders of rec. Sept. 24a
*Holders of rec. Sept. 22
Y Preferred (guar.)
International Match, com. (guar.)
800. Oct. 1 Holders of rec. Sept. 240
Holders of rec. Aug. 31
Financial Investing Co.. corn.(guar.)._ _ 30c. Oct.
Participating preferred (guar.)
Holders of roc. Aug. 31
10e. Oct.
Common (extra)
International Paper,7% pref.(qua?.)... 184 Oct. 1 Holders of rec. Oct. la
134 Oct. 15 Holden of rec. Oct. la
Firestone Tire & Rubber 8% Pf. 1111.).. 1% Oct. 1 Holders of rec. Oct. 1
(
Six per cent preferred (guar.)
First Federal Foreign Invest. Trust (qu.) 81.75 Nov. 1 Holders of rec. Nov. 1
rInternat. Projector Corp., com.(guar.) 25c. Oct. 1 Holders of rec. Sept.22
$1.75 Oct. 1 Holders of rec. Sept.22
Holders of reo. Sept. 13
2
Oct.
First Nat. Pictures, panic. let pr.(qu.)
$7 preferred (quar.)
Oct. 1 Holders of rec. Sept. 150
Holders of reo. Sept.20a International Salt (guar.)
37340 Oct.
First National Stores, com.(guar.)
$1.75 Oct. I Holders of rec. Sept. 15
Holders of reo Sept.20a International Shoe,com.(guar.)
1% Oct.
1st preferred (guar.)
Holders of rec. Sept.20a
20e. Oct.
34 Oct. 1 Holders of reo. Sept. 15
Preferred (quarterly)
Pref. (monthly)
1% 00t. 1 Holden of roe. Sept. 120
Holders of rec. Sept. 13a International sliver, pref. (guar.)
75o. (Oct.
Fleischmann Co.. com.(guar.)
Oct. 15 Holders of roe. Oct. 8
Holders of rec. Sept. 216 Interstate Iron & Steel. common (guar ) $1
1% Oct.
Flint Mills (guar.)
$I
Jan1618 Holders of rec. Jan. 9'28
Holders of rec. Sept. 15
Oct.
of Amer.. pref., ser A.(qu.)_ 32
Common (guar.)
Flour Mills
Oct. 1 Holders of rec. Sept. 15
Sept.21 to Sept. 30
Foote Bros. Gear & Mach., Coro.(m)._ 30e. Oct.
Intertype Corporation. 1st ore!. (qua?.). $2
$1
Oct. 1 Holders of rm. Sept. 220
300. Jan l'2 Dec. 21 to Dec. 30
Common (guar.)
Island Creek Coal. common (guar.) _
$1.50 Oct. 1 Holders of rec. Sept. 226
Sept.21 to Sept. 30
134 Oct.
Preferred (guar.)
Preferred (quar.)
1% Jan 1'2 Dec. 21 to Dec. 30
50c. Oct. 15 Holders of rec. Sept.304
Isle Royale Copper Co
Preferred (guar.)
1804
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
[Vol,. 125.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Jewel Tea, pref.(guar.)
154 Oct. 1 Holders of rec. Sept. 230 National Tea, common (quar.)
El
Oct. 1 Holders of rec. Sept. 17
Johns-Manville Corp., corn. (quar.)
Naumkeag Steam Cotton Co.(guar.) - 3
750. Oct. 15 Holders of rec. Oct. 1
Oct. 1 Holders of rec. Sept,220
Preferred (titian)
Nelson (Herman) Corp.((Mar.)
Mt Oct. 1 Holders of rec. Sept.15
30c. Oct. 1 Holders of rec. Sept. 4
Johnston Paint, pref. (guar.)
2
Stock dividend
el
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 19
Jones & Laughlin Steel, pref.(quar.)_ _ _ 154 Oct. 1 Holders of rec. Sept. 150 New Bradford Oil (guar.)
1254e Oct. 15 Holders of rec. Sept. 300
Kaufmann Dept. Stores, pref. (guar.)._
New England Fuel Oil (guar.)
15( Oct. 1 Holders of reo Sept. 20
25c. Oct. 1 Holders of ree. Sept. 17
Kaynee Company,corn.(guar.)
50e. Oct. 1 Holders of rec. Sept.200 Newmont Mining (guar.)
Oct. 15 Holders of rec. Sept. 30
$1
Common (extra)
1234c Oct. 1 Holders of rec. Sept. 20a New York Air Brake(qua:.)
75e. Nov. 1 Holders of rec. Oct. 60
Common (extra)
1234e Jan 1'28 Holders of rec. Dec. 20a Neve York Title & Mortgage (quar.)_.,
5
Oct. 1 Holders of rec. Sept. 23
Common (extra)
Extra
1254e Apr 1'28 Holders of rec. Mar.20a
1
Oct. 1 Holders of rec. Sept. 23
Common (extra)
12540 Ply 1'28 Holders of rec. June 20a New York Transportation (guar.)
50c. Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
15( Oct. 1 Holders of roe. Sept. 20a Nichols Copper Co.. pref. (guar.)
154 Oct. 1 Holders of rec. Sept. 20
Kayser (Julius) & Co. corn.(guar.)
Niplssing Mines Co.. Ltd.(guar.)
*S1
Nov. 1 *Holders of reo. Oct. 17
734e Oct. 20 Holders of rec. Sept. 300
Kelley Island Lime dr Transport (qu.)-- 2
North American Car Corporation (guar.) 62540. Oct. 1 Holders of rec. Sept. 290
'
Oct. 1 Sept. 21 to Sept. 30
Extra
Novadel Process Corp.. coin. (guar.)--- 250. Oct. 1 Sept. 21 to Oct. 2
2
Oct. 1 Sept.21 to Sept.30
Kelsey-Hayes Wheel, common
Preferred (quarterly)
600. Oct. 1 Holders of rec. Sept. 200
50c. Oct. 1 Sept. 21 to Oct. 2
Preferred (guar.)
15( Nov. 1 Holders of rec. Oct. 21a Ogilvie Flour Mills, com.(guar.)
$1.25 Oct. 1 Holders of rec. Sept.210
Kennecott Cooper Corp (guar.)
Common (bonus)
$1.25 Oct. 1 Holders of reo. Sept. 2a
$10 Oct. 1 Holders of rec. Sept.210
Keystone Steel dr Wire,corn.(guar.)- - -- *31
Ohio Brass, common A and B (guar.) - _ $1
Oct. 15 *Holders of rec. Oct. 5
Oct. 15 Holders of rec. Sept.300
*15i Oct. 15 *Holders of rec. Oct.
Preferred (guar.)
Common A and B (extra)
El
Oct. 15 Holders of rec. Sept.300
Ring Philip Mills(quar.)
Preferred (quar)
134 Oct. 15 Holders of rec. Sept.30a
154 Oct. 1 Holders of reo. Sept.200
Kirby Lumber, common (guar.)
Ohio Seamless Tube, pref.(guar.)
lti Dec. 10 Holders of rec. Nov. 30
It( Oct. 1 Sept. 16 to Sept. 30
Kirshbaum (A. B.) Co., pref.(guar.).
- 15( Oct. 1 Holders of rec. Sept. 20a Oil Well SuPPIY, corn.(guar.)
50c. Oct. 1 Holders of rec. Sept. 120
Knox Hat, prior preferred (guar.)
•
51.75 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
15( Nov. 1 Holders of rec. Oct. 12
Kraft Cheese, corn.(guar.)
3734c Oct. 1 Holders of reo. Sept. 10a Omnibus Corp. (qua:.)
E2 Oct. 1 Holders of rec. Sept.16a
Common (payable in common stock)_ _ ft ti Oct. 1 Holders of rec. Sept. 10a Orpheum Circuit, common (monthly)_ - 16 2-3c Oct. 1 Holders of rec. Sept. 2
00
Kresge (S. S.) Co., corn.(guar.)
30c. Oct. 1 Holders of ree.Sept ha
Preferred (quar.)
2
Oct. 1 Holders of rec. Sept. 170
Preferred (guar.)
13,4 Oct. I Holders of ree.Sept. ha Oswego Rayon Corp., pref.(guar.)
$1.75 Oct. 1 Holders of reo. Sept. 15
Kress (S. H.) dr Co., corn.(quar.)
25c. Nov. 1 Holders of rec. Oct. 10a Otis Elevator, corn.(Oiler.)
$1.50 Oct. 15 Holders of rec. Sept. 300
Common (payable in special pref. stk.) ni50c. Nov. 1 Holders of rec. Oct. 100
Preferred (quar.)
154 Oct. 15 Holders of reo. Sept.390
Lackawanna Securities
553
Preferred (guar.)
Oct. 1 *Holders of rec. Sept. 20
154 Jan15'28 Holders of rec. Dec. 31a
Laconia Car Co.. lot pref. (quar.)
15( Oct. 1 Holders of rec. Sept. 200 Otis Steel, prior preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 150
• Lake Erie Bolt & Nut (guar.)
25e. Oct. 1 Holders of rec. Sept.230 Overman Cushion Tire,corn. A & B (qtr.) 3754c. Oct. 1 Holders of rec. Sept. 23
Lambert Co.„ common (guar.)
31.25 Oct. 1 Holders of rec.Sept. 26a
Preferred (guar.)
15( Oct. 1 Holders of rec. Sept. 23
Deferred stock (guar.)
25c. Oct. 1 Holders of rec.Sept. 260 Owens Bottle Co.. corn. (guar.)
75c. Oct. 1 Holders of rec. Sept. 150
La Salle Extension University, pref.(qu.) 13,4 Oct. 1 Holders of rec. Sept. 21
Preferred (guar.)
15( Oct. 1 Holders of rec. Sept. 110
Laurentide Co., Ltd. (quar.)
1;4 Oct. 3 Holders of reo. Sept. 170 Package Machinery, 1st pref. (quar.)_
15,4 Nov. 1 Holders of roe. Oct. 20a
Lawyers Title & Guar.(guar.)
254 Oct. 1 Holders of rec. Sept. 2Ia Packard Motor Car, monthly
20c, Oct. 31 Holders of rec. Oct. 150
Lawyers Westchester Mtge. dr Title (qu.) 2
Monthly
200. Nov. 30 Holders of roe. Nov. 150
Oct. 1 Holders of rec. Sept. 16
Lehigh Valley Coal Sales (quar.)
$2
Page-Hershey Tubes, Ltd., corn.(qu.). 750. Oct. 1 Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 15
Leonard, Fitzpatrick, Mueller Stores
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept.22a Paige-Det. Motor Car, 1st & 2d pf.(qu.) It( Oct. 1 Holders of rec. Sept. 150
Liberty Baking, pref. (guar.)
154 Oct. 1 Holders of rec. Sept. 23
Pan-American Petroleum & Transport,
Life Savers. Inc. (guar.)
40e. Oct. 1 Holders of rec. Sept.14a
Common & common B (guar.)
51
Oct. 20 Holders of rec. Sept. 300
Liggett & Myers Tobacco Co.
Paramount Famous Lasky Corp.
Preferred (guar.)
13t Oct. 1 Holders of rec. Sept. 12a
Common (guar.)
E2
Oct. 1 Holders of rec. Sept. 16a
Lion 011 Refining (guar.)
60c. Oct. 27 Holders of rec. Sept.300
2
Preferred(quar.)
Nov. 1 Holders of reo. Oct. 150
Liquid Carbonic Co., corn. (guar.)
90e. Nov. 1 Holders of rec. Oct. 20
Park Utah Consolidated Mines(guar.)-- 20o. Oct. 1 Holders of rec. Sept. 15a
Loose-Wiles Biscuit. corn. (guar.)
400. Nov. 1 Holders of rec. Oct. 100 Patin° Mines & Enterprises Consolidated (4 Oct. 15 Holders of rec. Oct. 30
First preferred (guar.)
15( Oct. 1 Holders of rec. Sept. 170 Pavonia Building Corporation
$1
Oct. 1 Holders of rec. Sept. 20
Second preferred (quar)
It( Nov. 1 Holders of rec. Oct. 10a Peabody Coal, corn.(monthly)
Sc. Oct. 1 Holders of rec. Sept. 20
Lord & Taylor. common (guar.)
254 Oct. 1 Holders of rec. Sept. 17a
Preferred (monthly)
580. Oct. 1 Holders of rec. Sept. 20
2d pref.(guar.)
2
Nov. 1 Holders of rec. Oct. 17a Penick & Ford. Ltd.. pref.(guar.)
15( Oct. 1 Holders of roe. Sept. 170
Lorillard (P.) Co., pref.(guar.)
15,4 Oct. 1 Holders of rec. Sept. 15u Pennsylvania-Dixie Cement, corn.(qu.). 50e. Oct. 1 Holders of reo. Sept. 220
Ludlow Typograph, pref.(guar.)
154 Oct. 1 Holders of rec. Sept.21
Pennsylvania Salt Mfg. (guar.)
$1.25 Oct. 16 Holders of roe. Sept.300
Ludlum Steel (guar.)
500. Oct. 1 Holders of rec. Sept.200 Peoples Drug Stores, corn.(guar.)
25e. Oct. 1 Holders of rec. Sept. 8
MacAndrews & Forbes Co., corn.(guar.) 650. Oct. 15 Holders of rec. Sept. 300 Pet Milk Co., corn. (guar.)
75e. Oct. 1 Holders of rec. Sept. 10
Preferred (guar.)
Preferred (guar.)
154 Oct. 1 Holders of reo. Sept. 10
134 Oct. 15 Holders of rec. Sept. 30a
Macy (R. H.) & Co., corn. (guar.)
$1.25 Nov. 15 Holders of rec. Oct. 29a Pettibone-Milliken Co. 1st & 2d pf.(qu.) 134 Oct. 1 Holders of rec. Sept. 200
Madison Square Garden Co.(guar.)
250. Oct. 15 Holders of rec. Oct. 50 Phelps. Dodge Corp.(guar.)
$1.50 Oct. 1 Holders of rec. Sept. 21a
Magma Copper Co.(guar.)
75e. Oct. 15 Holders of rec. Sept.30a Philadelphia Dairy Prod., prior pf. (qu.) 15,4 Oct. 1 Holders of rec. Sept.220
Mallinson (H.It.) Co.. pref.(quar.)
15( Oct. 1 Holders of rec. Sept. 200 Phillips Petroleum (qua:.)
75e. Oct. 1 Holders of rec. Sept. 140
Mandel Bros., Inc. (guar.)
15( Oct. 1 Holders of rec. Sept. 16
6234c Oct. 15 Holders of rec. Sept.30a Pick (Albert) & Co.. prof. (guar.)
Manhattan Electrical Supply (quar.)_ $1.25 Oct. 1 Holders of rec. Sept. 200 Pie Bakeries of America, class A (qu.)_. 31
Oct. 1 Holders of reo. Sept. 15
Manhattan Shirt. pref.(guar.)
15,4 Oct. 1 Holders of reo. Sept. 16a
Preferred (quar.)
15( Oct. 1 Holders of rec. Sept. 15
Manufactured Rubber. pref.(guar.)--- 134 Oct. 10 Holders of rec. Sept. 30a Pittsburgh Plate GitM8 (guar.)
2
Oct. 1 Holders of roc. Sept. 17a
Maple Leaf Milling, pref.(quar.)
131 Oct. 18 Holders of rec. Oct. 3
Pittsburgh Steel Foundry, pref. (quar.)_
134 Oct. 1 Sept. 16 to Sept. 30
Margay 011 Corp. (guar.)
50e. Oct. 10 Holders of rec. Sept. 20
Porto Rican-American Tob.. el. A (qu.). 15( Oct. 10 Holders of rec. Sept. 20
Marion Steam Shovel, corn. (quar.)
75c. Oct. 1 Holders of rec. Sept. 15a Prairie Pipe Line (quar.)
254 Oct. 31 Holders of rec. Sept. 300
Preferred (quarterly)
$1.75 Oct. 1 Holders of rec. Sept. 15a Pratt & Lambert, corn. (guar.)
750. Oct. 1 Holders of recs. Sept. 15a
Marlin-Rockwell Corp., corn..(quar.)___ 50o. Oct. 1 Holders of rec. Sept. 22a Premier Gold Mining Co
80. Oct. 4 Holders of rec. Sept. 16
Extra
25c. Oct. I Holders of rec. Sept.22a Price Bros., common (guar.)
54 Oct. 1 Holders of reo. Sept. 15
Marvel Carburetor
800. Oct. 1 Holders of rec. Sept. 154
Preferred (guar.)
154 Oct. 1 Holders of reo. Sept. VS
Mathieson Alkali Works, corn.(quar.)_
El
Oct. 1 Holders of rec. Sept 160 Procter & Gamble, pref. (guar.)
4
.2
Oct. 15 *Holders of rec. Sept.25
Preferred (guar.)
15 Oct. 1 Holders of rec. Sept. 16a
.
1
Eight per cent preferred (quar.)
2
Oct. 15 Sept. 25 to Oct. 12
May Drug Stores (quar.)_
3712c, Oct. 1 Holders of rec. Sept. 100 Pro-phy-lac-tic Brush, corn. (quar.)-500. Oct. 15 Holders of rec. Sept. 300
McCall Corporation, corn.(quar.)
500. Nov. 1 Holders of rec. Oct. 20a Pure 011 Co.,534% pref.(guar.)
13,4 Oct. 1 Holders of reo. Sept. 10
•134 Oct. 1 *Holders of rec. Sept. 24
McCaskey Register, 1st pref. (quar.)_
Six per cent preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 10
2d preferred (guar.)
*2
Oct. I •Holders of reo. Sept.24
Eight per cent preferred (guar.)
2
Oct. 1 Holders of reo. Sept. 10a
McCord Mfg. Corp. deb. stock (quar.)-- 500. Oct. 1 Sept.22 to Sept.30
Q R 8 Music Co., corn. (guar.)
15e. Oct. 15 Holders of roe. Oct. d3a
Preferred class A (guar.)
$1.75 Oct. 1 Sept. 22 to Sept. 30
Common (guar.)
15c. Nov. 16 Holders of rec. Nov. la
McCord Radiator & Mfg.,class A (guar.) 76e. Oct. 1 Sept.25 to Sept. 30
Common (guar.)
15c. Doe. 15 Holders of rec. Doe. la
McCrory Stores Corp., prof. (guar.).-- 154 Nov. 1 Holders of rec. Oct. 20a Quaker Oats, common (guar.)
$1
Oct. 15 Holders of rec. Oct. la
McLellan Stores, corn. A and B (quar.) 25c. Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
13.4 Nov. 30 Holders of rec. Nov. la
Common A and B (guar)
25c. Jan225 Holders of rec. Doe. 20
Real Silk Hosiery Mills, pref. (quar.)_
15( Oct. 1 Holders of rec. Sept. 19a
McQuay-Norris Co. (guar.)
40c. Oct. 1 Holders of rec. Sept.22a Red Lion 011(guar.)
*50c. Oct. 27 *Holders of rec. Sept. 30
Mead Johnson & Co., COM.((Mari-- 75e. Oct. 1 Holders of rec. Sept. 15
Reece Button Hole Mach.(quar.)
35c. Oct. 1 Holders of reo. Sept. 16
Merch.& Mfrs. Securities panic. pf Au) 373,0 Oct. 1 Holders of rec. Sept. 160 Reece Folding Machine (guar.)
50. Oct. 1 Holders of rec. Sept. 15
Prior preferred (guar.)
$1.75 Oct. 15 Holders of rec. Oct. la Reid ice Cream Corp., corn.(quar.)---- 75e. Oct. 1 Holders of rec. Sept.200
Merck Corporation, pref.(guar.)
Oct. 1 Holders of rec. Sept. 17
31
Reis (Robert)& Co.(guar.)
15,4 Oct. 1 Holders of rec. Sept. 210
Metalwares Corp., 7% pref. (quar.)_ _ (8) Oct. 1 Holders of rec. Aug. 1
Reliance Manufacturing. pref. (guar.).154 Oct. 1 Holders of ree. Sept.20a
Metropolitan Chain Stores
Remington Arms Co., 1st pt. ser. A (qu.) 15,4 Oct. 1 Holders of rec. Sept. 20a
First and second preferred (quar.)--15( Nov. 1 Holders of rec. Oct. 21
First pref.(guar.)
15( Oct. 1 Holders of rec. Sept.200
Metropolitan Filling Stations, corn.(qu.) 1
Oct. 1 Holders of rec. Sept. 15
Remington Rand, Inc., corn. (guar.)._ 40e. Oct. 1 Holders of rec. Sept. Itla
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 15
Comm on (payable in common stock)_ _ fl.
Oct. 1 Holders of rec. Sept. 100
Participating common (qua:.)
1
Oct. 1 Holders of rec. Sept. 15
First preferred (quarterly)
15( Oct. 1 Holders of rec. Sept. 100
Metropolitan Paving Brick, pref. (qu.)_
Second preferred (quarterly)
15,4 Oct. 1 Sept. 16 to Sept. 30
2
Oct. 1 Holders of rec. Sept. 100
Mexican Petroleum, corn. (quar.)
3
Oct. 20 Holders of rec. Sept. 300 Remington Typewriter 1st Pref. (quar.)_
15,4 Oct. 1 Holders of rec. Sept. 15a
Common (special)
Second preferred (guar.)
$75
Oct. 20 Holders of rec. Sept.g30a
2
Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
2
Oct. 20 Holders of rec. Sept.300 Heo Motor Car (guar.)
2
Oct. 1 Holders of reo. Sept. 150
Midland Steel Products, corn.(qua:.)_ - $1
Oct. 1 Holders of rec. Sept. 20
Republic Iron & Steel, pref. (quar.)- 15( Oct. 1 Holders of rec. Sept. 150
Common (extra)
480. Oct. 1 Holders of rec. Sept.20
Reynolds(R.J.) Tobacco, corn.(qu.)___ $1.25 Oct. 1 Holders of ree. Sept. 170
$2
Oct. 1 Holders of rec. Sept.200
Common B (guar.)
Preferred (guar.)
$1.26 Oct. 1 Holders of rec. Sept. 17a
Preferred (extra)
$1
Oct. 1 Holders of rec. Sept.200 Rice-Stix Dry Goods, corn.(guar.)
37540. Nov. 1 Holders of rec. Oct. 15
Midvale Co.(guar.)
50c. Oct. 1 Holders of rec. Sept. 17
First and second preferred (quar.)__
134 Oct. 1 Holders of roe. Sept. 15
Mill Factors Corp. (guar.)
154 Oct. 1 Holders of rec. Sept. 20
Richardson &Boynton Co..Part•Pf.(qu.). 75c. Oct. 1 Holders of rec. Sept. 16
Extra
Richfield Oil, corn. (guar.)
34 Oct. 1 Holders of rec. Sept. 20
*25c. Nov. 1 *Holders of rec. Oct. 5
Miller Rubber, corn.(guar.)
500. Oct. 25 Holders of rec. Oct. 50
Preferred (guar.)
•154 Nov. 1 *Holders of rec. Oct. 5
Mo.-Illinois Stores, corn. (guar.)
20e. Oct. 1 Holders of reo. Sept.20
Richman Bros., corn.(guar.)
$1.50 Oct. 1 Holders of rec. Sept.20
Mitchell (I. S.)& Co., Ltd., pref.(guar.) 13.4 Oct. 1 Holders of rec. Sept.21
Safety Cable (guar.)
$1
Oct. 15 Holders of rec. Sept. 300
Montgomery Ward & Co.. el. A (quar.).. $1.75 Oct. 1 Holders of rec. Sept. 200 Safety Car Heating & Lighting (guar.)._ 2
Oct. 1 Holders of rec. Sept.150
Morgan Lithograph. common (quar.)_ _ _ $1.25 Oct. 1 Holders of rec. Sept. 190 Safeway Stores, corn.(quar.)
$2.50 Oct. 1 Holders of reo. Sept. 160
Motion Picture Capital Corp., pf. (qu.) 2
Oct. 15 Holders of ree. Oct. 1
(guar.)
Preferred
154 Oct. 1 Holders of rec. Sept. 160
Motor Meter. Inc., class A (guar.)
90e. Oct. 1 Holders of ree. Sept. 140 St. Joseph Lead (guar.)
50e. Dec. 20 Dec. 10 to Dec. 20
Mountain & Gulf 011(guar.)
2e. Oct. 15 Holders of rec. Sept.300
Extra
25e. Dec. 20 Dec. 10 to Dec. 20
lo. Oct. 15 Holders of rec. Sept.300 St.Louis National Stockyards (quar.)_
Extra
2
Oct. 1 Sept.25 to Sept.30
Mountain Producers Corp. (guar.)
650 Oct. 1 Holders of rec. Sept. 15a St. Maurice Valley Corp., pref. (guar.). 15( Oct. 1 Holders of roe. Sept. 16
Muirhead Cafeterias. pref.(guar.)
50e. Oct. I Holders of rec. Sept. 15
St. Regis Paper, corn.(guar.)
50o. Oct. 1 Holders of reo. Sept. 15
2
Oct. 1 Holders of rec. Sept.20a
Murray-Ohio Co., pref. (guar.)
Preferred (guar.)
15,4 Oct. 1 Holders of rec. Sept. 15
Nash Motors (quar.)
$1
Nov. 1 Holders of rec. Oct. 200 Salt Creek Consol 011 (guar.)
20o. Oct. 1 Holders of reo. Sept. 15a
Extra
50e. Nov. 1 Holders of rec. Oct. 200 Savage Arms. 1st pref. (qua:.)
*15( Oct. 1 *Holders of rec. Sept. 15
15( Oct. 1 Holders of rec. Sept. 15
*134 Nov. 15 *Holders of rec. Nov. 1
Nashua Manufacturing, pref. (quar.)
Second preferred (quar.)
National Biscuit, corn. (guar.)
$1.25 Oct. 15 Holders of rec. Sept. 300 Sayers dr Scovill Co.. corn. (guar.)
154 Oct. 1 Holders of rec. Sept. 20
National Breweries, Ltd., corn. (qua:.). $1 Oct. 1 Holders of reo. Sept. 15
Common (extra)
1
Oct. 1 Holders of rec. Sept. 20
15( Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
1 ts Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
National Cash Credit Assn., COM•(quar.) 15e. Oct. 1 Holders of reo. Sept.12
Schlesinger(B. F.) dr Sons, Inc.. corn. A _ nnic Oct. 1 *Holders of reo. Sept. 15
Corn.(in stk. 1-20th sh, corn. stk.)_._
V) Oct. 1 Holders of rec. Sept. 12
Preferred (guar.)
*31.75 Oct. 1 *Holders of rec. Sept. 16
Preferred (quarterly)
150. Oct. 1 Holden of rec. Sept. 12
Schulte Retail Stores. coMmon (qua:.)
873.40.Doe. 1 Holders of rec. Nov. 150
Preferred (extra)
15e. Oct. 1 Holders of rec. Sept. 12
Preferred (guar.)
2
Oct. 1 Holders of reo. Sept. 12a
Prof. (in stk. 1-20th eh. corn. stk.).-- (f) Oct. 1 Holders of rec. Sept. 12
Schulze Baking, pref. (guar.)
15( Oct. 1 Holders of rec. Sept. 15
National Cash Register, class A (guar.). 750. Oct. 15 Holders of rec. Sept. 300
Convertible preferred (guar.)
The. Oct. 1 Holders of reo. Sept. 15
National Credit Corp.. corn.(guar.).
- 25e. Oct. 1 Holders of rec. Sept. 150 Schutter-Johnson Candy, el. A (titian)-- 60c. Oct. 1 Sept. 21 to Oct. 1
Common (extra)
Class B (guar.)
250. Oct. 1 Holders of rec. Sept. 16a
25e. Oct. 1 Sept.21 to Oct. 1
Preferred (quarterly)
1.123,4 Oct. 1 Holders of rec. Sept. 15a Schwartz (Bernard) Cigar, el. A (qU.)-- 60e. Oct. 1 Holders of roe. Sept. 200
National Dairy Prod. Corp.. corn.(gu.)- 75c. Oct. 1 Holders of rec. Sept. 190 Secivill Manufacturing (guar.)
750. Oct. 1 Holders of reo. Sept. 220
Preferred A & B (guar.)
15( Oct. 1 Holders of rec. Sept. 190 Scullin Steel, pref. (guar.)
750. Oct. 15 Holders of roe. Sept. 30
National Lead, pref. B (guar.)
154 Nov. 1 Holders of rec. Oct. 140 Seagrove Corp.. corn. (quar.)
(300. Oct. 20 Holders of rec. Sept. 300
National Refining, pref.(guar.)
Second International Securities Corp.
Oct. 1 Holders of reo. Sept. 15
2
National Standard Co.(quar.)
First & second preferred (guar.)
750. Oct. 1 Holders of rec. Sept. 15
750. Oct. 1 Holders of rec. Sept. 200
National Sugar Refining (guar.)
Securities Investment. corn. (guar.)._ 62340. Oct. 1 Holders of rec. Sept.20
15( Oct. 1 Holders of rec. Sept. 6
National Surety (guar.)
2
23,4 Oct. 1 Holders of reo. Sept. 16a
Preferred (qua:.)
Oct. 1 Holders of rec. Sept.20
OCT. 1 1927.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Natne of Company.
1805
When
Per
Cent. Payable.
Book, Closed.
Days Inclusive.
Miscellaneous (Cont(nued).
Miscellaneous (concluded).
Seeman Brothers, Inc., corn.(quar.)_- 50o. Nov. 1 Holders of roe. Oct. 14
Western Auto Supply, partic. of.(qu.)_ _ 500. Oct. I Holders of rec. Sept. 200
Sefton Manufacturing, pref. (guar.).- 15i Oct. 1 Holders of rec. Sept.220 Westinghouse Air Brake, no par stk.(qu.) 50c. Oct. 31 Holders of rec. Sept.300
Selberling Rubber, pref.(guar.)
gfip par stock (guar.)
2
Oct. 1 Holders of rec. Sept. 200
$2 Oct. 31 Holders of rec. Sept. 30
Shaffer Oil & Refining. Pref.(quer).- 15( Oct. 25 Holders of roe. Sept.30
Oct. 31 Holders of rec. Sept.300
Westinghouse Elec.& Mfg.. coin.(guar.) Si
Shaler Co., class A (guar.)
50e. Oct. 1 Sept.22 to Setp. 30
Oct. 15 Holders of rec. Sept.36a
$1
Preferred (guar.)
Sharon Steel Hoop. pref. (guar.)
Oct. 1 Sept. 20 to Oct. 1
Weston Elec. Instrument, Cl. A (Q11.)--2
34 Oct. 1 Holders of rec. Sept. 24a
Shattuck (Frank G.) Co.,coin.(guar.)._ 50e. Oct. 10 Holders of rec. Sept. 206 Westmoreland Coal(guar.)
Si Oct. 1 Sept. 27 to Oct. 2
Sheffield Steel (quar.)
50o. Oct. 1 Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 120
Wheeling Steel Corp., claw A ((tsar.)... 2
Shreveport El Dorado Pipe Line (quar.)_ 50e. Oct. 1 Holders of rec. Sept.200
2% Oct. 1 Holders of rec. Sept. 120
Class B (guar.)
Sleloff Packing (guar.)
30c. Oct. 1 Holders of rec. Sept. 20
50c. Oct. 20 Holders of rec. Sept.300
White Eagle Olt& Refg.(guar.)
Silver King Coalition Mines
250. Oct. I Sept. 21 to Sept. 30
White Rock Mineral Springs, com.(qu.). 500. Oct. 5 Holders of rec. Sept.300
Simmons Company, common (guar.)... 50o. Oct. 1 Holders of rec. Sept. 15a
134 Oct. 5 Holders of rec. Sept.30
First preferred (guar.)
Sloss-Sheffield Steel & Iron, pref.(qu.)
1M Oct. 1 Holders of rec. Sept. 206
Second preferred (guar.)
234 Oct. 5 Holders of rec. Sept. 30
Smith (L.C.)&Corona Typew.,cm.(qu.) 75c. Oct. 1 Holders of rec. Sept.230 Whitman (Wm.) Co.. pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 200
Preferred (guar.)
Oct. 1 Holders of roe. Sept. 15
1M Oct. 1 Holders of rec. Sept. 236 Will & Baumer Candle. Pref• (Quar-)
2
Smith (Howard) Paper Mills, pref. (qu.) 2
Oct. 1 Holders of rec. Sept. 20
2
Oct. 10 Holders of rec. Sept.30
Williams Tool Corp., pref. (guar.)
South Porto Rico Sugar. corn.(guar.)._ _ 500. Oct. 1 Holders of rec. Sept. 100 Willys-Overland Co., prof (guar.)
134 Oct. 1 Holders of rec. Sept 240
Preferred (guar.
,
$1.50 Oct. 1 Holders of rec. Sept. 20
2
Oct. 1 Holders of rec. Sept. 10a Wire Wheel Corp.. class A (guar.)
South West Pa. Pipe Lines (guar.)
81.75 Oct. 1 Holders of roe. Sept.20
1
Oct. 1 Holders of rec. Sept. 15
Preferred (Quarterly)
Spanish Riv.Pulp & Pap.Mills,com.(qu.) 154 Oct. 15 Holders of rec. Sept.20
$1.75 Jan 1'28 Holders of rec. Dec. 20
Preferred (quarterly)
Preferred (guar.)
1% Oct. 15 Holders of reo. Sept.20
254. Oct. 1 Holders of rec. Sept.200
Wrigley (Wm.)Jr.& Co.(monthly)
Spicer Mfg., pref. (guar.)
250. Nov. I Holders of rec. Oct. 200
2
Oct. 1 Holders of rec. Sept. 190
Monthly
Standard Commercial Tobaccecom.(gu.) 25e. Oct. 1 Holders of rec. Sept. 28a
250. Dec. 1 Holders of rec. Nov.20a
Monthly
Standard 011 (Ohio). corn. ((luar.)
Oct. 1 Holders of rec. Sept. 90
62 Me. Oct. 1 Holders of rec. Aug. 28
51
Yale & Towne Manufacturing (guar.)
Standard Screw,corn.(guar.)
2
Oct. 1 Holders of rec. Sept. 20
134 Oct. I Holders of rec. Sept. Mt
Yellow Trucz & Coach, pref.(guar.)...Stanley Co. of America (guar.)
81
Oct. 1 Holders of rec. Sept. 200
Stanley-Crandall Co. of Wash
$1.50 Oct. 1 Holders of rec. Sept. 30
•From unofficial sources. t The New York Stock Exchange has ruled that stock
Stanley Works. corn. (guar.)
62)4c Oct. 1 Holders of rec. Sept. 170
will not be quoted ex-dividend on this date and not until further notice. t The
Preferred (guar.)
43)4c Nov. 15 Oct. 30 to Nov. 14
Stein-Bloch Co., pref.(guar.)
1M Oct. 1 Holders of rec. Sept. 154 New York Curb Market Association has ruled that stock will not be quoted exSterling Oil & Development
10c. Oct. 5 Holders of rec. Sept.30a dividend on this date and not until further notice.
Extra
10c. Oct. 5 Holders of rec. Sept.300
Sterling Products(guar.)
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
$1.25 Nov. 1 Holders of rec. Oct. 140
Stern Bros., class A (guar.)
Payable in common stock. (I Payable in scrip. It On account of accumulated
SI
Oct. 1 Sept.21
to Sept.30
Stone (H.0.)& Co., corn.(guar.)
dividends.
$1.25 Oct. 1 Holders of rec. Sept. 15
Preferred (quay.)
134 Oct. 1 Holders of dm Sept. 15
It Molders of Class A and Class B stock are given the privilege of subscribing to
Stromberg Carburetor (guar.)
50e. Oct. 1 Holders of rec. Sept. 19: the extent of the dividend to their respective stocks at $25 per share.
Stroock (S.) & Co., Inc
700. Oct. 1 Holders of roe. Sept. 154
Seagrave Corp. dividend, 300. cash or 234% stock.
Stroock (S.) & Co., Inc
700. Dec. 22 Holders of rec. Dee. 10a
North American Co. stock dividend Is 234% or at the rate of one-fortieth of a
Sullivan Machinery (guar.)
El
Oct. 15 Oct. 1 to Oct. 13
share of common stock for each share held.
Sundstrand Corp.. $7 pref. (guar.)
$1.75 Oct. 15 Holders of rec. Sept.30a
Swedish Amer. Investment, corn.(guar.) 51.6234 Oct. 1 Holders of rec. Sept. 15a
k Laclede Gas & Electric Co. dividend reported In previous issues was an error.
Participating preferred ((lust'.)
1M Oct. 1 Holders of rec. Sept. 150
Prof. stock diva, payable either in cash or class A stock at rate of 2 67-100 of a
Swift & Co. (guar.)
2
Oct. 1 Holders of rec. Sept. 10
share of class A stock for each share of original pref., and 4 67-100 for each share of
Telautogmph Co., pref.(guar.)
134 Oct. 10 Holders of rec. Sept. 30
57 dly. pref. Corn, stock div. either in cash or in class A stock at rate of 23.4%
Telling-Belle Vernon Co., corn.(qu.)_
$1
Oct. d 1 Holders of rec. Sept.230
Preferred (guar.)
134 Oct. d 1 Holders of rec. Sept.230 of one share of class A stock for each share held.
Texas Corporation (guar.)
m Payable in preferred stock.
700. Oct. 1 Holders of rec. Sept. 9a
Textile Banking (guar.)
2
Oct. 1 Holders of rec. Sept.260
Federal Light & Traction stock dividend Is 15 cents, equal to one-one hundredth
Thompson (J. R.) Co., corn. (rattily.)_. 300. Oct. 1 Holders of rec. Sept.23a of a share of common stock.
Common (Monthly)
30o. Nov. 1 Holders of rec. Oct. 210
o Holders of common class A stock are given the right to subscribe to additions
Common (monthly)
300. Dec. 1 Holders of rec. Nov.23a
Thompson Products, Cl. A & B (guar.)
300. Oct. 1 Holders of rec. Sept.200 class A common at $25 per share to the extent of the dividend.
Class A and B (extra)
p Payable either in cash or 8% In no par value stock, at option of holder.
10c. Oct. 1 Holders of rec. Sept.20a
Tide Water Associated 011. pref.(guar.)_
134 Oct. 1 Holders of rec. Sept. 9a
O Mexican Petroleum not to be quoted except the $75 dividend until Oct. 20.
Timken Detroit Axle Co.,corn.(guar.)
15o. Oct. 1 Sept.21 to Oct. 2
z Four shillings per share, equivalent to 80.9733 per share.
Common (extra)
Sc. Oct. 1 Sept.21 to Oct. 2
r International Projector dividends payable also to holders of allotment certifiTobacco Products Corp., corn.(guar.).- $1.76 Oct. 15 Holders of rec. Sept.260
cates representing $7 pref. stock and common stock.
Tonopah Mining
7)40.Oct. 1 Oct. 1 to Oct. 7
Torrington Co.(guar.)
.1 At rate 0( 7% per ann. from date of issue to Aug. 1 1927.
750. Oct. 1 Holders of rec. Sept.22
Traveler Shoe, corn. (guar.)
37)40 Oct. 1 Holders of rec. Sept.19a
Hartman Corp. class B stock diva, are one-fortieth share of class A stock.
Traymore, Ltd.(Toronto). pref.(guar.). 1M Oct. 1 Holders of rec. Sept. 15
is Subject to increase in capital.
Troy Sunshade Co., corn.(guar.)
*50o. Oct. 1 Holders of rec. Sept. 20
v Payable either in cash or on class A stock at rate of one-fortieth of a share
Common (extra)
•25e. Oct. 1 Holders of rec. Sept. 20
class A stock for each share, and on class B one-fortieth of a share of class B for each
Preferred (quarterly)
•IM
Oct. 1 Holders of rec. Sept. 20
share of class B stock.
Trumbull Cliffs Finance, pref. (guar.)._ 1M Oct. 1 Holders of rec. Sept. 20
Truscon Steel. corn. ((luar.)
30e Oct. 15 Holders of rec. Oct. 50
w Payable also on increased capital.
'I'ubize Artificial Silk Co., corn.(guar.)
$2.50 Oct. 1 Holders of rec. Sept. 20s
y Subject to approval of Inter-State Commerce Commission. Commission not
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.20a having given its approval as yet company will make no record of stockholders at
Underwood Typewriter,common (qu.)_. $1
Oct. 1 Holders of rec. Sept. 30 close of business Sept. 7.
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 3a
z New York Curb Market rules Bancitaly Corp. be ex-stock dia. en Sept. 23.
Union Carbide & Carbon
81.50 Oct. 1 Holders of rec. Sept. fia
Union Metal Mfg., cam. (guar.)
500. Oct. 1 Holders of rec. Sept.20a
Common (extra)
250. Oct. 1 Holders of rec. Sept.2(34
Weekly Returns of New York City Clearing House
Union Steel Castings, corn.(guar.)
50c. Oct. 10 Holders of rec. Sept. 30
Preferred (guar.)
1)4 Oct. 10 Holders of rec. Sept. 30
Banks and Trust Companies.
Union Storage (guar.)
62340. Nov. 10 Holders of rec. Nov. la
United Drug, 1st pref. (guar.)
8714c. Nov. 1 Holders of roe. Oct. 15a
The following shows the condition of the New York City
United Dyewood Corp., pref. (guar.).
- 1% Oct. 1 Holders of rec. Sept. 24a
United Fruit(guar.)
$I
Oct. 1 Holders of rec. Sept. 3a Clearing House members for the week ending Sept. 24. The
United Ice Service Co., pref. A (guar.)
- $1.75 Oct. 1 Holders of rec. Sept. 230
United L. A. W. Corp., pref. (guar.)._ $1.76 Oct. 1 Holders of rec. Sept. 15
figures for the separate banks are the averages of the daily
United Paper Board. pref.(guar.)
134 Oct. 16 Holders of rec. Oct. la
Preferred (quar.)
134 Jan1618 Holders of fee Jan .2'28a results. In the ease of the grand totals, we also show the
Preferred ((uar.)
134 AprI6'28 Holders of rec. Apr.'28a actual figures of condition at the end of the week.
United Profit Sharing, preferred
5
Oct. 31 Holders of rec. Sept. 300
United Shoe Machinery, corn. (guar.)... 62340 Oct. 6 Holders of rec. Sept. 20
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Common (extra)
51
Oct. 5 Holders of rec. Sept 20
(Stated in thousands of dollars-that ts, three ciphers (0001 mniltecl.)
Common (payable in eon). stock)... _ 120 Nov.30 Holders of rec. Sept 320
Preferred (quarterly)
37)40 Oct. 5 Holders of rec. Sept.20
U.S.Cast Iron Pipe az Fdy.. corn.(qu.). 234 Dec. 15 Holders of rec. Dec. la
New
Preferred Mar.)
154 Deo, 15 Holders of rec. Dee. la
yttal. Profits. Loans,
Reserve
U.S. Industrial Alcohol, pref. (guar.)._
Discount. Cash
1% Oct. 15 Holders of rec. Sept. 30a
Week Recline
with
Na
Time Bank
U.S. L. Battery, common (guar.)
50c. Oct. 1 Sept. 16 to Sept. 30
Legal Demand
in
Sept. 24 1937. Nat'l, une 30 Invest
Be- CircePreferred A (guar.)
200. Oct. 1 Sept. 16 to Sept. 30
State, die 3 ments, Vault. Deposi- Deposits. posits. latton.
Preferred B (guar.)
171.4c Oct. 1 Sept. 18 to Sept. 30
tortes.
etc.
(000 omitted.) Tr.Coe.June 30
United States Loather, prior pref.(guar.) 15i Oct. 1 Holders of rec. Sept. 100
U.S. Lumber (quar4
Members of Fed. Res. Bank. Average. Average Average Average. Average Agee.
134 Oct. 1 Sept. 21 to Sept. 30
1
Extra
$
Oct. 1 Sept. 21 to Sept. 30
Bank of N Y &
$
$
United States Radiator, coin.(guar.) - *500. Oct. 15 *Holders of rec. Oct. 1
57,742 8,339
Trust Co.__ 6,000 12,326 83,331
476 7,867
Preferred (guar.)
*1M Oct. 15 *Holders of rec. Oct. 1
140,460i 31,839 -Bk of Manhat'n 12, II 18,453 185,60
3,647 19,312
II.8.Shares Corp., com.stk. to shares 5.2636 Oct. 1
86.9081 4,522
Bank of America 6,500 5,289 92,74
1,098 11,373
Bond trust shares, series B
5.7256 Oct. 1
National City__ 75.000 68,777 837,171 4,073 78,887 *807,074 150.577
97
Bank trust shares, series 0-1
$.6345 Oct. 1
Chemical Nat'l
347
5,000 18,745 141,861 1,358 16,456
123,3351 4,61
Bank trust shares, seem C-2
8.1575 Oct. 1
Natlik of Comm 25,000 43.624 389,97
489 43.035 324,80 30,347 United States Tobacco, corn. (guar.)._ 750. Oct. 1 Holders of rec. Sept. 190 ChatPh N B & T 13.500 13,846 220,717 2,363 22,065
157.3111 43,401 6.139
1M Oct. 1 Holders of rec. Sept. 190 Hanover Nat'l
Preferred ((oar.)
5,000 26,097 141,11
I26.699 2,7
1.403 16,902
-Universal Leaf Tobacco, common
750. Nov. 1 Holders of rec. Oct. 150 Corn Exchange 11,000 16,561 203,436 4,357 23,740
171,758 30.386
2
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 21a National Park__ 10,000 24,517 175,147
809 17,451
132.38th 9.107 ail
Universal Pictures, Inc., let pref.(qu.)._ 2
Oct. 1 Sept. 27 to Oct. 2
Bowery & E Riv 3,000 3,757 76,641 2,051 7,064
48.3593 22,16 2,990
Universal Pipe & Radiator, corn.(qu.). 50o. Oct. 1 Holders of roe. Sept. 150 First National__ 10.000 80,758 322.853
521 29,474 224,1351 9,397 6.758
Common (extra)
250. Oct. 1 Holders of rec. Sept. 15a Am Ex Irving Tr 32.000 29.772 430,304 3.249 51,081
384.2441 37,371
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 15a Continental 13k_ 1.000 1,324
8,171
120
897
63
6,3951
Valvoline Oil. pref. (guar.)
2
Oct. 1 Holders of rec. Sept. 20a Chase National. 40,000 39,707 618.486 6.466 70,250, *548.0351 43,
2,467
Venezuela-Mexican 011
40c. Oct. 1 Holders of rec. Sept. 17
Fifth Avenue_
500 3,070
29,357
24,7
846 3,344
V. Vivaudou Co., common ((uar.)
700. Oct. 15 Holders of rec. Sept. 300 Garfield Nat'l__ 1,000 1.882
16,2
1
15.545
496 2,401
70
24
(quarterly)
Preferred
134 Nov. 1 Holders of rec. Oct. 14a Seaboard Nat'l. 8.000 12.260 132,47
44
121,066 2,95
715 15,866
Vulcan Dethining, pref. & pref. A (guar.) 1% Oct. 20 Holders of rec. Oct. 8a Bankers Trust_ 20.000 38,507 358,41
891 35,041 *300,306 41.1831
Oct. 20 Holders of rec Oct. 8a
Preferred (account swum. dividends). 52
52,896 5,17
808 7,116
S Mtge & Tr_ 3.000 5.005 60.11
$1 Oct. 3 Holders of rec. Soot. 15
Wabeeso Cotton Co. (guar.)
30,000 32.839 472,37
Guaranty
1,444 48,896 *427,677
50o. Oct. 3 Holders of rec. Sept. 15
Extra
40,461 4.141
Fidelity Trust_ 4.000 3.339 47,12
537 8,387
134 Oct. 1 Holders of rec. Sept. 20
Wagner Electric, pref. (guar.)
New York Trust 10,000 22,575 181,81
136,010 31.
576 18,864
1% Oct. 1 Holders of rec. Sept.22a Farmers L &'Pr. 10.000 20,979 139,80
Wahl Co., preferred (guar.)
680 14,394 *107,651 18,88
Waltt & Bond, Inc., class B (interim)._ 26c. Oct. 1 Holders of rec. Sept. 15a Equitable T
30
23,770 314,867 1,396 33,759 .351,018 34,52
3734c Oct. 1 Holders of rec. Sept. 200
Waldorf System, corn. (guar.)
20c. Oct. 1 Holders of rec. Sept.20a Total of averages372.000567,7895,680.20 40,649600.922 c4,452,110635,09223,523
Preferred (guar.)
Prior preferred (guar.). *114 Oct. 1 •Holders of rec. Sept. 24
Waltham Watch.
Ward Baking Corp., corn.. cl. A ((uar.). $2
Oct. 1 Holders of rec. Sept. 150 Totals, actual condition Sept.24 5,636,12 41,841 619,194C4.424.361 634,09123,693
1M Oct. 1 Holders of rec. Sept. 150 Totals, actual condition Sept.17 5,745,775 39,759576,871 c4.524,702647,016 23,583
Preferred (quarterly)
500. Oct. 1 Holders of rec. Sept. 15a Totals, actual condition Septa()5,661,709 42,600662,997c4,538,434 641,79023,459
Warner-Quinlan Co.. corn. (guar.)
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept. 15a
51 Oct. 1 Holders of rec. Sept. 200
Warren Bros., common (guar.)
State Bank. Not Me mbers of Fed'I Res've;Bank.
The. Oct. 1 Holders of roe. Sept. 206
First preferred (guar.)
8730 Oct. 1 Holders of rec. Sept. 200 State Bank._
Second preferred (gow.)
4.562 2,356
5,000 6,041 106.52
37,194, 63,311 -.6230 Oct. 1 Holders of rec. Sept. 15a ColonIal Bank.. 1,400 3.305
Waukesha Motor, corn. (guar.)
33.73
3,360 1,740
27,330 6,180 - Waverly Oil Works, class A (guar.)
37)4e. Oct. 1 Sept. 28 to Sept.30
Wellman-Seaver-Morgan Co.. pf.(Qua - 1M Oct. 1 Sept. 22 to Oct. 2
9,347 140,25
7,922 4,096
Total of averages 6
64,5241 69,491
-Oct. 1 Holders of roe. Sept. 15
Wesson Oil & Snowdrift, Inc., cola.(go.) $1
$1.50 Oct. 5 Holders of rec. Sept. 240 Totals, actual co
West Coast 011, pref. (guar.)
140,837 7,507 4,002
Ron Sept.2
64.525 69.565
53
Oct. 5 Holders of rec. Sept. 240 Totals, actual condition Sept.17 140,676 8,040 4,058
Preferred (extra)
65,5801 69,288
2
West Point Mfg.(guar.)
Oct. 1 Holders of rec. Sept. 15
Totals, actual condition Septa° 138,386 7,878 4.095
63.471 69,057
I
1806
THE CHRONICLE
New
Capital Profits. Loans,
Net
Time Bank
Reser°
Week ending
Demand
Discount, Cash
with
DeircuSept.24 1927. Nat'l June 30 Investin
Legal Deposits, posits. lotion.
State, June 30 ments, Vault. Deposi[000 omitted.] Tr.Cos. June 30
dtc.
tortes.
Average. Average Average Average, Average Avge.
$
$
$
$
$
$
$
$
Trust Cornpa les Not Members of Fed 'I Res's e Bank.
Title Guar & T 10.000 19,642
68.081 1,683 4,499
40.839 2,227 ---Lawyers Trust. 3,000 3,515
16,650 2,167 - 23,006
936 1.631
Total of aeerag
57,489
4,394
6,133
6,191
6.221
56,605
56,950
57,628
4.475 --4,382
4,381
Gr'd agar
391,400600.2945,911,554 51,390611,148c4,574,123 708.977 23.523
Comparison wit h prey. week _
.
+943-1.388-15,985 -96,728-8,149 +265
Gr'd agar., act' cond'n Sept.175,867,359 51,874629,329c4,545,489,708.131 23,693
Comparison wl li prey, week ... +109,433-1,529-42,209 -101,753
712,5551 +110
Gr'd'aggr., act' cond n Sept.175,976,792 50,345587,120 4,647,232 720,686 23,583
Gr'd aggr., act' cond'n Sept.105,890,984 52,963,673.313 4,659,533 715,228 23,459
Gird aggr.. act' cond'n Sept. 35,833,217 46,950630,354 4,626.115,717.67823.469
Gr'd agar.. act' ,cond'n Aug.275,704.208 49,294]622,964 4,528,600715,933,23,328
Gr'd aggr.„ act'l cond'n Awe,20 5.729.650 48.826 651.992 4.540.070129.44E23.234
I
Note.
-U. S. deposits deducted from net demand deposits In the general total
above were as follows: Average total Sept. 24, 3114,687,000. Actual totals Sept. 24,
$114,687.000; Sept. 17, $114,687,000; Sept. 10, 3703,000; Sept. 3, $1,766.000; Aug.
27, 33,465,000; Aug. 20, 33,466,000. Bills payable, rediscounts, acceptances and
Other liabilities, average for week Sept. 24, $673,797,000; Sept. 17, $660,872,000*
Sept. 10, $675,194,000; Sept. 3, $620,972,000; Aug. 27, $608,105,000; Aug. 20,
$606,812,000. Actual totals Sept. 24, 3691,116,000: Sept. 17, 3633,732,000; Sept.
10.8738,252,000; Sept. 3, 3661,715,000; Aug. 27, 8631,797,000; Aug. 20, $652,360,000.
• Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $241,949,000: Chase National Bank. $13,140,000; Bankers
Trust Co.. $40,886,000; Guaranty Trust Co., 370,031,000: Farmers' Loan & Trust
Co., $2,479,000; Equitable Trust Co., $96,436,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, 835,816,000;
Chase National Bank, $1,749,000; Bankers Trust Co., $1,185,000; Guaranty Trust
Co., $2,983,000; Fanners' Loan & Trust Co., $2,479,000; Equitable Trust Co.,
$7,512,000.
c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both _
the averages for the week and the
of_
week_
_
actual condition at the end
the
is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in
Reserve
in Vault. Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Loans and
Investments.
Demand
Deposits.
Total Cash
in Vaults.
. $
7.104,398,300
7,193,666,300
7,194,292,400
7,252.983.200
7.197.444.000
7,267,488,800
7,305,578,900
7,152.547.900
7,106,073,800
7,110,323,700
7.181,738,200
7,177,325,100
7,115,836,600
7,069,889.900
7,107.725,500
7,179,503,300
7,276,682.800
7900010700
$
5.883,509,200
6,000,106,000
6,008,429,100
6.084,075,000
5.978.960.700
6,082,939.600
6,087,209.400
5,930,407,000
5,921,931.500
5.921.572.000
5,950.261.700
5.931.055,300
5,879,977,900
5,845,207,700
5,901,639 100
5,916.180,700
5,990.245,100
5 RR5 011 2nn
$
84,839,100
83,095,800
84,973,500
82,303.900
80,355.400
80.744.400
86,222.100
82.586.100
79,187,600
80,246,400
80.359,900
80,989.500
79,489,400
78,875.900
78,364,200
82,029,500
83,361,800
RI 144 ROO
Reserve in
Depositaries.
Week EndedMay 28
June 4
June 14
June 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 3
Sept. 10
Sept. 17
:ant 94
P58888§E2g8§8
6,130
2,526
2,546
2,485
wMONOMC-NC.0,000 ,,
,, 400,
tVTPN.M0C.VIWCMNVIMVC..4
,
2,61'
90,393
90,341
90,889
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
1
91,087
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
1505....6
,
-.03C;g0iWo:706.006,
00000000.0n0C).0
-t-1, NN Nb
C.C.C.ht..t.nnt-nt-I
.
-
13.000 23,158
Totals, actual c ndltion Sept.24
Totals, actual c nclition Sept.17
Totals, actual c ndition Sept.10
[VOL. 125.
New York City Non-Member Banks and Trust Companies.
-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers [000] omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Sept. 24 1927.
Members of
Fed'I Res'se Bank.
Grace Nat Bank___
State Bank
Not Member of the
Federal Reserve Bank
Bank of Wash Hui_
Trust Company
Not Member of the
Federal Reserve Bank
Mech Tr, Bayonne_
Loans,
Discounts,
Net
Profits. Investmerits,
.ac.
$
1,000
$
1.970
•
•
$
13,728
Cash
in
Vault.
Reserve
Net
Net
with
Legal Demon, Time
Depost- Deposits. Deposits,
tortes.
Average. Average Average. Average.
$
IS
$
$
4,051
77
1,184
7,873
•
•
•
•
190
•
3,433
5.808
500
687
9,349
329
1,500
Gr'd agar.. Sept. 24
Comparison with prey. week
2,658
23,077
-151
406
-64
1,374 al1,306
-22 -704
--
2,658
2.658
2,658
2.658
23,228
23,055
22,650
22,693
470
404
445
436
1,396 al2,010
1.356 11,495
1,344 11,322
1,331 11,063
,
8t
9 879
,
9,862
9.694
Members Federal
Reserve Bank
State banks*
Trust companies*
$
600,922,000 600,922,000 597,827,060
7,922,000 4,096,000 12,018,000 11,614,320
2,619,000 6,130,000 8,749.000 8,623,350
3,094,940
403,680
125,650
Gr'd
Gr'd
Gr'd
Gr'd
Total Sept. 24__ _
Total Sept. 17_
Total Sept.10
Total Sept.
10,541,000 611,148,000 621,689,000 618,064,730
10,644,000 627,133,000 637,777,000 630,912,040
10,296,000 615,400,000 625,696.000 624,277,350
10,168,000 616,661.000 626,829,000 622.573,740
3,624,270
6,864,960
1,418,650
4.255.260
•Bank of Washington Heights merged with Bank of Manhattan Co.
a United States deposits deducted, $156,000.
Bills payable, rediscounts, acceptances and other liabilities, $2,777,000. Excess
In reserve, $5,640inerease.
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank. includes also the amount of reserve required on net time deposits, which was as follows:
Sept. 24, 319,052,760; Sept. 17, 319,302,750; Sept. 10, $19,248,420; Sept. 3, $19,343,220; Aug. 27, 319,362,630; Aug. 20, 819,627,500.
Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all tho items in the
Boston Clearing House weekly statement for a series of weeks:
Members Federal
Reserve Bank.
State banks*
Trust companies*
Total Sept. 24__
Total Sept. 17
Total Sept.10
I Total Sept. R.
Reserve
in
Depositaries
Total
Reserve.
a
Reserve
Required.
urpltu
Reserve.
619,194,000 619,194,000 594,189,660 25,004,340
7,507,000 4,002,000 11,509,000 11,614,140
105,140
2,526,000 6,133.000 8,659,000 8,490,750
168,250
10,033,000 629,329,000 639,362,000 614,294,550 25,067,450
10,586.000 587,120,000 597,706,000 627,968,640 -30,262,640
10,363,000 673,313,000 683,676,000 629,319,100 54,356,900
9,720,000 630,354,000 640,074,000 624,971,770 15,102,230
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
Sept. 24, $19,022,730; Sept. 17, 319.410,480; Sept. 10, 819,253,700; Sept. 3, $19,331,940; Aug. 27, 319,268,800; Aug. 20, $19,688,160.
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differencesfrom
Sept. 24.
Previous Week.
$1,378,456,700 Inc. $12,384,900
Loans and Investments
5,182,900 Inc.
Gold
48,700
24,751,900 Dec.
Currency notes
879.700
Deposits with Federal Reserve Bank of New York 107,105,700 Dec. 1.333,200
1,403,807,600 Inc.
Time deposits
4,997,300
Deposits, eliminating amounts due from reserve
depositaries & from other banks & trust companies in N.Y.City, exchange & U.S. deposits. 1,310,888,200 Dec. 8,505,900
Reserve on deposits
179,056,300 Inc. 3,923,100
Percentage of reserve, 21.0%.
RESERVE.
State Banks--- -Trust Companies$97,082,600 15.51%
CaSh in vault*
839,777.900 17.78%
Deposita In banks and trust coe
29,921,100
5.48%
4.78%
12,274,700
Total
$52.052,600 23.26%
8127.003,700 20.29%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and Mat gompanie• combined on Sept. 24 was $107,105,700.
1,500
1,500
1,500
1.500
BOSTON CLEARING HOUSE MEMBERS.
Actual Figures.
Cash
Reserve
In Vault.
agar.. Sept. 10
aggr., Sept. 3
alter., Aug. 27
agar.. Aug. 20
Sept. 28
1927.
Changes from
Previous Week.
Sep .21
,
1927.
Sepc. 14
1927.
$
s
$
$
77,150,000 Unchanged
77,150,000
77,150,000
Capital
50,000
95,462,000 Dec.
95.512.000
95,463,000
Surplus and profits....
Loans, disc'ts & Invest_ 1,102,001,000 Inc. 9,508,000 1,092,493,000 1,058,797,000
Individual deposits..... 678,863,000 Dec. 4,107,000 682,970.000 683,821,000
147,839,000 Dec. 7,406,000 155,245,000 160,429,000
Due to banks
278,602,000 Inc. 2,799,000 275,803,000 276.729.000
Time deposits
92,000
34.185,000
34,277,000 Inc.
1,361,000
United States deposits.
31,207,000
27,111,000 Dee. 4,096,000
39,657,000
Exchanges for Cl'g H'ee
93.699,000
85,025,000 Dec. 8,674,000
92,961.000
Due from other banks
180,000
81.988,000
81,808,000 1)ec.
82,705,000
Res've in legal deposles
277,000
9,492,00
9,763,000
9,215,000 Dec.
Cash in bank
140.000
lins•vs ocems in F.R.Bk
172.000 Dec.
312.000
414.000
-The Philado phia Cleating House
Philadelphia Banks.
return for the week ending Sept. 24, with comparative figures
for the two weeks preceding, Is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Week Ended Sept. 24 1927.
Two Ciphers (00)
omitted.
M embers of
Trust
F.R.System Companies
$51,425,0
163,104,0
973,980,0
34,920,0
97,197.0
142,067,0
620,430,0
156,003,0
918,500,0
Sept. 17
1927.
Sept. 10
1927,
$56,425,0 $56,425,0 856,425,0
181,148,0 181,148.0 181,148,0
1025,079,0 1020,575,0 1005,941,0
35,132,0 37,420.0 34,014,0
97.214,0 106,066,0 91,787,0
143,168.0 147,708,0 140,320,0
649,302,0 665,372,0 652,603,0
158.629,0 157,630,0 156,721,0
951,099,0 970,710,0 949,644,0
2,991,0
4,438,0
3,989,0
68,818,0 71,125,0 69,982,0
68,818,0
1,289,0 11,567,0
11,418,0 11,495,0
10,278,0
4,280,0 83,376,0 86.981,0 85,466,0
79,096,0
4,592,0 73,464,0 74,800,0 73,959.0
68,872,0
10,224,0
312,0
9,912,0
12,181,0 11,507.0
• Cash in vault not counted as reserve for Federal Reserve Members.
Capital
Surplus and profits
Loans, disels & investmla
Exchanges for Clear.11ouse
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Rea'ye with legal depos1VY
Reserve with F. R.Bank
Cash In vault*
Total reserve & cash held..
Reserve required
Excess res. & cash In vault_
$5,000.0
18,044,0
51,099,0
212,0
17,0
1,101,0
28.872,0
2,626,0
32,599.0
2,991,0
1927
Total.
OCT. 1 1927.]
THE CHRONICLE
1807
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Sept. 29 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1778, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT. 28 1927.
Sept. 28 1927. Sept. 21 1927. Sept. 14 1927. Sept. 71927. .4210. 31 1927. Aug. 24 1927. Aug. 17 1927 Avg. 10 1927. Sept.291926.
RESOURCES.
S
S
$
S
S
$
$
$
$
Sold with Federal Reserve agents
1,630,529,000 1,657,755,000 1,665,739,000 1,579,526,000 1,640,260,000 1.615.271,000 1,636.161.000 1,615.882,000 1,359,115,000
Sold redemption fund with U. S. Tress..
48,010,000
65,555,000
41.752.000
40.689,000
53,022.000
55,159,000
42.178.000
43.238.000
36,670.000
Gold held exclusively sent. F. R. notes 1,678,539,000 1,712,914,000 1,718.761.000 1,622,764.000 1,676,930.000 1,655.960.000 1,678,339.000 1.657.634,000 1,424,670,000
Sold settlement fund with F R. Board
639,749,000 614,774.000 596.363,000 694.143.000 631.491.000 643.573.000 618.127.000 644,942.000 762,134,000
Gold and gold certificates held by banks_ 670.565,000 666,508,000 668,548,000 672,786,000 689,502.000 710.308,000 706.478.000 705,429,000 620,337,000
Total gold reserves
Reserves other than gold
2,988,853,000 2,994,196,000 2,983.072,0002.989.693.000 2.997,923.0003.009.841,000 3,002,944,000 3,008,005.000 2,807,141,000
137,352,000 139,436,000 140.369,000 135,549.000 147.813,000 147.663.000 145,871000 146.158.000 130,113,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations_
Other bills discounted
3,126,205,000 3,133.632.000 3,124.041,000 3,125,242,000 3,145,736.000 3.157.504.000 3,148.815,000 3,154,163,000 2,937,254,000
54,339.000
49,838,000
51,593,000
53,646,000
56,560,000
45,596,000
54.761,000
53,039,000
48,050.000
228,011,000
202,301,000
216,936,000
197.629.000
202,847.000
172,487,000
241,953.000
207.531,000
217.817.000
182,707.000
217,677.000
196.480.000
220,503.000
169.990.000
225,487.000
187.618,000
365,993,000
350,637,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
430,312,000
242,148,000
414,565,000
218,660,000
375,334,000
226.717,000
449.484,000
197.306.000
400.524,000
185,128.000
414,157.000 390.493.000
178.809,000 170.932,000
413,105.000
175.707,000
716,630,000
275,623,000
253,515,000
134,559.000
106,278,000
253,741.000
127,138.000
102,664.000
280.188,000
123.181,000
96.207.000
237.700,000
108,603.000
153,166.000
212.077,000
99,642.000
161.095.000
203,557,000
89.333,000
151.931.000
178,443,000
95.788.000
167.297.000
191.611,000
88.913.000
139,753,000
55,322,000
138,305,000
108,414,000
Total U. S. Government securities
Other securities (see note)
494,352,000
820,000
483,543,000
820,000
499,576,000
320,000
499,469,000 472,814.000
320,000
320.000
444,821.000
320.000
441,528.000
300,000
420,277.000
1.300,000
302,041,000
3.700.000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
1,167,632,000 1,117,588.000 1,101,947.000 1,146.579.000 1,058,786,000 1,038,107,000 1.003,253.000 1.010.389,000 1,297,994,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits—
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
5,072,479,0005.099,301,000 5,220,757,000 5,097.990,000 4,945.388.000 4.958,639.000 5,022,656,000 4,939,742,000 5,035,363,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,389,768,000 2,362,700,000 2,307.486,000 2,367.759.000 2.341,283,000 2.353.882.000 2.346,969,000 2,354,134.000 2,330,386,000
602,290,000 662.030,000 771,929,000 636.403,000 555.002.000 561.147.000 639.320.000 545.023.000 624,068,000
130.960,000 130,866,000 130.731,000 130.608.000 130.727.000 130.730.000 130.391.000 130.058.000 123,796,000
228,775,000 228,775,000 228,775.000 228.775.000 228,775.000 228,775.000 228,775.000 228,775.000 220,310,000
14,921,000
14.252.000
14.468,000
13.274.000
13.161.000
13.670,000
12,699.000
20,337.000
13,264.000
1,049,000
653,183,000
59,609.000
13,208,000
823,000
12.262.000
720,040.000 848.897,000
59,580,000
59,580.000
19,691.000
14,052,000
12,248.000
12.267.000
689.215.000 603,360.000
59.579.000
59,455.000
19,512,000
17.747,000
23,629.000
39.057,000
609.876,000 700.966.000
59,444.000
59.452.000
17,032.000
16.360,000
48.759,000
648.000
594,915.000 675,918,000
60.007,000
59,414.000
13,704,000
15.542.000
1,705,765,000 1,700,522,000 1.707.584.000 1.720.715,000 1676,440,000 1.670,831.000 1,664.502.000 1,668,488.000 1,716,466,000
2,336.548.000 2,311.070,000 2,324.989.000 2.318,415.000 2,298,880.000 2.305.727.0002,294.893,000 2.315,141,000 2,248,876,000
24,507.000
12,494.000
22.894,000
20.803.000
12,699.000
10,125.000
21.363,000
19,247.000
51,703.000
5,791.000
5.329.000
5,519,000
5.487.000
5,536.000
11,829.000
4,639.000
5,334.000
4,935.000
22,922,000
24,674.000
23,217,000
23,054.000
17,978,000
24,229,000
25.379.000
23.973.000
24.168,000
Total liabilities
5,072,479,000 5,099,361,000 5,220,757.000 5,097,990,000 4,945,388,000 4,958,639,000 5,022,656,000 4,939,742,000 5,035,363.000
Ratio of gold reserves to deposit and
1.... F. R. note liabilities combined
73.0%
73.2%
73.7%
73.1%
74.8%
74.6%
74.9%
69.4%
74.8%
Ratio of total reserves to deposit and
F. It. note liabilities combined
76.3%
77.1%
76.7%
76.4%
78.5%
78.3%
78.5%
72.6%
78.4%
Contingent liability on bills purchased
for foreign correspondents
186,455,000 182.582,000 182,182.000 174,107,000 165,746.000 162.087.000 160,540.000 155,453,000
45.296,000
Distribution by Maturities—
1-15 days bills bought in open market _
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market _
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market _
31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness
31-60 days municipal warrants
61-90 days bills bought in open market _
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness....
Over 90 days municipal warrants
$
111,362,000
354,775.000
1,442,000
S
96,861,000
339,870,000
46,948,000
22,886.000
42,019,000
22,750,000
20.000
60,278,000
31,560,000
3
115,725,000
290.800.000
33.034,000
$
113.661.000
361.706.000
82,055,000
6
107,871,000
307.428.000
90.497,000
$
106,034.000
317,677.000
445,000
8
102,704.000
300,567,000
$
111,460.000
322.069.000
$
88.821,000
559,138,000
750,000
41.103.000
26.386.000
30.297.000
26,909.000
4,429.000
29,169.000
21.396.000
5,000
29,818.000
21.681.000
69,340.000
27,887.000
22.945.000
92,925,000
30,151.000
20,860,000
2.362,000
55,497,000
44,123,000
55,612,000
32,030,000
46,047.000
35.639,000
33,759.000
37,927,000
27.835.000
42,029,000
24.604,000
42.921.000
22.444.000
37,565.000
17.739,000
19,107,000
20.000
21,235.000
18,911.000
22.340.000
38,608.000
63,408,000
73,136,000
63,744,000
20.000
21.025,000
16,705,000
20.000
17.029.000
18.647,000
20.000
17.486.000
23.740,000
16,234.000
26,444.000
16.303.000
22,588.000
16.231,000
23,532,000
50,171,000
43,619,000
38,853,000
4,453,000
3,352,000
104,836,000
2.843,000
3,210,000
102,664,000
2.607.000
3,538,000
63,173.000
2.560,000
4.235.000
66,682,000
2,767.000
5,931,000
70.593.000
20.000
2,119,000
5.434,000
82.146.000
1,534,000
6,808.000
74,372,000
1525,000
8,036,000
73.983.000
7,995.000
6.006,000
68,811,000
F. It. notes received from Comptroller
F. It. notes bled by F. R. Agent
NO
. Issued to Federal Reserve Banks
2,111.962.000 2.116.568,000 2.092.304.0002.075,645.000 2,039.857.000 2,042.289.000 2.055,128.000 2.044.299.000 2,065,401,000
l. flow Secured—
By gold and gold certificates
Gold redemption fund
Cold fund—Federal Reserve Board_
By eligible paper
411,830,000 410,831,000 420.276,000 421,876.000 421.875.000 413.276,000 413,276.000 413.277.000
96,916,000 100,046.000 102.006.000
91,210.000
96,938.000 104.500,000 103.546.000
94,011,000
1.127.489.000 1.150.000.000 1,145.417,000 1055,644.000 1.124,374.000 1,105.057.000 1.118.385,000 1.099.059.000
634,517.000 595,740.000 567,211,000 616.489,000 553,416.000 567.172.000 539.087.000 558,173.000
Total
2,918,127,000 2.914,873,000 2.900,039,000 2,889,860.000 2.885,232.000 2,883,884,000 2,903,263.000 2,904.294.000 2,919,203,000
806,165,000 798,305,000 808.275.000 814,215.000 845.375,000 841.595,000 848,135.000 859,995.000 853,802,000
2 2(In 04(1000
2.253.405.000 2.232.050 000 2.10001n
306,633,000
95,579,000
956,903,000
953,368,000
nen 1 105 5712 Ann', 149 A11 Ann', 175 940 AAA 9 17/ ASS AAA 5 1t, ds2 An.
NOTE.—Beginning with the statement of Oct. 7 1925, two new tems were added In order to show separately
to foreign correspondents. In addition, the caption, "All other earn lig assets.- Previously made up of Foreign the amount of balances held abroad and amounts due
Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter item was
adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provisions of Sections 13 and
14 of the Federal Reserve Act, which, it was stated, are the only items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
CLOSE OF BUSINESS SEPT. 28 1927.
Two ciphers (00) omitted.
Total.
Boston. New York. Phila. Clereland, Richmond Atlanta, Chicago, St. Louis,
Federal Reserve Bank of—
Minneap. Kan. City Dallas. SanFran.
RESOURCES.
$
5
3
$
$
$
$
$
$
S
S
$
3
Gold with Federal Reserve Agents 1,630,529,0 135.193,0 301,214,0 133,235,0 218,544,0 30,535,0 161,858.0 273.483,0 28,296,0 55,025,0
58,349,0 39,193,0 195,604,0
48,010,0 11,560,0
13,766,0 6.132,0 4,059,0 1,774.0 1,550,0
Gold redo fund with U.S. Treas.
1,115,0 2,112.0 1,372,0
1,220,0
1.783,0
1,567,0
Gold held excl. agst. F.R. notes 1,678,539,0 146,753,0 314,980,0 139,367,0 222,603,0 32,309,0 163,408,0 274,598,0 30.408,0 56,397,0 60,132,0 40,413,0
Gold settle% fund with F.R.Board 639,749,0 34,930,0 263,703,0 43,496,0 52,270,0 12,410,0 7,033,0 120,113,0 13,669,0 14,777.0 23,195.0 16,708,0 197,171,0
37,445,0
Gold and gold certificates
670,565,0 33,285,0 429,661,0 28,812,0 33,765,0 16,266,0 7,444.0 58,098,0
9,971,0 6,871,0 8,042,0 7,441,0 30,909,0
2,988,853,0 214,968,0 1,008,344,0 211,675,0 308,638.0 60,985,0 177,885.0 452,809,0 54,048,0 78,045,0 91,369,0
Total gold reserves
64,562,0
137,352,0 13,732,0
25,307,0 7,797,0 9,338,0 5,300,0 12,638,0 22,660,0 12.107,0 4,342,0 6,282,0 8,214,0 265,525,0
Reserves other than gold
9,615.0
3,126,205,0 228,700,0 1,033,6510 219,472,0 317,976,0 66,285,0 190,523,0 475,489.0 66.155,0 82.387,0 97,651,0
Total reserves
72,776,0
Non-reserve cash
14,611,0
51,593,0 5,949,0
817,0 3,147,0 3,676,0 3,743,0 7,611,0 3,053,0 1,008,0 2,853,0 2,137,0 275,140,0
2,988,0
Bills discounted:
See. by U. S. Govt. obligations 228,011,0 17,327,0
87,078,0 22,623,0 26,431,0 11,042,0 5.683,0 20.864,0 15,594,0
851,0 2,198,0 1,568,0
Other bills discounted
202,301,0 16,594.0
61,305,0 12,980,0 9.953,0 17,185,0 22,462,0 13,725,0 13,159,0 2,525,0 8,980,0 4,018,0 16,752,0
19,415,0
Total bills discounted
430,312,0 33,921,0 148,383,0 35,603,0 36,384,0 28,227,0 28,145,0 34,589,0 28,753.0 3,376,0 11,178,0
5,586.0 36,167,0
Bills bought in open market
84,011,0 11,633,0 17,003,0 27,101,0 4,596,0 25,506,0 4,862,0 8,636,0 10,104,0
242,148,0 24,319,0
11,385,0 12,992,0
U. S. Government securities:
Bonds
42,292,0 13,341,0 32,810.0 12,596,0 6,205,0 42,846,0 18,169,0 11,117,0 19,530,0
253,515,0 11,091,0
26,036,0
Treasury notes
27.837,0 9,334,0 13.766.0 7,257,0 3,712.0 21,655.0 11,555.0 7,146,0 8,115,0 17,482,0 10,895,0
134,559,0 6,202,0
7,085,0
Certificates of indebtedness
106,278,0 6,250,0
24,735,0 12,704,0 7,805,0 7,602.0 2,940,0 13,204,0 6.315,0 3,774,0 6,594.0 5,485,0 8,870,0
CIA 451 n 'IS 570 A III 221 fl 9, Amen In oe, n ,,,nm n net non n nn no, n n. nnn" nn nen n
Total U. S. Govt. securities_ -- dad IMO II 01 KAI n
A e OA I n
[Vol,. 125.
THE CHRONICLE
Iii0
o
RL"ES (Concluded)
phers (00) omitted.
...i> .
ties
Total.
$
Phila.
New York.
$
$
820,0
z
ills and securities
om foreign banks
Uncollected items
Bank premises
All other resources
Boston.
$
I
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Kan. C'ity Dallas. San Fran.
$
$
$
300,0
$
$
$
520,0
$
$
$
327,258,0 82,615,0 107,768,0 82,783,0 45,898,0 137,800,0 69,654,0 34,569,0 55,521,0 47,023,0 94,960,0
53,0
104,0
32,0
23,0
26,0
72,0
80,0
39,0
31,0
28,0
504,0
160,898,0 57,121,0 61,949,0 56,337,0 27,822,0 76,703,0 32,210,0 14,249,0 37,559,0 27,286,0 40,801,0
16,276,0 1,749,0 7,119,0 2,465,0 2,901,0 8,602,0 3,957,0 2,774,0 4,474,0 1,827,0 3,519,0
890,0
433,0 1,460,0 1,471,0
882,0 1,669,0
618,0
4,041,0
113,0 1,030,0
531,0
1,167,632,0 81,783,0
1,049,0
57,0
653,183,0 60,248,0
59,609.0 3,946,0
13,208.0
70,0
Total resources
5,072,479,0 380.753,0 1,557,239,0 361,959,0 499,069,0 212,018,0 272.378,0 707.780,0 175,943,0 136,679,0 198,617,0 151,693,0 418,351,0
LIABILITIES.
F. R. notes in actual circulation_ 1,705,765,0 141,359,0 363,721,0 134,487,0 213,028.0 63,676,0 162,126,0 241,369,0 44,917,0 59,438,0 63,706,0 47,296,0 170,642,0
Deposits:
Member bank-reserve acc't 2,336,548,0 151,795,0 929,666,0 137,724,0 185,061,0 70,880,0 67,057,0 341,880,0 79,216,0 50,787,0 85,212,0 60,892,0 176,378,0
1,656,0 1,364,0 2,032,0
960,0
5,290,0 1,337,0
1,646,0 3,462,0 1,440,0 3,567,0 1,062,0
Government
24,507,0
691,0
407,0
238,0
803,0
250,0
175.0
215,0
203,0
559,0
617,0
303,0
1,585,0
Foreign bank
436,0
5,791,0
104,0
60,0 1,146,0
270.0
210,0
160,0
34,0 3,845,0
147,0 1,256,0
86,0
15,604,0
Other deposits
22,922,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
952,145,0
136,692,0
39,598,0
61,614,0
3,469,0
2,389,768,0 153,008,0
602,290,0 58,775,0
130,960,0 9,466,0
228,775,0 17,606,0
14,921,0
539,0
139,767,0 188,580,0 74,749.0 68,795,0 347,396,0 80,798,0 52,828,0 86,951,0 63,161,0 181,90,0
52,741,0 58,225,0 54,260.0 25,907,0 67,133,0 33,740,0 12,902,0 33,951,0 28,128,0 39,836,0
13,221,0 13,939,0 6,253,0 5,140,0 17,305,0 5,291,0 3,002,0 4,220,0 4,283,0 9,242,0
21,287,0 23,746,0 12,198,0 9,632,0 31,881,0 9,939,0 7,527,0 9,029,0 8,215,0 16,121,0
920.0
982,0
760,0
610,0
778,0 2,696,0 1,258,0
476,0 1,551,0
882,0
5 072,479,0 380,753,0 1,557,239.0 361,959,0 499,069,0 212,018,0 272,378,0 707,780.0 175,943,0 136,679.0 198,617,0 151,693,0 418,351,0
Total liabilities
Memoranda.
78.1
65.9
80.8
52.6
73.4
64.8
47.9
82.5
78.6
80.0
79.2
76.3
77.7
Reserve ratio (per cent)
Contingent liability on bills pur53,391,0 17,668,0 19,509,0 9,570,0 7,546,0 25,398,0 7,914,0 5,521,0 6,810,0 6,442,0 12,883.0
chased for foreign correspondla 186,455,0 13,803,0
F. R. notes on hand (notes rec'd
from F. It. Agent less notes in
circulation)
406.197.0 32.721.0 121.322.0 32.748.0 41.579.0 9.010.0 31.804.0 51.313,0 9,284,0 5,004,0 9,760,0 7,846.0 53,806.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS SEPTEMBER 28 1927.
Federal Reserve Agent"al-
Total.
New York.
Boston.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Two ciphers (00) omitted.
$
$
F.R.notes reed from Comptroller 2,918,127,0 237,280,0
F.R.notes held by F. R. Agent__ 806,165,0 63,200,0
$
8
$
$
$
$
8
8
8
8
$
777,123,0 210,235,0 276,597,0 105,350,0 247.010,0 438,782,0 72,121,0 86,271,0 111,366,0 71,044,0 284,948,0
292,080,0 43,000,0 21,990,0 32,664.0 53,080,0 146,100,0 17,920,0 21,829,0 37,900,0 15,902,0 60,500,0
F.R. notes issued to F. It. Rank_ 2,111,962,0 174,080,0
Collateral held as security for
F. R.notes issued to F. R. Bk.
Gold and gold certificates...._ 411,830.0 35,300,0
Gold redemption fund
91,210,0 10,893,0
Gold fund-F.R. Board_ __ _ 1,127,489.0 89,000,0
Eligible paper
634,517,0 58,240,0
t....4
s
.
Total rollat..6.1
2 261 04fi n 103 433 n
485,043,0 167,235,0 254,607,0 72,686,0 193,930,0 292,682,0 54,201,0 64,442,0 73,466,0 55,142,0 224,448,0
215,150,0
21,064,0 10,358,0
65,000,0 122,877,0
215,443,0 37,850,0
17,673,0
8,100,0 12,267,0
40.000,0 25,223,0 18,117,0
758,0 4,489,0 3,520,0
13,544,0 3,562,0 6,041,0 1,483,0 1.196,0
165,000,0 1,750,0 137,700,0 272,000,0 19,000,0 42,000,0 53,860,0 18,000,0
50,490,0 51,922,0 32,132,0 58,453,0 32,992.0 11,568,0 20,787,0 16,542,0
40,000,0
14,302,0
141,302,0
48,098,0
516.617.0 171.0810 260.034.0 82.417.0 193.990.0 331.936.0 61.288.0 66.193.0 79.136.0 55.735.0 243.702.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 661 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 1778, immediately following which
we also give:the figures of New York reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS, SEPTEMBER 21 1927. (In thousands of dollars)
Total.
Federal7Reserve District-
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
8
$
8
$
20,932,750 1,483,581 7,848,618 1,223,653 2,116,317
$
699,860
$
$
614,894 3,016,284
8
707,061
$
365,686
$
629,381
8
$
421,436 1,805,999
-total
Loans and investments
su.,/
0-sas
14,892,467 1,026,715 5,601,076
Loans and discounts
-total
.......d
40,783
6,377
122,002
Secured by U. S. Gov't oblige's
Secured by stocks and bonds
5,992,154 381,370 2,537,823
All other loans and discounts_ .. _ _ 8,778,311 638,968 3,022,470
816,656 1,426,855
531,584
494,849 2,230,312
508,715
246,486
417,981
325,520 1,265,718
9,837
412,428
394,391
18,514
611,355
796,986
3,402
156,578
371,004
5,041
19,047
116,382 965,779
373,426 1,245,486
4,551
205,771
298,393
2,292
76,069
168,125
3,938
125,112
288,931
2,910
79,107
243,503
5,310
324,380
936,028
6,040,283
456,846 2,247,542
406,997
689,462
188,276
120,045
785,972
198,348
119,200
211,400
95,916
540,281
2,588,181
U. S. Government Securities
Other bonds, stocks and securities 3,452,102
4.444 .4
1,704,506
Reserve balances with F. R. Bank
259,995
Cash in vault
153,749 995,655
303,097 1,251,887
108,616
298,381
301,353
388,109
79,403
88,873
57,162
62,883
309,406
476,566
73,916
124,430
63,108
56,092
100,885
110,515
65,953
29,963
278,975
261,306
776,446
70,294
83,971
15,615
134,316
30,216
43,013
13,296
40,854
10,863
256,449
44,566
46,740
7,687
24,754
5,786
56,773
11,794
30,811
0,444
111,622
21,841
Net demand deposits
Time deposits
Government deposits
13,219,569
6,291,935
350,997
918,875 5,754,086
483,197 1,475,868
33,430 134,258
779,699 1,037,728
266.174 926,408
25,473
34,876
392,988
233,747
12,174
327,579 1,819,200
236,288 1,116,294
34,837
17,323
394.305
235,618
8,277
226,533
125,551
1,631
489,475
157,421
4,407
281,913
110,033
12,182
797,188
925,336
32.129
1,184,156
3,341,822
59,425 149,031
146,750 1,244,931
59,625
178,461
100,647
245,802
57,304
122,421
85,241
126,409
228,668
510,267
50,970
132,186
59,385
99,517
108,381
210,269
64,915
110,525
160,564
214,284
Investments
--total
Due from banks
Due to banks
98,757
18,593
Borrowings from F. R. Bank-total
269,716
21,722
95.253
14,481
33,627
13,425
16,105
19,871
19,595
1,500
7,338
3,315
23,484
Secured by U.S. Gov't obliga'ns_
All other
159,996
109,720
11,290
10,432
59,701
35,552
8,135
6,346
26,715
6,912
6,175
7,250
3,402
12,703
15,311
4,560
11,348
8,247
1,500
3,850
3,488
2,180
1,135
10,389
13,095
eon
SR
OR
48
71
67
33
97
31
24
65
45
57
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 Sept. 28 1927
in comparison with the previous week and the corresponding date last year:
Sept. 28 1927. Sept. 21 1927. Sept.291926.
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U. B. Treasury..
301.214,000
13,766,000
331.214,000
15,339,000
292,037,000
14,017,000
Gold held exclusively asst. F.R.notes_
Gold settlement fund with F. It. Board_
Gold and gold certificates held by bank_
314,980,000
263,703,000
429,661,000
346,553,000
235,040,000
431,769,000
306,054,000
312,085,000
366,075,000
Total gold reserves
Reserves other than gold
1.008,344,000 1,013,362,000
25,307,000
24,502,000
984,114,000
25,854,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations
Other bills discounted
1,033,651,000 1,037,864,000 1,010,068,000
13,230,000
14,820,000
14,611,000
Total resources
87,078,000
61,305,000
70,228,000
52,934,000
136,235,000
61,405,000
148,383,000
84,011,000
123,162.000
70.535,000
197,640,000
51,172,000
42,292,000
27,837,000
24,735,000
41,522,000
26.509,000
22,847,000
4,772,000
24,484,000
26,804,000
Total U.S. Government securities-
94,864,000
90,878,000
56,060,000
Total bills and securities (See Note)...
327,258,000
284.575,000
304,872.000
Total bills discounted
Bills bought in open market
U.S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Sept. 28 1927. Sept. 21 1927. Sept.291926.
S
$
$
504,000
160,898,000
16.276,000
4,041,000
440,000
181,805,000
16,276,000
3.698,000
648,000
158,349,000
16,740.000
2,370,000
1,557,239,000 1.539,478,000 1,506,277,000
LiabilitiesFed'I Reserve notes In actual circulation_
-Member bank, reserve acct__
Deposits
Government
Foreign bank (see Note)
Other deposits
363,721,000
929.666,000
5.290,000
1,585,000
15,604,000
360,130,000
893,405,000
9,731,000
1,311,000
15,760,010
374,187,000
862,528,000
15,835,000
6,182,000
8,392,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
952,145.000
136,692,000
39,598,000
61,614,000
3,469,000
920,207,000
154.607,000
39,498.000
61,614.000
3,422,000
892,937,000
139,726,000
35,703,002.
59,964,00W
3,760,000
Total liabilities
Ratio of total reserves to deposit and
Fedi Reeve note liabilities combined.
Contingent liability on bills purchased
for foreign correspondence
1,557,239.000 1,539,478,000 1,506,277,000
78.6%
81.1%
79.7%
53.391.000
50,966.000
12,663,000
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 of Federal Intermediate Credit bank debentures, was changed to "Other
securities," and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more itqcurate description of the total of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Mt,which,It wasStated are the only items included therein
OCT. 1 1927.]
THE CHRONICLE
fflankers'
STOCKS.
Sales
Week Ended Sept. 30. for
Week.
(concluded).
azette.
Wall Street, Friday Night, Sept. 30 1927.
Railroad and Miscellaneous Stocks.
-The review of the
ztock Market is given this week on page 1794.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Sept. 30.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares
per share. $ per share. $ per share.$ per share.
Railroads
Buff Koch & Pitts 01-100
3010634 Sept 30110 Sept 26 10214 Jun 110
Mar
Buff & Susq pf v t c_100
130 50 Sept 24 50% Sept 28 40
Ap 58 June
Canadian Pacific rights_ 47,1
3% Sept 27 334 Sept 24 315 A
434 Sept
C &0etfs stpd__ _100
30103)4 Sept 2 103)4 Sept 27 9834 Fe 104
Sept
Detroit & Mackinac_10
10 50 Sept 27 50 Sept 27 35 Jun 50
Sept
Gt Northern pref ctfs 100 4,400 9834 Sept 26 100% Sept 30 8534 Ma 101
Sept
Hocking Valley6---100
70369)4 Sept 26 375 Sept 29 200
Ja 375
Sept
Morris & Essex
51
100 85 Sept 28 86 Sept 27 80
Feb 86
Sept
Nash Chatt & St L.-100 600183% Sept 26 192 Sept 28 169
July 200
July
Nat Rye of Mex 2d pf 111 3,900 2 Sept 26 2)4 Sept 29 194 Aug 234 Sept
N Y Central rights
31,200 7 %Sept 27 634 Sept 30 4 Jun
6% Sept
NYNII&H rights_ - 263465 1% Sept 24 294 Sept 30 134 Sep
274 Sept
NY State Rys met_100
100 36 Sept 30 36 Sept 30 3434 Jan 50% Mar
Northern Pacific ctfsA0l 3,100 93 Sept 3 94 Sept 24 84
July 95% Aug
Pitts Ft W & Chi pfA II
20157)4 Sept 2 15734 Sept 27 147
M 15794 Sept
Pitts Y & Ashev pref.-- 100 155 Sept 30 155 Sept 30 146% Jun 155
Sept
Twin City Rap Trans 101
100 52 Sept 26 52 Sept 26 4914 Jun 6514 Feb
Industrial & Miseell.
Albany P W Pap pf 10
60 9834 Sept 28 99% Sept 27 96
Jun 10034 Jan
American Chain prof.
_100
700 101 Sept 27 10194 Sept 30 10034 Au 103
Sept
Amer Encustic Tiling-•
400 4334 Sept 29 44% Sept 2 38% Au 4734 July
Am Home Products rts_ 18,000 1% Sept 26 1% Sept 2
191 Sep
294 Sept
American Piano
• 1.500 35 Sept 29 36 Sept 30 34
Sep 43% June
Am Radiator pref___100
13294 Sept 30 13234 Sept 3 13234 Sep 13796 June
Amer Shipbuilding_ -100 62
80
Ja 110
Sept
American Snuff pref _10
1010334 Sept 27 10334 Sept 27 9434 Jan 104
Sept
Arn Type Fdrs pref _ _100
30 114 Sept 2. 116 Sept 29 1075.1" Feb 116
Sept
Am Writ Pap pf etfs_100 2,600 4934 Sept 26 60 Sept 27 25% Ap 5791 Aug
Bank of Manhattan_.
60603 Sept 27604 Sept 27 603
Sept604
Sept
Beech Nut Pack pref_10
12011834 Sept 28 116 Si Sept 26 11434 aJn 119
Mar
Best et Co
* 6,200 5434 Sept 24 55% Sept 28 11934 Aug 5634 Sept
Blumenthal & Co pref101
250 88 Sept 29 8934 Sept 30 44
Jan 93
Sept
British Emp Eitn 2d 0[10
10
134 Sept 27 194 Sept 27 1
Apr 331 Feb
Byers & Co pref
1,'
1011134 Sept 261114 Sept 26 10514 May 111% Sept
Certo Corp
• 2,000 71 Sept 27 72 Sept 29 71
Sept 7874 Aug
Chase Nat Bank_ _ _ _100 1.100595 Sept 30615 Sept 26 695
Sept615
Sept
Chesapeake Corp
*126400 74 Sept 24 71134 Sept 30 6411 Jun 7934 Sept
Chicago Yellow Cab...*
70 40 Sept 30 41 Sept 29 38
July 45 Mar
City Stores class A_._ 5
200 5034 Sept 27 5094 Sept 29 46% Ma 5154 Aug
Class B
• 2,800 50 Sept 28 51 Sept 26 4
Apr 53
Aug
Collins & Alkman pf_100 1,700104 Sept 2 104% Sept 26 134 Sept 105% Aug
10234
Colorado Fuel & Ir pf 10
40132 Sept 27132 Sept 27 116
Jan 13234 May
Commerce Bank
10545 Sept 30545 Sept 30 545
Sept545
Sept
Conde Nast Publicat__* 1,40 39 Sept 2 4034 Sept 24 39
Au 4334 June
Conn Ry & Lighting_101
30 70 Sept 24 77 Sept 28 70
Sept
Sept 77
Continental CM pref _100
10 125 Sept 30125 Sept 30 120
Jan 126
June
Corn Exchange Bank ill
20595 Sept 24595 Sept 24 595
Sept 595
Sept
Crex Carpet
100
101 19 Sept 26 19 Sept 26 14
Au 2434 Aug
Cushman'sSonsP17% 100
150117 Sept 30 120 Sept 30 107
Apr 120
Sept
Deere & Co pref _ _ _ _100
740 116 Sept 24 117 Sept 27 10515 Ja 120
Aug
Devoe & Reyn 1st pf _10
30 11091 Sept 24 113 Sept 27 101
Jan 113
Sept
Dunhill Int'l
• 4,801 56 Sept 30 58 Sept 24 49
Au 5934 Sept
Eastman Kodak pref _100
10 12411 Sept 26 12494 Sept 26 11934 Ja 125
July
Elec Refrigeration rts___ 58,400 1-12 Sept 29
34 Sept 2 1-12 Sept 134 Sept
Elk Horn Coal Corp--•
100 1034 Sept 30 10% Sept 30 9
Ja 1596 May
Equitable Trust N Y_I00
10415 Sept 29415 Sept 29 415
Sept415
Sept
Eric Steam Shovel ctfs-5 5,900 3234 Sept 2 3474 Sept 26
3034 Sep 3434 Sept
Fifth Ave Bus
*
30 1234 Seat 26 1211 Sept 26 1234 Sep
1434 May
Franklin-Simon pref _100
5011194 Sept 27 111% Sept 30 10934 Ja 115
Aug
Gen Gas & El cl B
*
200 44 Sept 26 45 Sept 28 3534
Aug
Gen Motors new w 1.251104100 12834 Sept 29 13654 Sept 26 11334 Ap 46
Au 139
Sept
Gen Ky. Signal rts
22,34
396 Sept 26 2% Sept 451 Sept
294 Sept 2
Preferred rights
3,65
94 Sept 26
94 Sept 24
15
134 Sept
Gillette Safety Razor_ 27.90 102% Sept 29 10834 Sept 30 10234 Sep
Sept 10834 Sept
Glidden Co prior pref 1
11 88 Sept 28 86)4 Sept 24 86
Au 101
June
St'llst pref_ _100
Gulf St
10 103% Sept 2 103% Sept 29 9974 Ja 10874 Mar
Herb Walk Refrac...10
1 149% Sept 27150 Sept 27 140
..ta 150
Sept
Helme((1W) pref __ _100
12 12634 Sept 24 130 Sept 29 11834 Ja 130
July
Indian Motocycle pLI
20 96 Sept 26 97)4 Sept 29 92
Jan 97% Sept
Indian Refg pref._ _10
200 106 Sept 30106 Sept 30 997-4 July 112
Mar
lot Nickel pref
10
100 109 Sept 27 109 Sept 27 10354 Ma 10995 June
Internet Salt
100
30 63 Sept 29 64% Sept 29 60
Mar 72
Jan
lot Tel & Tel rights
51,108 634 Sept 24 634 Sept 30 4
July 796 Sept
Kelsey-Hayes WW1 pf1001
50108 Sept 28108 Sept 28 103
July110934 Aug
Kress Co new
•1 800 9514 Sept 29 97 Sept 26 59
Jan 105% Sept
Laclede Gas pref- -.100
20100)4 Sept 28 10034 Sept 28 95
Jan 130
May
Loose
-W Bile let pf.100I
40119 Sept 29122 Sept 29 118
Jan 122
Sept
McCrory Stores el A.._'I
10 7534 Sept 29 7591 Sept 29 55
Mar 86
Sept
Preferred
1001 300 109 Sept 28110% Sept 26 97
M 116% Jan
Macy Co
• 500 200 Sept 29 101 Sept 27 124
Jan 210% Aug
Madison Sq Garden._.•11,300 22 Sept 27 24)4 Sept 30 2034 Aug 2
53-4 Sept
Mallinson & Co pref_10
50 75 Sept 27 7994 Sept 28 6634 July 89
July
Mandel Bros
*
400 42% Sept 27 43 Sept 24 42% Sept 4934 Aug
Mathieson Antall 01.10
20 112 Sept 30 112 Sept 30 103
Jan 115
Sept
Mullins Body pref_ _10
210 106 Sept 26 106 Sept 26 80
Jan 107
Sept
Nat City Bank
100
270710 Sept 2g 720 Sept 26 710
Sep9-270
Sept
Nat Lead pref B
1
300 11134 Sept 27112 Sept 29 10474 Jun 1b2
Sept
Nat Park Bank
10
13 595 Sept 2 030 Sept 30 595
Sept630
Sept
NY Steam prof (6%)..
• 15 9934 Sept 26 100 Sept 29 9334 Feb10191 Sept
Preferred (7%)
• 19 10934 Sept 28 113 Sept 29 105
Jan 113
Sept
Niag Lock &0Pr p1.1
10 11334 Sept 27 113% Sept 27 11214 June116
Apr
Norwalk T & Rub pf _100
10 45 Sept 29 45 Sept 29 30)4 July 75
Jan
°Well SUPPly.Pref_100
120107 Sept 2410734 Sept 29 102% Mani%) June
Omnibus pref A
100 300 88 Sept 24 88 Sept 24 81
Janl 9934 May
Outlet Co
• 200 6834 Sept 29 6874 Sept 30 52% Jan 70
Sept
Pacific Tel & Tel_ _..100 3,250 148 Sept 24 159 Sept 30 124
hi 160
Sept
100
Preferred
401144 Sept 27114)4 Sept 27 10334 M 114% Sept
Pathe Exchange
• 200 496 Sept 26 5 Sept 29 4
Sept 12
June
Penick & Ford pref._10
20102)4 Sept 24 104 Sept 28 10014 Ap 106
May
Peoples Gas rights
800 534 Sept 30 6 Sept 30 534 Sept 6
Sept
Phila Co 5% pref
5
40 42 Se t 24 4514 Sept 27 40
Jan 4534 Sept
Philip Morrisrights
5,300 134 Sept 27 234 Sept 26 134 Sept
234 Sept
Phillips Jones Corp 01100
10010034 Sept 2810034 Sept 28 83
July 10316 Sept
Pillsbury Flour Mills__ _•16,600 3334 Sept 27 3
534 Sept 29 32
Sept 3734 Aug
10 1,500 106% Sept 26 10634 Sept 26 104
Preferred
Aug 10674 Sept
100 400 4374 Sept 28 46 Sept 30 304 Ap 55
Pitts Term Coal
June
Por Rio-Am Tob cl A 100 2,100 74 Sept 30 7534 Sept 29 65
Aug 914 Jan
Class B
• 1,900 23% Sept 26 23% Sept 29 15
Aug 25% Sept
Prophylactic Brush Co _• 100 67 Sept 29 67 Sept 29 55
Feb 71
Sept
Pullman Co old
100 810 163 Sept 26 163% Sept 26 150
July 195% May
Purity Bakeries pref_100
4010854 Sept 29 107 Sept 30 101% Jan 108% Aug
Reis(Robt)& Co 1st pre
30 185 Sept 30 190 Sept 24 134% May 190
Sept
Reynolds Spring rights. _
100 1-16 Sept 24 1-16 Sept 24 1-16 Sept 1-16 Sept
Reynolds Tob CIA _ _ _25
30 185 Sept 30 190 Sept 24'13434 May 190
Sept
Snider Packing pref_ _100 2,300 48 Sept 30 5134 Sept 27 4594 Sep 52% July
Spalding Bros 1st p1.100
10 106% Sept 30106)4 Sept 30 103
Jan 110
Mar
Stand PI Glass pref. IGO
80 14% Sept 29 15 Sept 27 10
M
15% June
Sun Oil pref
100 600 9914 Sept 29 100 Sept 27 99
A 100
July
Thatcher Mfg
• 1,900 21 Sept 29 23% Sept 28 1634 A
23% Sept
Preferred
• 400 44 Sept 26 4434 Sept 27 43
Aug WS Sept
10111)4 Sept 2811114 Sept 28 105
100
The Fair pref
AuglllSj Sept
Underwood Type 1)1.100
20 122 Sept 22 23 Sept 29 120
Jan 12334 May
200 23% Rent 25 2934 Eignt 28 169 M
United Paperboard...100
4'
Sept
1809
Range for Week.
Lowest.
Highest.
Range Since Jan.1.
Lowest.
Highest.
Par. Shares
per share. $ Per share. I$
Per share S Per share.
Indus.& Misc.(Cone)
'
United Dyewood_100
40 7 Sept 24 7 Sept 24 314 Jun 10
Feb
Preferred
100
90 4016 Sept 29 47 Sept 29 36% July 49
Jan
S Distributing pf_ _100 700 9234 Sept 28 937-4 Sept 27 81
May 96% Sept
II S Leather
•15,500 183.4 Sept 24 1954 Sept 28 14
July 19% Sept
Class A
•34,500 41 Sept 24 4695 Sept 27 2796 Jun 4634 Sept
Prior preferred__ __100 6,900 9774 Sept 24 9934 Sept 30 89
July 9934 Sept
Van Realte
• 300 10 Sept 29 10% Sept 30 514 Sept 14% Feb
1st preferred
100
10 48 Sept 27 48 Sept 27 48
Sept 64
Feb
Vulcan Detinning_ _ _100 1,060 31 Se 28 3774 Sept 26 164 Jan 80
Aug
100
Preferred
10114 Sept 30 114 Sept 30 90
Jan 125
Aug
Warren Bros bat pref._50
140 46 Sept 24 4915 Sept 27, 43
Aug 4934 Sept
Warren Fdy & Pipe_ _ _ _• 3,500 1914 Sept 29 2114 Sept 26 18% Sept 27 June
Washburn-Crosby pf 100
30108)4 Sept 3010834 Sept 30 10734 Jan 109
Feb
Weber& Heilbronerpf100 300103)4 Sept 26103)4 Sept 24 102
Aug 10374 Sept
Westingh'se Air Br new•19,200 4691 Sept 24 4834 Sept 26 4634 Sept 5014 Sept
Class A
100 120 2814 Sept 30 30 Sept 26 16
I Jan 5954 Aug
West Penn Pr 6% p1.100
230107)4 Sept 26108)4 Sept 26 10034 Jan 10874 Sept
• No par value.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Sept.24 Sept.26 Sept.27 Sept.28 Sept.29 Sept.30
First Liberty Loan ' High 101"11 1011in 10114
:1
334% bonds of 1923-47.- Low- 101"n 101"ss 101"ss
(First 394s)
Close 101"ss 101uss 10114n
Total sales in $1,000 units__
20
52
103
Converted 4% bonds ofHIV;
{
Total sales in $1,000 units...
___Converted 494% bondsliligh 1037ss
o 1932-47 (First 4s) Low_ 103iss
%
Close 103 ss
,
Total sales in $1,000 units...
3
Second Converted 4H % H1gb
--_bonds of 1932-47(First(Low---Second 4%s
Total sales in 51,000 units.- _
---Second Liberty Loan
High
____
4% bonds of 1927-42_ _
Low_
____
(Second 4M
Close
__-Total sales in $1,000 units__
Converted 414% bondsrlii 100
.14ss
011927-42 (Second)
Low_ 10014ss
Close low%
43(a)
Total sales in $1,000 units__
75
Third Liberty Loan
High 100nss
434% bonds of 19213
Low_ 10001,2
(Third 4345)
Close 100nn
Total sales in $1,000 units_
82
Fourth Liberty Loan
Mai 1033111
494% bonds of 1933-38_ Low. 1032•ss
(Fourth 4 Ifs)
Close 103"ss
Total sales in $1,000 units__
17
Treasury
High 1144n
434s, 1947-52
Low_ 114%
Close 1141ss
Total sales in $1.000 units__
32
(High 109 33
,
4a 1944-1954
.
Low_ 109 33
,
Close 1094ss
Total sales in 51.000 units_ __
28
(High 106%
354S. 1946-1956
Low. 1013 12
,
Close 1064ss
Total sales in $1,000 units__
5
righ 1011712
354e. 1943-47
Low_ 10114ss
Close 10110ss
Toted sales in 51.000 units__
54
---- 101nas 10111n
---- 10114n 101"ss
---- 101,121 101un
____
41
4
____
-------- -103,133 103,01: 10343: 103 33 103in
-,
f
103Tss 1030ss 103',,1034n 103 ss
,
1037
:1 10310,2 1034ss 1034ss 1037ss
8
21
11
2
46
____
--__
------------------------- -- -100
100
100
100
100
100
1
2
.
10014n 1001 1n
100"ss 100"ss
1001%, won
368
433
1003,33 10029n
1000022 100un
10010n 100nn
73
37
10341n 103nn
10324,1 103"ss
103"11 1034
%
27
48
11441 113ns
114
113nss
114
113nss
15
7
109 n 109 33
,
,
109
109 33
,
109121 1091n
130
1
1061ss
_--106
- --106
---___
1011
110- ,
% 10124
101uss 101"3
101nss 101ns
6851
101
-_-
-------
----
----
113biiss
100uss
wows,
289
1002,33
100 In
,
10019ss
47
103i•ss
103"ss
103nis
1271
113nss
1131482
113nss
100uss
100"as
10014
::
165
100,933
Muss
10024n
51
103nn
103nn
103un
12
--__
--__
----
---109 33
,
109iss
__
109in--__
1063
:2
----___
106412
106in
_-__
1
____ 101ii-- s
---- WI",
____ 10124
1
____
-----------100"ss
100"ms
100141
342
100"n
100ttn
100,433
186
103"n
103nn
103"ss
488
113"11
113nss
113nn
10
108rin
108"n
10844n
13
105",
,
105"ss
10524:1
15
10114,1
1011
%
101uss
13
Note.
-The above table includes only sales of coupon
bonds. Tr sactions in registered bonds were:
3 1st 434,
7 2d 4s
148 2d 49413
103
to 1032ss I 16 3d 494s
100
to 100
22 4th 434a
10012n to 10014n 20 Treasury 4s
100nn to 100Pist
103"ss to 103"ss
108nss to 108nn
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.86 1460
4.9634 for checks and 4.86 17-3204.86 19-32 for cables. Commercial on
banks, sight, 4.85404.86 1-16: sixty days. 4.82 15-16©4.8234; ninety
days, 4.805404.8034; and documents for payment, 4.81 11-1604.824%
Co. all OD for payment, 4.85 7-16. and grain for payment, 4.85 7-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.920
3.9234 for short. Amsterdam bankers' guilders were 40.0534@40.O8 for
short.
Exchanges at Paris on London, 124.02 francs; week's range, 124.02 francs
high and 124.02 francs low.
The range for foreign exchange for the week follows
Sterling ActualChecks.
Cables.
High for the week
4.86 5-16
4.8634
Low for the week
4.86 1-16
4.86 17-32
Paris Bankers' Francs
High for the week
3.924
3.9234
Low for the week
3.92
3.9234
Germany Bankers' Marks
High for the week
23.84
23.83
Low for the week
23.79
23.8034
Amsterdam Bankers' Guilders
High for the week
40.0834
40.1034
Low for the week
40.05
40.0834
For New York City Banks and Trust Companies see
Page 1797.
For New York City Realty and Surety Companies see
page 1797.
For United States Treasury Certificate of Indebtedness, &c., see page 1797.
The Curb Market.
-The review of the Curb Market is
given this week on page 1795.
A complete record of Curb Market transactions for the
week will be found on page 1827.
1810
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually inactive, see preceding page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Sept. 24.
Monday,
Sept. 26.
Tuesday,
Sept 27.
Wednesday, Thursday,
Sept. 29.
Sept. 28.
Friday,
Sept. 30.
$ per share 5 per share $ per share $ per share $ per share $ per share
Sales
for
the .
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Lowest
3 per share
*8112
6912
095
"90
4
613
62
4114
4
673
*63
*81
82
3
70 4
97
94
62;
62
43;
4
673
SO
83
4
4
1083 1093
4
4
923 923
*11214 11212
*158 15812
4
4
103 103
.3312 35
,
412 4 2
181 181
8; 84
112
8
•13
vett"- tat
8112
6814
9412
*90
6018
61
*41
*6712
.63
*81
4
813
7014
95
94
6214
61
42
69
80
83
4
813
6812
*9412
*90
58
59
4012
67
*63
*81
4
4 81; 813
813
7012
6912 69
961s
95
95
94
*88
94
4
593 6214
61
8 6112 6112
603
42
8 41
407
6712 68
67
80
*60
SO
82
*81
83
8
8
4
10912 111
109 1103 1107 1145
92
91
90
9234 90
90
11214 1.1214 112 112 *112 11214
157 15818 1567 1568 156 15612
8
8
8
8 103 107
8
4
.103 107
8 107 107
4
33
33
3312 3312 *3312 34
412 412
412 412 *412 4;
17814 182 .178 180; 17814 17914
4
8; £04
8; 83
5
812 8 8
1; •114
114
114 *114
1'2
IS.. 1,17. 1 zon- i Km_ ,,o... Init.
Industrial & Miscellaneous.
122 127
37.200 Abitibi Power & Paper_No par 83 Jan 27
11512 127
No par 6214 Mar 26
4 3,200 Abraham & Straus
933
92
.9012 92
100 109 Aug 11
50 Preferred
112 112 *112 11214
100 124 Jan 5
156; 1,600 Adams Express
156 15614 156
912 Jan 3
100
8 1,300 Advance Rumely
4 1012 105
4
103 103
100 3014 Jan 25
800 Advance Rumely pref
3212 3212 3212 33
4June 2
23
1
412 3,700 Ahumada Lead
414
*414 412
8
1763 17914 x17612 17814 4,200 Air Reduction, Inc.....No p r 13412 Jan 26
7I2June 15
No par
8; 4,300 Ajax Rubber, Inc
812
8'2
814
1 June 18
112 1,000 Alaska Juneau Gold Min._ 10
*14
11
4
.1,
,
1 cm. inn". lanl. Ingi. 39 ono A Hint" rhomirnIk rlvt NO MU 131 Ian 25
127 Sept 2
94125ept 2'
11312 Feb 2
8July
1677
4
153 Feb
41 Feb
61s Sept
19918July 1
4
133 Mar 2
214 Feb 1
16914Seot
Highest
$ per share $ per share
4
1613 Jan 6 200 Aug 25
8
993 Jan 5 10312July 26
174; Apr 6 20512 Aug 1
10612 Jan 4 12488May 31
7314 Jan 3 83 June 7
44 Jan 6 10312May 27
10112 Jan 10 122 June 22
53 Aug 3 70; Jan 20
82 July 9 88 Jan 4
814Sept 6 15; Jan 7
8014 Jan 8 115 Mar 10
4May 11
59 Jan 18 623
4
165 Jan 6 1943 Aug 2
285 Jan 4 348 June 1
4
1513 Jan 25 19812Sept 8
4
43 Jan 8 105,June 21
712 Jan 5 185sJuly 2
3012 Jan 10 51 July 11
43 Jan 6 82 Aug 2
812 Jan 6 2212May 2
8June 2
2314 Jan 7 447
8Sept 15
9 Jan 4 193
9 Jan 4 1858Sept 18
4
18; Jan 3 343 Sept 13
8Sept 14
18; Jan 3 343
78; Jan 27 971zSept 14
12414 Jan 3 142 Sept 30
6812 Jan 4 116 July 14
102; Jan 4 11114June 2
8June 2
ha14 Jan 28 1037
4July 21
84 Jan 3 1373
70 Jan 4 7712June 1
Jan 14 74 Sept 20
68
65 Aug 13 77 May 6
17118 Jan 28 230 June 6
132 Sept 9 173 Mar 23
4June 9
8
41, Jan 5 673
4
3912 Jan 3 693 Sept 30
8
523 Jan 4 6614 Aug 4
49 Jan 4 6412 Aug 4
8Sept 7
79; Jan 4 1037
4Sept 20
18 July 11 283
8July 21
3518 Jan 6 765
105 Jan 14 11214 Apr 27
4012 Jan 3 6578May 10
78 Jan 8 9012May 10
121 18 Jan 10 137; Aug 4
8
1207 Jan 12 13418 Apg 2
8Sept 26
74 Jan 4 807
23 Apr 20 3812 Aug 30
62 Apr 29 73 June 2
3012 Aug 31 5218 Feb 26
4114 Jan 4 7012July 18
8
647 Jan 7 72 Sept 28
4
993 Jan 6 13712June 9
128; Jan 14 15612Sept 14
80 Aug 2 90 Feb 11
44 June 14 54; Feb 28
8June 23
67
412 Feb 2
100
*412 5
200 Market Street Rallway
*412 5
100 18 Feb 10 2518June 22
Preferred
25
*23
25
*23
.1
100 4158 Feb 7 593 Aug 5
500 Prior preferred
5218 5218 *5212 54
100 11;Mar 15 171 2Jtme 22
Second preferred
*1112 14
*1112 14
458 Feb 3
1; Jan 13
400 Minneapolis & St Louis_ _ _100
31s
318
318 34
45ept 7
4312 1,600 Minn St Paul & S S Marle_100 27 Jan 6 453
42
42
*41
100 50 Apr 28 70 July 13
600 Preferred
6012
69; 69; *68
100 5814 Mar 25 66 Sept 30
653 66
65
65
340 Leased lines
4
45; 46; 4618 4738 22,500 Sao-Kan-Texas RR__No par 31 12 Jan 6 5612June 17
4
100 953 Jan 4 108 Sept 8
4
10614 106; 1063 106; 1,800 Preferred
100 37; Jan 4 62 Apr 23
4
5514 543 5612 31,700 Missouri Pacific
54
100 9018 Jan 4 11112 Apr 23
10614 39,700 Preferred
8
1033 104; 103;
50 New Oil Texas & Mexico _ _ 100 121 Jan 8 1897, June 3
14314 14314 *14314 146
100 13714 Jan 27 16812Sept 21
4
16512 167 x1643 16812 89.400 New York Central
100 b110 June 14 24012May 26
13012 13312 13312 13412 21,400 NY Chic dr St Louis Co
8June 15
100 102 Mar 8 1097
10712 10712 10714 10714 2.200 Preferred
8
100 415 Jan 4 58; Feb 16
53; 5312 5414 144,500 NY N H & lIartford
8
525
4Sept 16
4058 33,000 NY Ontario de Western_ 100 2314 Jan 15 413
4
393 4012 40
7 Aug 4 15; Jan 14
NY Railways pref ctfs_No par
84
818 *7
*7
100 3718 Jan 14 6412June 10
Norfolk Southern
5012 1,400
50
51
50
100 156 Jan 4 192 Aug 2
18812 190; 15,400 Norfolk & Western
8
1883 189
100 83 June 23 90 July 25
Preferred
86
.85
86
*85
100 78 Jan 3 97 Sept 7
4
95; 9,200 Northern Pacific
4
943 953 z95
1514 Feb 3 2714 Feb 15
100
200 Pacific Coast
20
20
22
*18
8Sept 14
4
60 563 Jan 3 1377
4 66; 6714 21,300 Pennsylvania
6614 663
4Ju1y 20
100 20 Jan 25 463
Eastern
4112 7,100 Peoria &
4112 4214 40
100 11412 Jan 6 14012May 28
132 13412 2,800 Pere Marquette
4
1323 136
100 93 Jan 22 9734May 28
1,100 Prior preferred
99
*97
9712
97
,Sept 8
4
100 893 Jan 4 965
300 Preferred
4
4
4
953 953 5953 9614
100 12212 Jan 18 174 May 24
8,900 Pittsburgh etc West Va
150 15212 152 157
4J1lne 0
60 94 Jan 4 1233
4
4
11414 1153 115 1163 15,800 Reading
50 4012 Jan 13 4212 Feb 16
First preferred
*4112 4134 *4112 4134
4
50 433 Jan 12 50 Feb 16
*4414 45
400 Second preferred
4412 45
100 43 Jan 7 69 Slay 27
58
*55
100 Rutland RR pref
56
*55
2
4
11212 11318 11258 11338 7,700 St Louis-San Francisco---100 1003 Jan 6 11714June 11
100 96 Jan 27 104 July
Preferred A
101 101
200
101 101
4 6,000 St Louis Southwestern__ _ _100 61 Jan 6 93 June 17
8112 8212 8234 833
8June 17
100 76; Jan 8 907
400 Preferred
8612
8612 8612 *85
100 2818 Mar 31 4114 Feb 17
3414 34; 11,000 Seaboard Air Line
3534
34
100 3212 Apr 28 4538Ju1y 25
4012 4114 3,700 Preferred
4012 42
8
100 10614 Jan 28 1255 Aug 1
22,200 Southern Pacific Co
12012 121; 120; 122
8Sept 7
100 119 Jan 28 1368
7,800 Southern Railway
4
8
1317 1323 132 133
100 94 Mar 10 100 Aug 30
600 Preferred
9912 9912
99
99
8Sept 30
100 53; Jan 7 1035
100 102; 102 1035s 47,700 Texas & Pacific
41 Feb 8
4
100 283 Aug 31
33
400 Third Avenue
32; 32; *32
100 15912 Jan 27 19212 Aug 2
19012 10.300 Union Pacific
4
1881g 1893 18918
100 77 Mar 5 8412May 2
4 2,300 Preferred
8
8
815 81; 815 813
100 4012 Jan 4 81 June
7112 26,800 Wabash
69
70
68
100 76 Jar. 3 101 June
8 3,1001 Preferred A
963
95
9414 96
uli
6., Jan 15 98 June
94
Preferred li
*88
94
.88
8June
110' 11 4 Jan 6 677
4 1,100 Western Maryland
4
613 63; 6218 633
Jan 7 6712June
.
preferred
63
1,700 Second
8 63
62; 633
100 ...; A, r 26 4712June 2'
2,800 Western Pacific new
4 4218 43
423
42
8
100 .65 Apr 26 763 Feb
68
700 Preferred new
68
*6712 69
64
64
100 Wheeling dc Lake Erie Ry 100 2712 Jan 3 130 Feb
80
.63
100 4712 Jan 7 97 May 1
82
*81
Preferred
82
*81
• Bld and asked prices. x Ex-dividend. a Ex-rights. b Ex-dividend. 1114 shares of Chesapeake Co:imralon stock.
Lowest
Highest
S Per share
Par
Railroads.
8
18918 191; 19018 19258 11893 19012 190; 19212 33,600 Ateh Topeka & Santa Fe__100
s
8
1917 1927 19118 193
100
1,300 Preferred
4
4
1023 1023
8
1025 103
*10214 10212 10212 10212 10212 102; *10212 103
2,400 Atlantic Coast Llne RR_ 100
4
1923 195
190; 192
191 191 *19112 19312 19038 103
*192 194
100
4
11912 12012 12014 1213 46,100 Baltimore & Ohio
8
121 1213 11912 12112 119; 12012 11014 121
100
600 Preferred
*79; 80
80
8018 80
793 793 *80
80
4
80
4
80
80
2,300 Bangor & Aroostook
73
50
73
73
73
74
70
71
70
72
4 71
733
*72
100
' 90 Preferred
8
1097 109;
109 109
109 109
108 108
108 108
*99 109
5312 544 4,000 Bkin-Manh Tracy t c_No par
3
54 4 5414 5512
54
4 5412 5412 5318 54
5
54 8 543
No par
8518 1,000 Preferred v t e
8512 *8418 8512 *84
8418 8412 *84
85
85
86
86
1012 1,800 Brunswick Term & Ply See.100
3
8
*97 10 4 *10
9; 10
4
93 10
4
*93 1012
912 10
30 Buffalo Rochester & Pitts_100
8912 8912 *8918 8912 *8918 8912
8912 8912 *8912 92
*8912 96
100
Canada Southern
623
4
623 *60
4
4
623 *60
4
623 *60
4
623 *60
4
623 *60
*60
100
4
8
185 1873 18812 1933 94,500 Canadlan Pacific
4
183; 18414 18312 18412 183 18414 1833 185
200 Central RR of New Jersey_100
*310 320
4
4
3193 3193 320 320 *310 320
*310 320 *310 320
100
4
4
1993 20412 20314 2063 20312 20614 55,600 Chesapeake & Ohio
19512 199
4
1953 19712 19512 198
100
1,200 Chicago & Alton
4
4 73
73
8
7; 75
814
*8
3
74 8
8
8
4 8
*73
100
2,500 Preferred
4
8
133 133 *1312 13; 13; 13; 1358 1358 13; 13; 1338 13;
100
4218 4212
800 Chic & East Illinois RR
45
*41
44
43
44
44
*4312 44
45
*43
100
400 Preferred
7812 7814 7814
7812 *77
78
*7612 78
79
79
79
*78
100
1514 1534 3,400 Chicago Great NVestern
1514 1512 1514 1514 1514 1512 1514 1512 1518 1534
100
8
331s 34; 3314 34; 3318 3312 337 34; 10,400 Preferred
331g 34
34
33;
10,800 Chicago Milw & St Paul__ _100
8
4
4 173 177
173
17
4
8
8 165 173
8
165 175
4
4 173 18
4
173 173
100
4 1612 16; 16; 16; 13.100 Certificates
1512 1612 16
163
4
1712 1634 173
•17
100
4 3,700 Preferred
321z 3218 3212 3212 323
32
4
4 313 32
323
32
33
33
4
32 14 313 3218 3178 32; 9,400 Preferred certificates_ __ _100
32
32
3112 3214 31
32
32
4
943 9614 36,700 Chicago & North Western.100
8
933 943
9314 95
9213 94
9418 9452 9312 95
100
300 Preferred
142 142
........ *142
140 140 *141
*13812 140 *138 140
8
10718 1077; 108 1087 17,500 Chicago Rock II &Pacific_100
8
8
10838 10812 1067 10814 1067 10712 10612 108
100
500 7% preferred
8
10918 10912 10912 108; 1085
*10812 10912 109; 109; •10812 109 *108
100
3 1,100 6% preferred
8
4
4
*10112 10212 103 10312 .102 10212 .102 1023 102 1023 1027 1027
100
1,000 Colorado & Southern
12312 1212312 12312 .123 12412 12412 125
12314 124
*123 128
100
First preferred
'• 7
*75
77
*75
77
*75
77
*75
*7518 77
77
*74
100
Second preferred
80
*73
80
*73
80
*73
80
*73
80
*73
80
*71
4 3,400 Consol RR of Cuba pref.. .100
703
4 69
6812 6814 683
68
68
67
*6612 67
.6612 67
100
4
2053 20912 13,300 Delaware & Iludson
205 206
20314 207
2024 20414 20212 205
204 205
4,400 Delaware Lack & Western_ 50
144 135
133 13412 13414 13578 134 134
13412 135
135 135
2,500 Deny & 11.10 Gr West pref 100
57
4 56
3
5514 55 4 5514 553
56
5718 56
56
5612 57
100
8
63; 633 6514 6512 69; 247,200 Erie
8 604 6118 61
8
6014 6114 603 617
100
8
8 6114 6212 627 6312 35,300 First preferred
4 6014 615
593
4
593 60; 59
60
60
5593 6014 61
100
6214 6.600 Second preferred
4
60
59
59
5812 5812 .58
59
*58
17,600 Great Northern preferred 100
8
4
10012 10114 1003 1017 10014 10118 10114 102
4
101 1013 10012 102
4
8 2614 263 34,600 Iron Ore Properties__No par
3 2512 263
26; 2514 265
2718 2712 2614 2712 26
6,500 Gulf Mobile dr Northern 100
6612 6512 66
, 65
671
6612 65
6712 6814 65
69
69
100
100 Preferred
*109 11012 .109 110 *109 10912 *109 10912.199 10912 109 109
8
54; 6.:5 53; 53; 55; 5,900 Hudson dc Manhattan.....100
5512 5412 5412 5412 54; 53
*54
100
Preferred
87
*83
87
*83
87
*83
87
*84
88
*83
86
*83
100
4
134 134
4
1343 135; 13412 13412 1343 136; 4,200 Illinois Central
134 134
*13312 135
100
100 Preferred
134 134 *134 138 *114 131, *134 1"..,
134
•132 134 *130
110 Railroad Sec Series A__1000
8012 8012
4
4 80; 80; "8014 fivs 803 8031 *8014 82
4
803 803
600 Int Rye of Cent America_ _100
-381, 3,414 3812 *381
384 *38
38
*3714 38
*3614 38
100
Preferred
2
2
4
4-7312 *723 743 *723 7414
2
743 '72
74; *72
2
"713 7412 *72
4 3,900 Interboro Rapid Tran v t c_100
333
34; 33
33
8
3212 3338 325 33
33
,3
3312 337 *32
100
8
3
62; 644 63 4 6418 635 6414 6418 65; 11,400 Kansas City Southern
64
5
63 8 63
63;
100
*7112 72
700 Preferred
72
*7112 73
4 72
4 71; 713
8
713 713
73
*71
50
8
10312 1057 10314 10412 10434 10112 4,600 Lehigh Valley
104 104; 10318 104
104 104
100
154 15151.1 3,200 Louisville& Nashville
4
4
1503 1513 151 153
15014 15014 152 152
*150 154
10 Manhattan Elevated guar_100
87
*83
87
*83
87
*83
87
8738 .83
831,3 8318 *83
100
4512 45; 1,200 Modified guaranty
46
4612 46
"4512 4612 4612 4612 4612 4612 46
512 *412 5
*5
5
5
5
5
25
*23
25
*23
25
25 .23
*23
5212 0212
5218 53
*5212 55
54
*52
*1112 14
*1112 14
*1112 14
•1112 14
318 34
313
3
3; 3 8 *314 3
-__ ---43
4214 43
42
43
43
44
;42
6914 6912
60
6912 6912 69; 69; *65
6414 *6414 65
64
.6312 64
64
64
8
4 443 45 4 447 4614
3
4
4 4412 453
453
45
10614 10614 10614 10612 *106 10614 10612 10634
4
5212 5414 523 55
4
533 5414 5314 54
103 10312 103 10314 10214 102; 102; 104;
•14314 146 .14314 14312 *14314 14312 *14314 146
8
8
165; 1667 16514 1673
5
166; 16712 165 8 168
8
4
13012 13012 129 1303 129 1307 130 13212
4
4
4
4
*10712 107; 1073 1073 10712 1073 10712 1073
4
8
503 5112 5012 51; 503 5214 51; 53;
8
4
4114 3912 40; 393 407
39
38; 39
818
818 *7
*712 814 *718 812 *7
51
51
54
*51
50; 51
55
*50
4
18612 18612 18512 1863 18514 18612 18614 190
86
*85
86
86
*85
*85
89
*85
3
947 95 4
3
4
943 95; 9414 95
95
95
22
*18
22
.18
22
*18
23
*20
8
8
4 663 667
663
8
663
4 6612 67
6614 663
4
413
40
40
.37
40
.38
42
.37
131 13212
8
.1305 13312 131 132
*13012 134
97
9712 97
9712 *97
9712 *97
*97
3
3
4
*9512 953 .9512 95 4 *9512 95 4 9512 9512
14812 151
147 148
148 148
•148 150
4
4
8
115 1157 114 11512 1133 1143 11414 11614
*41; 413
4
*4112 42
*4112 42
.4112 42
*444 45
*4412 45
45
4518 *44
*44
58
58' .55
*55
58
5712 5712 .55
8
112; 11312 1123, 1135 112 11212 11218 113
•10012 102 .10012 102 *10012 102 *101 102
4
80; 81; 803 8212
82
"81
82
81
8612
8
4
843 847 *85
85
8614 85
*85
8
347 35;
35
8 35
35; 3514 355
35
4
413
4114 41
4214 4114 4114 41
4214
119; 121
8
8
4
12014 12014 1193 1217 1195 121
132 13314
132; 132; 132 13212 131; 132
99;
9912 *99
9912 99
9912 99
*99
9912 9712 99; 98 101;
4 97
973
95
3312 *3212 3312 3312 331,
*33
334 3312
18812 190;
4
1883 18918 188; 189; 188 189
PER SHARE
Range for Previous
Year 1926
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
122 Mar 172 Dec
9418 Mar 102 Dec
18112 Mar 26212 Jan
4
8312 Mar 1093 Sept
6712 Jan 7378 Aug
33 Mar 46 Feb
9778 Feb 103 Dec
5418 Mar 77; Dec
4
78 Mar 893 Dec
8
812 Mar 185 Nov
4
693 Mar 87; July
58 Jan 61 June
14612 Jan 17014 Dee
Jan
240 Mar 305
8
112 Mar 1783 Sept
414 Sept 11; Feb
618 May 1814 Feb
30 Dec 37 Feb
4
3612 Mar 513 Feb
4
7 3 Mar 1218 Sept
1614 Mar 31; Sept
814 Dec 1412 Jan
Jan
4
73 Dec 14
1418 Mar 24 Aug
14 Apr 23; Aug
4
6514 Mar 833 Sept
11812 Jan 12612 Apr
40; Mar 7114 Dec
96 Mar 108 Dec
8314 Mar 98 Nov
52 Mar 9614 Oct
Oct
62 Mar 74
Jan 72 Sept
59
4
683 Nov 7212 Dec
15014 Mar 18312 Sept
129 Mar 15312 Jan
Jan
3712May 47
2212 Mar 42 Dec
4
333 Mar 5514 Dec
30 Mar 5014 Dec
6812 Mar 8418 Dec
IS Dec 274 Feb
2518 Apr 4114 Sept
95 Mar 10912 Sept
34; Jan 4112 Dec
6734 Mar 80 Dec
11312 Mar 131 Sept
11512 Mar 12912 Sept
77 June
7114 Jan
Feb
24 Dec 31
62 Mar 66 June
4
2412 Jan 533 Dec
3414 Mar 51; Sept
60; Mar 68; Sept
7512 Mar 106 Dec
118 Mar 144 Sept
4
84 Mar 923 Apr
8
381s Jan 617 May
July
10 Feb
4;
1912 Oct 40 Feb
3918 June 51; Feb
4
113 Oct 2212 Feb
3; Jar
118 Dec
8
257 Dec 5212 Feb
50 Dec 79 Feb
8
Oct 667 Feb
60
2912 Oct 4718 Feb
82 Mar 9638 Dec
27 Mar 45 Sept
7112 Mar 93 Sept
120 Mar 13212 Jan
117 Mar 14712 Sept
130 Mar 20412 Sept
93 Mar 106 July
8
305 Mar 4838 July
8
1934 Mar 287 Feb
Jan 2014 Feb
6
27; Apr 44; Sep1
13914 Mar 170; Oct
8312 Nov 85; Aug
3
65 4 Mar 8212 Aug
Oct48 Jar
15
48; Mar 5718 Oct
4
1578 Oct263 Jar
67 Mar 122 Dec
79 Mar 96 July
7034 Mar 91; July
85 Mar 13514 Dec
79 Mar 10114 Dec
3934 Dec 42 Apt
4
40 Mar 453 Dec
42 Apr 6114 Aug
85 Mar 10312 Dec
8312 Apr 9712 Dec
5712 Mar 74 Feb
72 Mar 8014 July
2712 Mar 61 Dec
3112 Mar 48; Feb
9618 Mar 11214 De(
103; Mar 13114 Sept
8712 Apr 9512 Aug
8
4218 Mar 615 Jar
1312 Jan 43 Am
2
14112 Mar 1683 Os
Jan
Mar
Mar
Mar
Mar
Mar
1)ec
Dec
Mar
Mar
8114 Aril
Jar
62
4
783 Jar
Jar
72
16; Jar
2
243 Sep
3914 Jar
4
863 Sep
32
Jar
5012 Jar
4
703 May
43 Slay
10412 Mar
8
997 Mar
8 Dec
28; Dec
4
43 Nov
10714 May
71g Oct
;Oct
106 Mar
98 Sep
72 Del
112 De
136 Sep
22 Ben
653 Sep
4
918 jai
1463 De
4
16 Fe]
2; De
TO
148
7434
8
337
68
57
11
1638
2712
72
18
37
New York Stock Record-Continued-Page 2
1811
For sales during the week of stocks usually Inactive, see second page preceding
-PER SHARE, NOT PER CENT.
111017 AND LOW SALE PRICES
Saturday,
Sept. 24.
2ilonday,1 Tuesday,
Sept. 26.
Sept. 27.
Wednesday, Thursday,
Sept. 29.
Sept. 28.
Friday,
Sept. 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Prerious
Year 1926
Lowest
Highest
$ per share $ per share Shares Indus. & Miscei. (Con.) Par S per share S per share $ per share $ per share
12218 12218 12218 12218
700 Allied Chemical & Dye pref_100 120 Mar 11 124 Aug 4 11838 Mar 12234 Dec
100 88 Jan 25 1183
8Sept 15
7814 Mar 9458 Jan
11314 11414 11414 11712 6,400 Allis-Chalmers Mfg
100 109 Feb 9 11212 Apr 21 105 Apr 11112 Dec
Preferred
1412 1412 *14
143 Oct 21 Sept
4
143
4
•14
1318 1318 *1314 14
1434
12 Sept 2 2418 Feb 11
600 Amalgamated Leather_No par
1314 14
31
244 May 327 Aug
No par 275 Apr 28 3753 Feb 7
8
31
307 31
8
8
8
8 305 303
8
303 303
4
4 2,200 Amerada Corp
4 3012 3012 305 305
•1312 14
137 137 *1312 14
818 Apr 6 15 8Sept 7
8
8
8
9 Oct 343 Jan
800 Amer Agricultural Chem__100
*13
1334 1318 1318 1318 1314
*46
463
4 4512 4614 46
353 Oct 9612 Jan
8
100 2814 Apr 6 513 Jan 10
4
8
467
8 455 4614 4412 4518 4414 4412 2,800 Preferred
7518 75
10 41 Jan 6 7812Sept 16
7618 *72
345 Mar 46
74
8
1,000 Amer Bank Note
74
74
74
74
7434 •72
Oct
75
64
64
64
64
55 Jan 5812 July
50 5612 Jan 4 65 Sept 14
6412
130 Preferred
*64
*64
6412 64
64
6412 64
*10
20
4
*183 20
4
2012 Sept 383 Feb
18 Sept 29 233 Mar 14
1812 *183 193
.183 19
8
4
4
800 American Beet Sugar_ _No par
4 18
4
183 183
4
.4814 50
*49
50
55 Nov 83 Feb
100 48 May 4 6018 Jan 3
50 •48
200 Preferred
*4814 493
50
4 4814 4814 *48
2318 233
4 233 2418 2314 235
13 Jan 20 26I2Sept 14
16 May 34 8 Jan
4
2318 233
8 2312 24
3
4 2314 2312 5,400 Amer Bosch Magneto _ _No par
4114 4112 4112 4112 413 4112 41
4114 4012 4114 41
4112 3.600 Am Brake Shoe & F newNo par 3512May 2 46 July 25
8
*122 124 *123 124
-1014 Mar 13814 123 123 *123 124
100 11714 Feb 7 128 Mar 12 1 12314 1234 123 123
400 Preferred
Feb
514 Aug 26 3912 Jan 5
3014 Mar 50 Aug
*85
8 9
*85
8 9
812 812 1,000 Amer Brown BoveriEl_No par
818 812
83
4 9
*914
91
4934 497
8 47
491 *4512 4912 *46
8612 Mar 974 Jan
47
49
100 40 Aug 19 98 Feb 1
4714
49
49
240 Preferred
624 6358 6158 633
387 Mar 6318 Aug
8
25 4358 Mar 31 6612Sept 7
8 613 627
623
8 6218 6314 81,500 American Can
8
4 615 625
8 61
8
•133 137 .133 134 *133 134
134 134
Jan 13018 Dec
300 Preferred
1337 1337 *13312 134
8
8
100 126 Jan 14 136 Sept 21 121
101 1013 *1013 102
10118 10134 1013 10112 101 101
4
4
8
1011s 10212 1,500 American Car & Fdy___No par 95 July 13 10914May 27
8
9112 Mar 1147 Jan
___ *12712
4June 8 12012 Oct 1304 Dec
*1271
__
___ 12712 12712 *125
100 Preferred
_ *125
100 12512July 16 1343
31
643 65
24
65 -- 3 •1271265 4 6514 6712 6612 68
Oct 51
663 - 14 6812 - 63 3 10,600 American Chicle
4
4 63
Jan
No par 36 Jan 26 6$4 Sept 30
1312 14
8 4,000 Amer Druggists Syndicate_ 10
135 14
8
133 14
4
1312 1312 1358 135
1312 14
414 Jan
103 Aug
8
8
93 Apr 20 1514June 9
*155 1563 155 15514 155 1553 1533 155
4
Jan
8
8
100 127 Jan 17 164 Aug 16 1057 Mar 140
15412 15412 1545 15814 4,500 American Express
4
4
8 29
2918 2878 2934 86,800 Amer & For'n PowerNo par
3012 2912 3038 2812 307
2812 293
8 28
187 Feb 17 3Ø7 Sept28
8
8
1414 Nov 423 Jan
*106 10612 10512 106
10512 10512 10512 10512 10514 10514 1053 10512 2,300 Preferred
79
No par 8612 Feb 15 108 Sept 12
8
Oct 98 Fet
1014
97 1038 *10
8
7 May 1712 Fet
10
*914 10
1018 1,300 American Hide & Leather.100
.
7 8 Apr 26 103 Feb 8
924 10
3
*914 10
4
.5912 603 *5912 61
*5912 61
Preferred
*5912 61
*5912 61
4
3312May 6714 Fet
100 48 Mar 1 667
8July 20
*5912 61
514 5118 51
6.200 Amer Home ProductsNo par 303 Jan 3 553 Aug 23
513
4 5114 52
5114 503 504 5012 5212 50
8
8
8
235 Oct 304 De(
8
2778 28
273 28
4
4
275 28
8 29
8
2912 287 2912 10,800 American Ice New
273 297
No par 27 Sept 6 32 Aug 22
8
*9112 93
200 Preferred
93
*9112 93
*9112 9212 0112 9112 *90
*9112 93
100 84 Jan 7 9612May 7 - -12 Oct 81
8634 Jun(
5212 5212 525 5312 52
4
8
4
3134 July 463 Fel
517 5214 513 5212 3,600 Amer Internet Corp_ __No par 37 Mar 23 564 Sept 14
5212 *5214 53
8
1,600 American La France FE.. 10
*718 74
7
7
7
7
718
7
4 June 4 10 Jan 3
741
97 Dec 157 Jar
7,
8
8 78
,
718
8
4858 49
100 2018 Apr 5 543
485 503
8
8 473 484 4712 4812 4714 48
473 4814 8,200 American Linseed
4
4
45ept 3
25 8 Oct 527 Jar
5
8
8 1,300 Preferred
7812 775 775
8
100 465 Mar 19 803 Sept 16
*78
8
78
79
7712 79
4
*7712 7912 *7712 79
673 Oct 87
4
Jar
5,800 American Locomotive_No par 103 June 30 116 May 18
10778 1077 10712 108
8
10614 10712 10614 10712 107 107
9014 Mar 1197 Jar
8
1064 107
800 Preferred
•12458 126 *124 12512 125 12518 12518 12518 *125 12512 125 125
100 11912 Feb 23 127 July 23 116 Aug 12414 Del
8
700 Amer Machine & Fdy__No par 7314 Jan 3 119 Sept 14
11612 11612 116 116 *115 11612 116 116
11612 1165
116 116
6514 Oct 8012 Aus
Preferred
*170 184 *170 184 *170 175 *170 175 *170 175 *170 175
100 12518 Jan 6 162 Aug 17 114 July 125 Dei
600 Amer Metal Co Ltd_..No par 38 July 12 463 Aug 3
*43
4214 4314
4414 4338 433 .4312 4412 4314 4314 4218 43
8
4
4314 Dec 574 Fel
•108 110 *108 110
4
4
100 Preferred
110 110 *10814 110 *1083 110 .1083 110
100 108 Jan 6 11212May 17 11312 Apr 120 Fel
6818 687
8 674 693
8 674 7012 69
707
8 6814 693
4 6914 7012 73,300 Am Power & Light_ _ __No par 54 Jan 27 70 Sept 28
503 May 7212 Sep
4
14012 14112 141 143
13612 14012 135 138
13912 14214 10,000 American Radiator
1383 140
4
25 11012 Jan 21 1477
85ept 16 10114 May 1223 Aui
8
.96 10012 *95 10012 .95
200 Amer Railway Express...100 8712 Apr 4 105 June 24
97
99 .97 10012 *97
98
93
7738 Mar 90 De,
47
47
.46
.46
48
4712 453 4612 455 457
4
487
8 1,100 American Republics_No par 3518 Jan 4 647 July 7
8
8 47
8
397 Nov 74
8
Jar
50
5012 50
514 5012 517
14,900 American Safty litazor..A00 42 July 23 6112 Alar 28
8 5114 5212 50
51
50
52
42 Apr 703 Aui
4
*43
4312 4234 4312 425 4314 4212 43
8
4214 4212 414 424 4,600 Am Seating v t c
No par 415s Sept 30 51 July 20
,
8 1,400 Amer Ship & Comm _ _ _No par
3 2 312
,
*33* 3 2
3 2 31 2
,
34 31 2
35
8 35
312 Mar 23
8
538 312 35
Dec - -1 8 ik,fa,
63 Jan 7
4
1 -717612 1773 17312 177
4
1733 1754 171 1747 168 17134 1703 17314 122,700 Amer Smelting .Ss Itetinlng_100 1325 Jan 25 18012Sept 15 1095 Apr 152 Ate
8
8
8
8
8
•130 13018 130 130
13018 13018 •131__ •131
_
13218 13218
500 Preferred
10 11914 Mar 16 132188ept 30 1127 Mar 1223 De
8
8
13412 135
13612 13612 13214 136 *133 136
133 133
1357 1354 1,300 American Snuff
8
100 1193 Jan 17 145 Sept 7 12184 Oct 165 Fel
8
5158 5278 5118 5214 51
524 53
53
53
517 x514 5218 6,900 Amer Steel Foundries_ _No par 4112 Apr 29 584 Aug 24
40 May 47 Ate
*11212 114 *11212 114 *112 114 .112 114
1123 1123 *11212 114
4
100 Preferred
100 11014July 5 115 Jan 13 11014 Sept 115 Fel
92
92
0014 92
903 913
4
4 90
924 903 01
4
91
9312 9,000 Amer Sugar Refining
100 79 Jan 25 953
4May 26
6514 Apr 8714 No
115 115 .115 11512 *115 1153 115 115
1145 1144 115 115
8
8
800 Preferred
100 1077 Mar 3 11612May 26 100 June 11012 No
8
597 603
8
8 595 6012 5912 603
8
4 6112 6234 6114 9422 633 6518 15,300 Am Sum Tob v t c
4
2914 Aug 44 De
No par 4112 Jan 3 65 ,
Sept 30
314 315
303 31
4
*3012 32 .*30
32
30
30
30
30
700 Amer Telegraph & Cable.100 26 Apr 1 363 Aug 24
2512 July 4118 Fe'
4
17414 1753 17418 1757 1745 17524 1743 17512 17414 1753 175 179
8
8
4
24,000 Amer Telep & Teleg
8
100 14914 Jan 3 17912Sept 14 13958 June 141 De
14914 1493 14814 14814 *14812 150
8
150 150
149 151
15114 153
3,100 American Tobacco com ____ 50 120 Jan 7 1543
8
4Sept 15 1113 Mar 1243 Selo
4
149 14934 149 1493 14812 149
4
14858 1503 14914 1507 151 1523 10,900 Common Class B
4
4
8
50 11914 Jan 5 15414Sept 15 11018 Mar 124 Selo
•115 116 •114 116 .114 116
116 116 *115 116 *115 116
100 Preferred
100 11018 Jan 4 118 Sept 9 10618 Jan 113 Ma
138 138
13624 13512 136 *13518 139 *136 139
137 137
13478
1,800 American Type Founders_100 125 Jan 7 146 Feb 18 114
Jan 135 Fe
6312 6514 65
673
4 66
68
673 7212 6812 72
8
4
69
703 61,600 Am Wtr Wks & Elc newNo par 46 Aug 8 72's Sept 24
1st preferred (7%)
-11
100 10412 Mar 1 64 Sept 23 16 Mar 108
- - -14 Ja
24
24
2418 2418 2312 237
8
8 223 2314 2218 2258 205 2312 7,300,American Woolen
8
100 1612June 7 547
8
8Sept 8
19 June 427 Ja
*58
4 577 58
58'2 5814 583
8
574 574 57
574 5612 5712 1,7001 Preferred
100 464June 1 8612 Jan 7
66 Apr 9014 De
*1814 193 *1814 1912 *1812 19
1918 195 *183 1914 1958 197
8
4
600 Am Writing Paper ctfs_No par
8
97
8May 28 2212 Aug
23-.612 7
65
8 65
8 *612 718 *612 7
*612 7
100 Amer Zinc, Lead & Smelt
*612 7
1218 -Fe
- May
518
25
54 Sent 6 1014 Feb 17
373 373 *37
4
3714 371
4
375
8 3712 3712 .37
3814 3658 37
700 Preferred
2' 36 Sept 19 5114 Feb 18
20 May 54 De
484 4858 48
485
8 474 48
4714 48
47
4712 4718 48
11,900 Anaconda Copper Alining _ _50 4114June 27 49. Sept 21
8
4112 Mar 517 Au
,4
*43
4512 *43
4514 43 43
4512 *43
*4314 45
*4312 45
100 Archer, Dan'Is, Alic11'41.No par 38 Mar 12 4634 Aug 5
4
347 June 443 Ja
8
108 108 *108 110 .108 110 *108 110
190 110
_
30 Preferred
10 106 Jan 4 110 Aug 8 100 Mar 108 0,
*86
8612 *8512 87
86
8518 8512 88
863 863 *110-4
8612
400 Armour & Co (Del) pret. .100 83 Sept 20 9614 Feb 16
4 *86
9014 May 9778 Ja
103 107
4
8 107 11
8
105 104 104 104 10
8
1014
93 10
4
14.500 Armour of Illinois Class A..25814May 4 157 Jan 7
8
1318 May 2512 Fe
.618 63
8
Ws
63
8
6
54 55
6 18
8
555 6
55
8 55
8 2,500 Class 13
Ja
918 Jan 6
25
54May 5
534 May 17
663 663
4
655 6614 6512 6512 6512 6512 653 66
8
4 663 67
4
1,200 Preferred
4
100 60 Apr 13 8614 Jan 27
80 Apr 93 Fe
3412 357
35
35
*3414 35
8 35
3412 3412 *3414 35
35
700 Arnold Constable Corp_No par 21 Apr 1 3812 Aug 26
4
18 Apr 313 Ja
254 257 *2514 26
8
2512 2512 2512 2512 *2512 2612 *257 26
400 Art Metal Construction _ _ __10 22 Jan 11 32 June 24
8
1918 Jan 233 OI
4
4512 4614 46
4614 *4514 4638 *4514 4612 *45
4612 1,300 Artloom Corp
4612 *45
No par 43 4July 12 543 Jan 5
3
4
463 Sept 6312 Ja
4
*114 1143 *114 11434 *114 11434 *114 1143 *114 11434 *114
4
4
Preferred
100 11114May 31 114 Sept 8 108 Mar 113 D(
4958 50
4912 5018 493 495
8
8 4914 495
8 49
495
8 483 4914 13,100 Assoc Dry Goods
4
No par 3912 Feb 9 52 Sept 20
3714 Mar 544 Ja
•10922 11012 *10912 111 *109 110 *109 110 *109 110 *109 110
1st preferred
100 9712Mar 3 1104Sept 23
96 Mar 10222 Ja
•10912 110 .109 110 *109 110 *10912 110
10912 1095s *10912 110
200 2d preferred
100 105 Mar 23 1093
4Sept 22 102 May 110 Di
*35
45 .35
45
*35
45
*35
45
*35
45 .35
45
Associated 011
25 40 Sept 22 5014 Feb 19
44 4 Jan 60 Alior
3
3412 *3512 343 343 *3412 35
4 333 3414 333 333
3412 343
4
4
4
4 1,100 Atl G & W IS S Line_No par 303 Mar 25 42 Jan 5
4
8
29
Oct 138% 22 11
*3412 36
34
333 3354 *3312 38 .33
3412 34
34
4
35
600 Preferred
100 293 Mar 25 4114205e 7
4
3314 Oct 5614 22ID
12014 11812 11912 119
11923 1 1912 119
11914 11812 120 4 120 122
3
11,100 Atlantic Refining
100 107 Jan 28 1313 Aug 5
8
97 Mar 12858512ly
*118 11812 118 118 *118 11812 118 118
118 118 *11712 11812
600 Preferred
100 11512 Feb 1 119 Aug 20 1154 Oct 120 Jul
66
*63
66
•65
*63
6.5
.63
6518 *63
6418 *63
6418
Atlas Powder
No par 5612 Mar 17 70 June 9
lv
54 Mar 64 N(
•*10214 1023 *10214 103
10214 10214 *10214 103 *10214 103
4
103 103
20 Preferred
100 98 Jan 6 107 July 2
ec
94 Jan 974 I)
884
812 812 *8
74 77
*73
4 8
8
83
4 *8
83
4
200 Atlas Tack
No par
7I4June 2
1218 Apr 7
8 Oct1712 JEon
•6
0
6
6
614 *512 6
63*
*512 6
*512 6
600 Austin, Nichols&Co vtcNo par
414 Mar 22 1014 Jan 3
718 Oct28 -Lon
*31
37
*31
37
*30
37
37
*32
*31
3518 *32
3518
Preferred
100 2642uly 26 61 Jan 5
54 Nov 93
Jron
249 249
4
24512 2502 247 249
24814 2511 24812 2577 2545 25814 35,300 Baldwin Locomotive Wks_100 14318 Jan 18 2653
8
8
4Sept 6
927 Mar 16754 Dec
8
122 122 *121 124
•121 125 .121 124 *121 124
12114 12114
200 Preferred
100 116 Jan 14 l25'4 July 7 105 Mar 11914 N(
109 1093 *10814 109 *10814 109 *10814 109
*109 110
1083 1084
8
400 Bomberger(L) & Co pref_ _100 1063 Mar 30 11012May10_4
8
5418 5418 557 56
4
543 55
4
533 557
055
5518 5518 2,700 Barnett Leather
56
No par 40 Jan 6 597 Feb 9
8
2318 22238 23
2214 225
8 2212 223
8 2212 227
23
4 2114 2134 10,100 13arnsdall Corp class A
8
25 207 Aug 29 3512 Feb 26
3312 JIon
23'2 May *22
23
23
*22
x2218 2212 *2214 23
23
23 .22
23
200 Class B
25 2114 Aug 29 3212 Feb 28
2212 Oct3912 21on
•9012 9114 0112 9134 *9112 93
*9012 93 .9012 91
800 Bayuk Cigars. Inc
9114 9214
No par 4912 Jan 25 973 Aug 17
39 Mar 554 Ni
4
*1413 143
4 1434 15
4
1412 1412 *1412 143
1412 15
*1412 15
400 Beacon 011
No par
1412Sept 23 1314June 7
*5512 587
56
56
56
8 5678 57
567
8 56
*56
5712 597
5,300 Beech Nut Packing
20 5014 Apr 29 607 Feb 15 8
5214 Oct - -7- - eb
71 8 F
21
2058 223
8 2312 247
2018 2018 2084 2118 21
8 2312 2484 13,000 Belding IIem'way Co__No par
1512July 7 2714 Jan 7
an
28 Dec3934 1
6114 6214 60
62
4
594 6012 593 6112 5912 60 4 593 0134 54,400 Bethlehem Steel Corp
3
4
100 43 4 Jan 27 6612Sept 8
3
3714 May 5118 Se pt
116 1163 11618 11612 *116 11612 11618 1 lG'o
4
4
11618 1163 116 116
1,800 Preferred (7%)
100 10424 Jan 3 11714Sept 23
99 June 1057 Dec
8
4,3818 3912 38
383
4 3812 384 3812 3812 38
38 .38
3812 4.600 Bloomingdale BrosNo par 34 June 15 4214 Aug 17
28 June 42 D
'Cc
•111 11212 *I 11 11114 *111 11114 *111 11114 .111 11114 *111 11124
Preferred
100 10912 Jan 20 11314 Apr 18 10414 Jun 110 D ec
62
6258 62
62
6212 62
.613 6212 62
4
6212 2,900 Bon Aml, class A
6218 62
No par 5318 Jan 5 663 Aug 26
4
5312 Dec 564 13 ec
5
5 18
54 54
518 518
518 518
5
5
5
5
3,400 Booth Fisheries
No par
4I2Sept 2
83 Apr 14
8
418 Mar
93 Jan
4
3938 40
38
38
41
39
*37
40
*37
41
397 397
8
1,600 1st preferred
100 36 Sept 20 5714May 27
343 Oct 5112 Jan
4
26
2458 2512 .23
2614 26
*25
*26
23
25
*2314 203
4
800 Botany Cons Mills class A.50 18 May 4 3012Sept 6
20 May 4115 Jan
4
2014 204 203 2112 1912 2038 20
2014 1912 20
193 2012 13,640 Briggs Manufacturing_No par 1912Sept 27 363 Feb 23
4
8
24
Oct 37 2 Jan
,
17714 17712 179 180
178 179 *178 179
*178 180
180 18212 2,300 Brooklyn Edison. Inc
100 14812 Feb 11 18478 Aug 16 133 Mar 163 SePt
14034 14034 13914 140
14112 14112 *141 143
141 142
1393 140
4
3.000 Bklyn Union Gas
No par 8958 Apr 4 15412 Aug 10
68 Mar 98 D ec
4
4234 42
423 .42
424 *4212 44
423 4312 *4212 4312 42
8
1,300 Brown Shoe Inc
No par 3012 Feb 1 4612Sept 7
2912 June 485 Jan
8
3312 3312 325 3322 324 3218 .3012 3212 323 323 *32
8
4
4
33
800 Brunsw-Balke-Collan'r_No par 257
2438 Mar 3934 Sc
8July 11 387 Jan 10
8
105 1054 103,8 105 .10412 10512 10614 10614 2,500 Burns Bros new clAcomNo par 8512June 17 1253 Jan 20 121 Mar 144 Jt Pt
8
106 1065* 1057 100
ly
4
4
8 2418 241. .233 2414 2412 2412 *2312 2412
2438 243
*243 2412
8
100 New class B corn.
No par
1614 Mar 18 3434 Jan 27
2612 Nov 44 Feb
4
4
943 *9212 9434 *9212 942 *9212 943 .92
4
943 *92
4
*91
043
4
Preferred
97 Mar 103I2Ju ne
100 90 June 20 100 Jan 3
11812 11812 11812 119
11812 11812 11812 11812 *11912 12312
•118i2 119
600 Burroughs Add Alach_No par xiA3 Mar 2 1263 Feb 28
7712 Apr 124 E ec
4
597. 5978 60
60
5918 5918 59
5978 25812 63
603* .59
5,800 Bush Terminal new___ _No par 293 Jan 12 64 Sept12
104 Mar 3414 Jt ly
4
1065 10658 10634 10714 1073 1073 107 107
8
10614 107
4
4
*106 107
600 Debenture
4Sept 29
86
Apr 93 A ug
100 9114 Jan 5 1073
11514 11614 11514 11514 115 115
*11512 116
11512 117
11512 11512
140 Bush Term Blelgs. pref
9912 Jan 104 N ov
100 1035 Feb 14 120 Aug 8
8
*414 43
8
414 44
4
418 44
44 •4
438 *4
44
500 Butte Copper & Zinc
518May 2
3 4 Mar 19
3
4 Dec
5
614 Feb
4
52
5212 5212 5212 523
5114 5114 5112 012 *5218 5212 52
4 1,200 Butterick Co
4
174 Mar 71 Sc pt
100 5018June 28 613 Feb 15
812 81
egtn 9
812 84
*812 9
822 844
85
8 853
900 Butte & Superior Mining
718 May
78 Apr 4 1184 Jan 7
4
10
1614 .1an
7722 77
771 .77
77
78
*77
76
76
78
78
78
400 By-Products Coke
No par 66 Jan 29 9212June 2
53 June 90 Se pt
79
79 81
77
80
7814 803
78
4 80
80
/ 84
1
4
81
27,000 Byers & Co(AM)
No par 42 Jan 3 94 June 2
28 Mar 447 N ov
8
65
65
6618 6438 6518 *6414 65
6514 655
4 65
8 1,700 California Packing
8153 653
4
No par 6014 Apr 1
70 Jan 5
6614 Oct17912 F eb
8
8
4 215 2214 217 2214 2178 2214 22
2214 9.400 California Petroleum
4 2112 213
2112 213
25 21 18 Aug 31 327 Jan 18
8
294 Oct384 F eb
114
114
13
112
8
12
8
114
14
13
158
15
8
s
144
14 2,500 Callahan Zinc-Lead
25 Jan 17
10
8
114 Sept 26
1 12 Mar
25 J an
8
7812 80
7912 8112 21,400 Calumet Arizona Mining_ 10 6112June 27 811 2Sept 23
804 784 807
8 70
8014 813
8 7812 81,
5512 Mar 735 A ug
8
4
8
1718 163 164 *1612 167
163 1812 *6114 163
8
17
163 17
4
4 1.800 Calumet & Hecla
25 1414July 7 17I4Sept 17
133 Mar 1818 A ug
8
543
8 5312 5418 527 54
54
54
8
5418 5423 534 543* 54
9,300 Canada Dry Ginger Ale.No par 26 Jan 5 604 Aug 10
3212 Oct49 So Pt
256 260
256 260
25614 25812 263 263
260 262
*261 270
3,600 Case Thresh Machine
100 132 Jan 27 278 Sent 7
R21, inn 178
A
•Big and asked prices; no sales on this day. x Ex-dividend. a Ex-rights. S Ex-dlvIdend and ex-rights.
$ per share $ per share $ per share S per share
8
*12214 12212 1223 12234 12234 1223 *12214 123
4
11212 11314 11212 114
113 11312 1133 114
4
1812
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Sept. 24.
Monday,
Sept. 26.
Tuesday,
Sept. 27.
Wednesday, Thursday,
Sept. 28.
Sept. 29.
Friday,
Sept. 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share 5 per share $ per share $ per share 5 per share $ per share Shares Indus. & Mlscel. (Con.) Par
*11614 120 *11614 120 *11814 120 *11614 122 *11614 122 *11614 122
Case Thresh Mach pref _ _ _100
27
27
2612 2718 2612 267
8 2612 265
8 2518 2612 257 2612 5,600 Central Alloy Steel____No par
s
18
19
1912 1912 1912 195
175 1812 *1818 19
2
100
8 1912 1953 1,800 Central Leather
Certificates
100
----------- *86
90
90
*85
200 Preferred
96
*86
96
100
____ ____ ___ _ __ _
Preferred certificates_ _100
*1212 1234 *1214 13
*1214 13
*1212 1312 *12,2 13
Century Ribbon Mills_ _No par
*1212 12
*80
8214 8214 8214 *80
85
10 Preferred
*80
85
*80
85
*80
85
100
65
6512 65
657
8 647 6514 843 65
7,900 Cerro de Paso Copper_No par
2
s
643 6514 647 65
8
8
4838 483
8 4812 4812 *4814 4812 4814 4814 473 48
4
4752 48
3,300 Certain-Teed Products_No par
*112 .
*112 _ _ *112
*112
1st preferred
_
*112
_ _ *112
_ ___ ___
100
*63
4 7
63
4 67g
618 612 *6
600 ChandlerClevelandMotNo par
- -36 4 *6
_-- 4
63
- -34 *6
6
2013 203
4 1918 1918 20
203
4 20
20
20
20
193 20
8
1,700 Preferred
No par
*129 130
130 13038 129 129
129 12914 *128 130
128 12818
1,300 Chicago Pneumatic Tool_ _100
8018 6012 6012 607
8 603 61
4
607 61
8
60
61
61
615
8 5,100 Childs Co
No par
35 4 36
3
353 3652 35 4 3614 3518 35 4 3514 3512 353 36
4
3
4
11,100 Chile Copper
3
25
*18
26
*18
26
*18
26
1018
26
--------18
*
26
Chino Copper
5
61
61
*58
60
•.58
60
*58
60
60
60
*58
60
700 Christie-Brown tern cttslilo par
5818 5912 5752 595
8 573 5814 5714 5811 555 573
8
2
8 5612 5738 113,500 Chrysler Corp
No par
113 113
113 113
112:1211212 113 113
11212 11212 113 1133
4 1,500 Preferrea
No par
*72
73
72
73
7014 71
7038 71
71
703 72
4
7314 4,600 Cluett Peabody & Co_ _No par
122 122
122 12214 122 122
122 122
122 122 *122 124
480 Preferred
100
125 4 126
5
125 12612 12412 125
124 1257 12314 12414 12338 12412 11,500 Coca Cola Co
2
No par
*8618 863
4 8618 87
87
877
8 88
9012 883 893
4
4 89
92
16,300 Collins & Aikman new_No par
81
82
785 82
8
791s 80
78
797
8 78
100
7914 79
82
24,200 Colorado Fuel & Iron
8213 8012 81
82
8114 83
80
80
80
80
8014 8014 13,400 Columbian Carbon v t cNo par
9314 9414 9234 9338 9234 9338 92
9312 94
9278 9278 933 29,600 Colum Gas & Elec new_No par
8
1063 1063 1063 107
4
107 107
1063 10638 1063 1063 10614 10614 1,300 Preferred new
8
4
4
8
8
100
6614 6612 69
6314 6414 64
6812 70
6814 6912 68
70
50,300 Commonwealth Power_No par
19
19
19 .18
1938 193
8 19
193
8 19
19
1818 1818 1.700 Commercial Credit_ ___No par
*223 23
4
223 223
4
4 223 23
4
*223 23
4
2234 223 *223 223
4
25
8
80 Preferred
4
2314 2314 2312 2412 2334 24
*24
2414 *24
2414 24
24
430 Preferred B
25
82
8212 *82
*8212 84
84
82
82
82
82
82
82
130 1st preferred (854 %)----100
*45
46
46
46
*4614 50
4614 4614 *4614 56
*4614 50
200 Comm Invest Trust_ __No par
*943 973 *95
4
4
973
4 973 973 *9612 98
4
100
4
*9612 973 *9612 973
10 7% preferred
4
4
108712 8812 8712 8712 *8812 90
8812 8812 89
100
89
88
88
500 Preferred (634)
19014 193
187 19312 18514 19012 182 18914 18212 185
18534 18812 14,100 Commercial Solvents__ No par
245 2514 2412 251s 24
2
2412 2334 2434 2312 2414 237 2414 57,300 Congoleum-Naina Inc__No par
8
657 657 *6512 657
8
8
2 657 6512 6514 653
2
No par
4 657 66
8
653 66
8
3,800 Congress Cigar
*14
12
*14
12
Conley Tin Foil stpd_ __No par
*14
12 - r - _- -,
*14
12
*14
12
81
8118 8018 81
8114 3,600 Consolidated Cigar____No par
8
8018 8014 8018
118 807 8114 81
*10112 105 *101 105
103 103
103 103
101 101 *10112 105
300 Preferred
100
*52
72
3
4
$4
3
3
4
4
3
4
3
4
3
4
3
4
3
4
*1
8
11812 11912 11738 11938 11714 11814 1173 119
8
117 118
118 1197
8
977 100
8
993 100' 993 997
4
4
8 993 100
4
997 100
8
997 997
8
8
48 48
5
5
43
4 43
4
412 4
3
45
8 45
8
45
8 45
8
412 45
8
4614 4814 4614 4612 45
46
4514 455
8 4538 4538 4612 4914
512 512
514 512
514
538
514
514 513
534
514 51
92
9118 91:12 91
9158 9012 91
*91
92
*91
91
93
7214 723
8 723 733
4
4 7238 7212 7214 723
4 72
7214 7212 7314
206 207 *204 207
203 206
206 207
20014 20014 206 206
1014 103
2 10
1012 10
103
8 10
1014 10
1018 10
1018
573 58
4
573 587
8
8 5712 5914 5812 593
4
2 5812 593
4 5918 593
10135 139 *136 140 *136 140 *136 139
13714 13714 *135 138
*94
9512 94
94
*9312 9412 9312 94
93
9318 92
93
9058 8814 895
8 8818 893
4 8718 8814 8714 8934
8914 9018 89
*11412 115
11412 11412 *11314 11434
11412 115 *11314 11512 *11314 115
2212 23
23,1'
217 2212 2214 23
8
225 2234 23
8
217 22
2
714 714
718 718 *718
714
3
8
73
s 73
7 2 73
3
7 8 738
3
3512
3512 36
35
3612 3612 3612 3612 3558 3618 *3558 36
22
22
2214 2134 23
4
23
233
8 223 2278 2238 2238 22
10512 10512 104 104
*105 106 *104 106
*98 104 *100 104
15
*14
15
*14
*14
1412 14
1434
14
14
*14
15
4 5514 5614 543 557
8
4
.2 54
55
545s 5514
58
5838 557 583
*123 12612 *125 12612 12812 12718 1273 1273 *125 1273 127 127
4
4
4
4934 4914 493
49
4914 49
*4912 50
4 4912 50
50
5118
3852 38
40
3814 387
8 38
3918
393 4012 3714 40
2
38
15814 15714 157 157 *155 15612 *15512 15612 15512 15512
158 156
*3712 373
4 373 373
4
3712 3712 3712 38
4 37
3712 3714 3714
13618 140
1363 138
4
*141 142
13612 13714 13612 13712 13912 140
1714 18
1718 1758 1618 1712 1814 17
8
177 1812 177 18
8
s 695 7014 266
8
7014 703
69
667 6712 65
8
67
6812 673
4
1158
1118 1134 1034 115
1112 11
11
8 1034 103 2103 113
4
8
4
900 Consolidated Distrib'ersNo par
54.600 Consolidated Gas(NY) No par
2,600 Preferred
No par
7,600 Consolidated Textile_ ....No par
7,600 Continental Baking cl ANo par
7,700 Class B
No par
3,100 Preferred
100
5,300 Continental Can, Inc__No par
900 Continental Insurance
25
14,600 Continental Mctors___No pa?
23,000 Corn Products Refining____25
100 Preferred
100
2,200 Coty, Inc
No par
10,100 Crucible Steel of America...100
100
300 Preferred
7,500 Cuba Co
No par
1,000 Cuba Cane Sugar
No pa
6,100 Preferred
100
10
4,500 Cuban-American Sugar
100
500 Preferred
100 Cuban Dom'canSug newNo par
28,200 Cudahy Packing new
50
400 Cuahman's Sons
No par
No par
4,600 Cuyamel Fruit
42,400 Davison Chemical v t c_No par
1,300 Detroit Edison
100
1,000 Devoe & Raynolds A__No par
100
300 Diamond Match
58.700 Dodge Bros Class A----No par
28,100 Preferred certif
No par
No par
39,700 Dome Mines, Ltd
Douglas Pectin
No par
612
iiiii, 11- 116 116 11658 11652 *11614 117 *116 118 *116 117
300 Duquesne Light let pref__ _100
7,700 Eastman Kodak Co
No par
16918 171
16712 170
16712 1693 168 16878 168 17178 171 171
8
2658 2878 2612 27
2612 27
.
265 27
8
285 263
8
4 287 2758 7,100 Eaton Axle & Spring_ _No par
8
4
3323 33514 327 33612 32712 33112 327 33234 325 3293 3273 33512 32,100 E I du Pont de Nem new_No par
4
4
8
100
13114 8 11512 *11458 11512 *1145 11518 *11452 11512 11518 11518 11518 11518
5
300 6% non-vat deb
8
1178 117
117 117 *117 12
8
8
8 117 117
8
8 113 113
25
4
1,000 Elsenlohr & Bros
4 117 117
8
8
2
No par
9612 98
965 973
4
2 953 9612 957 957
4
8 9514 9512 953 96
4
4,100 Electric Autolite
17
177
8 175 185
8
8 1714 173
4 1714 175
8 17
No par
1714 1712 1818 12,300 Electric Boat
2738 29
90,900 Electric Pow & Lt
No par
263 275
4
8 2714 2818 2712 2812 275 2812 2712 28
2
*11812 120 *11858 120 *1183 120 *11814 120 *11814 119
4
100 Allot ctfs for pref 40% pd._
119 119
106 106
10512 1057 10512 10512 10512 10512 10512 10512 10512 10614 7,400 Preferred
8
No par
8 125 123
8
4 1212 123
4
1338 1338 1212 1338 1212 127
1214 1278 51,400 Electric Refrigeration_No par
4 7218 73 8 72
73 2 7212 733
7
7
7278 723 7312 15,500 Elec Storage BatteryNo par
8
717 7214 72
s
*3
412 *312 4
*312 4
*312 4
*3
4
*3
4
Emerson-Brant Class A.No par
I*75
75 5 747 75 4 7412 743
3
8
3
4 75
753
4 745 743
8
4 753 773
4
s 4,800 Endicott-Joh0000 Corp__ 50
100
Preferred
*123 125 *123 125 *123 125 *124 12478 *124 12412 *124 12412
4
4
343 343
8
8 333 3412 3378 3438 3358 3458 3414 343
4 343 353 14,000 Engineers Public Serv-No par
4
No par
10512 10512 *10512 106
105 8 105 4 10512 10512 *10514 106
5
10514 10514
600 Preferred
3
5
33
335
8 323 337
4
8 3338 3378 50,200 Erie Steam Shovel
327 3414 3314 347
3
2 3314 34
100
4
4
600 Preferred
1097 1097 *109 109 4 *108 1093 *10812 10934 *10812 1093 10912 1093
8
8
3
4
1,600 Equitable Office Bldg_ _No par
8 8514 88
85 85
85
8512 85 4 8612 85
8512 857
3
52 86
8 6,600 Eureka Vacuum Clean_No par
8
7114 893 7018 70
4
7012 713 723
7114 7114 7012 7112 70
19
*19
1912 19
1912 *19
1912 *19
1912
100 Exchange Buffet Corp_No par
*19
1912 *19
No par
34
3412 3412 3418 2,200 Fairbanks Morse
33
36
32
33
3312 36
*36
37
100
_._ *109
___ *109
100 Preferred
'111___ Ill 111 *109
_ __ *109
8
1073 10912 56,900 Famous Players-Lasky _No par
4 1063 1083 10658 10738 10558 10718 10518 107
8
106 108
100
800 Preferred (8%)
8
11912 11912 *118 12014 1213 1213
4
4
120 1203 *119 122
11912 120
4212 43
15
4312 42
42
43
42
4212 42
425
8 42
43
8,100 Federal Light & Trac
No par
9812 99
98
99
98
130 Preferred
*9814 99
98
98 14 99
99
99
Federal Mining & Smeit'g_100
*131 144 *131 144 *131 144 *135 144 *13212 144 *13212 144
100
94
94
94
*93
94
94
*93
9514 *93
*9314 94
100 Preferred
*93
8
8
8 1912 1978 195 20
20
20
*1912 2012 197 197
2014 203
4
1,600 Federal Motor Truck_ _No par
720 Fidel Phen Fire Ins of NY.. 25
4
148 148
146 148
4
148 1493 148 1493 146 148 *145 148
100
100 First Nat'l Plc, 1st pref
*100 1001,s *100 10018 100 100 *100 1001s *100 10018
No par
28
28
2812 277 28
2
275 273
8
8 2.400 First Nat'l Stores
4 2712 277
4 28
17 8r4 283
1
163 17
No par
8
8
4 165 17
1614 1612 163 163 17,800 Fisk Rubber
2
4
2
8 167 173
1712 177
..100
95
95
95
95
4,500
96
95 95
95
95
let preferred stamped.
95
96
*95
100
3
8
10018 10018 1,200 1st preferred cony
4
8
13100 1007 *100 1003 *100 100 4 100 1005 100 100
61
6112 60 6312 38,800 Fleischman Co new......No par
8
8178 6118 62
8
013 6214 6138
8112 62
No par
4
8
53
533 10,400 Foundation Co
4
503
4 4914 5114 4914 5112 513 5314 515 55
50
No par
69
703
8 687 8912 6812 8912 12,000 Fox Film Class A
2
69
8
2 675 6812 68
65 4 677
3
No par
8012 81
53,100 Freeport Texas Co
8 7812 80
4
807
8 783 805
8
80
813
4 7
8014 81
No par
3818 3914 13,500 Gabriel Snubber A
393
4 38
39
40
4138 397 40 4 38
8
3
4012 41
No par
8
*7
8
500 Gardner Motor
8
*7
8
*7
8
8
8
8
8
No par
3,300 Gen Amer Tank Car
4
5714 5712 *5712 58
4 573 58
58
5714 573
57
57
58
100
300 Preferred
*110 11212 110 110 *111 11212 11212 11212 112 112 41111 11212
100
715 74
7412 7714 27,400 General Asphalt
s
7112 7218 7218 73
73 4 7414 72
3
72
100
117 11814
600 Preferred
*114 1167 114 114 *113 11512 *113 117 *113 117
8
87
*67
6712 2,200 General Cigar, Inc new_No par
8718 6734 67
673 68
4
6718
67
6814 67
100
100 Preferred (7)
*120 130 *120 130 *120 130
123 123 *120 130 *120 130
*5712 58
58
600 Gen Outdoor Adv A_ __No par
*5712 58
*573 58
4 5712 5712 58
4
5712 573
5314 18,600 Trust certificates_ .
5212 5158 5158 52
..No par
52
515 5214 52
8
5212 5158 52
98,200 General Electric New-No par
8
4
13614 1375 1337 1367 13214 13412 13312 1355 1323 13412 13412 137
8
8
8
8
1110 1118 11
1114 1118 1114 11, 1114 11, 1114
11, 1114 8,300 General Electric special__ _ _10
s
8
*4014 4012 4
8
8
8 4018 4012 2,300 General Gas & Elec A__No par
012 413
2 4014 4014 407 4112 405 405
(ten Gas & Elec pf A (7) No pa
.*11012
_ *109
-_ - *GO
.*11012
.. *11012
No par
-0
•110- *11712 12
*117 120 *117 12 - *11712 120
- -- *117 fio *117 120
0
Preferred A (8)
No par
Preferred B (7)
*102 104 *10212 10312 *102 104 *102 1037 *103 1043 *103 105
4
8
26112 27214 2603 26514 2583 2663 25712 26114 263 267 132,500 General Motors Corp-No par
266 271
4
4
4
100
8 2,400 7% preferred
1243 125
4
12478 1247
1243 125
4
1243 125
4
4
1243 12478 12434 125
* Bid and asked prices; no_sales On this day. z Ex-dividend. a Ex-rights. az-dividend 100% in stock.
PER SHARE
Range Since Jan. 1 1927
On basis of 100
-share lots
Lowest
$ per share
111 Feb 28
24 Apr 1
83 Jan 3
8
714 Jan 3
54 Jan 14
54 Jan 3
1012 Jan 26
70 Jan 24
58 June 27
42 Jan 25
106 Feb 1
5 Aug 16
13 June 27
12012 Jan 3
4858 Mar 31
331gJune 27
2218 Jan 7
8
347 Jan 5
3812 Jan 28
1023 Apr 11
8
51 June 17
11114 Jan 6
29812 Apr 27
86 Aug 26
4258 Jan 4
667 Jan 3
8
827 Feb 11
8
9912 Jan 24
485
8May 25
14 June 29
17 June 10
8June 15
187
69 July 8
4118May 4
9412Sept 20
86 July5
17612 Aug 25
1714 Jan 26
47 Mar 11
14 Feb 1
757 Apr 30
2
967 Aug 11
8
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share $ per share
12412May 21
96
Jan 11812 Aug
33 Apr 28
2812 Oct 3314 Aug
195
85ept 29
7 Nov 2012 Jan
1512May 28
83 Nov
4
7 Dec
91 Sept 27
4314 Apr 683 Jan.
4
783 July 18
4
50 Nov 5412 Dec
163 Aug 30
4
1014 Oct 327 Jar.
8
84 Aug 2
Jan
7814 Dec 90
68 Sept 17
5712 Jan 7312 Aug
553
4May 11
3618 May 4912 Jan
1137
8Sept 8 100 May 10614 Nov
14 Mar 22
812 Nov 28 Feb
2614May 6
203 Dec 4514 Feb.
4
13714 Mar 2
9412 Apr 12814 Dec
6538 Aug 25
4518 May 6638 Jan
3914 Mar 21
30 Mar 363 Jan
2
24 Apr 11
16 Mar 26 Nov
657
8June 16
4
2912 Oct 633 Jan
623 Sept 6
8
2812 Mar 547 Jan
1143 Aug 26
8
93 Mar 108 Jan
7712Sept 14
60 Dec 6812 Jan
12214Sept 26 10314 Jan 116 Sept
19912 Apr 22 128 Mar 1743 Dec
4
957 Aug 6
8
963
8July 12 27 8 Mar - g Oct
493
3
8512 Mar 18
5558 Jan 703 Dec
4
983
4May 27
85 8 Nov 91 Dec
5
1073 Aug 8
4
9878 Nov 1015 Nov
8
70 Sept 28
2058 Feb 21
4712 Jan
1612 Nov 24125ept 26
2114 Nov 2614 Jan
20 Nov 273 Jan
2314 Sept 20
4
86 Sept 23
8512 Dec 9912 Feb
5412 Dec 72
Jan
563 Mar 14
4
97 June 104
Jan
9812 Jan 27
95 Mar 14
89 May 100 Jan
203 Sept 16 -- - -_- - -_- -1212 May 293 Sept
263
8Sept 6
3
6912Sept 1
4012 May 57 Dec
38 Dec
1 Mar
5 Jan 5
8
4July 7
4514 Apr 7814 Dec
863
91 Mar 1073 July
8
1063 Aug 23
4
212 Feb 4
58July 27
94 Mar 9 121 12Sept 17
93 Mar 18 10014 Sept 19
318 Mar 14
718June 18
3312 Apr 30 747 Jan 6
2
4 May 19 1014 Jan 5
72 Apr 1 9714 Jan 13
583 Apr 9 7712July 26
4
135 Jan 27 20912Sept 20
10 Sept 28 133 Jan 8
4
467 Jan 12 6318May 14
8
128 Jan 11 13714Sept 29
56 Jan 3 973
8Sept 20
77 Jan 4 9634 Mar 4
103 Jan 18 115 Sept 14
1812 Aug 10 3414 Jan 8
614Sept 23 103 Jan 5
4
3412June 28 503 Jan 4
4
2112 Aug 13 2812 Jan 3
102 Jan 31 107 Aug 11
1312June 30 18 Jan 21
4
4312 Apr 8 583 Sept 26
45ept 28
103 Apr 4 1273
30 Apr 28 5118Sept 30
2614 Apr 28 4012Sept 24
45ept 10
13312 Jan 21 1603
3812 Aug 13 4258 Feb 2
115 Feb 28 147348ept 20
1618Sept 29 2712 Jan 5
65 Sept 29 85 Feb 14
4Sept 27
7 June 30 113
48 Jan 3 80 July 5
11414 Mar 2 1163
4June 1
12614 Jan 28 17514 Sept 20
4Ju11e 20
2418 Mar 21 293
8
168 Jan 25 3427 Sept 17
10512 Feb 5 11512 Sept 29
4Sept 22 1812 Feb 15
113
6312 Jan 13 100 Sept 6
1312 Mar 2 2218 Aug 15
1612 Jan 27 29 Sept 30
1037 Jan 28 119 Sept 30
8
96 Jan 14 10812Sept 12
8
1214July 13 373 Jan 3
6314May 3 7912 Jan 6
412Sept 20 13 Apr 14
643 Jan 28 80 Sept 8
4
1183 Jan 5 125 Sept 15
8
4
213 Jan 11 36 Sept 8
933 Jan 8 10818Sept 20
4
8
243 Jan 3 347 Sept 26
4
8July 22
10112 Jan 6 1135
8Sept 20 9212June 3
843
50 Aug 12 77 Aug 6
4May 21
1518 Jan 25 193
32 Sept 27 4312May 11
10718 Feb 7 112 Mar 2
4
92 July 28 1143 Feb 24
8July 28 1243 Jan 12
2
1147
3712 Jan 17 47 May 3
9112 Feb 23 100 Aug 25
60 Feb 9 187 June 16
7512 Jan 28 97 Mar 12
8
1812 Aug 8 307 Jan 10
9312 Feb 3 193 Jan 6
9712 Jan 13 103 Mar 4
1914May 11 30 Feb 7
1478Juno 17 20 Apr 20
81 Jan 5 100 Sept 19
9412.Iuly 5 102 Sept 0
4618 Feb 1 6412 Aug 26
8
46 Sept 22 885 Apr 1
50 June 28 7412 Jan 6
3414 Jan 4 84 Sept 20
201s Jan 3 59 Aug 5
612 Jan 27 587 Aug 5
2
46 Jan 3 623
8Sept 7
I0638Mar 1 112128ept 28
65 Aug 27 963 Mar 2
4
10714 Aug 27 1447 Mar 2
8
52 Jan 26 7012July 15
116 Jan 5 136 Sept 22
545 April 5812 Feb 9
8
37 Jan 18 55 May 31
81 Jan 27 1465
8Sept 7
11 June 21
1158 Jan 5
34 Apr 1 4712 Feb 2
100 Jan 3 110 Sept 22
11314 Mar 22 120 June 1
96 Jan 13 105 June 22
14512 Jan 25 27714 Sept 17
11812 Mar 9' 125 S.ot 24
112 Aug
612 Jan
87 Mar 1153 Aug
8
- May
114
5012 Oct
75 Oct
8
87
Oct
70 Mar
122 Mar
97 May
8
355 Mar
8
12212 Jan
4412 Mar
84 Apr
96 Mar
2814 Oct
858 May
3512June
2014 Aug
973 Jan
4
1512 Sept
5118 Nov
7712 Mar
32 Nov
2318 Oct
12312 Mar
31
Oct
414 Nov
937 Aug
8
1518 Sept
0612 Aug
9212 Jan
1443 Jan
4
137 Dee
8
515 Dec
8
13014 Deo
82 Dec
823 Dec
4
104 Dec
53 8 June
3
1112 Jan
503 Deo
2
303 Jan
2
105 Nov
2014 June
55 Dec
108 Dec
51
Jan
483 Feb
4
14112 Dec
10418 Feb
--1 May
2 -14
7912 May
8 Oct
19 Mar
11112 Mar
1065 Mar
8
23
Oct
1543 Nov
4
1003 Apr
4
103 Oct
4
613 Mar
4
4 Mar
1514 Oct
9912 Mar
8912 Mar
333 Dec
8
7118 Mar
614 Dec
6512 Mar
114
Jan
1914 Oct
9214 Nov
2112 Oct
100 Oct
997 June
8
43 May
143 July
4
375 Dec
8
10612 Nov
10318 Jan
115 Mar
28 Mar
86 June
41 May
61 Mar
23 Oct
160 Apr
98 May
28 Nov
1414 May
767 Apr
8
94 June
3214 Mar
7314 Dec
5518 Mar
1958 Jan
2558 Nov
518 Nov
39 Mar
9912 June
50 Mar
947 Mar
2
46 Mar
109
Jan
51 Mar
265 Mar
8
79 June
11
Jan
34 Mar
95 May
10512 Apr
9214 Apr
11314 Mar
11312 Jan
4714 Jan
90 July
20 Mar
46 Nov
1163 Aug
4
1363 Dec
4
323 Feb
4
18112 Dec
11018 Deo
2012 Feb
82 Feb
16 Dec
3412 Feb
115 Feb
9814 Sept
7812 June
9418 Aug
814 Dec
725 Feb
8
120 Sept
2412 July
9612 Aug
25 8 Nov
5
102 Nov
13214 July
683 Dec
2
17 Apr
593 Feb
4
115 Feb
12712 June
12412 Dec
4712 Dec
94 Dec
1113 Jan
4
105 Jan
343 Aug
2
20014 Jan
107 Feb
493 Feb
2
2614 Jan
8414 Mar
107 Mar
5612 Feb
1793 Jan
4
85 Jan
36 Dec
42 Feb
4
93 Jan
553 Jan
8
109 Dec
9414 Aug
14018 Aug
5912 Feb
118 Deo
5638 AMC
3978 Dec
9512 Aug
113 Dec
4
59
Jan
100 Dec
113 Sept
96
Jan
2253 Aug
4
12214 1 10a
New York Stock Record-Continued--Page 4
1813
For sales during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT. I Sales
for
Monday,
Tuesday,
Wednesday, Thursday. I Friday,
the
Sept. 26.
Sept. 27.
Sept. 28.
Sept. 29.
Sept. 30.
Week.
Saturday,
Sept. 24.
$ per share $ per share s per share $ per share
10912 10912 *108
_ _ *107
*108
__
141 142
139 8 143
3
138 14012 1353 1 914
4 /
665 665
8
8 66
6612 65
663
4 6618 6614
53
54
52
53 8 5012 523
5
4 5214 5314
•106 1067 *106 107 *106 10612 10612 10612
8
15
1.518 153 16
8
1518 1558 15
1514
57
5718 57
5712 557 5634 5658 5712
8
83 4 845
3
8 82
843
4 823 83 8 82
8
7
837
8
109 109
1093 1093 *109 10912 10812 109
4
4
64
643
4 613 653
4
8 6118 643
8 61
627
8
S. per share $ per share
109 109 *108
_
- -4
135 1383 13812 1413
4
66
66
653 66
4
52
5212 5214 5512
10612 10612 1065 1065s
8
153 1512 154 153
/
1
8
8
557 57
8
57
5734
80% 827
s 8214 8412
1083 1083 1083 1083
4
4
4
4
6012 623
8 6212 6412
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sirwe Jan. 1 1927
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Precious
Year 1926
Lowest
Highest
Shares
Industrial & MISC. ,
Par $ Per share
$ per share $ per share $ per share
200 Gen Motors Corp 6%deb pf100 104 Mar 7 10912Sept 24
9814 Apr 105 June
30,200 Gen Ry Signal new_ __No par 8218 Jan 14 15314Sept 6
6012 Mar 938 Aug
4,300 General Refractories__No par 38 Jan 14 75 June 1
36 May 49 Jan
13.300 Gimbel Bros
No par 3712 Mar 24 59 Sept 17
4114 Nov 787 Jan
8
300 Preferred
100 998 Mar 18 10812July 14 100 Nov 1113 Jan
8
4,700 Glidden Co
No par 1412May 21 22 Mar 10
5
15 June 25 4 Jan
3
6.000 Gold Dust Corp v to-- _No par 42 Mar 9 617 Aug 10
g
4112 Mar 567 Feb
8
57,900 Goodrich Co (B F)
No par 423 Jan 3 8518 Sept 23
4
3912 Nov 703 Feb
4
900 Preferred
100 95 Jan 3 1093
4Sept 26
9412 Dec 100 Feb
90,500 Goodyear T & Rub_ _ _ _No par 483 Aug 31 6538 Sept 26
8
Prior preferred
100 105 Jan 7 112 June 6 10414 Dec 109 Sept
7
-7 7- ii- -.. 7912 -ii- Vi -•iiT2 if- -5614 827
7i2
.
8 81
813 10,200 Gotham Silk Hosiery__No par 573 Jan 12 827
8
8
85ept 2' 33 Mar 6912 Nov
/
1
4
763 767
4
8 773 783
8
4 78
78
783 81
4
8012 82
8012 813
8 6,400 New
No par 58 Jan 12 82 Sept 29
4712 July 687 Nov
1153 1157 *11512 11612 *11512 11612 11612 121
8
4
8
120 122 *117 119
1,200 Preferred New
100 104 Jan 28 122 Sept29
6
6
*512 614
512 512
514 512
5
5
*5% 512 1,000 Gould Coupler A
No par
5 Sept 29 10 May 25
8
Oct 2112 Jan
3678 3678 3614 3612 3618 3618 357 3618 353 36
8
3514 36
8
6,000 Granby Cons M Sm & Pr..100 3118 Jan 27 45 May 26
161* Mar 367 Dec
8
4212 4312 4112 433
8 42
433* 415 423
8
4 42
4212 4212 4312 23,400 Great WesternSugarnewNo par 37 Aug 12 44 8Sept 21
5
*120 12012 12012 12012 *120 12012 *120 12012 12012 122
121 12112
230 Preferred
100 11612 Feb 26 123 Sept 7 10812 Mar 11814 July
78
/ 793
1
4
4 75 8 79
5
/ 7514. 78
1
4
754 777
/
1
8 75
*
784 783 85 110,200 Greene Cananea Copper_ 10I) 2914 Jan 27 85 Sept 30
/
1
9 4 Apr 34 4 Dec
3
3
*812 83
858 858
4
812 83*
8% 8
/
1
4
812 8%
812 812 1,900 Guantanamo Sugar__ _ _No par
8 Jan 25 1114May 31
578 Jan
107 Feb
s
*4212 4314 43 43
41
41
4
421 43
3
05* 411? 40 4 42
1,500 Gulf States Steel
100 4014Sept 12 64 Feb 28
3
513 Oct 93 Jan
59
60
6018 6018 *60
6012 *60
6012 60
60
*60
250 Hanna 1st pref class A__ _100 56 Jan 31 67 Jan 19
6012
45 June 6012 Dec
.23
25
*23
25
235* 235* *2312 2414 2312 2312 *23
25
300 Hartman Corp class A_No par 2312Sept 2 2714 Mar 29
26
Oct 2812 Nov
*2212 23
2214 223* 2218 223
8 221 227
22
8 22
2,400 Class B
213* 23
No par 20 Aug 12 295 Apr 18
245 Dec 30 Sept
8
Hayes Wheel
No par 1512 Feb 15 2812 Mar 31
1718 Dec 46 Jan
MI 164 - jai- 106 - *ioii- cli- *ioi- ig- ioi- 116 - ioo- 1194
900 Helme(G W)
25 7612 Jeri 14 110 Sept 29
68 Mar 88 Dec
*323 33
4
3218 33
32
33
•33
3312 33
33
*33
34
900 Hoe(R)& Co
No par 22 Jan 31 417
8July 6
1712 May 3512 Aug
*35 4 36
3
*3512 358 3512 3512 3512 3512 355* 353* 3512 3534
600 Hollander & Son (A)_ _ _No par 3114June 3 3712July 26
*6314 65
*6314 65
*6314 65
*64
65
*6312 65
*64
65
Homestake Mining
100 60 Jan 25 6318 Jan 15
4712 Jan 63 Oct
63% 64
6312 643
4 633* 6312 6312 64
63
6312 6312 64% 5,600 Househ Prod.Inc.tem ctfNopar 4314 Jan 3 6612 Aug
40 Mar 483* Jan
150 153
147 1537 14812 1523* 148 152
1491 1583 161 16614 230,400 Houston Oil of Tex tem ctfs100 6018 Jan 11 17412July 8
/
4
4
9
5014 Mar 71
4114 413
Jan
4 4014 413* 4014 41
4018 41
8,100 Howe Sound
4014 408 x395 40
8
No par 34%July 11 42 Sept 20
27
Jan 45 Sept
8178 8234 795 82
/ 787 8038 7818 803* 7612 7812 78
1
4
80 118,900 Hudson Motor Car
No par 4814 Jan 24 9112 Aug 2
403 Oct12314 Jan
4
•18
1814
18
1814 18
1812 1818 1812 1812 183
4 18
183
8 7,100 Hupp Motor Car Corp
10 177
8Sept 1 235* Jan 10
17 Mar 28% Jan
*2012 21
205* 203* 203* 21
2012 203
4 205* 20 4 *20 4 2114
1,400 Independent Oil& Gas_No par 175
3
3
8May 20 323 Feb 1
4
195 Mar 34 Jan
2712 2818 29
3114 3018 3312 325* 335* 331s 3314 3314 34% 8.700 Indian Motocycle
No par 13 Mar 30 347 Sept 30
8
1412 Dec 2414 Feb
11
11
107 1114 107 11
8
10 4 10 4 "10 4 11
3
3
10 4 11
3
3
2,100 Indian Refining
10
712May 12 1218 Sept 8
7 4 Oct13 Feb
3
*10
103
4 10
1014 *912 11
*912 11
*10
103
3
8 2,400 Certificates
10 4 10
10
714June20 12 Sept 8
712 Oct1212 Feb
•88
90
88
88
"88
90
8814 8812 *88
90
89
89
500 Ingersoll Rand new._ _ No par 88 Sept 26 9612 Apr 2
8014 Mar 104
Jan
*50
5012 50
50
50
50
49% 50
50
50
50
513
2,900 Inland Steel
No par 41 Feb 15 5512July 25
3412 May 43 4 Dec
3
•117
•117 118 *117 118
117 117 *117
_ __ *117
_
100 Preferred
100 111 Jan
117 June 8 1083 Ma 115 Feb
4
1812 1812 1812 1812 *18
-1812 18
18
*17
18
165* - -12
17
900 Inspiration Cons Copper_ 20 1212June 27 2512 Jan 12
203 Mar 285 No
4
8
*1212 1234 1214 1212 *12
1234 •12
123 *12
4
123
4
4
500 Intercont'l Rubber___No par
125* 123
1138June 21
133
4Mar 12
12 Dec 213 Feb
.10
11
*95
8 93
4 *93 10
3
4
93
4 93
4
934 9
9
9 12 1,000 Internat Agricul
No pa
6% Apr 23 123* Aug 23
94 Dec 2614 Jan
/
1
*47
50
*46
50
47
47
*45
47
*46
47
46% 4618
300 Prior preferred
100 33 Mar 20 6612May 26
563 Dec 95 Jan
*903 91
4
9058 91
9114 9114 888 9112 89
9114 9114 92
5,100 Int Business Machines_No par 5318 Jan 13 94 Sept 2
3818 Mar 56% Dec
5614 5612 56
56
56% 56
5612 5612 5612 562 557 597
k 8,800 International Cement__No par
4514 Jan 21 6538May 31
445 Oct717 Jan
110 112 *110 112 *110 112 *110 112 *11012 111
k
11012 11012
100 Preferred
100 10214 Jan 21
4814 5014 50
8
513
Jan
4 5014 511 49% 507
/
4
484 4934 483 497 83,500 Inter Comb Eng Corp--No par 4313 Jan 28 112 Sept 23 1017 Oct 106
4
64 Mar 1
22318 22514 224 228
33% Mar 6412 Jan
2201s 22412 221 22578 21818 22213 223 225
18,100 International Harvester_ 100 1353 Jan 18 237 Sept 15 11214
8
*1323* 133
Mar 1584 Dec
13212 13212 13212 13212 1325 1323* 1348 1347 *13312 135
/
1
8
400 Preferred
100 1263 Jan 12 1347 Sept 29 118
4
8
*5
Jan 129 Dec
5 8 *43
3
4 53
3
5
5
*43
4 5
5
5
5
5
900 lot Mercantile Marine_ _ _ _100
412 Aug 8
83
365 36% 363* 3711 3614 37
4May 27
6 Sept 123 Feb
8
364 3712 3712 3814 3714 3712 8,800 Preferred
100 35% Aug 9 5538May 31
7712 79
27 Mar 463g Feb
78
787
7812 815
81
8314 8312 857
8412 8712 70,200 International Match pref.._35 62 Mar 2 8712Sept 30
6912 7012 6712 703
5312 Mar 663 Feb
8
6712 701
6812 718 6812 7012 6914 71 120,300 International Nickel
(The)25 3814 Jan 3 75 May 31
6318 631
535 55 2 545 56'z 5612 5814 5718
4
8
323* Mar 4614 Jan
61
6012 617 127,500 International Paper___No par a3912May 18 617
8
3
8Sept 30
1033* 10384 10334 1037 1033 1037 1033 1037 1033 10414 2102
441 Apr 63 Aug
8
4
4
8
4
100 9612 Jan 3 104145ept 29
*200 2131 *200 213 *205 213 •200 2121 *200 212% *200 10212 14,700 Preferred (7%)
89 May 100 Dec
21212
International Shoe_ _ _ _No par 160 Jan 21 215 Sept 14 135
18412 190
188 1911 *184 187
May 175 Jan
185 185 *182 190
188 19214 3,400 International Silver
100 13512Mar 21 196 Aug 2
152 15212 1501 15212 15012 1517 1517 1537 15118 1537 154 156
/
4
8
g
8
23,200 Internat Telep & Teleg_ _ _100 12214 Jan 25 1587
8Sept 14 111 Mar 133
33
33 ' 8 34
1327
Jan
*327 34
8
3312 3313 327 33
3212 33
800 intertype Corp
No par
1912 Jan 31 3912June 18
*64
6512 6312 641 *6312 64
1812 July 29 Jan
*6312 64
64
64
•631g 645*
100 Island Creek Coal
1 4812Mar 11 67 Sept 6
*66
67
66
6812 65
1 65 4 *6512 653* 6512 667
3
6912 5,300 Jewel Tea, Inc
No par 5312 Jan 3 6912Sept 30
*112 125 *11214 120 *11214 120 *11214 118 .11214 120 g 67
25
Jan 5612 Dec
*11214 120
Preferred
100 11112July 25 12512 Mar 15 11512 Jan 12712 Nov
12112 1211 *12112 1223 12112 12112 *12014 12212 122 122 *1215 122
4
8
30 Jones & Laugh Steel pref _ _100 117 Feb 2 1223
4May 21 114
Jan 120 Aug
2412 258 2412 257
2418 241s 2418 241 .2414 25
243 247
4
2,300 Jones Bros Tea. Ino____No par
g
1812 185* 18
105* Jan 3 30%June 27
9 Dec 1912 Feb
185* 18
1714 18
183* 1712 1784
1714 18% 7,700 Jordan Motor Car
No par 1258July 6 2212 Jan 5
•114 115
12 Nov 66 Feb
115 115
11512 11512 *115 116 *115 116 *115 116
300 Kan City P&L 1st pf ANo par 112 Feb 10 1151
6012 60'l 6014 613
2Ju12' 15 10714 Mar 115 Nov
3 5914 6012 5914 601
5912 61
6012 60 4 10,700 Kayser (J) Co v t c_ _ No par 49 Apr 29
3
29% 3012 2918 303
627 Sept 17
8
3314 May 513 Dec
4 287 30
4
2814 29% 2812 2912 283 2912 66,200 Kelly-Springfield
8
4
Tire
25
912 Jan 27 311 Sept 21
9234 102
9
Oct2112 Feb
98 101
98
98
98
99's 9614 9612 95
95
4,400 8% preferred
100 35 Feb 2 102 Sept 21
897 96% 9312 9712 94
4312 Oct74 4 Feb
94
3
94
9312 9312 5,600 6% preferred
94
94
94
100 44 Jan 19 97125ept
*21
24
2118 21% 21
45 Dec 73 Feb
21
14
21% 217
2212 2212 22
223
8
900 Kelsey Hayes Wheel_ _ _No par 20 July 30 27 July 26
11
741s 757* 73 4 7412 7312 7414 73
743* 753
3
7312 735 74
34,200 Kennecott Copper
No par 60 Feb 9 7714Sept 14
49 4 Mar 64 Nov
3
%
%
*3
/
1
4
8
%
% %
"a
1%
%
*3
8
12 1,400 Keystone Tire & Rubb_No par
faune 30 1 Mar 11
26
26
•25
27
% May
*25
27
21g Jan
•25
27
*25
27
*25
27
100 Kinney Co
No par 193
4June 28 45 Jan 5
754 76
75
39 Nov 82% Jan
75
75
75 .75
78
75
7518 75
80
310 Preferred
100 56 June 29 8412 Apr 8
*55
56
85 Sept 99
533* 553* 53 4 547
3
/ Jan
1
4
5412 547
543* 5412 5312 5414 3,200 Kraft Cheese
25 49 June 16 62 s Feb 25
73 8 74
3
7
725 7418 723 73
8
565 Dec 68 Nov
8
3
7212 73
/ 7212 7314 733 745 22,000 Kresge (SS) Co new
1
4
8
8
10 457 Jan 28 7714Sept 8
1153 1153 *1153 11614 *113 11614 .11534 116
4
4
4
42 4 Mar 82 Jan
3
1153 1153 *1153 11612
4
4
4
30 Preferred
100 11018 Feb 9 11,8 July 16 11212 Nov 1141 Feb
•1212 15
*1212 15
1212 1212 *12
14
*12
1412 .12
14%
100 Kresge Dept Stores__ __No par 10 June 28 1712 Feb
•47
50
50
5012 *45
8
151g Mar 1338 Jan
50
•45
50
*45
.51
*45
51
200 Preferred
100 46 June 28 80 Jan
*220 230 *220 230 *220 230
7014 Mar 9314 Feb
220 220 *200 220 •200 220
100 Laclede Gas L (St Louis) _100 1733 Jan 27 26712June 4
3334 34
4
3212 34
2 146 Mar 196 Dec
3212 33
3214 3212 32
3212 3212 323
4 7,000 Lago Oil es Transport_No par 2012 Jan 13 343
80
803 r7914 80 4 7912 803
4
4Sept 22
5
4 7912 803
1918 May 2412Jtme
4 7912 817
8112 8318 84,100 Lambert Co
No par 66 Jan 28 8318Sept 30
1412 143
4 143 147
1414 143
3912 May 72 Nov
4 1418 1412 14% 141
14
14
7,700 Lee Rubber & Tire
3714 3714 3714 3714 37
No par
7 Jan 4 15 Sept 23
3714 37
614 Dec 14
3718 36% 37
Jan
36% 37
3,700 Lehn & Fink
No par 325 Apr 27 3914Sept 9
*21
2114 *21
2114 21
303 Mar 4118 Jan
21
4
•21
2114 21
21
2114 217g 2,000 Life Savers
No par 2014Sept 16 247 Feb 17
1714 May 25 Dec
12414 12414 125 125 *124 126
124 124
12578 12578 127 128
1,000 Liggett & Myers Tobaceo_2 *87% Feb 10
128 Sept 30
12212 123
123 123
724 Mar 103 Dec
/
1
122 124
123 1235* 1223 1257 12512 1263
4
4 8,600 Series B
2 •865* Feb 10 1263
•132 134 •13218 134 *13218 134 *13218 134 •13218 134
4Sept 30
71 Mar 723 Dec
13218 1327
8
100 Preferred
100 1243 Jan 27 134 Sept 7 1193 Jan 12914 May
4
64
64
*63
64
4
63
6318 6218 6312 •62
627
8 6212 6318
1,800 Lima Loc Wks
No par 62 Jan 6 7638 Apr 26
4838 4812 48
5312 Mar 693 Jan
483
4 48
507
4
8 5018 5114 50
5012 49% 50
7,400 Liquid Carbonic certifs_No par 45 4 Sept 19 593 Feb 14
6418 6614 54
3
555
4312 Oct 587 Nov
54% 5412 537 5412 53% 5414 5414 5518 9,600 Loew's Incorporate
g
*612 6
d.. No par 487 Jan 4 63 8 Mar 17
612 6
512 512
7
3414 Mar 433* Dee
5% 53
*63
4 6
53*
57*
3.500 Loft Incorporated
51* Sept 29
No par
758 Jan
•22
35
*33
6
Oct 11 Feb
35
•33
35
*33
14
35
*33
35
*33
35
Long Bell Lumber A-....No par 3212 Apr 26 43 Mar 20
7
523 537
41% Dec 5012 Feb
4
513 53 4 5112 5212 5114 523
4
3
4 51
5214 511 521s 10,300 Loose-wflee Biscuit
new.....25 z3512July 1 5614Sept 6
2d preferred
100 157 Mar 11 171 May 7 12014 Mar 175 Dec
-it5T2 - - - -Oor2 - - - -56i4 -We -56j4 - - t -5O- -46
46
3tO364 -5Ois id.- 'Cu
--,800 Lorillard
25 2312May 2 473
8July 28
•111 115 *111 115 49111 115 *11012 1147g *11012.11478 111 111
273 Oct 4214 Feb
100 Preferred
•107 1118 103 11
8
4
1034 11
107 107
103 107
4
7,600 Louisiana Oil temp ctts_No 100 107 June 27 11812 Jan 13 11118 Apr 130 Aug
105* 11
par 1012Sept 3 12 Aug 16
12 Mar 197 June
*905 91
•903 91
* 01 91
9 4
"903 91
1
*903 91
4
*90 4 91
3
Preferred
100 90 Apr 6
26% 283
*2612 2812 2614 27
4 2612 2714 263 267
93 Dec 98 Dec
4
8 26% 27
5,800 Louisville G & El A____No par 2358 Jan 3 97 Feb 5
28 May 10
8
*2312 24
•235 24
23% 2358 2312 2312 23
22 4 Mar 261g Feb
3
23
2312 24
800 Ludlum Steel
No par 213
4June 24 3314 Mar 18
•120 125
120 121 *118 125
120 120 *118 125 •118 125
223* Oct 5814 Feb
400 Mackay Companies
100 105 June 27 134 Aug 24 122
*70
7012 70
70
•68
70
*68
69
6812 6812 69 69
Oct 138 Feb
500 Preferred
100 67 Aug 2 74 Aug 18
10512 10712 1053 1083* 106 1107* 1075 11014 1062 10914 10712 1085 183,200
8
4
68 Mar 7318 Feb
Mack Trucks, Inc
No par 8814 Jan 24 1183
•111 1121 *111 1121 *111 112 *111 112
4May 23
111 111 •111 112
893* Nov 159
Jan
100 let preferred
100 109 Jan 25 11318July 19 10712 Nov 113 June
*105 108 *105 108 *105 108 *105 108 *105 108 *105 108
2d preferred
100 102 Jan 18 10712June 9 102
43 4 4414 4314 443* 4214 433* 42
3
4314 411* 42% s42
Oct 1083 Sept
4
423
4 7,100 Magma Copper
No par 2912 Feb 9 457 Sept 20
*153* 16
1512 153* 1512 153
15 8 153*
5
8
4 1512 1512 1514 1514 1,000 Mallinson
34 Apr 447 Feb
(H It) & Co_No par 1112 Apr 7 183
4Sept 8
125 Nov 28% Jan
8
51
523
4 521/4, 5334 527 53
52
53% 52
s
53
5014 517
8 5,900 Manh Elec Supply-.._
N. par 49185ept 23 132 Aug 5
2912 2913 2912 292 293 293
4
4 295 3014 295 295* 30
8
8
7
44
Oct87% July
30
2,100 Manhattan Shirt
25 2414 Jan 18 3438July 21
60
*49
60
•50
*47
60
*55
•543 60
60
*55
56
217s Oct32 Jan
7
Manila Electric Corp-No
14
13
1394 *1318 14
13% 1314
14
*1312 14
*1312 14
5
27% Mar 45 Sept
1,700 Maracaibo 011 ExplNo par 40 Jan 22 50 Aug 16
par 13 June 27 223 Jan 18
3513 343* 3512 341 3512 15.100
3518 3512 35
3518 35 4 3514 351
3
4
16% Oct28 Feb
/
4
Marland Oil
457 46
No par 31 June 27 5812 Jan 17
46
451s 45 4 45
46
3
4514 *45
45% 4518 451
4914 Mar 63 8 June
3
1,900 Marlin-Rockwell
No par 27 Jan 10 5314 July 16
19
1812 1812 *18
•18
19
1814 •18
•18
19
2412 Oct33 Mar
*18
19
100
4
114 1147 113 114 *113 1137 1133 1143 11512 11612 2,100 Martin-Parry Corp__ _No par 165*June29 243 Feb 24
•11312 115
4
17 May 23 June
4
Mathieson Alkali WorksNo par 82 Jan 6 1243
7934 793
7918 7912 783 7934 7812 7912 79
4
4
4 793 797
4Ju1y 20
6212May 10618 Jan
80
6,500 May Dept Stores new
25 663
3112 323s 3114 3112 3138 317
4June 28 821Sept 12
3118 3112 3114 32% '3112 32
/
4
691 Dec 70 Dec
8 6,100 Maytag Co
No par
8
825 825
8 8212 821 *80
8
*8212 85
8
*825 83
19 Mar 2412 Sept
81
82
82
400 McCrory Stores Class BNo par 233 Jan 15 3414 Aug 10
2818 287* 283
28
565 Mar 4 91 Sept 7
27
8 28
27
2712 28
28
72 Mar 121
28
28
Jan
7,500 McIntyre Porcupine Mines_
_5 2412 Mar 14 283 Sept 28
4 2434 243 *244 25
*2478 25
24% 247
244 243
8
2214 Oct30 Feb
4
/
1
*243 25
4
300 Metro-Goldwyn Pictures
47
*43
47
*412 47
4
*412 47
4% 41
•43s
2214 Jan 2512 Nov
412 412
300 Mexican Seaboard Oil_ p1_27 243 Jan 3 2614 Feb 21
No par
147 143* 143 143 *145 15
3 Aug 23
1514 1514 15
4
6 Feb
914 Feb 16
55's
4
*1454 15
133 July
4
1,800 Miami Copper
295
293
8 29
8 281 29
/
4
283 291 284 2012 29
1612 Feb 28
283 29
4
4
11 Mar 173* Oct
/
4
15,200 Mid-Continent Petro_ _No 5 1315June 2
par 283 Sept 22 3938 Jan 21
8
103 106 *103 106 *103 106 *103 105 *103 105 *103 105
2712 July 37
Jan
Slid-Cont Petrol prof
100 97 Apr 28 105 Feb 3
212 212
238 238
25
212
212 212
90 Mar 10414 Dec
238
238
23* 23g
1,700 Middle States 011 Corp
10
15* Jan 3
*17
•134 2
8 2
4June 23
17
178
17
33
8
17
134
17
3 Nov
8 *13
4
212 Jan
17
600 Certificates
10
11 Jan 25
/
4
137 1377 138 138
•132 138
'
4June 23
23
13712 138
138 138
138 139
12 Oct17*
1,700 Midland Steel Prod pref _ _ _100
106 Apr 11 141 Sept 19 107 Mar 13312 Dec
2914 2918 2938 287 29
287* 2914 2878 293* 29
283 2918 6,200
4
Feb
No par 233 Aug 26 363 Apr 12
4
103 10512 102 10612 103 10518 1043* 10512 21,600 Miller Rubber ctfs
1023 1027 103 104
4
4
/
1
4
8
30 May 44 4 Feb
3
Montana Power
8114 81
100 8112 Jan 28 10612Sept 28
781. til
7912 8112 80
83
8112 811 833 85 4 132,500 Montn
/
4
693 Mar 8612 Nov
4
Ward & Co Ill core_ _10 605* Feb 8 8514 Sept 30
56 May 82
• Bid and usked prices; no sales on tnis nay. x x V en . -x v en
Jan
and ex-rights.
New York Stock Record-Continued-Page 5
1814
For sales during the week of stocks usually inactive, see fifth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Sept. 24.
Monday,
Sept. 26.
Tuesday,
Sept. 27.
Wednesday, Thursday,
Sept. 29.
Sept. 28.
Friday,
Sept. 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Precious
Year 1926
Lowest
Highest
Indus. & MIscel. (Con.) Par $ per share 3 per share $ per share $ per share
$ per share $ per share $ per share S per share
8
4
93 Nov 373 Feb
6 June 23 1212 Jan 5
No par
Moon Motors
614 614 *612 7
612 612
614
6
712 Feb
4 Nov
8sept 30
8
43 Jan 3
15
Mother Lode Coalition_No par
218
2
8
23
2
238 212
•212 24
8
4
103 Dec 2312 June
612Sept 19 165 Mar 18
No par
Motion Picture
8
8
9
812 812 *8
812 812
8
4
333 May 533 Feb
8
4
No par 243 Aug 25 383 Apr 18
Motor Meter A
2612 2558 2614
2618 2712 *26
8
*267 28
8
1918 Nov 337 Feb
8
4
No par 203 Jan 3 277 Mar 29
Motor Wheel
3
3
3
8 2558 2578 25 4 25 4 2553 25 4
3
25 8 253
4
193 Feb
8 Nov
10 Jan 5 6912Sept 20
Corp....._No par
Mullins Body
6412 6258 6478
6612 6712 6318 6714 63
3434 Apr 3834 July
4May 17 4958 Aug 18
No par 353
Munsingwear Inc
43 45
4512
4512 4412 4512 45
*45
4
1914Sept 23 43 Feb 23
No par
Murray Body new
2012 2112 193 2012 1912 2018
4
8
205 21
8
52 Mar 707 Dec
No par 6014 Apr 25 937s Sept 23
Nash Motors Co
8 9114 923
8 9112 9212
8 9012 927
9212 933
8
127 Jan
8May 18
67
5 Nov
5 Feb 15
National Acme stamped_ _ _ _10
3
.512 512 .514 5 4 *514 54 *514 512
No par 314 Sept 22 4414 Apr It
Nat Belles Hess
8 3412 35
4
333 337
33
33
33
.32
100 8514Sept 16 97 Apr 19
Preferred
*8712 8912 8912 8912
4
8618 863 87
86
74
Jan 102 Dec
4
25 943 Jan 27 15012Sept 21
National Biscuit
8
4
14638 14834 14514 1483 1453 1473 14512 1477
4
4
Jan 13112 Apr
100 130 Jan 10 141 Aug 25 126
Preferred
139 139
*138 140 *138 140 *138 140
Jan
3712 Oct 54
8Sept 19
8
Nat Cash Register A w iNo par . 397 Jan 3 483
464 47
47
4
8 463
8
473
467 4714 47
8
No par 5914May 3 687 Aug 4
Dairy Prod
Nat
6038 61
6012 61
8 604 61
613
61
8
Oct 423 Jan
8
24
Nat Department Stores No par 2014June 27 273 Mar 1
2318 2314
8
*2318 2478 *2318 247 *2318 24
Jan
4
893 Oct 97
100 8912July 26 9414 Jan 10
1st preferred
*9112 92
92
*9112 92
*91
*9112 92
1212 May 34 Jan
8June 6
17 Feb 8 513
43,100 Nat Distill Prod ctfsNo par
8
483 5014 4558 4938 4538 4734 453 47
4
8
3712 Aug 733 Jan
Mar 22 693
4June 6
1.300 Preferred temp cUs_ _No par 43
60
59
59
59
59
55
59
*55
60
60 6012 60
2118 July 4012 Jan
29 353
8June 6
2512 2512 2512 2512 2512 2512 2518 2512 1,500 Nat Enam & Stamping___ _100 1918 Apr
26
26
26
26
4
76 July 893 Jan
100 6918 Apr 29 9l7 July5
900 Preferred
90
*87
88
88
88
83
89
*87
89
*87
90
*88
Apr 181 Dec
4May 16 138
100 595 May 31 2023
1,500 National Lead
124 125
123 123
4
4
12214 1223 1213 123
124 124
•123 135
100 11312June 2 136 Sept 15
13512
200 Preferred A
*13512 138 *13512 138 *13512 138 *13512 13614 *13512 13614 135
8
4
163 Mar 383 Jan
4
1914June 23 263 Sept 27
8
257 2614 96,400 National Pr & Lt ctfs__No par
8
4 255 26
4 254 263
263
8 26
263
244 2514 25
5512 Jan 88 Dec
4
50 76 May 11 953 Feb 18
8512 2,200 National Supply
85,12 8512 8512 8512 85
8418 8412 85 85
*844 85
100 a218 July 21 269 May 13 208 Mar 237 Dec
National Surety
4 2,510
254 255
25412 25812 255 2554 25414 25512 254 25512 25514 2573
Jan
No par 108 Apr 18 1744Ju1y 21 11612 Nov 233
164 169
16614 16918 1,700 National Tea Co
160 160
160 160
*159 16412 160 160
1614 Nov
8
115 June
4June 29 1712Sept 15
123
1512 16
1578 1614 32,500 Nevada Consol Copper_No par
8
155 16
4
1612 1638 1618 164 153 1614
3612 Jan 4612 Sept
par 40 Sept 26 50 June 9
No
4 4114 4112 4118 4112 21,200 N Y Air Brake
4 414 413
404 413
45
40
46
•45
4
2018 Nov 843 Jan
8
No par 1318 Apr 21 217 Jan 3
7014 Dec 85 Apr
No par 43 Mar 30 72 Jan 13
Preferred
_--- -- _
8
Oct 457 Feb
32
8Sept 12
100 34 Jan 14 647
6012 1,000 New York Dock
5712 5712 59
58
58
59
61
*60
6014 6014 58
69 May 77 Dec
100 7218 Feb 9 90 Sept 12
Preferred
85
85 .80
85
85 .80
*83
*80
87
88 .83
.83
8
275 Mar 2912 Dec
4
Niagara Falls Power pf new_25 273 Jan 31 2958May 2
*2812 2912 *2812 2912
*2812 29
*2812 29
*2812 29
*2812 29
Jan
42 Mar 67
sSept 27
8
10 453 Jan 14 603
8
8
585 593 110,200 North American Co
59
8 5812 5934 58
8
8 587 603
4 597
8 583
.5814 585
Jan 5214 Aug
49
50 50 Jan 10 55 Aug 9
Preferred
300
53
*5212 5312 *5212 5312 .5212 5312 .5212 5312 *5212 5312 53
9118 Mar 97 Dec
6 10412Sept 30
8 Jan
10312 10312 10312 1034 10312 10312 103 2 10312 104 10412 1,500 No Amer Edison pref __No par 965
,
*10314 104
418 Oct 1518 Jan
8
53 Feb 10
8June 16
17
1,700 Norwalk Tire & Rubber_ _ 10
3
3
4 3
23
4
8 .212 23
8 25
23
212 258
4
8 23
25
4
123 Dec 1712 Jan
958 Aug 15 13 Jan 19
200 Nunnally Co (The)_ _ _ _No par
12
1018 1018 •10
12
*10
12
12 .10
*10
12
*10
4Sept 30
30 July 364 Oct
3114 Jan 28 353
25
4
343 3534 2,600 011 Well Supply
3614 3514 3514 3514 3514 3412 3412 3412 35
.3514
Oct 2214 Feb
12
11 Mar 25 1718June 11
No par
Corp
8
8
123 1212 1214 123 *1214 1212 *1214 1212 1214 1212 1214 1212 1,600 Omnibus
Jan 634 Sep
47
8Sept 13
7418 7434 1,700 Oppenhelm Collins & CoNo par 5812 Feb 8 773
74
4
743 .74
8
8
743 745 *74
7412 74
"7412 75
2712 Mar 3318 Nov
1 2414 Sept 2 35 Apr 7
4 1,900 Orpheum Circuit, Inc
8 263 263
4 2612 263
4
2638 2614 263 *2612 267
4
26
*2012 26
Jan 105 Apr
100 10312Mar 23 10812June 2 101
100 Preferred
104 104 .100 105 *100 105
.95 104 *104 105 *102 104
2 153 Sept 24 106 Slay 136 Dec
50z103 Feb
8 9,800 Otis Elevator
150 15214 115214 1525
150 152
149 153
150 153
14912 153
4
100 108 Feb 16 12434 Aug 2 1023 Jan 10912 Aug
60 Preferred
124 124 *122 124
124 .122 124 *122 124 •122 [124
*122
Oct 1412 Jan
8
714 Feb 10 1212June 6
No par
2,900 Otis Steel
9
9
9
4 9
83
94
9
9
9
918
94
*9
63 Nov 74 Sept
8June 9
100 6112 Feb 8 793
200 Prlor pref
74
74
7412 74
74
*72
74
7412 *72
*7212 744 *74
4
4
533 Mar 903 Dec
25 7518 Jan 18 8412 Mar 14
4 1,700 Owens Bottle
7612 763
4
763 77
77
.7612
77
7812 77
77
•7712 78
8Sept 24
25 31 Feb 18 453
4 6,700 Pacific Gas - Elee new
8 4312 437 2444 443
8
4538 4312 4414 4378 443
8 44
4
443 453
n1 May 8318 Feb
178 Jan 7
1 May 25
Na par
lls 2,200 Pacific 011
14
114
114
118
114
118 *14
118
118
118
14
4
313 Mar 4514 July
4
10 333 Apr 28 4414Sept 28
4 4218 423 109,900 Packard Motor Car
423
8
4414 42
42
8
8 417 44
4118 4138 4114 417
9 Nov 2812 Jan
778 Mar 22 1412May 4
1118 4,700 Paige Det Motor Car_ _No par
1118 11
1118 1118 11
1138 1138
8
1118 1112 1153 117
5618 Mar 7612 Jan
8
5034 5012 503
4 50% 503 34912 4912 5,300 Pan-Amer Petr & Trans__ _50 4518 Aug 29 657 Jan 19
4
5118 50
5118 5014
51
8
8
567 Mar 783 Jan
8
50 455 Aug 29 664 Jan 20
4
513 z5012 5118 26,300 Class 13
4 51
8
8 504 5112 507 513
8
4 507 517
5118 513
Oct 46
Jan
30
8
19 Mar 30 377 Jan 24
1,500 Pan-Am West Petrol B _No par
8
19
4 1912 1912 193 1938 19
8
4 195 193
1934 193
*1934 20
412 Jan 32 June
8 Apr 29 184 Jan 17
1214 2,800 Panhandle Prod & ref_No par
114
1112 1112 1112 1112 113 12
4
1214
12
4
113 1214
51
Jan 9918 June
4
100 54 Sept 8 813 Jan 17
74
*68
200 Preferred
70
70
72
*70
72
*70
72
*67
70
70
1838 Oct 2818 Jan
8June 16
8
384 39
,
38 2 393 23,100 Park & Tilford tern ctts_No par 20 Jan 27 421 Mar 4
4 3712 39
8 3814 383
3858 3912 3814 397
518 Sept
812 Feb
8
6 Jan 3
1
600 Park Utah C NI
4 7
8 *63
8 67
67
8 7
s *67
8 67
67
7
7
8
73
..7
23
23
*2214 2312 5,300 Pathe Exchange A new_No par 20 Sept 22 4314June 17
2212 24
8
215 22
2112 23
4
213 23
8
2,400 Patin° Mines & Enterpr__ 20 1812 Aug 1 277 Feb 2
21
8 21
207
20
20
2012 20
8
8
203 2034 203 2012 *20
8
233 Nov 3112 Nov
50 20 Apr 29 32 Jan 8
4
213 213
4 2,100 Peerless Motor Car
4
213 22
4
*213 22
4
2212 2112 2214 *213 22
22
164 Jan 24 Dee
8May 9
1912Sept 29 277
No par
4,500 Penick & Ford
8
2018 1912 2018 195 20
20
20
2012 20
2012 204 20
7 Aug
19
Oct
50 1014 Jan 19 2512May 27
*14
1512 1,0001Penn Coal & Coke
15
15
15
15
16
*14
15
15
16
.14
38 Dec 41 Dee
8
2414 2412 2412 2412 2412 1,800 Penn-Dixie Cement _ __ _No par 2378 Aug 23 395 Jan 13
4 24
•2412 2512 2414 2412 2378 243
99 Nov 10012 Nov
100 91 Sept 7 100 May 14
95
*93
2001 Preferred
95
*93
94
94
94
*93
94
94
94
.93
214 Jan
118 Feb 14
% Oct
14June 25
Penn-Seaboard St'l vtc No par
Jan 131 Dee
117
15612 15914 157 158
153 16114 6,000 People's 0 L & C (Chic) 100 126 Jan 14 15914Sept 28
;i541 15514 153 15714 155 156
5918 Mar 91 Dec
3,500•Philadelphla Co (Pittsb)_ _50 8514 Jan 18 110 Mar 25
8 107 10814 10712 10712 *105 108 *105 108 *105 108
1064 1073
Oct 5114 July
45
50 50 Jan 6 53125ept 21
52
3001 6% preferred
4
5312 *523 5312 z52
5312 *53
534 5318 '5212 5312 .53
3614 Apr 4838 Feb
8
8June 30 475 Mar 4
8
437 92,100 Phita & Read C & 1.....No par 373
4218 42
4218 41
8 41
4
403 4112 4012 4114 4012 415
4
363 June 4612 Jan
5001 Certificates of int _ _ _ No par 3714260e 30 47 Mar 4
4212
8
4112 405 4112 42
*40
42
..40
42
•40
42
*40
Apr 41 Dec
16
5,800 Phillip Morris & Co. Ltd_ _ _10 18 Sept 27 41 18 Jan 10
1818 19
1814 19
1812 1814 19
8 18
4
203 2114 a1918 215
40 Mar 573 Dec
8
No par 38 July 13 6014 Feb 16
8
8
4
8 413 4234 417 423 48,600 Phillips Petroleum
423
4 4218 4212 42
4 4218 423
4214 423
31 Mar 4614 Nov
8
5 4012Sept 26 527 Aug 2
414 4118
800 Phoenix Hosiery
41
41
43
*4018 4212 .41
4012 42
42
42
94 Mar 103
4July 9
Oct
100 103 Jan 5 1073
30 Preferred
*98 104
10412 10412 *98 10412 *98 104
•10412 105 *10412 105
19 Slay 4318 Jan
912Sept 29 235 Mar 8
8
912 94 9,200 Plerce-Arrow Mot Car_No par
012 97
8
97 1018
4
93 1018
8
4
93 10
1018 1018
4Sept 27 10212 Jan 3
7612 Apr 12714 Aug
100 383
3918 40
7,800 Preferred
8
8 393 40
403
4
383 4014 40
41
4112 39
41
178 Jan
14 Mar 25
118June 22
1 2 Oct
25
800 Pierce 011 Corporation
4
3
4
4
3
*4
4
3
4
*
4
3
*12
4
3
*12
%
8
5
1118 Nov 2718 Jan
100 134 Mar 24 24 June 21
100 Preferred
1612 1612 "
*1612 19
1612 19
20 .1612 20
*17
19
•17
7 Jan
512June 20
214 Aug
212 Mar 22
4 1,600 Pierce Petrol'm tern ettsNo par
4 3
33
4
4
4 3
33
4
4 33
33
8
3
3 4 33
34 37
*34 4
39 June 4212 Jan
100 3234 Mar 22 7412June 7
18,900 Pittsburgh Coal of Pa
8 6312 65
637
4 61
653
4 64
4
613 643
6112 64
8
633 65
Jan
70 June 85
100 704 Mar 10 98 Sept 13
Preferred
95
*03
95
*93
95
.92
95
*92
1
'
05 '9212 95
*92
94 Mar 10018 Dec
100 9512 Apr 11 101 Jan 18
200 Pittsburgh Steel pref
974
*96
97
9714 97
9714 *97
9714 *97
9712 *97
.97
8
7512 Star 1247 Feb
8
No par 925 Mar 16 126 Sept 16
37,200 Postum Co. Inc
8
11914 1213 11812 1204 1197 121
12138 11812 120
4
8
4
1203 1213 119
3418 May 44 Nov
100 3612 Feb 5 78 Aug 26
4 6,700 Pressed Steel Car new
4
*7212 7312 713 723
7314 74
74
73
7312 75
7314 75
7712 Dec 9534 Jan
100 7612 Feb 5 9212Slay 12
200 Preferred
8712
8712 *86
8712 *86
8
874 863 8714 *86
,
*86 2 8712 '86
11 Mar 203 Oct
4
8May 16
4
8 28
48,600 Producers & Refiners Corp 50 163 Jan 5 337
s 29
293
31
3038 2912 3012 2814 295
8 28
2712 287
4
303 May 413 Oct
4
8
50 367 Jan 6 50 Feb 9
45
900 Preferred
4512
45
4512 *44
4412 44
4512 4512 43
45
44
3114 Oct 3338 Nov
8Sept 7
8
8 4412 4518 447 4514 64,300 PubServCorp of NJ newNo par 32 Jan 6 467
4412 455
8
4614 447 46
45
4538 46
0612 Apr 101
Oct
100 0812 Feb 19 10114May 10
4
1003 1003
300 6% preferred
4
101 101 *10014 101
10018 10018 10014 10014 *100 101
100 10812 Jan 5 116 Sept 30 10318 Jan 110 Nov
800 7% preferred
11514 11514 11514 11514 11512 116
115 115
1144 115 *11412 115
100 125 Jan 10 132 June 20 115 Mar 12434 Nov
400 8% preferred
132 132 *130 132
130 13012 .130 132
131
8
*1297 131 *1294
Jan 10418 Sept
97
4May 20
8 1,500 Pub Serv Elec & Gas pfd.100 102 Jan 4 1083
8
4
8
8
1077 1074 1075 1073 10712 10712 1075 1075
4
4
10734 1073 1073 103
8Sept 30
4
8
827 88,700 Pullman Company new No par 733 Aug 17 827
81
4
4 793 81
8018 813
8 804 82
823
7934 8112 81
33 -Apr 4914 Dee
8
50 3418 Star 22 467 Jan 3
1,100 Punta Alegre Sugar
3612 365 367
8 3612 37
8
4 3618 3618 *3618 3612 3612
4
363 363
Jan
2514 Oct 31
8June 27 3312Mar 4
25 253
2612 264 7,400 Pure 011 (The)
8
4 2614 2612 263 27
8
4 263 263
4 2612 263
8
265 263
4June
8
100 1113 Jan 11 114 May 25 106 Apr 1123
8% preferred
.111 11114 .111 114 *111 114
*11312 11412 *112 115 *112 116 4
Oct 4938 Nov
47
8Sept 22
- 25 4234 Mar 31 583
Purity Bakeries class A
58
400
5712 58
*57
57
5814 57
5712 5712 .57
58
*57
5112 Nov 44 Dee
4
No par 413 Jan 3 91 Sept 22
Class B
8914 8912 1,600
4
8
8812 8914 8812 893 *883 8912 8818 8812 *8812 90
32 Mar 615 Nov
8
6434 64
6514 61,700 Radio Corp of Amer__ _No par 41 18 Apr 13 6814 Aug 17
8 63
8
6434 633 643
63
3
3
63 4 6512 634 65 8 5
8
443 Mar 537 Dec
8
8
50 49 May 3 547 Sept 3
*5312 54
300 Preferred
*5312 54
54
4 51
543
54
4
533 54
54
•53
4
323 Apr 413 Oct
4
No par 40 Jan 5 46 Apr 25
Rand Mines, Ltd
4
8
*427 45 .4212 45
8
.423 45
*424 45
*4314 45
45
.4314
1012 Mar 163 Nov
4
154Sept 26
400 Ray Consolidated Copper_10 1318July 1
5
1512 15 8 1512 1512 1512 1512
•1514 16
3712 Nov 5014 Oct
10 2214 Sept 22 49 Apr 20
21
2212 23
23
2214 2212 - - -12 3,300 Real Silk Hosiery
2312 2258 23
23
2212 24
9314 Dec 100 Nov
100 80 June 1 99 Mar 2
8
20 Preferred
*8512 8812 .8512 8812 8414 8512 .853 8812
*8512 89
*8512 89
4
Jan
393 Dec 56
8Sept 12
No par 3812 Jan 24 655
63
63
4,000 Reid Ice Cream
63
4 52
4 6114 623
623
6212 62
62
6212 63
183 Feb
4
9 Jan 10
712 July
54July 23
No par
4 8
200 Rels (Robt) & Co
712 712 .73
.712 8
*713 8
5
'2 •712
712 8
•
No par 33 Sept 28 4714June 9
347 84,900 Remington-Rand
34
35
8
3318
35
12 3518 3614 33
3714 3758 3614 37
8Sept 30 10212 Apr 25
100 043
8
800 First preferred
9614 9614 943 9512
4
4
9712 9712 971 9714 9712 973 *9614 98
100 99 June 3 110 Apr25-*98 102
100 Second preferred
.98 102 .98 102
*98 102
*100 115
101 101
Oct
Refti'g'tn Type 7% 1st p1.100 110 Feb 18 11712 Feb 10 106 Apr 118
*105 115 *105 115
4
*973 115 *105 115
4972 115
4
4
.973 115
100 110 Aug 29 126 Apr 25 105 Apr 11514 Aug
8% 2d preferred
____ •105 115 *105 115 *105 115
*100 115 *100 115 *115
8
Oct 157 Jan
8
918 Apr 30 1312 Jan 10
No par
Replogle Steel
44 May 6338 Jan
100 5612 Jan 4 7578 Mar 11
64
1,100 Republic Iron & Steel
8
633 6312 64 64
8 6412 6412 6312 6312 64
6412 647
9114 Mar 99 Sept
100 9658 Jan 3 106 Slay 25
200 Preferred
8
8
8 .103 1037 .103 1037 •103 10312 103 103
10314 10314 *103 1037 4
8
414 Oct 105 Jan
4 Feb 21
1014 July 11
No par
7
718
74 8,800 Reynolds Spring
7
734
734
8
714 75
712 8
712 712
8
90 Mar 1217 Nov
Class B 25 9818 Feb 24 151 Sept 16
Tob
8
4
148 14834 14818 1493 14818 14912 149 14934 14834 1484 14812 1497 24,100 Reynolds(RJ) Co
7618 Dec 100 Jan
8Sept 30
25 74 Jan 13 1347
8
4
8
128 12934 12812 1314 1295 13212 1303 1347 13.700 Rossia Insurance
129 12934 123 130
8
8
473 Oct 573 Jan
5
Dutch Co(N Y shares). 44142uly 27 5412 Feb 9
8
8 455 45
8 4514 453
464 464 1.800 Royal
4
*453 4614 454 4618 4538 453
8
365 May 4818 Feb
8
10 36 May 23 437 Mar 4
4 2,100 St Joseph Lead
4
4
363 3712 3712 3712 3712 3712 373 373
37
37
3712 38
4218 Star 5512 Nov
4
No par 523 Jan 3 7414July 20
6714 6614 6718 16512 6612 3,300 Safety Cable
8
6712 6712 665 6712 663 6718 67
8
6714 Nov 10212 Feb
CorporatIon_100 4413 Sept 30 7212 Mar 5
4512 4512 444 4713 3,600 Savage Arms
4612 47
8
*4612 4714 *453 463
4 453 47
4
212 Dec 1014 Jan
1 June 30
4
33 Jan 10
No par
114 2,100 Seneca Copper
118 *118
118
114
114
112
112 *114
114 114 *114
52 Mar 7058 July
*61
6112 6114 614
700 Shubert Theatre Corp No par 55 Aug 13 68 Aug 29
61
6114 61
61
61
6012 6114 61
4212 Mar 13812 Jan
4
533 23,000 Schulte Retail StoresNo par 47 Jan 18 67 Sept 8
5314 5414 534 5312 53
4
533 5412 5358 5434 5312 54
100 11614 Jan 22 123 Aug 5 11212 Jan 120 Sept
Preferred
_ _ •120 121 •120 121
•120
*120 .
---- - .•120
1212 Mar 143
8
83
4May
4Sept 9 135 Jan 3
No par
ois
A3
918 19
9
8
O3
1,000 Sea,grave Corp
gs, - - 4
9
8 93 92. _"8
93
- -4
*5
4414 Mar 583 Sept
4
4 753 7712 7714 784 84,300 Sears, Roebuck &Co new Nopar $1 Jan 17 784 Sept 30
8 7618 773
767
7458 754 75 4 767
8 76
3
47 Mar 6958 Jan
8Sept 30
No par 563 Jan 17 883
868s 8834 26,400 Shatuck (F G)
8018 82i4 80
8112 8512
4
803 82
8172 793 80
4
4012 July 4858 Jan
Shell Transport & Trading.L2 4218July 27 474 Feb 10
*4134 43 .4112 4212 *4112 43
•4212 43 .4214 43
43
.43
24 Mar 31 Nov
No par 2514 Sept 15 3114 Feb 7
8
4 255 2534 4,400 Shell Union Oil
8 2534 253
2512 257
4
253 2618 253 257
4
4
8 253 26
new.
•Bid and asked prices; no sales on this day. x Ex-dividend. a Ex-rights. n Ex-dividend one share of Standard 011 of California
S Distribated else-half share common stock and one-half share preferred 13 stock.
If
$ per share $ per share
s *614 63
8
614 63
8 2
15
218
2
4 *734 814
73
4
73
264 2612
2512 26
8
8
4 257 257
8
255 253
65
63
64
64
4414 45
8
443 45
20
1912 2014 20
8
8 924 925
8
913 925
4
514 53
4
53 '
514
•
3512 3512 3512 3812
8912 90 9012
89
14512 146 z146 14612
4
139 13914 •1383 140
14614 465
8
4
463 47
4
6118 603 6112
60
*2318 24
2318 2312
*9112 92
*9112 92
4812
4518 4738 47
Shares
900
14,300
2,900
2.400
2,200
10,700
2,100
5,700
76,400
100
4,400
2.200
8,600
300
7,700
15,000
800
1815
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually Inactive, see sixth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Sept. 24.
Monday,
Sept. 26.
Tuesday,
Sept. 27.
Wednesday, Thursday,
Sept. 29.
Sept. 28.
Friday.
Sept. 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
I
Range Since Jan. 1 1927
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share 3 per share $ per share $ Per share $ per share Shares Indus. & MIscel. (Con.) Par 3 per share $ per share $ Per share $ per share
8
1518 Aug 285 Jan
10 1414July 16 223 Feb 16
4
1712 1718 17% *17
17
1712 1713 173
1714 17
4 1718 1712 7,100 Simms Petroleum
5713 5814 574 5814 57
2838 Oct 5412 Jan
No par 3313 Jan 6 '6112Sept 9
5614 57% 17,700 Simmons Co
5712 563 5712 5618 57
4
100 10714 Jan 4 1114July 15 10512 Nov 10912 July
200 Preferred
11118 11118 11118 11118 11118 11118 *11112
11118 11118 11118 11118
1634 Oct 24% Feb
8
17
1738 1718 17% 17
8 1634 1718 21,000 Sinclair Cons 011 Corp_No par 16 June 30 223 Jan 20
1714 163 163
1714 17
4
90 Mar 9912 June
100 97 Jan 6 10314 Jan 31
100 100 *100 101 *100 102 *100 102 *100 102
400 Preferred
9912 100
2658 Mar 3714 June
25 2418June 27 373 Feb 21
4
264 263
263 267
8 2614 2612 *2612 27
4
8 263 267
4 3,900 Skelly Oil Co
4 2614 263
*120 130 *121 128 *121 128 *121 128 *121 128
126 126
100 Sloss-Sheffield Steel dr Iron 100 113 June 29 13414 Apr 6 103 Apr 14212 Aug
4July 21
1412 1412 157
'14
*145 15
8 1513 15 4 '1.5
No par 11%June 22 163
8
5,600 Snider Packing
15
1513 15
3
41
7
404 41% 40
393 40% 393 4018 3913 39% 40
40% 10,500 So Porto Rico Sug new _No par 33 8 Aug 12 4258May 18
4
4
*12814
Oct iii" Dec
4
*129
1 814 _
100 11812 Mar 4 1313 Aug 5 110 "
- *129
--*12812
Preferred
*12814
30 Dec 33 July
40
4018 403
25 315 Jan 3 41 Sept 26
4 4018 41
4012 4054 407 - - 4
4 3 J00 Southern Calif Edison
4012 40% 4078 40
41
1912 1912 1914 1914 *19
Oct 5512 July
3
1712 1818 3,200 Southern Dairies el A_No par 15 May 20 45 8 Jan 13
19
18
20
19
183
4
814 *8
r8
7 May 18 20 Jan 7
8
8
1712 Oct 35 4 Mar
*8
3
814
8
No par
8
818
8
800 Class B
812
*105 13
834May 13 15 July 29
8
*1058 13
10 Dec 1734 Feb
*1058 13
*105 13
8
Spear & Co
*10% 13
No par
*10% 13
*79
80
*79
72 Apr 8212 Jan
80
*79
100 73 Feb 24 80 Feb 14
80
79% *79
80
*79
Preferred
80
*79
25
8May 25
183 Apr 3138 Feb
4
2518 25
253
4 2412 243
243 25
No par 2012 Jan 27 287
4
5,900 Spicer Mfg Co
25
4 25
25 4 25
3
*110 111 *110 111 *110 111
Jan 10714 Dec
111 111 *10812 11114 •10812 111
100 Preferred
100 104 Feb 21 11114 Sept 13 101
4June 16
8
51 Mar 69 Feb
6412 647
z64
64% 45,900 Standard Gas & El Co_No par 54 Jan 25 663
8
3
3
8
8 643 65 4 645 6538 64 4 653
4 643 65
64
53 4 Mar 575 Feb
6314 6314 64
3
64
64
8
64
50 574 Jan 3 644 Aug 30
800 Preferred
6312 6312 6412 6412 64
90
901
3
893 904 8912 90
4
674 Oct 9212 Feb
91
89
100 7014 Jan 4 95 4 Aug30
89
894 89
9112 1,900 Standard Milling
80 Mar 90 Feb
4
*973 981 *973 9812 *973 981 *9814 9812 9814 9814 984 9812
4
100 84 Jan 5 9912Sept13
4
80 Preferred
5255 May 63 8 Sept
533 5414 5313 54
4
5418 541
5
4
5312 533
4
5312 54
4 53% 533 14,500 Standard Oil of Cal newNopar 5038 Apr 28 603 JanI9
373 Dec 463 Jan
393 4018 393 40
8
4
3913 40
4
393 397
4
4
4
4 393 4014 37,900 Standard 011 of New Jersey_25 3518 Apr 29 4138 Feb 5
8 395 397
3138 32
3213 Dec 3314 Dee
31% 317
3153 317
4June 27 3418 Jan18
3112 3134 3138 3153 3114 311 27,900 Standard Oil of New York_ _25 293
*278 314
312 Nov 107 - Feb
8June 9
8
800 Stand Plate Glass Co_ No par
234
4 31
23
43
4 2
3
2 Mar 29
23
4 2
*23
23
4 23
7
4
23
4
126 128
12612 127
75 Mar 9614 Nov
126 126
5,200 Sterling Products
127 1295 1273 1283 128 • 130
No pa
8
4
9012 Jan 4 13312 Aug19
4
67
67
683
61 Nov 92% Jan
8 67
68
-Warn Sp Corp_No pa
6774 693
4 68
677
5414 Mar 15 7212Sept30
693
4 69% 721 43,500 Stewart
2,300 Stromberg Carburetor_No pa
351 *35
35
381
, 34
36
*34
473 Dec 774 Jan
35
4
36
3514 3514 36
2618June 1 60 Sept 9
577 598 5712 583
47 May 62 Sept
58% 59
573 5812 39,200 Studeb'rCorp(The) newNo pa
4
49 June 23 6312Sept12
8 5712 5814 573 59
4
*120 124 '120 124 *120 124 *120 124
100' Preferred
100 118 Feb 10 123 Sept22 11412 Feb 12212 June
121 121 •120 124
8
412 412
3,200 Submarine Boat
412 44
212 Feb 28
No pa
818May12
43
8 412
3 4 Feb
44 48 *413 45
3
14 July
31
3114 3114 3114 *303 317
3113 3113 '313 32
2,000 Sun 011
3138 317
No pa
4
30 Mar 21 347 Jan17
301 Ma
4
8
41% Jan
37
8 38
7
4
3
418 414 6,100 Superior Oil
No pa
4
3% 3 8
4
3 4 Mar 30
3
4 18
1 July
612 Feb18
7
33
4 34
514 Dec
22
22
2034 21
*20% 22
8
100 1953 Jan 25 28 May18
*205 22
21
8
600 Superior Steel
194 Apr 347 Sept
8
20% 205 *20
*97 10
2
1,000 Sweets Co of America
93 10
4
50
7 Apr 27 135 Feb 3
9 8 • 9% 9% 10
5
858 Apr 17% Sept
*95 11
8
8
9% TO
300 Symington temp Ws_ _No pa
212 212 *212 4
*212 4
212
218Sept 17
212 *212 4
*213 4
4 No
6 Jan14
1412 Jan
814 814
*814 9
8
8
8 Sept 30 133 Jan14
700 Class A temp ctts___ _No pa
84 812 *8
105 Oct 20% Feb
8
8
"814 9
9
•134 14
*1312 13% •1313 133 *1314 133
1112Mar 9 1512 Aug 4
_ _ _No
*1314 14
11
4
Apr 147 Jan
8
4 1314 14'2 1,200 Telautograph Corp __No pa
*87
85
No pa
8 9
8 88 2,500 Tenn Copp & C
818June 10 1314 Jan13
8% 8%
85
8 84
105s Dec 16 Feb
3
8 4 83
3
85, 83
4
4
5112 27,800 Texas Corporation
507 513
8
5114 515
2
8 5114 515
45 Apr 19 58 Jan17
5114 5112 51
8
5312 Nov 577 Dec
5153 51
7
7514 313,900 Texas Gulf Sulphur new No pa
74% 7714 723 75 4 731s 74
76% 77
8
8
7112 7455 743
49 Jan 3 813
Oct 523 Nov
8Sept20
3
8
39
1414 145
8 1413 1434 1414 1455 143 14% 1414 1455 1414 1414 4,400 Texas Pacific Coal & 011
8
1
12 Apr 29 187
8June 8
12
Oct 1913 Jan
28% 303
8 2812 29% 2812 2914 28
2834 2812 991 73,500 Texas PELO Land Trust new_ _1
2918 28
1513 Jan 25 40 June 7
_
33
4
*33
3
3314 323 323
34
4
4 3334 33 4 33
33
800 The Fair
4 323 333
2414 Jan 11 36 Aug 5
No pa
265 Dec 34 Jan
8
8
*57513 5812 575 57% 5714 58
1,100 Thompson (J R) Co
59
58
59
5812 59
59
2
47 Jan 26 59 Sept 29
4214 May 5012 Sept
16% 1718 163 17
*167 17
8
16% 1718 163 17
167 171 14,500 Tidewater Assoc Oil__.No pa
8
4
4
1512June 2 1918June 9
_
*8613 86% *86
863
4 863 863
86% 864 861
4
4 86
86
86
800 Preferred
4June 1 -- - - -- -86 Sept 19 903
10
- - - -24
*22
22
2313 23
23
23
23
23 231
23
23
1,630 Tide Water Oil
19 July 25 2918 Jan 13
10
27 Nov 3914 Jan
8
'
38812 891 '885 891 *8812 891
88% 8858 *885 8911 88% 89
8
400 Preferred
100 8612July 20 9018 Sept 12
8714 Nov 103 Jan
8
1167 117% 1143 118% 114 1151 11414 1181 11518 118's 1175g 12214 62,700 Timken Roller Hearing_No pa
8
78 Jan 3 14212 Aug 3
447 Mar 85% Nov
98 4 991 22714 98
3
96% 9714 9612 97
9653 97
9638 963
9514 Apr 116 8 Sept
4 6,600 Tobacco Products Corp 100 9312 Apr 11 1103s Jan 5
5
*11012 112 *111 1111 11112 1111 111 111
11113 1111 *111 112
400 Class A
100 108 Apr 16 118 July 13 103 Mar 118% Bert
74 7%
712 7%
712 764 614 7'z 6% 714 99,700 Transell 011 temetfnewNo par 334 Apr 30 934June 18 3 Mar 512 July
712 7
3
*19
211 *19
214 •19
21/
19
191
18
18
400 Transue & Williams St'l No par 10 May 4 217
183 183
4
8Sept 13
15 Aug 27 Jan
4
59
59
5914 58
581
58
5714 581
57
57
57
59
6,700 Underwood Typewriter_ _ _25 45 Jan 29 607 Apr 18
4314 Nov 63 4 Jan
_25
8
3
464 464 4512 46
4534 461
4614 47
8
47
4814 484 50 4 7,500 Union Bag & Paper Corp_ _100 384 Jan 25 7314Jime 1
35 May 7114 Jan
1373 13812 136 1387 13513 1361 135 1381 133 13514 1343 1367 49,900 Union Carbide dr Carb_No par 991s Jan 26 1447 Aug 5
4
4
7712 Mar 1003 Dec
4
8
4214 4214 424 431
4214 421
42
423
4 42
4214 42
8
3714 Jan 583 Sept
25 395
8June 27 5612 Jan 6
4214 6,700 Union 011 California
*109 112
11158 112 *110 112 *110 112 *10912 112 *109 112
200 Union Tank Car new ..100 94 Jan 3 11612July 18
93 Dec 9514 Dec
*35
3512 34% 35
347 347
4
347 35
4
347 347
2,600 United Cigar Stores new.._ _10 3412gept 30 3818July 26 - - -- - 3412 35
108 108
108 108
10712 1073 1073 1073 10755 1073 1073 108
4
4
4
4
4
2,600 Preferred
100 104 July 29 109 June 24
173 174
17214 1747 17134 1721 17214 175
3 17312 1753 17612 1793 12,600 United Drug
4
100 159 Jan 25 1827 Apr 20 134 Mar 174 Dec
4
*597 6018 "59% 60
8
597 597 *597 60
g
4
200 1st Preferred
554 Mar 59 July
50 5812 Jan 6 60's July 12
*59
5912 59'2 59'2
142 142
142 1451 14214 145
142 143
141 143
143 145
2,800 United Fruit
98 Apr 126 Nov
No par 11312 Jan 26 150 Sept 12
*10014 101
981
*9812 101
•9812 100
98
99
99
987 987
8
s
40 Universal Pictures 1st pfd_100 98 Jan 14 10338 Apr 26
90 Mar 9812 Dec
2512 25
25
2614 2412 2514 25
25% 245 2513 2534 261
8
6,000 Universal Pipe & Rad_ _No par 241 Sept 22 3714 Mar 29
1355 Mar 344 Dec
*8613 90
*8613 90
*86h 90
*8612 90
*86
90
*8612 90
Preferred
100 813 Jan 27 96 May 7
4
52 Mar 904 Dec
20413 207
202 207
202 206
20314 20614 2007 207
8
205 2083 11.300 US Cast Iron Pipe aL Fdy_100 19013 Aug 30 246 May 20 150 May 2484 Aug
*114 11414 114 11414 114 114 *113 115 *113 115 *113 115
600 Preferred
100 112 Mar 14, 118 July 1 10014 Mar 118 Dec
18
187
8 18
18
17h 17 4 1712 1712 1718 173
,
8
2,800 U S Distrib Corp new _No pa
4 177 18
3
14 4May 5 22 4July 7 -- -- 52 8 53
7
53
53
523 523
4
4 51% 5214 5112 52
457 Jan 595 Feb
5114 511
3,600 US Hoff Mach Corp vtcNo pa
8May 19
5118 Sept 20 633
7712 773
4 77% 773
4 7614 7712 7612 77% 76% 77
3
774 777
6,400 U S Industrial Alcohol___ _100 69 Mar 30 89 Feb 28
45 Mar 844 Dee
*117 11812 *117 11813 *117 11812 *11712 11812 11812 11812 *117 1181
400 Preferred
9914 Apr 114% Nov
100 10714 Apr 4 119 Aug 29
624 62% 62% 62% *6112 62
1
8 815 62
617 625
8
613 62% 4,500 U S Realty dr Impt new.No pa
4
484 Mar 71% Jan
54 Apr 6 6712 Aug 24
5513 5618 55% 5712 565 58% 5618 57% 56
5714 57
577 80,900 United States Rubber
4
100 3714June 16 6718 Feb 28
5014 May 8814 Jan
10112 1013 10114 102
102 10238 102 1025 10112 10212 101 1021
4
8
6,400 1st Preferred
3
100 85 4June 16 1113 Apr 8 10112 Mar 109 Jar
8
*424 43
413 4212 4112 413
4
4 4012 4114 3812 40
3912 401
6,100 US Smelting, Ref & Min_ __5
333 Jan 13 44 Aug 11
8
30
Oct 497 Jan
8
*5012 51
5014 5012 51
51
*50% 51
50% 50% *50h 51
400 Preferred
5
50 45 8 Jan 18 51 Sept 23
42
Oct 50 Jan
22 176 May
States
117 Apr
ii7T 171; 148114 fEi" iii" 150 14638 C561- 14513 14734 14755 15034 565,400 United w 1 Steel Corp_100 z15014Sept 28 16012Sept 31 1137 Dec 16012 Dec
4
2
New
11138 Jan
117 Dec
16
*136 137
13613 136% 136 136
8
13614 1363 136 13614 1353 1357
4
4 2,200 Preferred
100 129 Jan 28 136 Sept 26 12412 Mar 13034 Dee
7
86
86
86
86
*85
86
87
86
*87
87
8912 87
500 U S Tobacco
No par 67 Jan 4 88 Sept 6
561 Jan 67 Dec
126 126 *1243 128 *12434 128 •12434 128 *1243 128 *1243 128
4
4
4
100 Preferred
100 123 Jan14 12634 Aug 11 112 Mar 123 Dec
__ 150 *____ 150 •____ 135 *____ 150 •____ 150 •____ 150
Utah Copper
10 111 Feb 11 130 Sept 13
93 Apr 116 Nov
al38 3113 314 32
3114 313
314 313
4 314 32
4 31
3112 12,800 Utilities Pow & Lt A_ _No par 27 Jan 8 34 May 19
275 Dec 37 Feb
5312 54
52% 53% 5214 52% 5113 53
513 52
4
5214 5312 10,300 Vanadium Corp
No par 37 Jan 20 563 Aug 17
.1
29 Mar 43 Aug
56
561
•56
57
5612 561
58
593
4 58s 59
5812 583
4 5,900 Vick Chemical
No par 48 Jan 3 °Panne 6
4314 July 52 Aug
3512 361
3613 361
3512 363
8 35
351
35
35
35
353
4 6,800 Victor Talk Machine.
.No par 32 July 13 41 Apr 12
891 *8812 891
89
89
89
8814 883
8912 8912 8812 8812 1,200 6% preferred
No par 874 Aug 16 9614 Apr 13
9714 971 *9714 973
*9714 973
97h 98
*973 973
4 97% 973
4 2,000 7% prior preferred
100 9613 Aug 23 10012 Apr 13
*1234 131 *13
123 123
124 12%
131
4
1134 1214 1112 113
4 3,800 Virg-Caro Chem
712May 2
1512Sept 13 - 9 Oct "251- Feb
No par
2
41
411
414 411
40h 407
4018 401
393 4018 3814 393
4
4 3,700 6% preferred
100 2618 Apr 4 4478Sept 13
3155 Oct 69
Jan
85
8512 85
*85
88
85
851 '
*85
385
851 *85
85
300 7% preferred
100 73 June 8 90 Sept 7
83 Oct 98% Jan
*42
.'42
3
4112 411 *41
47
47
46
46 '41
46
200 Virginia Iron Coal & Coke.100 40 Aug 5 51 Jan 4
40 May 6012 Nov
27
27
29
277
2712 28
283
4 28
27
5s 22634 26% 11,200 Vivaudou(V).
27
3914June 20
4Ju1y 2
26 Mar 3611 Dec
No par 243
*100 10112 101 101 *100 1011 •101 10112 10112 101% *101 10112
200 Preferred
94 4 Jan 11012 Dec
3
100 99 Aug 12 11812June 20
1914 1914 '194 20
1913 191 *1912 20
1914 1914 *1912 20
300 Waldorf System
1914 Sept24 25 Feb 7
17 Jan 23 Dec
No par
181 1813 1938 19%
8
*1812 1912 185 183 *1813 191 *1813 19
8
300 Walwerth Co ctfs
No par
171s July 20 2412 Apr 1
1214 June 2314 Jan
115 118
*119 120
116 116 *110 120 *110 120 *110 120
300 Ward Baking Class A _ _No pa
99 June 195 Jan
8918 Apr 13 118 Sept 26
2612 *26
*263 2712 26
4
261
25 8 26
7
254 26
2618 2818 6,200 Class B
1712June 14 335 Feb 18
No pa
3
2114 Oct 85 8 Feb
94
*93
93 93
94
*93
*93
94
*93
94
94
*93
100 Preferred (100)
8812 Oct 11013 Jan
No pa
84 Apr 9 9714 Sept 12
4
2814 29% 2712 293
s 253 28
263 2712 283 30
8
4
26
271 20,900 Warner Bros Pictures A__ _10 20 July 5 4512 Jan 6
12 June 6914 Bert
4
2578 25% *254 26
25 4 25% *253 26
3
*2512 26
*254 26
600 Warner Quinlan
No pa
24 June 6 2812May 26 ----- _
123 12512 125 13412 12713 1334 127 1333 127 13012 129 130
4
6,800 Warren Bros
No pa
65 Jan14 13412Sept 26
437 Apr -Bi- Dec
*71
7112 27018 7018 *7012 70% 70
703
4 693 6938 69% 701
4
800 Weber & Heilbr, new c_No pa
695
8Sept 30 7512 Aug 9
161 16212 *16012 16112 *160 16112 160 160
1603 161
4
1597 1611
4
1,400 Western Union Telegraph.100 14412 Jan 8 17012June 8 1341 Mar 1577 Sept
188 191
300 Westinghouse Air Brake_ _ _ 50 13313 Jan 4 198 Sept 15 10514 Mar 146 Dee
8414 8538 8338 84's 83
847 -6"
s
8418 85
584 16
'- 44,500 Westinghouse Elea & Mfg. 50 6758 Jan 4 895
8Sept 7
65 May 7913 Feb
1113 1114 114 11% *114 113 *1112 1138 117 1212 123 14
4
8
4
2,200 Weston Elec Instrunft_No pa
11 Sept 23 183 Feb 15
8
133 May 1912 July
4
31
31
31
*303 3112 *3034 31
4
31
31
• 31
*3012 31
300 Class A
No pa
30 July 14 3434 Apr 20
2714 Jan 3212 Oct
1063 107 *10412 106 4 •10514 1063 1063 1063
4
*10514 107 *10514 107
3
4
4
4
West Penn Elec CIA AI No pa
977 Jan 4 111 Aug 22
8812 Jan 9812 Oct
11114 111% 1104 1113 111 11113 112 112
4
112 112
11112 112
740 Preferred
100 102 Jan 4 112 Sept 13
954 May 10212 Dec
11434 11514 11514 116 *115 116
115 115
11512 116
116 116
210 West Penn Power pref.
100 111 Jan 15 118 May 27 108 Mar 115 Sept
23
2214 2214 2214 2214 22
2213 2212 23
23
*2212 23
900 White Eagle 011 &Refg_No par 22 Apr 25 2713 Feb 15
3
2518 Apr 29 4 Feb
394 40
4 393 40
3918 394 39% 393
4
3912 40
39
3912 5,400 White Motor
50 38 July 12 5838 Feb 28
511 Apr 90 Feb
*393 41
4
3834 391
38% 40
8
4 3912 3912 385 397 *3812 3953 4,800 White Rock Min Sp ctf_No par 28 Jan 26 41125ept 21
22 Oct 38% Feb
48
471g 49
4914
4814 493
4
47
49
49% 50
493 51
4
22,000 White Sewing Machine_No par 2112 Mar 24 5314 Aug 10
*56 4 57
,
5614 57 '5812 571
5613 5612 *5612 57
5712 5712
600 White Sewing Mach pf_No par 46 Feb 18 59 Jan 17
4
4612 Oct -1141- Oct
12
13
3
4
3
4
3
8
38
h
53
28
h
12 3,200 Wickwire Spencer ctf _ _No par
35 Jan
112 Feb 14
% Aug 8
52 Dec
1472 15
52 143 1512 14 4 15
4
3
15% 16
1414 1514 80,200 Willys-Overland (The)------5 1418sem 29 243 Mar 3
1418 147
4
18 May 34 Jan
93
9213 93
93
93
91% 92
93 4 9314 931s *93
,
938 2.100 Preferred
100 87 June 11 96 Aug 22
8812 Oct 99 Feb
13
1212 2,600 Wilson dr Co Inc. new_No par 10 May 5 1755 Feb 21
1258 1258 13
123 •12
4
1214 12
*113 1212 *12
4
6 May 143 Dec
8
24
2458 2514 2414 2414 24
24
247
25
2412 25
25
3,800 Class A
14 May 30% Dec
No par 1614May 5 327 Feb 23
8
7212 71
707 707 *71
8
8
7013 72
72
71
*71
72
73
800 Preferred
100 58 Apr 7 844 Feb 23
42 May 8138 Dec
187 1875 184 187% 18314 185% 18418 186% 183% 185% 18618 187% 29,100 Woolworth (F W) Co
8
3
25 117 4 Jan 11 192 Sept 7 12014 Dec 128 Dec
34
35
*33
*33
3318 33% 3318 331 *33
*33
35
35
300 Worthington P & M
100 204 Jan 27 46 June 7
19 Nov 4434 Jan
52
•52
54
53 '50
52
*52
53
531
54
*50
*50
100 Preferred A
100 46 Jan 22 6112June 9
44 Nov 80 Feb
*42
*43
44
45
*42
43 43 '42
*42 44
45
44
100 Preferred B
100 40 Feb 2 5412June 7
3714 Nov 65 Feb
56
5512 561
5514 57
60% 34,400 Wright Aeronautical__ No par 2412 Apr 5 607
55
5514 571
57
554 57
8Sept 30
2413 Mar 3955 July
60
594 591
59
4
6212 6418 11,800 Wrigley (Will Jr)
6014 61% 613 63
6218 627
No par 507 Jan 4 6414Sept 30
47 Apr 59 4 Feb
3
*81
8418 *81
8418 *81
8418
8418 80
80
811 *80
*80
100 Yale dr Towne
25 7014 Jan 8 8413 Aug 24
6012 Mar 7212 Aug
3378 343
34% 33% 34% 33% 34
333 34% 333
333 3418 58,000 Yellow Truck dr Coach Cl B.10 25 Jan 14 40 Aug 10
4
4
4
20 May 395 Sept
8
*92
93
91
91
*89
91
8812 89
*8812 93
90
90
900 Preferred
100 8318 Aug 23 995
8July 20
9112 Apr 10712 Sept
85
85 4 843 85
3
8414 85
8514 85
8412 4.200 Youngstown Sheet & T _No par 81114June 29 9714 Mar 24
84
843
4 84
4
69 May 9514 Aug
•Bid and asked prices; no sales on this day. b Ex-dividend and ex-rights. a ex-rights. z Ex-cilvidend.
181.6
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Ia. 1 1909 in. Exchange method of quoting bonds was changed and prices are now "and interest"-ercept for income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 30.
'b.
. t
0
...,8„.
Price
Friday.
Sept. 30.
Week's
Range or
Last Sale.
ill
cou
-
U. S. Government.
Biel
Ask Low
High No,
First Liberty Loan
33
1 1) 1011.22 Sale 1011,221011832 220
-4% of 1932-1947
Cony 4% of 1932-47
J D 101
____ 1011.22Aug'27 __ _ _
Cony 4 4 % of 1932-47
.1 D 103 32 Sale 103822 103"i, 91
,
2/1 cony 444% of 1932-47
.1 D 102113:
- 1022132Sep'27
Second Liberty Loan
4s of 1927-1942
M N 100 31 --- 100
,
3
100
Cony 4)4% of 1927-1942
MN 1001342 Sale 10011321001.32 1680
Third Liberty Loan
4%% of 1928
M 5 10024: Sale 10022 100". 476
.
Fourth Liberty Loan
4%,% of 1933-1938
A 0 1032,144 Sale 1034 103 'al --_
.
Treasury 4348
1947-1952 A 0 1133.4: Sale 1131.22114132
65
Treasury 4s
1944-1954.7 D 1083,42 Sale 1082.22109 22 173
,
Treasury 334s
1946-1956 M 9 105.2: Sale 1052..106 22 132
,
1943-1947J D 101un Sale 10112221012132 853
Treasury 3148
State and City Securities.
NY city..._44.48 Corp stoc8_1960 M S 1003 -- 101 Sept'27 ____
4
434s Corporate stock__1964 M S 1041
104% Sept'27 ____
4-- 4
4%5 Corporate stock _ _ _ _1966 A 0 10414 1043 1025 Mar'27 ____
5
43
-Is Corporate stock___1972 A 0 104% 10518 104 June'27 ____
434s Corporate stock _ _ _ _1971 .1 D 108%_ 10918 June'27 __
414s Corporate stock _July1967 J J 10818 1003 108 Aug'27 ____
4
I) 10818 Sale 10818 1083
8
3
43i8 Corporate stock__ .19657_
4448 Corporate stock_ _1963 M S 108 Sale 1077
8
108
6
1959 M N 99_
9934 Aug'27 __
4% Corporate stock
1958 M N 997 1004 100 Sept'27 ____
8 4% Corporate stock
1957 MN 100 10112 10112 Aug'27 ____
4% Corporate stock
1936 M N
99
98 4 July'27
3
4s registered
_
1957 MN 1073 Sale 107% 1073
8
414% Corporate stock
8
1
434% Corporate stock ___ _1957 M N 10714 10818 108 July'27 ____
93 __-_ 93 Sept'27 __
334% Corporate stMay 1954 MN
334% Corporate st__Nov 1954 MN 9318 ____ 9112 Sept'27 ____
New York State Canal 4s__ _1960 ------------10218 Mar'27 ____
1964.7 .1. --------102 Apr'26
4)4e Canal [rapt
Highway improv't 4 As. _1963 M 5 --------11212 June'27 - -__
Foreign Gov't & Municipals
9512 Sale 95
Antioquia (Dept) Col 78 A_ _1945 .1 .1
9538 20
1945 J .1 95
9512 95
External s f 7s seri)
9512 17
9414
External s f 78 series C.__ _1945 j .1 9414 95
95
9
8
Ext 5 I 78 tr rcts 1st ser -1957 A 0 947 Sale 9438
95
17
3
Argentine Govt Pub Wks 633_1960 A 0 99 8 Sale 9914
9912 33
Argentine Nation (Govt of)
Sink fund 6301 June 1925_1959 .1 D 9914 Sale 9914
9912 105
1959 A 0 9912 Sale 9914
Esti 51 68 of Oct 1925_
998 91
1957 M 5 9918 Sale 993
Sink fund Os series A
8
993
4 66
External 68 series B_ _Dec 1958.7 D 9912 Sale 9914
9912 37
Esti 8 f 6s of May 1926_ _ _1960 M N 9938 Sale 994
9912 39
_1960 M 9 9912 Sale 9912
External s f 68(State Ry)
993
4 34
Esti 68 Sanitary Works_ -1981 F A 9914 Sale 9914
9912 76
9912 51
Extl 63 pub wks(May '27)1961 MN 9914 Sale 9914
3 9014
Argentine Treasury M £..-1045 M S 9914 99
9018
8
15
98
Australia 30-yr 55_ __July- 1955.7 .1 973 Sale 9712
136
4
9738 437
External 58 of 1927_ _June 1957 J D 973 Sale 9712
1943.7 D 103 Sale 10234 1033
8 82
Austrian (Govt) s 1 78
1945 F A
9912 Sale 9912
997
64
Bavaria (Free State) 6445
11412 34
Belgium 25-yr ext 5 f 7A8 9_1945 J D 114 Sale 114
1941 F A 11018 Sale 110
11012 44
20 years 188
1949 M S 1043 Sale 10418 105
4
110
25
-year external()As
1955 2 J 993 Sale 9914
4
997 137
8
External s f 68
-year s f 78_1955 .1 D 107 Sale 107
10718 101
External 30
1058 MN 105 Sale 1043
4 105
113
Stabilization loan 711
1945 MN 11412 Sale 114
11412
7
3ergen (Norway) 8 1 88
-year sinking fund (is_ _ _1949 A 0 101 10112 101 Sept'27 -__
15
1950 A 0 100 Sale 9912 100
92
3erlin (Germany) 63.45
10512 25
3ogota (City) ext'l s 1 85_1945 A 0 105 Sale 104
1047 M N 104 Sale 104
10418 49
3olivia (Republic of) 824_
1058J .1 9512 Sale 95%
96
39
Ertl sec 78 tern
9914 Sale 993
4
100
57
3ordeaux (City of) 15-yr 63_1934 MN
1941 J 13 1073 Sale 10714
8
10738 87
3razil(US of) external 88
External s 1 6 As of 1926_ _1957 A. 0 9338 Sale 934
933 277
4
1952 2 D 973 Sale 9712
4
98
75 (Central Railway)
86
1073
4 25
7.145(coffee secur) £(flat).1952 A 0 107 Sale 10614
1935 M 5 103 Sale 1023
4 10318 52
3remen (State of) esti 7s
3udapest(City) esti s f 68._ _1982 .1 I) 88 Sale 88
8814 120
3uenoa Aires(City) esti 61451955 J J 10138 Sale 10012 101 8 10
,
31dgaria (Kingdom) e 1 713-1967 .1 J 9138 Sale 913
9212 24
8
98
43
"Jaldsa Dept of(Colomble)7A8'46 J J 977 Sale 9738
1931 A 0 1023 Sale 10218 1027
4
;amide (Dominion of) 56
8 19
1929 F A 102 Sale 102
10
10918 29
-year 53411
s
1952 M N 1057 Sale 10538
106
66
58
1936 F A 10018 Sale 100
1007
434e
o 66
1954 J .1 10638 ____ 10612 10638
;Iartsbad (City) 8 I 88
2
;smut Val (Dept) Colom 734846 A 0 987 Sale 9812
8
988
4 43
4
17
:bile (Republic) esti 6 f Ea_ _1941 F A 1083 Sale 10838 109
-year external s 1 7s__ _1942 M N 101 Sale 101
102
20
18
4 109
2
25
-year externals f 85_ _1946 M N 108% 10914 1083
External sinking fund 6a_1960 A 0 9112 Sale 9114
918 103
8
9113 60
1961 F A 9112 Sale 9118
External 81 68
Thlle Mtge Bk 63-45 June 30 1957 1 D 9512 Sale 9412
9518 36
97
31
9 f 6Sts of 1926._June 30 1961 1 D 968 Bale 9612
Ndnese(Hukuang Ry)5s---1951 1 D 2514 2534 253
254
4
1
4
1013
4 1013
4
1
ibristfania (Oslo) 30-yr s f 681954 M 5 1013
998
60
9912 9912
:ologne(City) Germany65481950 M S 994 7 Sept'27 ____
1927 A 0 997 10018 99
:Womb%(Republic)6 As
_1961 .1 J 9238 Sale 9212
9318 337
Externals 16s
1013
8 15
43penhagen 25 years 1 5348_ 1944 .1 .1 101 Sale 101
9612 13
ordoba (City) esti 5 f 7s_....1957 F A 9612 Sale 96
99
994
4
(Prov) Argentina7s 1942.7 J 9914 100
ordoba
95 Sale 9414
9518 51
oerta Rica (Repub) esti 78_1951 MN
1944 M S 10214 _
10312 10311
1
ttba Ea of 1904
4
10112 Sept'27 - -__
External 5s of 1914 ser A_1949 F A 1003
97
97 99
97
5
0
External loan 41 ser 0._1949 F A
1953.7 ,j 10112 102 101% 102
70
Sinking fund 5A s
-Col) 78 '48.7 D 937 9412 937
94
6
Mndinamarea (Dept
4
10814 35
1seehostovalrla (Rep of) 88.1951 A 0 1073 Sale 107%
..-1952 A 0 10814 Sale 108
10812 30
Sinking fund 82; ser B.
External sf 7As series A_ _1945 A 0 10618 Sale 10538 10618 203
3
2anish Cons Municipl3s A 1946 F A 11112 Sale 11112 11112
1948 F A 11114 Sale 11114
11112 10
Series B 8 f 88
1942 .1 J 10514 Sale 105
10514 58
-year 68
1eamark 20
10018 41
lorninican Rep Gust Ad 5)45'42 M 5 100 Sale 985
1940 A 0 983 99% 983
4
9834
5
let sec 53-48 of 1926
4
24
icesden (City) external 78_1945 M N 10212 1023 10212 103
1947 J .1 105 Sale 1047
105% 25
ouch East Indies mill 68
1962 M S 10438 Sale 1043
4 105
42
-year 65 external
40
10314
4
1953 M 5 10318 Sale 10318
-year external 5345
30
10318
2
1953 M N 10318 ___ 10318
-year external 53is
30
17
1 Salvador (Repub) 8s--1948 J .1 10712 Sale 10712 108
97
49
Inland (Republic) esti 68_1945 M S 9612 Sale 9612
4 27
External sink fund 78-1950 M S 10038 Sale 100% 1003
9912 99
993
4 38
1956 M 5 99
External s 1 6 As
9912 99
9912 15
Walsh Mun Loan 6348 A....1954 A 0 99
9912 10
9918 99
External 6348 series B.._.1954 A 0 99
145
rench Repub 25-yr ext'l s-1945 M S 11038 Sale 11038 Ill
4 74
20
-year external loan 7%5_1941 J D 11438 Sale 11412 1143
1065 335
External 75 of 1924
1949 J D 10612 Sale 106
107
191
4
rermanKepublic ext'l 78_.-1949 A 0 1063 Sale 10638
37
erman Cent Agile Bank 78_1950 M 5 10138 Sale 10112 102
95% 326
Farm loan s 1 65...July 15 1960 .1 J 954 Sale 95
10212 14
raz(Municipality)88
1954 MN 10214 Sale 10214
S Brit d3 Irel(UK of) 5A23.1937 F A 105 4 Sale 10512 1057 174
8
3
10
-year cony 5345
1929 F A 11712 Sale 1 1738 • 11712 53
1
rester Prague(City) 73-45....1952 MN 105 106 10512 10512
reek Government 78
36
1964 M R 97 Sale 9612
97
aft!(Republic) s 168
3
10018 14
1952 A 0 100 Sale 99 4
8
eldelberg (Germany) ext 7)4s503 J 105 6 1057 105
10512
3
s
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 30.
74
t
.48.
Price
Pride:,,
Sept. 30.
Week's
Range or
Last Sale.
1
1
ca
High
Bid
Ask Low
High No,
Hungarian Munk Loan 73422 1945 J .1
997
993* Sale 99 8
10
,
External s f 78
Sept 1 1946.7 J
9618 Sale 96%
100,232101"m
9638 42
Hungary (KIngd of)81 7 As_1944 F A 1023 Sale 10218
1001,32102
4
10254 42
10225
.1032, Italy (Kingdom of) ext'l 7s_ A951 J D 9714 Sale 9638
32
9714 618
10211
.103
Itallan Cred Consortium 75 A1937 M 5 9514 Sale 93 4
953
3
71
1947 M 13 945 Sale 94
Esti sec 8 1 78 ser B
948
41
Italian Public Utility ext 78_1952 J J 95 4 Sale 95
100 101
3
9534 191
10042 101.42 Japanese Govt £ loan 45___ _1931 J .1 915 Sale 915
8
92
48
1954 F A 10112 Sale 10112 10134 138
30-year s 1 634s
1002
.3210121
. Oriental Development 68_1953 M S 96 4 Sale 9538
3
9678 64
Leipzig (Germany) s 1 733_1947 F A 10178 Sale 101% 101%
13
1031,321041232 Lower Austria (Prov) 7348. 1959.7 D 983 98 4 9878 100
3
10
110 32114"., Lyons (City of) 15
,
-year 621_ _1934 M N
9934 100
9958 100
73
1093.1091232 Marseilles(City of) 15yr 66_ _1934 MN 100 Sale 9938 100
50
351 Sale 3378
103421061
.0 Mexican Irrigat Asstng 43.(s 1943 ____
353
4 52
100.32101242 Mexico (U 5) esti 53 of 1899 E45 Q .7 36 Sale 36
3614
10
1945 _ _ 3618 Sale 35
Assenting 5801 1899
3618 15
1003 1011 1
8
Assenting 55 large
35 Sept'27 - --1954.7 D 36
Gold deb 48 01 1904
10212 10512
3638 34 July'26 - -- 257 Sale 24
8
44
Assenting 45 01 1904
10238 1021
257
J I 2614 27
102 8 10514
5
Assenting 48 of 1910
273 Jan'27 - - - 8
10712 10912
Assenting 48 of 1910 large__ _ _ - - - 2614 Sale 247
265 116
,
25 Sale 231
1068 10912
Assenting 4s of 1910 small_ _ _ _ ____
9512 50
1
3912 37 Sept'27 -- 106 8 10914
Trees 66 of '13 assent (large)'33 J J 38
Small
3914 Sept'27 - - - 10618 109
Milan (city, Italy) ext'l 63-45 '52 A 0 9134 Sale 91%
99 1015
915 187
8
8
4
99 1003 Montevideo (City of) 7s_ _ _.1952 J D 1017 1025 102
103
4
987 10112 Netherlands 68(flat prices)... _1972 M S 10614 Sale 10614
8
10614 27
1954 A 0 192., Sale 10234
30-year external 613
98% 983
10314 47
4
44 14 sale 9412
951
58
10.51810818 New So Wales (State) ext 58 1957 F A
95
Apr 1958 A 0 94 4 Sale 9438
101
External s 1 Ss
105 4 10 84
3
9
1943 F A 103 Sale 1023
-year esti 633
4
897 93
8
Norway 20
10314 23
1944 F A 10312 Sale 103
807 92
8
-year external 138
10312 62
20
1952 A 0 10312 Sale 1027
8
10318 28
1023 10218
30
-year external 68
1965 J 13 10134 Sale 1013
4
10211 44
40-years f 5448
8
4
10212 32
11212 11212 Oslo (City) 30-years f 6s_.-1055 M N 1017 Sale 1013
1946 F A 10014 10032 10014
10014
3
Sinking fund 534s
9218 9712 Panama (Rep) esti 5301_.-1953 .1 D 10314 10312 10312 10312 18
1961 J 13 10012 10112 10112 10112
5
Esti sees!634s
9218 9712
9512 35
9212 9518 Pernambuco (State of) esti 78'47 M S 95 Sale 95
1088
Peru(Rep of) esti 88 (of'24).1944 A 0 108 Sale 108
39
933 95
1944 A 0 108 109 1077
17
10814
Ext1 85 (ser of 1926)
9718 100
1940 MN 1043 1053 10434
4
8
10512 2C
Esti sink fd 7348
973 100 8
4
Esti s f sec 7348 (of 1926) _1956 M 5 10314 Sale 10318
1033 156
4
,
973 101
4
Poland (Rep of) gold 624._ _ _1940 A 0 8414 Sale 8318
85
172
1950 .1 J 10018 Sale 99
973 101
8
Esti sink fd g Se
10014 2086
972 1003 Porto Alegre (City 0-) as_ _1961 .7 D 105 10512 105
8
10514
10
973 100
4
11
EMI guar sink fd 71is___ _1966 J J 102 Sale 10178
102
9912 99 4 aueensland (State) esti s f 78 1941 A 0 114 Sale 11212 114
3
46
98 100
1947 F A 1 107 Sale 10612 107
25
-year external 65
14
98 100
Rio Gmnde do Sul esti s f 85_1046 A 0 107 Sale 10618
107
31
89
923 Rio to Janeiro 25-yr at Ss__ _1946 A 0 105 Sale 10412 10514 25
4
1947 A 0 105 Sale 10412 105
974 9812
25-yr extl 8s
29
1952 A 0 9112 Sale 91
9714 9814 Rome (City) esti 6145
9134 373
10114 10512 Rotterdam (City) esti 65_ _ _1964 M N 1043 115 1048
8
105
3
973 10014 3ao Paulo(City)sf8s_ _Mar 1952 M N 11214 Sale 1113
4
4 11212
9
111 11418 3an Paulo (State) esti 5 f 88_1936 J I 10618 106% 10618 10612
7
1950 J J 10612 10714 10712 1073
108 11018
External see s 1 88
4 30
9618 105
External 8 f 78 Water L'n_1956 M 5 10114 10112 10112 10112
7
953
39
9218 99% tents Fe(Prov, Arg Rep)78_1942 M S 9512 Sale 95%
10212 10712 Mine, Dept of (France) esti 78'49 J J 10312 Sale 103
1035
8
8
10112 58
10118 10512 3erbs. Croats & Slovenes 88_1962 MN 101 Sale 101
110 11412 Solasons(City of) ext168
1936 MN
9812 Sale 983
8
99
27
1939 .1 D 105 Sale 104
3weden 20
105
9914 102
-year 65
23
1954 M N 1043 Sale 10438 10518 31
4
967 1003
8
External loan 534s
4
1023 10512 3wlss Confed'n 20-yr s f 88_ _1940 J .1 114 Sale 1133
4 114% 69
4
102 10512 3witzeriand Govt ext 534s.-1948 A 0 105 Sale 10412 105
16
4
92
7818 13
98
Poky() City 58 loan of 1912.1952 M S 773 788 777
1961 A 0 8812 Sale 8838
88 4 57
3
Esti s 1 5345 guar
933 10084
s
34
104 10812 Prondhjem (City) 1st 53.-4s _ 1957 M N 9838 Sale 9814
987
8
983
6 13
89
96
Jpper Austria (Prov) 78_ _ _1945 J D 983 Sale 9712
11012
9412 9912 Jruguay (Republic) esti 83_1946 F A 109 1097 109
7
5
1960 M N
9614 Sale 95
9614 154
1023 1073
4
External 12166
4
4
95
67
102 105
VOkohama (City) esti 65_ 1961 J D 943 Sale 943
Railroad
87
92
9914 102 4 Ala (It Sou 1st cons A 58_ -1943 J D 106 .___ 1943 July'27 --,
89
9
414 Ala Mid 1st guar gold 534. _ _1928 MN 10014 ____ 10014 July'27 ---Alb dt Susq 1st guar 3 As_1946 A 0 8912 9014 8914 Sept'27 --__
9612 983
4 klieg & West 1st g gu 45._ _1998 A 0 8912 ____ 8912 Aug'27 - - -.
1942 M El 9604 ____ 9714 Sept'27 - - - 10014 1027g klieg Val gen guar g 45
10138 1027
July 1995 Q J 83 Sale 82%
s Ann Arbor 1st g 48
83
50
3
4
104 10612 itch Top dr 9 Fe
-Gen g 48_1995 A 0 96 4 Sale 963
9714 67
A 0 --------9538
9818 100%
9538
2
Registered
923 9118 Sept'27 - - -4
10312 10618
Adjustment gold 48__July 1995 Nov 91
96
9118
July 1995 M N 92
Stamped
9238 17
96
9912
M N 89% - --- 8912
8912 10
10614 110
Registered
1955.3 D 9112 ____ 9014 Sept'27 ---9912 10212
Cony gold 45 of 1909
19553 13 91% Sale 91%
91% 10
10614 11C1
Cony 45 of 1905
9312
89
9012
1
Cony g 45 issue of 1910_1960 J 13 87 ____ 9013
3
3
8
100
East Okla Div 1st g 433...-l928 M S 9918 10012 997
89
93
Rocky Mtn Div let 43_ _ A965 .1 J 9038 ____ 9014 Sept'27 - - - 93
96 2
,
923* ____ 9212 Sept'27 - -.
96
Trans
-Con Short L 1st 48_1958 J J
9634
9
24
304
10612
Cal-Ariz 1st & ref 4 As A_ _1962 M 9 10014 ___ 10018
8
993 10212 Al Knoxv & Nor lot 12 58...1946 J D 10618 __ 1075 June'27 ____
4
96 10114 itl d3 Chart A L 1st A 4 As_ _1944 .1 .1 9912 ___ 9812 Aug'27 - --1944 J 1 1047 ____ 105
105
1
991 1013
-year 5.2; series B
8
1st 30
_ ___ 90 Aug'27 - -- 92-2 9312 ALtlantic City 1st cons 48... _ _1951 J .1 88
975
11
994 10112 AAl Coast Line 1st cons 48 July '52 M 9 975 Sale 9712
1964 J D 10118 1013 1003
4
10112 70
9512 97
General unified 4345
9314 28
9612 100
L & N coil gold 4s__ __Oct 1952 MN 9238 934 93
7
1948 1 J 82 Sale 81
82
9312 9518 Al & Day 1st g 48
1948 J J 73% 737 7338
737
1
100 103,2
g
2d 45
1949 A 0 8514 88
85 8 13
3
Al & yad let g guar 45
853*
10014 102
4
,88210 & N W 110 gu g 5s 1941 J J 1013 104 10138 Sept'27 .._
9338 973
907
8 39
10118 10438 telt & Ohio 1st g 48...._ _July 1948 A 0 9618 Sale 9618
July 1948 Q .1
943* ____ 9514 Sept'27 -- -9212 96
Registered
1933 M 13 10018 Bale 100
1003 180
8
105 110
20
-year cony 4340
M 13 ____ _- 9818 Apr'27 - --1048 109
Registered
10438 10814
132
Refund & gen 58 series A...1995 J D 1048 Sale 10412 105
1948 A 0 10814 Sale 10818 10814
109 8 112
3
1st g 5/8
5
1929.7 .1 1027 Sale 1027
10312 78
10914 11134
10
-year 6s
19951 D 1124 Sale 1117
8
1033 1057
8
11214 42
Ref & gen 68 series C
8
96 Sale 957
PLE&WVaSys ref 45..1941 MN
9812 101
96
21
1950 J J 10518 Sale 1047
10514 71
98 101
Southw Div 1st 55
10012 10412
Tol & Gin Div 1st net 45 A _1959 J J 8712 Sale 8714
8712 23
2000 M S 1041 Sale 10412 10514 101
4
10234 10538
Ref & gen 58 series D
10214 10514 anger & Aroostook Sat 58..1943 J J 1025* ____ 1023
4 10284
5
1951 .1 J 8712 Sale 8634
100 8 10412
3
45
8814 23
Con ref
3
10038 10312 ettle Crk & Stur 1st gu 3s_.1989 J D 65 8 _ _ 68 July'27._
3
106% 10912 oech Creek lot gu g 45_ _1936 J J 95 4 ____ 9512 Aug'27 --_
J J 93 ___ 9412 Mar'27 ____
Registered
93
97
1936 J .1 10012 ____ 10012 Aug'27 ____
984 102
20 guar I; Be
9.5 8 100 8 oeeh cck Ext 1st g 3%5_1951 A 0 8512 ____ 8512 Aug'27 _
,
,
1944 J D 92% ____ 9178 Aug'27 ____
96
9912 412 Sandy let 48
95% 9
8
8414
13
938 lost & N Y Air Line 1st 48_1955 F A 8414 Sale 835
J 96
97
96 July'27 ____
10814 11214 .urns & W 1st gu gold 45_ _ 1938J_
105 11513 ,uffalo R & P gen gold 58._1937 M S 10212 1038 103 Aug'27 ___
99 10712
1957 M N 973 Sale 975*
4
981g 77
Consol 4340
M N --------05 Mar'27 __1053 10912
4
Registered
1934 A 0 10112 -___ 19212 Aug'27 ..9912 103% grl C R & Nor 181 55
95% .anada Sou cons gu A 58_ _ _1902 A 0 10814 ____ 1073 Sept'27 ____
95
1003 104
4
9818 93
'
anadian Nat 410.Sept 15 1954 NI S 9818 Sale 9714
10312 106
5-year gold 41is__Feb 15 1930 F A 100% 10034 1003* 1004 14
3
11478 62
116 4 11918 1anactlan North deb s 1 78_ _1940 J D 115 11512 11438
1946.7 J 119 11912 11834
103 6 107
,
119
12
25
-years 3 deb 6%8
8
905* 997 9912
993
9314 99
13
10-yr gold 4 As_-_Feb 15 1935 F A
99 10012 ;anadlan Pac Ry 4% deb stock__ .1 J 8612 Sale 8618
8612 77
1946 M 5 9938 Sale 99
103 106
991. 82
Col tr 444,.
Low
Range
since
Jan. 1.
Low
High
973* 1017
s
94
99
1004 105
923 9714
4
9238 96%
91
97
9038 101
884 9212
9878 102
9212 98
10014 102%
97 10012
9312 10054
9314 101
30
41
323 50
4
3138 50
31
42
-_-- -- -2118 3438
273 27 8
8
3
21
3112
20
2838
3514 46%
2538 4 12
8
9238
89
9938 104
10512 1087
5
10214 104 8
9416 9538
94
95
10114 104
10114 104
100 1037
983 1023*
4
9938 10312
97 10014
100 10312
10112 10314
9412 964
102 1088
4
10112 10814
9938 10638
984 10512
7612 85
9314 100 4
,
10314 106
9912 19212
111 114
104 108
10348 107
10918 10618
10214 106
898 923
4
10318 106
10712 11414
10412 107
1048 108
4
98 101%
93% 965
8
9738 1047
9714 10238
3
9114 99
10318 105
1021 10514
8
11114 11418
10238 106
75
797
86
9012
975 987
8
2
94
99
10838 112,
4
9412 97
9214 9712
10238 10484
10014 101
8718 89%
84% 8912
9.514 9714
79% 83
925 9714
92
96
87% 9114
875 822
8
2
85
8912
85
90 4
3
87% 915s
86
91
9914 10018
8812 92,
4
9012 9212
9718 10012
104 4 1073*
,
98 100
10314 108
80
90 •
9338 9812
96% 10112
9112 9312
787 82
70
7538
8218 86
1013 1051s
4
931 9738
953
92
97 10018
98% 9818
1063 105
8
10414 10838
1008g 10338
1075 112,
4
925* 967s
1013* 10514
82
8718
10038 10514
98 103
84
9114
64
gg
95
9
511
9412 9512
99 10038
81
8512
91
9338
78
8512
3 9638
95
101 1044
94% 9938
95
95
101 10234
105 10754
95
99
9913 1007
114 11614
1173 11914
8
97% 1094
8318 80
4
61581 0411.
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 30.
vE
Price
Friday.
Sept. 30.
IVeek's
Range or
Last Sale.
13
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 30.
1817
Price
Friday,
Sept. 30.
lireek's
Range or
Last Sale.
CO.2
Range
Since
Jan. 1.
High
Ask Low
Bid
Bid
High No. Low
Ask Low
Iligk No, Low
High
953 9812 Cleve & P gen go 4140 ser B_1942 A 0 10212 ____ 9818 Aug'26
8
Carb & Shaw let gold 48--1932 MS
- __- 97 Sept'27
---8
87
4
834 87
Series A 4340
Caro Cent 1st cons g 40
1942 J J 10112 ____ 101 Mar'27 ---- 100 101
1949 J J 87 Sale 863
102 104
4
Caro Clinch &0 lot 30-yr 5s1938 J D 10418 ____ 1033 Sept'27
/
1
4
Series C 314e
1948 M N 8834 904 89 Aug'27 ---89
8912
6 1073 109
10811
8
Series 13 314s
tat & con g 68 series A
1950 F A
8914 May'27 ---1952 J o 10814 Sale 108
894 894
9013 923 Cleve Shor Line 1st go 4140.1961 A 0 1034 104 10212 Sept'27 -.-- 10118 104
92 Aug'27
4
93
Cart & Ad 1st gu g 4s
1981 3D 92
83
8612 Cleve Union Term 5148
Cent Branch U P 1st g 4s....1948 J D 8512 8612 8514
1972 A 0 1083 Sale 1083
4
4 10912 10 108 11034
86 5 16
3
1 10412 106
10512 10612
Central of Ga 1st g Ss_Nov 1945 FA 1044
/
1
1st a f 58 ser II
1057
8 22 10312 1057
1973 A 0 10514 Sale 10514
8
102 1084 Coal River Ry let go 4s__ _ _1945 J D 911 93
/
1
Consol gold 65
91 Sept'27
/
4
10514
1945 MN 10514 Sale 10514
88 3 91
3
4 100 4 10212 Colorado dr South 1st g0 1929 F A 993 100
FA
3
/
1
4
Registered
___ 10212 102
4
993
4
98
993
4 10
99 4
3
967 9918
8
10218 1024 10214
10
-year secured 88.-June 1929 in 1024
1023
9918 13
8 10 1013 10314
Refunding & eaten 4 As_ _1935 M N 99 Sale 9834
Ref & gen 510 series B__1959 AO 10534 Sale 1054 1053
4 33 1003 1063 Col & H V 1st ext g 48
9478 Sept'27
/
1
/
1
4
1948 A 0 944 96
914 9 /
/ 4
1
1
4
3 102 105
Ref & gen 58 series C
105
94 Sept'27
Col & Vol 1st ext 43
' 1955 F A
1959 AO 105 Sale 105
901 94
/
4
Chatt Div pur money g 48_1951 ill
88
881 884
/ 92
1
4
8
91 July'27
Conn & Passum Riv 1st 4a-1943 A 0 8814 - 8818 Mar'27
Mac & Nor Div 1st g 50._1946 25
10118 105
___ 103 Aug'27
82 8 Dec'26
3
Consol Ry deb 40
1930 F A __-784 27
Mid Ga & Atl dly 58
103 103
103 104 103 Aug'27
Non-cony 40
1947 J J 1041954 J J 7512 Sale 74
7012 78%
102 1054
11
Mobile Division 58
694 774
___ 105 Sept'27
7412
75
Non-cony debenture 48...1955 J J 7514 76
1946 J J
19
Cent New Eng 1st go 4a_1961 J J 1057812 86
854 8512 85 8
/
1
86
894 77
3
7512 13
Non-cony debenture 0-1956 J J 7512 Sale 754
Central Ohio reorg 44s193O MS 99 -__ 9913 Aug'27
99
97
99 4 Cuba Nor Ry 1st 510
98
/
1
4
4
3
1942 J D 973 Sale 9734
973 110
4
5
9912 10138 Cuba RR 1st 50
Central RR of Ga coil g 5a 1937 MN 9912 10012 10014
9418 98
10012
3
/
1
4
-year Ss g...-1952 J J 97 Sale 96 4
9735 28
1 112 1187
Central of N J gen gold Ss_ -1937 J J 117 118 1163
4 1164
1 107 110
s
/
1
4
lot ref 710 ser A
1936 3 D 109 110 10912 10912
/
1
4
1123 11614
8
Registered
4
3
lst lien & ref 68 ser B
1937 Q J 116 1163 11614 Sept'27
5
99 8 1024
3
1936 ▪ D 99 4 10014 10013 10012
41
914 944 Day & Mich 1st cons 430..1931 J J 9914 Sale 9914
94
/
1
Cent Pac 1st ref gu g 4s
9914
1949 P A 94 Sale 9312
1
9818 99
/
1
4
P A 9114 ____ 9228 May'27 -903 9218 Del & Hudson lat & ref 0_ _1943 M N 9514 Bale 95
8
32
Registered
931 97
8
/
1
4
953
4
973 99
4
8
Mtge guar gold 4140_-Aug 1929 S D 99 Sale 99
99
324 11412 163
30
141
/
1
-year cony 55
1935 A 0 1384 Sale 135
89 8 9412
3
Through St L 1st go 4s--1954 AO 92 Sale 92
9412 14
15
4 1043
4
5 103 106
-year 534s
1937 M N 105 1054 1043
10414 29 10112 10412
19 10512 1077
Guaranteed g 58
10
4
-year secured 78
107
12,
1960 FA 10414 Sale 104
1930 J D 1063 107. 106
s
'
3
11814 1194 D RR & Bdge 1st gu 40 g._ _1938 F A 9614
1193 Aug'27
8
/
1
Charleston dr Sava% 1st 78..-1936
96
9614
9614 Apr'27
3 10018 10112 Den & R G 1st cons g Is_ _1936• J 923 Sale 92 4
Claes & Ohio fund & impt 50_1929 is 101 1.13114 10012 10012
110
893 94
4
3
4
94
1st C001301 gold be
/
1
4
10718 23 103 108
107
Consol gold 43.4s
1939 MN 107
9618 Sale 957
8
94
9618 30
97
1936
10212 105
Registered
1939 MN 105 10612 105 May'27
Improvement gold Ss
7
99 100
10014
/
1
4
1928 2 D 100 10014 100
/
1
4
97 10212 Den & KG West gen Ss_Aug 1955 MN 3312 Sale 83
10212 15
/
1
4
General gold 434s
170
1992 MS 10114 Sale 101
708 89 8
85
7
908 98
MS 944 9812 98 Sept'27 -- /
1
Registered
De8M&FtDIstgu4s..1935 .1 5 23
48
33 Sept'27
9918 10113
20
FA 1004 Sale 1003
-year cony 414s
4 10118 74
/
1
Temporary etts of deposit_ _ _
26
36
26 Sept'27
1930
7 14 35
2
6
0
80
98 101
498 Sept'27 _
Craig Valley 1st be
Det & Mac_ lst Ilen g 48._ _ _1995 iD 80 Sale 78
1940 ii 1011
80
/ 92
1
4
89
Potts Creek Branch 1st 48.1946 5' 881292 90 June'27
Gold 4s
69 Sept'27 ---1995 .1 D
69
62
RA A Div 1st con g 4s
'
3 907
867 907 Detroit River Tunnel 4 As_ _1961 M N 10014 1007 1C014 Sept'27 ---s
8
8_-_-- 907
907
8 10
s
1989
8
974 10014
85 4 8712 Dul Missabe & Nor gen 50_1941 J 3 103
3
'
S 87
2d consol gold 40
87 July'27 _--/
1
4
/ ____ 103 July'27 ---- 1033 1004
1
4
1989
/
1
4
4
/
4
99 1001 Dul & Iron Range 1st 5s
/
1
4
Warm Springs V lst g 5s_ _1941 MS 10114 ---- 10018 Feb'27 _ _
104
_1937 A. 0 10314 104 10314
13 101341. 18734
5
75 04
95
Chesap Corp cony 55 May 15 1947 MN 992 Bale 9918
99 4 Dul Sou Shore & Atl g 55_ _ _1937 J 3 8714 Sale 85
3
4
993 7 3
7 12 16
4
87
/
1
4
3
71
Chic & Alton RR ref g 3s_.1949 A0 7134 73
7312 East Ry Minn Nor Div 1st 40248 A 0 93 ____ 9418 June'27 ---08
/ 73
1
4
/
1
4
944
94
71
CU dep stpd Apr 1926 Int.__ --723 East T Va & Ga Div g 58.-- -1930 J J 101 10112 101
4
6
72
/
1
4
7222
101
10014 1 712
06
024
0
6114 6814
Railway first lien 3148.-1950
64
7
6312 6412 64
Cons let gold Ss
4 10712 14
1956 MN 10712 10814 1063
60
67
6312
6312
6
CUB dep Jan '23 & sub coup ---; 8314 65
N 1033 10414 10314 Sept'27
Elgin Joliet & East 1st g 5s_ _1941
4
4
102 1043
86
/ 91
1
4
Chia Burl & Q-111 Dly 3345 19493 0 8924 903 91 Sept'27
El Paso & S W 1st 5e
s
10 1043 107
1965 A 0 107 Sale 10634 107
06 4 0712
874 8714 Erie 1st consol gold Ts ext...1930 M S 107 10814 107
J J
874 Aug'27 _
Registered
6
107
943 98
2
/
1
4
Illinois Division 4/3
9712 21
97's 9734 97
5 8728 Sale 8618
1949 5
28
1st cons g Is prior
8724
1998
4
0314
814 873
70
9318 9718
General 4s
9712 30
8
1958* 8 967 Sale 9612
/ 87
1
4
Registered
/ 8334 Aug'27
1
4
1997 J J 87
1977 F A 1011 Sale 101
let & ref 410 ser B
973 102
8
102
128
/
4
228
1st consol gen lien g 4s
/
1
4
1996 .1 J 80 Sale 79
80
7312 80
1971 F A 108 Sale 1071 108
/
4
1st & ref fa series A
7 10518 108
Registered
77
1998 J J77
77
72
Chicago & East III 1st 88_1934 A 0 10612 10711 10612 10612
8 106 10634
Penn coll trust gold 4$_...1951 F A ioli2 I621 10114 Sept'27
C & E III Ry (new co) con 50_1951 MN 93 Bale 92
803 93
s
/
1
4
/
1
4
9314 163
/
4
50
-year cony 4$ series A._1953 A 0 861 Sale 8512
9 4 18
7 3 °
8 4 6%
3
86
/ 126
1
4
Chic & Erie 1st gold 50
10814
5 105 1084
1982 SI N 10814 ____ 10814
/
1
29
Series])
/ 873 86
1
4
861
8
1953 A 0 86
Chicago Great West 1st 4s-1959 M
723 Sale 723
4
4
694 744
73
/ 158
1
4
Gen cony 48 series D
135 1390
1953 A 0 105 Sale 120
Chic Ind & Loulsv-Ref 69_1947 S5 116
8
118 Sept'27 -- - 1137 118
3
Ref & hunt 5s
963 974
1967 M N 95 8 Sale 9518
Refunding gold fa
104 10412 104 Sept'27
_ 10314 10418
1947 4.
5 198471 2 18963
/
1
/
1
Erie &Jersey lst f 60_ _ -1955 J J 11412 1144 1144 115
19 S
1111411
Refunding 48 Series C
91
9114 May'27
9114
1947
/
1
Genesee River 10 f 50_1957 J J 1144 Sale 11412 1144 22
/
1
Geneml 5s A
99 104
___ 1023
/
1
4
4 102'4 20
1966 821 N 103
/ 9014 Sept'27 .-1
4
Erie & Pitts gu g 3)4913.-1940 J J 11412 114
General Os B
109
10938 42 106 109
/
1
4
___ 10914
May 1966
/
1
4
/
1
4
89 Apr'27 ---Series C 3345
1940 J J 90 ___
Chic Ind & Sou 50
4
924 9614 Est RR extl s f 7s
-year 0-1956 iJ 943 9618 9618
3
28 1'9 / 10 14
96's
4 1021
4
5
21901911 99013
1 9
4
1954 M N 1013 Sale 1013
Chic L S & East lst 410_.._1969 J D 9918 -_-- 1004 Sept'27
9638 100ig Fla Cent& Penn 1st eat g Ss.1930 J 3 10014 ____ 10012 July'27
C M & Puget Sd 1st gu 4s_ _.1949 J J 6612 Sale 6612
553 6612
661
2
1
68'i
J J 10214 10212 10134 Aug'27
31_444_ 10931 1017
913 °51 8
9174
.0,
Consol gold 55..
009034:
17
:
S Tr coatis of deposit
6713 Sale 67
553 6712 Florida East Coast 1st 410_1959 J D 984 Sale 98
4
67'I 75
/
1
/
1
4
98 4
3
Ch M & St P gen g 43 Ser A.01989 1-3 8818 Bale 8818
883
8 17
85
883
8
4
lot & ref 55 series A
1974 M 5 943 Sale 9412
953
4
8314 8418 Fonda Johns & Glov 410_ _1952 MN
Registered
.
I::: 8418 July'27 -.._
Q J
52 Sale 52
56
52
65
General gold 310 ser B.. _81989 is
77
7718 16
7412 78
/
4
Fort St U D Co 1st g 410-1941 J J 954 ____ 951 May'27
Gen 414s series C_Nlay 1989 J J 9818 Sale 97
/
1
4
9814 19
947 9814 Ft W & DenC
s
3
510- -1961 J D 108 108 4 108 Aug'27
Gen & ref ser A 4140_ _Jan 2014 AO 68 Sale 667
8
68
18
57
687s Ft Worth & Rio Gr 1st g 4s._1928 J J 9918 99
9912
/ 991s
1
4
Guar Tr centre of deposiy. _
68 Sale 6711
68
37
567 69
8
3 1961115 11011 2
Frem Elk & Mo Val 1st 612.__1933 A 0 10614 Sale 10614
10612
91 108098912:
0 ::
6
Fen ref cony ser II 55 Jan 2014 FA
66
674 19
5512 6714 G H & SA M&P 1st Se
3
1931 M N 10034 __ 100 4 Sept'27 _ 10012 1014
/
1
Guar Tr certifs of deposit_
67 Sale 88
67
39
65 4 6714
3
2d extens 50 guar
8
4
1931 J .1 1003 ___. 1003 Sept'27
1004 10213
1st ser 68
1934 ii 10418 Sale 10378 10418 42 10314 10612 Galy Hous & Bend 1st 55_ -1933 A 0 991 Sale 9912 101
12
/
4
Debenture 410
/
1
4
68
82
1932 J D 68 Sale 66
56% 68
994 Sale 994
Ga & Ala Ry 1st cons 58_Oct 1945 J J
9914 17
Bankers Tr certifs of deposit
68 Sale 6624
68
82
66
88
Ga Caro & Nor 1st gu g 5s-1929 J J 1003 10012 1003
8
8 1003
8
991 10
98
/ °912
4
Debenture 43
/
1
4
68 Sale 67
68
14
1925
561 68
/
4
Georgia Midland 1st 30
/ 79
1
4
7714 Sept'27
1946 A 0 77
7213 78
US Mtge & Tr ctfs of dep68 Sale 6614
6712 114
5612 68
Gr R & text 1st gu g Sis--1941 J .1
9814 ____ 98 Sept'27
/
1
4
971 99
8
25-year debenture 40
4
4
68
2
1934 35 673 Sale 673
5612 68
Grand Trunk of Can deb 76_1940 A 0 1147 Sale 11412 1147
8
8 11 11414 116
Farm L & Tr Ws of dep.
87 Sale 6612
67
3
56
/ 68
1
4
16
/
1
4
-year s f 63
1936 M S 107 Sale 10712 1077
8
8 42 1067 1083
3
Chic & N'weet geia g 314s
8
8312
I
784 84
1987 MN 833 ___ 8312
Grays Point Term let 50.-1947 J D 9818 101't 97 Sept'27
Q F 7818 83 80 July'27
Registered
7412 80
_
Great Nor gen 7s series A.-1936 .1 J 1147 Sale 1143
8
4 115 "ioi 190 :
07 10 18
:
13
97
15
General 413
95
1
954 95
1987 MN 95
9012 963
4
▪ J
Registered
114 May'27
114 114
Q F 933 ____ 9313 Sept'27
Registered
4
92
9312
let & ref 4545 series A-_1961 .1 1
gife 1004 i001 10
Stpd 4s non-p Fed In tax '87 MN __ 9534 953 Sept'27
4
901 9534
/
4
26 107 19112
1952• J 11134 Sale 11112 1121
General 5 742 series B
98
12
Gen 4: stpd Fed Inc tax_1987 MN 109 ____ 1074 Aug'27
s
105 109
38
8 1067
/
4
General 5/4 series C
1973 J J 1001 Sale 1063
Gen be and Fed Inc tax_..1987 MN 11318 11312 11313 113't
1 1084 1144
23
General 410 series D...1976 J J 9918 991
03 2 106
941 00
4
Sinking fund fla
____ 103 Sept'27
1879-1929 AO 103
10114 103
/ Green Bay & West deb Ws A... Feb 857 88
1
4
8
Aug'27
AO 1024
Registered
_ 1023 May'27
4
/
1
101 102 4
3
Feb 2512 26
Debentures ctis B
9
529687714 Bep71
ug 2
21
80
Sinking fund Ss
/
4
1004 1034 Greenbrier Ry 1st ICU 40-19 MN 93
1879-1939 AO 10012 ____ 1011 Aug'27
93 Aug'27
93
4
93
/
1
4
0
naps 1094 Quit
/
4
Registered
1879-1929 P.O 10012 ____ 1011 Aug'27
4
Mob & Nor 1st 530-1950 A 0 1063 Sale 1063
4 1063
4
03
10012 1 ,4
0
5 14
Sinking fund deb bs
/
1
4
1933 MN 102 ____ 10214 Sept'27 _ 100 102
/
1
4
/
1
4
15
lstM5sserlesC
1950 A 0 102 Sale 10114
102
MN 101 10212 101 Sept'27
Registered
101 102
Gulf & S I 1st ref & ter 11 50.61952• J 107 -- 108
1 1100 1 3
12
108
10;108
10300074
10
-year secured 74 g
y
11
6 105 1074 Hocking Val 1st cons g 430_1999 S i 10414 Sale 1024
% _ . 12
/
1
4
1930 ID 100 Sa_1! 105%8 Ir
8
1044
3
90 8 10412
07
/ 002
1
4
15
-year secured 634eg.l936 MS
1 1114 11312
.• 11
9534 Mar'27
1999
Registered
tat ref g 5s
10924 13 10213 112
1094
May2037 3D 10912
/ Housatonic Ry cons g 5s__ _ -1937 MN 99
1
4
1
/ _
1
4
9934
99 4
3
1st & ref 410
102
270
9712 102
May 2037 S D 10112 Sale 10118
HA TC 1st g Int guar
10218
_ 1033 Sept'27
4
1937 5
Chic It I & P Railway gen 40-1988
'
3 9118 013 90
/
1
4
87% 92%
914 20
4
Waco & N W city 1st 6s_ -1930 M N 1034
103 Aug'27
/
1
4
864 88% Houston Belt Term 1st 53_1937 J
J 883 _ - - 883
Registered
1
804
4
4
100 1007 100
8
100
&
Refunding gold 43
9214 9514 Houston E & W Tex 1st g 58_1933
/
1
95
243
1934 AO 944 Sale 9412
N
101 June'27
9378 July'27
AO
92% 93%
Registered
N 10034 106 109 4 Sept'27
1st guar 5s red
3
1933
:0934
0° 4 097
00 2 :
899
4
19 11 1001144
Secured 410 series A
M
95 Sale 95
. 95
/ 307
1
4
8
954 Hod & Manhat 50 series A 1957 FA 1007 Sale 10012 101
1952
943
4
91
8
98 101
Ch St L& NO Mom Div 40-1951
-. 90 Aug'27
D 897
894 91
8
FA
9714 June'27
Registered
<NEB L & P 1st C01113 g 5s__ _1932 P.O 102 103 102 Aug'27 _ _ _ 1011 102
/
4
/
1
4
/
1
4
Adjustment Income Ss Feb 1957 P.O 92 Sale 924
923 206
4
Chic St P 51 & 0 cons 139_ _1930 S D 103 Sale 102
/ 103
1
4
1 1024 104
/
1
'
S 95
Illinois Central 1st gold 48..1951
96 Sept'27
/ 97
1
4
94
97
Cons 60 reduced to 310 1930 in
9614 May'27
96
964
/
1
4
Registered
1951 ii 9114 - - 92 Apr'27
/ 923
1
4
8
92
Debenture 58
99 1001
/
1
4
1930 MS 100 102 10012 Sept'27
/
4
let gold 310
1951 J J 88
/ 0012 8713 Sept'27
1
4
87 8713
Stamped
1004 Sept'27
99 10014
10018 _
/
1
4
884 894
Extended 1st gold 3Sis-1951 A0 8814
883 Apr'27
8
Chic T It dc So East 1st 58..1960 J o 100 Sale 9912 100
933 100
8
39
let gold 3s sterling
7512 June'27
1951 MS 7318
73
754
Inc gu Sa
Dec 1 1960 MS 98 Sale 95
873 96
62
96
4
Collateral trust gold 4s._1952 AO 9218
92 Sept'27
904 93
Chic Un Stan let gu 410 A_1963 S i 10034 1013 10018
974 101
22
4
101
AO
Registered
--- - - 88 July'27
88
8912
1st be series B
6 10312 106
10514
19835, 105 Sale 10412
1st refunding 4s
97
9714
195.5 MN
97
934 9712
Guaranteed g 53
3 10113 1053
1047
1944 J D 10412 Sale 10.112
8
8
Purchased lines 3140
1952 S i 8812 8914 88
/
1
4
883
4 25
3814
85
let 6745 series C
11814 52 11614 118 4
1963 S i 11818 Sale 11818
3
Collateral trust gold 40.-1953 MN
903 Sale 9024
8
9052 11
92
88
Chic & West 2nd gen g 66_4)1932 QM 10518 _ _ 105 Sept'27
_ 105 106
MN
Registered
-- 8612 June'27
8612 8612
Consol 50
-year 48
88
/ 9012
1
4
19525' 9014 Sale 8912
9014 21
Refunding Ss
9714 100 109
1 1064 109
1955 MN
109
/
1
1st ref 510 ser A
1982 MS 10518 Sale 105
10512 85 10313 10512
15-year secured 614s 9.-1936 S i 11314 113 11314
1 1114 11312
/
1
4
11314
Choc Okla & Gulf cons 5a...1952
N 1041 _ _ _ _ 104 June'27
/
4
10314 1043
8
40
-year 4s
Aug 1 1966 FA 101 Sale 101
9638 10114
10114 169
'CInH&D2dgold4l,4s
'
S 99
973 9818
1937
994 9818 Sept'27
8
J D 9412 964 9418 Sept'27
Cairo Bridge gold 45
1950
9212 93 8
3
C I St L & C 1st g 4
8-Aug 1936 Q F 973
9514 99
9712 June'27
4
'5 7814
Litchfield Div 1st gold 3s_1951
7814 Aug'27
7612 78
/
1
4
Aug 1936 Q F 9712
Registered
951s 964
9614 June'27
Loulsv Div & Term g 330.1953 J J 8418 85
84 Sept'27
8212 8412
ClnLeb&Norgu4ag
MN 92 ____ 9312 Sept'27
/
1
4
9014 93
/
1
4
Omaha Div let gold 38_1951• A
7811
7812 Sept'27
76
•Cin 13 & CI cons 1st g 5a
1948• J
922
100 10012
100 Sept'27
St Louis Div atz Term g 30_1951 Si 80
6
7812 8
8014 80
8012
012
Clearfield & Mali let go 50-1943
' 100
3
/ _
1
4
99
/ 9912
1
4
9
922 July'27
Gold 314e
1951 Si 864 ---- 8612 Sept'27
85
12 98 s
3
•cleve Cin Ch & St L gen 48_1993 J D 9518 95 4 9513
89
3
9638
2
96
Springfield Div 1st g 310_1951 J J 8.514 -- - 84 Sept'26
Registered
92
9312
9312 May'27
Western Lines 1st g 48_1951 P A
/
1
4
923 ____ 92 Sept'27
8
"iois 9254
-year deb 43.45
20
1931 53 100 10018 1004 1004
98 8 10012 Ill Certral & Chic St L & N 0
3
2
General 5.3 Series B
1993 in 111
1073 113
4
10814 Sept'27
10 10318 108
Joint 1st ref 5.s series A_ 1983 S D 10714 Sale 10612 108
Ref A Impt 68 series A...1929 S i 103 Bale 10234
4
7 1013 10314
163
18t & ref 4;48 ser C
308
100
1963 3D 99 Sale 9914
9614 100
/
1
4
Gs serial C
1941 ii 10712 108 10712 Sept'27
105 108
1 10438 10812
Gold Sa
1951 in 10712 ---- 1084 10812
As series D
1963• 5 104 105 1041 1047
/
1
4
/
4
1027 10518
a
_ 10313 1033
S D 103 107 10312 Mar'27
Registered
/
1
4
4
Cairo Div 1st gold 40
'
3 96
1939
9534
9312 954
9534
6
Gold 410
85
1
85
1951 S D
85 85
Cba W & M Div 1st g 49_1991 S i 91 Sale 91
91
86
3
91
Ind Bloom & West lot ext 40_1940 AO 934 Sale 93
/
1
4
1
934
931s 93
/
1
4
StLDlvlsicolltrgg4i..1990 MN 8912 91
87
91
_
4
883 Sept'27
Ind III dc Iowa 1st g 40
1950 J J 95 4 ---- 95 Sept'27
93
2
/ 95
1
4
MN
Registered
_
90
1
874 8714 Ind di Louisville 1st 80 48. _1956 is 87
90
87
8712 87
84
9012
Spr & Col Div 1st g 46--1940 MS
917 9714 Ind Union Ry gen 58 ser A _ _1965 J J 103 -97 Aug'27
8
103
103
5 10112 10318
W W Val Div 1st 4s___ _1940 S i
91
9612 Apr'27
'S 102 -- - 102
971
/
4
Gen & red 5s series B
102
1985
4 1017 1027
8
8
CCC&I gen cons g 613-1934"3 1084 108 10814 Aug'27
10613 10918 tot & Grt Nor 1st 6s ser A..1952 J
/
1
4
108 Sale 108
10814
76 1004 1081
/
4
'City Lor & W con 1st g 50_1933 P.O 103 Sale 103
1023 1033
8
8
103
Adjustment 68 ser A July 1952 Apri 9612 Sale 9622
9714 45
83
/ 98
1
4
.• 1 1001 __
'Cleve & Mahon Val g Is....
_ _1938
/
4
1001 10012
/
4
A prl 87 Sale 873
10
012 Apr'27
/
1
4
4
Stamped
877
8
10
8112 884
& Mar 1st go g 454s- 1935 MN 99
9934 99
98 8 99 4
99
3
3
1st Ss series 13
1956 5 .1 1011 Sale 10114
/
4
1023
8 71
/
1
9814 1024
In
0 Due Feb. s Due May. 7) Due Dec.
1818
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 30.
New York Bond Record-Continued-Page 3
Price
Friday,
Sept. 30.
Week's
Range or
Last Sale.
Bid
High No,
Ask Low
21
lot Rys Cent Amer 1st 58.__1972 M N 807 81
8
80%
81
2
1941 M N 95
9112
1st coil tr 6% notes
9538 9112
1947 F A 913 Sale 9112
9258 56
lat lien & ref 610
4
4112 10
Iowa Central lot gold 5s_ __ _1938 J D 4112 43
414
Certificates of deposit.......... 4112 4612 4114 Sept'27 - 1951
15
3
Refunding gold 4s
1434 1512 15
10
James Frank & Clear 1st 0_1959 J D 9478 955 95
95
Ka A & G R 1st gu g 58
1938J J 103
_ 103 May'27
Kan & M lat gu g 48
1990 A 0 891
883 Sept'27
4
1
4KCFtS&Mconsg6s
10118
1928 M N 10118 10114 10118
K C Ft S & M Sty ref g 4s1936 A 0 9518 Sale 943
4
9514 18
3
' KC &M R&B lstgu 58-1929 A 0 10012 10214 10118
1014
Kansas City Sou 1st gold 38_1950 A 0 765 Sale 7614
8
76% 19
147
Ref & impt 58
Apr 1950 J J 1017 10214 10138 102
o
42
925
Kansas City Term 1st 48_ _1960 J J 925 Sale 9214
8
1
905
8
Kentucky Central gold 48.__1987 ..T J 9014 ____ 905
8
Kentucky & Ind Term 430_1961 J J 8612
_ 8618 June'27
1961 3 J 903 If 9038 Sept'27
8
Stamped
9638 Sept'27
Plain
1961J J 965
8
Lake Erie & West 1st g 5s_--1937 J J 10212 103 103 Sept'27 _
9
103
2d gold 58
1941 J J 10214 104 103
__
1
8513 se, 7
8338
8
25238
Lake Shr & Mich S g 310_ _1997 J D 86
1997 J D
Registered
31
9912 100
1928 M S 997 100
8
Debenture gold 45
9912 15
1931 M N 9914 9912 9914
25
-year gold 45
8
4
Leh Val Harbor Term 58_ _ _ _1954 F A 1055 1063 10512 Sept'27 - _
Leh Val N Y 1st gu g 410_1940 J J 10014 101 101 Sept'27
9112 12
Lehigh Val (Pa) cons g 4s__2003 M N 9112 Sale 91
M N
_ 89 May'27 _ _
Registered
12
2003 M N H16E816112 1005
8 101
General cons 410
MN
97 June'27
Registered
6
8
109
Lehigh Val RR gen 58 series_2003 M N 1095 Sale 106
4
Leh V Term Ry 1st gu g 58.-1941 A 0 10618 Sale 10618 10618
A 0
10218 Mar'27 _
Registered
90 Sept'27 _ _ _ Leh & N Y 1st guar gold 4s__1945 M S 9014
Lox & East 1st 50-yr 58 gu__1965 A 0 11112 112 11112 Sept'27
__
Little Miami gen 43 Ser A__1962 M N 901
_ _ 913 Sept'27
1935 A 0 10914 101;1 109 Aug'27 -Long Dock consol g 68
8- 12
Long Isld 1st con gold 5sJuly 1931 Q J 10138 ___ 100 Aug'27
9818 Sept'27
1st eonsol gold 48_ __July 1931 Q J 98
1938 .11 D 94 - 8 94 Sept'27
General gold 4s
945
_
9614 Sept'27 _ _Gold 4s
1932 J D
91
3
1949 M S 9014 9178 91
9514- -United gold 48
1934 3 D 10014 10114 10112 Sept'27 _
Debenture gold 58
20
1937M N 100 10014 10014
10014 10
-year p m deb 58
9112
9138 10
Guar refunding gold 4s...1949 M S 9112 92
4
Nor Sh B 1st con gu 5s_Oct'32 Q J 10012 1003 10014 Aug'27
9112
1
9112
Lou & Jeff Bdge Co gu g 4s__1945 M S 9138 92
107
1
107
Louisville & Nashville 55._1937 M N 107
9814 16
1940
J 98 Sale 9714
Unified gold 48
9638 May'27 -Registered
Collateral trust gold 5s_ _ _1931 MN 101 102 10112 Aug'27
10
1930 M N 108 Sale 10512 108
10
-year secured 78
20
109
1st refund 510 series A 2003 A 0 108 10912 109
3
2003 A 0 10718 10814 10712 10738
1st & ref 58 series B
1st & ref 430 series C____2003 A 0 10412 Sale 10312 10412 42
4
8 10338
19303 J 103 10338 1033
& M 1st gold (is
4
1930 J J 103 10338 1033 Aug'27
2d gold 68
Paducah & Mem Div 4s 1946 F A
Aug'27
St Louis Div 2d gold 3s._1980 M S
3
Mob & Montg 1st g 4148._1945 M S 10°90388534
34
- 10114 10114
-1
9014
91 6986'122
South Ry joint Monon 48_1952 J J 9014 - 12 9014
4
9612
9612
Atl Knoxv & Cin Div 49..1955 M N 9612
L011113V C111 & Lex Div g 410'31 MN 100 11 513 100 Sept'27
1934 J J 10212 10312 1034 Apr'27 -Mahon Coal RR lst 5s
11
76
Manila RR (South Lines) 45_1939 M N
7512 Sale 75
1959 M N 7514 90
7812
2
7812
1st 4s
Manitoba SW Coloniza'n 58 1934 J D 100 101 101 Sept'27
88
2
ManGB&NWIst 310_1541 J J 5712 9012 88
Mich Cent Det& Bay City 58231 S M 10112 10211 10112 July'27
_
101 Dec'26
_
Registered
QM
1
3
___ 953
4
95 4
3
Mich Air Line 4s
1940 .1 J 95
92 Mar'26
1951 MS 8518 88
4J L & S 1st gold 310
1952 M N 894 Sale 893
4
893
4
1st gold 310
1
4
993
1929 A 0 993 100
4
993
4
20
-year debenture 4s
7
1940 A 0 96
9834 963
4
9714
Mid of N J 1st ext 5s
4
Milw L 8 & West imp g 59._1929 F A 10014 101 10014
10014
9812 Dec'26
Mil dr Nor 1st ext 410(1880)19343 D 9654 98
1934 .1 D 96% __ 9612 Aug'27
Cons ext 410 (1884)
1947 M S 955 - - 9512 Sept'27
953
4
Mfl Spar & N W 1st gu 48
_
8318 Dec'25
Milw & State L 1st gu 3148_1941 J .7 8638 88
50
Minn & St Louts 1st cons 55_1934 MN 4614 5278 50
MN
4614 53
4618
Temp ctfs of deposit
484 14
1
174
1718
1st & refunding gold 48_ _1949 M S 1712 18
_
1378 14 Sept'27
Ref & ext 50-yr 5s ser A__1962 Q F 13
9018 47
M St P & S 9 M con g 48 Int gu'38 J 3 895 904 8918
9714 Sept'27
Ist cons 58
19383 J 9814
9812 119
1st cons 5s gu as to int__ _ _1938 J J 9712 Sale 973
8
10214 34
10
-year coll trust 6;is__ __1931 M S 10214 Sale 102
10012 12
1946J J 10012 1007 10038
let & ref 6s serie5 A
8
9214 65
1949M S 92 Sale 897
25
-year 510
_
9814 June'27
1st Chicago Term at 49._ _1941 MN 9814
2_ 9718 Sept'27
Mississippi Central 1st 56.-1949 J J 971
903 -ii
4
Mo Kan & Tex 1st gold 45..1990 J D 903 8 if 90
9
Mo-K-T RR pr lien 5s ser A.1962 J J 10514 Sale 10412 10514
9012 17
8
19623 .7 8912 Sale 897
40
-year 48 series B
10312 18
1932 J J 103 10318 103
10
-year 65 series C
10714 81
Cum adjust 58 ser A Jan-1967 A 0 1074 Sale 10614
8 10138 115
Mo Pac 1st & ref 58 ser A __ _1965 F A 10012 Sale 1003
178
78
1975 M S 7734 Sale 75
General 48
1003 740
4
1977M S 10012 Sale 100
lat & rer 5s ser F
94 Sept'27 _ _
95
Mo Pac 3d 75 ext at 4% July 1938 MN 94
_
___ 973 June'27
4
Mob & Mr prior lien g 5s-1945 J J 1001
419451 J 8914 9212 8912 Sept'27
1st m gold 49
8
7
19453 J 827 85 8 8318 Sept'27
Small
____ 100 Sept'27 _
Mobile & Ohio new gold 89._1927 J D 100
95 12 Sept'27
1938 M S 95
General gold 49
8
Montgomery Div 1st g 58.1947 F A 10238 10312 1023 Sept'27 -9912 Sept'27 _
1927 J D 9912 _
St Louis Division 58
9778 522
1977 M S 974 Sale 9718
Ref & impt 410
97
9
Mob & Mar 1st gu gold 48 1991 M S 943 ____ 944
19371 J 1113 ____ 11214 Sept'27
4
Mont C lat gu 68
11112 Mar'27
_
J J
Registered
_ 10614
10814
1
1937 J .1 19514
1st guar gold 58
8438
1
8438
Morris & Essex 1st gu 310_2000 J D 8312 - - 8438
2
10014
Nashv Chatt & St L 1st 58._1928 A 0 10014 Sale 10014
1937F A 10314 108 1022 Sept'27
NFla &S lstgug 58
30 Sept'24
Nat Ry of Mex pr lien 430_1957 J J
1234 12
1214 - - -1- 1012
13 2
Assent cash war rct No 4 on
8712 Aug'25
1977 Z'ii
Guar 70-year s f 4s
4
9
4
173
177 Sale 173
8
Assent cash war rct No 5 on _ __ _
3812 July'25
Nat RR Mex pr I 4145 Oct-1926 J .1
24 Sept'25 -_
3 J
July 1914 coupon on
203
4 10
20 Sale 20
Assent cash war rot No 4 on;
28
Apr'26
1951
let consol 45
3
97
8
103 113
4
4 9%
Assent cash war rct No 4 on
875 July'27
8
Naugatuck RR 1st g 48
1954 iii4 8514
_
New England cons 58
1945.7 .1 10012 ----1013 June'27
_
8918 Afig'27
Consol guar 45
1945 J J 8918
_
NJ June RR guar 1st 4s__ _ _1986 F A 86
8912 8512 Sept'27
9912 19
N 0& N E 1st ref & Imp410A'52 J .1 9918 106
99
New Orleans Term 1st 45_ __1953 J .1
9038 91
8912
903
4 78
10058 12
N 0 Texas & Mex n-e Inc 513_1935 A 0 10014 Sale 10014
10118 48
151 5$ series B
8
1954 A 0 10012 Sale 1003
11
105
1st 58 series C
____ 105
1956 F A 105
5
lat 548 series A
10512
1954 A 0 10518 Sale 105
N & C Bdge gen guar 410_1945 J J
___ 9814 Sept'27 _ _
N Y B & M 13 1st con g 58._1935 A 0 101 102 101
Aug'27
975-
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 30.
t•,g
,
Price
Friday,
Sept. 30.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
5
11.3
Low
Bid
High
Ask Low
High
High No, Low
75
8214 N Y Cent RR cony deb 68...1935 M N 10814 Sale 1077
8
s
10814 33 1053 1084
9112 955
1998 F A 9412 Sale 9412
Consol ts series A
9514
94% 18 90
90
9238
Ref & 'rapt 430 series A.2013 A 0 10214 Sale 10214
103
28 97% 103
4118 5812
Ref & impt 58 series C...,2013 A 0 108% Sale 10814
109
63 10514 109
40
55
Registered
A 0
10512 10512
10512 Jan'27
1412 2112 NY Central er Hudson River
19971 .1 86 Sale 845
913 96
4
Mortgage 3148
8714 38 804 8714
8
103 103
1997.7 J 835 ____ 84 Sept'27
Registered
7838 84
4
1934 M N 973 Sale 973
8538 883
4
Debenture gold is
4
9818 18 9614 98%
101 102
M N 958 ____ 96 Feb'27
Registered
92
954
30
-year debenture 48
1942 J J 9718 Sale 974
94
9718
9°12 9 %
8
6
9912 10214
Registered
J J 9412 ____ 93 Feb'26
73% 765
8
Lake Shore coil gold 3148.1998 F A 8314 Sale 8318
8412 18 -7
7:8 -i3:
96
9
1998 F A 8038 ____ 82 Sept'27
994 102
Registered
783 82
4
4
88
93
Mich Cent coll gold 310-1998 F A 843 ___- 843
4
943
4
793 854
4
8112 91
1998 F A 8118 ____ 814 July'27
Registered
787 8214
8
8518 9438 N I'Chic & St L 1st g 48----1937 A 0 963 Sale 963
8
8
9612
8812 9012
Registered
1937 A 0
9438 Sept'27
94
954
9638 9712
25
-year debenture 48
1931 M N 983 994 983
4
4
9918 121 96% 9914
_101 103
2d 68 series A B C
1931 M N 10314 Sale 1027
s 1033
34:
16 000418 110713
6
4 6 1023818 1000 4
10018 103
Refunding 510 series A.1974 A 0 1074 Sale 107
1073
8
8012 8512
8
Refunding 5148 series B__1975 J .1 10638 1073 10714
4
10712 15 103%38 100712
6 0044 000
7
80
8312 N Y Connect lst gu 410 A _ -1953 F A
99
998 Sale 9934
8
984 100
4
1st guar 5$ series B------1953 F A 1003 1003 105 Aug'27 _
973 100
8
NY & Erie 1st ext gold 4s._1947 M N
9134 Oct'26 _ _ _
10412 1073
4
3d ext gold 410
1933 M S 9912 ____ 985 July'27 ____ "oirz
8
9812 10118
4th ext gold 55
1930 A 0 1005 ___ 10038 Mar'27 _ _ _ _
8614 913
4
5th ext gold 4s
1928 J D 9914 ____ 99 Noy'26
_
84
8912 N Y & Greenw L gu g 5s---1946 M N 997 ____ 100 Sept'27
"ior2 1664
8
97 101
8
N Y & Harlem gold 310--2000 MN 825 ____ 835 June'27
__
8134 85%
8
_ 8212 8212
97 97
Registered
M N 803 ____ 8212 Mar'27
10312 109
N Y Lack & W 1st & ref 5s _ _ 107 30 N 10218 ___ 80 July'26
97 MN
3
10514
10418 June'27
ioi"
10212 10614
First & ref 410
8 _
108 Feb'27
_ 106 108
10218 10212 N Y L E & W 1st 7s ext
1030 F A 1057
932 MS
10038 101 10012 10012
- 90
1 10014 1014
907 NY & Jersey 1st 55
90 Dec'26
1093 1133 N Y & Long Branch gen g 4s 1941 MS 9014
4
4
Apr'27
_
i91
81338 9134 NY & N E Bost Term 49-1939 A 0 9212 ____ 91
13
4
757
1 -7 - 86
410912 NYNH&En-cdeb4s____1947 M S 8412
1083
758
4
_
723 76
8
9938 10112
Non-cony debenture 330_1947 M 8 7518 ____ 733 Sept'27
7643 20 68% 763
s
98
9818
Non-cony debenture 310_1954 A 0 7658 Sale 74
8
8
8314 12 76
8312
9238 9818
Non-cony debenture 48-1955 J .1 8218 843 823
84
37
9318 9614
Non-cony debenture 49 -1956 M N 84 Sale 8214
3
4
7638 85
89
91
10583 J 75 4 Sale 743
9 6 .1
4
Cony debenture 310
111 Sale 111
°75
Z 14
1118 146 108638 1796411
99 10112
Cony debenture 13s
111 Sept'27
9818 10014
Registered
9 78 15
2
883 915
4
%
8
1940 j 0 I643 Sale 10412 104% 11 103 101
Collateral trust 65
A 3
100 101
8
1957 M N 757 Sale 757
76
13 6912 76
Debenture 48
9112 Sept'27
8938 9212
8
8814 91
Harlem R & Pt Ches 1st 48 1954 M N 903 91
10618 107
N Y dr Northern 1st g 53_
997 Aug'27
_ 99% 100
1927 A 0
953 9812 N Y 0& W ref 1st g 4s_June 1055 3 D 8012 Sale 803
4
8
0
8112 68 9014 9153
7653 8 12
992 M S
95
80
985
8
78
783 7812
4
General 4s
80
17 73
10118 1023 N Y Providence & Boston 48 1942 A 0 905
4
8
905 Sept'27
8
__
10318 108
NY & Putnam 1st con gu 481933 A 0
014 Aug'27
97
6
_
105 110
NY Snag & West 1st ref 58-1937 .1 J
1053 1087
4
8
2d gold 410
1937 F A -66- 114 7912 June'27 _
7793 823
88274 "90I1:
4
4
7678 Sale 7612
99 4 10412
3
General gold 58
1940 F A
77
14 71% 80
10314 1041s
Terminal 1st gold 58
1943 m N 100 10212 101 June'27
9818 101
'46 A J
10338 1033 N Y W'ches & B 1st ser I 4341050 J 0
4
69 784 8714
1053 8 012 100:4
87144 10
0
0
8
84 4 100 4 37 9314 1001
935 9612 Nord Ry ext'l 8 f 610
8
4
87
'
%
9412 Sale 9414
6612 69
943
4 20
Norfolk South lst & ref A 58_1961 F A
10014 1014 Norfolk & South 1st gold 58-1941 m N 10114 10214 10114 Aug'27
10 4 10131
9°3 94
0
__ 1057 Sept'27
8
1043 106%
4
8712 91
Norfolk & West gen gold 68-1931 m N
- 4
9312 9714
10818 110
Improvement & ext 65-1934 F A 10818 1083- 10818 Aug'27 _
4
993 10012
10612 107
New River 1st gold 138._ -1932 A 0 1053 106 10812 July'27
N & W Ry 1st cons g 48-1996 A 0 963 Sale 0658
987
8
8 92% 9714
92% 95
1034 10318
Registered
1998 A 0 ____ 9612 947 Aug'27
9518 14 93
95%
66
78
Diy'l 1st lien & gen g 413_1944 J .1 954 Sale 945
7312 84
18612 Sept'27
_ 158 187
10-yr cony 68
1929 M S
954 95
100 101
Pocah C & C joint 4s
19411 D 95
95
5 92% 96
___ 10655 Sept'27
105% 107
88
North Cent gen & ref 58 A.-1974 M S 107
87
99 June'27
97
99%
1014 1013
4
Gen & ref 434s series A---1975 M 8
9 14 s ,9 95 2
9 4 1013
North Ohio 1st guar g 5s___ _1945 A 0 053 . 0913
941 100
91
:9
7
,
9912 100
96
-9-14 If- North Pacific prior lien 48-1997 Q 3
3
5
9514 36
Registered
1997 Q J 94% 95% 95
883 100
0538 9
4
695
905 63
41n 2047 Q F 6912 6955 6914
204
8 88 65
1 9%
9
34
Gen'i lien gold 38.
67
8812 87 Aug'27
63% 674
Registered
10 4
8
18
10212
5 191 :02:2
95
9818
Ref & impt 4%s series A.-2047 J J 102 1027 113214
98
J J 99% ____ 98 May'27
_ 98
100% 101%
Registered
11512 24
Ref & impt 6s series B _ _ _ -2047 J J 11512 Sale 11514
-iW2 13_ 10318 10734
Ref & impt 5s series C__2047 J J 10718 108 10712 Sept'27
9214 9512
4
10812 18 10318 10812
Ref & impt 58 series D__ _2047 J .1 108 Bale 1073
4
4
1093 109%
4
Nor Pac Term Co 1st g 6s-1933 J J 1093 __ 1093 July'27 _
_ 1063
'Eli" ii- Nor Ry of Calif guar g 58-1938 A 0 10634
4 1063
2 103 1063
4
4
4618 55
- -12
02
4 0
8
181% 1834
1930 J J 10212 103 10212 Sept'27
North Wisconsin 1st 68
17
23
Og & L Cham 1st gu 4sg_1948 J J 8518 8712 8712 Sept'27
8
8
1234 154 Ohio Connecting Ry 1st 4s._1943 M S 923 ____ 945 Mar'27
94% 943
9
1034 June'27
102 1044
81314 904 Ohio River RR 1st g 58
1936 J D 10212
96
10212 Aug'27
10114 103
9934
General gold 58
1937 A 0 102
9814 9838 Oregon RR & Nay con g 49.1946 J D 94 Sale 94
9414
1
9712 10214 Ore Short Line 1st cons g 58.1946.7 .1 1084 Sale 10812 10838
333% 9
3 106 4 109%
1948 J .7 10814 110 10814 Sept'27
_ 106 110
984 102
Guar cons 55
3
8
100
42 984 100
8214 9214
1929.7 D 995 99 4 993
Guar refunding 49
4
92
28 86% 92
973 9814 Oregon-Wash 1st & ref 48.-1981 J J 913 Sale 91%
4
8
95% 974 Pacific Coast Co 1st g 58-1948 J D 883 Sale 8814
88%
7 88
93
933 Aug'27
Pac RR of Mo 1st ext g 49-1938 F A 937 95
9
101% 109°53144
86
4
_ 102% 102
3
9 12
1938 .7 J 1023 __ 102 Sept'27
3
___ 100 Sept'27 _ _ _ 98 100
8512 9012 Paducah & Ills 1st at 410_1955 J J 100
4
963 286 8712 97
4
10238 104
Paris-Lyons-Med RR 68_ _1958 F A 963 Sale 96
4 10318 102 96% 103%
96 10814
Sinking fund external 75...1958 M S 103 Sale 1023
101% 29 9514 102%
9734 102
-Orleans RR s f 7s_ _ ..1954 M S 10114 Sale 10118
Paris
9 0 0 1s
12 3
102
1 1011 4 10 3it
744 794 Paulista Ry 1st & ref s f 79..1942 M S 102 103 102
8
9734 101
Pennsylvania RR cons g 4s._1943 M N 99 Sale 983 Aug'27
927 95
8
1948 M N 98 Sale 975
98
4
Consol gold 48
914 97%
4
973 99
4
9718
4 9 % 10314
45 sterl stpd dollar_May 1 1948 m N 9712 Sale 9718
91 4 9 %
10512 34 104:8 105
884 8912
Consolidated 410
1960 F A 10518 ___ 105
9
4 10318 54
82
8318
General 4145 series A----1965 J D 103 Sale 1023
100 102
19683 D 112 Sale 11112 11212 17 106% .1121,
General Ed series B
923 9512
8
1930 A 0 10612 Sale 10614
1083
8 45 105% 107%
-year secured 78
10
19912 10214
0038 00
1936 F A 1124 Sale 11218 11238 81 11134 11314
-year secured 6 Me
15
111% 111%
F A 1114 ____ 11118 Aug'27
Registered
_
98
977
-year secured gold 58-1964 M N 10412 Sale 1044 1043
4 50 102 106
40
9114 9712 Pa Co gu 3148 coil tr A reg_1937 M S 875 ____ 89 Mar'27
89
89
11014 11312
86
80%
Guar 310 coll trust ser 13.1941 F A 8714 ___ 8718 Sept'27
11112 11134
- 86 Sept'27
Guar 3148 trust ctfs C_ -- _1942 J D 8614
1033 10614
8
8712 853 June'27
8
Guar 310 trust ctts D._ -1944 J D 8614 8012 85
994 99
-25
7
Guar 15 -year gold 4s._-1931 A 0 99
9918
10014 10112
1952 MN 9312 ____ 92 Sept'27 _
Guar 4s aeries E
1025 10312 Pa Ohio & Del 1st & ref 4148 A'77 A 0 995 Sale 9938 100
8
8
77
ns . 940
,1
O
Peoria & Eastern 1st coA 44 1000 AFr. 9038 Sale 90
9038
1
-i6F2 16- Income 4s
48 Sale 48
48
64
4898 9 1511 59:9986 1
;
10612 86 10331 03898611111144
Peoria & Pekin Un 1st 5148_1974 F A 1064 10712 0534
2
Tr- Iti" Pere Marquette 1st ser A 58-1956 J J 105 Sale 10434 105 20
_..._
89
92l
1958.7 J 915
8 ___ 913 Sept'27
4
1st 48 series B
953 99
2
Phila Bait & Wash 1st g 48.-1943 MN
97 9814 99 Sept'27
101: 14 %
"ii" lilt General 58 series B
11 14
1974 F A 1113 113 112% Sept'27
4
2
4
0
.1 4214 4212 423
1
Philippine Ry 1st 30-yr s f 48 1937
8
428
D 10655 __ 1063 June'27
9
1612 Pine Creek registered 1st 65.1932
_ 10612 106%
4
875 8738 PCC&StLgu 410A
8
A 0 1023 Sale 102
1023
4
9
4
1091'814 101%
9
0
1942 A 0 1013 1023 1015 Sept'27
8912 101%
4
8
8
Series B 410 guar
92
14
9
8712 8912
1942 M N 10112
101 July'27 --_ 10 ;
4 11
Series C 4145 guar
14
8
8512 8512
973 __ 98 Sept'27
Series D 48 guar
9 1: 9 342
824
0
01
9
1 95 F N
1 3
Series E 3148 guar gold...1949 M A 9718 ____ 978 Sept'27
D 07ll
97i
0714 A pr24
9 34
073
7
8 rfes F 48 g uar gold
Se i G 43 ixtlar
100 1014
1957 M N
100 10112
9758 Aug'27
_
1960 F A 9714
Series H con guar 4s
833 4:2
001
9
103 105
Series I eons guar 410_ ___1963 F A 1044 ___ 103 Aug'27 _
1043 108
4
Series J cons guar 430_ _ _ _1964 MN 10414 ____ 10314 Sept'27
97
11112 20
983
4
Generak M 53 series A__ _ _1970 J D 111 Sale 111
1003 102
4
1111, 15
1 1111
6
69
99
Gen mtge guar 55 aeries B_1975 A 0 11034 Sale 11034
091
1819
New York Bond Record-Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended Sept. 30.
Price
Friday,
Sept. 30.
Week's
Range or
Last Sale.
Range
Since
BONDS.
N. Y. STOCK EXCHANGE.
Week Ended Sept. 30.
113
Price
Friday.
Sept. 30.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Low
High
High
Ask Low
Rid
High
Low
High
Ask Low
Bid
1011 102%
4
4
99 1007 Va & Southw'n let gu 55-2003 J J 1013 104% 10134 Aug'27
s
100% July'27
Pitts & L Erie 2d g 5s_ -Jan 1928 A 0 997
945 9814
8
981
,
1958 A 0 9814 99
973
4
1st cons 50-year .58
1057 108
8
Pitts McK Sr Y 1st gu 68-___1932 J J 10418 106 106 May'27
10212 109
Virginian Ry let 58 series A.1962 M N 10818 Sale 10818 10812
4
1934 J J 10418 ---- 1013 Nov'26
2d guar 65
103 105
1939 M N 1043 Sale 10412 105
4
1001, 10314 Wabash 1st gold 58
10314 Sept'27
1940 A 0 10214
Pitts Sh & L E 1st g 58
100% 103 4
5
8 103%
1939 F A 10312 1033 1035
4
2d gold 53
10012 10012
1943 J J 10012 --- 10012 Apr'27
1st consol gold Es
10318 10612
10614
1975 M S 106 1064 106
96
Ref 51 53is series A
96
96 Aug'27
1943 M N
95
Pitts Va & Char 1st 413
99% 1025
s
5 A 102 Sale 102
F i
102%
Ref & gen 5s series B
100 100
Pitts Y & Ash lst cons 5a _ 1927 MN 998 --- 100 July'27
1033 July'27
4
9612
19
Debenture B 65 registered_193796
923 94
4
1948 J D 9414 ---- 94 Mar'27
1st gen 48 series A
85': 8835
1033 July'27
4
4
1st lien 50-yr g term 4(1_1954 J J 883
104% 107
8
1962 F A 1045 10712 1053 Sept'27
8
1st gen 5eseriee B
103 105
103
103
Det & Chi eat 1st g 58--1941 J J 10318
75
70
Providence Secur deb 45___ _1957 M N 7318 763 75 Sept'27
4
8812 9312
9312 Sept'27
93 94
Des Moines Div let g 45-1939 J
8418 8418
_ _ 8418 July'27
1956 M S 855
8
Providence Term 1st 45
83% 87
8612 86% Aug'27
1941 A 0 85
Om Div let g 3MB
92 100
9514
953 9514
4
Bsading Co Jersey Cen coil 48251 A 0 95
91%
90
915 Sept'27
8
4
1941 M S 913
Tol & Chic Div g 4s
98 10112
4 10112 13
Gen Sr ref 4) series A
1997 J J 1003 Sale 1003
4
,s
80
834
83 Sept'27
7912 82% Warren 1st ref gu g 3
8
823 Sept'27
1948 M N
Rich & Meek 1st g 48
874 885
8
891s-- _ _ 88% June'27
Wash Cent 1st gold 4s
1015 103
8
1952 J J 1013 103 102 Sept'27
8
Richm Term Ry 1st gu 5,s
85% 8714
867 Sept'27
8
1945 F A 834 87
- 100 10114 Wash Term let gu 3Ms
Rio Grande June 1st gu 5s._1939 J D 100% 102 100 Aug'27
874 9212
_ 92 July'27
1945 F A 92%
let 40
-year guar 48
74 74
3
1
3
Rio Grande Sou 1st gold 48_ _1940 J .1
5
73
4 7 4 Aug'27
3
9814 99 4
3
993
4
99%
W Min W & N W 1st gu 55_1930 F A 9914 foci
--- 6 May'25
Guaranteed (Jan 1922 coup on) J J
7614 864
8614 342
1952 A 0 86 Sale 85%
9012 93'± West Maryland let g 48
934 42
8
Rio Grande West let gold 48.1939.5 J 93% Sale 923
99% 101%
101% 160
101% Sale 10114
1st & ref 5348 series A-- _1977 J .8
89
101
84
89
1st con & coil trust 48 A_ _1949 A 0 89 Sale 8612
2 101% 10212
4 1013
4
4
1937.8 J 1013 Sale 1013
West NY Sr Pa 1st g 55
11
9439 98
98
RI Ark & Louis lat 4 Ms_ _ _ _1934 M 23 97
/ 9712 97%
1
4
3
88
90%
90%
4
1943 A 0 903 Sale 90%
Gen gold 4s
2
8212 854
855
8
855
5
1949 J J 85
Rut
-Canada 1st gu g 45
_
9912 45 Feb'25
Apr 1 1943 Nov
914 9512 Income g 5s
1941 J J 9414 9512 9412 July'27
Rutland 1st con g 4348
98'z 100's
993
4 39
1946
8 9935 Sale 9912
5
4
1
863 8914 Western Pac 1st ser A 5s___1948
4
883
4
St Joe & Grand Iel 1st g
1947 J S 8812 883 883
4
10218 10412
1023 Aug'27
8
let gold Os series B
1 100 10018
10018 10018
St Lawr & Adir 1st g 58_ _ _ _1996 J ./ 10012
8613 91
9012 46
2361 J J 9038 Sale 89%
105 10714 West Shore let 48 guar
/
1
4
10714 Aug'27
1996 A 0 10612
2d gold 65
8
86
897
897
8 38
894
88% 90
2361.5
971
Registered
9614
1931 J J 973 971 97% Aug'27
St L & Cairo guar g 45
8
99 10139 Wheeling & Lake Erie
101% 15
St L Ir Mt Sr El gen con g 5s 1931 A 0 10118 Sale 101
9934 101
Wheeling Div 1st gold 55.19283 J 10018 10014 10018 Sept'27
_
10038 Sept'26
4
1931 A 0 -.
Stamped guar 58
9912 10012
10012 Aug'27
Ext'n & impt gold 58
1930 F A 100
9739 993*
99% 83
1929 J J 99 Sale 9938
9012 94
Unified & ref gold 48
93 Aug'27
923 4 94
Refunding 4345 series A._1966 M
9812 9812
9812 Aug'27
J .1
Registered
4
10012 1015
1013 102 100% Sept'27
4
1966 M
Refunding 5s series B
934 96
955
8 43
Riv & G Div 1st g 45
1933 M N 9512 Sale 9512
8714 9014
8
1949 M S 893 9114 895 Sept'27
4
RR 1st consol 48
s
- 100 1015
8
St L M Bridge Ter gu g 5s_ _1930 A 0 101 10118 1007 Sept'27
4
724 801
2
77
76%
gill 8912 wilk & East 1st gu g 58
8
1932 i D 755 78
94 J
8
8912 98
St L & San Fran (reorg co)48 1950 J .1 89 8 Sale 89
3
104 1045
5
1033 106 104 Aug'27
4
Will & SF 1st gold 58
87
87
87 May'27
J .1
Registered
861 9012
2
4
1960 J J 903 9212 9012 Sept'27
99% 10314 Winston-Salem S B let 4s
10314 72
8
Prior lien series B 58
J 1027 Sale 102
1950 J
87 4
3
80
85' 42
8414
8
10112 24 100 1025 Wis Cent 50-yr let gen 48._ _1949 J J 8412 85
10114 Sale 10114
1928 J
Prior lien series C 68
8878 92
914 10
_ 9118 9118
Sup & Dul div & term let 48'36 M N
4 1033
8 23 10112 10312
103% Sale 1023
Prior Hen 5s series D
1942 J
9214
89
924 Aug'27
oti
Wor & Con East let 4 Ms_ _ _1943 J J
99 102
10114 101% 74
Cum adjust ser A 6s__July 1955 A 0 10114 Sale
INDUSTRIALS
9514 9915
9912 314
Income series A 65. July 1960 Oct. 994 Sale 994
951
2
89
95 18 26
8
10439 1057 Adams Express coil tr g 413_ A948 M S 95 Sale 95
St Louis & San Fr Ry gen 6s_1931 3 J 10454 1051 105 Sept'27
8 46 105% 109%
8
10012 10139 Ajax Rubber 1st 15-yr St 85_1936 J D 1085 Sale 10734 1085
4
1931 5 J 10114 --- 1013 Sept'27
General gold Se
3
54
4%
1
4%
6
9 8
4
10412 10714 Alaska Gold M deb 65 A _ _ _ _ 1925 M
10714 Sept'27
St L Peer dr NW 1st gu 58 1948 5 J 1064
318 514
434
1
434
M 5
4
5
Cony deb 65 series B
9618 9812
971 Aug'27 - 8
St Louis Sou 1st gu g
-1931 M S 973 99
4
914 9712
43
9 4 13
Alpine-Montan Steel 1st 78_1955 M S 9439 Sale 9439
1
8612 90
90
90
4
St L S W 1st g 48 bond ctfe_1989 M N 893 90
4
9718 1043
4 65
84
Am Agile Chem lst ref s f 7 Me'41 F A 10339 Sale 10312 1033
1
81
84
84
2d g 45 Inc bond ctfe_Nov 1989.5 J 8312
9112 98
9212 9112 Sept'27 -- _ _
9418 9714 Amer Beet Sug cony deb 65_1935 F A 91
4
9714 73
Consol gold 48
1932 J
963 Sale 963
4
1044 22 101 104%
104
47
95 100
American Chain deb s f 68_ _1933 A 0 10418 Sale
1st terminal & unifying 58_1952 3 J 100 Sale 9912 100
95 100
19
4
924 963 Am Cot 011 debenture 58_1931 M N 100 Sale 9034 100
4
963
4 75
St Paul & K C Sh L 1st 4;0_1941 F A 96 Sale 953
10512 10614
1936.5 .1 10552 10614 10614 Aug'27 Am Dock & Impt gu 65
10139 102
8
4
St Paul Sr Duluth 1st 55
1931 F A 1013 10218 1015 July'27
10312 10412
_
1939 A 0 10418 105 104 Sept'27
91
93
Am Mach Sr Fdy s f 238
915 Sept'27
8
95
1st consol gold 48
' 1968.5 D 93
99 100
99% 31
4
98
Am Republic Corp deb 8s-1937 A 0 993 Sale 99%
98
Jan'27
St Paul E Gr Trunk 4 Ms_ _ 1947 J J 98 10014 98
4 59 1004 10312
9714 9812 Am Sm & R 1st 30-yr 58 ser A '47 A 0 10214 Sale 10214 1023
St Paul Mimi & Man con 48_1933 J J
9112
-- 9712 Sept'27
10812
8 107% 1094
1947 A 0 10812 Sale 108
1st M Os series B
1074 1081
8
1st consol g 6s
1933 J .1 1074 _ _ 10714 Sept'27
3
7
10658 10714 Amer Sugar Ref 15-yr 65_1937 J J 10478 Sale 10415 104 8 48 104 105 4
8
J .1 10618 --- 1065 Sept'27 _
Registered
981a 100
997 179
4
8
s
2
9912 1005 Am Telep & Teleg coil tr 48.19295 J 997 Sale 998
Os reduced to gold 4 Ms_ _ _1933 J J 1004 Sale 10018 10018
9314 9812
1936 M S 987 _-- 98% Sept'27 -Convertible 4s
9914 9914
9914 July'27
Registered
J J 9814 _
9818 10112
10112 Sept'27 - _
1933 M S 10013
20
-year cony 434s
9512 9814
97 Sept'27
Mont ezt 1st gold 48
1937 J D 967 _
8
10512 47 102 10512
1946 5 D 10518 Sale 105
-year coll tr 58
9512 954
30
9512 Jan'27
Registered
J D 9414
106 101 106
1900.8 J 10518 Sale 10518 106
3
35-yr a f deb 58
91
9314
9314
Pacific eat guar 4s (sterling)'40 J J
9314
9314 94
3
3
1943 MN 10812 Sale 1084 108 4 75 105% 108 4
20
-year a f 5 Ms
12 10514 108
St Paul Un Dep let dr ref 58_1972 J J 108 Sale 1075
8 108
4
3 1023 10612
1940 A 0 105 1053 10512 10512
4
23 A & Ar Pass 1st gu g 45_ _ _1943 J J 9214 Sale 9214
8839 9239 Am Type Found deb 65
9212 27
98 1014
10018
1007
8 31
102 10314 Am Wat Wks & El col tr 58_1934 A 0 10018 Sale
Santa Fe Pres & Phen 58._ _ _1942 M S 1021a --- 102 July'27
22 100% 1064
105
1975 M N 1047 Sale 10414
s
Deb g (is Fier A
1083 10912
4
Say Fla Sr West 1st g 6s____1934 A 0 1083 --- 10834 Sept'27
4
83
9312
9312 183
1947.5 J 9312 Sale 92
Am Writ Pap let g Os
1023 104
4
104 May'27
1st gold Es
1934 A 0 10212
8
161 1033 105
Anaconda Cop Min 1st 68-1953 F A 10434 Sale 10412 105
91
95
Scioto V & N E 1st gu g 48.-1989 MN 941
94 Sept'27
4
12
4 1094 118 1061e 109
1938 F A 10914 Sale 1083
15
-year cony deb 75
7
4 1074 85 1034 108 a
1
8414
Seaboard Air Line g 421
8118 8
44 Andes Cop Mtn cony deb 7s_1943 J J 10712 Sale 1063
1950 A 0 84% Sale 8414
884 NU
9314 341)
92 Sale 8914
8012 877s Aruglo-Chilean 78 without war_'45 M N
8 13
Gold 4s stamped
833
1950 A 0 8312 8414 83
9312 100
5
98
83% 88% Antilla(Comp Azuc)7 me_ _ _1939 J
8714 9814 98
8614 194
Adjustment 5s
Oct 1949 F A 8618 Sale 8514
7 100% 103
7314 107
4
6939 763 Ark & Mem Bridge dr Ter 58_1964 M S 10212 -- 10218 103
Refunding 48
1989 A 0 7318 Sale 7234
36
9312
9012 73
1st & cons Os seriesA
98% 340
943 9912 Armour & Co 1st real est 430'39 J D 90 Sale 8912
4
M S 9814 Sale 9712
1946
37 8 95 4
5
3
903 109
903 95
4
Armour & Co of Del 534s_ _1943 J J 8934 Sale 8912
94
94
2
Atl & Birm 30-yr 1st g 4s_d1933 M
914 94
4 41e
8 1003 10
9634 104
94
9839 Associated 011634 gold notes 1935 M S 103 Sale 10212 103
Seaboard All Fla lat Imes A 1935 F A 9612 Sale 9512
8
1025 103%
1947 J D 103
__ -- 10318 Sept'27
1
9718 Atlanta Gas L 1st 55
94
97
97
Series 13
1935 F A 9612
%
15% 15
1539 June'27 -8
100 1005 Atlantic Fruit 78 ctfs deP-1934 .1 0
Seaboard & Roan 58 eztd_ _ _1931 J J 100 10034 100 June'27 18
18
Jan'27 - •
.1 D
_ _ 18
Stamped ctis of deposit
4
4
8
8
So Car & Ga lst ext 5 As---lug Irl'‘ 1005 1013 10112 Sept'27 -- 1003 1013
, i
767
2
67
2C
704
Atl Gulf & W I SS L col tr 58_1959 J J 7014 7012 70
4
810414 1053 104 Sept'27 ---- 10318 105
S&NAlaconsgug 253
20 10012 102%
1937 J J 101 1011 1014 102
Gen cons guar 50-yr 58_1963 A 0 11112 11312 1113 Sept'27 -- 11014 11214 Atlantic Refg deb 55
4
108 108
10712 Sept'27 5s._1940 MN 10739
11
9314
8814 9339 Baldw Loco Works let
SO Pac coil 48(Cent Pac coil) k'49 .5 D 9234 Sale 9234
10912 109%
2 10612 10912
106
89
Baragua (Comp Az) 7348_1937 J
86
89 Aug'27 -Registered
J D 865 90
4
4
96% 1055
9818 85
64
100
9839 10012 I3arnsdall Corp 68 with warr-1940 J 0 98 Sale 9734
20
-year cony 45
8
June 1929 M El 995 Sale 99511
9412
89
91
13
warrant).1940 J D 9012 Sale 9012
133 10014 10239
Deb 65 (without
8
10238
1st 43.91(Oregon Lines) A_1977 M S 10212 Sale 1017
94
99
98% 41
1936.5 J 9812 Sale 98
4 100 103
Belding-Hemingway (is
10134
20
-year cony 58
1934 .1 D 101 10214 101
.1948.3
1057 Sale 10512 1059 27 102% 106
5 10035 1023 Bell Telep of Pa 58 series B.
20
-year gold 58
1944 M N 102 Sale 10112 10112
s
8
1960 A 0 10712
9 17
2
10712 33 1027 10712
92 8
904 9414
1st &ref 58 series C
_ _ 10738
San Fran Terml 1st 4s_ _ _ _1950 A 0 87 Sale 913 5,1y,22
9239
96% 97%
9735 123
Berlin City Elec Co 6 Ms __ _1951 J D 9712 Sale 97
93
87
A 0
Registered
94
973
4
38
97
50 Pac of Cal lateen gu g 58_1937 MN 105 4 10514 1053 July'27
Berlin Elec El & Undg 6;0_1956 A 0 97 Sale 9612
4
10412 107
5
8 24 100 1027
s 1025
9418 96% Beth Steel let & ref 55 guar A '42 M N 10214 Sale 1028
So Pac Coast 1st 311 g 4s..1937
9612 Sale 9612
964 135
8
98% 1015
101
18
3 977
k
49
30-yr pm & Imps f 5s_ _ _.1365 .1 10039 Sale 10014
8 9612
93
J j j 964 965
So Pac RR lst, ref 4s
963
4
85 101% 10512
945 Aug'27
8
9414 9618
Cons 30-year tili series A_ A948 F A 10412 Sale 10412 105
J .5
Registered
974 1024
8 1064 110
C0118 30
-year 5 Ms ser B__ _1953 F A 10018 Sale 10134 10218 53
.
Southern Ry 1st cons g 55_1994 J J Ho" gile 10912 110
933
4 16
92
944
106 Aug'27
1950 M S 9314 933 9312
Bing & Bind deb 6358
4
1035 106
8
J J
Registered
8
_ _ 10118 Feb'27 - -- 1011 10115
139
Booth Fisheries deb 5 f 6s_.1926 A 0 10214
8
90
90
86
Devel & gen 4e series A--1956 A 0 89% Sale 893
92
80
23
86
15 11339 118
118
Botany Cons Mills 6;48-.1934 A 0 854 gile 85
4 Sale 11714
Develop & gen 85
1956 A 0 1173
2 10318 106%
63 1194 127re Brier Hill Steel 1st 5348._1942 A 0 1041 Sale 104% 105
8
125
Devel & gen 64s
1956 A 0 1244 Sale 12414
7912
71
18
73
8
2 1064 109
107%
10778
B'way & 7th Av 1st cc 55_1943 .1 D 72 Sale 72
Mem Div lst g 511
1996 J J 1053
743
4
72% 76
1
7434
924
1
Ctfs of dep stmpd Dec '28 int
5
8939 92 4
St Louis Div 1st g 4s
1951 J J 9112 1214 9214
91% 95
8
91%
92
Brooklyn City RR 1st 5s_ _ 1941 J J 91l 92
East Tenn reorg lien g 53_ _1938 M 5 100 10112 10118 Nov'26
8
10518 17 10315 1063
92 WI 13klyn Edison Inc gen 5s A_ _1949 J J 10512 Sale 10539
;
954
5
Mob & Ohlo coll tr 413
1938 M 5 954 Sale 95
8
1930.5 J 1035 Sale 1034 10339 11 102% 1051
8
90
3
84
9114
General Os series B
Spokane Internal 1st g 5s.
.1955 J J 8612 Sale 8612
95% 101%
96% 346
1968 5 J 95% Sale 951s
9212 934 Bklyn-Man NT sec 65
Sunbury 4 Lewiston let 48_1936 J J 9312 ____ 93% July'27 -- -563 66
8
57 Sept'27 - - _ _
997
8
10012 Bklyn Qu Co & Sub con gtd 5841 M N
10012 Aug'27 -5712 6212
1004
Superior Short Line 1st Se. e1930 M S
7318 80
98% 100
1st 55 stamped
1941 J .1 65
___ 9912 Sept'27
7212 734 Aug'27 - - -Term Assn of St L 1st g 4348_1939 A 0 997
_
8812 Aug'26
Brooklyn R Tr 1st cony g 421_2002 J .1
1 1023 105
8
105
8 1944 F A 1043 10512 105
1st cons gold 55
8714 91
91
8
13612 Nov'26
3-yr 7% secured notes _ _ _ _1921 J J
91 Sale 91
1953.5
Gen refund 8 f g 4s
32 1027 107
12818 Nov'25 - -97
2 107
8
Ctfe of deposit stamped
Texarkana & Ft S let 5 Ms A 1950 F A 107 Sale 109619
95
10 -in' 98
Aug'27
1950 F A
92I 9484 93%
19435 J 99%
998 10118 Ilklyn Un El 1st g 4-55
Tex & N 0con gold 55
3 10534 10812
9218 974
92%
9238
9
A 9239
Stamped guar 4-5s
1950
Texas & Pao 1st gold 283
2000.5 D 10812 ____ 10812 10812
107
107
6 102% 107
Bklyn Un Gas let cons g 5s_1945
N
(Mar'28 cp on)Dec2000 Ma 10012 ____ 100 Aug'27 -- 100 100
2d Inc 5s
Sa1---6
98% 10214
0134
1st lien & ref Os series A 1947 M N 1155 _ -- 11512 Sept'27
8
- 113% 11512
8
1977 A 0 1015 Sale 100
Oen & ref 55 series B
4
225
65 156 230
1921 195
99 1007s
1936 J J 225 Sale 224
0 4
Cony deb 5348
0
1931 J J
La Div 13 L 1st g 58
93
12
92
2
1932 J D 924 Sale 9212
96.58
10414 10658 Buff & 811.8(1 Iron s f 5s
92'±
0
638 1.
1
Tex Pac-Mo Pac Ter 5345. _1964 M S 199%. _ 10658 Sept'27
8
907 9212
921
5
100 10212 Bush Terminal 1st 48
1952 A 0 9212 Sale 924
4
Tol & Ohio Cent 1st go 52.__1935 J J 10178 ____ 1013 Aug'27
9512 10
012
998
10014 102
10012 June'27
1955 J J 9914 100
1935 A 0 10012
Western Div 1st if 58
Consol 521
10012 53
9914 1034
_5
1004 10114 Bush Term Bldge folgu tax-ex'60 A 0 101% 1023 10112 102
1936.5 D 10012 101 101 Sept'27
General gold 58
4
15 May'27
19
6 100% 10212
15
15
15
10212
BY-Prod Coke 1st 5345 A __ _1945 M N
_ _ _ 102
Toledo Peoria & West 1st 48.19173 J
8
10212
10212
3 10118 1035
895 93
8
A 0 9214 -___ 93 Sept'27
Cal G & E Corp unlf & ref 22_1937 MN 102.
102% 103
Tol St L & W 50-yr g 412._..1950
914 06%
943
4 35
993 ____ 99 Aug'27 -2
99
99
Cal Petroleum cony deb s f 561939 F A
9412 Sale 94
1931.5 J
ToIWV.SrOgu 4345A
95 10214
1938 MN 994 Sale 983
9938 ____ 9914 Aug'27 ---9914 9914
Cony deb El f 5 Ms
99'z 101
1st guar 4345 series B.--1933 J .1
96 101
10014 18
94
957 Camaguey Slug let f g 78_ _ _1942 A 0 10014 Sale 100
8
___ 9
1942 M 5
539 Mar'27 -let guar 48 series C
994
99
4
90
921 Canada S 5 L 1St 68
%
9218 93
925 Sept'27 - 8
1941 A 0 9914 998 9914
9914
5
Tor Ham & Buff 1st g 4s._ _1946 .1 D 94.
1
1 10214 1044
85
65
67
5612 71
.1 D 10412 Sale 10412 1041±
_1928 J 13 65
Cent Dist Tel 1st 30-yr 5s_.,1943
Ulster & Del 1st cons g 55- 96
99
99
99
2
40
1952 A 0 37
3914 42
407 Aug'27
Cent Foundry 1st 8 f 6s_May1931 F A 974 99
let refunding g 4s
10414
1 101 10414
41
98
947 993 Cent Leather let lIens f 6s_ 1945J_
4
J 10414 Sale 1044
Union Pacific 1st RR & Id gt 43'47 J .1 974 Sale 9712
8
3 1183 125
943 Sept'27 ----4
J J
1941 M N 12112 122 12112 122
937 963 Central Steel 1st g e f 88
4
Registered
101
961g 27
984 1034
40
918 9612 Cespedes Sugar Co 1st f 734s'39 M S 101 Sale 100
June 2008 M S 951 sale 95%
1st lien & ref 46
72
53
65
65
1
99a, 367
86
9614 100
Chic City & Conn Rye 55.5an1927 A 0 61
1967 J .1 9912 Sale 99
Gold 4345
103
1 102 103
Ch G L & Coke 1st gu g 58..1937 J .1 103 10312 103
8
June 2008 M S 1113 1125 11214
11214
3 108% 113
let lien & ref 58
821± 33
743 8512
4
1927 F A 824 824 82
4 16 10118 1023 Chicago Rye 1st 55
1928.5 J 10114 101'2 10112 1013
8
10
-year secured 65
95
92% 9614
79
1947.5 J 943 Sale 9434
4
94% 97
___
97 Aug'27
Chile Copper Co deb 58
U N J RR dt Can gen 4s.._ _ _1944 M S 97
2
1021
13 101 1024
97
1933 J J 983 -984 Cincln Gas dr Elec 1st & ref 5.2'56 A 0 10218 Sale 10218
4
93
84
985
Utah & Nor 1st ext 48
8
1047
2 10414 10514
Jan 1 1961 A 0 1047s 105 1047
97
___
9212 9712
due
97% Sept'27
_1955 F A
5345 ser B
Vandalla cons g 45 series A.
97% 10512
10339 396
9312 OcV26
Cities Buy Pow & L Sf 65___1944 MN 10312 Sale 10214
97
___
1957 M N
Consol 45 series 11
5512 85%
8512 July'27
_
Clearfield Bit Coal hat 45__ -1940 J J
Vera Cruz & P 1st gu 4 Ms_ _1934
J J
10112 19
96 102
_ 24
Colo F & I Co gen s f 5s-1943 F A 1015E8 Sale 1005
Apr'26
July 1914 coupon on
9312 9.) 2
1
20 Sale 1914
83
//4 Col Indus 1st & coll 55 gu___1934 F A 99 Sale 9 s
1934
993* 59
3203
4 12
Assenting 1st 4348
10084 1007 Columbus Gas 1st gold 55.-1932 J J 974 98
100% ____ 10078 Sept'27
961 9814
8
977
8
97%
2
s
Virginia Mid 55 series F___ A931 iiii
79 Sale 79
82
77
1023 1027 Commercial Cable 1st g 45...2397 Q
8
g
1936 M N 1023s ___ 10239 Sept'27
79
1
General 58
ms
I Rue May. s 008 Junes
Due Aug.
110g
4
1820
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 30.
New York Bond Record -Continued-Page 5
4)
r 0.
Price
Friday.
Sept. 30.
Week's
Range or
Last Sate.
Bid
Ask Low
High
Commercial Credit 8 f 65_1934 MN 98
98% 98
98
Col tr s f 63 % notes
,
4
1935 .1 .1 9412 9512 9412
94%
Commonwealth Power 6s...1947 MN 105 Sale 105
105
Computing-Tab-Rec a f 65_ _1941 J J 1043 Sale 1043
4
10512
4
Conn Ry & L 1st & retg 434s 1951 J J 988 _ _ _ _ 9818 Aug'27
Stamped guar 434s
1951 J J 9818
987
8
984
Consolidated Cigar 5 f 68...1936 A0 10114 Sale 1014
101%
Consolidated Hydro-Elec Works
of Upper Wuertemberg 714_1956 J J 981 .. 99
8
9914
Cons Coal of Md 1st & ref 543_1950 JD 8314 ga:le
95
93%
Consol Gas(NY)deb 5348_1945 FA 10612 Sale 10618 1063
4
Cont Pap & Bag Mills 63414_ _1944 FA
7912 Sale 7914
793
4
Consumers Gas of Chic gu 58 1936 JO 10115 Sale 101
10118
Consumers Power let Ss._ _ _1952 MN 10412 Sale 104% 10412
Container Corp 1st 6s
1946 JD 98 Sale 98
98 12
Copenhagen Telep ext 85.„1950 A0 101 102 10114
10114
Corn Prod Refg 1st 25-yr at 56'34 MN 10212 Sale 102
1021:
Crown Cork & Seal 1st s f 68_1942 PA 102 10212 102
102
Crown-Willamette Pap 68_ 1951 .1 .1 10112 Sale 10114
1013
4
Cuba Cane Sugar cony 75..._1930 J J 95
96
954 96
Cony deben stamped 8%.1930is 973 Sale 97%
8
983
4
Cuban Am Sugar 1st coll 88.1931 M
108 10814 108
10812
Cuban Dom Sug 1st 7348 ...1944 MN 1003 Sale 10014
4
1011:
Cumb T az T 1st & gen Ss._ _1937 is 1021 Sale 10212
:
10212
Cuyamel Fruit 1st f 6s A _ _1940 AO 9814 Sale 98
98 14
Davison Chemical deb 6345.1931 ii 101 Sale 101
1013
4
Den Gas&EL 1st & ref at g 58'51
N .993 10014 10014
4
100%
Stamped as to Pa tax
N 997 1003 99%
8
4
99%
Dery Corp(D G) lat s f 75_ _1942 MS 64 • Sale 64
6514
Detroit Edison 1st colt tr 58_1933 is 102 103 10218 10215
181 az ref 56 series A _July 1940 M
1031
_ 10314
103%
Gen & ref 5s serlea A
1949 AO 10312 1044 10314
410314
1st & ref 68 series B_ _July 1940 MS 1083 Sale 10814
4
1083
4
Gen & ref 56 ser B
1955 J D 10412 Sale 103%
10412
Det United 1st cons g 4)413._1932 J J 9518 96
954
9512
Dodge Bros deb 68
N 86% Sale 8614
1940
873
4
Dold (Jacob) Pack 1st Os_ _1942 MN 813 86
4
814
8238
Dominion Iron & Steel 56_1939 MS 7112 743 7212
4
7212
Certificates of deposit
703 72
8
72
72
Donner Steel 18t ref 78
1942 J J 9512 Sale 953
8
9712
Duke-Price Pow 1st 68 ser A '66 MN 96 Sale 10512 1053
4
East Cuba Sug 15-yr s f g 7346'37
1051 Sale 105
4
1053
4
Ed El Ill Bkn 1st con g 4s _1939
9712 Sale 97
9712
Ed Elec Ill 1st cons g 5s_ -- -1995
1103
4
11034 Sept'27
Elec Pow Corp (Germany)630'50
973 Sale 9718
4
9812
Elk Horn Coal 1st & ref 634s.1931
983 99
4
9812 Aug'27
Deb 7% notes (with warr'ta'31
95
9712 9612
97
iz?
44
Range
Since
Jas. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 30.
ft
Price
Friday,
Sept. 30.
Week's
Range or
Last Sate.
,Q4
Range
Since
Jan. 1.
No. Low
High
Bid
Ask Low
High No. Low
High
1
93
993 Lehigh Valley Coal Ist g Se__1933 J J
4
1014
7
gol2 94s8 1st 40-yr gu Int red to 4%_1933 J J 10114 10134 10112 Aug'27 2 101 102
953 _ _ _ _ 9512
4
9512 97
8
2 1043 1053
let dr ref s f 55
4
1934 F A
_ _ 101 Sept'27
101 104
6 10414 10612
1st az ref 5 f 55
1944 F A 101- - 100 Sept'27
100 10012
99 4 1011
1
/
4
9618 98 8
lst & ref Ss
1954F A 100 1003 100 Sept'27
4
99 10134
/
1
4
1
904 9)
1st & ref 53
19645' A 100
10015
10018
5
99 10111
70
98% 102
1st & ref s 5s
1974 F A 1004 1C10034 100 Sept'27
8
997 101
Lax Ave & FF 1st gu g fie-1993 MS
37 May'27
37
37
10
97% 101
Liggett & Myers Tobacco 78_1944 F O 123 1233, 123
19,1 A A
2 120 12412
12312
3.5
78
861x
Registered
A 0
_
1174 Sept'27
11715 11718
127 10,511 1063
4
58
jai gale 10334 105% 39 1024 10614
13
75
81's
Registered
F A
10114
_ 10114 1014
5 1005 10214 Liquid Carbonic Corp 04_1941 F A 10434 Sale 1033 Feb'27
4
8 104% 95 10314 112
23 102 10412 Loew's Inc deb 6.8 with warr_1941 A 0 104 Sale 103%
10418 76 101 105 8
7
18
97
99
Without stock pur warrai g0;
nta
A 1004 Sale 994 10015 53
_
96 10013
10
994 10114 Lorillard (P) Co 7s
1944 A-b 118 118% 118
1 115 120
118
2 10118 10318
98
09 974 100
17
95% 10012
5
9334 10414
Registered
9712 Apr'27
F A
96 4 974
3
34
99% 102
Debbs
5s
1937
J 9814 Sale 97%
97
984
98% 112
27
944 993 Louisville Gas & Elec(Ky)5s_'52 M N 1033 Sale 03%
4
4
99 8 10412
3
103/4 18
86
954 102
Louisville Ry let cons Ss. _ _
9718 984 9718 Sept'27 94
99
12 1074 1083 Lower Austrian Hydro Elec PO 9
4
1
33
987 102
8
1st 1634s
-S A 90
44F j
3°
9012 90
9014 10
/
1
4
874 95
13 10012 1023 McCrory Stores Corp deb 534a'41 J D 9978 Sale 993
4
4
99% 47
97 100
2
1013 A O
9
93% 9314 Manati Sugar 1st s f 734s_ _2 42 j D 10514 1064 10834
13 1023 109 4
107
4
3
58
90 1013 Manhat By(NY)cons g 4s_ 1990 A 0 70
4
71% 7014
7114 10
0714 737
8
2
98 10112
2d 4s
62
1
63
623
8
625
8
5812 68
2
9814 1014 Manila Elec Ry & Lt 51 Ss_ _1953 Ng s 9518 9818 97
1
97
93 4 99
3
7
Mfrs Tr Co etre of partic in
81
64
1 10138 103%
A I Namm & Son Ist 6s 1943 J D 105 108 105
3 1044 1054
105
3 10214 1037 Market St Ry 7s eer A April 1940 Q
s
994 Sale 9912
99% 47
9614 1004
5 1024 1043 Metr Ed lst&refg6sserli.l952 F A 109 Sale 109
3
7 10512 1091.5
10914
17 10714 109
1st & ref 5s series C
1953 J
10212 1023 10214
4
102 4 12 100 102
3
/
1
4
17 101% 10412 Metropolitan Power 1st 65 A 1953 J
1063 Sale 1063
4
8 10514 1074
4 1063
4
10
Metr West Side El(Chic) 49.19385' A
9212 97
7814 79
79 Sept'27 _
78
80
141
Meg Mill Mach 75 with war.1956 J D 1023 10312 102
85
96
1
8
102
99 105
12
89 8
3
Witho it warrants
81
1
9314 9234
J D 93
923
4
90% 93
4
48
Mid-Cont Petrol 1st 6345_..1940 pa s 10412 Sale 1041: 10412 10 10312 10514
76
15
4914 75
Midvale Steel &0cony sf581936 M S 997 Sale 993
5
9714 100%
4
10014 67
13
98
95
Milw El Ry & Lt ref & ext 4%8 01 J D 09% Sale 9914
19
'
3
99% 12
J
9818 100%
12 1031z 10534
General & ref Ss
1951J D 10215
8
10214
1024
9914 10212
22 105 108
1st &ref 53B
102 Sale 10112 1024 10
98 1021s
6
94% 9712 Montana Power 1st 56 A ._.1943 5 J 1033 Sale 10312 104
19 10112 1041
4
*
1067 111
8
Montecatini Min & Agric31
95
Deb 75 with warrants
9912
1937 J J 10012 Sale 10018
2
5
1003
4 79
987 1017
_
98 10014
Without warrants
27
94 Sale 94
94
94
92
3
95
99 4 Montreal Tram ist & ref 55..1941
3
9914 99% 9914
95% 9 %
99,
4 24
9
Gen & ref s f 5s series A...1955 A 0 96% _
_
97 Aug'27
953 100%
8
Equip Gas Light 1st con 5s 1932
10012 1014 100 8 Sept'27 - - 3
9934 101
Morris & Co 1st s f 414s_ _ _1939 .1 J 8612 Sale 357
8
83
8812 63
89%
Federal Light & Tr 1st 55_ _ _1942
9612 97
27
96%
97
9714 Mortgage-Bond Co 4s ser 2.193 j D 8615 883 83 Aug'27
95
1 64 A O
8
4
83
83
1st Hen s 58 stamped__ 1942
25
96 8
9314
3
97
95
9614 97
10 -year Be series 3
-25
1932 .2
964 981*
4
98 Sale 98
3
98
1st lien 68 stamped
1942
103% 103% 103% 103%
2 102 104% Murray Body Ist 644/4
0434 Sale 9414
98%
94
9512 45
30
-year deb Baser B
1954
10214 102% 102
9
97 1024 Mutual Fuel Gas let gu 558.1947 M N 1024
10212
1024 103
2 10112 103
Federated Metals s f 78
1939 JD 95
95
96
9515 25
887 9712 Mut Un Tel gtd 58 ext 4% _1941 MN A1023 - - - 103 June'27
s
8
4
1013 103
Fiat deb 7s (with warr)
1946 Si 102 Sale 101
10212 60
9212 1031: Namm (A I) & Son-See Mfrs Tr
Without stock purch warrants.
943 Sale 94
8
94% 42
9112 99
Nassau Elec guar gold 4s......1951 J J 5115 Sale 4934
49
5214 42
6212
Fisk Rubber 1st s 1 85
1941
13 115 120
11815
119
118%
National Acme 1,1 t 7340-1931
1023 103 102% 1023
4
0834 10314
7
4
Ft Smith Lt & Tr 1st g 5s..1936 MS 8512 sale 854
Sale
1
86
8512
90% Nat Dairy Prod 6% notes_ -1940 MN 10314 Sale 1027
8 10314 36 100 1034
Frameric Ind & Deb 20-yr 7)48'42 is 1043 1043 1043
4
10514 131
.4
4
3
9812 105 4 Nat Roam & Stampg let 58_1929 J D 103 10314 102 June'27
101% 104
Francisco Sugar let at 7345_1942 MN 10412 Sale 10914
2 106 110
10912
Nat Starch 20-year deb 5s-1930 J J 100
10014 June'27
99 4 10014
3
Franch Nat Mail SS Lines 78 1949 JO 101 Sale 1003
4
10114 229
4
944 1013 National Tube 1st s t 65....-1952 M N 1041 ti.- 1044 105
/
1
:38143
8 103% 10514
Gas& El of Berg Co cons g 551949 JD 103%_ 10314 1033
2 10238 1033 Newark Consol Gas cons 58_1948 5 D 1031
3
s
:
10312 Sept'27
102%
Gen Asphalt cony 68
1939 AO 10612 1081! 1064 10612 20 106 1121: New England Tel & Tel ba A 1199521 1 D 105% Sale 105 5 10534 12 103 10312
6
3
105
/
1
4
Gen Electric deb g 3348
1942 FA
27
94
94
91
lat g 434s series B
94
93349334
MN 10018 Sale 100
10012 47
9538 101
Gen Elec (Germany)7s Jan 15'45 is 104
1033
4 104% 10 103 10512 New On Pub Serv 1st 58 A 1952 A 0 9734 Sale 9714
9778 75
93% 98
S deb 6%a with warr_ _ _1940 JO 118 fig 122 Sept'27
First & ref 58 series B__195.5 J D 97% Sale 96%
113 13814
97% 106
93
12 97 a
1
Without warr'ts attach'd '40 JO 10012 lot 101
10112
7
99% 10214 NY Air Brake let cony 6s-1923 MN 1014 Sale 10112 10112 10 10012 1021
4
Gen Mot Accept deb Os
1937 FA 10212 Sale 10214
10212 149
994 103
NY Dock 50-year 1st g 4s._1951 F A 8734 Sale 87%
88
841 88
2
Genl Petrol 1st a 1 5s
FA 10112 1013 10112 10112
1940
8
3 10014 102
N Y Edison lat & ref(1)4s A_1941 A 0 11618 Sale 1164 11614 13 118 11614
Gen Refr 1st 51 g 6s ser A_ _ _1952 PA 104% 105 4 105
2 10112 106
105
3
First lien & ref .58 B
1944 A 0 1043 Sale 10434
8 102% 105
4
105
Good Hope Steel & I sec 7s._1945 AO 10114 10112 10114
22
9912
1013
8 106 1094
10912
Goodrich (B F) Co let 6348_1947 Si 1073 Sale 10712 108 4 49 104% 10312 N Y Gas El Lt & Pow g 5.8_1948 J D 10918 Sale 109
5
Purchase money gold 48_1949 F A
954 Sale 953
6
s
93% 96%
954
Goodyear Tire & Rub 1st 88_1941 MN 12018 12014 12018 120% 62 12014 108
12212 NYLE &WC&RR 530_1942 MN 102% 105 102% 102%
2 1023 102%
8
10-years 1 deb g 8a_May 1931 PA
_ 11014 Aug'27
109% 11114 NYLE&WDockazImpas 1943
1 1011 102
J 102 10318 102
102
:
1st Si coil tr 5e
1975 MN 9514 Sale 95
95% "igo
917 971/ NY&QEIL&Plstg5s
8
1 10012 10214
8
1930 F A 1003 101 1003
8 11K1311
Gotham Silk Hosiery deb 68_1936 SD 10118 Sale 100
101% 248
9714 101% N Y Rye 1st R E & ref 4s_ -1942 J J
8712 Dee'26
Gould Coupler let at 6a_
1940 FA 69
70
76
5
70
70
Certificates of deposit
87
"5514 - 1"
63
5514 July'27
6
Granby Cons M 8& P con 6s A'28 MN 1003 10112 10034 Sept'27
4
1003 102
4
30
-year ad) Inc 58.
-Jan 1942 A :
0 ____ 31 3 Sept'27
3
3
Stamped
MN 1003
1928
3
4
- 100 4 Sept'27
100% 102
Certilicates at deposit
6
51: Mar'27
54 512
Gt Cons El Power(Japan)7s_1944 PA 9814 Sale 984
27
99
94% 9912 NY Rya Corp Inc(is_Jan 1965 .
16 Sale 16
-4
4Pr
1714 102
16
307
8
1st az gen 5 t 6 As
1950 Si 933 Sale 9312
94
4
38
91
9414
Prior lien Os series A
4
1965 i J 76 Sale 78
773
4
754 8514
Great Falls Power 1st sf5s 1940
N 1041
2 1023 1061: N Y & Richm Gas 1st 6s__1951 MN 106 Sale 10512 108
0414
10414
4
8 102 10612
Gulf States Steel deb 5348..1942 J D 94 4 Sale- 94
94
3
94
N Y State Rys 1st cons 4348_1962 MN 5414 Sale 5414
96
47
5338 5912
55
Hackensack Water 1st 45
1952 Si 883
4
88 4 Sept'27 3
8612 894
1st eons 6345 series B
7014 7112 7014
1
82
70
7014
Hartford St Ry 1st 48
1930 MS
95 May'27 - 9312 95
N Y Steam 1st 25-yr 6s ser A 1962 MNN1073 108 1074 1073
4
947 M
4 11 10514 1081
4
Havana Elec consol g 58......1952 FA 959814 98% 984 Sept'27 - - -9512 9818 NY Telep 1st & gen 514%5.1939 M N 101 Sale 1003
33
8 101
98118 101
Deb 534s aeries of 1926_.1951 MS 86
4
86
86 4 86
3
30-year deben s f6s__Feb 1049 F A 11012 1103 1103
86
90%
20 110 11138
8 Ill
4
Hershey Choc 1st & coil 53451940 J J 1023 Sale 102
8
1023
4 87 1013 103 4
20-year refunding gold 615_1941 A 0 10914 Sale 10914
4
1
109 4 37 107 8 11012
3
7
Hoe(R)& Co let6 348 ser A.1934 AO 9912 Sale 9914
993
4 17
98 10212 N Y Trap Rock 1st 65
100% Sale 10014
/
1
9814 1014
1005
8 31
Holland-Amer Line 65 (flat)-1947 MN 103 Sale 103
4
103
914 103
Niagara Falls Power 1st 53-1932 5 D 10112 10214 1011: 102
26 10014 104
1946 J J
/
1
4
Hudson Coal 1st f 58 ser A.1962 J D 9712 Sale
340
9718 983
Ref & gen 6s
9714
4
_973
1 10314 106
4
8 105%
9 2
A 19 3
Ja 63 A 0 1051 . 1053
Hudson Co Gas 1st g Ss_ ,-1940 MN
1 102 104% Niag Lock &0 pr lat 5s
4 103%
103% --- 1033
21023 10318 102 4 10314 12 10014 104
4
3
Humble Oil & Refining 5348_1932 Si 10212 Sale 10212
Nor Amer Cem deb 6 As A_ _1940 M S 87% 88
102% 31 101% 103
9
8734
: 9514
Deb gold Sa temp
88 366 811 101
1937 AO 993 Sale 933
4
4
97 10014 No Am Edison deb Ss ser A.1957 M 13 100% Sale 10018
993 101
4
101
964
Nor Ohio Trac & Light 88_1947 M 13 101 Sale 9914
26
101
951 100
:
Illinois Bell Telephone 5s_1956 J D 10515 Sale 105
10514 23 1023 105% Nor'n States Pow 25-yr 55A 1941 A 0 102 Sale 102
4
10212 21 100 1024
Illinois Steel deb 4345
1940 A0 993 Sale 99%
9654 100
4
het & ref b-yr 68 series B.1941 A 0 1057 Sale 1054 1057
99 4 18
2 10411 107
3
14
5
Ilseder Steel Corp s f 7s
1946 AO 10012 100% 10014
7 100 1023 North W T lat fd g 4Hagtd_1934 J J 98% --- 9614 Sept'27
4
1007
98 101
Indiana Limestone lst 51 88_1941 MN 100 Sale 99% 100 s
8
98 100
Ohio Public Service 7345 A _ _1946 A 0 11618
7 114 11612
116
110
Ind Nat Gas & 01158
N 984 99
1936
99 Aug'27
98
1st & ref 7s series
994
4 1133 11512
s A 11514 ifs 11514
F s
11512
4
Indiana Steel 1st as
1952 MN 104% _
104% 105
10312 10514 Ohio River Edison 1st 68..._1194487
1065e 10878 1064 106% 14 10518 1071
B9
/
4
Ingersoll-Rand 181 58 Dec 31 1935 J J 10118
:
10012 10012 Old Ben Coal 1st 68
- 1001 May'27
4
8
4
921: 10
194 F A 931 Sale 923
943
90
93
/
1
4
Inland Steel deb 5345
1945 MN 10312 Sale 103% 1033
5 26 1014 10414 Ontario Power NP 1st 58.
8 101 108
1027 Sale 10214
5
1035
4
/
1
4
Inspiration Con Copper 6)45.1931 MS 993 100% 1003 Sept'27
8
9814 1011 Ontario Transmission Ss__ _1945 M N 10214 -- 10215
4
/
4
10214 22 10014 10278
Interboro Nletrop coll 4)48.-1956 A0
11
Apr'25
Otis Steel 1st M 68 ser A-- --1941 M
17
5
957 Sale 9512
96
9312 964
Guaranty Tr Co etts deP
127 13 Apr'26
5
Pacific Gas & El gen & ref 58_1942 J J 10314 Sale 103
103% 36
99 4 1044
1
Interboro Rap Tran 1st 58..1968 is
Sale 763
4
7712 112 "iiis Ws; Pac Pow & Lt ist & ref 20-yr Ss'30 F A 101 10114 101
33
101
9914 10114
Stamped
ii 771 Sale 76%
:
75% 7914 Pacific Tel & Tel 1st 58
7712 186
1937 J J 10314 104 1031
7 10114 104
: 1033
4
113-year Os
1932 AO 7914 Sale 7918
3012 16
Ref tntge Ss series A
82%
77
104 Sale 10314
1043
4 17 10112 10434
10
-year cony 7% notes_ _1932 MS 981 Sale 9314
Pan-Amer P &T cony a 65_1952 MN 102 Sale 10214
963 99
8
4
983
4 70
19 M N
34
1023
4 64 102 10618
Int Aftric Corp 1st 20-yr 55_ -1932 MN 90 Sale 90
2
00
1st lien cony 10-yr 7s
81% 92%
1930 F A 105% Sale 105% 1051
: 5 1044 10514
/
1
Stamped extended to 1942_ _ _ MN 69 Sale 89
Pan-Am Pet Co(of Cal)cony 614'40 J D 94 Sale 94
8
69
75
83
9412 30
911 1004
/
4
/
1
Inter Mercan Marine 5188..1941 AO 1027 Sale 10214
8
954 105
102% 46
Paramount-Bway 1st 534s..1951 S J 101 Sale 100% 101
47
98 101
International Paper 58
1947 is 101 Sale 99%
20
97 10114 Park-Lax St leasehold 6)48..1953 J J 8814 8w8 88
101
9312
85
89% 19
MS 104% Bale 10414
Ref s 68 see A
1955
Pat & Passaic Az El cons 58.1949 M 13 10334
97% 105
1043
4 62
10012 Aug'27
100 10312
Cony deb Os
1941 A0 10334 Sale 10412 10714 808
9714 10/14 Pathe Exch deb 78 with war_1937 M N 924 Sale 9212
95 -ioi
924 1001
4
Stamped
108 Sale 10414
10712 202
9818 10712 Penn-Dixie Cement 6s A...
_1941 M 8 9914 Sale 99
8
9912
9712 101
lot Telep & Teleg deb g 434s 1952 Si 95% Sale 947
92
8
953 2000
9514 Peop Gas & C 1st cons g 68-1943 A 0 11414
4
1133 July'27
11312 115
Jurgens Works Os(fiat price)-1947 Si 10314 103% 1033 Sept'27
4
_ 10112 11114
Refunding gold 5s
1947 1.4 S 10512
M
15 1013 104
1031: 104
s
Kansas City Pow az Lt Ea_ -1952 MS 10518 Sale 10518
10514 24 103 10514
Registered
S
9914 Apr'27
9914 9914
J 100-1st gold 4345 series B
1957
10012 Sept'27
9812 10012 Philadelphia Co coll tr 68 A.1944 F A 10411 Sale 104
1047
5 73 1034 10473
/
1
Kansas Gm de Electric 65-1952 MS 10618 10614 1064
4
10614 32 1033 10612
15
-year cony deb 53413-1938 M 8 10314 Sale 102% 1034 57 1001 1044
/
4
/
1
Kayser (Julius) az Co 1st 8 1 75'42 FA
10712 Aug'27 13 1084 1081/ Phil& & Reading C & I ref 58_1973 J J 10012 Sale 10014
10012 49
9912 102
/
1
4
Cony deb 5341
1947 MS Elii4 dale 10314
203
3
104
95 1054 Pierce-Arrow Mot Car deb 8s.'43 M S 05
9512 95
9512 45
9112 10714
Keith (B F) Corp 1st 65-1946 MS
4
4 100
96% 10014 Pierce Oil deb 5 f 8ii_ -Dec 15 1931 J D 102 Sale 102
93
9 4 Sale 993
1
9912 10414
102
Kelly-SprIngf Tire 8% notes.1931 MN 1083 Sale 10812 1087
22
4
99 10914 Pillsbury Fl Mills 20-yr 6s...1943 A 0 10412 Sale 10312 1044
s
5 10214 10512
Keyston Telep Co 1st 55__ _1935 Si 9514 96
9514
93
9514
96
Pleasant Val Coal 1st g f 56.1928 J J 9912 Sale 100 Sept'27 99 100
Kings County El & P g 58.-1937 AO 10418 _
10418 Sept'27
1031 10418 Pocah Con Collieries 1st s I 58.'57 J J 93 4 944 941: Sept'27
:
9118 944
3
/
1
AO 128% - - 12812 12812
Purchase money(is
1 12414 1284 Port Arthur Can & Dk 6s A.1953 F A 10414 Sale 10414
1997
3 10338 10514
10414
Kings County Elev 1st g 4s
- 12
841
:
8114 86
-1949 PA 82 (4 82
Ist M 6s series B
1953 F A
_
1043 Sept'27
4
1044 105
/
1
Stamped guar 48
1949 LA 81% 82% 82
81
82% 13
Portland Elec Pow 1st Os B_1947 MN 10434- - 8 1013, 1013
86
1O1' 1017
4 39 100 102
/
1
4
Kings County Lighting 5s_1954 Si
10112 10514 Portland Gen Elec 181 Ss_ _ _1935 J J 10012 101 10014
10514 -- 10514 Sept'27
1017
5
8
997 1011
2
/
4
First & ref 6345
1 11214 11812 Portland By 1st & ref 65._ 1930 M N 97
1954 Si 11812
11812 11812
971:
98
974
1
9412 9718
Kinney(GR)& Co 734% notes'36 SD 10412 105 10412 10412
3
97% 1051 Portland Ry L & P 1st ref 56_1942 F A 964 Sale 95%
:
9618 25
911 96
/
4
/
Kresge Found'n coll tr 65_ _1936 JD 10414 Sale 103%
1
4
1st lien & ref Os series B....1947 M N 101 1013 10112 10112
10414 17 102 10514
4
2 10018 1027
5
Lackawanna Steel let Be A._1950 M
4
1013
4 103
9914 1024
1st & refund 7348 series A.1946 MN 1063 108 1074 107%
4
3 1064 10812
Lac Gas L ot St Lref&ext 58_1934 A 0 103 Sale 10118
10118 Sale
10114 17 10014 10214 Pressed Steel Car cony g Ss.-1933 J J 19148 Sale 9612
.
164
97
73
9312 985
4
Coll & ref 534s series C
1953 F A 105 Sale 105
8
10514 16 1033 106
Prod & Ref at 85(with war)_1931 J D
110 Sept'27
110 11312
LehighC&Navsf434,A_1954J J
1
99%
_
971 10014
:
997
5
Without warrants attached__ J D 11018 (if 111 Sept'27
110 11134
-._
OCT. 11927.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 30.
Price
Friday.
Sept. 30.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
High
High No. Low
Ask Low
OW
4
46 1033 108
Pub Serv Corp of N J sec 68.1944 F A 1062 Sale 10638 107
8
19563 J 1033 Sale 1032
21 10112 105
Sec g 5 Ms
4
8 104
4
Pub Serv Elm & Gas 1st 5%81959 A 0 106 10614 106
10614 10 1043 1064
let & ref 5348
1964 A 0 105 106 105
10618 15 104 1063
4
Punta Alegre Sugar deb 78_1937 .1 J 107 Sale 106
10 106 11112
107
Remington Arms tis
1937 M N 97 971 9714
4
95
98
4
973
Repub I & 10-30-yr 5a a f....1940 A 0 1012 103 10114 1012
8
5 10018 108
8
Ref&gen534eseriesA.1953J J 1023 Sale 10214 1023
982 1022
8
4 14
4
4
Reinelbe Union 75 with war 1947 J J 11212 114 112
4
11212 12 1133 1263
4
Without stk purch war'ts_1946 J J 10112 102 1013
24
9812 10411
8 102
Rhine-Main-Danube 73 A
1950 M S 1027 Sale 1027
22 10112 1C413
8
8 103
Rhine-Westphalia Elec Pow 73'50 M N 1022 Sale 10212 103
31 1013 105
4
8
Direct mtge Os
1952 MN
95
90
953
4 39
952 Sale 9512
8
1955 F A 97 Sale 9612
Rime Steel 1st f 76
97
22
932 98
4
65
Robbins & Myers let at 78._1952 J
11
45
45
45 Sale 45
Rochester Gas & El 78 ser B_1946 M
9 111 113
8
111'z
1114 1112 11118
1948 M $ 106 10612 1063 Sept'27
Gen nitge 5345 series C
105 10612
8
90
Roch dr Pitts C&Ipm 58 _ _1946 M N 90 _ _
9212
9212 Sept'27 -- __
247 4978
8
Rogers
-Brown Iron gen&ref 78'42 M N 374 40
_
39 Sept'27
M N 3718 40
50
Stamped
8
24
42
3812
St Jos Ry Lt & Pr lat 5£3_ __ _1937 M N 962 Sale 9612
4
4
955 973
96A
4
4
St Joseph Stk Yds let 430_1930 J
973 973
4
4
9734 Mar'27 --__
973 ___
St L Rock Mt& P 58 stmpd_1955 J J 80 Sale 80
752 8112
8
7
80 8
2
St Paul City Cable cons 53..1937 J
9414 963
4
9534
9512 Sept'27 San Antonio Pub Serv 1st 68_1952 .1
s
6 10512 1087
a
108
____ 10812 lOS7
Saxon Pub Wks(Germany) 713'45 F A 10218 Sale 102
10214 161 101 104
Gen ref guar 6%a
1951 M N 982 Sale 9812
124
964 9912
99
8
1946.3 J 10312 Bale 1033
Schuleo Co guar 6348
14
99 8 1042
3
4
8 104
1946 A 0 1034 104 103
Guar s f 6%s series B
98 10412
19
104
Sharon Steel Hoop let 85 ser A '41 M S 1084 ____ 10812 108'2
1 10712 10912
6 107 109
Sheffield Farms 1st & ref 6 ha'42 A 0 1073 Sale 10712 1073
4
4
Shell Union Oil f deb 5s.....1947 MN 982 Sale 984
9824 260
9512 99 4
2
8
8
1935 .1 J 10212 Sale 10212 1023
Siemens & Halske s f 7s
4 18 1017 105
8
8
1951 M S 104I Sale 1044 10488
1 1043 1043
Deb 81 634s
4
St 634s allot ctfs 50% pd _1951 M S 10412 Sale 10438 1044 163 1011 100
4
95 1013
Sierra & San Fran Power 53_1949 F A 101 Sale 100
20
101
9212 9814
Silesia Elec Corp at 634s,..1946 F A 954 96
9612 Sept'27 --__
Silesian-Am Exp col tr 7s. 1941 F A 99 8 Sale 99
9512 10112
9978 32
3
Simms Petrol 6% notes - _ _ _1929 MN 100 Sale 99
9712 105
10012 188
Sinclair Cons Oil 15
-year 75_1937 M S 100 Sale 9934
973 1023
4
4
100
72
1st l'n col tr 13a C with war_1927 J
3 994 10214
100
9018 9614 100
1st lien 634a series B
1938 J D 964 Sale 953
9214 1023
8
9614 70
4
Sinclair Crude Oil 3-yr 63 A.1928 F A 10051 Sale 10028
997 10118
8
10028 48
Sinclair Pipe Line Cf 55
1942 A 0 94 Sale 9312
9112 953
8
81
94
Skelly 011 deb 13348
1939 M
9518 Sale 95
95 14 28
9 4 953
3
4
Smith (A 0)Corp 1st 630_ _1933 M N 10228 Sale 10238
10212
4 10114 103
South Porto Rico Sugar 73_ _1941 J D 1094 110 110 Sept'27
__ 107 110
South Bell Tel & Tel Ist a 15131941 J J 10414 ____ 10414
10414 10 10212 105
Southern Colo Power 68 A 1947 J J 10412 Sale 10312 1044 15 1004 10412
13'west Bell Tel 1st & ref 56..1954 F A 1047 Sale 10434 10518 36 1022 10518
4
8
Spring Val Water 1st g 53_1943 M N 10034 ____ 10038
984 1003
8
1
10038
Standard Milling 1st 58
1930 MN 10138 Sale 10118
10138
8 100 103
1st & ref 5%s
1945M 13 1034 Sale 103h
5 10111 1033
10312
4
Stand Oil of N J deb 5s Dec 15'46 F A 10314 Sale 10214
8
1032 206 1013 1033
8
4
Stand Oil ot N Y deb 4 lia
1951 J D 954 Sale 954
260
94
96
9614
Stevens Hotel lat 63ser A_ _.1945 J J 10034 Bale 10012 1002
99 102
5
4
Sugar Estates (Oriente) 78_1942 M S 10014 Sale 100
9812 10012
10014 11
Superior Oil 1st f 73
1929 F A 102 103 10112 Sept'27
4
_
993 103
Syracuse Lighting let g 58_1951 .1 D 10514 ____ 10438 July'27 - - 1023 1043
4
8
Tem/ Coal Iron & RR gen 58_1951 J J 10412 105'z 10412 Sept'27 --__ 103 10534
Tenn Copp & Chem deb Cs..1g41 A 0 100 Sale 992
9814 10114
4 10014 16
Terneesee Elec Pow 1st 6s.._1947 J D 10718 Bale 107
10712 70 10518 1074
Third Ave 1st ref 45
1960J J 69 Sale 6712
71
63
54
69
Ad)Inc 5e tax-ex N Y Jan 1960 A 0 60 Sale 60
614 166
5613 66
Third Ave Ity istg5s
19375 J 100 10012 99 4 Sept'27
97 100
3
Taho Elm Pow 1st 78
1955 M 81 984 Sale 99
9912 20
942 993
8
4
6% gold notes.-- -July 15 1929 J J 9914 Sale 9734
4
98
26
957 9914
Tokyo Elm Light 6% notes_1928 F A
9714 100
9934 Sale 9914
993
4 84
Toledo Edison 181 78
1941 M S 10812 Sale 10818
4
10812 78 1072 109
Toledo Tr L & P 5i4% note. 1930 J J 10014 Sale 10014
983 10114
4
10012 20
Trenton G & El 1st g bs
1949M S 1032 105 1032 Sept'27
1023 1032
8
8
8
8
Trumbull Steel tat at 68._ _.1940 M N
9712 10114
9914 100
9912 10018 40
Twenty-third St Ry ref Ea.__1962 J J 5014 61
50
50
6712
5012
7
Tyrol Hydro-Elec Pow 7%8_1955 MN 10014 Bale 10014
21
974 10214
101
Uligawa El Pow f 75
1945M S 9912 993 9912 10034 15
9512 103
tInderged of London 4340_1933 J J 94
953 96
4
9438 96 July'27
Income 68
1948 ---- 9814
94
21
9512 98
98
Union Elec Lt & Pr(Mo)58_1932 M S 1022 Sale 10212 1022
4 10114 103
8
8
Ref & ext 53
1933 M N 10212 Sale 1024 10212
5 10114 103
Un E L&P (Ill) lst g 5%s ser A'54 J J 10212 Sale 103
5 1013 105
4
10314
Union Elev Ry (Chic) 58---1945 A 0 874 ____ 86 Sept'27 ---81
86
Union 011 let lien 3 f 53
1931 J J 1017 10218 1017
8
1 10112 102
s
10174
30-yr Os series A_ _ _May 1942 F A 10834 109 1084 109
12 107 109
1st lien a f bs series C Feb 1935 A 0 9812 Sale 98
9812 107
96
9974
United Drug 20-yr 6s_Oct 15 1944 A 0 10714 Sale 1074
1072
8
7 10812 10812
United Rya St L tat g 4a_1934 S J 80
8214 82
8
8314
82
76
United SS Co 15-yr fla
1937 M N 96 Sale 95 4
9712
3
97
36
90
Un Steel Works Corp 6%a A.1951 J D 9812 Sale 9812
998
4 70
9814 106
Without stock pur warrants_ _ J D
9618 98
12
9 3 Sept'27 --64
J D 974 982 984
Series C with warrants
9812 1057
8
991s 10
8
Without stock per warra_ J D 9814 100
9712 Sept'27
97 101
United Steel Wks of Burbach
Eseh-Dudelange a f 7s__ _ _1951 A 0 10214 Sale 10214
10314 12 100 10412
United Stores Malty 20-yr 6s'42 A 0 1047 Sale 1047
8
8
2 1037 10512
8
1047
8
U S Rubber ist & ref 53 ser A 1947.3 J 944 Sale 937
8
88
943 175
8
967
8
Registered
J J
9312 Sept'27
934 941s
10-yr 734% secured notes-1930 F A 1043 Saie 10418 1043
45 103 1063
4
4
U S Steel Corp Coupon Apr 1903 MN 109 Sale 109
97 10618 10912
1091
at 10-60-yr 5s regist_Apr 1963 MN
108
4 1052 108 4
4
1081
3
D 8812 8
Universal Pipe Bad deb Os 1936
10
883
4
87
14 9012
89
Utah Lt & Trac 1st & ref 58_1944 A 0 9718 Sale 962
971 169
8
932 97.2
8
Utah Power & Lt 1st 55
1944 F A 1003 Sale 10
27
4
9732 101
014 101
Utica Elm L & P ist a g bs_1950 J J 103. 104 Aug'27
_
103 104
Utica Gas & Elec ref & ext 581957 J J 10514 g . 10514
le
1054 11 1024 106
Vertlentes Sugar 1st ref 76..1942 J D 10012 Sale 100
91
1003
9834 101
Victor Fuel 1st s f 5s
1954 J J 55
6212 Aug'2
63
564 65
Vairon Coal & Coke let g 53_1949 M
92 Sale 92
92
922
8 10
953
4
Va Ry Pow lat & ref 58
19343 J 10014 10012 10014
10014 10
984 10134
Walv•orth deb 0348(with war)'35 A 0 9418 95
94
5
89
951
9612
1st sink fund Os series A...1945 A 0 951/ Sale 95
40
96
9112 97
Warner Sugar Reit') let 78..1941 J D 10612 107 107
5
10714
9172 10712
Warner Sugar Corp 1st 7s
1939 J J 904 Bale 9012
91
7812 9814
Wash WaVer Powers f 58._ _1939 J J 1033
8
10338 Sept'27
1023 103%
4
Westehes Ltg g 58 atmed gtd 1950 J D 10414
10414 Sept'27
8
1023 1044
1944 M N 1042
West Ky Coal lat 78
2 10112 105
4
105
- 105
West Penn Power ser A 5s-1946 M 8 10234 Sale 10212 1023
15 1004 103
1963 M S 10312 -- 10328
1st 58 series E
3 10014 1033
1031
4
1953 A 0 106
_ 1054 . 106
9 10412 106
1st 5345 sales F
1958.3 D 1034 Sale 10318
1031
lat sec 58 series G
61 100 10312
1950
.1 597 Sale 597
23
West Va C & C bites
8
8
594 80
68
Western Electric deb 5s. _1944 A 0 1032 Sale 10312 1037
4
34 10111 104
Western Union coil tr cur 53-1938 J
8 1035
1033 104 1035
8
1 1012 lost.
8
8
Fund & real est g 4%a -1950 M N 100 Sale 9914
8
95 10012
100
1936 F A 1117 112 112
15
s
-year 6%a a g
8
8 1114 1137
1121
1951 J D 10338 Sale 1032
25
-year gold ta
8 10418 137 1002 1044
8
Wes'house E & NI 20-yr g 55.1946 MS 104 Sale 10312 1041 1313 101 10412
Westphalia Un El Pow 6348.1950.3 D 9814 Sale 9714
94
9911
9814 28
Wheeling Steel Corp 1st 530 1948 J J 10014 Sale 1003
28
um
8
04 10111
9
White Sew Mach (18 (with war)'36 J J 14412 Sale 14412 145
97 4 148
1
1
OA 1024
Without warrants
101 Sale 101
1024 17
Wickwire Span Bt'l let 73_-_1935 J J 2512 35
30 Sept'27
30
58
Wickwire Sp St'l Co 7s Jan 1935 MN
20
23 Sale 2234
23
8
52
6%3-.1933 M
WIllys-Overland
1023 Sale 1022
4
4 103
17 101114 10374
9734 10274
Wilson & Co 1st 25-yr at63_1941 A 0 10114 Sale 10114
1012
8 36
1941 A 0 106
_
106
Winchester Arms 7345
714
10814 12 10412 10i
Young'n Sheet & T 20-yr 68_1943 J J 10514 Sale 105
10512 81 1034 10534
1821
Quotations of Sundry Securities
All bend elricea are "mini Interest" except where marked "f".
Bid Ask
Public Utilities
Bid Ask
Standard 011 Stocks Per
8
Anglo-Amer 011 vot stock-C1 *183 184 American Gas & Electric__ t *114 115
t *10312 10412
6% preferred
L1 *18
1834
Non-voting stock
4
•
M&N 1064 1062
100 12012 12112
Deb 6s 2014
Atlantic Refining
100 1174 11812 Amer Light & Trac com_100 18212 18.5
Preferred
100 11012 11618
25 *5612 60
Preferred
Borne Scrymser Co
Buckeye Pipe Line Co....50 *5811 574 Amer Pow & Light pref 100 105 106
M&S 105 10518
Deb 652016
Chesebrough Mfg Cons_25 8107 109
59
10 *1718 1738 Amer Public UM corn _.100 55
Continental Oil v to
95
93
7% prior preferred _ _ __100 93
Cumberland Pipe Line__100 90
90
100 87
61
Picric preferred
Eureka Pipe Line Co_ ___100 59
7
3
818 Associated Elec 534s'46A&O 10212 10234
Galena Signal Oil corn.._100
21
48 Associated Gas & Elec com.t *20
100 45
• Preferred old
53
t 55I
Original preferred
100 32
38
Preferred new
95
t 93
$6 preferred
Humble Oil & Relining_ _ -25 *631 634
$6% preferred
100 162 163
Illinois Pipe Line
leg
57 preferred
4
Imperial 011
t *611 613
Indiana Pipe Line Co__ _50 8743 76 Blackstone Val G&E com_50 •135 138
International Petroleum_ _t 324 33 Com'w'Ith Pr Corp pref-100 •10114 102
National Transit Co_ _12.50 *161 1612 Elee Bond & Share prel_100 110 11012
3612 Elec Bond & Share Secur__t •7914 80
New York Transit Co- __100 35
214
8412 Lehigh Power Securities_ _ _ t *21
Northern Pipe Line Co _ _100 83
4
OhIo Oil
25 *60 603 Miasissippl My Pow pref.100 103
25
First mtge 53 1951_ _Jda 10214 1034
Penn Meg Fuel Co
2 •24
9132 9712
4
M&N
Deb 5s 1947
Prairie Oil & Gas
2 *5114 5112
100 1813 182 National Pow & Light pref-t 108 109
Prairie Pipe Line
4
Solar Refining
100 181 185 North States Pow com_100 12812 130
100 106
Preferred
21
Southern Pipe Line Co_ 50 •20
2 .37
38 Nor Texas Elec Co com_100 2512 2738
South Penn Oil
100 63 66
Preferred
7212
Southwest Pa Pipe Lines.100 .70
4
Standard Oil (California)--t *533 54 Ohio Pub Serv.7% pref.100 1072 10812
4
28
Standard 011(Indiana)_._25 *7312 734 Pacific Gas& El 1st pref..25 20
1212
t •10
1714 Power Securities corn
Standard 011 (Kansas)_25 *17
Second preferred
Standard Oil (Kentucky)_25 12112 123
91
25 *4412 4514
Coll trust 68 1949___J&II
Standard 011(Neb)
Incomes June 1949__F&A *8012 89
Standard Oil of New Jer_ _25 *4018 4014
Standard 011 of New York.25 *3138 3112 Puget Sound Pow & Lt__100 3312 35
90
100 88
25 *78
7812 6% preferred
Standard 0 (Ohio)
11
100 118 11812
7% preferred
Preferred
1712
10
0 0 14 1416211st & ref 534s 1949.._J&D 101 102- 4
Swan & Finch
25 *17
43
.25 *40
100 110 1124 South Cal Edison 8% p1..
Union Tank Car Co
25 *12612 12714 Stand G & E 7% pr pi_ _100 109 111
Vacuum 011
Tenn Elec Power 1st pref 7% 10712 10812
10
Washington 011
Toledo Edison 7% pref__100 109 110
Western Pow Corp pref_100 100
Other 011 Stocks
t
*114
112 Chic it Stk Ld Bk Bonds
Atlantic Lobos Oil
101
4 412 5345 Nov 1 1951 opt 1931__
Preferred
50 *33
98
25 *924 9214 ra
Nov 1 1951 opt 1931__
Gulf 011
98
*2312 233 58 May 1 1952 opt 1932__
10
4
Mountain Producers
97
2912 4348 Nov 1 1952 opt 1932__
National Fuel Gas
t *z29
97
Salt Creek Consol Oil_ _ _10 *64 614 434a Nov 1 1952 opt 1932._
98
Salt Creek Producers__ _10 *2818 283 434a May 1 1963 opt 1933-4
98
5s Nov 1 1963 opt 1933_
98
% Basis 430 Nov 1 1964 opt 1934._
Railroad Equipments
98
5.00 4.90 Ofs Oct 1 1965 opt 1935..
Atlantic Coast Line 68
4.55 4.50 Pae Coast of Portlaud,OreEquipment 634s
5.00 4.90
58 1955 opt 1935_ _M&N 9712 10012
Baltimore & Ohio Ca
9712 10012
ba 1954 opt 1934_ _ _M&N
Equipment 434s & 5a_ _ _ _ 4.55 4.40
Sugar Stacks
Buff Roch & Pitts equip 6s- 4 70 4 5
.
.0
3
SO •1
Canadian Pacific 4348 & 68. 4.65 4.40 Caracas Sugar
5.00 4.85 Cent Aguirre Sugar coin_ _20 *114 115
Central RR of N 36s
100 •2•159 161
5.00 4.90 Fajardo Sugar
Chesapeake & Ohio (55
40
4.70 4.60 Federal Sugar Ref eom__100 35
Equipment6 3/8
65
100 55
4.55 4.40
Preferred
Equipment53
3
Chlcago Burl & Quincy 6s__ 5.05 4.95 Godchaux Sugars,Inc
Eq
t •1
25
100 21
Preferred
Chicago & NoM11 West 613_ 5.00 4.90
ulpme, 63.68
3
42
4.70 4.60 Holly Sugar Corp com___t *40
4.65 4.45
Preferred
100 854 ss
ChM RI & Pc 4345 & 5s
8.05 4.95 National Sugar Reftning_100 *133 135
Equipment Os
65
5.10 5.00 New Niquero Sugar
100 55
Colorado & Southern 6s_
5.0 4.95 Savannah Sugar corn
I *137 140
Delaware & Hudson Os
100 117 120
4.8 4.55
Preferred
Erie 4 hs& 5.4
64
5.15 5.00 Sugar Estates Oriente pf-100 57
Equipment Os
75
5.0 4.90 Vertlentes Sugar pf
100 65
Great Northern Os
4.50 4.40
Tobacco Stocks
Equipment 5a
4.50 4.40 American Cigar com___100 117 120
Hocking Valley 56
5.0 4.90
Preferred
Equipment Os
101 l
Illinois Central 4%s & 53-- 4.4 4.31 British-Amer-AmerBritish-AmerTobac ord__2egly 26
:41 2742
2 782 2
2
/
,
5.0 4.90
Bearer
Equipment68
l1
Equipment 73 & 6 As-_ 4.6 4.50 Imperial Tob of G B & Irel'd
83
5.05 4.95 Int Cigar Machinery new100 •81
Kanawha & Michigan Os
75
Kansas City Southern 5345. 5.00 4.75 Johnson Tin Foil & Met_ ioo 65
5.00 4.85 MacAndrews & Forbes_ _100 424 4312
Louisville & Nashville 6a
513$
103
5
.1 106
4.6 4.50
Preferred
Equipment6315
Michigan Central 56 & 6s_ _ _ 4.62 4.55 Mengel Co
100 4514 47
1
7
Minn St P & Ei S M 4%s & 58 4.70 4.50 Universal Leaf Tob com. t
11212 115
Preferred
Equipment 6342 & 711---- 5.00 4.75
Missouri pacific 68 & 6%2._ 5.10 4.80 Y011tig (3 5) Co
4.60 4.50
leg 1ge 1e7
Preferred
Mobile & Ohio 58
17
New York Central 4 Ms & 53 4.45 4.35 Rubb Stks (Clered yo.otas n)
1 *412 1s
EquipmentOs4.95 4.85 Falls Rubber corn
25*.... i
4.00 4.50
Preferred
Equ pment 78
Norfolk & Western 430.-__ 4.40 4.35 Firestone Tire & Rub com.10 *1574 160
10012
.54 10512
4.70 4.60
137 preferred
Northern Pacific 7a
100 106 ---7% preferred
Pacific Fruit Express 75____ 4.65 4.60
_75
Pennsylvania RR eq 58 & Os 5.00 4.50 General Tire & Rub com_ 1
- _- 11011
100
Preferred
Mari & Lake Erie 6%a__
4.70 4.60
- -2
4.45 4.37 Goody'r R & Rot Can pf.100 r103 4 104
Reading Co 4%s & 5s
23
St Louis & San Francisco 58_ 4.65 4.50 India Tire & Rubber new _ _ t *22
112
Seaboard Air Line 53/13 & (is 5.15 4.90 Mason Tire & Rubber com_t •1
9434 18
19
Preferred
Southern Pacific Co 43/a___ 4.45 4.37
100
4.60 4.50 Miller Rubber preferred_101
Equipment 75
30
100 18
4.60 4.45 Mohawk Rubber
ha
Southern Ry 4%s & 58
Preferred
5.05 4.95
Equipment(33
® *34
6
Toledo Ohio Central Os... 5.05 4.90 Selberling Tire & Rubber..t • 012 35
7s
100 100 10112
4.60 4.50
Preferred
Pacific
Water Bonds,
963
4
Short Term Securities
Bid Ask Arkan Wat 1st 5s'56 A.A&O 96
Anaconda Cop Min 63'29J&J 102 1024 Blrm WW 1st 534sA'54.A&0 104 105
Chic RI & Pm 53 1929_J&J 1003 1007
1st M fa 1954 ser B_J&D 100 101
3
8
5% notes 1929
5
M&S 1001 101 Butler War Co a f 5a '27.J&J
4%% notes 1928_ _ _ _J&D 100 10038
55 Sept 2 1931____M&S 1 9612 98
Federal Sug Ref 6s'33.M&N 93
9614 City W(Chatt)530'54AJ&D 10212 10312
984
Sloes-Shelf 8 & I 133'29_F&A 10214 10314
1st M 5/3 1954
City of New Castle Water D 97'2
os
Indus. 15 Miscall
JAD 1 96
5s Dec 2 1941
American Hardware
25 *77
80 Clinton WW let 5s'39_F&A 9612 9712
Babcock & Wilcox
100 113 116 Com'w'th Wat let 53/eA'4 10212 10312
Bliss(E W)CO
I *17
1812 ConnellsvWSsOct2'39A&Ob 95
9638
Preferred
50 •58
63 E St L & Int Wat 5s'42.J&J 96
B
ord 103
en Company corn.
let M 65 1942
..50 *125 128
_rkt!
Celluloid Company new 100 75
78 Huntington lat 13a '54
.M&S
Preferred new
1954 963 9724
4
100 89
90
55
Childs Company pref __ _100 119 121
Mid States WW 68'36 M&N 101
95
Hercules Powder
100 189 193 MonmConW lat tis'EZAJ&D 94
Preferred new
100 119 121
MODM Val Wt 534s'50.J&I 9912 10038
95
MuncleWWSsOct2'39A01
Internet Silver 7% pref_100 118 121
Lehigh Valley Coal Sales_50 93
94 St Joseph Water 58 1941A&O 9712 9838
Phelps Dodge Corp
100 119 122 Shenango ValWat 521'56A&O 9412 954
Royal BakingPow cora_100 255 275 So Pitts Wat 1st 581960 J&J 9814 9914
4
1st M 58 1955
FdrA 984 992
100 108 111
Ter H W W68 '49 A_ _J&D 10212 10312
Singer hianufacturing_ _100 410 415
gt 55
012
1st M 58 1956 ser B__F&D 97
Singer Mfg Ltd
Wichita Wat 1st(38'49M&S 102
1st ht 53 1956 ser II_ _ F&A 9613
I igg
*43
181
•Per share. t No par value. b Basis. d Purchaser also pays accrued dividend.
New stock. !Flat price. k Last sale. a Nominal. x Ex-dividend. y Ex-rIght.a
r Canadian quotation. * Sale price.
1822
BOSTON STOCK EXCHANGE-Stock Record seeVenage
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Sept. 24.
Monday,
Sept. 26.
Tuesday, I Wednesclot Thursday,
Sept. 27.
Sept. 28.
Sept. 29.
• Friday,
Sept. 30.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100
-share lots
PER SHARE
Range for Previous
Year 1926
Lowest
Lowest
MOM
Highest
Shares
Par.
Railroads.
___ 184 184
184 185
185 185
184 18412 183 183
299 Boston & Albany
100 171 Jan 7 188 May 27 159 Jan 17512 Dec
8212 83
*18334*
8212 83
83 83
8212 83
8212 8212 8212 8314
474 Boston Elevated
100 81 May 10 94 Jan 15
77 May 8513 July
*10114 ---- .
3101-_ *101
__ *10114
__ *101 ------------96 Preferred
100 9812 Apr 27 10312June 9
89 Feb 103 Dec
*11514 _ __ 117 117
118 11-8
117 11
--------177 let preferred
-7
__
117 117
100 109 Mar 30 119 Sept 20 11212 Dec 122 Jan
105 10514 .
310412 105
10412 1043 104 1041 10412 10413 10412 104k
113 2d preferred
100 101 Jan 20 110 Sept 8
Jan
9812 Jan 112
58 4 58 4 58
3
3
59
58
58
58
59
58
58
583 583
4
100 5118 Mar 7 70 July 6
620 Boston & Maine
4
35 Mar 5812 July
*65
66
66
66
*8514 66
*6514 66
--------.5 Preferred
*6514 66
100 56 Jan 22 69121uly 13
32 Apr 6112 Dec
*
_ 8412• . 8412• - 8413 *83
8413 ____ ____
85
*83
Series A 1st pre!
100 763 Jan 15 87 June 1
4
59 Apr 86 Dec
*iio
____ *Ho
____ *i26
__ *120 ,_ *no _____ _-- ---100 125 Jan 8 139 May 3
84 Apr 130 Dec
Series B 1st Wet
*110 ____ *110 ____ *110 116 *110 116 +110 1716
-__-_ -___
Series C 1st pref
100 97 Sept 17 116 May 26
74 Apr 110 Sept
*150
_ *150
__ *150
.*150
_ ____ ____
Series]) 1st met
100 154 Aug 24 165 Apr 21 105 Jan 165 Dec
*111
__ *150--- 110 110
Ill 111
-111 1 --11
113 113
--____--79 Prior preferred
10412May 6 113 May 21
94 Apr 10712 Dec
3
.2035 210 3
-.20318 20712 *20358 20712 *2055 20712 *2051 20712 ____ __
Boston & Providence
8
8
100 196 Jan 18 210 Sept 1 217512 Mar 20712 Dec
3
.40
42
*40
42
*40
42
*40
____ ____ ___ _ _ _ East Mass Street By Co_ - _100 25 Feb 4 4312Sept 16
42
*40
42
Oct 61
Jan
28
7713 7712 *77
7712 77
77
*76
--------205 1st preferred
7712 77
77
100 64 Feb 8 80 Sept 16
Jan
5912 Apr 71
*--- 73
__ 73 *_ _ 73 3 _ _ 73 *___ 73
______ ___
._
Preferred B
100 60 Mar 14 7312Sept 19
56 May 69 Jan
*56
57
58
5612 *5612 57
5612 5612 5112 5612 --------220 Adjustment
100 42 Apr 1 5913Sept 17
40 Apr 4914 Jan
*
63
- - 64
64
64 64
63 63
63 63
65
65
97 Maine Central
100 4713 Jan 13 74 Mar 29
49 Sept 60 Feb
503 5112 507 5214 5134 533
8
507 - 8 51
8 52 4 532 525 5418 3,071 NY N H & Hartford
3
100 4118 Jan 6 583 Feb 16
4
317 Mar 4838 July
•101
__*101
____ *103 105 *103 105 *103
____ ____ ___
Northern New Hampehire_100 9212 Jan 13 103 Sept 7
81 Apr 98k Dec
.
313914 140 *13914 140
13914 13914 *13914 140 *13914 140
--------10 Norwich & Worcester pref_100 127 Jan 4 142 May 17 120 Apr 132 Dec
13514 13514 13514 13514 13514 13514 13513 13512 13514 13514 --------153 Old Colony
100 122 Jan 4 13614Sept 10 111
Jan 125 Sepl
663 665
8
8 665 67
8
6612 663
4 663 667
8
663 667
8
8 6612 67k
1,468 Pennsylvania RR
50 63 July 1 68 Sept 14
*112 ____ *115 ____ +115
____ *115 ____ 115 115
115 115
175 Vermont & Massachusetts_100 107 Jan 6 116 Jan 31
994 Mar 107 Dec
Miscellaneous.
*33
4 4
•8
34 4
*33
4 4
*33
4 4
*33
4 4
33
100 Amer Pneumatic Service
4 33
4
214 Jan 3
534July 30
2 Nov
5 Jan
2312 2312 *2278 2312 227 227
*50
__
231 2312 23
2312
186 Preferred
50 1512 Jan 12 2612Sept 14
18 Dec 2414 June
174 175 8 1743 17513 1743 17518 174 4 17512 17414 175
1
4
8
3
17534 178
1,983 Amer Telephone & Teleg__100 14912 Jan 3 1793
4Sept 14 13912June 1503 Feb
4
88
8812 88
883
4 877 89
8
877 88
8
873 88
4
874 873
4 3,866 Amoskeag Mfg
No par 48 Jan 17 92 Sept 8
4812 July 71
Jan
9014 9014 *901
___ *90
__ *9014
*9014
5 Preferred
No par 73 8 Jan 10 91 Sept 9
5
7212 Nov 78 Feb
4213 43
423 4314 43 - 4
4318 43 44314 4212 4/
4213 4/
1,244 Assoc Gas & Elec class A_ _ __
363 Jan 25 4314 Sept 26
4
*---- ----' _-- ___. .
1_
3..___ ____ *____ ____ 4 _ _ .. __ _ _ __ ____
._
Atlas Plywood tr etfs
5314June 9 59 Feb 10
4
521 -Ain* 633- Jan
Atlas Tack Corp
No par
8 Jan 22 12 Apr 7
814 Oct 171 Jan
*-*____
- -- *---__ •__
1112 * __ I512
___ __ _ __ _ Beacon Oil Co co tr Mts._ _
corn
1512 Aug 25 2012 Jan 3
1418 May 2012 Jan
90 111112 893 - 4 8912 4 811390
8912 8912 89 89
____89 8912
390 Bigelow-Hartf Carpet No par 77 Feb 17 933 Aug 2b
74 Nov 9812 Jan
4
*AO .50 *AO .50 *AO .50 *JO .50 *10 .50 ____
_ ___
Coldak Corp., class A T C__
.15Sept 15
5 Jan 3
82 82
82 82
+79
82
81
81
82
8413 85 --780 Dominion Stores, Ltd_No par 67 Jan 26 8914Sept 30
8914
57 May 71 ), 1
*113 3
*112 3
*112 3
112 2
4
.11
3
--------200 East Boston Land
10
312 Jan
1141une 27
112 Dec
3 4 Feb 3
3
*4
414
4
4
*33
4 414 *33
4 414 *33
50 Eastern Manufacturing
311 Mar
7 4 Mar 17
3
4 414 *344 414
7 8 Oct
3
5
312 Jan 11
8012 81
80
8012 8012 8013 80
813
4 81
81
79
81
1.475 Eastern SS Lines, Inc
45 Jan 4 8214Sept 6
44 Nov 8812 Jan
45
45
447 4478 445 4458 4478 4478 447 4478 --------195 Preferred
8
8
8July 29
34 Nov 45 Jan
No par 35 Feb 15 455
7712 9812 9812 9812 9812 --------381 1st preferred
*77
7713 *77
7712 *76
100 873 Feb 17 99148ept 1
4
9014 Oct 9912 Jan
3
.14
15 '
314
15 .
314
15
*14
15
*14
15
Economy Grocery Stores
10 June 1 15 Bent 13
14 Nov 26 Feb
*260 260 8 25912 26012 259 260
7
259 260
259 261
261 26314 1,480 Edison Electric Ilium
100 217 Feb 18 267 May 23 x207 Jan 250 Feb
*3012 31
3018 305
8 31
3114 '
331
3112 3114 313 --------546 Federal Water Serv corn
8
27 Apr 26 33kJune 20 . - -- -- - - - - -- -32
32
31
311
31
31
31
31
32
3212 33
3512 1,185 Galveston-Houston Elec_100 2212 Apr 20 3512Sept 30
14 June 27
Oct
•15
15 4 *1514 15 4 *1514 1.5 4 *1514 15 4 *1514 1534 ____
3
3
3
3
_ ____
General Pub Serv Corp corn_
11 Dec 17 Jan
113 Jan 11 1512Sept 8
4
*21
217 *21
8
22
*21
22 .
321
22
2178 21k 21
- _21
90 Germ Cred & Inv let pref
19 Feb 2 22 Sept 22 - - - - - - --- -35
35
3
413 35
35
35
35
35
3412 35
343 35
4
655 Gilchrist Co
No par 3414June 28 38 Mar 15
3414 Air 4118 Jan
103 10412 10314 1053 103 104
8
103 10438 103 10418 1033* 1063
4 8,936 Gilette Safety Razor
No par 8412 Mar 22 10634Sept 30
8812 Mar 11313 Feb
•_._
8 *____
8 3 ___
._
8 3 ___
._
8 •____
8
____ ____ ____
Greenfield Tap & Die
25
'
8 Aug 25 1212Mar 2
10 May 14 Sept
*12
1212 12
12
*12
1212 12
12
*12
121 --------50 Hathaway Baking Coro
12 Jan 17 13 Mar 14
3918 40
4012 41
413* 413
4 41k 43
42
43
413 42
4
2,527 Hood Rubber
No par 3212July 6 47 Jan 3
4514 Dec 683- Feb
4
__ _ _
__ 9514 9514 *9514
_ *9514 _
_ - *9514
----27 Kidder, Peab Accep A pref_100 94 Apr 26 953 July 12 z93 Apr 96 July
4
*9514-10
10
*10 -101 3
.10
1012 *10 --1012 *93 f6 --------7 Libby, McNeill & Libby_ ___10
4
12
61 Aug 103 Dec
7 Aug 25 1114Sept 8
_
. 8*
8
8
*7
8
714 714 *718 8
73 Loew's Theatres
25
6 Jan 3 10 Jan 18
6 July 1218 Jan
11812 120
11912 121
120 121
120 12012 11712 11912 119-. ficr 2,362 Massachusetts Gas Cos___100 84 Mar 25 122 Sept 17
80 Apr 9412 Nov
78
78k 7712 783
4 783 783
4
4 783 7912 783 783
4
4
280 Preferred
4 78 3 78,
1
100 70 Jan 3 7912Sept 20
65 Jan 7018 Feb
111 112
112 1121 *11212 114
113 11312 112 113
114 114
354 Mergenthaler Linotype_No par 108 Feb 18 x1153
4June 3 1104 June 1110 May
5
358 4
3
14 3 3
314 4
3
314 312
312 3k
214 Mar 24
3
438 Jan 20
10
3 4 4,282 National Leather
3
2 Aug
412 Jan
2878 29
29
29
29
29
28 8 29
7
29
29
--------1,926 Nelson (Herman) Corp
5 2312 Feb 14 3118 Apr 16
1513 Jan 2912 July
*-- __ 24 *____ 24 *__ 24 •____ 24 •____ 24
__ --- New Eng 011 Ref Co tr ctfs_ .15 Sept 9 .25 May 7 .20
Ja
.95 Apr
•
312 to
gt •
312 s_
313 ..._
312 ____ _ - Preferred tr ctfs
5 Mar 30
100
313 Jan 11
3 July 1013 Jan
*9813 ...z- •15i12 .,.,_ 3.5ii2 _ _ ____ ____ ___, New England Pub &Iry $7 pref 91 Jan 18 10012July 2
.*ilii2 _:...; .2
zr
10114 los
102 los
102 ivz
102 1d 4
.101k 102
- - --------205 Prior preferred
_
9714 Jan 26 104 July 23
95 Sept 101 lePt
*--.25 1
.___
.25 .
1_
.25 *____
.25 *____
.25 ___- --_New Eng South Mills_ _No par .20 June 29
3k Feb 23 .50 Dec
8 Feb
___
412 41
412 413
412 412 *413 -----------2 Apr 1
51 Preferred
2 Dee 28 Jan
100
87 Feb 28
8
13612 13713 13612 1371 13712 1371 1363 1363 137
*4124
4
3712 137 1373
4
365 New Eng Telep tdc Teleg_100 11512 Jan 4 140 Aug 10 1107 Apr 11834 Feb
8
*93 ____ *93 ____ 92
92
+93
____
. No Amer UM let pf full paid__
- ---90 Jan 5 95 Feb 29
89 Feb 96 Feb
*44
_ _ *44
__
. *4412 _ _ _ *4412
_ _ *93--*4413 46
__
. . _
. ___ _ _
. 1st pref 50% paid
1424 Dec 27 Feb
40 Jan 6 4612 Feb 23
39 40
40 40k 40 40
40 - 4
0 *40
4012 4014 .845 Pacific Mills
100 3512Mar 28 44 Sept 9
4012
3512 July 55 Jan
• _
4,_ _
_
• _
_
•_ _
_
•_
_ ____ ____
Plant (Thos G), 1st pref_ 100 15 June 22 425 Jan 3
40 Mar 6814 Jan
.1
-3.
11
i' -11 %i8 Iff Wii -1i iii4 -ff34 ---- ---15 Reece Button Hole
10 x1414Sept 15 1612 Feb 10 ,15 Feb
1714 Aug
*112 2
113 112 *113 2
*113 2
*112 2
1 Mar 4
lk Dec
lk Jan 11
10
10 Reece Folding Machine
2 Nov
12434 126
124 125
125 126
126 126
126 126
870 Swed-Amer Inv part pref__100 10512 Jan 5 126 Sept 21
12512 1/6
98 May 110 Aug
127 129
12914 13012 128 12912 127 128
12612 12714 12512 127
1,524 Swift dr Co
100 115 Jan 3 13012Sept 26 111
Apr 11814 Dec
82
84
84
85
84
8414 *84
85
84 84
83
8412
211 Torringtcn Co
25 66 Jan 3 85 Sept 26
54 Mar 72 Sept
7k
813 1,540 Tower Manufacturing
714
714
4 Mar 3
714 714 *7
714
7k 714
*614 711
95 Jan
8
31_4
4
18
•17
177 177 *17
18
*17
18
1612 1612 --------130 Traveller Shoe Co T C
16 Aug 9 1812Mar 22
310
1012 *10
93 10k .
4
1012 10
10
--------440 Union Twist Drill
193 10
4
5
912Sept 2 1412 Jan 24
Feb
i Jan 1513 -Pe1
69
6912 68
6918 67
68
69 69
68
6912 6912 697
_25
8 1,322 United Shoe Mach Corp_ _25 50 Jan 3 72 Sept 15
47 Mar 5314 Aug
29
2914 •29
30
*29
30
2913 293
4 29
29
293
4 29
328 Preferred
25 28 Jan 3 30 July 2
28 Jan 30 June
*90
91
90
90
903 91
4
90
90
90
903
4 90
91
415 US & Foreign See 1st prof f pd 83 May 3 91 Sept 27
82 Nov 135 Feb
*85
86
+84
85
84
85
83 83
--------160 1st pref 75% paid
85
85
74 Apr 30 86 Sept 8
60 May 90 Apr
*4k 5
*412 5
*414 5
*41
512
5
412July 5 11 Apr
150 Venezuela Holding Corp
5
512 512
30-.
119
1914 1914 1914 1918 1914 1912 193
4 1918 1912 _______
255 WaldortSys,Ine,new eh No par lilts Sept 21 2713 Feb 23
17 Jan 223- Oct
4
*58
60
*58
60
*58
60
*58
60
•58
60
__ __ ____
_ _ _ Walth Watch el B corn _No par 4012 Jan 21 60 Sept 14
29 Jan 41 Dec
•78
83 •78
83
7818 7812 7818 78k +78
83
..... ____ ___ 33 Preferred trust Ws
100 61 Jan 3 80 Sept 16
4818 Nov 61 Dec
+100 10012 *100 10012 *100 10012 *100 10012 *100 10012 -- - - -- - - _____
-Tune 14 118 May 20 101 Sept 112 Dec
100 10012
.
318
19
*18
19
3
.18
19
1814 183 3
1714 Aug 11 2414 Apr 1
75 Walworth Company
1234 May 23 Jan
8 .1814 19
19
1914
122 12512 12612 13412 129 133
126 13412 12612 130
44 Mar 69 Dec
8,577 Warren Bros
129 130
50 651s Jan 13 134125ept 26
*46
4713 4612 4812 4812 49
49 49
*4812 49
--------260 let preierred
50 44 Jan 5 60 Feb 16
39 Apr 46 Dec
5113 5113 5112 5014 5014 51
5112
42 Apr 47 Feb
52
5213
*5113 5212 52
469 26 preferred
50 45 Jan 17 5212Sent 30
*1614 _
1512 1512 *1614 --- - *1614 ---- •1614 ------------106 Will & Baumer Candle corn_ _
105 Aug
4
1712 Jan
14 Jan 12 1714 Mar 15
Mining.
*---. .25 *-__
.25 *_ __ _
.25 *____ .25 •
.25 *____
Adventure Consolidated.._ _25 .05 Jan 14 .20 Feb 10 .05 Mar .40 July
.25
•.70 .90
.75 .75 3..60 .80 3..70 .70
215 Arcadian Consolidated
.60 .70
.60 .60
138 Aug
25 .20 July 18 .80 Jan 15 .25 Mar
325 Arizona Commercial
*63* 6 4
6
618
6
3
5 8 614
7
5 July 11 1014 Jan 6
63
4 63
6
914 May 123* Jan
4 3.6k 612
5
54
61
55 8 55
5
59
5512 5518 58
61
60
6012 7,400 Bingham Mines
60
29 June 55 4 Jan
10 30 Jan 3 61 Sept 28
3
16 4 163
1
8
4 163 1718 165 167
8 163 163
4
4
4 1618 161
8 1612 1612 2,080 Calumet & Hecia
25 1418June 27 1718Sent 17
1314 June 1852 Aug
.0_
*_
___ __ _ Carson Hill Gold
I .10 Jan 7 .60 Apr 29 .10 Dec 50 Jan
iiii2 -164 iirs -1- 2 lila Iti1g lit 16 1. -_- 1- -_ T4 -_-_-4__Ts -_Th
6
.
5
25 117
__it li 2
sMay 20 18 Sept 16
912 Copper Range Co
15 4
13 May 20 Jan
3
.1k 2
134
134 3 4 2
.13
178
710 East Butte Copper Mining_10
3 4 2
.13
134
15
8
134
2 4 Jan 4
3
114June 30
4 Feb
214 Oct
3
..40 .50 .
1.40 .50 .
1.40 .50
.40 .40 .
3.25 .40 +.10 .40
100 Franklin
25 .05 Feb 1 .80 Mar 17 .25 Nov
114 Jan
'.40 .75 *AO .75 .3.40 .75 *AO .75 .
3.40 .75 3
..40 .75
Hancock Consolidated
1 July 1 .27 Dec
25 .15 Apr 8
114 July
18
1612 16
1612 1614 1612 16
1612 1612 167 *1614 163
8
1
4
14 Apr 26 1818Sept 9
685 Hardy Coal Co
14 Mar 2114 Jan
'.40 .50 3
..40 .50 *AO .50 •.40 .50
.50 .51) 1.50 .70
500 Helvetia
25 .50 S-pt 29 .85 Jan 6 .75
2 Jan
Oct
6312 6313 63 4 64
3
63 4 63 4 633 64
3
3
4
64
6414 6312 64
1,150 Island Creek Coal
I 47 Feb 26 67 Sept
6-.
1105 10712 +105 10712 +105 10713 *105 10712 +105 10712 .105 10712
Preferred
1 10412Sent 23 107 Apr 13
9912 Jan 106 July
123 123
4 12k 123
4 1214 1212 1212 1212 12
12
--------572 Isle Royale Copper
25 . 9 July 13 15 Sept 16
912 June 14 Aug
*134 214 3
.1k 214
2
2
*13
4 214
25
1s Ik *13
1 July 21
115 Keweenaw Copper
4 214
27 Feb 4 .50
27 Sept
8
Jar
.90 .90 •.90
*.90
114
1
•.90
1
.90 .90 •.90
20 Lake Copper Co
1k Mar 18 .60
25 .80 Jan 7
11
13 July
8
Oct
1.61 .75 *.61 .75 •.61 .75
'.61 .75 '
.65 .70 .
1.61 .75
200 La Salle Copper
25 .50 Mar 28 .90 Apr 22 .80 June
213 Mar
3
.
3.75 .95 '.75 .95 '
1.75
1
1
•.75
+.75
I
__ _ - ---Mason Valley Mine
2 Jan 4
5 .80 July 5
25 Sept
8
13 Jan
4
3
..10 .30 *AO .30 ..10 .30 •.I0 .30
3
.05 .05 --------10 Mass Consolidated
25 .05 Sept 29 .85 Jan 3 .15 Dec .75 July
.70 .70
.75 .85
.65 .70 3
..60 .75
305 Mayflower-Old Colony
•.75 .85 *.75 .85 1.
25 .25 May 3
112 Jan 11 .40 Dec
112 Jan
44
4312 4312 4312 4312 4313 43k
4512 43
43
45
46
605 Mohawk
25 345
8June 22 47 Sept 16
Oct
30 Mar 46
22
22
22
2112 2112 2118 22
22
2112 22
22
22
1,240 New Cornelia Copper
1812 May 24 Aug
5 1812June 24 24 Jan 20
..6 .16 .
3
*A .16
1.6
*.6 .15
*.6 .15
.16 ____
-New Dominion Copper
.05 May 26 .06 Feb 1 .05
Jan .20 June
*--__ 18 •___ 18 *____ 18 •____ 18 •____ 18
*18 -20
New River Company
100 17 May 14 197
8May 12
18 Dec 25 Feb
62
63 4 6212 6212 a- - -- 6212 •60
*---- - -- *62
3
6313 *60
100 58 Apr 14 75 Feb 8
19 Preferred
45 July 72 Feb
*7
714
7
7
--------225 NipissIng Mines
7
7
63
4 63
4
63
4 7
5
1012 Dee
5 Aug 16 1018 Feb 2
5 July
114
114 *114
11.; *114
113
114 I X/
114
500 North Butte Mining
114 *114
3 8 Jan 5
10 .50 June 28
3
112
37 Sept
8
2 Apr
3.
.65
1
.
1.65
1
.50 .50 --------13 Ojigway Mining
1
.
1.65
1
. .65
3
Jan .50 Nov
25 .51 Sept 29
114 Jan 26 .50
1212 1212 1212 1212 1212 121/ 1212 1212 '11
12
*11
12
420 Old Dominion Co
25 103
4June 29 15 Apr 1
13 Dee 20 July
17
17
16
1613 16k
1612 1612 1612 1634
1612
17
17
560 P'd Cr'k Pocahontas Co No par 11 Jan 4 1812 Aug 19
1012 Mar 15 Jan
*17
*1512 153
16
1712 *1612 1712 16
*16
4
16
17
16
125 Quincy
1512 May 25 July
25 13k July 13 1918 Apr 22
•____
. 203 2212 s__ _ _ _ ___ 2112 2112 21
4
2112 2118 2118
345 St Mary's Mineral Land___ _25 1812June 28 2512Bept 17
25 Dec 3812 Feb
112
*1
_-113 *118
112 .1
.1
'
112 *1
P.
lh *1
1 July 2
Seneca Mining
2k Dec
312 Jan 14
95 Jan
8
'.35 .50 .3.35 .45 '
1.35 .50
3
.35 .50 •.30 .50 .1.35 .50 .
10 .15 May 9 .40 Jan 12 .15 Dec 80 Jan
Shannon
.
1.20 .25 +.20 .25 +.20 .25 '20 .25 +.20 .25 3
..20 .50
Superior & Boston Copper 10 .15 Mar 23 .50 Sept 6 .20 Nov
life Mar
3
*4
43 Oct Ilk Feb
512
43
4 43
140 Utah-Apex Mining
4 *43
77 Feb 24
4 518 *43
5
8
4k July 14
4 518
5
5 14
5
5
1
1
*1
lk
3
.1
118 *1
lk
1 .85 June 30
*1
118 --------400 Utah Metal & Tunnel
2 Feb 2 .25 Dec 2% Mar
*1k
112
114
114 *1
114 .
31
114 *1
2 Aug 24 .40 May .75 Feb
25 .50 July 11
13
3
100 Victoria
114 .114
3
%10 .25
.10 .10 +.15 .25 '.18 .25 '.1.5 .25 --------36 Winona
25 .03 Mar 9 .70 Juno 3 .10 Sept .40 JuIS
•Bid and asked prices; no sales on this day. a Assessment paid. h Ex-etoek dividend. I New stock. x Ex-dividend. y Ex-rights. s Ex-dividend and rights.
OCT. 1 1927.]
THE CHRONICLE
Sept
Sept
Sept
Jan
May
Jan
Sept
July
Apr
Sept
Aug
Aug
Sept
Apr
Sept
June
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Sept. 24 to Sept.30, both
inclusive, compiled from official sales lists:
Stocks-
•
Friday
Sales
Last Week's Range for
11-cek.
Sale
of Prices
Par. Price. Low. High Shares.
Almar Stores
* 137
%
Alliance Insurance
10 64
American Stores
* osn
Bell Tel Co of Pa pref _ _100
Cambria Iron
50
Catawissa RR 2d pref _ _ _50
Consol Traction of N J.100
East Shore G & E 8% 0_25
Electric Storage Batt'y_100
Fairm't Pk Trans Co com_*
Fire Association
10 64
Giant Portland Cement_50
Horn & Hard't(Phila)com *
Horn & Hard't(N Y)corn *
Insurance Coot N A _ __ _10 73%
Keystone Telephone_ _50
Preferred
50
Lake Superior Corp_ _100
Lehigh Coal & Nay
50 109%
Lehigh Pow Sec Corp corns
Lit Brothers
10
Mark (Louis) Shoes Inc._* 20%
Penn Cent L dr P cum pf_*
Pennsylvania RR
50
Pennsylvania Salt Mfg_ _50 82%
Phila. Co (Pitts) 6% pf__50
Phila Dairy Prod pref
Phila Electric of Pa
25 55%
Phil(' Elec Pow recta. _ _ _25 2034
Phila.Insulated Wire
*
Phila. Rapid Transit_ _ _ _50 54%
7% preferred
50
Phila Germ & Norris RR 50
Philadelphia Traction__ _50
Preferred
50
Reading Co 1st pref__ _50
Shreve El Dorado Pipe L 25
Scott Paper Co pref__ _100
Stanley Co of America__ __ 65%
Tono-Belmont Devel__ .1
Tonopah Mining
1
Union Traction
50 3734
United Gas Impt
50 115%
United Lt & Pr "A" com_*
U S Dairy Prod class A. *
Warwick Iron & Steel_..10
West Jersey & Sea Sh RR50
Westmoreland Coal
50
York Railways pref
50
1334 13%
62
64
65%
64
113% 114%
41% 41%
47
47
57
57%
27% 28%
72% 72%
9% 9%
63
64
50% 51
225 229%
5334 54
69
75
234 334
17% 19
2% 2%
107% 109%
20% 21%
23% 237
%
20
20%
77
77%
66% 67
80% 83
5334 54
90
93
5534 5734
20% 20%
63
63
5434 5434
5134 5134
125% 125%
55% 55%
35
35
41% 41%
19% 21
100 100
65
6634
134 1 7-16
2
234
3734 37%
115% 118
1434 1434
33
33
34
%
42% 43
5434 5634
42
42
Bonds
Amer Gas& Elee 5s_ _ _2007
99 101
Baldwin Locom let 5s_ 1940
107% 107%
Consol Trac N J 1st 581932 86% 8534 86%
Elec & Peoples tr °Us 4s'45 58% 58
58%
Keystone Telep 1st 58_1935
9534 9534
Lake Sup ins 58 const 1929
10% 10%
Leh C&N consol 4348_1954 100% 10034 100%
Peoples Pass tr ctfs 4s.1943
62% 62%
Piffle Co let 55 stpd s f &
red 5s
1951
mug mum
Phila. Elec (Pa)
1st lien dr ref 5s. _1960
104% 10534
1st 55
10534 107
1966 107
1st lien & ref 5%s_ _1947
107% 107%
1st lien & ref 6s....194l 107% 107% 108
Phila Elec Pow Co 534s '72
105% 106
United Rys&EI(Balt)48 '49
6334 6334
OA
0111.4
York Railwave 1st f1 1057 05
,
1,166
305
1,352
160
100
50
250
75
50
35
1,077
50
30
530
4,495
670
250
350
2,792
30,620
200
620
190
13,000
675
42
175
97,600
4,288
100
200
509
18
220
9
100
3.055
10
5,466
2,000
2,010
769
19,663
50
85
40
40
135
15
Range Since Jan. 1.
Low.
High.
10
May 17% Jan
Sept
48
Feb 66
62% May 7334 Jan
112% Jan 115% Sept
Mar
40% Mar 42
4334 May 47
Sept
3534 Jan 64% May
26
Jan 28% Sept
6334 May 79% Jan
5% Mar 12% June
51
Mar 65 Aug
Jan
40% Sept 93
208
May 261
Jan
50% Apr 56% June
51% Jan 75
Sent
5
Jan
234 July
16% Sept19% 211111
134 Jan
334 July
105% June 119% Jan
1534 Jan 21% Sept
Jar
May 28
23
1234 Mar 21
Jun(
7534 Aug77% Sent
59% Jan 68% Jar
Sept
7434 Aug 83
Sept
4934 Jan 54
90
Sept93 Jun(
4634 Feb 58% Sept
9
Jan 20% Sept
Jar
63
Jan 66
52
Apr 55% Juno
50 June 52% Jun(
123
Mar 125% Sept
Mao
53
Mar 69
33
May
Aug 39
40% Jan 42
Jun(
19
Aug 24% Jar
97% Feb 100% Aug
6434 Aug 90% Fet
1
Aug
231 Mal
1
2% Apo
Sept
r
36
Jan 3934 Maot
89% Feb 118% Sepl
12% Mar 15% Jar
28% Feb 35 JIM
2
h June
Fel
40
Jan 47% Mal
51
Mar 58% Junl
3734 Mar 4234 Ate
$3,500 95
Feb 10134
1.00 107% Sept 107%
Jan 89
29,000 62
14.600 54
Jan 69
3,000 93
Feb 9634
4,000
5
11
May
98% Mar 100%
3,00
1.000 62
Aug 71
1,000
2,500
12,000
5,000
9,000
17,000
1,000
anon
9934
Jun,
Sep
Ma:
Ma:
Mal
Sep
Sep
Jai
Jan 102% Ma:
103
Jan 106% Sep
103% Feb 107
Sep
105
May 107% Set)
10634 June 10834 Air
103
Jan 106
Sel)
63
Jan 79
Ma
•No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Sept. 24 to Sept. 30, both inclusive, compiled from official sales lists:
I,
Stocks-
OV
NUCS
Last 1Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Arundel Corporation
*
Baltimore Brick, pref. _100
Bait Commercial 13ank.100
Baltimore Trust Co
50
Baltimore Tube, pref_.100
Bausch (1) & Sons corn. _*
Preferred
25
*
Black & Decker corn
50
Century Trust
Choy & Pot Tel Balt pf _100
Citizens National Bank_10
25
Colonial Trust
Commercial Credit
25
Preferred
25
Preferred B
%% ltt preferred_ _100
Consol Gas, E L & Pow_ *
8% preferred series A.100
7% preferred series 11.100
634% pref series C _ _ _100
Consolidation Cord _ _ _ .100
4494
427 4434
%
90
90
150 153
164% 161
16534
22
22 . 22
41
41
27
27
24
20
24
202
202 205
118 118
54
54
54
100 100
1834 19
22% 22% 23
23
23%
84
84
62% 63%
128
127 128
116 116%
113
11234 113
3594 3434 3534
2,467
119
75
311
48
2
8
140
24
9
208
2
18
165
32
15
580
70
67
34
219
Range Since Jan. 1.
Low.
31%
90
13734
12934
22
28
26%
1134
170
115
49
65
14%
19%
18%
71%
51
127
112%
110%
29%
Jan
Mar
July
Feb
Sept
Feb
May
July
Jan
Jan
Jan
Jan
June
June
June
Aug
Jan
June
Mar
May
July
High.
44%
93
153
16534
3634
42
38%
24
215
118
5934
109%
29
23%
23%
84
63%
130%
117
114%
3
6%
Sept
Sept
Sept
Sept
Jan
Apr
May
Sept
Sept
Sept
Sept
Sept
Feb
Sept
Sept
Sept
Sept
Aug
Aug
Aug
Jan
BondsBalt City 4s 26 SS(cou) '71
Balt City 4s S L
1961
Balt City 48W L
1961
Bait City 4s J F
1961
Balt City 4s D L
1961
Bait City 45 Cond___ _1958
Balt City 4s Ann Imp_1954
Balt City 4s Ann Imp.1951
Balt City 4sP L
1951
Balt City 3345 B D___1954
Bait City 330 P Q_ _1940
Bait City 334s Ref _ _ _1940
Bait City 334s
1930
Balt City 334s
1945
Bait City 330
1980
Bait Sparr P & C 4%8_1953
Balt Traction 1st 5s_ _1929
Black & Decker 6 As_ _1937
Cons Gas gen 4 Xs_ _ _ _1954
Cons G,E L & P 430_1935
lat ref 6s series A _ _ _1949
Davison Chem deb 634831
Elkhorn Coal Corp 634s'31
Fair & Clarks Trac 58_1938
Ga Car & Nor 1st 5s_ _1929
Ga Sou & Florida 5s_ _1945
Bendier Creamery 6s_1946
Lexington (Ky) St 5s_1949
Md Elec Ry 1st
_ _1931
1st & ref 133485s_- _1947
serA
United Ry & El 1st 4s_1949
Income 45
1949
Funding 58
1936
6% notes
1930
1st 68
1949
s----'• ''-'-'• '' •---- -•''''•
95
2634
2134
20
15434
4634
3034
20
71
8
6434
40
305
352
5134
10034
107%
100%
102%
99%
53
99
n" •
'
.
..
Aug 71%
Jan 80
Feb 92%
Apr 104
Mar 9434
Jan 101
Sept 9934
Apr 100%
May 94%
Jan 102%
June 120
Aug 97
July 100%
May 103%
Sept98
May 102%
11%
5134 52
101 101
101 101
101 101
101 101
101 101
101
1015-4
101 101
101
101
101% 10134
104 104
103% 1033.4
10234 102%
9934 9934
103% 103%
8834 8834
91
9134
10034 10034
100% 100%
10034 10034
10054 100%
10734 10734
100% 101%
99
9934
98% 98%
10034 10034
102 10294
99
99
102 102
99% 9934
10034 10034
7434 75
52% 54
82
81
9934 9931
99
9934
'''''
8754
8 =85Lt:48g4,S822=2.8885828-,885t8888.
64%
69
82
101
91
98
9934
9934
94
100%
100
96
98
100%
98
100
Jan
May
Sept
r
High.
CO
14,000
6,380
2,000
2,000
1,000
2,000
2,000
1,000
2,000
4,000
2,000
5,000
6,000
1,000
10,000
6,000
Low.
68% Sept 75
88% June 91
9934 Sept 100
p
$5,000
1,000
15,000
100
51
51
39% 39%
400 400%
233.4 2434
97 100
75
75
252% 25734
1134 11%
11% 11%
1634 16%
1634 1634
9% 9%
94% 95
70
70
2634 2634
18
2134
20
2134
154 165
45
4634
30% 3134
2534 25%
20
20
94
94
215 228
70% 7334
634 8
70
70
60% 6434
1934 20%
40
51
51
51
305 310
1734 19
350 366
`F,0888.88.888888888888888888888888'8'88
Bonds
-
At1G&WISSL 5s__1959
69% 70
Chic Jet Ry & U S Y 481940 89
89
89
Dixie Gulf Gas 634s w 1 '37 99% 99% 100
Eastern Mass Street Ry4%8 series A
1948
71% 71%
58 series B
1948 79
78
80
68 series D
1948 92
92
92%
Hood Rubber Co 7s_ _.1937
102% 103
KCM& 11w15s_1934
94% 94%
Income 58
1934
99% 99%
Liggett Building 5348_1952
9934 9934
Mass Gas 434s
1929
100% 100%
Mtge Bank (Col) 75_1946
94
94
New Eng Tel & Tel 55_1932 101% 101% 101%
PC Pocah Co Ts deb _ _1935 116
116 116
South West Gas 6345_ A937
96
96
Stinnes(Hugo)7% notes 36
100% 100%
Swift & Co 55
1944 102% 102% 102%
Texas Pow & Light 58..1956
98
98
Western Tel & Tel 5s_ _1952
101% 101%
Range Since Jan. 1.
Crook (J W)pref
so
Davison Chemical
•
Drovers & Mech Bank_100
Eastern Rolling Mill
•
Equitable Trust Co
25
Farm & Merch Bank.
..40
Fidelity & Deposit
50
Finance Coot America A.
8
Series B
*
Finance Service corn A _10
Common class B
10
10
Preferred
Houston 011 pref v t c_ _100
Hurst(J E)& Co 1st pf_100
Mfrs Finance corn v t..25
First preferred
25
25
Second preferred
Maryland Casualty Co_ _25
Merch & Miners Transp_ _•
Merchants Nat Bank_ _ _10
Monon W Penn PS pt _25
Mt V-Woodb Mills v t_100
100
Preferred
Nat Un Bank of Md_ _100
New Amster'm Cas Co_ _10
Old Town Nat Bank_ _ _ _10
Park Mtge & Grd Rent.50
Penns Water & Power_ _ _*
Silica Gel Corp com v t__ ..*
Un Porto Rican Sag corn.*
Preferred
*
Union Trust Co
50
United Rys& Electric_ _50
U S Fidelity & Guar_ _ _50
West Md Dairy, Inc
Prior preferred
50
,b81.D'ogbb8gbbbbObbbqoo,o..p.w.wcau.2
Boston Bond Record.
-Transactions in bQnds at Boston
Stock Exchange, Sept. 24 to Sept. 30, both inclusive:
D. NWA.
.opp.www.ww.4.ww4.pp.ww p
Outside Stock Exchanges
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Low. High. Shares.
1823
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
50
July 51
Mar
27
Feb 3934 Sept
35934 July 425 June
21
Mar 33
May
71
Feb 115
Sept
75
Sept 75
Sept
Sept
13534 Jan 278
934 Jan
12
Sept
934 June 11% Sept
1694 June 1834 Jan
1634 Sept 18
Jan
10
Jan
954 July
86
Jan 9931 June
65
Feb
Aug 70
25
July 44
Jan
18
Sept 2234 Sept
1634 Apr 22
Jan
98
Jan 171
Sept
Aug
3734 Apr 48
2634 Mar 3334 Aug
2
354 Mar 2634 Aug
15% May 22
Aug
7834 Jan 9534 Sept
207 June 228
Sept
5234 Jan 76
Sept
634 Sept1234 Jan
70
Sept70
Sept
4734 June 6434 Sept
15
Jan 2034 Sept
3634 May 51
Sept
Sept
49
Jan 51
240
Feb310
Sept
16% Aug 24 June
205
Feb 366
Sept
50
101
Sept
99 June
9834 Jan
101
Sept
99 June
9834 Jan
101
Sept
99
Feb
10134 Sept
104
Sept
103% Sept
102% Sept
9934 Sept
10334 Sept
8634 Feb
Jan
87
9934 Apr
mar
99
9834 Jan
9834 Jan
10734 Aug
93% Apr
98
Jan
93
Feb
99% Jan
10134 Mar
Aug
98
June
102
Feb
97
Jan
91
7034 Jan
Jan
51
75% Jan
9934 Mar
Sept
98
c5,,,m,
CO
5334 June
Feb
June
Sept
101
10134 Sept
10134 May
101
Sept
Sept
101
101% May
101
Sept
101% May
10134 Sept
Sept
104
10354 Sept
102% Sept
99% Sept
10334 Sepl
9034 Juts
92% May
10034 Juts
100% Bele
100 34 Sepl
100% SePI
107% May
10194 Sept
10034 Juno
98% Sepo
10034 Fel
10234 Juli
101
Jaz
102 Juno
99% Alit
Ma:
102
7994 Ma:
Ap
60
Mal
89
10134 Juno
101% Jun,
re'4 May
*No par value.
-Record of
San Francisco Stock and Bond Exchange.
transactions at San Francisco Stock and Bond Exchange
Sept. 24 to Sept. 30, both inclusive, compiled from official
sales lists:
Stocks-
Yy
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
American Trust Co
Anglo & Lend Par Nat Bk_
Bancltaly Corp
Bank of California NA_ _ _ .
Bank of Italy
Calamba Sugar, con)
California Cotton Mills_
Calif Oregon Power pref___
California Packing Corp__ _
California Petroleum corn_
Caterpillar Tractor
Central Nat Bk of Oakland
Coast Co Gas & Elea 1st pf_
East Bay 1Vater"A" pref__
"B" preferred
Emporium Corp (The)__ __
Ewa Plantation Co
Federal Brandeis
Firemen's Fund Insurance_
Foster & Kleiser com
Great Western Power pref.
Haiku Fruit & Pack (Free)Hale Bros Stores
Hawaiian Com'l & BUM
Hawaiian Pineapple
Hawaiian Sugar
Home Fire & Marine Ins__
Honolulu Cons Oil
Hunt Bros Pack "A"corn
Illinois Pacific Glass "A"
Key System Transit pref._
Langendorf Baking
LA Gas & Electric pref___
Magnin (I) corn
North American oil
Oahu Sugar
Onomea Sugar
Pacific Ltg Corp common
6% preferred
Pacific Tel & Tel corn
Preferred
Paraftlne Co's Inc com____
Phillips Petroleum com___
Pig Wig W States "A"___
Pig'n Whistle pref
Pioneer Mill
Richfield Oil
S J Lt & Pr prior pref
"B" 6% pref
"A" 7% pref
Schlesinger (B F)"A" corn
Preferred
Shell Union Oil corn
351%
21834
105
258
235
81
64%
21%
4434
9634
9634
17%
923-4
1334
103
9
3234
______
3554
23
10354
18
3734
4334
600
101%
15734
7074
41%
2334
1834
109
10234
2134
2534
351% 36934
218% 221
103 10534
258 260
225 235
81
81
40
40
106 106
6434 66
2134 21%
3934 4454
355 355
9654 97
96% 99
107 110
31
32
4034 42
1734 1834
9234 93%
1334 1334
102% 103
834 9
31
3234
51
51
51
52
43
43
3254 3234
7
353.4 35%
23
2334
36
37
634 634
1234 1234
10334 10334
18
18
37
3734
3534 36%
4334 4334
580 600
10134 102
14734 15834
112% 113
6834 71%
41% 4254
24
23
16
16
32
3234
1834 18%
10834 10934
10234 103
104% 104%
2134 2154
1.0
92%
2534 26
172
155
57,125
35
53,762
10
215
10
1,311
1,165
65,695
54
110
270
270
235
16
2,955
233
390
425
200
295
30
350
25
245
590
95
1,345
640
300
120
100
1,450
106
45
195
580
1,493
55
4,779
385
305
. 213
210
1,705
73
65
38
430
185
61
3.
Range Since Jan. 1.
Low.
300
Jan
195
Jan
8934 Aug
245
May
Apr
171
Apr
68
20 June
10234 Jan
61
Apr
21
Sept
2634 Feb
290
Feb
94
Jan
9534 June
10434 July
30
July
4034 Sept
9% Feb
88
Mar
12
Apr
101
June
8
Sept
30 June
48
Apr
48
Sept
4034 Jan
2834 Mar
33% Apr
23 June
3134 Apr
534 July
1254 Sept
9834 Jan
1634 Apr
2834 Apr
Jan
35
40
Jan
311
Feb
97
Feb
123
Mar
102
Mar
53% July
3
834 June
1954 Jan
1534 Jan
2534 Apr
14% Mar
1063.4 Jan
97
Jan
103
Jan
20
Apr
89
May
2534 Sep
High.
398
Feb
232
Feb
12534 June
Jan
270
687
Apr
81
Sept
41
Jan
Sept
106
69% Jan
33
Jan
4454 Sept
355
Sept
98
Sept
99
Aug
111
Apr
Max
39
45
Jail
2034 Aug
95
Sept
1334 Jam
105% Aug
10
M/0
3694 Jar
5334 Sept
56
Sept
July
45
33
Sept
4234 Fel
2654 Jaz
3834 Aug
3134 Jaz
1234 Mai
104% Juli
2854 Jay
48
Fel
39 J1011
44 Jun
600
Sep
10334 Jo
158
116
13954
59%
24
1634
3294
2634
11134
103
107
23%
94
31%
Sep
Jul:
Ma
Fel
Sep
Jul:
Sep
Jai
Ale
Sep
Jul:
Jun
Ate
Fel
1824
THE CHRONICLE
Friday
Saks
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (L'Onlirtired) Par Price. Low. High. Shares.
Southern Pacific
120 121
Sperry Flour Co corn
5634 60
Preferred
9834 98
9834
Spring Valley Water
1024 1024 103
Standard 011 of Calif
534 534 53%
Telephone Invest Corp-284 284 28%
Texas Consol 011
45c
450 50e
Traung Label & Lith Co
204 20
21
Union 011 Associates
404 4054 41
Union 011 of California_ _ _ _ 414 414 424
Union Sugar, common_ _ -12
12
13
U S Petroleum
165
160 165
Waialua Agrieul Co. Ltd.._
45
454
Wells Fargo Bk & Un Tr.
290 290
West Coast Life Insurance_
3.50 3.50
Yellow & Checker Cab_ _ _
84 84
834
Zellerbach Paper 6% pref
102
102 102
Zellerbach Corp
36
34
37
•No par value.
Range Since Jan. 1.
Low.
High.
150 iossi Jan 125
Jan 65
255 44
25 924 Jan 99%
355 10154 Jan 108)4
5,556 50% Apr 604
85 2534 Jan 284
400 40c May 950
260 20
May 214
2,560 374 Apr 563.4
3,388 394 Apr 564
205 12
Aug 19
300 127)4 July 200
610 374 Jan 454
May 295
20 260
4.50
. 262
3.40 June
934
200
8
Aug
20 954 Feb 1034
Jan 37
8.650 28
Aug
Sept
Sept
Mar
Jan
Sept
Feb
Feb
Jan
Jan
Jan
Mar
Sept
Mar
Jan
Jan
Sept
Sept
[VOL. 125.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. L020. High. Shares.
Smallwood Stone corn __*
Stand Textile Prod A pf 100 61
B preferred
100
Stearns Motor corn
33,4
•
Telling-Belle Vernon corns 47
Thompson Prod com_100 24%
Trumbull-Cliffs Furn p1100
Trumbull Steel com
•
Preferred
100
Union Metal Mfg com___• 46
Union Mtge co
corn
100 254
2d preferred
100 45
Union Trust
100 281
White Motor Secur pf_ _100
Youngst Sheet & T pret 100 10834
•No par value.
33
33
60
61
33
36
34 5
46
49
2454 254
1024 10254
11
114
80
81
46
46
254 2534
45
48 34
281 283
104 104
10834 109
Range Since Jan. 1.
Low.
50 30
78 25
329 12
225
334
2,678 38
229 204
10 98
795
954
383 724
145 40
135 25
97 45
29 218
20 9934
53 10634
Apr
Feb
May
Aug
Mar
July
Jan
Jan
Feb
Apr
Sept
Sept
Jan
May
July
High.
3534
63
36
83.4
49
June
Sept
Sept
Jan
Sept
10
2251
14
90
47
614
82
290
107
111
Sept
Sept
Aug
May
Sept
Mar
Mar
Aug
Apr
May
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange Sept. 24 to Sept. 30, both
Pittsburgh Stock Exchange.—Record of transactions inclusive, compiled from official sales lists:
at Pittsburgh Stock Exchang, Sept. 24 to Sept. 30, both
Friday
Sales
inclusive, compiled from official sales lists:
Last Week's Range for
Range Since Jan. 1.
Stocks—
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
130
10
75
25
5,240
645
350
48
47
298
120
1,030
10
15
50
140
10
100
4,525
100
5
50
1,464
744
400
100
20
49
329
2,325
10
2,342
60
401
31
1 nnn
v
t
20
20
884 8834
30
30
105 105
734 8
944 95
11
12
924 93
1064 106%
174 18
9
9
104
84 103.4
1164 11634
305 312
151 155
10
9
10
34 34
334 3.4
484 48
4834
19
194
80
80
8
8
22
244
214 214 2134
7
734
3% 34
9
9
9
34 334
225 228
5234 56
28
28
95
9434 95
35
35
35
47% 4834
1004 10055
High.
sMtEltit5Stra2tIttsgagEt=gtti
v
-q<cr-g".4g&"g4c2.44>1.4"Lt
43:7:1", 43"'
m xx m
mm
mlm
20
Low.
X
000
,-,00..M0,
M04hbO.0NM,1-00N0.0MOMV3Ot.00N ,
A
NODMO
t..000.
....plbm
NMNt.M.4,0
M. ,
- t. NN
...1
r.N.
"
Amer Vitrified Prod corn 50
100
Preferred
Amer Wind GI Mach em100
Amer Wind Glass Co pf_100
Arkansas Nat Gas com__10
flaw-Knox Co
25
10
Carnegie Metals Co
Columbia Gas dr Elec coin*
Preferred
100
Consolidated Ice pref.. 50
Devonian 011
10
Dixie Gas & UM com__ ..•
Duquesne Light 7% pf_100
First National Bank_ _ _100
Hanson-Walker Ref cm100
Houston Gulf Gas
•
Indep Brewing corn
50
Preferred
50
Loan Star Gas
25
May Drug Stores Corp .°
Merchants' Saving & Tr_50
Nat Fireproofing com_100
100
Preferred
Okla Nat Gas ctfs of dep_•
•
Penn Federal corn
50
Pitts Brewing com
Preferred
50
5
Pitts Oil & Gas
Pitts Plate Glass corn _ _100
Pitts Screw & Bolt Corp_ _*
Pitts St'l Fdry Corp corn.*
Stand Sanitary Mfg com25
Union St'l Casting corn_ _•
West'house Air Brake new_
100
West Pa Rys pref
Range Since Jan. 1.
27
92
52
109
94
95
1434
9
834
107
20
16
934
117
312
155
124
4
8
493.4
214
80
9
303.1
234
8
434
1134
334
270
5634
31
97
40
4954
101
Jan
Jan
Feb
Jan
Sept
Apr
Aug
Apr
Sept
May
'CI,
Inn
Jan
June
Jan
Jan
July
Sept
Sept
June
May
Jan
Jan
Sept
Sept
Sept
Sept
Apr
Feb
Feb
Aug
Aug
July
Feb
Mar
May
Sept
Bonds—
ilv..vIlna Act
10q,
7/
7/
'
....inn
• No par value.
Correction.—Sales of Dix e Gas & Utilities las week should have read 834 low,
04 high; Pittsburgh Screw & Bolt should have earl 554 low, 5634 high
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange Sept. 24 to Sept. 30, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
•
Aetna Rubber. corn
Amer Fork & Hoe com_100
Amer Multigraph com___•
Amer Ship Building com100
•
Allen Industries
Preferred
•
Bess Llmest & Cem com__•
Buckeye Incubator com_•
•
Byers Machine "A"
Central Alloy Steel, pf_100
•
City Ice & Fuel corn
Cleve Elec Ilium cow_ 100
100
Preferred
Cleveland Railway corn 100
Cleveland Stone, cora _ _•
100
Cleveland Trust
Cloy Worsted Mills corn 100
100
C & B Transit
C & S Brewing pref _ _ _ 100
Elec Controller & Mfg com •
Elyria Iron & Steel mu ..25
Faultless Rubber corn__ _ ..•
Fed Knitting Mills com •
Firestone T & Rub corn _ 10
100
7% Preferred
General Tire & Rub corn 25
Goodyear Tire & Rub pf100
Grasselli Chemical com _100
100
Preferred
Greif Bros Cooperage corn •
100
Halle Bros pref
.
Hanna M A 1st pref _ _ 100
•
Harbauer corn
HarrIs-Seyb-Potter com •
India Tire & Rubber corn.*
Industrial Rayon "A" •
•
Jaeger Machine corn
100
Jordan Motor pref
•
Kaynee corn
Metrop Paving Brick corn •
Miller Rubber pref_ ...100
Mohawk Rubber corn__ •
100
Preferred
Murray Ohio Mfg corn. _ _•
Preferred
100
National Refining com_25
National Tile corn
•
Nineteen Hund Wash com•
Ohio Confection "A"_ _ _ _•
Ohio Bell Tel pref
100
Ohio Brass "B"
•
Ohio Tel Service pref.. _ _100
Paragon Refining corn_ _25
Peerless Motor corn
50
Richman Bros corn
•
River Raisin Paper com_ •
Selberling Rubber com___•
Preferred
100
Sherwin-Williams corn._25
inn
26
110
36
49
4134
10931
3154
111
104
60
350
31
39
158
106
121
50
32
9934
74
95
36
274
2734
spi
834
289
35
60
Inat,
2534 254
106 106
2534 26
104 1104
1134 114
304 3034
36
3654
49
504
414 42
1094 10934
3154 32
327 327
111
1114
103 104
60
604
350 350
31
36
65
6.5
20
20
6234 63
514 524
384 39
30
29
157 161
10554 106
175 180
12054 122
130 130
10734 1074
374 38
10334 10334
60
60
14
14
29
29
2234 2434
934 10
314 314
50
50
32
32
27
2734
994 9934
22
22
65
65
74 734
95
95
35
3514
36
3634
2634 274
2734 28
111
11134
824 86
1014 101 54
84 84
214 214
250 290
74 74
35
3534
102 102
60
604
in,
•
in.,
25
10
528
512
57
175
1,702
442
285
200
249
15
113
332
234
15
423
146
215
309
252
245
90
168
913
45
413
10
35
268
50
33
190
64
275
330
275
45
50
321
631
15
20
175
20
50
655
955
241
126
275
10
295
30
1,508
100
890
35
316
c/a
Range Since Jan. 1.
Low.
I
High.
17
June! 26
1014 Jan 106
194 Apr 27
80
Jan 11034
Aug 20
17
3054 Sept 3134
3154 Aug 384
Jan 53
43
35
Apr 42
106 34 Feb 10954
2354 Jan 34
May 327
297
Feb 1114
108
964 Jan 105
47
May 67
June 350
300
21
Mar 36
57
Mar 80
May 20
17
62
Sept 6734
494 Apr 55
35% Mar 45
Sept 314
28
117
Jan 165
99
Feb 106
145 June 180
Feb 122
100
127
Aug 134
1024 Apr 109
364 Sept 40
994 Apr 1033.4
56
May 6634
12 34 Jan
14
28
Aug 3034
20 June 314
434 Jan
1034
2734 Feb 324
45
Aug 63
Jan 33
23
Jan 304
22
98
July 106
15
Mar 22
May 65
35
74
5
Feb
94 June 9634
3434 July 4134
33 June 38
25
Apr 2734
254 Sept 28
105% June 114
Jan 864
76
Sept 10154
101
934
Apr
6
2134 Sept 32
1424 Mar 290
84
634 Apr
Jan 3834
21
Jan 1023.4
96
Feb 6134
44
in.
ann.
Aug
Sept
Aug
Sept
July
Aug
Sept
Apr
Sept
June
Aug
Sept
Sept
Sept
June
Sept
Sept
July
July
June
Feb
June
May
Sept
Sept
Sept
Sept
May
Sept
Apr
Sept
Jan
July
Feb
Jan
Aug
May
July
Aug
July
Feb
Sept
Sept
Aug
Feb
Jan
Aug
Sept
Sept
Mar
Sept
Sept
July
Jan
Sept
July
Sept
Sept
Sept
ulna! Q...
Stocks—
Sale
of Prices.
Itreek.
Par. Price. Low. High. Shares.
Am Laundry Mach com.25 106
Amer Products pref
•
Amer Rolling Mill com_ _25 664
Preferred
100
Amer Thermos Bottle"A"
, 14
Preferred
50 43
Baldwin new pref
100
Buckeye Incubator
• 494
Burger Bros
•
Carey (PnIllp) pref.._ _ _100
Champ Coated Paper pf100
Churngold CorporatiOn _ _• 363.4
CM Car Co
50 254
CNO&TP
100 450
Cln Gas &Elm,
100 994
Cin Gas Transporation _100
CN&CLt&Traccom100
Preferred
100 724
Cin Street Ry
50 4634
CM & Sub Tel
50
CM Postal Term pref_100
City Ice & Fuel
• 31
Coca Cola "A"
•
Col By Pr 1st pref
100 1054
Cooper Corp new pref....1M
Dixie Ice Cream
50
Dow Drug new
100 364
Rights
Eagle-Picker Lead corn_ _20 25
•
Gibson Art com
Globe Wernicke pref_ _ _100 9834
Goodyear Tire prior pf_100 12134
Gruen Watch corn
• 52
Preferred
100
Hatfield-Reliance pref_100 1024
Hobart Mfg
•
Jaeger Machine
•
Kodel Radio "A"
• 67
Rights
3
Kroger corn
10 128%
100
Lincoln National
Lunkenheirner
•
Nash (A)
100
Mead Pulp special pref_100
• 61
Mead common
National Pump
4034
Ohio Bell Tel pref
100
Paragon Refining com_ _25
100 874
Preferred
Procter & Gamble corn. _20 217
100 9834
Pure 011 6% pref
8% preferred
100
Rapid Elec
Sycamore
•
Preferred
10 112
U S Playing Card
U S Print & Litho corn_ 100 70
100 100
US Can pref
100 40
Vulcan Last corn
Preferred
100
Whitaker Paner nref__ 100
1054 10634
2434 2434
6734 6734
11254 113
13
1454
43
43
110 110
48
5034
1634 1634
125 125
114 114
3634 3634
254 26
445 450
9934 100
138 138
974 974
7234 7214
4634 474
112 1123.4
9234 93
31
33
33
33
105 10534
100 100
58
58
3734
36
9 7-12 034
25
2534
403-4 4134
9834 100
1214 1214
52
52
115 115
10234 102%
36
38
31
31
5534 70
3
25-4
12654 1284
430 430
284 29
1174 1194
104 104
61
62
404 414
no% 111
854 84
874 874
211 217
983-4 9834
113 113
254 2534
2934 294
101 101
1114 112
70
70
100 100
3834 40
102 102%
10034 100%
1,616
40
1,484
135
1,460
100
5
1,267
100
3
10
165
609
8
162
4
2
5
191
27
15
258
90
78
10
40
978
390
2,068
190
246
7
13
10
20
132
25
3,189
2,131
606
50
230
70
4
758
1,610
82
418
11
306
773
12
645
70
20
70
76
10
375
210
17
Low.
High.
9934
2134
44
11034
7
34
10654
44
12
11354
110
344
2154
315
9634
1124
91
70
404
904
90
224
27%
99%
100
5334
334
734
25
394
85
1214
443-4
994
101
264
28
934
July
Jan
Jan
May
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Aug
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Sept
Jan
Sept
Sept
Sept
July
Jan
Sept
Feb
Jan
Jan
July
Apr
Jan
106
July
274 Aug
78
July
114 June
1434 Sept
41
July
110
Sept
53
Apr
22
Feb
125
Sept
115
Sept
45
Mar
2654 Apr
Sept
450
10034 Sept
140
July
Mar
09
Jan
78
4854 Sent
1124 Sept
Sept
93
334 July
3434 June
10.554 Sept
103
May
58
Sept
40% Sept
114 Sept
31
May
44
Feb
994 Sept
Sept
122
564 Jan
Apr
116
Mar
105
38
Sept
3434 June
65
July
118
410
2634
98%
9834
61
39
10634
6
65
177
99
111
25
294
101
85
55
97
31
1014
10031
June
May
Apr
June
June
Sept
Sept
June
Apr
Jan
Feb
Jan
May
Sept
Sept
Sept
Jan
June
Apr
Aug
Aug
Aug
1334
430
30
124
124
6134
4134
114
94
88
204
101
11434
2634
304
10154
115
79
102
41
10234
101
Feb
Sept
Apr
Apr
Apr
Sept
Sept
May
July
July
May
June
May
Sept
Sept
Sept
Aug
Aug
Mar
Sept
Aug
Sept
• No par value.
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exchange Sept. 24 to Sept. 30, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. Mph. Shares.
Range Since Jan. 1.
Lou.
,
High.
Banks—
First National Bank_..100
Nat Bank of Commerce 100
280
153
280
153
6 251
36 150
Jan 285
July 163
May
Jan
Trust Compsny—
Mercantile Trust
100
428
432
134 427
July 432
Sept
Street Ry. Bonds —
St Louis Pub Serv corn_ •
29
29
Miscellaneous
-20
35
3.5.4
Aloe common
100 1014 1013.4 102
Preferred
Baer Sternb'g & Cohen com•
1934 194
96
96
Second preferred_ _100
95
95
Beck & Corbitt pref.._ _100 95
• 15
15
15
Berry Motor
•
404 4034
Boyd Welsh
42
4234
Brown Shoe common._ _100
• 2,5
18
25
Burkart common
• 25
24 34 26
Preference
100
130 131
Century Electric
1734 174
Chicago Ry Equip corn_ 25
34
34
Ely Walker Drug corn...25
• 184
Elder common
184 1854
100 6634 6034 664
Class A
11
• 11
11
Fulton Iron common
Hamilton Brown Shoe. 25
35
35
• 304 3034 3034
Hussiman Refr corn
19
Huttig S & D common__ •
22
100
Preferred
9634 964
Hydraul Press Brick pf_100
79% 7934
Independent Pkg com
21
2134
International Shoe com. •
206 212
100
110 1104
Preferred
Laclede Gas Light pref _100
103 103
• 16
Mo Ills Stores corn
154 1634
3734 40
Mo Portland Cement_ _ _25 40
25 39
37
40% paid
39
100
Moloney Electric
9954 994
— .. . -.
60
18%
Mar
30
40
150
20
10
100
35
160
1,111
1,034
19
20
100
10
10
50
10
25
470
10
155
20
94
215
10
2,308
330
215
10
32
10034
19
9534
95
15
37
3134
15
24
114
17
304
18
624
8
334
3034
19
96 34
69
20
158
108
96
13
3734
37
99
Feb
Mar
Sept
Sept
Sept
Sept
May
Mar
Aug
Sept
May
Sept
July
Aug
Aug
June
July
Sept
Sept
Sept
May
May
Feb
Feb
Jan
Aug
Sept
Sept
Sbpt
3031 July
37
104
224
99
974
15
42
463.4
25
26
131
30
384
1934
6834
134
40
36
30
10134
82
25
2164
111
140
11134
54
40
1024
May
July
June
Feb
Aug
Sept
Feb
Sept
Sept
Sept
Sept
Jan
Apr
June
June
June
Mar
Jan
Jan
Feb
Sept
Feb
Sept
Aug
May
Sept
Apr
June
Mar
Fi May
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
Pedigo Weber
•
Polar Wave
•
•
Rice Stix common
100
First preferred
Second preferred _ _100
25
Scruggs common
First preferred
100
Scullin Steel preferred_ _ ....*
Sheffield Steel common__ _•
Southwestern Bell pref_100
*
Stix Baer & Fuller
Wagner Electric com____•
Preferred
100
3534 36
3134 3234
2334 23%
109 109
9934 99%
17
17
17
73
73
314 3134 3234
27% 30
118% 11734
29
29%
31
32%
31
864 8631
23%
Mining
Consolidated Lead "A" •
Bonds
Houston CHI 63is
1935
KInloch Long Dist 58_1929
St Louis Car 68
1935
St Louis Sub gen M 58_1923
Gen mtge .55 ctfs_ _1923
Scullin Steel 6s
1941
United Ry 4s
1934
45 ctf of der/
1934
12
12
Range Since Jan. 1.
Lew.
High.
50 35
405 29%
321 194
1 10534
20 99
65 16
30 72
210 314
415 254
129 114%
165 26
210 1834
20 68
Sept
Aug
June
Jan
July
Aug.
Sept
Sept
Feb
Mar
Aug
Jan
Feb
3734
34
24%
110
100
22%
84
39
3034
119
3134
39%
90
July
Apr
Sept
Sept
Sept
Feb
Mar
Mar
Sept
June
Jan
May
June
200
Sept
17
Jan
Jan
Feb
Sept
Apr
Feb
Sept
Mar
104
10034
10034
88
88
101
84
83%
July
Sept
May
Sept
Sept
Apr
July
Sept
12
1034 10334 $12,000 103
1004 1003,4 1,000 100
99 100
1,500 99
88
1,000 81
88
88
9,000 80
88
98% 9834 98% 11,000 98)4
824 82% 82% 24,000 75%
824 8231 13,000 7534
mar
•No par value.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Sept. 24 to Sept.30,both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Adams Royalty Co corn. •
All Zmerica Radio cl A._..5
Am Fur Mart Bldg pref.100
Amer Pub Serv pref. _100
Am Pub Util Co par pfd 100
Prior lien
100
American Shipbuilding_100
Amer States &cur Corp A•
Class B
•
Warrants
Armour dr Co(Del)pref.100
Armour & Co pref
100
Associated Investment Co*
Auburn Auto Co com__ _25
Balaban & Katz v t c..._25
Bastian-Blessing Co corn.*
Beaver Board v t c "B"....•
Pref'rot trust Ws_ __100
Bendlx Corp class A,.10
Borg & Beck corn
10
Brach & Sons(E J) corn..'
Butler Brothers
20
Cent D Pa Corp "A" p1.
Celotex Co corn
•
Preferred
100
Cent Ill Pub Serv pret.. 8
Cent Ind Power pref___100
Centre; of deposit_ ___100
Cent Pub Serv (Del)
•
Central SW Util corn __.•
•
Preferred
Prior lien preferred__ - _•
Chic City & Con Ry pt ah•
Participation preferred.*
Chicago Elea Mfg "A"___•
Chic Fuse Mfg Co corn. •
Chic N S & Mil com_ _ _100
Prior lien preferred_ -100
Preferred
100
Chic Rys part ctf ser 2.100
Chicago Title & Trust_ _100
Club Aluminum
•
Commonwealth Edison.100
Consumers Co corn
5
Preferred
100
Crane Co corn
25
Preferred
100
Cuneo Press A pref
50
Decker (Alf) & Cohn,Inc_*
Deere & Co pref
100
Eddy Paper Corp (The).-•
El Household Util Corp.10
Elyria Steel
25
Empire G F Co 7% pf100
8% preferred
100
Evans & Co, Inc, class A.5
Class B
5
Fair Co (The) corn
•
Preferred
100
Fits Simons Er Connell
Dk & Dredge Co com_20
Foote Bros(0 & M) Co_ _5
Gill Mfg Co
10
Godchaux Sug,Inc,cI"B"•
Gossard (H W) Co corn..'
Great Lakes D & 1)___100
Greif Bros CooP'ge A uom •
Hibbard, Spencer, Bartlett
& Co corn
26
Illinois Brick Co
•
Illinois Nor Utilities pf.,100
Ill Wire & Cable Co Corn.18
laden Pneu Tool v t 0....
Jaeger Machine Co corn
Kellogg Switchb' a COm _
Preferred
.00
1825
THE CHRONICLE
OCT. 1 1927.]
100
8734
111
5
34
87
654
115
60
234
5234
6934
22
234
24
76
924
mu
14
1334
2134
30
994
3
103
3634
156%
834
82
5134
11634
30
1003.4
110
4134
334
32
1434
3%
8%
4134 41
1841 173%
4
36
39
1334
98
Low.
High.
18% 19%
875 18
Aug 324 Feb
151
5
Apr 10% Mar
634 7
Apr 100
200 93
Sept
9934 100
so 94 Jan 104 May
98% 98%
114 73
Jan 884 Jan
8734 87%
45 92
July 96 June
95
95
4,085 7934 Jan 112
Sept
105 112
2% Apr
434 534 11,335
54 Sept
3
Apr
4% Sept
434 4% 4,452
34 July
1
Jan
54 2,216
54
143 8334 Aug 9734 Feb
85% 87
2,380 5934 Apr 86% Jan
65
67
32% 32%
50 32
Sept 38% Feb
1114 1164 9,275 68% Jan 122% Sept
61
Jan
60
500 5734 Aug 63
2334 234 1.390 23 June 26
July
110
2
Ap
5 June
234 3
41
38
540 3534 May 46 June
Sept
52
53
1,075 3834 Jan 68
1,675 53
Jan 73 Sept
6934 71
2034 22
200 18% Aug 3534 Jan
20% 23% 5,825 17
Jan 23% Feb
24
24
685 24 Jun
273£ May
88% June
75
78
885 69% Ap
88% 89%
325 86
Aug 92 June
92
94
124 8834 Jan 9534 Jan
Aug
91% 92%
20 85% Jan 95
91% 92
Aug
40 85% Jan 94
1734 173(
322 15% July 18 May
83
485 5634 Jan 67% Feb
6334
727 92% Jan 9734 Apr
9634 96,4
300 9834 Jan 1043.4 July
100)4 1014
134
13,1
200
34 Jan
,
254 Jan
134 144 2,090
334 Jan 194 June
21% 22
150 20
Mar
Aug 26
42 30
Jan 353,4 Aug
343,4 35
100 27
30
30
Sep
364 Jan
99 100
150 98% Jun 10154 May
240 63
66
66%
July 72
Feb
3
3
50
6 June
34 Fe
1024 103
20 1024 Sep 103
Sept
July 36% Sept
3434 36% 6,270 33
155 157
Jan 157
918 138
Sept
5% Ap
8
831 3,625
83,4 Aug
83
1,215 69% Feb 83 Sept
78
51
52
699 47
Ap
53 Sept
118 118
so 117 Feb 121 May
51% 5234
65 49% Mar 54 May
31
220 25
3134
Ma
32
rept
116% 116%
125 106
Aug
Jan 119
73 20
30
30
30
Ap
May
12% 13
350 11
Jan 15% May
51% 52
120 51% July 65
Aug
610 92% Mar 1004 Sept
99 100%
109% 110
960 100% Mi..r 111% ept
42
43%
325 3834 Jan 46
cot
41% 43
325 24% Jan 4C
Scot
33
3334 1,050 21% Mar 3554 Aug
,
109% 110
60 105
Feb 1104 July
15
34
63
rig
Range Since Jan. 1.
3234
1534
3%
3%
44
185
311
63
ax
31
13
973.4
28
48
31
14
98
220
2,645
511
515
4,114
4,4E5
2634
12
!;
3
31
34
-Ian 15%
July
534
Jan
4
May 58
Mar 185
38% Sep
41
July
Sept
Feb
Mar
Jan
Sept
June
20
1,' 0
35
160
100
25
2,595
97
59
39
92
26%
48
27%
11%
934
Jan
July
Feb
Sept
June
May
Mar
Jan
Aug
Sept
Jan
Aug
Sep
Feb
Sep
July
70
43%
97
28%
58
3234
1934
98
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Kentucky UM p• cum pf_50
Keystone St & Wire pf_100
Kup'heimer it Co (B) Inc
Class B preferred_ _100
La Salle Ext Unly com_10
Libby McNeill & Libby_10 104
10
Lindsay Light corn
McCord Radiator Mfg A.*
•
McQuay-Norris Mfg
Marvel Carburetor(Ind) 10 4954
Middle West Utilitiee_ _ _ _• 113
100 112
Preferred
Prior lien preferred_ 100
Midland Steel Prod corn_ _• 56
Midland Vtil 6% pr In_100
100 106
7% prior lien
100
6% preferred
100 9131
Preferred 6% A
Pref 7% prior lien_ _ _100 67
Miss Valley Util prior lien_ 98
Morgan Lithograph com_• 67
Mower Leather Corp com.*
Prior lien
Nat Radiator
• 38
100
Nat Carbon pref
8 25
Nat Elec Power A part-.
lo
7% preferred
334
National Leather com__ _10
Nat Radiator
• 38
Preferred
• 97
National Standard corn._* 3534
North American Car com_• 3234
Nor West Utll pr In pf_ _100
100
7% preferred
Novadel Process Co corn..
934
Preferred
•
Penn Gas dr Else A com* 1934
Pick Barth & Co part pi_ *
1
Commen v t e
Pines Winterfront A com_5 54
Pub Serv of Nor III com_ •
Pub Serv of Nor Ill corn 100
100
6% Preferred
100 11731
7% Preferred
Q-R-S Music Co com_ •
Quaker Oats common__ •
Preferred
Reliance Mfg ctfs
100
Reo Motor Car Co
10 225-4
Sangamon Else Co
33
Preferred
Sears, Roebuck corn
• 78
Shaffer Oil pref
So Cities Util CIA corn_ •
So Colo Pr Elec A corn_ _25 254
SW G Er El Co 7% pref___ 9834
.
S'western Lt & Pr pref.__
Stewart-Warner Speedom • 724
Studebaker Corp new
93,4
100 127
Swift & Co
15 245-4
Swift International
Thompson (J R) corn
59
Union Carbide & Carbon • 1343.4
United Biscuit class A...' 4934
United Light & Power
•
Class A preferred
Class B preferred
* 57
Common class A new..'
Common cis'x B new__•
United Pap En e3M -100
108
U S Gypsum
100
Preferred
Vesta Battery Corp cum _10
Wahl Co common
• 13
Ward(1%lontgomery)& Co- 854
Class A
• 116
6% prior lien
7% prel A
•
Waukesha Motor Co oom-• 53
Williams 011 0 Mat corn.'
9
Wolff Mfg Corp corn....'
Wrigley(Wm Jr) Co com-• 6334
Yates Machines part pfd..* 1734
Yellow Tr&CoachMfg B 10
Yellow Cab Co Inc(ChIc)• 4154
RIO
Bonds
Cairo Bridge A Ferry let M
634% 20-yr st g b__I947
Chicago City Ry 5s___1927
Cerelfs of deposita__1927
Chic City & Con Rys 58'27
Chicago Railways 58..1927
1st M ctf of dep 5s_ _1927
Ers series A
1927
5s series B
1927
Commonw Edison 58._1943
Federal Utilities 6s.__1937
1957
534s
Great Lakes ULU Corp
F L C T 5345 g 15_1942
Holland Fur Co at 6% gold
1936 105
debentures
Jewelers Bldg 68
1950
Metr W f3ide El let 411_1938
Northwestern Elev 50.1911 89
Peon G L & C ref g 56.1947
So Un Ice 1st 8s A ....1937
St Louis0 & C lst ls-1947
Swift & Co 1st s f g 58_1944 1023,4
United Public Seri Co 2-yr
,
6% 0 N
1929 9634
United Public ULU Co F
110- CZ It ••A"
1547
51
96
51
97
120
31
Range Since Jan. 1.
High.
Low.
5034 Apr
8834 Mar
52
97
July
Sept
Sept
Feb 110
15 105
110 110
Jan
9
560
4% 434
4% Sept
834 June 1134 Aug
10
104 2,085
2% Apr
134 Mar
51)
134
13,4
Jan
Apr 40
60 37
39
39
Jan
May 21
90 16
20% 204
484 503.4 2,875 41 May 5134 Sept
Apr 1173,4 Mar
112 1134 2,720 108
1114 1134 1,020 110% Jan 11331 Sept
153 1174 Jan 1224 Aug
12031 1204
Aug
Apr 56
465 38
54
56
Sept
18.5 9234 May 96
95
95
757 9734 Jan 10734 Sept
102 10634
9234 9431 1,350 9234 Sept 944 Sept
914
325 9134 Aug 924 May
91
Jan 684 Mar
7,755 .58
644 68
Sept
Sept 96
25 96
96
96
Jan 684 Mar
6434 68 • 7,755 58
Jan 244 Sept
50 11
24
24
20 10834 Sept 106 34 Sept
10634 106%
Sept 3934 Sept
3,2.50 37
38
37
25 13034 Feb 139% Aug
1373,4 137%
Sept 2534 Jan
725 22
2434 25
10 93% Jan 9834 Sept
984 984
434 Jan
234 Apr
334 334 13.150
Sept 3934 Sept
3,250 37
37
38
Sept
Sept 98
280 97
97
98
3.534 3634 1,585 3034 Jan 3831 July
Aug
575 2234 Jan 34
32
3334
Jan
148 95% Sept 101
9534 99%
Feb
10 9434 Mar 100
9734 973,4
934 Sept
8 June
350
93,4 934
150 2134 July 2734 Feb
2631 2634
Feb
Jan 21
150 19
1934 193,4
22
22
50 1934 Jan 28 June
100 1234 Jan 1434 Mai
1354 1354
Sept
500 40 May 54
53% 54
147 14034 Jan 143 May
14134 142%
Jan 142 Slay
100 132
142 142
37 101 34 June 10634 Seen
106 10634
10 1124 Apr 11711 ',Fent
1174 1174
Adz
250 3231 Jan 43
393,4 394
Feet
180 175 June 350
250 250
Jan 113 Mi.y
60 107
1104 110%
Sept
3ept 100
25 100
100 100
,
22
2234 1,245 19' Mar 24 May
Ju:y 343,4 Sept
850 29
3234 34
10 102% July 107% Aug
106 106
Jan 7834 Sent
75
783-4 24,400 .5:2
45 844 Aug 89 June
85% 86
75 2531 Jan 33 June
33
33
Mar
Sept 28
25
26
243 25
Sept
98
9834
158 943,4 Jan 100
'6 87
Sept 90 Sept
87
90
724 32,300 54% Mar 7234 Sept
67
,
534 June 1034 Jul)
94 94 1,020
Sept
6,235 11531 May 130
125% 130
Sept
243,4 2534 2,070 184 Mar 26
Sept
Apr 59
1,985 40
5734 .59
Jan 141% Sept
103 99
13434 13734
7,98,5 39% Jan 52 June
4934 50
Jan 9734
Jan 57
Mar 17
May 24
Feb 234
Aug 110"34
Mar 123
Sept 37
Jan 1734
May 854
Mar 11734
Sept95
Sept102
Mar 55
July 1634
Aug
634
Jan 64
Sept 2734
Mar 40
Aug 4234
JUDE
Sept
June
AIM
Sept
Sept
July
Fet
Jlini
Sept
Mai
Sent
Sept
Sept
Fet
Fet
Sept
Ma)
Au/
Sept
52,000 97% June 100
Jan 8834
10,000 75
1,000 8154 Aug 88
3,000 524 Jan 7354
11,000 7434 Jan 864
4,000 7434 Jan 8434
10,000 58 June 71
Jan 5134
16,000 35
1,000 10234 July 10634
2,000 9234 Sept 99
2,000 9434 Sept 9434
AUi
Juni
Juni
Juni
Ma.
-Tull
Ms.I
Junl
Sep
Sep
Sep
203 87
95
95
260 50
5.54 57
14
30 1231
14
100 15
19
19
93 16
2334 234
102 11034 14,890 904
18 115
1214 1214
150 26%
2634 2734
831
1234 1334 1,065
7854 8.534 47,400 67
387 11234
115 116%
16 95
95
95
35 102
102 102
175 3434
53
55
7
9
9
195
134 234
510
134
7,995 51
583-4 64
650 14%
1734 1834
3434 3434
50 254
980 374
404 414
100
85%
8434
65
8234
82
66
4434
10634
99
9434
100
8534
8454
6834
86
824
6834
4.534
10634
99
9434
9534 95% 15,000
95% Sept
1054 105% 2.000 96
2,000 100
100 100
6,000 775,4
7834 79
4,000 8434
89
89
10334 10334 10,000 10334
9731 9734 13,000 9734
9734 9734 2,000 9734
102% long 3,000 10154
Jan
Sept
Sept
Jan
Sept
July
Sept
Jan
Aug
954 Juni
11034
100
80
90
10334
98
97%
102%
9934 Ap
9634 994 69.000
99
001.4 AA 44
9944 Sent 101
3.000
Mal
Sep
Ap
Atli
Sep
Ma:
Sep
Sep
Ma
• No par value.
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 beginnint. In Saturday last (Sept. 24) and ending the present Friday (Sept. 30). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bona, in which any dealings
occurred durin; the week covered:
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Week Bride. .141s. SO.
Stocl. -
Ind, . & Miscellaneous.
'
Aero Supply Mfg class B.• 1134 11
155
50 158
Ale G:c.at Sou ord
155
50 158
er•ferred
AIM,ce Insurance Co....10 643,4 84
•
97%
Abr.!num Co corn
100 10334 10334
1
-referred
6334
100 66
American Arch Co
48
;mer Bakeries class A.... 48
741_ nrnfarrarl
1(10
9716
12
160
15834
6434
994
10354
6654
50
971-1
Range Since Jan. 1.
Low.
1,700
334
1,300 123
710 12454
100 61
1,200 6734
500 1013.4
2.100 59
1,800 4734
100 9716
Apr
May
Feb
Sept
May
Mar
Sept
Sept
Sent
High.
12
160
15834
6454
1054
1043.4
1113,4
50
9716
Sept
Sept
Sept
Sept
Sept
Apr
Apr
Sept
Sent
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
4434 46
American Chain Co coin. •
American Cigar com__ _100 11934 11934 11931
100
1024 1024
Preferred
2734 2734
Amer Cyanamid corn B_20
91% 9234
100
Preferred
12
1331
Amer Dept Stores Corp _ _. 13
1434 15
American Hawaiian S.S. _10 15
104% 106
Amer Laundry Mach corn • 106
Amer Mfg Co com _ __ _100 8934 8934 914
109 112
Am erleitn Meter Co
• 112
Range Since Jan. 1.
Low.
600 40%
25 115
50 101
100 26
30 84
3,500 12
4,200
9
325 102
125 79
75 895g
July
Apr
Sept
Apr
June
Sept
Jan
Aug
July
Jan
High.
4834
125
10234
3734
95
1454
2034
131
9234
112
Sept
Mar
Sent
Jan
Sept
Sept
May
July
Sept
Sept
1826
THE CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Amer Rayon Products...* 11% 1131 13%
Amer Rolling Mill corn. 25 67
66% 67%
Preferred
100
11135 112
Amer Solv & Chem corn.'"
5% 9%
Cony panic preferred. _• 22% 22
24%
Amoskeag Company
*
87% 87%
Anglo-Chile Nitrate Corp.* 21
1834 21
Atlantic Fruit & Sugar_ *
62c 79e
Atlas Plywood
•
50
50
Atlas Portland Cement...*
44
44
Auburn Automobile corn.25 115% 112 115%
Babcock & Wilcox Co_ _100
114% 114%
Bancitaly Corporation...25 104% 103 105
Beaver Board Cos pref_100 3835 38% 40%
Belding Hall Electric coin.*
1
50c
1
Bliss(E W)Co corn
•
17
17
Blumenthal (5) AL Co corn •
2334 2631
Blyn Shoes Inc corn
10
3% 3%
Bohn Aluminum & Brass.* 24% 23% 2551
Borden Co common
50 126
125 127%
Brill Corp, pref
95
95
Brillo Mfg corn
• 12% 12% 1331
Class A
2551 2534
Brockway Motor Trk come
3734 39
Bucyrus Co corn
25 75% 6635 75%
Common certifs of dep._ 75
67
75
Bucyrus-Erie Co w I
2535 22% 25%
Budd (E G) Mfg
20% 20%
Bullard Machine Tool
* 47% 43% 4731
Canadian Indus Alcohol..' 37% 36% 3834
Can Pacific Ry let pd w I_ _ 88
87
88%
Case Plow Wks el B V t c_•
5%
535 851
Caterpillar Tractor
4334 39
4435
• Celanese Corp of Am coin.* 10930, 105 111%
First preferred
157
155 158
Celluloid Co (new)
Common
77
75
79%
Preferred
87% 8735 90
First preferred
118 118
Celotex Co common
* 7731 75
77%
100 8930 88% 90
7% preferred
Central Aguirre Sugar _50 11534 11334 11531
Centrifugal Pipe Corp...'
13% 1432
CM dr St P(new co)
New common w I
25
24
25
New preferred w I
40
3931 4032
Chicago Nipple Mfg el A 50
5
6
Class B
50
23( 3
Childs Co. pref
100
118 118
Cities Service, common_20 49% 4831 49%
Preferred new
100 91% 9031 913:
Preferred B
IC
831 831
City Ice & Fuel (Cleve)_. 31% 31% 3230
Club Aluminum Utensil _
3631 35
36%
Cohn-Hall-Marx Co
•
26
2634
Colombian Syndicate_..*
21”
2111 21.
Consol Dairy Products__ •
251 2%
Consol Laundries
• 1635 16
16%
Copeland Products Inc
Class A with warrants..
7
7
931
Cosg Meehan Coal
9
Courtalds Ltd
Li 34% 33% 34%
Cuban Tobacco corn v t 0.* 52% 5235 55
100
Cuneo Press, corn
64
63
Curtiss Aeropl & M corn..
46
43
46
Preferred
160
108 10834
Curtis Publishing coin...." 215
20934 215
• 115
$7 preferred
11335 115
Davega Inc
55% 54% 56%
Davenport Hosiery
•
20% 2032
Deere & Co common.
..100 175
167 180
De Forest Radio y t c
•
4%
331 4%
Voting trust ctf ctf of der
334 332
Dinkier Hotels class A
With purchase warrants_
22
22
Dixon (Joe) Crucible Co 100
164% 164%
Doehler Die-Casting
• 16% 1651 17
Dominion Stores Ltd....
92
81% 92
Douglas Shoe, pref__ _100
84% 8431
Dubiller Condenser Corp 5
.
4
4
Durant Motors Inc
1031
931 10%
Durham Dupl Razor pr pf
With clB corn stk pur war* 4731 47% 48%
Duz Co class A
•
8
6% 8
Class A yte
•
9
6% 9
EItingon-Schild Co com * 34% 3451 34%
Elec Refrigeration Corp • 12% 12% 13%
Elyria Iron & Steel com_25 53
53
50
Estey-Welte Corp class A.*
4%
4
Fageol Motors Co corn_ _10
234 330
334
Fajardo Sugar
100 161
158 16735
Fan Farmer Candy Shops.•
32% 34
Fansteel Products Inc __• 29
28
29
Fedders Mfg Inc cl A....* 30% 30
30%
Film Inspection Mach_ _ _*
6
531 634
Firestone Tire & R. cora _10 158% 158 159%
7% preferred
100 106
105% 106
6% Preferred
100 104% 104% 104%
Ford Motor Co of Can_100 525
490 525
Forhan Co class A
• 23% 23% 24
Foundation Co
Foreign shares class A.* 10
8
10%
Fox Theatres el A corn...* 1935 18
1935
Franklin (H H)Mfg corn.* 1635 16% 17
83% 84%
Preferred
100
Freshman (Chas) Co
17% 17% 1931
Fulton Sylphon Co
• 48% 47% 49%
Gainewell Co corn
55
55
•
Garod Corporation
1
750 •
131
General Baking class A..• 71
70% 72%
Class B
•
7
7
731
General Fireproofing corn.t
8134 81%
General Ice Cream Corp.
x5231 54%
.* x53
Gen'l Laundry Mach corn 5 21
20% 21
.
Gillette Safety Razor_
•
103 105%
735
7
C G Spring & Bumper corn•
734
13% 14%
Gleasonite Prod corn....10 14
178 180
Glen Alden Coal
•
61% 6335
Gebel (Adolph) Inc corn _ _• 63
20%
Gold Seal Electrical Co_ _ * 19% 19
Goodyear Tire & RubberPref new when Issued 100 98% 9734 98%
115 115
Gorham Mfg, pref
100
93%
93
Grand (F,5rW) 5-10-25c St *
-Grant(WT)Co of Del corn * 103% 102% 103%
178 186
GtLakesDrcdge&Dock _100 186
831 SN
Hall (C M) Lamp
2731 29
Hall(W F) Printing_ _ _10 29
.
6
6%
Happiness Candy St cl A_*
6%
Hazeltine Corp
1434
• 14% 13
Hellman (Richard) Co
Panic pref with warets• 50%, 50
50%
Hercules Powder, corn.100
188 188
Heyden Chem Corp new_ _•
831 831
Hires(Chas E)cl Acorn..
• 2031 20% 21
Hobart Manufacturing_ _ _e
37
37
Holland Furnace
36
•"85-- 35
Hood Rubber corn
•
39
4332
Horn & Hardart corn.....
53% 5334
Huyler's of Delaware Inc.
17% 17% 1832
Industrial Rayon class A.• 10
934 10
6,000
3,100
70
6.300
1,100
20
1,200
3,800
75
200
500
25
48,500
900
1,300
400
400
1,100
3,600
2,000
50
1,900
100
300
3,200
400
11,500
100
1,300
800
900
1,400
2,100
10,700
1,800
Range Since Jan. 1.
High.
335 Mar
44% Feb
10935 June
434 July
11
May
57 June
14
Feb
62c Sept
50 Sep
40
Jan
Jan
69
113
July
85% Jan
Jan
38
50c Sep
16
Aug
Ma
8
3% Jan
13
Feb
101
Jan
94
Aug
7% Feb
20
Jan
36
Sept
50 June
67
Sept
2134 Aug
Apr
20
34
Aug
22
Jan
87 Sept
3% Feb
2735 Feb
44 May
131 May
1831 Jan
7235 July
Apr
113
935 Sept
24% Sept
9131 Sept
31% May
1% Jan
55 May
45% June
123% Sept
Mar
124
127
Ault
46% June
2% Aug
24% Apr
29 Sept
9% Apr
25% Sept
131
Sept
95 Sept
16% Sept
26% Sept
45
Mar
7531 Sept
75
Sept
25% Sept
3335 June
47% Sept
40
Sept
88% Sept
13
Mar
40 Sept
117 Sept
173 Sept
2,500 60 Sent 82 Sept
500 8235 Sept 90
Sept
100 113% Sept 120 Sept
2,950 70
Apr 85
Jan
875 86 Sept 91
Mar
1.300 9755 Jan 115% Sept
1,200 10% May 18% Jan
500 20
8.000 27%
300
5
400
251
10 117
19,70(
40%
3,900 87%
400734
80( 2334
4,601 34%
20(
1835
1,800
1%
20(
I%
3,40(
1534
Mar 2651 June
Mar 42% Sept
Sept 49
Apr
Sept 3534 July
Apr 123% July
Mar 58% Feb
July 91% Sept
835 Feb
May
Jan 34
Aug
Sept 36% Sept
Mar 28% Sept
Apr
3% Jan
Jan
334 May
Aug 22% Apr
2,40(
7
10(
734
60( 24%
301' 40
1,000 30
8.000 19
300 8451
100 170
705 113
2,300 44%
100 20
4,670 70
2,100
3
100
2%
Sept
Aug
Jan
Apt
Jar
Jan
Apr
June
June
July
July
Jan
May
July
100 21%
10 151
900 16%
2,500 66
25 76%
200
2%
4,300
5%
Jan 24 June
Mar 17235 Feb
Aug 22% Mar
Jan 92
Sept
July 86
Sept
5% Mar
Aug
Jan 14% Mar
800
1,200
700
300
500
300
900
1,400
120
500
300
500
1,900
150
400
10
480
500
Sept
May
June
Jan
Sept
Sept
Sept
May
Mar
Mar
Apr
June
July
Feb
Jan
Sept
Apr
Jan
47
5%
4
33%
12%
50
4
131
150%
25
20
27
3
115
99
104%
339
1731
22
13
36
60
69
4635
110
221
118
58%
30%
18635
1034
10%
50
935
11
35
15%
53
10%
4%
16734
34
3435
32%
83-1
167
106
104%
566
24
May
Feb
Sept
Feb
Aug
Sept
Sept
Sept
Jan
Aug
Apr
June
Jan
Jan
Sept
Jan
Jan
May
Sept
Sept
Apr
Jan
Sept
Sept
Mar
Aug
Feb
Sept
Sept
Sept
Aug
Sept
2,300
8 Sept 2034 Mar
16.500 1231 June 21% Apr
600 12
Apr 19% Jan
150 72
Apr 8434 Sept
4,100
9% May 23% Jan
3.400 3931 Jan 58% Aug
100 53
July 5931 Jan
3,800 40e May
335 Jan
9,800 5235 Apr 75% Sept
19.400
4% Mar
734 July
100 51
Jan 90 Sept
2,100 40% Feb 57
Aug
400 20 June 2434 Sept
13,900 8631 mar 10535 Sept
600
7% Sept 12
Apr
5,100
8
Mar 1451 Sept
1,600 15934 Apr 183% AILS
3,100 25% Jan 70
Aug
4,600 1234 July 2051 Sept
1,900 9331
100 106
400 60
1,100 7435
410 154
100
7
2,500 23%
600
1,200
4.74
Aug 9831
May 119
Feb 99
June 11032
July 186
July 10%
Aug 29
May
7
May 1434
Sept
May
Aug
Aug
Sept
Mar
Sept
Jan
Sept
7,100 28%
10 176
100
8%
200 20
100 27%
700 34%
475 3235
100 5034
4,800 14%
8,300
434
Jan 51%
Ma 200
10
Sep
July 2234
Ma
37
Aug 37%
46
Jun
Apr 56%
Aug 1831
Jan 1134
Sept
Mar
Aug
Feb
Sept
Sept
Feb
June
Sept
Aug
Vol,. 125.
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Insur Co of North Amer_10 7231
Internat Text Book__ _100
Johns
-Many Corp corn... x115%
Joske Bros Co com vto..5 41%
Weiner-Williams Stamp'g.*
Kemsley,Millbourn&Cowie 12
Kinnear Stores Co corn_ •
Kruskal & Kruskal, Inc..' 2135
62
Lackawanna &cur, new_
Land Co of Florida
•
Landers, Frary & CI new.25
Landover Holding Corn
1
Class A stamped
Lehigh Coal & Nay
50
Lehigh Val Coal ctfs new.. 4035
Lehigh Val Coal Sales-50 92
Libby, McNeill Jr Libby.
_10
Libby Owens Sheet Glass25
MacAndrews& Forbescorn* z42%
Magnin (I) dr Co Inc corn.'
Manning Bowman & Co
17%
Class A
Marmon Motor Car corn.' 42
Maryland Casualty Co_ _25
Massey-Harris Ltd com •
• 2534
Mavis Corporation
Mavis Bottling Co of Am.* 13%
May Drug Stores Corp...' 18
May Hosiery Mills $4 prf.*
•
McCall Corporation
McCord Rad & Mfg v t c_• 19
Mead Johnson & Co corn.* 5935
Melville Shoe Co corn....' 115
Pref without warr'ts_100
80
Warrants
100
Mengel Company
2
•
Mesabi Iron
Metropol Chain Stores_ _ _* 55
Met 5&50c Stores A cm.* 1651
735
Class B common
100 5731
Preferred
• 57
Marland Steel Prod
Miller Rubber pref__ _100
Mirror (The) 7% pref._100
•
Mo III Stores corn
Moore Drop Forge class A.
Murphy (Ci C) Co corn...* 7134
•
Nat Baking corn
National Casket corn _ _.•
Nat Food Products cl B. •
3%
10
National I.eather
37%
National Radiator corn_ _ _
• 9734
7% preferred
Nat Shirt Shops corn
•
Nat Standard Co
100
National Tea pref
Neisner Bros, Inc, pref_100
New Arnst'm Cas(Balt)_10
Newberry (J J) Co com. •
160 10434
Preferred
New Met dr Ariz Land___1 1034
*
New Process Co corn
NY Central RR new w I_ _ 16834
N Y Merchandise Co_ _ _
NYNFI&H 7% Pf YAW° 111%
Nichols & Shepard Co....'
Niles-Bem-Pond Co corn.*
• 82
Ohio Brass class B
• x1231
Pacific Steel Boller
Palmolive Peet Co corn...* 9531
*
Parke Davis & Co
Ponder (David) Groc "B"• 26
Penney (J C)Co cl A p0100
•
Peoples Drug Stores
Phillip Morr Cons Inc corn*
25
Class A
Pick (Albert) Barth & Co
1334
Common vol tr
Pref class A (partic pref)* 21%
Piggly Wiggly Western
• 24)4
States Co class A
Pitts & L E RR corn__ _50 17335
100 -----Pittsb Plate Glass
•
Pratt & Lambert
.
.20 21435
Procter & Gamble corn.
Manufacturing_ _10
Pyrene
Realty Associates corn...' 297
Remington Arms corn _ *
i0 --2234
Reo Motor Car
Republic Motor Truck...*
•
Richman Bros Co
Richmond Radiator corn.*
7% convertible pref___.•
Rolls-Royce of Amer pf.100
•
Ross Stores Inc
Royal Bak Powd corn_ _100
*
Royal Typewriter com
• -685-Safeway Stores corn
• 50
St Regis Paper Co
Sanitary Grocery Co corn _• 232
2731
Beeman Bros corn
Selberling Rubber Co corn • 3535
Selfridge Prov Stores Ltd
Li
Ordinary
Servel Corp (Del) corn A.*
Sherwin-Wms Co corn. _25
•
Shredded Wheat Co
Silica Gel Corp COM V t C.•
Silver(lsaac)Bros Inc corn •
Singer Manufacturing_ _100
Smith (H 0) Corp pref 10
Biala Viscosa Ltd_ _200 lire
11
Dep recta Chase'Nat Bk _
Sparks-Withington Co...' -----Stand Comm'l Tob corn_.*
Stand Motor Construe_100 ---134
Stand Sanitary Mfg com.25 95
Stanley Co of America_ _.• 65
10%
Stinnes(Hugo) Corp
• 14%
Stutz Motor Car
•
Sullivan Machinery
Swedish Match cl A (100kr)
100
Swift & Co
15 243-6
Swift International
Syracuse Washing Mach
• 18
Common B
Teitz (Leonhard) corn
Timken-Detreit Axle...i0
334
Tobacco Prod Exp Corp_
Trans-Lux Day Pict Screen
3%
•
Class A corn
Trico Products Corp corn.' 30%
Trumbull Steel corn....25 1131
100
Preferred
10 20
Truscon Steel corn
Tubize Artificial Silk Cl B.. 301
Tung-Sol Lamp Wks corn.* 12
23
Class A
United Biscuit class A. .• 50
931
.United Biscuit class B.
United Elec Coal Cos v t c• 30
69% 78
1,400
25
24
24
112%x116% 17,400
4135 4231 1,100
300
17
1735
12
1231 2,100
3331 1,100
32
2131 21% 1,100
10.300
6155 66
200
2335 23%
20
8434 8435
1731 17%
10835 10834
4035 40%
91% 92%
10
10
124 124
x4231 43
1831 1831
Range Since Jan. 1.
Low.
51
22
5535
41
17
12
27%
16
61%
18
84%
Jan 17%
100 14
100 10535 July 121
3,400 37% July 46
500 8935 Mar 100
8% July 11%
100
Apr 15034
10 116
July 44
700 39
200 1734 July 19%
100 1735 Aug
17% 1731
Sept
42
44
700 42
Sept
60 155
155 16431
Mar
100 29
3631 3652
2535 2634 5,300 19 Sept
8% July
1335 1434 6.900
600 18 Sept
18
18%
100 4934 Sept
4934 49%
200 48 June
5135 52
400 1635 May
1831 2031
58
5931 2,300 39% Jan
Feb
115 11934 1,400 59
75 108 Sept
108 108
50 30
Jan
80
78
July
350 27
4135 43
1.100 55c June
2
2
Feb
1,300 30
5434 55
July
5
1134 1611 1,400
131 Jan
6% 7% 2,300
Feb
150 30
57%
56
1,500 3935 Apr
5435 57
100 9734 Aug
9935 9951
200 76 May
86
86
100 1634 Sept
1634 1835
100* 2531 Apr
3535 3534
7335 1.400 37 June
67
100
735 June
8
8
Sept
ao 67
67
67
July
200
2
254 295
235 -Apr
435 1,800
3
2,200 3634 Sept
3635 38
9634 9734 1,400 9635 Sept
100 29
30
Sept
30
100 30% Jan
34% 3431
25 10136 June
103% 10335
10 96
Jan
105 105
50 73 Sept
73
73
50 85
Jan
152 152
200 0734 Mar
103 10435
500
031 Apr
10% 1031
100 29
July
2951 29%
July
16431 16831 30,300 143
100 27
38
Jan
38
10834 111% 60.900 10634 Sept
500 21% Mar
22
2335
400 1635 July
17
1754
25 76
82
Jan
82
3,100
935 May
12% 13
1,500 69
Apr
97
92
600 2734 Mar
3235 34
200 19
Apr
26
26
10 99 June
100 100
4134 4335 2,100 2831 Apr
700 10% Aug
1231 1234
600 15% ,Aug
16% 17%
1334 13%
2131 21%
3,000
8,000
12% Jan
Apr
20
2534 1,100 2331
24
1,000 161
170 174
50 224
224 224
500 48
5631 5634
750 178
210 21435
100
914 9%
9
100 225
297 307
400
14,31 1431
7
22% 8,500 1935
22
200
334 334
2
230 153
251 286
200 20
2831 2851 100 3731
4335 43%
50 74
74
74
100 1535
15% 1534
1,050 161
22534 275
75 46
75
76%
150 232
282 290
50
5231 2.900 37
230 210
232 232
900 2535
2735 27%
3535 36% 1,500 23
5
550
60
71
1934
43
410
109
11
10%
1935
32
131
94%
65
10%
1251
52
90
12531
24%
High.
Sept
Feb 76
Mar 28
Jan
Jan 120% Aug
Aug 42% Aug
Mar 2231 Apr
Sept 1331 Sept
Aug
Aug 38
June 2431 July
Aug
Sept 74
Jan
June 36
Feb
Sept 92
Sept
June
Sept
Mar
Feb
Feb
Jan
Mar
Mar
May
Apr
May
May
Sept
Sept
Feb
July
Feb
Apr
July
May
Apr
Sept
Jan
Jan
Mar
Sept
Jan
Sept
May
20% May
6231 May
17034 Sept
Sept
40
28% June
15
Aug
21% Aug
Sept
50
mar
60
Jan
21
BON Aug
124% Sept
110
Sept
80 Sept
4334 Sept
251 Sept
5735 July
Sept
24
15 Sent
6334 Aug
Sept
57
105% Feb
91% July
1634 Sept
Jan
60
7334 Sept
1032 Mar
7835 Mar
Apr
9
431 Jan
3831 Sept
Sept
98
Sept
30
Apr
36
104 May
105
Sept
Sept
76
155 Sept
10535 Sept
16 June
34% June
16835 Sept
41
Sept
111% Sept
3031 Apr
23% Mar
Mar
84
1334 Sept
112
Sept
34
Sept
2851 Feb
130% June
4434 Sept
2035 Jan
Jan
22
1431 June
28% June
25%
181%
269
5835
214%
14%
320
17
23%
5%
286
35%
45
99%
1734
339
80
304
54%
244
28
39
Sept
Feb
Jan
Sept
Sept
Jan
Sept
Apr
May
Jan
Sept
Aug
June
Apr
Aug
Sept
Sept
Aug
July
Aug
Jan
Sept
5% 4,300
4% Aug
5% June
n84o 11.300 52c Sept 1031 Feb
200 44
60
Feb 61% Aug
100 56
71
Feb 71
Sept
2134 2,900
1334 Mar 21% Sept
600 26
46
Apr 52% Sept
60 360 June 438
416
Sept
10 106 Jan
109
110 Apr
200
11
Apr
Jan 11
5
1,100
11
Apr
Jan 11
5
700 15
19%
Aug 2034 Sept
000 1934 Jan 37
3435
Sept
500 75c July
1%
134 May
200 80 June 95
95
Sept
50 65 Sept 90
65
Feb
1031 2.500 10% Sept .
10313Sept
1435 3,300 12% May 21
Mar
25 50
52
July 5234 July
20 77 May 90
90
Sept
3.250 11535 May 130
130
Sept
25% 8,400 1835 Mar 26
Sept
16
18
39
39
1255 13
335 3%
400
100
2,000
700
134
39
1135
3
2,200
3% 4
331
18,100 30%
30% 31
11
11% 1,100
951
20 7455
80
80
700 24
2831 29%
277% 30234 2,430 145
3,400
11
12
8%
21
23% 6,300 17%
400 38
50
50
931 9% 1,100
7
30
3031 1,400 23
July
Sept
Ma
Ma
21
39
14
434
Sept
Sept
May
Aug
July
831 Jan
Sep
31% Sept
Jan 1431 Aug
Jan 89
May
Jan 2934 Sept
Jan 30234 Sept
Feb 13 May
Jan 24% June
Ma
52 June
Jan 13
Feb
Apr 3334 May
Friday
Sales
Last tVeek's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Range Since Jan. 1.
High.
Low.
t.staggV4VAttntle
,
ct&
XXXX
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=1-1ransi§.L.aatal°41.
--34.3-''70:" 37,'Iaa"
7,57
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34-7,z04wGG,w,23,44 ,- qw
4
•
1935 2055 9,800 1334 Jan
Utilities Pow & Lt class B_. 2055
934 Feb
600
5
13
1354
Utility Share Corp com
155 Apr
215
334
355 8,700
Option warrants
Former Standard Oil Subsidiaries
1835 1855 2.100 1734 July
(vot sh):.£1 1834
Anglo-Amer 011
700 1734 July
1854 18%
Non-voting shares_ _£1
Apr
50 .50
57
57
Borne Scrymser Co_ __ A00 57
Jan
750 45
57
5735
50
Buckeye Pipe Line
.
1834 9,000 1655 Aug
Continental Oil v t c _ _ _10 1714 17
Mar
200 r90
92
92
Pipe Line_100
Cumberland
Jan
950 47
100 6054 5554 6034
Eureka Pipe Line
Mar
Humble Oil & Refining _ _25 634 6234 654 24,300 54
700 12334 Jan
100 1624 162 16234
Illinois Pipe Line
584 6134 47,300 374 Jan
Imperial Oil (Canada)_ _ _• 61
300 41% June
5954 6054
Registered
Jan
350 61
7534 7855
50
Indiana Pipe Line
1534 1635 3,200 1334 Jan
National Transit_ _12.50 1634
450 3134 Jan
36
34
New York Transit
100
Jan
100 70
83
83
Northern Pipe Line _ _ 100
Apr
700 52
6034
25 6034 60
Ohio Oil
Apr
244 1,500 12
25 2455 24
Penn-Mex Fuel 011
25 5154 5134 52% 4,300 4534 Apr
Prairie Oil & Gas
Jan
1,050 132
100 181% 18134 185
Prairie Pipe Line
Feb
600 16
21
2135
Southern Pipe Line
50
100 3455 Apr1
3735 3734
South Penn 011
25
300 5555 Jan
7255 73
So West Pa Pipe Lines_100
Standard 011 (Indiana)_ _25 73% 7355 7454 19,000 64% May
174 17%
400 1535 Ma
Standard Oil (Kansas)_25
700 11155 Jun
Standard Oil (Kentucky)25 12155 12155 12254
Apr
200 73
774 78
Standard Oil(0)new com 25
Jan
1755 1735
200 15
Swan & Finch Oil Corp_ _25
4,700 9555 Jan
25 1264 126 12855
Vacuum 011
Other Oil Stocks.
64,600 55c Aug
85e
1
Amer Contr Oil Fields_ _ _ _5 970
3 June
314 355 8.900
355
*
Amer Maracaibo Co
64 Apr
1,200
734 8
8
Arkansas Natural Gas__10
200 75c May
14 14
Atlantic Lobos Oil corn_ •
234 June
800
434 44
*
Preferred
Barnsdall Corp stock purch
34 -376
34 May
600
warrants (deb rights)._ -----334 33% 4,200 2035 Jan
British-American Oil
*
3255 3255
200 3255 Sept
Registered
1,000 14c Sept
140 14e
Cardinal Petroleum Corp10
7,300 144 May
1954 22
21
Carib Syndicate new corn__
915 June
5 104 10% 1034 7,800
Creole Syndicate
300
1
134
1
May
Crown Cent Petrol Corp_ _*
1
Sept
155 24 23,000
I%
Gibson Oil Corporation_ _1
50e 50c
100 50e May
Gilliland Oil corn v t c_ _ _ _•
Gull Oil Corp of Penna25 924 9255 9334 3,600 864 Apr
834 July
500
955 104
• 1054
Houston Gulf Gas
700 80c June
155
155
134
Intercontinental Petroleum
3234 3454 59,800 285$ June
International Petroleum* 33
154
134
134
134 Jan
300
Kirby Petroleum
9
935 3,70
64 May
9
Leonard 011 Developm1.25
1,500 2155 Aug
22
2254
•
Lion 011.4 Refining
Jan
4815 8,300 37
25 4854 48
Lone Star Gas Corp
1
135 5,100 95c Sept
Magdalena Syndicate_ _ _1
Mar
1,800 12
39
52
.* 52
Margay 011
4
315 Apr
1,400
4
5
Mexican Eagle Oil
94
•
854 931 1,600
64 Aug
Mexico Ohio Oil
2354 2354 2315 1,200 22% Apr
MountainProducersCorp10
* z2954 z2954 3054 1,300 23 Jun
Nat Fuel Gas new
500
434 5
454 Aug
5
New Bradford Oil
1134 1.600
26 114 11
934 Mar
New York Oil
955 Sep
034 1034 3,200
North Central TCX1U3011__. 10
4
4
3 Jun
1,000
4
1
Oil
Northwest
255 354
235
3.500
1% Sept
Pandem Oil Corporation_*
9
12,300
7
7
Sept
835
Pantepec 011 of Venezuela *
655
634
64 Sept
100
Pennok Oil Corporation_ *
54 6/5 9,900
355 Sep
6
Reiter Foster Oil Corp__ .*
400 22
22
22
Sep
25 22
Richfield Oil pref
9c 20,000
Sc
Sc Sept
Roya Canadian Oil Synd_*
455 May
100
634 634
Ryan Consol Petroleum __•
6
May
200
64 64
654
Salt Creek Consol Oil_ _10
800 274 Apr
Salt Creek Producers__ _10 2855 2834 29
Apr
1,300 15
'rid-Osage Oil non-vot Stk* 2055 204 22
Apr
214 2,000 17
• 214 20
Voting stock
515 6,300
53.4
434 Jun
534
Venezuela Petroleum _ _ 5
2155 2155
100 2034 Apr
Wilcox (H F) Oil & Gas_ _•
555 Apr
300
54 54
54
Woodley Petroleum Corp.•
255
100
254
I% May
"Y" Oil & Gas
Mining Stocks.
40
2,000
3c
40
3c Sept
Amer Com'l Min & Mill
134
234 19,800 30e June
235
American Exploration_ _1
655 64
100
30 Mar
Arizona Globe Copper_ __1
Jan
300 65c
14 134
1
Beaver Consolidated
6,000 6755 Feb
118 156
Bunker Hill & Sullivan_ _10 158
15
15
1.000 15
Sept
Comstock Tun & Drain.10c
235 July
800
215
24
274
Consol Copper Mines.._ _1
5e
Sc
1,000
2c July
Cons Nevada Utah Corp.3
7c
Jan
20c 23e 15,000
Cortez Silver Mines Co_1 230
2
255 1.700
14 May
Cresson Consol GM & M.1 z2
30
4c
5,000
3c June
1
Divide Extension
58e 58e
500 35c mar
Dolores Esperanza Corp_ _2
2,000
135 2
1%
134 July
Engineer Gold Mines Ltd _5
40
4,000
30
30 July
40
1
Eureka Croesus
7,000 29e Sept
290 340
1 290
Falcon Lead Mines
5,000
20
2c
le Aug
First Thought Gold Min_ _1
1,000
Sc
2c July
Sc
1
Forty-nine Mining
400 59c Aug
65c 70c
Golden Centre Mines__ _ _5 70c
2c May
10c 15c 35,300
Golden State Mining_ _ _10c 100
30
1,000
3c June
30
1
Goldfield Florence
lc June
20
30 15,000
20
Havrthorne Mines Inc_ __1
5,000 1234 Feb
1634 18
Heela Mining
25c 1755
800 1654 Sept
17
17
Hollinger Cons Gold M-5
1,000 15e June
220 220
Jerome Verde Devel___50e
800 60e July
600 82c
Kerr Lake
5
254 234
134 Apr
300
Kirkland Lake Gold Min_l
85c 99c
1,500 65e July
Mason Valley mines
5
1,500 1855 June
2135 224
New Cornelia Copper_ _ _ _5 22
70 178
186 186
105 186
June
New Jersey Zinc
3,900 6734 JEL13
Newmont Mining Corp_10 z10015 9935 104
84 734 7,100
5 z631,
534 Aug
Nipissing Mines
• 264 2455 2634 15,900 1934 Jar
Noranda Mines, Ltd
j5j 11,200 40c Mai
85c
Ohio Copper
1 95c
254 254
134 Jar
2,200
254
.
Premier Gold Mining_ _ _1
8,000 12c Aug
160 180
Warrior Mining
1
Red
40
40
2,000
40 Ain
1
San Toy Mining
34 334
100
254 July
South Amer Gold & Plat_ _1
Sc 18,000
lc June
Sc
lc
Spearhead Gold Mining_ 1
1,000 10c July
140 140
Standard Silver Lead__ _1
5% Jar
94 1054 12,500
1 1054
Teck Hughes
200
14 1%
1
Sept
Tonopah Belmont Devel_l
264 3,300 2234 Jar
25
United Verde Extension 50e 2855
6,000
7c Sept
70 150
United Zinc Smelt
400
415 5
455 June
Utah Apex
1,000 50e July
50e 50e
1
Walker Mining
76,00 75e July
730 90e
Wooden Copper Alining I 890
100 1434 Atm
25
25
Yukon Alaska trust ctts
20c 440
5.000 20c Sept
5
Yukon Gold Co
Bonds
100 10035 $10,000 100
Sept
Abbotts Dairies(Is_ _ _1942 100
Adriatic Electric 7s_ _ _1952 9334 9355 9454 23,000 92 June
4855 25,000 4034 May
AlliedPack lstMcolltr8e39 4755 47
53
53
3,000 43
1939
Mau
Deb els
99% 369,000 9655 July
Allis-Chaim Mfg 5s_ _1937 99% 99
10054 101 319,000 99 June
Aluminum Cost deb 58'52 101
2014 10755 106% 1074 113.000 10134 Jar
Amer G & El 68
American Power & Light
Mai
6s, without warn _ _2016 10635 10534 1064 297,000 100
9734 974 39.000 9434 June
Amer Radiator deb 434s'47
XX=
XX
X
.000N.0,0VV0OneM"Tr
NNWMNM000Own.MOOMMWNVnt,.NNW.M
0034
Friday
Sales
Last Week's Range for
Week.
Public Utilities (Conc.) Sate
ofPrices.
Par Price. Low. High. Shares.
N.
:g X
00000.i
,
tr00n0=00 00
Sept
1,900 4935 Aug 55
50
55
United Eng & Fdy new WI 55
1374 Apr
934 Aug
100
934
97-4
United Profit Sharing corn_
Sept
Jan 72
100 51
8954 6934
United Shoe Mach corn_ _25
100 z2855 Sept 2955 July
29
25
29
Preferred
6234 6835 6,300 32 June 6855 Sept
US L Battery corn new_ _0 64
9% Sept
854 June
955 934 2,100
914
7% preferred class B10
9.54 Mar 1434 July
100
•
124 124
US Dairy Prod el S
• 11134 102 11534 4,500 6954 Mar 1154 Sept
U S Freight Co
5855 5.200 514 Sept 5855 Sept
When issued
5634 53
July 11034 Sept
20 10834 10255 11034 1,125 90
U S Gypsum coin
Sept
Jan 122
10 115
120 120
Preferred
100
100 34% Jan 5234 July
Univ Leaf Tobacco com__* 5134 5154 5134
Sept 4514 Mar
1,300 29
3155
Universal Pictures
*
30
555 Apr 1655 Jan
100
Van Camp Packing pref _50
755 755
24
24
400 23% Sept 2655 July
Waitt & Bond Inc class A..* 24
164 1634
200 154 June 174 Sept
Class B stock
0
Warner Brothers Pictures.*
1634 204 11,400 1354 July 33% Jan
Sept 25% Sept
24
244 4,400 24
Watson(JnoWarrein)Co wi
2434
Sept
3,200 5055 Apr 77
Wesson Oil&S D com v t c * 6934 6735 70
May 10254 Sept
200 95
10135 10154
*
Preferred
Aug
600 4735 Feb 53
West Dairy Prod class A _ ..* 5055 5054 5055
Feb 244 Aug
ClassB v to
* 244 2335 244 1,700 15
May
Jan 145
300 98
133 136
West Md Ry 1st pref...100 136
Aug
Feb 40
190 27
40
40
White Rock Min Sngs com°
May 3454 Jan
1,900 10
164 174
Yellow Taxi of New York _0 1735
'50 2955 Feb 3554 Sept
3555
35
Zellerbach Corp
•
RightsSept
7
354 Sept
6,400
34 5
44
Celluloid Company
354 Mar
154 Sept
200
1%
14
134
Fiat
May 20
Aug
4
White Sewing Mach deb rts 1834 1655 1934 4,500
Public UtilitiesMay
150 10834 Jan 114
Alabama Power $7 pref__* 1124 11255 113
Amer Gas & Mee corn _ __* 114% 11254 11674 7,700 6854 Jan 11755 Sept
800 9534 Feb 10434 June
Preferred
* 10454 104 104%
Apr
2,175 1124 Feb 126
179 185
Amer Lt & Tr corn new 100
Sept
25 164% Aug 186
114 114
Preferred
100
9755 Jan 10614 Sept
28
Amer Pow & Light pref_100 10635 10555 10634
Amer Superpower Corp A_* 414 394 4135 10,700 2754 Jan 4115 Sept
Sept
21,600 2855 Jan 43
Class B common
* 4254 4034 43
Aug
400 9355 Jan 100
First preferred
• 9855 9855 9835
28% 29
500 26% Jan 2955 June
Participating pref- _25
Sept
10 974 Jan 105
105 105
Arkansas Lt & Pow pf_ _100
Mar
Jan 43
2,200 35
Assoc Gas & Elec class A_• 42% 423-4 43
40 1124 Jan z11655 Sept
113 113
Sell Tel of Pa 64% pf_100 113
Feb 154% May
450 y98
Blackstone V G & E com 50 13834 13855 143
634 Jan
355 4
334 Aug
1,700
Brooklyn City RR
100
Sept
Buff Niag & East Pr corn _• 364 3515 364 2,400 2554 Mar 40
June
107 111
120 10634 Feb111
Carolina Pow & Lt pref _100
100 1734 Apr2434 Sept
Central States Elec corn_ 5 24% 2454 2434
100 100
180
Sent
7% pref
80 9254 Jan 100
Aug 9274 July
500 90
Cities Serv Pr & Lt $6 pr-* x9155 9034 z9135
1
101
100
200 100% Sept10335 Sept
7% preferred
250 6735 Feb80
68
684
May
Columbus Elec & Power_ _*
Com'w'Ith-Edison Co_100 156% 15674 15755
Jan 15755 Sept
210 139
Com'wealth Power Corp100 10134 10134 1014
Preferred
900 9155 Jan 10174 Sept
Community Power & Light
100 10035 Sept 10054 Sept
7% first preferred__ _100 10055 10055 10035
Sept
3,500 5034 Jan 66
6234 66
Con Gas E L & P Balt com* 66
1,500 10555 Mar 1104 Sept
Elm Bond & Share pref_100 110
10954 11054
Elea Bond & Share Secur_* 79% 754 8034 44,800 6654 Mar 80% Sept
4055 4234 46,100 3235 Feb 4234 Sept
Elec Invest without warr_* 4255
99 10135
Sept
575 8955 Mar 103
Rice Pow & Lt 2d pref A-..•
635 Jan 1155 Sept
1135 1,400
11
Option warrants
1155
Empire Gas & F 8% pf_100 10955 10934 11054 2,800 104% May 11134 Sept
200 9754 June 100% Aug
9955 9934
7% preferred
100
Jan 39 June
400 26
3234 34
Empire Pow Corp part stk*
Federal Water Serv cl A-0 3154 31
June
3135 8,500 3051 Aug 32
Florida Pr & Lt $7 preL.5
175 10254 Aug 105% Sept
104 10534
Apr 3555 Sept
400 22
Galv-Houst Elec com_100 3535 3155 354
15% Sept
1554 1554 2,100 1135 Jan
General Pub Serv com_* 154
Mar 9855 Sept
1,100 94
Ga Pow (new corr.) $6 Pf-* 98
9754 98
Apr 410
20 328
390 390
June
Hartford Elec Lt Co _100
Apr 4534 Sept
1,400 24
Internat Utilities class A-0 z4055 z4054 4054
3
Jan
755 June
6
635
Class B
•
63-4 3,900
Apr 96
25 89
95
*
95
Participating pref
Sept
Apr 10454 Sept
10414 104%
25 100
Jersey Cent P&L 7% pf 100
Jan 2134 Sept
Lehigh Power Securities_ _• 2154 20
2155 50,300 15
July 150
Long Island Ltg common_* 147
Jan
75 140
145 147
140 10755 Jan 113
1104 111
Long Laid Ltg 7% pref 100
Sept
Jan
14 Aug
155
14
Marconi Wire T of Loud El
155 13,000 19c
54
Marconi Wirel T of Load £1
355 Jan
300
555
531
5% Sept
1,200 100
Feb 11734 May
112 114
Middle West Utilities com •
Prior lien stocks - _100
Feb 122
1204 12054 4,000 108
Sept
•
94% June
650 x91.35 Jun
9255 93%
$8 preferred
300 105% Jan 11334 Sept
100
113 11355
7% preferred
Mohawk & Hud Pow WM * 30% 3055 3135 5,400 204 Jan 3255 Aug
Jan 10355 July
100 94
*
Second preferred
10234 10234
1,800 37
Mohawk Valley Co
*
Feb5354 Aug
50
51
25 24
Feb26 June
254 2534
Monon W Pa P S 7% pf 25
Nat Elec Power class A..- 2415 2434 2434 1,600 2355 Feb2554 Feb
Jan 10955 Sept
700 101
108 *10855
Nat Power St Light pref __• 108
183-4 An 2455 Sept
Nat Pub Serv Coin class A.* 234 2154 2434 20,800
900 14
Jan 204 Mar
1854 19
Common class B
* 1855
134 Mar
335 Jan
254 1,300
155
Warrants
255
300 25
Feb 3154 Sept
314
New-Calif El Corp com.100 31% 28
74
20 4934 Feb 94
68
Aug
New Eng Pow Assn coin_ _0
150 x11274 Apr 11554 Mar
114 114%
NY TeleP 6 A% pref _.100 114
700
655 10
554 July
10
Sept
North Amer VIII Sec corn-• 10
July 9034 Sept
600 84
First preferred
9034
* 9035 90
1834 203.4 20,700 1455 Apr 2034 Sept
• 203-4
Northeast Power com
Mar 11154 Sept
25 102
1114 111%
No Ind Pub Serv 7% p1100
934 Jan 17% Sept
1634 1755 16,200
Northern Ohio Power Co_• 1755
12551 13254 10,000 109% Jan 132% Sept
Nor States P Corp corn. 100 z129
50 10055 Jan 1084 Sept
10854 10854
100
Preferred
10 104
104 104
Feb 108
Ohio Pub Serv hat pf A..100
May
2655 2634
100 2454 Feb 26% Aug
Pacific Gas & El 1st p1.25
3,200 27
40
Feb 43% Sept
Penn-Ohio Edison com___• 3854 38
310 974 Jan 10455 May
7% prior preferred__100 1034 1034 10334
160 8034 Jan 9034 Sept
86 preferred
• x8834 z8855 90
16
16
1,300 1054 Jan
164
Warrants
1955 Sept
3,900
84 Feb
15
Penn Ohio Secur Corp_ _ _ _• 134 1354 14
Sept
10 81
90
90
*
Jan 90
6% preferred
Sept
1914 1934
300 19
Jan 23
Aug
Penn G & E ci Apart etk_•
225 106
10855 109
Jan 110 June
Penn Power & Light pref..*
Mar 8734 Sept
.Penna Water & Power.....* 6735 6055 6715 3,500 45
.Phila Elec Co common_ _25 55% 5534 57% 4,700 4654 Mar 5834 Sept
554
200 4255 July 5535 Sept
Power Corp of Can com__• 5555 55
1,800 28
Apr 3554 June
Puget Sound P&L com_100 333-4 3254 34
10654 10935
30 10354 Jan 111
100
preferred
June
7%
1,100 2454 Aug 2834 Apr
Sierra Pac El Co com-100 284 2855 2834
2555 2554
100 2555 Aug 26
Sept
Sou Calif Edison pre! B.25
4154 4134
300 35
Mar 4134 Sept
Original preferred_ _ __25 41%
20
300 15
20
•
Aug 2235 Apr
Sou Gas & Power el A_
Southeast Pow & Lt corn.• z3934 3554 z3934 22,500 2955 Mar x3934 Sept
Jan 53754 Sept
Common voting tr. ctf_* z3754 35 x3754 3,900 28
100 10134 Jan 110
* 10854 10855 1084
Aug
$7 preferred
814 82
400 8755 Jan 834 Aug
•
Participating pref
11,700
855 Jan
831 10
934
1054 May
Warrants to pur com stk_
11654 117
250 11354 Jan 11855 June
Southw Bell Telep pref _100
50 104
110 110
Jan 110
July
Southwes P&L 7% pf _ _100 110
110 110
60 104
Jan 1104 June
Stand Gas & El 7% p1_100
400 22
2355 24
Jan 2454 Jan
Standard Pow & Lt com _25
100 9835 Feb 102
Apr
5 1014 1014 101%
Preferred
63
6455
*
3,500 49
Jan 6435 Sept
"l'ampa Electric Co
25
2734
600 25
Sept28% Sept
Union Nat Gas of Canada* 27
Feb 119
Sept
50 1154 11554 1184 12,400 89
United Gas Impt
134 1455 26,600 1234 Mar 1554 Jan
United Lt & Pow coin A...* 14
19
200 14
18
Jan 1954 Sept
* 19
Common class B
500 85
9574
Jan 9734 May
* 9574 95
Preferred class A
700 5034 Jan 97
• 5534 5534 5634
July
Preferred fl
1827
THE CHRONICLE
OCT. 1 1927.]
1828
Bonds (Continued)-
THE CHRONICLE
Friday
Sales
Last Week's Rang
for
Sale
of Prices.
Week.
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Bonds (Concluded)
-
[VOL. 125.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price, Low. High. Week.
Range Since Jan. 1.
Low.
High,
Amer Roll Mill 6s_ _ _1938 10434 10431 10431 19,000 103
Aug Nevada Cons 55
Jan 105
1941 99
98
09
16,000 02 June 10294 Jan
Amer Seating 6s
1936 10335 10334 10431 37.000 10034 Aug 109
July New Eng G & El Assn 5547
99
9931 48,000 99
Sept 9931 Sept
American Thread 6s..1928
June 10231 Jan Niagara Falls Pr 6s _ _1950
10134 10134 13,000 101
105 10531 3,000 104% Apr 107
Jan
Anaconda Cop Min 6s_ 1929 10234 102 10231 29,000 1014 Jan 10231 Sept Nichols do Shepard Co 6537
Andian Nat Corp 6s._ .1940
with stock purch warr'ts
10331 104
20,000
10734 Apr
Without warrants
4,000 101
102 102
Jan 10434 May North Ind Pub Serv 55 1966
9834 99% 40,000 9634 June 9934 Sept
Appalachian El Pr 5s..1956 9834 98% 99 212,000 95
Feb 99
Sept Nor States Power 6 As 1933 12634 120 128 355,000 110
Apr 128
Sept
Arkansas Pr & Lt Is. _1956 9731
9631 9734 252,000 9331 May 9734 Sept
6 A % gold notes..,1933 103
103 103% 25,000 10234 Mar 1034 Mar
Assoc'd Sim Hardw 630'33
21,000 90
90
90
May 9734 Jan Ohio Power Is ser B _ _1952 101
101
10134 21,000 9731 Feb 10134 Sept
Atlantic Fruit 8s
1949
1534 1534 2,000 1531 Sept 2034 June
430 series D
9434 9334 9434 02,000 89% Feb 9434 Sept
Batavian Petr deb 430 '42 9431 0334 9434 647,000 92
May 9631 Jan
7s series A
106% 10634 6,000 105
1 956
9
51
Jan 10731 Aug
Bates Valve Bag 68_ .1942
Ohio River Edison 5s_1951 10034 1004 10034 25,000 97
Jan 101% Aug
with stock purch warr _ _ _
9831 9831 2,000 984 Sept 9834 Sept Oklahoma Nat Gas 6s_1941 10231 102 10231 26,000 99
Jan 10531 Slay
Beacon 011 68. with warr'36 10074 100% 101
July 10334 Jan Penn-Ohio Edison Gs_ _1950
30,000 97
Beaverboard Co 8s_ _ _1933
7,000 9534 Slat 9934 July
9631 97
Without warrants
10034 10034 10134 31,000 9531 Jan 10134 Sept
Bell Tel of Canada 58_1955 10234 102 10234 36,000 101
Feb 103
Apr
With warrants
134
134 134
2.000 115% Jan 135
Sept
181 51 bs ser B June 1 '57 1024 10231 10236 33,000 10131 June 10231 May Penn Pr & Lt 5s B _ _ _1952 10234 10234 10234 12,000 99
Jan 102% Sept
Berlin City Mee 6345.1928
10034 10031 18,000 9934 June 10034 Sept
First & ref 55 D
.1953
10234 10234 3,
1,000 9934 Jan 102% Sept
634% notes
100 1004 5,000 984 June 101
1929 100
Mar PhIla Elec Pow 5348..1972 105% 10531 106
73,000 102% Feb 106
Aug
Boston Consol Gas 5s_1947 102
102 10231 46,000 1004 June 103
Feb Phila Rap Transit 6s_.1962 104
10334 104
12,000 0934 Jan 104
Sept
Boston & Maine RR 681933 103
10231 10331 16,000 10031 Jan 10331 Sept Phila Sub-Counties G & 57
19E1
Is
1967 9636 96
9631 515,000 93% Aug 964 Sept
&let ref 4348
9831 0831 11,000 9434 July 9834 Sept
Brunner Tur lk Ea 730'55
90
43
11,000 37
July 9231 Feb Phillips Petroleum 534s '39 9514 95% 96
13,000 95
July 100% July
44
3,000 43
Certificates of deposit _ _ _
43
Sept 4834 Sept Pirelli Co (Italy) 75._ _1952 9834 9831 984 91,000 9531 July 10234 Apr
Burmeister & Wain Co of
Pitts Screw & Bolt 530'47
100 100% 19,000 100 June 101
Aug
Copenhagen 15-yr 68 '40
Jan 9734 Apr Porto Rican Am Tub 65 '42 100
9631 964 6,000 94
99% 10034 125,000 9734 June 100% Sept
Canadian Nat Rys 78_1935 1124 1113111231 19,000 111
Feb 113
May Potomac Edison 5s_ _ _1956 9731 9734 98
Mar 98
67,000 95
Sept
1957 98
30-year 4345
9731 9831 415,000 9734 Sept 9831 June Power Corp of N Y 5348'47
98
98
15,000 9731 July loon July
Carolina-Georgia Serv Co
Pub Serv Elec & G 58_1065
104 104
8,000 99% Mar 104% Aug
1st M 68 with warr_1942 9734 9734 9734 3,000 9634 Sept 9734 Jan Pure 011 Co 630
1933 10331 10331 103% 61,000 102% May 104
June
Carolina Pr & Lt 5s 1956 10231 10231 10234 80,000 100
Jan 103
June
10
-years f 534% notes'37 9931 9931 9934 159,000 9734 Aug 9914 Sept
Chic Milw & St P (new co)
Queensboro G & El 53052 102
102 10234 11,000 100
Slay 103
Aug
-year 5s w i
50
1976 9434 9334 9434 242,000 91
June 95
Apr Rem Arms54% notes 1930
95
95
5,000 95 June 9731 Apr
Cony ad) w i
60% 36,000 5431 Mar 6031 Sept Rem Rand Inc 530_ _1947
6031 59
Chic Rys 5s ctfs dep.1927
8134 8134 3.000 74
May 8334 May
with warrants
97% 97% 99 338,000 9734 Sept 101% May
Cities Service 55
1956 90
80,000 88 June 9134 Feb Sauda Falls Co Is. _1955
8931 90
100 10034 15,000 9731 Jan 101
Aug
68
1966 10131 10134 10131 76,000 9334 Jan 10331 Feb Schulte RE Co 6s_ _ _ _ 1935 97
97
9731 8,000 9234 Mar 98
Aug
Cities Service Gas 5301942 9334 9334 9334 243,000 93
Sept 9634 June
Os without com stock1935 90
90
Mar 9134 Sept
9034 24,000 85
Cleve Elec III 58 A_ _1954
1054 10531
1,000 104
May 10534 Sept Servel Corp 65
2134 81,000 18
1931 2035 20
Sept 74
Slay
Clev Term Bldg 65.... _1941 994 9931 994
1,000 98
Aug 100
Jan Shawsheen Mills 7s _1931
10034 10134 37,000 9434 Mar 10134 Feb
Columbia G dr E deb 55_'52 9834 9834 9834 163,000 98
July 10034 Slay Sheridan-Wyom Coal 6s '47
3,000 92
97
97
July 99
Slay
Columbus Ry P & L430'57 9434 9434 95 149,000 0434 Aug 944 Sept Shubert Theatre 6s_..1942
06
06
June 96% Sept
2,000 96
Commander Larabee Cis '41
9634 9634 8,000 95
May 98
Jan Sinclair Consol Oil 65_1930
21,000 99
99
99
Aug 9934 Sept
Dommonw Edison 4301957
9834 9834 4,000 9534 Apr 9834 Sept Snider Pack 6% notes_1932 108% 1074 111 255,000 99
June 112
June
Cons GEL doP Bait
Solvay-Amer Invest 58 1942
June 9931 Jan
9831 987i 35,000 06
68 Series A
1949
10734 10734
3,000 107
Jan 1084 Jan Southeast P & L 65.
..2025
51.0 series E
1952 107
107 107
1,000 106
Mar 1074 July
without warrants
10231 10331 23,000 9631 Jan 10331 Sept
103
bs, series F
1044 10431
1965
1,000 101% Feb 10434 Sept Sou Calif Edison Is...1951
101
10131 25,000 9731 Jan 10134 Sept
Consol Publishers 631s 1936 98
98
May
9.834 15,000 9734 Feb 101
bs
103 103
1944 103
1,000 9931 Apr 10331 Aug
Consol Textile Ss
1941 97
97
97
5,000 8931 Jan 99
May
Refunding mtge 58_1952 10134 10034 10134 42,000 10034 Sept 10131 Sept
Cont'l Sec Corp 5s A_ _1942
Southern Dairies Os. _.1930 9834 9834 9934 8,000 9634 Sept 100
Juno
With warrants
63,000 97
99 100
Sept 101
May Southern Gas Co 6349.1935
107 108
15,000 101% Jan 111
Sept
Cosg-Meehan Coal 630'54 97
7,000 9334 Jan 98
9534 97
Sept Sweet Gas & El 55 A_1957
9531 06
24,000 9431 Slay 102
Jan
Cuba Co 6% notes__ _1929 9731 9731 9731 20,000 96% Apr 984 June Southwest P & L 6s. _2022 96
103 103
1,000 994 Jan 10334 July
Cuban Telephoiae 730 1941
113 11331
5,000 11034 May 114
Aug Stand Invest 58 with war'37 10834 10734 10835 62,000 100
Mar 111
Sept
Cudahy Pack deb 5345 1937 9731 9734 9731 56,000 9431 July 98
Jan Stand 011 of N Y 630_1933 10434 10431 10434 93,000 104
Sept 105% Feb
1946 10034 10034 10034 5,000 97
58
July 101% Sept Stinnes (Hugo) Corp 7%
3etrolt City Gas Is B_1950 10134 10131 10134 59,000 9934 June 101% Sept
notes Oct 1 '36 with warr 10131 100% 102
July 102 Sept
83,000 98
10731 10734 13,000 106% Jan 10734 Mar
1947
65, series A
78 1946 with warrants...101% 10034 10131 37,000 98
July 10131 Sept
3etorit Int Bdge 6345_1952 10131 1014 102% 149,000 10031 July 105
Aug Stutz Motor 730
05
1937
95
1,000 88
Jan 100
Feb
25
100 1004 55,000 100
July 10131 Sept Sun Maid Raisin 630_1942 9834 9831 99
-years f deb 7s_ _ _1952 100
94,000 9434 May 99
Sept
3eutsche Bank 68------J32
9934 10034 133,000 9934 Sept 100
Sept Sun 011 5%s
24,000 9934 May 102 Sept
1939 10134 10131 102
Axle Gulf Gas 630-1937
Swift & Co 58 Oct 15 1932 100% loos 100% 88,000 99
Jan 10034 Sept
With warrants
9931 9934 100
65,000 9934 Sept 100
Sept Texas Power & Light 5s '56 9734 97% 9831 44,000 9531 June 9831 Sept
ast Ter Off Bldg 6301943 101
101 101
Jan 10131 Apr 1 Trans-Cont'l Oil 7s_ _1930 109
3,000 99
1083-4 11334 36,000 9731 Jan 119
Aug
Mingon-Schild 6s_ _ _ _1938 9731 9734 974 17,000 9631 July 9834 Apr 1 Tyrol Hydro-Elec 78..1952 93
03
9334 38,000 02
July 98
Apr
aec Refrigeration 6s_1936 774 7731 7934 105,000 5634 July 9734 Jan 1 Ulen & Co 6345
100 10035 18,000 9931 Jan 101
1936
Slay
i;mpire Oil & Refg 530'42 9231 92
Sept 9634 Slay United El Serv (Unes) 7556 100
9234 295,000 92
99 101
Jan 103% Apr
27,000 93
,•urop MLR & Inv 730.1950
10034 10034
2,000 99
May 101
Mar
Without warrants
92
9234 31,000 89 June 94
Apr
'alrb'ks. Morse & Co 5842 9634 9631 9734 36,000 9534 June 9734 Mar United Indus
6318... _1941 9534 0531 0531 25,000 9334 June 99
Jan
i'ederal Sugar 68
9031 9031 11,000 83
1933
Aug 94
Aug
9931 20,000 99
United Light &Rys6s A '52
99
Sept 103
Apr
Pirestone T & R Cal 581942
7,000 964 Sept 97
9631 9634
Sept United Oil Prod 8s ..1931
1,000 6031 Jan
7034 7034
8934 Slur
Irst Bohemian Glass Wks
17n Porto Rico Sug 6948.37
10031 10031 6,000 10031 Sept 10031 Sept
1st 7s with stk pur war'57 9134 9134 9334 22,000 9134 Sept
9734 Mar Un Rya of Ilavana 730.36
111 111
2,000 10931 Mar 112
Jan
'Isk Rubber 530
1931 9834 9831 9874 119,000 9634 June 9834 Sent United Steel Wks630 1947
'Iorida Power & Lt 58_1954 9631 9554 9634 508,000 9231 June 9631 Sept
With warrants
98
9831 190,000 98
98
Sept 99
July
lair (Robt) Co 5345_ _1942 97
9734 31,000 9534 June 9731 Sept US Rubber 634% notes '28
97
10031 100% 5,000 9931 June 102
Feb
1alena-Signal 011 75.1930 9234 9134 9234 12,000 90
Jan 93
Feb
1,000 nu June 102
10131 10131
Serial 634% notes _1929
Feb
iatineau Power 5s...1956 9734 0731 9734 33,000 9434 Jan 98
Sept
Serial 634% notes_ _1930 101
10034 101
21,000 9834 July 103
Jan
68
1941 1004 10034 10034 31,000 9831 Jan 114
May
8,000 07% June 103
Serial 634% notes_ _1931 10035 100% 101
Feb
ten Amer Invest 55..1952 14034 140 14331 183,000 100
Feb 147
Sept
Serial 634% notes_ _ 1932 10034 100% 10034 5,000 97% June 103% Apr
teal Ice Cream 630.1935 134
13331 134
16,000 115
Jan 135
Aug
Serial 634% notes_ _1934 10035 100 100% 19,000 9734 June 1034 Apr
ten Laundry Mach 630'37
100 100
10,000 100
Sept 10034 Sept
2,000 9734 June 1034 May
Serial 634% notes_ _1935 10031 10031 101
ieneral Petroleum 68_1928 10034 1004 101 . 17,000 10034 June 10131 May
Serial 634% notes_ _1936 10034 10031 10031 3,000 9734 June 10331 May
la & Fla 6s series A _ _1946
93
944 8,000 93
Sept 98
Jan
1004 100% 2,000 0734 Juno 103
Serial 634% notes_1937
Feb
leorgia Power ref 5s_ _1967 984 98
9834 225,000 9531 June 9834 Sept
Serial 634% notes_ _1938
100.11 100% 2,000 97
June 103
Jan
loodyear T & R 5s_ _ _1928 10034 10034 10034 44,000 9734 Mar 101
Aug
10115 18,000 97
Serial 694% notes_.1939 1013-4 101
June 104
Mar
loodyear T&R Cal 530'31
9931 100
23,000 95
Jan 100
Sept
10034 10034 10,000 9734 June 104% Mar
Serial 64% notes _1940
;rand Trunk Ry 6345_1936
10934 10934 9,000 10834 May 10931 July
S Smelt & Ref 530_1935 10334 103 10331 39,000 10131 Jan 104
Apr
lull 011 of Pa 5s
100 10031
1937
4,000 99
June 10074 Apr Utilities Pow & L 5345 937 944 9431 9434 70,000 944 July 04% Aug
1_'47
Sinking fund deb 55.1947 10034 9931 10034 107,000 9834 June 10074 Jan Valvoline Oil 65
104% 10435 3.000 10434 Jan 10631 Apr
luif States Util 5s_ _ _ _1956
27,000 9434 June 98 Slay Va Elec & Power 55... _1955
963-4 97
1,000 98% Sept 98% Sept
98% 9851
(amburg Elec Co 7s..1935 101
June 102
101 10131 26,000 100
Aug Warner Bros Pitt 630 1928 90
8934 9314 134.000 8034 July 11134 Feb
(anover Credit Inst 681931
14,000 98
Aug 98
98
98
Aug Warner-Quinlan Co 6s 1042
9531 9531 4,000 9331 Aug 10031 July
1936 10234 10234 10234 2,000 101
rood Rubber 7s
Apr 104
Feb Webster Mills 630_ _ _1933 9731 97.31 98
36,000 914 Apr 99
Jan
5348
9431 95
Oct 15 1936
18,000 9231 May 96
Slay Western Power 530_ _1957 9834 9834 9831 62,000 9634 June 99
Jan
adep Oil& Gas deb 6s 1939
July 9931 Slay Westvaco Chltine 5348 '37 10131 10131 101% 10,000 9834 Mar 10234 July
9834 9834 12.000 98
acilan'p's P & L 5s ser A'57 98% 98
9834 165,000 9634 June 9831 Sept White Eagle 0& 11531857
9634 964 2,000 93 June 10034 Slay
Apr Wisconsin Cent Ry 55_1930 98
24,000 9234 July 97
9334 95
at Pow Secur 7s ser E.1957 95
2,000 96
9734 98
June 99
Jan
aterstate Nat Gas 65_1936
7,000 100% Aug 10234 Slay Foreign Government and Muni cipalities
102 102
Without warrants
9534 9534 146,000 9431 July 9774 Slay AgriculNItge Ilk Rep of Col
2terstate Power 55_._1957 9534
0734 9734 20,000 97
July 9834 June
Debenture 6s
1952
20-year sink fund 78 1946 9734 9614 9731 $28,000 9531 Mar 9734 Aug
avest Bond & Share Corp
9634 0731 10,000 0634 Apr 97% Mar
20-year 7s_ _ _Jan 15 1947 97
24,000 100
101 102
June 102 Sept Baden (Germany) 78_ _1951
Deb 5s with warr_ _1947 102
09% 10031 11,000 98
June 10231 Jan
avestore Equity 58.._1947
Dank of Prussia Land35,000 100
100 100
June 102
With warrants
Slay
53,000 94% June 9931 Mar
9031 97
owners Assn 6% notes'30
93% 79,000 9234 Sept 9631 Sept Brisbane (City) 58_ .1957
iarco Hydr-E1 7s _ _ _1952 9334 93
944 9414 6,000 93 June 9631 Mar
10431 10434 6,000 101
eddo-Ilighland Coal Os '41
July 1044 Sept Buenos Aires(Prov)7 WI'47 1004 100 100% 32,000 97% Jan 100% Aug
:emsley, Millbourn & Co
9,000 9534 Jan 99
9834 99
7s
1936
July
12031 12334 6.000 10934 Aug 132
Ltd s f deb 65 Sept 1 1942
Sept
96% 9731 22,000 9434 Feb 99
1952
75
Sept
:oppers0& C deb 53_1047 9734 9734 97% 132,000 9554 Aug 0734 Aug
97,000 93 June 97
1957 9534 05% 96
7s
Apr
2,000 100
July 10134 Jan
aclede Gas Lt 530- _1935 100% 1003410074
56,000 94
1958 9534 9534 90
78
June 96
Sept
ehigh Pow Secur 6s...2026 10234 10231 10234 97,000 9534 Jan 10234 Sept
Cent Bk of Germ State &
eonard Tietz Inc 730 '46
043-4 0534 13,000 9436 Aug 9634 Aug
Prov Bks 1st 68 ser A '52
10,000 108
125
Mar 13334 Slay Copenhagen (City) 5s_1(152 9511 953-4
121
With stk mach warrants 125
Sept 97% June
96 261,000 95
Without stk purwarrants 10231 10231 10234 30,000 9951 Apr 10234 Sept Danish Cons Munk 530'55 10031 100 10131 27,000 9734 Jan 10031 Sept
3
ibby, NIc1 1 & Libby 73'31 10334 10331 10331 21,000 10234 July 10434 Slur Danzig P & Waterway Bd
974 9731 5,000 974 Sept 9734 Sept
1st NI 5s_ __ _Oct 1 1942
90
90Si 37,000 90
Aug 9034 Sept
External 5 16948-._ 1952
Sept Denmark (K1ng'm) 5948 55 10151 10154 10231 37,000 0934 Jan 102% Aug
ornbard Elec Co 75. _1952 9434 9434 9594 59.000 9134 June 96
974 9731 93,000 95
July 9831 June
one Star Gas Corp 58 '42
1970 100% 10031 100%
7,000 100
(is
Mar 102
Apr
15,000 102% Jan 105
105 105
Slay German Cons Munic 78 '47 10051 10034 101
ong Island Ltd 6s_ _ _ _1945 105
50,000 9834 June 102
Jan
30,000 98
Jan 102
101 102
Sept Hamburg (State) Ger 6548 967-4 96
lanitoba Power 530.1951 102
97% 85,000 9531 Jan 0954 Apr
lansfield NI & Sm (Get)
Hungarian Land Mtge Inst
1,000 103
103 103
July 11235 Apr
7s with warrants__ _ _1941
9931 9911 9,000 97
1961
730 series A
June 101
Slur
14,000 98
98
Sept 10134 Jan Indus Mtge Bank of Maid
97
7s without warrants.1941 _ _ _ _ _ _
lass Gas Cos 5.30...l946 1044 104 104% 17,000 10334 Feb 10474 July
102
101
4,000 99% Jan 102
1st mtge coil s 17s. 1944
Jan
leridionale Elec Co (Italy)
July 96
Medellin (Colombia) 7551 9394 9331 93% 25,000 91
Feb
June 9531 May
9334 9431 74,000 91
30
-year s f 7s ser A __1957 94 14.000 10234 June 10534 Juno
88
1948 10354 10334 104
34,000 0534 Mar p100
100
Jan
ildwest Gas 75
1936 9914 99
illwaukee G L 4348.1907 98% 9831 98% 8,000 9334 Mar 0834 Sept
For continuation of Curb Market transactions see page 1797
57,000 9634 July 9931 Sept
iontana Power deb 55 '62 9836 9834 99
Aug
iontgomery Ward 56.1946 9934 9834 9934 24,000 9731 Mar 100
• No par value. k Correction. I Listed on the Stock Exchange this week, where
22,000 9934 Jan 10174 Slay
Iontreal L II & P 5s A '51 101
10031 101
11,000 95 Slay 10474 Slat additional transactions will be found. m Sold under the rule. n Sold for cash.
[orris & Co 7345
9834 99
1930
Aug o New stock. r American Cigar corn. is ex 33 1-3% stock dividend; sold at 1484
arragansett Co col 551957 10031 10031 10031 64.000 9834 July 101
May 1003.4 July on Jan. 3 1927 with stock dividends on. a Option sale t Ex-rights and bonus.
at Dist Prod 630_ _ _1935 10034 9934 10054 20.000 98
U Cumberland Pipe Line ex special dividend of 33%
at Pow & Lt 68 A_ _ _2026 101
10334 104% 37,000 9834 Feb 104.34 Sept o Ex cash and stork dividends. to When issued. and regular dividend of 2%g
x Ex-dividend.
Ex-rights,
at Pub Serv 630_ _ _1955 103
102% 10431 205,000 9734 June 10431 Sept
Aug 10034 Aug z Ex-stock dividend. 1.) $3,000 Midwest Gas 7s sold at 101 on Sept. 7 "under the
at Radiator deb 63481947 1004 100 10031 65,000 100
rule."
o Sales of National Power & Light pref. were made on Sept. 30 at 1 0034
ebraska Power fis_ - _2022 ____-- 10634 10634 2,000 10234 Jan 1063 [Sept
"Under the rule."
Dmestment ant Sailroaa
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third
week of September. The table covers 13 roads and shows
7.71% decrease over the same week last year:
Third Week of September.
Li
1926.
1927.
Buffalo Rochester & Pittsburgh_ _ _ _
Canadian National
Canadian Pacific
Duluth South Shore dr Atlantic_ _Georgia & Florida
Mineral Range
Minneapolis & St Louis
Mobile & Ohio
Nevada-California-Oregon
St Louis-Southwestern
Southern Ry System
Texas & Pacific
Western Maryland
Total (13 roads)
Nat a parastaa 17.71,
7-1
$322,231
4,937,030
3,746,000
115,786
38,000
4,556
393,008
410,501
11,776
487,800
3,997,499
741,117
439,000
Increase.
$391,621
5,186,999
4,391,000
107,892
42,900
4,013
366,253
394,615
11,824
564,088
4,250,966
706,384
532,367
Decrease.
$69,389
249,969
645,000
7.894
4,900
543
26,755
15,886
48
76,288
253,467
34,733
93,368
$15,644,304 $16,950,922
$85,811 $1,392,427
1 V.R17
In the following table we show the weekly earnings for
a number of weeks past:
Current
• Year.
Week.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
let
2d
3d
4th
let
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
$
14,995,998
15,453,141
15,190,382
22,052,923
15,204,434
14,742,573
14,590,611
19,895,469
15,252,550
14,872,278
14,552,518
20,444,541
14,674,637
14,637,922
14,923,185
20,190,921
14,345.893
14,389,046
14,414,724
13,239,045
14,138,182
14,932,688
15,091,947
22,276,734
15,183,418
15,306,827
15.644.304
Mar.(13 roads)
Mar.(13 roads)
Mar.(13 roads)
Mar.(13 roads)
April (13 roads)
April(13 roads)
April (13 roads)
April (13 roads)
May (13 roads)
May (13 roads)
May (13 roads)
May (13 roads)
June (13 roads)
June (13 roads)
June (12 roads)
June (13 roads)
July (13 roads)
July (13 roads)
July (12 roads)
July (12 roads)
Aug. (13 roads)
Aug. (13 roads)
Aug. (13 roads)
Aug. (13 roads)
Sept.(13 roads)
Sept.(13 roads)
Sent.(13 roads)
Precious
Year.
Increase or
Decrease.
%
$
$
+687,700 4.81
14,308,298
+671,918 4.55
14,781,223
14,973,426
+216,956 1.45
-173,528 0.78
22,226,451
+37,739 1.00
15,166,695
+339,886 2.42
14,402,687
+349,327 2.44
14,241,283
18,769,562 +1425.906 6.00
14,306,734
+945,816 6.61
15,103,054
-230,776 1.53
15,179,524
-627,007 4.14
21,344,342
-899,801 4.22
15,168,759 .
-494,123 3.25
15,244,341
-606,420 4.00
15,384,889
-461,704 3.00
20,377,221
-186,300 0.92
15,229,606
-883,913 5.81
14.585,974
-196,928 1.35
-245,822 1.67
14,660,546
15,025,966 -1,786,921 11.89
15,019,916
-881,733 5.86
15,366,857
-434,169 2.82
15,557,505
-455,558 3.00
21,502,193
+774,541 3.57
+19,322 0.13
15.164,097
15,508,092
-201,265 1.21
18.950.922 -1.308.617 7.71
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Net Earnings.
Month
1928.
1925.
Increase or
Decrease.
1926.
1925.
Increase or
Decrease
$
$
$
$
$
Aug_ _ 577,791,746 553,933,904 A-28,857,842 179,416,017 166,426.284 4-12,989,753
Sept__ 588,945,933 564.756,924 4-24,192,009 191,933,148 176,936,230 A-14,996,918
Oct __ 604,052,017 588,008,436 A-18,043,581 193,090,813 180,829,394 +13,361,419
Nov_ _ 559,925,895 531,109,465 4-28,736,430 158,197,446 148.132.228 A-10,065,218
Dec-- 525,411,572 528,467,600 +2,943,972 119,237.349 134.504,698 --15,287.349
1927.
1926.
1927.
1928.
Jan _ _ 485,961,345 479,841,904 4-6,119,441 99,428,246 102,281,496 -2,853,250
Feb _ _ 467,808,478 459.084,911 4-8,723,567 107,148,249 99,399,962 4-7,748,287
Mar_ _ 529,899,898 529,467,282
4-432,616 135.691,849 134,064,291
A-627,358
April. 497,212,491 498,677,085 -1,464,574 113,643,768 114,417,892
-774.126
May _ 517,543,015 516,454,998 A-1,088,017 126,757,878 127,821,385 --1,063,507
June 516,023,039 539,797,813 --23,774,774 127,749,692 148,646.848 -20,897,156
508,413,874 556,710,9351748,297.061 125,438,334 160.874,882 --35.436,548
Note.
-Percentage of increase or decrease in net for above months has been:
1926
-Aug.. 7.86% inc.; Sept., 8.48% Inc.; Oct., 7.35% Inc.; Nov., 6.79% inc.;
Dec., 11.36% Inc. 1927-Jan., 2.79% dee.; Feb., 7.80% Inc.; March, 1.21% inc.:
April, 0.67% dec.; May,0.83% dec.; June, 14.07% dec.; July, 22.03% dec.
In Aug. the length of road covered was 236.759 miles in 1926. against 238,092
miles in 1925: in Sept., 238,779 Miles, against 235.977 miles; in Oct., 238,654 miles,
against 236,898 miles; in Nov., 237,335 miles, against 236,369 miles; in Dec., 238,982
miles, against 237,373 miles. In 1927-Jan.,237,846 miles, against 236,805 miles in
1926; in Feb., 237,970 miles, against 236,870 miles in 1926; in March, 237,704 miles,
against 236,948 miles in 1926: in April, 238,183 miles, against 237,187 miles in 1926:
In May,238,025 miles, against 237,275 miles in 1926; in June, 238,425 miles, against
237,243 miles In 1926; in July, 238,316 miles, against 237,711 miles in 1926.
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Toses
1927.
1927.
1926.
1926.
1927.
1926.
Ann Arbor
August _ _ _ _
490,883
494,534
108.399
123,032
From Jan 1_ 3,774,923 3,815,309
862,473
852,204
Atch Topeka & Santa Fe System
August _ _ _21,720.985 25,448,654 7,099,571 11,182,344
From Jan 1_185,081,917 160.100,969 44,748,264 50,587.737
Atlanta 13rirnginahm 8t Coast
- 434,016
499,684
46,092
44,502
Angus
170,115
From Jan 1_ 3,520,462 3,864,026
363,784
Atlantic City
774.735
294,783
August-_ _ 662,400
388.075
337,449
696,961
From Jan 1_ 3,022,601 3,396,423
Atlantic Coast Line
271,436
_ _ - 5,206,790 6,331,775
662,685
August _
From Jan 1_55,937,081 66,828,944 12,558,318 19,502,284
Baltimore & Ohio
August -.22,504,324 23,086,218 6,463,087 8.885,485
Fr'm Jan 1165,818,399 165359,994 41,474,922 41,973,876
Bangor & Aroostook
335,784
24,270 -18,345
August -_ 363,336
FromJan 1 _ 4,934,720 4,382,908 1,621,726 1,224,054
Bellefonte Central
7,393
1,367
6,770
-775
August.. _
.
52,006
711
47,404
-4,535
From Jan 1_
Bessemer & Lake Erie
673,262 1,149,213
August._ _ _ 1,505,319 2,035,847
From Jan 1_ 9,229,122 10,745,604 2,782,239 4,312,268
Boston dr Maine
August_ _ _ _ 6,935,588 7,065,439 1,848,563 1,818,045
From Jan 1-51,512,035 53,612,549 12,418.416 13,042,787
80.165
658.197
97,432
669,507
5,070,426 8,407,763
30,408,479 35,862,783
31,888
55,502
30,809
252,054
254,471
51.252
352,545
445,077
-180,827
111.745
8,573,350 15,090,543
5,438.777 5.956,325
33,289,696 34,552,514
-3,738
1,226.895
-42,835
876,371
1,255
1,600
-891
-5,456
557,197
983,313
2,294,748 3,634,849
1,551,804 1,575,370
10,040,876 11,039,430
1829
--Grossf
7
.rom Railway- -Net from Railway- -Net after Taxes
1927.
1926.
1926.
1926
1927.
$
$
$
$
Brklyn E D Terminal
42,791
46,782
55,157
August __ __
121,507
126,174
49,130
340,673
305,740
401,379
From Jan 1_ 969,820
381,430
991,246
Buffalo Rochester & Pittsburgh
316,444
76,385
399,445
August ____ 1,511,916 1,668,999
126,386
980,677 2,000,502
From Jan 1_11,750,778 11,909,290 1,381,098 2,433,670
Buffalo & Susquehanna
-720 -13,061 • -2,820 -15,261
130,944
102,963
August ____
800,903 -16,906 -83,251 -33,706 -106,551
From Jan 1_ 1,041,108
Canadian National Rys--.
August_ ..2l,670,324 21,059.374 4,094,298 4,027,133
From Jan 1_172,401,492 167,799,279 20,832,067 23,049,875
Atl de St.Lawrence
206,125 --22,721 --21,115 --35,231 --34,765
181,491
August _ _ _
83,188
41,333
192,483
144,023
From Jan 1_ 1,768,485 1,773,342
Chic Det de Can G T Jet
148,201
126,695
175,160
137,101
328,951
August _ ___ 293,692
From Jan 1_ 2,609,147 2,535,871 1,268,272 1,233,485 1,183,221 1,133,952
Det G H & Milwaukee
328,540
187,145
346,869
200,072
780,148
August ____ 707,980
From Jan 1_ 5,571,092 5,098,459 2.068,766 1,953.607 1,963,224 1,899,238
Canadian Pacific
August ____17,258.634 16,630,174 3,862,148 4,305,375
From Jan 1_122129912 118456,381 20,001,234 22,183,198
Central of Georgia
538,206
462,168
663,546
605,779
August_ _ _ _ 2,271,898 2,624,192
From Jan 1_18,527,283 21,056,930 4,340,550 5,014,970 3,342,580 4,064,156
Central RR of N IAUgUst ---- 5,505,257 5.719,682 1,935,582 2,052,526 1,457.977 1,574,518
From Jan 1_39,209.812 39.138.843 10,033,049 11,027.929 7,707,235 7,773,877
Charleston & West Carolina
27,500
57,535
47,595
75,142
August ____ 283,169
291,358
512,243
347,091
681,638
510,218
From Jan 1_ 2,423,490 2,870,884
Ches & Ohio Lines
August ____12,334,826 11,874,371 4,655,986 4,191,360 3,853,123 3,430,449
From Jan 1_90,310,155 85,948,905 29,468,110 28,028,838 23,681,842 21,149,317
Chicago az Alton
707.822
392,527
815,855
497,948
August ____ 2,456,083 2,953,625
From Jan 1_18,633,456 20,363,916 3,926,591 4,381,143 3,079,429 3,514,398
Chicago Burlington dr Quincy
August _ _ _15,184,344 14,668,136 5,804,009 4,860,424 4.587,966 3,755,064
From Jan 1_98,984,734 102717,550 27,738,496 27,211,683 19,993,446 19,688,057
Chicago & East Illinois
570,177
354,322
716,099
470,312
August ___ 2,310,102 2,536,732
From Jan 1_17.874,529 18,098,141. 3,367,085 3,017,353 2,442,091 2.006,409
Chicago Great western
505,489
488,182
610,936
580,696
August..._ 2,310,018 2,376,111
From Jan 1_15,870,792 16,372,148 2,846,313 3,248,218 2,172.276 2,544,980
Chicago Ind & Louisville
450,757
527,079
554,970
637.812
August _ _ _ _ 1,786,099 1,633,294
From Jan L12,386,234 12,055,515 3,417,610 3.327,031 2,785.107 2,653.287
Chic Milw & St Paul
August _ __14,967,419 14,374,413 2,748,244 2,891,335 1,989,348 2,140,317
Fr'm Jan 1102,645,490 103237,150 14,852,953 18,044,589 8.823,863 12,025,595
Chicago & North Western
August _ _14,631,848 14,265,271 4,251,442 3,757,958 3,359.128 2,956,725
From Jan 1_98.189,592 100687,715 21,870,779 22,526,443 15,360,374 16,106.674
Chic R I & Pacific
August _ _12,302,340 12,640,848 3,567,176 4,451,515 2,933,587 3,857,297
From Jan 1_88,134,842 84,883,622 20,736,923 19,702,700 15,847.003 14,952,288
Chicago St Paul Minn & Om
379,672
299,033
487,266
354.718
August ___. 2,445,050 2,365.707
From Jan 1_18,955,528 17,081,176 2,796,189 2,852,083 1,945,086 1,977,399
Clinchfield246,371
132,317
306,373
267,318
710,778
August _ - 668,512
From Jan 1_ 5.385,734 5,380,487 1,881.705 1,995,361 1,281,660 1,515,209
Colorado & Southern
5473,337 5750,678
August _ _ 2,300,288 2.590,685
52,258 ,851 53,496,850
From Jan 1_17,478.751 18,992,749
Delaware & Hudson
4,002,618 4,310,852 1,129,212 1,448,578 1,012,212 1,371,088
August _
_
From Jan 1_28,402,309 29,774,179 5,179,270 7,420,744 4,242,793 6.725,726
Del Lack & Western
August __ 7,553,240 7,911.497 2.487,392 2,720,633 1,791,303 1,987,050
From Jan 1_56,080,756 57,333.274 15,662,565 16,667,693 10,751,134 11.566,373
Denver & Rio Grande Western
5683,525 5871,193
August ____ 3,086,716 3,230,701
b3,388,537 54,562,958
From Jan 1_20.416,011 21,202,058
Detroit & Mackinac
12,927
67,609
77,554
22,688
182,449
184,342
August _ _ __
10,704
191,121
273,127
84,555
From Jan 1_ 1,109,722 1,064,587
Detroit Terminal
62,924
84,154
62 707
241,420
89,014
195,409
August
289,257
339,291
423,095
469,392
From Jan 1_ 1,437,017 1,751,354
Dul Winn & Pacific
11.539
22.762
46,760
57,268
216,610
August _ _ _ 216,111
119,809
224,810
308,605
197,657
From Jan 1_ 1,690,029 1,560.404
Elgin Joliet & Eastern
5279,000 0574,953
August -_ 2,067,000 2,336,338
93,550,000 94,085,077
From Jan 1_16,924,000 17,854,451
Erie RailroadNJ&NYRR21,928
26,797
30,440
141,841
25,508
141,765
August ____
74,573
130,021
160,344
103,365
From Jan 1- 1,058,693 1,071,484
Florida Eas Coast
391,993
-8,778
523,877 -134,322
August ___ 941.451 1,675,652
From Jan 1.13,534,728 20,976,047 3,171,390 6,722,232 2,158,217 5,650,588
Fonda Johns & Gloversville
29,828
13,317
21,786
93,030
21,157
88,945
August _ _
279.683
179,709
216,963
815,467
242,429
From Jan I_ 779,602
Ft Smith & Western
18.199
23.748
3.186
131,878
139,717
8,727
August _
77.492
101.720
119,108
145.994
From Jan 1_ 1,072,431 1.057.285
Georgia & Florida
60,360
58.161
67,887
204,706
65,897
August ____ 206,649
204.352
318.206
266,681
375,519
From Jan 1_ 1,287,116 1,338,092
Georgia Railroad
82,951
86,691
98,590
513,986
104,736
August.... 481,758
680.519
554.705
767,252
650,839
From Jan 1_ 3,766,043 4,051,220
Grand Trunk Western
550,665
424,153
327,088
634,980
August -- - 1,989,485 1,758,769
From Jan 1_14,099,362 13,464,233 3,912.898 3,512,987 3.236,928 2,899,277
Great Northern System
August ____11,003,397 11,512,710 4,223,469 4,801.128 3.294,238 3.936,271
From Jan 1.68,577,366 89,037,773 19,003,262 19,840,044 12,540,340 13,658.513
Gulf Mobile & Northern
969,599 9143,569
595,126
595,307
August _ _
5763,476 5902,279
From Jan 1_ 4,519,967 4,220.461
Gulf & Ship Island
17.285 -63,917
332.862
-6,738 -89,343
August _-_ 344,689
From Jan 1_ 2,527,818 2,638,443 -34,648 --459,259 --225,773 --666,547
Illinois Central System
_15,791,900 15,987,001 3,631,966 3,738,790 2,517,313 2,670,578
August _ .
From Jan 1 120450,677 119614,707 27,373,563 26,886,296 19,085,371 18,785,674
Central Co
Illinois
August _ __13,515,168 13,436,880 3,288,827 3,166,338 2,357,641 2,286,589
From Jan 1103462,597 103021.463 25,026,584 23,548,984 18,210,145 16,865.465
Yazoo & MISS Valley
348,506
569,955
189,972
386.358
August _ _ _ 2,257,861 2,513.799
936,250 2,148.824
From Jan 1_16,881.923 16,549.855 2,369,276 3,335,318
1830
THE CHRONICLE
-Grassfrom Railway
--Net from Railway- -Net after Taxes
1927
1926.
1927.
1927.
1928.
1926.
[Vol.. 125.
-Grossfrom Railway- -Na from Railway -Net aper Taxes
1927.
1926.
1927.
1928.
1927.
1926.
$
Hocking Valley
Pennsylvania System
August _ _
2,002,612 1,758,696
Pennsylvania Co
9560,615 9434.958
From Jan 1_14.304.231 13,114,629
August ....58.285.0l9 62,303,359 15.794,685 17,270.950 11.505,356 13,015,679
93,691,027 62,902,982
From Jan 1_447157680 458350,151 103666,554 99,593,385 79,226,948 75,423,010
International Great Northern
August
146,924 1,580,376
Long Island
9183,612 3270,337
From Jan 1_11,659,342 11,653,918
August _
4,042,360 4,039,338 1,728,189 1,816,870 1,299,397 1,455,345
91,050,221 91,249,024
From Jan 1_27,145,535 26,295,618 6,654,932 7,220,808 4,859,250 5,731.883
Kansas City Southern
Texarkana & Ft Smith
Monongahela
August ____ 288,052
August _
267,416
695,836
613,368
115,971
123,285
352,755
108,344
132,601
331,278
318,558
296,845
From Jan 1_ 1,997,062 2,024,226
From Jan L 5.209,076 4,656,451 2,609.342 2,253,835 2,371,936 2,040,807
766,112
962,427
825.717
646,213
Total system
W Jersey & Seashore
August ____ 2.017,656 1,878,798
August __ _ 1,438,042 1,659,859
726,539
424,340
828,772
505,177
600,871
610,651
94.117
281,087
From Jan 1_14,610.717 14,638,993 4,848,943 5,029,403 3,843,892 4,031,044
From Jan 1_ 8,109,113 8,878,874 1.427.594 1,793,300
636,375
996,121
Kansas Okla & Gulf
-Pitts Shawmut & Nor
August ____ 234,810
258,096
45,360
35,435
70,076
59,907
August _ _ _ 169,556
184,525
44,357
43.491
41,308
40,487
From Jan 1_ 1,824,731 1,756,205
297.063 -195;185
219,190 -301.174
From Jan 1_ 1,204,528 1,283,630
195,992
241,518
172,045
217,344
Lake Terminal
Pittsburgh & West VaAugust _
99,968
116.215
432
26,856
20,690
-3,068
August ____ 297,655
451,598
9124,586 9276,788
From Jan 1_ 726,355
792,555 -25,825
87,356 -58,558
38,199
From Jan 1_ 2,827.373 3,325,123
61,314,830 61,630,238
Lehigh dc Hudson River
Port Reading
August _
301,445
292,570
110,726
110,263
91,376
89,333
August __ __ 210,092
162,483
86,844
20,655
72,673
3,940
From Jan 1_ 2,243.082 2,183,096
768,093
745,955
610,024
638.479
From Jan 1_ 1,664,940 1,614,515
734.382
648,892
604.272
518,223
Lehigh dr New England
Reading Co-August __ __ 597,541
559,745
196,837
227,518
194,951
169.916
August _ _ _ _ 7,945,290 8,138,901 1,968.668 1.985,456 1,505,891 1,553,112
From Jan 1_ 3,920,131 3,572,963 1,210,338 1,161,423 1,036,005
979,093
From Jan 1_62,044,027 63,434,138 13,576,508 15,110,624 10,158,196 11,571,111
Lehigh Valley
Richmond Fred & Potomac
August ____ 7,015,477 7.426,448 1,930,361 2,189,823 1,489,571 1,744,279
August
841,430
997,878
183,159
348,533
144,352
269,430
From Jan 1_49,611,286 52,181,753 9,976,065 12,802,031 7,781,012 9,956,194
From Jan 1_ 8,090,000 8,915,534 2,213,469 3,110,933 1,755,756 2,487,145
Los Angeles & Salt Lake
Rutland
August ____ 2,263.710 2,118,033
511,792
624,562
363,232
492,816
August ____ 602,250
624.387
146,557
160,382
112,271
120,082
From Jan L18,772,776 16,158,511 2.835,520 3,135,474 1,741,903 2,072.726
From Jan 1_ 4,202,777 4,480,690
729.049
792,123
508,646
553,922
Louisiana & Arkansas
Southwestern
St Louis
August ___
325.966
381,840
104,546
142,567
76,415
111,251
August __ __ 1,353,351 1,527,669
501,425
516,933
421,892
445,128
From Jan 1_ 2,374,033 2,775,092
506,050
916,898
302,621
648,150
From Jan 1_10,990,685 11,639,557 3,169,004 3,692,721 2,770,570 3,173,857
Louisville & Nashville
Southern Pacific S S Lines
August _ _ _13,040,000 12,646,705 3,547,496 3,407.387 2,765,559 2,677,031
August ____ 1,038,919 1,025,048
133,865
151,745
143,611
128,097
From Jan 1_96,829,815 97,510,880 20,904,351 23,489,202 16,084,217 18,405,298
From Jan L 8,063,433 8,217,235
835,896 1,131,976
793,121 1,055,478
Lou Hend & St Louis
Texas & New Orleans
August _ __ 403,274
321,031
125,157
84,648
100,717
64,177
August _
6,198,693 6,175,256 1,305,384 1,417,677
949,779 1.123,558
From Jan 1_ 2,668,588 2,477,127
756.586
558,298
591,056
415,054
From Jan 1_45,729,095 45,144,351 6,701,807 8,687,891 4,331,331 4,302,272
Maine CentralTotal system
August.
1,776.716 1,678,121
406,261
353,728
292,300
252.063
August.... 1,961,608 2,130,875
568,670
505,309
400,124
462,383
From Jan 1_13,635,884 13,443,065 2,812,754 2,739,430 1,900,792 1,938,812
From Jan 1_15,569,277 18,294,680 2.902,296 3,449,434 2,288,214 2,690,540
Midland Valley
Seaboard Air Line
August ____ 354,515
385,665
148,073
168,348
129,266
148,399
August _ _ 4,487,607 5,123,207
b776 185 9974,044
From Jan 1_ 2,585,963 2,831,816
968,658 1,159,451
813,430 1,010,272
From Jan 1_42,529,341 45,767,089
67,365,062 97,576,943
Minneapolis & St Louis
Southern Ry System
August.... 1,310,161 1,456,038
270,731
352,130
211,646
296,098
August _ _ _16,501,552 17,744,153 5,402,970 5.697.292 4,337,469 4,486,225
From Jan 1 9,002,733 9,468,498
390,193
540,991 -57,402
41,682
From Jan 1_129108575 137034,884 35,565,751 41,215,120 27.377,983 32,158,353
Minn St P & S S M
Southern Ry Co
August __ _ _ 4,533,631 4,294,023 1,453,403 1,120,498 1,210,735
864,195
August _ _ _12,515,316 13,294.549 4,181,583 4.242,053 3,388,845 3,355,289
From Jan L29,610,106 30,112,623 6,389,382 6,175.630 4,535,125 4,268,450
From Jan L97,798,778 102475,024 26,974,980 30,120,097 20,839,037 23,483,605
Mississippi Central
Ala Great Southern
August. _ _ _
152,876
150,698
42,675
32,339
52,246
39,871
898,977
August __
893,672
243,858
263,130
187,167
195,060
From Jan 1 1,083,442 1,070,023
280,838
287,449
212,481
208,595
From Jan 1_ 6,731,084 6,985,875 1,744.937 2,022,548 1,274,912 1,537,753
Mo-Kansas-TexasCM N 0 & T P
Total system
August __ _ _ 1,947,570 2,168,535
684.811
775,056
534,086
637,285
August _ _ 4,766,850 5,285,448 1,738,283 1,587,496
From Jan 1_14,907,235 15,659,538 4,426,402 5,183,493 3,551,906 4.196,570
From Jan 1_36,747,175 35.606,093 10,684,669 9,834,062
Georgia So & Florida
Missouri Pacific
August ____ 385,181
527,672
78,631
105,386
58,999
80,683
August _ _ _11,020,931 11,676,065 2,936,588 2,924,125 2,526,225 2,439,843
From Jan 1_ 3.174,489 4,805.026
280,299 1,242,989
111,235
989,598
From Jan 1_81,562,876 86,514,245 15,906,813 19,409,870 12,554,069 15,735,183
N Orleans & Northeast
Mobile & Ohio
August _ _ __ 464,994
503,714
151,120
165,014
111,542
96,861
August ____ 1,535,187 1,528,839
387,244
370,570
300,024
271,333
From Jan 1.. 3,822,141 4,106,189 1,197,622 1,466,225
859,985
985,386
From Jan 1_11,901,900 12,826,632 2,728,424 3,360,496 2,050,411 2,535,379
North Alabama
Monongahela Connecting
August ____
106,085
111,535
38,373
45,668
34.114
40,868
August ____
162,679
190,698
38,315
60,532
29,337
49,542
From Jan 1_ 912,420
958,102
360,537
377,841
316.952
328,925
From Jan 1_ 1,374,448 1,494,404
343,342
378,394
269,651
319,857 Staten Island R T
Montour
August
311,621
304.571
121,919
95,950
104.319
78,445
110,743
August _ _ __
118,412
-2,050
14,607
7,997
-6,258
From Jan 1_ 2,183,187 2,140,095
665,382
464,385
509,013
328.037
From Jan 1
862,723
642,680
36,085 -64,547
-6,250 -93,267 Term Ry Assn of St Louis
Nash Chatt & St Louis
August ____ 1,157,709 1,145,756
334,457
434,414
245,912
316.713
August __ 1,881,707 2,042,651
345,555
483,648
255,079
373,601
From Jan 1- 8,861,943 8,828,401 2,841,589 3,215,770 2,043,379 2,323,535
From Jan E15,280.863,16,025,741 3,103,583 3,238,760 2,489,643 2,567,349
Texas & Pacific
Nat Rys of Mexico
3,020,143 2,954,338
August _
_
9436,444 9644,828
9,495,191 9,121,178
July
343,063
724,244
From Jan 1.24,304,939 23,399,799
82,999,467 93.116,112
From Jan 1_65,268,280 65,985,940 3,832,872 6,937,480
Ulster & Delaware
Interoceanic Ry of Mexico
182,767
45,289
August.... 168.441
56,693
39,539
50,943
July
1,051,750 1,071,526 -278,712
4,326
884,488
80,480
From Jan 1_ 830,209
114,815
34,480
88.814
From Jan 1. 7,116.018 8,293,516 -726.032 1,378,369
'Union Pacific
Newburgh & South Shore
August _ _11,592,818 11,196,779 4,677,975 4,186,892 4,000,592 3,508,550
August_ _ _ - 169,596
181,130
41,778
28,460
65,599
47,090
From Jan 1_66,548.040 89.413,537 19,432,814 20,587,616 13,824,819 15,043.514
From Jan 1 1,190,796 1,347,006
199,862
285,501
177,392
100,689
Oregon Short Line
New Orleans Gt Northern
3,318,291 3,507,236 1,059,618 1,260,876
August
806,492 1,014,708
August. _ _
303,162
From Jan 1_21,461,340 22,951,275 5,239,851 5,987,716 3,205,727 3.943,329
285,110
95,937
91,019
78,920
70,339
From Jan 1 2,151,321 2,088,522
Ore-Wash Ry & Nay Co
646,887
515,436
657,365
503,598
August _ -__ 3,035,726 3,203,588 1,017,482 1,221,215
827,057 1,035,815
New York Central
From Jan 1_17,919,753 19,419,847 3,012.553 4,394,093 1,513,897 2,991,013
August _ _ - _34,550,905 35,222,801 9,139,907 10,199,920 6,775,711 7,707,615
St Jos & Grd Island
From Jan 1•258740,347 261796,986 63,516,213 67,279,563 45,962,592 49,082,329
317,995
73,133
August __ __ 356,726
60,264
59,135
46,132
Michigan Central
387.496
From Jan 1_ 2,105,531 2,318,844
536.472
268,948
383,969
August _
8,546,066 8,828.222 2,920,370 2,914,701 2,312,637 2,363,053
_
Union RR (Pa)
From Jan L60,582,488 64,129,812 18,636,297 20,700,956 14,534,939 20,700,956
246,844
265,510
August _ ___ 939,681 1,135,084
203,844
225,510
C C C St Louis
&
From Jan L 6,855,166 8,118,011. 1,056,191 1,843,101
886,054 1,537,694
August
8,337,780 8,571,264 2,191,069 2,431,329 1,738,041 1,945,803
From Jan 1_61,200,361 61,810,517 14,129,582 15,605,464 10,806.260 11,993,948 Utah
55,902
139,337
158,884
August ___
38,715
48,078
27,342
Cincinnati Northern
376,119
From Jan L 1,086.314 1,062,491
312.496
303,609
238,538
August.... 416,143
450,599
173,116
147,500
120,291
144.196
Virginian
From Jan 1_ 3,079,140 3,110,068
942,315 1,036,835
837,754
745,322
August __ __ 2,028,966 2,358,356 1,038,589 1.280,010
909,404 1,151,994
Pittsburgh & Lake Erie
From Jan L15,507,980 14,701,525 7,463,578 6,686,553 6.264,192 5,632,082
August.
2,919,213 2,935.669
655,571
662,912
474.698
468,271
From Jan 122,074,766 21,998.585 4,048,775 4,188,812 2,685,852 2,756,848 Wabash
August.... 5,841,459 6,4130,688 1,417,177 1,790,416 1,212,792 1,492,091
New York Chicago & St Louis
From Jan 1_44,731,137 46,490.741 9,848,721 11,283,476 7,772,009 9,061,430
August_ _ _ _ 4,671,845 4.718,826 1,347,583 1,264,347 1,078,432
998,073
Western Sty of Alabama
From Jan 1 35,913,780 36,096,115 9,850,131 9,736,524 7.797,195 7,690,103
70,699
August _ 264.196255,730
70,035
51,990
51,599
New York Connecting
442,453
From Jan 1_ 2.056,747 2,250,885
607,853
327,175
476,525
247,685
138,939
August _ 240,791
136,960
98,160
101,439
Western Pacific
From Jan 1 1,950,642 1,844,931 1,157,149 1,043,008
845,149
735,808
August -___ 1,778.196 1,609,841
6191,700 9356,225
NYNH& Hartford
From Jan 1_10,012,174 9,956,198
9413,306 91,232,943
August_ _ _ _12,329,795 12,044,495 3.823,131 3,279,669 3,306,077 2,797.933
From Jan 1 92,132,974 93,072,409 24,714,473 24,004,412 20,526.663 20,177,223 Wheeling & Lake Erie
460,363
August ___ _ 1,673,777 1,771,971
646,031
483,454
325,291
Norfolk Southern
From Jan L12,675,606 13,750,579 3,455.441 4,040,858 2,397,620 2.899,915
183,071
810,387
173,101
August _ _ _ 695,571
230,926
121,084
After rents.
From Jan 1 6,445,281 6,616,096 1,911,065 1,971,392 1,482,117 1,557,063
Total Net
Fixed
Norfolk & Western
Income.
Charges.
Balances
August.... 9,890,974 10,739,796 4,056,376 4,552,044 3,205,423 3,551,443
Aug '27
56,489
39,180
17,309
From Jan 1_75,050,329 76,235,213 27,830,564 30,032.268 21,020,563 23,448,142 Georgia & Florida
'26
38,718
Northern Pacific
From Jan 1 '27
188,708
54,320
134,358
August_ _ _ _ 8,367,550 9,056,578 2,358,199 3,384,255 1,679,135 2,504,578
'26
160,960
From Jan 157.175,238 61,361,301 11,896,495 15,082,429 6,536,656 9,343,606
Aug '27 .
St Louis-Southwestern
445,934
228,357
217,578
Peoria & Pekin Union
'26
425,824
231,914
193,910
August --- _
11,626
30,432
32,626
172,964
47,432
134,900
From Jan 1 '27
2,226.690
1,851,988
374,722
From Jan 1_ 1,216,121 1,146,907
193,615
182,270
339,615
330,844
'26 2,744,896
1,871,334
873,582
Perklomen-Grossfrom Railway- -Available for ml.August _ _ _ _
85,897
47,689
72,554
125,530
53,210
139,139
1925.
1926.
1926.
1925. -Net InCme1925.
1926.
From Jan 1_ 841,888
369,844
268,996
427,131
308.902
947,021
$
$
$
$
$
$
Pere Marquette
Missouri-Kansas-Texas Lines
August.... 4,349,213 4,281,570
61,278,420 91,107,807
August.... 4,766,850 5,235,448 1,291,554 1,101,660
760,637
512,634
From Jan 1_29,854,414 29,594,227
96.128,493 68,082,955
From Jan 1-36,747,175 35,606,092 7,919,674 7,846,658 3,503,190 3,122,674
Pittsburgh & ShawmutSt Louis San Francisco System
August ____ 201.755
145,684
76,897
39,001
38,739
78,156
August _ _ _ 8,001,541 8,428,361 2,328,566 2,251,372 1,034,984
950,431
From Jan 1- 1,180,610 1,101,153
249,500
247,862
198,668
189,129
From Jan 1_58,496,313 61,376,237 14,127,855 14,560,472 3,768,446 4,271,174
OCT.1 1927.]
THE CHRONICLE
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other pubho utility gross and net
earnings with charges and surplus reported this week:
1831
No. of Co.
Stations in
. Service.
July 31.
July 1927
14,400,040
July 1926
13.587.202
- 5 mos.to July 31'27 14,400,040
-Gross Earnings- -Net Earnings
5 moa.to July 31'26 13,587,202
Previous
Previous
Current
Current
Companies.
Year.
Year.
Year.
Year.
$
s
$
$
Barcelona Trac, Lt de P Co_e_Aug 6,638,329 6.334,383 4,404,130
4,094,354
8 months ended Aug 31
57,088,087 55.344,294 39,629,991 37,242,571
National Pr de Lt Co_c
Aug 2,965,016
2,688.008 *1.104.830 •1,053,777
8 months ended Aug 31
35,930,115 32,397,309 *14,232,421 *12.731,205
Gross
Earnings.
$
77,855,068
73,274,892
543,938.752
503,584,264
Operating
Expenses.
$
53,513,796
50,437,361
360,091,508
338,001,687
Net
Operating
Revenues.
S
24,341.272
22.837,531
183,847,244
165,582,577
Operating
Income.
$
17,339,190
16,361,703
134,758,011
119,617.938
FINANCIAL REPORTS
b90,073
57,451
539,142
5139.810
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the last 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
Sept. 24. The next will appear in that of Oct. 29.
425,854
320,067
(The) Torrington Co. (of Connecticut).
(Report for Fiscal Year Ended June 30 1927.)
*After taxes. e Given in pesetas.
Companies.
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
Balance.
Surplus.
Atlantic Gulf& WI
July '27 2,746,139
S S Lines
'26 3,042,778
7 months ended July 31 '27 21,733,166
'26 23,481,413
cg133,052
k223,126
cg251,117
k243,666
cg584,697 k1,545.554
cg815,187 k1.675.377
Binghamton Lt Et &
Aug '27
Pr Co
'26
12 months ended Aug 31 '27
'26
173,308
152,801
2,090.798
1.841,576
68,701
c47,709
•c801.735
•c640,021
375,881
319,954
Broad River Power Co
Aug '27
'26
12 months ended Aug 31 '27
157,423
60,811
165,443
c84,579
2,834,667 *c1,458,298
983,419
492,879
Carolina Power de
Aug '27
Light Co
'26
12 months ended Aug 31 '27
'26
699.314
*373,669
892,212
*380,784
8,712,534 • 4,553,254
7,848,586 *3.797,579
154,420
108,347
1,387,374
1,232,023
219,249
272,437
3,165,880
2,565,556
Central Maine Power x Aug '27
Co
'26
12 mos ended Aug 31 '27
'26
482,815
429,558
5,427.628
4,996,297
c208,497
c159,608
c2,283,672
c2,187,545
1100,824
1 84,105
11,056,878
11.031,611
107.673
75,503
1,226.994
1,155,934
Community Power &
Aug '27
Light Co
'26
12 months ended Aug 31 '27
'26
418,402
426,116
4,208,233
3,949.610
180,965
190,408
1,671.970
1,453.936
564,400
1,107,570
Florida Public Service Aug '27
Co
'26
12 months ended Aug 31 '27
'26
134.674
126,082
1,830,255
1,514,435
57,821
32,279
*906.146
*640.913
570,827
384,960
335,319
255,953
Ft Worth Power de Lt Aug '27
Co
'26
12 months ended Aug 31 '27
'26
255,241
*120,154
224,972
*117,940
2,925.847 *1,541,112
2,868,908 *1.391.556
16.972
17,333
204,142
208,238
103,182
100,607
1,336.970
1,185,318
General Gas & Elec
Aug '27 1,741,459
a597,452
Corp (de Subs)
'26 1,907,156
a629,826
12 months ended Aug 31 '27 25,553,168a*10,049.885 7,046.896
3,002,988
'28 22,908,442 •a8,453,255 5.818,932 2,634,323
Honolulu Rapid Transit Aug '27
*85,712
032,259
gk14,697
17,582
'26
*88,688
028,516
015,964
12,531
8 months ended Aug 31 '27
*670,498
0276,821 (0117.651
159,170
'26
*671,700
0238,421 ; 01112,508
125,913
Honolulu Rapid Trans It July '27
*88,876
034,985
014,835
20,150
'26
*85,752
028,033
0115.964
12,068
7 months ended July 31 '27
*585,770
0244.562 01102,954
141,608
'26
*587.252
0209,905
096,543
113.362
Metropolitan Edison
Aug '27
834,427
a339,981
Co (de Subs)
'26
764,987
0310,397
12 months ended Aug 31 '27 10.182,933 •a4,444,572 1.816,752 2,627,819
'26 9,320,052 •a4,093,254 1,768,422 2.324,822
Nebraska Power Co
Aug '27
372,252
•190,862
78.596
114,266
'26
333,352
•170.755
70.457
100,298
12 months ended Aug 31 '27 4,676,049 *2,471.207
950.840 1,570.387
'26 4,311,221 .62.260.210
837.729
1.422,481
Nevada-Calif Elec Co Aug '27
421,287
*229,811
111,335
118,476
(& Subs)
'26
405,875
*252,793
157,558
95,234
12 months ended Aug 31 '27 5,174,509 *3,019,974
1,482,489
1,587,4M
'26 4,892,576 *2,742,221
1,363,064
1,379,158
New Bedford Gas &
Aug '27
346,104
.124,403
52.211
72,192
Edison Lt Co
'26
314,342
•100.976
46,165
54,811
12 months ended Aug 31 '27 4,313,616 *1,701,562
646,680 1,054,881
'26 4,107,280 *1,508,211
631,810
876,400
New Jersey Pr & Lt Co Aug'27
208.497
c39,630
'26
201,088
c43,472
12 mos ended Atli 31 27 2,643,057 *c755,351
343,684
411,668
'26 2.103,376 •c555,379
285,129
270,249
No Pennsylvania Pr Co Aug'27
62.561
al7,793
'26
55,300
al8,726
12 mos ended Aug 31 27
816.758 •a261,763
157.173
104,590
Pacific Pr & Lt Co
Aug'27
306,273
*123,327
66.220
57,107
'26
309,227
*143,480
69,761
73,719
12 mos ended Aug 31 '27 3,691,376 *1,622,024
776,113
845,911
'26 3,726,463 '1,717.604
822,513
915,091
Portland Gas & Coke Co Aug'27
317,306
*109.518
58,348
51,170
338,923
'26
*128,033
58,525
89.508
12 moo ended Aug 31 '27 4,465,165 *1,593,457
674,557
918,900
'26 4,126,477 *1.486,248
625,404
860,844
Public Service Corp
Aug '27 8,220,931 01,585,652
1,559,106
6.545
of N J
'26 7,719,522 c•1,655,307
1,554,320
100,986
12 months ended Aug 31 '27 111,591,303031,772,895 18,883,738 12,889,157
'26 102,399,729030,236,307 17,388,419 12,847,888
Reading Tran Co Sub) Aug'27
(&
623,137
229,740
'26
239,308
a18.377
12 mos ended Aug 31 '27 2,925,613 *0324,869
109,593
215.275
'25 2.984.298 •a257.412
99,689
155.723
Texas Pr & Lt Co
Aug'27
735,607
*316,152
153,711
162,441
'26
588,457
*244,310
90,707
153.603
12 mos ended Aug 31 '27 9,025.238 *4,089,456
1,616,772 2,472.734
'26 7,301,849 *3.050,878
1,018,380 2,032,498
Third Ave By System Aug '27 1,237,837
*191.686
e223,554
--31,868
'26 1.232,477
.223.416
e219,058
4,358
*406.654
2 months ended Aug 31 '27 2,511.154
e455,567
-38.912
'28 2,585,825
*529,599
e436,999
92,599
543,216
Washington Water Pow Aug '27
332,710
030,777
291.933
'26
519.026
264,103
Co
g47,771
216,332
12 months ended Aug 31 '27 6,315,275 3.767.155
0498,996
3.268,160
'26 6,124,027 3,632,215
g501,469
3,040.747
•Included other Income. c After depreciation. g Includes depreciation. .1 Before taxes. 1 Includes taxes. 1 Includes guaranteed dividends on stock of subsidiary companies. x Corrected from precious weeks figures.
a After rentals and depreciation.
After rentals. e Includes amortization of debt discount and expense.
Earnings of Large Telephone Companies.
-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
INCOME ACCOUNT OF THE TORRINGTON CO. (OF MAINE) FOR
YEARS ENDED AUG. 31.
1926-27.
1925-26.
1924-25.
1923-24.
Dividendsfrom sub.cos_x$1,540,000 $1,548,750 $1,400,000
$704,375
Miscellaneous income-100
155
1.044
86
Total receipts
$1,540,100 $1,548,905 $1,401,044
$704,461
Taxes
575
775
753
751
Other expenditures
2,760
y4,126
2,510
2,410
Divs,on common_(22%)1,540,000(22)1540,000t20)1400,000 (10)700.000
Total payments
$1,543,335 $1,544,901 $1.403,263
$703,160
Balance,stir, order
def$3,235
sur$4,004
def$2,219
sur$1,301
Cash balance end of year
$1,625
$4.860
$856
$3.075
x Dividends received from subsidiary. The Torrington Co. (of Conn.),
viz.: 22V on its common stock. y Includes loan repaid to The Torrington
Co. 4 of Conn.) of $1,000.
.
THE TORRINGTON CO. (OF CONNECTICUT) & SUB. COS. CONSOL
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JUNE 30.
1926-27.
1925-26.
1924-25.
1923-24.
Net oper. profit (incl.
42,189,903 a$1,932,702 41,726,755 b$950,916
subsidiary cos.)
Divs, from other corIens
2,149
2,146
2,141
2.137
Total income
$2,192,053 $1,934,848 $1,728,896
Admin., salaries & exps_
75,041
79,364
66,000
$953,053
67.621
Net profit for year__ $2,117,012 $1,855,483 $1.662,896
$885.432
Res. for U. S. & Can.
income tax
225.000
251.000
214,000
179,000
Common dividends
1,540,000
1,548.750
1.400.000
704,375
Rate
(22%)
(2254%)
(20%) (10 1-18%)
$1,765,000 $1,799,750 $1,614,000
Total deductions
$883,375
Balance, surplus
$352,012
$55,733
$48,896
$2.057
Earns, per sh.on 280.000
shs. (par $25) corn.
stock outstanding
$12.07
$10.96
$10.76
$5.67
a Including the Canadian and English companies before deducting
income tax of United States and Canadian companies.
b Net operating profits, including the Canadian and English companies,
reducing the profits of the English company to and valuing the current
assets in South America at the current rate of exchange,and before deducting
American or Canadian income taxes.
THE TOREINGTON CO. (OF CONN.) AND ITS SUBSIDIARY CORPORATIONS CONSOLIDATED BALANCE SHEET JUNE 30.
Assets-1927.
1926.
1925.
Real est. & bldge.. $1.237,553; mach.
& et11111).. $2,323,573: less res, for
depreciation, $1,843,289
$1,717,837 $A.833,799 $1,780.152
Good-will
a1,000,000
1,250,000
1.500.000
Net assets of English & German subs..
935,888
991,855
952.948
Investments in sundry stocks
36,943
36,902
36,883
Invent, of material, supplies, &c__ - _ 2,094,323
1,977,483
1,844,046
Bills & accts. rec.,less reserve
1,311,468
1.098,980
1,159.124
U. S. & Canadian Govt. securities
2,658,556
2,249,337
1.685.096
Cash
1,320.185
1,274,148
2,060,073
Deferred charges
35,510
35,575
29,858
Total assets
Liabilities
Common stock
Accounts payable
Reserve for taxes
Surplus
$11,110,710 $10,748,079 $11,048.178
$7,000,000 $7.000,000 $7,000,000
714.373
470,822
379,170
274,020
228,599
314,000
3,122,317
3,048,658
3,355,008
Total
$11,110,710 $10,748.079 $11,048,178
a Good-will, $1,250,000; less amount written off, 8250,000.-V. 124,
p. 3787.
Power Corporation of Canada, Ltd.
(Second Annual Report Year Ended June 30 1927.)
-Y
The second annual report of the Power Corp. of Canada,
Ltd., for the fiscal year ended June 30 1927, shows substantially increased earning power for this new organization,
which is a holding company for hydro-electric industries
located in different parts of the Dominion. The companies
in which it is interested either through stock control or a
substantial stock interest are located in the Provinces of
Quebec, Ontario, Manitoba and British Columbia.
Besides the revenue the company derives from dividends on the shares
It owns in subsidiary and other companies, a number of
departments are
maintained and staffed with experts whose services are available for the
different companies requiring such from which there is additional revenue.
This work includes engineering and appraisals, and the operation
and
management of power companies. A subsidiary company has charge of
customer and employee, conducting stock ownership campaigns when such
are required.
The profit and loss account shows that for the past year gross revenue
was more than double that of the previous year and the same is the
with total assets. Gross revenue rose from $324.477 to $796,635, case
net earnings increased from $246,386 to $661.452 and the surplus afterwhile
payment of 6% on the $5,000,000 first preferred stock issue outstanding
amounted to $444,313. Added to the previous surplus of $100,032, the total
came to $545,245, which was carried forward to next year. Preferred
outstanding in the previous year was $2,500,000. Although earned stock
there
was no distribution on the $2,500,000 non-cumulative 6%
Participating
preferred, which has a par value of $50 per share. Allowing for
on this issue the balance applicable to the common stock was dividends
slightly in
excess of $2 per share.
In the report of the President. A. J. Nesbitt, some interesting
details are
given of the progress of the various companies in which the corporation
is
interested. East Kootenay Power. it is stated, has had gross
earnings almost 10% greater than in the previous year. Additions to plant
have been
completed and total capacity is now 22,000 horse power, besides
6,700
horse power in steam driven plant.
1832
THE CHRONICLE
[VOL. 125.
Winnipeg Electric continued to show improved earnings and results
Brooklyn City Railroad Company.
so far in 1927 indicate that 1927 will be no exception. Reference is also
made to new contracts received by Manitoba Power, subsidiary of Winni(73d Annual Report-Year Ended June 30 1927.)
peg Electric.
INCOME ACCOUNT YEARS ENDED JUNE 30.
Conditions in Hamilton and district served by Dominion Power & Transmission have shown considerable improvement and the outlook for the pres1926-27.
1925-26.
1924-25.
1923-24.
ent year is very encouraging. New equipment has been added to the Passenger revenue
$11,460,570 $11,399,284 $11,363,196 $11.774,853
services.
Other car revenue
15
90
85
75
In the districts served by Canada Northern Power Corp. in the mining
camps of Porcupine, Kirkland, Cobalt, Gowganda, South Lorrain and the
Total transp.revenue_311,460,585 $11,399,374 $11,363,281 $11,774,928
latest development in Northern Quebec around Rouyn, marked progress Advertising & other priv. $100.000
$96,000
$96,666
8100,818
Is being made and power requirements are steadily increasing. An addi- Rent of land, buildings,
tional 10,000 h.p. is being added to the Quinze plant and 20,000 h.p. is as
tracks, terminals, &c_
72,556
181,055
202,882
184.662
yet undeveloped. Ottawa and Hull Power and its subsidiary, Ottawa Sales of power
y17,785
River Power, have an installed capacity of 60,000 h.p. and have enjoyed Miscellaneous revenue
835
821
1,516
2,691
a steady increase in load. In June of this year this was about 17% greater
than It was at the same time last year.
Total oper. revenue_ _$11,651,760 $11,677,916 $11,663,679 $12,063,099
Maint, of way & struc__ $1,361,543 $1,327.310 $1,407,398 $1.243,751
Mr. Nesbitt concludes his report as follows:
Maint. of equipment___ 1,177.233 1.216,428 1,441.866 1.584,102
1.119,830 1,047,849
953,423 1.026,069
"Your company has continued to render valuable assistance to many of Power
4,306.739 4,219,641 4,143,845 4,111,428
the operating companies in which it is interested and in many cases the value Operation of cars
636,748
583.184
361,893
of these services is being shown in a very tangible manner. Your engineer- Injuriestoperson& prop. x854,158
506,554
515.130
547,982
530,008
ing department has supervised the design and construction of many exten- General & misc.expenses
sions to plant and equipment which have been most satisfactory."
Total oper. expenses__ $9,326,057 $8.963.105 $9,077,698 $8,857,250
The report also contains a statement showing the combined and net
earnings of the utility companies which Power Corporation controls or is Income before taxes_ _ _ _ $2,325.703 $2,714.811 $2,585.981 $3,205.849
714,542
768,707
775.364
849,553
substantially interested in. which Is indicative of the magnitude of its oper- Taxes assignable to oper.
ations. Combined gross for the fiscal period ended 1927 was $14,681,610.
Operating income_ _ _ _ $1,611,161 $1,946.104 $1,810,617 $2,356,296
compared with $12,974,984 for 1926, while net increased from $1,891.703
Non-operating income__
72,493
92,855
101,941
163.160
to $2,072,651. Total k.w. hours generated rose from 850,000,000 to 1.153,262,000 and total plant capacity from 400,000 h.p. to 436,600 h.p. ProGross income
$1,683,654 $2,038,958 $1,912,558 32,519,456
jects under development total 48,000 h.p.; undeveloped sites comprise
$512,493
$500,811
8282,688
$308,158
263,000 h.p., and total ultimate capacity of plants is 747,600 h.p. Power Interest
25,045
79,276
204.833
209,578
Corporation owns 33.67% of the outstanding common stock of these utilities. Rent of cars, tracks, &c...
25,529
36,136
13.461
Accompanying the report are consolidated statements of the financial Other deductions
positions of the various companies in which Power Corp. is Interested.
Net income
$1,120,587 $1,422,736 $1,411,576 $2,010,720
799,928 1,279,870 x1,339,855 $1.200,000
See also the advertising pages of this issue and last week's Dividends paid
"Chronicle," page 1711.
Balance, surplus
$320,659
$142,866
$71,721
$810.720
Shares of capital stock
outstanding(par $10)_ 1,600,000 1,600.000
1,600.000 1,200,000
Interborough Rapid Transit Company.
Earns.persh.on cap.stk.
$0.89
$0.70
$0.88
$1.29
x in addition, in Sept. 1924. a stock dividend of 33 1-3% was paid.
(Annual Report
-Year Ended June 30 1927.)
y Sale of power amounting to $13,345 was deducted from operating expenses
COMPARATIVE STATEMENT OF OPERATIONS FOR YEARS for the year to June 301926. z For 1927 actual expenses;for 1926,$173.439
-V.125. P. 799.
additional charged to casualty and insurance reserve.
ENDING JUNE 30.
•
1926-27.
1925-26.
1924-25.
1923-24.
American Sumatra Tobacco Corporation.
Miles of road June 30__ 116.65
115.67
114.79
114.79
Miles of track June 30388.02
385.85
382.96
378.68
(First Annual Report-Year Ended July 31 1927.)
Passengers carried _ _ - _17,173,646.256 .1130484647 1089544225 1074343243
Gross oper. revenue_ _ _ _$63,316,088 $61,708,814 $58,418.991 $57,773,775
President Louis Leopold says in brief:
Operating expenses
a35.575,666 33,540.813 33,088.385 33,841,415
The crops of
Taxes
3,506,823 3,350,783 3,299,590 2,763,530 and have been this season, both in the North and South, are of good quality
harvested and safely housed and are now in the process of
being cured and packed, and will be ready for the market the latter part
Operating income_ _ _ 424,233,600 $24,817,219 $22,031,016 $21,168,831 of this year. The prospects for the
coming year look bright.
Other income
257,176
276,980
292,200
402,763
CONDENSED CONSOL. INCOME ACCOUNT YEAR ENDED JULY 31
Gross income
$24,490,775 $25,094.198 $22,323,216 $21,571,593
1927.
Int. & s. f. on city bonds 2,655,569 2.655,186 2,644,905 2,610.999 Gross profit on sales
31.097,118
Int. on co. 1st & ref. 5s..- 8,097,967 8,074,067 8,070,962 8,066,992 General and selling expenses
147,595
S.f. on co. 1st & ref. 5s_ _ 2.375,996 b2.453,753 b2,217,080 1,2,170,556
Net operating profit
Int. on Man. Ry.con. 4s 1.627,320
1,627,320
1,627,320 1.627,320
$949.523
3,066,486 3,065,310 2.723.877 Interest earned, net of interest paid
Div.rental Man.Ry.stk. 3,088,756
845.907
3,696.459 3.792,346 3,550.852 3,300,672 Other income, net of deductions
22,472
Other interest, &c
Net income
$21.540,066 $21,669,158 $21,176,429 $20,500,416
$1,017,902
82,950,709 $3,425,040 $1.146,787 $1.071,177 Provision for Federal tax
77.408
1.479,821
981,346
1,492.296
1,430,203
Net income
$940.494
Balance
sur$1,470,888642,443,695 def$345,508 def$359,026 Preferred dividend
81,617
Earns. per sh. on 350,000
Balance, surplus
shs.(par $100)cap.stk.
$4.20
$6.98
Nil
Nil
$858,877
Earnings per share on 175,000 shares of no par corn stock outst'g
$4.91
a From the commencement of operations under Contract No. 3 and the
CONSOLIDATED BALANCE SHEET JULY 31 1927.
related certificates, respectively, it has been the practice to include in all
reports of operating expenses 14% of the gross operating revenue upon the
Assets
7% cumul. preferred stock_81,500,000
Manhattan Division and 17% on the Subway Division to cover maintenance Plants & other properties, Inand depreciation. These are the percentages fixed for the first year of
eluding livestock & equip-$2,530,527 Common stock
x1,225,000
operation in each case. Negotiations have been pending between the Cash in banks and on hand__ _ 176,418 Accounts payable
44,508
company and the Commission ever since the end of the first year to deter- Call loans (secured)
400,000 Accr. local & State taxes, &a34,146
mine what, if any, changes in these percentages should be made for subse- Time loans (secured)
400,000 Accrued payrolls
13,335
quent years. Prior to July 1 1923 the amount expended in excess of 14% Notes receivable
197,623 Federal income taxes
77,408
upon the Manhattan Division was approximately offset by the amount Accounts receivable (less res've
Divs. pay. on 7% cum. pf. stk.
26,250
under 17% expended upon the Subway Division, but during the current
Reserve for self insurance
26,200
for disc. & doubtful accts.,
725,724 Initial surplus
year the net expenditures of both divisions were considerably in excess of
2,349,271
$2,826)
11,765 Earned surplus
the tentative percentages provided for the first year. The net expendi- Tobacco on hand
858,877
tures for maintenance in excess of the amounts therefor, included in "oper- Crops harvested and in process
ating expenses." are shown hereinabove as "maintenance expenditures in
1,509,322
of harvesting, at cost
84,480
excess of contractural provisions."
Supplies
b Under the plan of readjustment, payment of the sinking fund was de- Unexpired insur.& prepd. tax_
68,456
ferred from Jan. 1 1921 to July 1 1926 on condition that, prior to that date, Notes reedy., due subsequent
an amount equal to the deferred sinking fund be expended on additions or
50,680
to Aug. 1 1928
Improvements to the property.
86,154,995 Total
$6,154,995
Total
RESULTS BY DIVISIONS FOR YEARS ENDED JUNE 30.
-9. 124. D. 2593.
x Represented by 175,000 shares of no par value.
1926
1927
Man. Ry.
Subway
Man. Ry.
Subway
Year end. June 30Division.
Division.
Division.
Division.
Passengers carried
359,019,660 814,626,596 346,204,574 784,280.073
Daily aver. pass. carried
948.506 2,148,712
983,615 2.231,854
Rev, from transporta'n_$17,950,983 540.731.330 $17,310,229 $39,214,004
1,754,937 3,429.645
Other street ry. op. rev- 1,568.695 3,065,080
Total deductions
Net income
a Accruals
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Gross oper. revenue $19,519.678 $43,796,410 $19,065.166 $42,643,649
Maint. of way & struc $1,284,395 $2,903,702 $1,254,488 $2,827,274
1,414,635 4,422,146
Maint. of equipment__ - 1.448.260 4,541,688
278
277
228
178
Traffic
Transporta'n expenses_ - 8.173,095 13,917.733 7,571.049 13.024,058
1,224,537 2,081.751
1,063,202 1,963.405
General expenses
Total open expenses_412.130.615 $23.445.051 $11,303,652 522.237.161
Net oper.revenue
7.389,063 20.351,359 7,761,514 20,406,488
Taxes
2.429,222 1,077,601
2,435,505
915,278
Income from oper
Non-oper. income
$4,959,842 $19.273,758 $5,326,009 $19,491.210
192,019
75,434
181,742
84,960
Minneapolis St. Paul & Sault Ste. Marie Ry. Settles Controversy with
-Strike by 2,000 trainmen averted as
Brotherhood of Railroad Trainmen.
parties reach agreement over alleged violation by road of union labor
contract. "Wall Street Journal" Sept. 23 and Sept. 26.
-Class I railroads on Sept. 15 had 161,968 surplus freight
Car Surplus.
cars in good repair and immediately available for service, the Car Service
the American Railway Association announced. This was a
Division of
decrease of 13,736 cars compared with Sept. 8, at which time there were
175,704 cars. Surplus coal cars on Sept. 15 totaled 38,467, a decrease
of 6,279 within approximately a week, while surplus box cars totaled
88,951, a decrease of 7,256 for the same period. Reports also showed
16,560 surplus stock cars, a decrease of 12 cars below the number reported
on Sept. 8, while surplus refrigerator cars totaled 10,946. a decrease of
509 for the same period.
Matters Covered in "Chronicle" Sept. 24.-(a) Revenue freight car loadings
lower on account of holiday, p. 1636. (b) Centenary exhibition and
pageant of Baltimore & Ohio RR. Sept. 24-Oct. 8
-"Fair of Iron Horse,"
p. 1662. (c) New York Central RR.'s latest "Hudson" type to represent
company at Baltimore & Ohio's centenary exposition, p. 1663.
$5,035,276 $19,455,450 $5,410,969 319.683.229
Gross income
2,655,186
Int.& sk.fd. on city bds.
2,655,569
Int.on I. R.T.Co. lst S;
1,457,159 8,640,807
1,445,244 6.628,823
ref. mtge.5% bonds
Sk.fd. I. R.T. Co. 1st &
631,949 1,821,804
611.810 1,764,188
refunding 5s
1,082,563 1,280,222 1,088,456
1,290,617
Int. on 7% notes
Bangor & Aroostook RR.
-Stock.
21,900
31,390
517,347
504,999
10-yr.6% notes_
Int. on
-S. C. Commission on Sept. 22 modified its previous order, 131
The I.
215,825
291,322
Int. on equip. tr. ctfs_
I. C. C. 93, by authorizing the company to sell, upon competitive bidding
Int. on Man. Ry. cons.
or at the current market price, but at not less than $60 per share, the
1,627,320
1,627.320
mtge. 4% bonds
unsubscribed portion of the 29,360 shares of its common stock authorized
Int. on Man. Ry. 2nd
-V. 125. p. 1320. 1046.
to be issued.
180.920
180,920
4% bonds
mtge.
50,000
50.000
Man. Ry.rental (organ.)
-Director.
Boston & Albany RR.
Div. rental on Man. Ry.
Robert 'Romans of Boston, has been elected a director, to succeed the
3,066,486
3.086.756
Co. stock
Charles S. Sargent of Brookline, Mass.
48,800
48,800 late
Int. on inv, of depr. resAt the annual meetings of the Chester & Becket RR. and the Pittsfield
27.772
39,453
41,539
17,482
Int. on unfunded debt
240,453
5,567 Sr North Adams,leased lines of the Boston Sr Albany RR., Allan Forbes of
3,739
Other rent deductions__ _
228,718
Dedham, Mass., and Charles F. Adams of Boston were added to the
-V. 12k. p. 1188.
Total Inc. deductions_ $8,374,118 $13,165,948 88,380,500 $13.288,658 directorate.
Net corporate income_def$3,338,843 $6,289,551 df$2,969,531 $6,394,571
-Bonds Authorized.
Boston & Maine RR.
Maint. expend, in excess
-S. C. Commission on Sept. 22 authorized the company to issue
The I.
1.156,348 Cr.175.002
of contrac'l provisions 1.570.287
Cr.90,466
$30,942,000 let mtge. 5% gold bonds, series AC, to be disposed of at not
Balance
def$4,909,130 $6,380,017d1$4,125,878 $6.569,573 less than 90.25, in connection with the refunding of certain bonds. (See
offering in V. 125, P. 1320.)-V. 125, P. 1703. 1576.
-V.125. p. 1708.
OCT. 1 1927.]
THE CHRONICLE
1833
decided whether
the Marshall Field Warehouse until it
-Tentative Varn. received from Chicago or the Chicago & Alton is is finally to the funds.
Brooklyn Eastern District Terminal.
entitled
the Joliet &
-S. C. Commission has placed a tentative valuation of $4,523.577 V. 124. p. 2275.
The I.
on the property of the company used for common carrier purposes, as of
was valued at $64,449,
Dec. 31 1919. The property owned by the road
-Final Valuation.
Middletown & Unionville RR.
and the remainder is leased from private parties. ("U. S. Daily.")-V.
-S. 0. Commission has placed a final valuation of $322,847 on
The I.
108, p. 1935.
the owned and used properties of the company as of June 30 1916. and of
- property used but not owned 3102.000.-'V. 115, FI• 1837.
-Tentative Valuation.
Butte Anaconda & Pacific RR.
-S. C. Commission recently placed a tentative valuation of $7.The I.
-Increases /nu.
New York New Haven & Hartford RR.
070.414 on the property of the company as of June 30 1920.-V. 124. P.
See Old Colony RR. below.
1215.
The Bankers Trust CO. has been appointed registrar for the preferred
-V. 125, p. 1704.
stock of the New York, New Haven dr Hartford RR.
-Listing.
Erie RR.
-Listing.
The New York Stock Exchange has authorized the listing of $50,000.000
New York Central RR.
ref. & impt. mtge.5% gold bonds series of 1927.
The New York Stock Exchange has authorized the listing of $38,325.000
Income Statement Year Ended June 30.
additional capital stock (par $100 per share), on official notice of issuance
and payment In full, making the total amount of carital stock applied for
1926.
1927.
$112.366,571 $104.987.628 to date $421,583,235. The $38,325,000 of common 8 ,ck has been offered
Operating revenues
86.123.882 to stockholders of record Aug. 10 at par, to the extent of 10% of their
91.377.338
Operating expenses
4,053.268 respective holdings. Subscriptions will be received by the General Treas4.413.238
Tax accruals
47.891 urer of the company in New York and by Morgan, Grenfell & Co.in London
32,944
Uncollectible revenues
until Nov. 1 1927, at the close of business, on which day the right to sub$16,543.052 314.762.588 scribe will terminate. Payment in full must accompany subscriptions.
Operating income
75.691
144.429
Equipment rents (dr.)
Income Account 7 Months Ended July 31 1927.
417,060
410,110
Joint facility rents
3139,084,591
Freightrevenue
57,040,469
316,808,733 $15,103.956 Passenger revenue
Net railway operating income
4.702.521
Mail revenue
Non-operating Income
6.652.564
$51.323 Express revenue
$44,771
Income from teat(' of road
8.916.961
415,273 All other transportation revenue
463,921
Miscellaneous rent income
8,181.063
Incidental revenue
147
98
Miscellaneous non-oper. physical property
Dr.382.003
948.111 Joint facility revenues
110,871
Separately operated properties (profit)
1.428.137
6,843.629
Dividend income
3224.196.166
Total operating revenues
164,378
1,146.637
Income from funded securities
$30.532.499
176.500 Maintenance of way and structures
236.793
Income from unfunded securities & accounts-46.273.428
Maintenance of equipment
6.755
6.847
Income from sinking and other reserve funds
2,910.467
31,987 Traffic
36.322
Miscellaneous income
78,723,004
Transportation
3,291.261
operations
$25,698.622 $18,326,567 Miscellaneous
Gross income
8,271,559
General
Deductions
179,719
-Credit
$2.340.383 $2,358,335 Transportation for investment
Rent for leased roads
311.059
473,581
Miscellaneous rents
3169,822.498
Total operating expenses
84.466
122,395
Miscellaneous tax accruals
654,373.668
Net revenue from operations
423,748
Separately operated properties (loss)
15.119.182
10,245.227 Taxes
10,238.068
Interest on funded debt
69.886
1,002,988 Uncollectible revenues
858.514
Interest on unfunded debt
4,097.080
63 Hire of equipment
4.087
Amortization of discount on funded debt
1,744.319
-Credit
5,109 Joint facility rents
5.524
of investment organization
Maintenance
102.878
91,867
Miscellaneous income charges
336.831,838
Netrailway operating income
$4,216,442
$11,140.455
Net income
Comparative Balance Sheet.
1,167.018
1.419,836
Income applied to sinking funds
31 '27. Dec. 31 '26.
July
July 31 '27. Dec. 31 '26.
Liabilities
Assets
$3.049,425
39.720.619
Balance
Inv. In road__ -554,287,951 544,149,804 Capital dock _383,258,235 383,258.235
General Balance Sheet June 30.
Inv.in equipm't 391,299,506 383,535,155 Prem.on cap.stk. 4,396,850 4,396.850
Equip. obliga'ns 72,857,056 77.683,924
Impt. on leased
1926.
1927.
1927.
1926.
ry. property _ _134,192,592 128,506,924 Mortgage bonds 599,135,000 599,138,000
Liabilities
$
Assets$
Misc. obliga'ns_ 17,576.200 17,560,200
Inv.in rd. & eq_323,866,146 319,550,524 Common stock.124,406,500 112,481,900 Depos. in lieu of
137,906 Non-nego. debt
152.832
mtg.prop.sold
let pref. stock__ 47,904,400 47,904,400
Impta. on leased
to affil. cos._ 11.000,000
I ry. property__ 42,216,314 38,599,138 2d pref. stock__ 16,000,000 16,000.000 Misc. phys.prop. 12,904,312 12,419,666
Traf. & car-ser1,227 Equip. tr. °Mitt _ 19,310,300 21,514,900 Inv,in affil. cos.:
2,223
Sinking funds__
vice bal. pay_ 2,688,612 3,143,044
157,633.847 157,371,767
Stocks
Mortgage bonds 198,636,700 154,666,000
Depos. In lieu of
11,357,490 10,086,603 Audited acc'ts &
Bonds
248,390 Coll, trust bds__ 14,672,500 15,954.500
265,178
mtg.prop.sold
36,489,016
wages payable 23,037,538 27,322.289
38.087.073
20.299,450
Notes
620,147 Collateral notesMisc. phys.prop. 668,185
Advances__ - 59,339,871 59,975,063 Misc. acc'ts pay. 4,354,349 3,395,112
Miscell. oblige.- 1,992,028 1,306.602
Inv. in affil.cos.:
Int. mat'd unpd. 2,339,139 2,540,082
Stocks
93,426,514 93.325,748 L'ne & bills pay_ 10,086,000 15,553,000 Other investmla:
42,683,268 32,934,106 Divs, matured,
Stocks
37,918,589 38,622,989 Traffic & car serBonds
199,308
7,849,727
1.607.397 unpaid
1,508,447
Bonds
vice bale. pay. 4,464,866 4,579.035
764,300 1,014,300
Notes
2,495.906 3,630,906 Fund, debt maNotes
Advances_
19,950,757 19,470,819 Audited acc'ts &
8,090
9,590
412,614 tured, unpaid
412,529
Advances__
wages payable 8,531,075 13,069,880
Other investla:
13,401 Unmatursd dive.
12,445
407,304
Miscellaneous
902,338
717,931 Misc,sects pay.
716,515
L Stocks
6,706.954
declared
20,836,263 23,936.394
6,300
6.300 Int. mat'd unpd. 2,269,431 2,311,927 Cash •
L Bonds
515,211 I7nmatured int.
512,683
Special deposits_
k Advances_ _.639 Divs. matured,
664
6,054,176 5,960.897
16,074
accrued
5,330 L'ns & bills rec19,850
I Miscellaneous
5,330
tutpald
17,597
48,245
Unmatured rents
Traffic & car-serCash
30.699.995 9,569.024 Funded debt ma2,214.952 1,102,604
445,599
accrued
449,725
277.969
5,000
vice bal. rec
tured, unpaid
639,501 2,495,160
Special deposits_
0th.cur. nab_ __ 8,062,000 7.135,825
Net bal. rec. Cr.
28.397 Unmat'd int. acLoans & bills rec.
1,849,898 1,953,120
agents& cond. 4,182.572 4.614.375 Sundry def. Bab. 18,229,386 18,068.792
crued
Traf.& car-serv.
Misc. acc'ts rec. 10,838,647 13,183,310 Tax liability _ __ 15,060.289 13,836.533
bals. receivle. 5,882.444 6,172,410 Unmat'd rents
651.193 Mat'is & suppL 36,149.684 35,518,630 Ins. & cas. res.- 1,055,032 1,031,586
402,091
accrued
Net bals. rec. Cr.
356.031 Int. & dive. roc_ 4,189,965 7,167.689 Oper. reserves_ - Dr.484,170
371,687
785,168 0th.cur.liabils.
551,881
1••• agts. & cond's
544,804 Rents receirle_
379,968 Accr. depr. (rd.) 1,466,305 1,315,110
314.369
463,340
Misc, mole rec _ 6,147,320 5,799,779 Other derd liab_
660,878 Accr. depr. (eq.)109,120,525 101,731,698
560,158
2,308,535 2.009,481 0th. curr. assets
Mat'l & supplies 8,926,680 10,502,116 Tax liability335,628
295,751 Oper. reserves_ Cr.246.619 Cr.154,111 Deferred assets_ 4,324,846 4,080,433 Accr. depr.(mitt,
Int. & diva. rec.
765,131
881,436
phys. prop.)-170,488
Other cur. assets
186,296 Accr. depr.(eq.) 31,757,559 28.669,326 Rents & ins, pre.
76.718 0th. unadj. crab 23,936,983 27,215,455
527.895
paid in adv.__
Wkg.fund advs.
34.877
36.332 0th. unadj.cred. 2,405,490 2,585,331
Disc. on fd. debt 11,659,881 11,958.822 Add'tut to prop.
Ins.& 0th. Ids_
153.580 Add'na to Prop.
177,049
thruinc.&sur. 1,162,488 1,055,582
0th. ulna deb. 16,168,845 17.510,366
0th. derd assets
thru. income
165.553
188,127
Misc, fund. res_ 1,413.487 1,325.952
9,257,717 8,863,293 Secure. acq'd Zr.
and surplus
Umtdjust. debits 1.866,468 4,463,418
125,001 Prof. & loss bal.200,056,511 185,439,567
125,001
lessor cos.-Fund. d't retired
661,020
Secure. acq'd Sr.
744,965
thru.lne.&sur.
125,001
125.001
lessor cos_ _Skg. fd. reserve.. 19,696,303 18,360.412
Prof. & loss bal. 57,250,381 61,887,456
15168.56697 14914.59796
1516856698 1491459796
Total
Total
575.447,815 552,871.308 -V. 125, p. 1704.
Total
Grand total..575,447,815 552,871,308
-V. 125. P. 1704.
-Sale of Stock Approved.
Old Colony RR.
The Massachusetts Department of Public Utilities has approved the
-Tentative Valuation.
Erie Terminal RR.
valued the owned but not used Petition of the New York New Haven & Hartford RR. to acquire 8,917
The L-S. C. Commission has tentatively
The property shares of the Old Colony RR. stock at $137.25 per share, including all
Property of this company at $520,000, as of June 30 1918. Western Ry.
expenses.
is leased to the Erie RR.and the New York Susquehanna &
A special meeting of the stockholders of the Old Colony RR. has been
called for Oct. 13 to approve an issue of 9,274 additional shares, the proceeds
-Final Valuation.
Etna & Montrose RR.(Pa.).
additions and improvements made by the
final valuation of $195,000 on the to be applied to the payment of terms of the lease. The new stock, when
-S. C. Commission has placed a
The I.
New Haven in accordance with
owned and used properties of the company as of June 30 1918.-V. 124, approved, will be sold at public auction. In December, last, stockholders
P. 2902.
approved an issue of 8.917 shares, which were sold at public auction on
-Final Valuation.
Aug.3at 13736 a share to Homblower & Weeks, which later disposed of the
Grand River Valley RR.
-V. 125, p. 1322, 778.
-S. C. Commission has placed a final valuation of 3260.25000 the stock to the New Haven Railroad, (see above).
The I.
as of June 301919.-V. 4. P• 866.
owned and used property of the company,
-Final Valuation.
Rutland RR.
-To Retire $823,300
-S. C. Commission has placed a final valuation of $21,025,000 on
The I.
-Great Northern RR.
International
the owned and used properties of the company,as of June 30 1927.-V. 125.
Series A Adjustment Mortgage Bonds.
p.910.
William H. Williams. Chairman of the New Orleans Texas & Mexico Ry.,
-Listing.
-San Francisco Railway.
St. Louis
which under agreement has guaranteed payment of interest on the International Great Northern RR. series A adjustment mortgage bonds, anThe Now York Stock Exchange has authorized the listing of an additional
nounces that certain of these bonds, aggregating 6823,300. have been $644.500, prior lien mortgage,5% gold bonds, series B,due July 1 1950. on
called for redemption on Dec. 1 1927 at 85 and interest from Jan. 1 1927 to official notice of issue and sale; making the total amount of series B bonds
Dec. 1 1927 at the rate of 4% annually. On this basis, the holder of each applied for $25,644,500. The series B bonds applied for are to be issued to
$1.,000 bond will receive 6888.67 upon redemption.
purchase the outstanding capital stock of Butler County RR.
The announcement states that delivery of the adjustment bonds bearing
Results for 6 Months Ended June 30 1927.
the April 1 1928 coupon and all subsequent coupons, must be made at the
Broadway, New York Railway operating revenues
$43.653.966
office of the New Orleans Texas & Mexico Ry., 120
31,596.955
City. Should the drawn bonds not be delivered upon the redemption date, Railway operating expenses
coupons maturing after Dec. 1 next will be void except in the hands of
all
312.057.011
Net revenue from railway operations
the New Orleans Texas & Mexico Ry., and until such delivery is made to
2.391.877
the latter company the bonds and coupons will not be enforcible for any Railway tax accruals
Cr.75.068
-V. 124. P. 2582.
Other operating charges
purpose.
-New President-Sutt.Joliet & Chicago RR.
Samuel S. Walker has been elected President, taking the place of his
father, who died last spring, and Hugh G. M. Kelleher, a member of the
firm of Joseph Walker & Sons, has been elected a director.
Counsel for the road reported at the meeting of the board held this week
that the case for the plaintiff had been practically completed in the suit
instituted by the Joliet & Chicago RR. for the cancellation of its lease to
the Chicago & Alton RR.,and the reparation of various alleged breaches of
the lease. The only item of proof remaining to be offered for the plaintiff
related to the payment of income taxes on the Joliet & Chicago Rit• dividends, by its stockholders, which the road claims should have been paid
by the Chicago & Alton RR., under terms of the lease. It is expected that
this testimony will be taken soon. As one result of the suit, the Chicago &
Alton receivers have been directed by Judge Carpenter to hold the rents
Net railway operating income
Non-operating income
Gross income
Deductions from gross income
Interest on fixed charge obligations
Interest on cumulative adjustment mortgage bonds
Interest on income mortgage bonds
Balance
Dividends on preferred stock
Dividends on common stock
Balance
$9.740.202
669,865
310.410,067
295.799
5.500.813
1.216.017
1.055.160
$2.342.278
427.260
3,043,731
Def.$1,128,713
1834
THE CHRONICLE
Consolidated Balance Sheet.
June 3027. Dec. 31'26.
June 3027. Dec. 31'28.
Assets$
$
Liabilities$
8
Invest. in road__ _319,534,727314,754,785 Common stock__.65,543,226 50,447,026
Invest.in equip___96,194,774 95,518,308 Preferred stock__ 7,554,700 7,557,500
Sinking fund cash_
24,712
555 Equip. tr. oblig_ _19,312,000 20,786,000
Deps.in lieu of mtg.
Mortgage bonds__201.722,115201,253,765
property sold__ _
6,893
6,828 Coll. tr. bonds... 3,022,000 3,022,000
Miscell. phy. prop. 697,970
675,441 Income mtge. bds_80,043,923 80,153,223
Inv.In Mill. cos.Miscellaneous_ _ _ _
100,000
Stocks (pledged)._ 202,336
202,336 Collateral tr. notes
Notes
100,079
107,040
acct. Rock Is.stk 5,000,000 5,000,000
Advances
124,020
119,762 Traffic&car service
0th. invest.balances payable 1,075,505 1,490,946
Stocks
10,510,945 10,510,892 Audited ace'ts &
Bonds
29,000
wages payable.. 5,641,847 6.248,904
Notes
80,859
80,859 Miscell. welt;pay. 245,298
328,483
Advances
23,000
28,306 Int, mat. unpaid_ - 3,936,653 3,981,569
Cash
8,220,787 8,472.181 Divs, mat. unpaid 1,334,881
35,281
Time drafts & deps. 7,500,000
Fund, debt mat.
Special deposits_ __ 1,407,239
80,674
unpaid
8,000
9.000
Traffic&car service
Unmat. dive. decl. 214,353
balances rec_ ___ 1.955,831 1,938,923 Unmat. int. fixer- 4,492,177 3,474,485
Net bal. rec. from
Unmat. rents accr.
583
583
agents &cond't's 558,783
628,390 Other eurr. Bab _- 275,400
508,418
Miscel. accts. rec.. 2,034,382 2,170,857 Other def. Ilab . 276,392
105,321
Material & supplies 6,156,630 5,283,578 Tax liability
3,203,740 3,242,570
Int. & dive. fee__
5,023
4,919 Insurance reserve- 682,041
605,592
Other curr. assets_
87,089
139,050 Accr. deprec.(road) 713,599
889,706
Deferred assets_ 339,731
339,849 Accr.depre.(equip.)28,376,97127,098,161
Unadjust. debits__ 3,019,449 2,428,646 Other unadjust cr. 2,387,808 2,407,336
Add.to prop.thro.
income & surplus 1,480,823 1.468,356
Fund, debt retired
thro. inc. & sur. 486,000
486,900
Sink, fund reserve 2,678,780 2,510,832
Miscell, fund res
20,000
20,000
Profit & loss, bal 18,958,443x20,594,147
Total
458,785,259443,521,177 Total
458,785,259443,521,177
x Before deduction of dividends declared payable in 1927.-V. 125. p.
1705.
St. Louis Southwestern Ry. Co.of Texas.
-Acquisition.
The I.
-S. C. Commission on Sept. 19 authorized the acquisition by the
company of control of the Stephenville North & South Texas By., by
supplemental lease.
-V. 121, p. 1567.
Stephenville North & South Texas Ry.-Lease.--
See St. Louis Southwestern By. Co. of Texas above.
-V.121. p. 1567.
Texas Southeastern RR.
-Final Valuation.
-
The I.
-S. C. Commission has placed a final valuation of $411,700 on the
owned and used property of the company as of June 30 1919.-V. 121. p.
1346.
PUBLIC UTILITIES.
American Electric Power Co.
-New Control.
-
See Pennsylvania Gas & Electric Corp. below.
-V. 123, p. 1872.
American Electric Power Corp. (Del.).
-Debentures
Offered.-Bonbright & Co., Inc., and A. C. Allyn & Co.
are offering at 99 and int., to yield about 6.05%,$6,500,000
6% convertible gold debentures, series A.
[Vor,. 125.
tax refund and such other varying or distinguishing provisions as may be
determined by the board of directors or executive committee, subject to
the restrictions of the debenture agreement.
Corporation also covenants that while any of its debentures issued under
said debenture agreement are outstanding, it will not issue any unsecured
evidences of indebtedness maturing more than 3 years from the date of
Issuance thereof not subordinated to these debentures, nor will It issue any
secured evidences ofindebtedness maturing more than 3 years from the date
of the issuance thereof without properly providing for the extension of such
security to the debentures issued under said debenture agreement.
Consolidated Earnings 12 Months Ended June 30.
[Of the properties owned by American Electric Power Corp. through
subsidiaries.]
1926.
1927.
Gross earnings, allsources
$11,211,397 $11.787,498
Oper. exps.,rentals, maint.& taxes(excl. Fed.tax) 7,603,579 8,044,873
Net earnings
$3,607,818 $3,742,625
Balance of net earns. (before renewal and replacement reserves, depletion and Federal taxes), applicable to securities ofsub.cos. owned by Amer.
Electric Power Corp.,after deduction of ann.int.
charges and divs, paid or accrued on the stocks of
sub. cos. now held by the public
1,745,622
1,818,958
Annual int. on $6,500,000 6% cony, gold debentures, series A,due 1957 (this issue)
390,000
Earnings, as shown above,for the 12 months ended June 30 1927, which
are exclusive of any gains from the sale of capital assets, were in excess of
4% times the annual interest requirements on these s% convertible gold
debentures, series A, due 1957.
$7 Preferred Stock Provisions -The $7 preferred stock into which the gold
debentures are convertible will be entitled to cumulative dividends at the
rate of $7 per share per annum in preference over the second preferred and
common stocks. Dividends of $1.75 will be payable Q.
-M. Stock will be
red, on first day of any calendar month on not less than 30 days' notice at
$110 per share and dive. Upon any dissolution, liquidation or winding up
of the corporation, whether voluntary or involuntary, the holders of this
stock shall be entitled to receive $100 a share plus dive, before any distribution shall be made to the holders of 2d pref. and common stocks. Except
as required by the laws of Delaware, the holders of this stock shall have no
voting rights; provided, however, that if the corporation shall have failed
to pay dividends on this stock for successive dividend periods totaling one
year,the holders ofthis stock shall be entitled to one Vote for each share held.
Whenever all arrears of dividends on this stock shall be fully paid the holders
shall have no right thereafter to vote, unless and until there shall be a new
and similar default in the payment of dividends.
Plant and Propertg.-The plants and properties of the subsidiary companies have all been well maintained and are in excellent and efficient
operating condition. The capacity of the electric generating plants totals
25,000 k.w. and service is rendered to some 30,700 customers by means of
260 miles of high-voltage transmission lines and over 308 miles of distribution system. The aggregate daily generating capacity of the gas plants
totals to 11,150,000 cu.ft. The annual output is in excess of 3,928,000,000
Cu. ft. of gas, which is distribuced to over 37,600 customers through about
1,000 miles of mains.
The ice properties consist of 19 manufacturing plants with an aggregate
daily capacity of 1,225 tons. The sales for the year 1926 approximated
182,000 tons. The transportation systems annually carry over 66,000,000
passengers and have an equipment of 319 cars operating over 212 miles
of track, 59 miles of which is interurban.
Franchises.
-The franchises where required by the subsidiary companies,
in the opinion of counsel, are satisfactory. The principal ones, in the opinion of counsel, are without limit as to time.
-There have been placed on the Boston Stock Exchange list
Listed.
$6,500,000 6% convertible gold debentures. series A "when issued."
See Pennsylvania Gas & Electric Corp. below.
-Company's Interest in
American Gas & Electric Co.
Dated Sept. 15 1927: due Sept. 15 1957. Int. payable M. & S. at
Acquired by Pennsylvania Gas &
Denorn. $1000, $500 and $100 c*. Red., all or part, on any int. date on American Electric Power Co.
-V.125, p.1578.
-See latter corporation below.
30 days' prior notice at 105 and int, prior to Sept. 161956 and at 100 and Electric Corp.
int. thereafter. Prin. and hit, payable at Bankers Trust Co., New York,
trustee. Interest is payable also in Chicago at the office of First Trust &
-Output. American Water Works & Electric Co., Inc.
Savings Bank. Corporation agrees to pay int. without deduction for any
output of the electric subsidiaries of this corporation for the
Net
Federal income tax not exceeding 2% per annum. Corporation also agrees month power
of August totaled 148,470,123 k.w.h., comparing with 120,846,818
to refund on proper application the Penn. 4
-mills tax, the Calif. tax not k.w.h. for the corresponding month of 1926, a gain of 23%. For the first
in excess of 4 mills, the Conn. tax up to 4 mills annually, the Maryland se- 8 months of 1927 net power output totaled 1,171,711,613 k.w.h., against
curities tax not exceeding 43 mills per annum, or the Mass, income tax 953,107,528 k.w.h. for the corresponding period of 1926, a gain of 23%.
not exceeding 6% per annum on income derived from the debentures.
-V. 125, p. 1458.
Convertible.
-Debentures are convertible on any interest payment date
up to and including Mar. 15 1938 into the $7 preferred stock of the corpora-Listing.American & Foreign Power Co. Inc.
tion at the rate of 10 shares of$7 pref. stock for each $1,000 of debentures.
The New York Stock Exchange has authorized the listing of 300,000 addiData from Letter of R. P. Stevens, President of the Company:
tional shares common stock without par value,on official notice of issuance
Corporation.
-Organized Aug. 1927 in Delaware. Has acquired practi- In exchange'for outstanding capital stock of Havana Corp., making the total
cally all of the common stock of American Electric Power Co. (of N. J.) amount of common stock applied for 1,700,000 shares.
and all of the voting stock of Pennsylvania Gas & Electric Corp. The corThe above stock will be issued to Electric Bond & Share Co. for 299,997
poration, through these subsidiaries, owns and controls a group of proper- shares of the common stock of Havana Corp.(representing all of the common
ties supplying a diversified public utility service in more than 100 com- stock of such corporation except directors' qualifying shares) by way of
munities having an aggregate population estimated to exceed 1,000,000. completing the acquisition byA merican & Foreign Power Co., Inc., of the
The communities served are either important industrial cities or are the cen- electric and gas properties in Havana.
tres of prosperous agricultural regions. The varied activities in these terriIndependently, and at its own cost and risk, Electric Bond & Share Co.
tories provide a broad and steadily growing field for the operations of the undertook to acquire control of Havana Electric By., Light & Power Co.
subsidiary companies.
which, with its predecessor company, had for many years supplied the elecElectric light and power is supplied to Wilmington,Del.,and to the nearby tric, gas and street railway service in the city of Havana and in certain
territory in Delaware, Pennsylvania:and Maryland. Thirteen communities adjacent territory. These efforts were directed to the acquisition of the
in eastern North Carolina, centring about Kinston nad New Bern, are also stock of Havana Electric & Utilities Co. and proved successful, Electric
supplied with electricity for light and power.
Bond & Share Co. having acquired all of the common shares and approxiManufactured gas is supplied to York, Pittston and 36 other cities and mately 78% of the cumulative preference shares of Havana Electric & Utilitowns in northern Pennsylvania,5 cities and towns in New York,5 cities in ties Co., this latter company owning, in turn, all of the stock of Havana
North Carolina and to a suburban district tributary to Washington, D. C. Electric By. Light & Power Co. except approximately 9,852 shares of 6%
Manufactured gas is also supplied at wholesale for distribution in Addison preferred sack and 9,990 shares out of a total of 220,000 shares of common
and Elmira, N.Y.
stock outstanding (which 9,990 shares are owned by Compania Cubans de
Natural gas lands are owned and leased near Oil City, Pa., and natural Electricidad, Inc.,one of the operating subsidiaries of American & Foreign
gas is furnished at wholesale in 011 City and at retail and wholesale in 7 Power Co. Inc.).
nearby communities. Transportation service is furnished to and about
After Electric Bond & Share Co.acquired control of the Havana situation,
•
Wilmington, Del.,and Media and Chester. Pa.,and to Springfield and Day- Havana Electric Ry. Light & Power Co. sold its street railway property
ton, Ohio. Manufactured ice is supplied 12 cities of Virginia, North Caro- and business to Havana Electric By.,devoting a portion of the consideration
lina and South Carolina. Among these are Portsmouth, Va., Winston- received to the redemption of its general mortgage bonds. By that same
Salem and Charlotte, N. C., and Columbia, S. C.
transaction the issue of bonds which was a lien directly on the railway propPurpose.
-Proceeds will reimburse the corporation in part for the purchase erties was assumed by the new railway company,freeing the gas and electric
of certain of the properties which comprise this system.
properties therefrom and leaving the new Havana Electric By., Light &
CapitalizationAuthorized. Outstanding. Power Co. with only $4,038,000 of bonds outstanding. all its holdings of
Electric Bond & Share Corp. subsequently disposed of
6% convertible gold debentures,series A,due 1957
to Havana Corp., a holding company
Havana Electric & Utilities Co.
(this issue)
$6,500,000 organized in Maine. receiving stock
in exchange therefor $35,667,646 in gold
10-yr. 6% debs. (subordinated to the 6% debendebenture bonds, series A, of the Havana Corp., bearing
tures, series A)
$9,000m0 $9,009,000 6% per annum, together with 99,997 shares of commonint. at the rate of
stock. NegotiaPreferred stock (no par value)
200,000 shs.
N
.one
Power Co., Inc., and officers
2d preferred stock (no par value)
15,000 abs. 13,700 abs. tions between officers of American & Foreignagreement whereby
in an
American
Common stock (no par value)
200,000 shs. 200.000 abs of Electric Bond & Share Co. resulted exchange
300,000 shares of common
& Foreign Power Co., Inc., agreed to
* Limited by the restrictions of the debenture agreement.
299,997 shares of the common stock of Havana Corp. Those
Restrictions of Issue.
-These debentures, series A, are the direct obliga- stock for of American & Foreign Power Co., Inc., who are in no way contions of the corporation, issued under a debenture agreement which pro- directors
nected with Electric Bond & Share Co., by their unanimous vote approved
vides among other things that additional debentures may be issued from
agreement contemplating this exchange, and, by like unanimous vote,
time to time as authorized by the directors or executive committee, but only the
valued the consideration thus received by American & Foreign Power Co.,
when consolidated net income, as defined in the debenture agreement,for a Inc., at not less than $10,132,000.
within the 15 calendar months immediately
Period of 12 consecutive months
preceding the application for the issuance of such additional debentures, Earnings 12 Months Ended June 30 (American c't Foreign Power Co., Inc.).
shall have been not less than 3 times the annual interest charges of the cor1927.
1926.
poration outstanding, including the interest charges of the debentures then Income from subsidiary companies:
Common dividends
proposed to be issued, but excluding interest charges of indebtedness subor$3,606,178
$868,305
dinated, as described in the debenture agreement, to these debentures.
824,854
Preferred dividends
795,002
3,043,478 2,320,827
Corporation is under contract with the present holders of the subordinated
Interest
10
-year 6% debentures, upon their request to purchase such debentures or Outside sources:
any part thereof, with the proceeds to be derived from the.sale of additional
dividends
13,320
Common
10,697
6% convertible gold debentures, series A, or under certain circumstances Preferred dividends
16,030
8,015
to exchange such debentures for 6% convertible gold debentures, series A.
26,043
Interest
27,032
whenever the ratio between the consolidated net income of the corporation Profit on sale of securities
4,575
and the annual interest charges of the corporation, as above defined, including the charges on such 6% convertible gold debentures, series A, so
$7,434,478 $4,029,877
Gross earnings
to be sold or exchanged, shall equal or exceed the ratio as shown in this cir- Expenses
315,777
$338,685
cular.
379,701
Interest
215,454
The debenture agreement also provides that debentures may be issued Preferred dividends
2,565,612
2,464,552
under said debenture agreement, in series, which may bear such dates, rates
& Foreign Power Co.
,Inc. $4,173,389 $1,011,187
Net earnings American
of interest, mature at such times and carry such redemption, sinking fund,
OCT. 1 1927.]
THE CHRONICLE
1835
Corp.,Cairo Water Co., Williamsport Water Co.,the Lexington Water Co.
Balance Sheet June 30(American & Foreign Power Co.,Inc.)
and St. Louis County Water Co.
1926.
1927.
1926.
1927.
Issued.
Authorized.
CapitalizationLiabilities
Assets
$3,800,000
x
debentures. series A
Investments(sec.).61,415,841 52,105.154 Cap.stk.(no par):67,924,266 56,874,764 6% gold
100,000 shs. y19.500 shs.
stock
633,814 $7 cumulative first preferred
650,119
400,432 Divs. declared_
770,877
Cash
100,000 shs. 100,000 shs.
stock, class A
Loans rec.(subs.)_17,237,191 12,248.528 Notes& loans pay.. 5,075,000 5,985,000 Common stock, class B
250.000 shs. 250,000 shs.
77,597 Common
19,291
688,949 Accounts payable_
250,577
Acets rec.(subs.)
x Additional debentures may be issued in accordance with the provisions
277,974
22,204 Accrued accounts.. 342,063
17,889
(others)
Acc'ts rec.
161,608 of the agreement. y The present market value of which is about $1,950,000
45,787
7,948 Reserves
Deferred debits_
5,635,848 1,462.459 based on current quotations.
Surplus
-The following is the consolidated earnings statement for the
Earnings.
-month period endedJune301927,
79.692,374 65,473,216 Community Water Service Co. for the 12
Total
79,692,374 65,473,216
Total
after giving effect to present financing, including earnings of the foregoing
x Represented by 371,882 shares of preferred stock, 114,019 shares of companies, but not including earnings from the ownership of 26% of the
second preferred stock, 1,243.988 shares of common stock (which includes common stock of the St. Louis County Water Co.:
$3.495.847
300.000 shares which the company Is obligated to deliver to Electric Bond Gross income
& Share Co., but which have not actually been issued). and456,012 option Oper. exp., maint.. prior charges of sub. and taxes (not incl.
-V. 125, P. 1458.
warrants.
2,806,848
Federal taxes)
Arlington & Fairfax Ry.-Organized,
$688,999
Balance
-V. 125, p. 846.
228,000
See Washington-Virginia Ry. below.
Annual int. requirements on $3,800.000 6% gold debs., see. A
to reimburse the company for expendi-Proceeds will be used
Purpose.
-Extra Preferred Dividend. Brooklyn Borough Gas Co.
for other corporate
in tures fn connection with the acquisition of properties and
The directors have declared an extra dividend of Oi cents a share
-V. 125, p. 1191, 1051.
addition to an initial quarterly dividend of 75 cents a share on the 6% cum. purposes.
partic. pref. stock. payable Oct. 1 to holders of record Sept. 19. Initial
-Rights, dec.
Connecticut Power Co., Hartford, Conn. the
distributions of like amounts were paid on this issue on July 1 last. The
company
Of the 13,000 additional shares of common stock which
regular quarterly disbursement of $1.50 a share on the common stock (no
proposes to issue. (a) 5,000 shares are to be sold for cash at par ($100 per
par value) was also declared payable Oct. 10 to holders of record Sept. 30.
stockholders of record Oct. 4 in the ratio of one new share for each
share) to
(Compare V. 125, p. 93.)-V. 125, p. 383.
9 shares then held, the proceeds to provide for the necessary increase in
(b) the additional
plant and system required by the growth of the company;Hartford
-To Pay Notes.
Central Illinois Public Service Co.
Gas Co.
exchanged for a block of stock of the
The $400,000 4V notes due Oct. 1 1927 win be paid off at maturity 8.000 shares to be
which has been offered. The directors consider this exchange of stock a
-V. 125, P.
at office of Halsey, Stuart & Co., Chicago and New York.
for the company to accept, and recommend the necessary
desirable one
1050, 911.
increase in order to effect the exchange on the agreed basis, namely 4 shares
of Hartford Gas Co. common stock for 1 share of Connecticut Power Co.
-Earnings.
Central Maine Power Co. (System).
common, and 83.5 shares of Hartford Gas Co. preferred stock for one share
(Inter-Company Charges Eliminated.)
of Connecticut Power Co. common stock. The amount of Gas Company
-Month-1926. 1927-12 Mos.-1926.
1927
Period Ended Aug. 31stock offered is approximately 30,000 shares.
Gross income
$482,815 $429,558 $5,427,628 $4,996,297
In addition to the proposed increase in the authorized common stock,
Deprec. accrual and actual
the stockholders will on Oct. 4 vote on approving an amendment to the
707,079
54,540
61,410
640,060 charter which will increase the power of the company with respect to transmaintenance expenditures_
52,294 mission privileges.
-V. 125. p. 1707.
76,113
12.635
1,287
Steam expense
124,818
131,476
6,590
10,772
Income taxes
-Listing.
287,284
Detroit Edison Co.
320,989
23,641
31,462
Other taxes
172.543 1,908,297 1,703,396
Other operating expenses_ --- 169,388
The New York Stock Exchange has authorized the listing of 820.000.000
gold bonds, Series C. 5%, due Aug. 1 1962, making the
gen. & ref. mtge.
Balance
$208,497 $159.608 $2,283,672 $2,187,545 total amount of gen. & ref. mtge. gold bonds applied for: Series A,$12,500,x Int. & guaranteed dividends
000; Series B. $23.000,000, and Series C,$20,000,000.
84,105 1,056,878 1.031,611
100,824
on stock of sub. co's
Consolidated Income Account 12 Months Ended Aug. 31.
1927.
1926.
$75,503 $1,226,794 $1,155,934
Balance
$107.673
Gross earnings from operations:
x Does not include interest charged to construction.
$44,051.818 $40,693,071
Electricity
Balance Sheet August 31.
Condensed
2.332,815 .2,442.872
Heat
275,289
296,421
1927.
1927.
1926.
1926.
Gas
124.342
105.730
LiabilitiesAssets$
Miscellaneous
Fixed capital
2,500,000 2,500,000
28,982,776 26,858,926 Common stock_
Cash
$46,786.784 $43.535,574
287,464 1,212,284 6% pref.stock
660,800
660,800
Total earnings
Current assets_ _ _ 3,283,480 2,914,847 7% pref.stock__ _ _12,422,700 11,399,900 Expense of operations
22,300.451 20.313.640
5,328.000
5.720,000
127,443
Prepayments
167,710 7% pref. stk.(sub.
Retirement reserve (depreciation)
4,326,200 3,883,450
on part pay.plan) 159,300
Investments
1,994,261 1,561,047
226,400 Federal income and other taxes
Unadjusted debits 2,425,281 2,165,088 Pref. stock $6 div.
82,600
series(w. I.)- -Balance, being net earningsfrom operations_ _ - _$14,440.132 $14,010,484
4,572,392 3,989,660
Prem. on pref.stk. 987,973
877.997 Interest on funded debt
92,759
320.680
Funded debt
14,240,500 14.282,500 Interest on unfunded debt
Current liabilities_ 3,586.993 2,729.634
$4,893,072 $4,082,419
Accrued liabilities_ 490,959
505,075
Total (each side)_37.100.706 34,870,903 Res. & surplus_ 1.968,881 1,697.597 Less amt. chgd. to prop. acc't for int. on money
347,844
See Edwards Mfg. Co. under "Industrials" below.
439,958
-V. 125, P. 1706.
borrowed for construction purposes
Central West Public Service C;:- - Correction-Only
About 5% of the Total Value of Company's Physical Properties
Purchased by Nebraska Power Co.
-Proceeds to Be Used in
-In our issue of
Acquisition of Further Utility Properties.
Sept. 24 1927 (page 1709) it was erroneously stated that the
electric light and power syste t of the Central West Public
Service Co. has been purchased by the Nebraska Power Co.
We are now infor ied that this statement was incorrect and
that the property of the Central West Public Service Co.
which was purchased by the Nebraska Power Co. consisted
only of what was formerly known as the Central West Public Service Co.'s southern division electric service in Nebraska,
constituting about 5% of the total value of the company's
physical properties on the basis of the appraisal of such properties made by Messrs. Hagenah & Erickson, Enzinners, as
of July 31 1926. We are informed by the Central West
Public Service Co. that the company expects to employ the
proceeds of this sale in the near future in the acquisition of
further utility properties of a value and with gross and net
earnings at least equal to those of the property sold. The
Central West Public Service Co. continues to own and operate extensive public utility properties in Nebraska,as well as
in Iowa, Minnesota, South Dakota and North Dakota, none
of which are in any way affected by the sale above mentioned.
-V. 125, p. 1706.
Cincinnati Street Ry.-Definitive Bonds Ready.
The Guaranty Trust Co. of New York is now prepared to exchange
definitive first mortgage series A 5;i% gold bonds, due April 15 1952, for
the temporary bonds outstanding. For offering, see V. 124, P. 2277.
Cities Service Power & Light Co.
-Definitive Ws.Ready.
Definitive certificates for shares of $6 dividend preferred stock (without
par value) are now ready for delivery in exchange for and upon surrender
of interim receipts at the office of Henry L. Doherty & Co., 60 Wall St.,
New York City; First National Bank of Boston Boston, Mass.; or Illinois
Merchants Trust Co., Chicago, Ill. (See offering in V. 124, p. 3494.)V. 125, P. 1578.
Total interest
Net income
Extinguishment of discount on securities
Miscellaneous
Balance carried to profit and loss
Profit and loss beginning of period
$4,453,114 83,734,575
$9,987,018 $10,275,909
361,706
311,277
25,000
27.750
.89,647,992 $9,889,202
7,766.906
10,332.923
$19,980.914 $17,656.108
Total surplus
6,042,957
6,660.221
Dividends paid
990.000
1,080,000
Appropriation to reserves
290.228
164,983
Miscel. adjust, of profit & loss for previous years
$12,075,711 $10,332.923
Profit and loss at end of period
lance
Consolidated Balance Sheet Aug. 31.
1926.
1927.
Liabilities1927.
AssetsCapital stock._ _$87.065,900 $80,456,500
Real est., bldgs..
257,530
187.757
'nda$41,716,083 $35.873,684 Prem.on cap.stk
plant
fixt's & gr eq.
375,613
Cap.stk. subscr. 2,492,900
Power
Long-term debt _105,905,200 86,914,700
transm. & Ms163.531
133,732,841 Notes payable__
tribu'n system157,712,002
Acc'ta payable__ 2,080,367 3,041,490
Constr. mat'ls,
Accr'd liabilities 4,661,351 5,138,214
coal&oth.sup.
Retirement res. 16.103,015 13,494,641
on hand or in
5,776,676 5,938,986 Cas.& cont. res. 1.155,127 1,005,651
transit
176.460
315,589
2,243,995 2,082,263 0th.temp. res....
Cash
Miscel. unadjust.
Spec. Int.-bearg
530,477
621.780
credits
6,500,000 5,232,696
funds
36,815 profit and loss__ 12.075,711 10,332,923
17,092
Notes receivable
Accts receivable 5,470,749 5,000,490
797,728
699,870
Prepaid sects.Subser. to capi317,967
843,157
tal stock
Stock & bds. of
1,205,049 1.913,999
subsid. cos_
Advs.to sub.cos 4,512,775 3,378,052
155,271
143.137
Ads.& oth. Inv_
985,442
Ins. Invest. fund 1,154,819
70,676
1,475
Special deposits_
Debt dia. & exp_ 4,578,090 4,751,752
Def.chip.,amts.
153,443 1,210,102
In susp. & Ilq_
(each side) $232,734,471$201,817.956
339,192 Tot.
6,061
Reaccrd secure_
-V. 125, p. 912.
-Tucker,
Dixie Gulf Gas Co.-Pref. Stock Offered.
Anthony & Co.; Goddard & Co., Inc.; Moore, Leonard &
Lynch, and Hale, Waters & Co. are offering 37,500 shares
Commercial Cable Co.
-Cable Rate Reduction.
pref. stock, $7 div. series, at $100 flat per share unit. This
The Commercial Cable-Postal Telegraph System announces a reduction
in the urgent cable rate to Norway of 5 cents a word, making the new rate offering is made in the form of allotment certificates consist-V. 124, p. 2120.
50 cents from New York.
ing of one share of pref. stock and one share of common
-Debentures Offered.
Community Water Service Co.
- stock. See also V. 125, p. 1707, 1578.
P. W. Chapman & Co., Inc., are offering at 100 and int.
-To Refinance.
Eastern Shore Gas & Electric Co.
$1,650,000 additional 6% gold debentures, series A. Dated
The proposed refinancing plan upon which the stockholders will vote
Oct. 5 will effect a reduction in interest charges on the funded debt, lower
Dec. 1 1926, due Dec. 1 1946.
the
stock and provide additional capital for
rate on the
J. Newsom, Vice-Pres. of the Company.
Data from Letter of R
-A Delaware corporation. Through its subsidiaries and
Company.
affiliated companies, supplies water for domestic, municipal and industrial
Purposes to communities located in five States and serving an aggregate
Population estimated in excess of 680,000. The territory served includes
important cities in New York, New Jersey, Pennsylvania, Kentucky and
Illinois. The subsidiary companies have been in continuous and successful
operation for various periods up to 70 years.
Company, through its subsidiaries, has more than 109,000 consumers'
taps. The water supply of these properties is ample to provide for the
growing needs of the communities served for a great many years to come.
The various properties are composed of the following important units: New
Jersey Water Co., Peoria Water Works Co., the New Rochelle Water Co.,
the Citizens Water Co. of Washington, Pa., Pennsylvania State Water
preferred
dividend
further expansion of the property.
Through the acquisition of a controlling interest in Day & Zimmermann,
Inc., the United Gas Improvement Co. has an interest in the Eastern
Shore property. Control of Eastern Shore is with the National Public
Service Corp which is managed by Day & Zimmermann through the
General Engineering & Management Corp.
The company proposes the creation of a new $6.50 preferred stock, which
will be issued in exchange for the present outstanding 7% and 8% $25 par
value preferred stock on a basis of 3 j shares of the present preferred stock
for I share of the new. Through the creation of a new mortgage on the
property and franchises and issuance of 5% bonds under this mortgage,
% nad 7% will be retired.,
the present outstanding 6%
Several small properties in which Eastern Shore has common stock owner-V.125. p.780.
ship will be consolidated on completion of the refinancing.
1836
THE CHRONICLE
Electric Bond & Share Co.
-Appreciation in Holdings,
-R. W. Pressprich & Co., New York, who have pre&c.
pared an interesting circular on the above company, state:
The remarkable success of this company in its investments in public
utility securities as well as in its management of companies in the "Electric
Bond & Share group" present to the investor the unique situation of a
common stock selling considerably below value based on market prices
for securities owned, and possessing substantial earning power in excess
of income from these investments.
The circular further states in substance:
Company.
-Electric Bond & Share manages electric light and power
properties in which it holds important but not controlling stock interests.
The company has benefited from the advantages of modern large scale
methods of operation generally regarded inherent only in the holding company type of organization. Yet it is distinctly not a holding company.
its unique position being characterized by the fact that
First
-Its stock interest in any one company, except in one case, never
exceeds 25%. thus permitting ownership of securities in a broader list of
companies than would be possible were control obtained.
Second-It receives an Important income for managerial services which
it provides for over 100 operating public utility companies in the "Electric
Bond & Share group."
Electric Bond & Share's ownership of securities having a market value
in excess of $160,000,000 furnishes an important dividend and interest income and gives the company a status comparable with that of an investment trust. Management services, provided for associated companies in
which the public has invested over one billion dollars, produce an even
larger income which is a direct operating charge for the companies served.
Actual activities include continued supervision, designing and construction of plants, effecting purchases. consolidations and reorganizations of
properties, and buying and selling securities. The company also does the
financing for associated companies through supervising the sale of their
securities.
The fact that "no company whose securities are in the hands of the
public has ever passed or reduced a dividend while under the supervision
of Electric Bond & Share" testifies to the pre-eminent place occupied by
the company as a manager of public utility properties.
Analysis of Income Statement and Earning Sources.
-Investments are
carried in the balance sheet at approximate cost, or $72,139,369,on which
income is estimated at $4,055,123. or at the rate of 5.62%. The value at
present market prices of these investments amounts to $163,732,404.
Based on the latter figure, the return would be 2.47%. This income of
slightly over $4,000,000 from Investments, or $2.25 per share on Electric
Bond & Share common stock compares with a total income of about
$9,000,000, or $5.09 per share available for the common stock, indicated
by the following operating statement of the company for the 12 months
ended May 31 1927:
Gross income
$16,704,296
Net income
10,966,372
Less preferred dividends
1,796,167
vallable for common stock
9,170,205
Earned per share
5.09
7
Common stocks comprise 560 of the market value of all securities owned,
yet contribute less than one-third [not 1% as erroneously reported previously] of income received from securities. The different type of securities owned and their current yield are as follows:
Market Value. Income.
Yield.
Common stocks
$91,950,868 61,287,514
1.40%
Preferred stocks
*13,561,231
387,338
2.85
()ption warrants
5,394,672
Havana Corp. 6% notes
35,667.647 2,140,059
6.00
Other securities
17.157,986
240,212 Est.
1.40
Total
$163.732,404 $4,055.123 2.47% aver.
*$7,880,000 of this amount is represented by American & Foreign Power
Co. 7% 2d pref. stock on which dividends are not being paid.
From the above it is clear that the common stocks owned are selling at
levels discounting earnings rather than yield; it is interesting to scan the
particular common stocks held and the proportion of undistrbiuted earnings applicable to such stocks:
Indirect Equities Applicable to Common Stock Owned (After Deducting Any
Stock Dividends Taken into Income Account).
Undistributed Total Applicable to
12 Months
Ended.
Share Earn'gs. El. Bd. & Share.
Amer. & Foreign Power
Amer. Power & Light____June 1927
$3.87
$1,529.098
Amer. Gas & Electric---_June 1927
5.54
889.905
Electric Investors. Inc_-_May 1927
3.23
205,579
Electric Power & Light_ _ _June 1927
1.92
575.042
Lehigh Power Securities„June 1927
1.30
557,323
National Power & Light-June 1927
1.23
650.391
Total
$4,407,338
Per share of Electric Bond Sc Share common stock:
Undistributed equities on above common stocks
$2.44
Actual dividends received on above common stocks
.71
Electric Bond & Share received in dividends less than 25% of the earnings on all the common stocks owned, which certainly is a very low proportion, and indicates that increased participation in these earnings should be
fairly certain.
The true picture of the income sources for Electric Bond & Share common stock may be summarized as follows:
SourceIncome per Share.
Dividend and Interest
$2.25
Other sources, including supervision and financing
2.84
Total income as
$5.09
Including with reported earnings of '''''' undistributed equities of
reported'
$2.44, total earnings would be
$7.53
Per share earnings reported for the past few years have been as follows:
Year
Years Ended Dec. 31
May 311927. 1926. 1925. 1924. 1923. 1922.
Reported earnings per share_ __$5.09 $6.97 $5.99 $3.93 63.52 $1.70
The relatively larger earnings for the year 1926 are attributed to the
fact that financing early in that year was considerably greater than in the
first 5 months of 1927. This financing consists of the sale of associated
companies' securities, the amount being dependent on investment conditions over which Electric Bond & Share has no control; it is expected,
however, that the last 7 months of 1927 will result in a substantial profit
from this source.
Future Prospects.
-The dividend rate at present is $1, an unusually conservative disbursement compared to earnings of over 5 times this amount.
The company in the past has amply justified the very large amount of
earnings retained in the business by the increase in earnings which have
been reported over the past 9 calendar years. It is believed that results
for the year ending Dec. 31 1927 will prove no exception to this record.
The present quotation of around $76 per share for Electric Bond & Share
common stock seems low compared with the value of $87 45 based on
market values of securities owned. In other words, where an investor
forming his own investment trust and purchasing the same stocks as are
Owned by Electric Bond & Share and in the same proportion, it would be
necessary to pay $87.45 for an identical investment. Acquisition of
Electric Bond & Share common stock gives similar ownership for about $76.
Electric Bond & Share Co. has contributed substantially to the very
material progress and development of the electric light and power industry.
The immense amount of experience obtained, the advantage of an early
start, together with millions of dollars plowed back in the business are exceedingly valuable assets which carry assurance of increasing profits in
the future.
-V. 125. p. 1707. 508.
(VOL. 125.
and Commissioner Godley adjourned the hearing until Oct. 3 in order that
counsel for the transit lines opposing the Equitable's claims could have
time to study the new information.
The manner in which the Equitable proposes to do its financing, according to the amendment, is as follows:
(1) $4.000.000 6% first mortgage bonds secured by a first mortgage on
land and buildings, maturing ten years from their date, with a sinking fund
designed to retire 25% of the aggregate face amount of said bonds by
maturity.
(2) $6.500,000
% equipment trust notes secured by first
title to all omnibuses and other equipmnet required, such notes lien or by
to mature
serially from one to five years.
(3) 75,000 shares of cumulative preferred stock without par
titled to dividends at the rate of $7 per share per annum before value enany dividend is paid on the common stock, and entitled on dissolution or winding up
to $100 per share and accumulated unpaid dividends.
preferred
stock may be issued in part as first preferred stock and in Such as
part
second
preferred stock.
(4) 225,000 shares of common stcok without par value.
The amendment adds that this plan is predicated on the Transit Commission's granting the Equitable the certificate for the operation of all
routes specified in the franchise contract.
Mr. Shearn, who was the first speaker when the hearing
sized that if buses, as outlined in the franchise contract,opened, emphashould be
mitted to run, it would mean a loss of 80,000,000 passengers annually toperthe
lines he represented. He said that this loss would make the company's
returns "lees than nothing."
Engineers Public Service Co.(& Subs.). Earnings.--
Twelve Months Ended Aug. 31Gross earnings
Operating expenses and taxes
Interest, amortization and rentals
Balance
Dividends on pref. stock subsidiary companies_
1926.
$28,780,339 $25,450,928
17,724,667 15,718,517
3,303.644
3,147,403
$7,752,028 $6,587,007
1,483,135
1,320,892
Balance
$6,268,894 65,261,116
Prop'n of above balance applicable to common
stock of subsidiaries in hands of public
184,698
240,332
Balance applicable to reserves & E.P. S. Co-- 86,084,196 $5,020,784
Div.requirements on pref. stock of E.P. S. Co--- 2,153,606
2,085.776
Balance avail,for res. & com,stock of E.P.S.Co. $3,930,590 $2,935,008
-V. 125, p. 1323.
Fairmont Park Transit Co.
-Common Dividend.
-
The directors have declared a dividend of 25c. per share on the common
stock, no par value, payable Nov. 15 to holders of record Oct. 31. An
initial dividend of the same amoun( was paid on July 11 last. See V. 124.
p. 3780.
Federal Light de Traction Co.
-Listing.
-
The New York Stock Exchange has authorized the listing on or after
Oct. 1 of not exceeding $63,270 common stock (par $15) on official notice
of issuance as a stock dividend, making the total amount applied for
$6.389,535 common stock.
Income Account for 7 M03. End. July 31 (Federal Light & Traction Co.)
1927.
1926.
Inter-company earnings
$729,028
$762,882
Micellaneous earnings
237,569
181,131
Total income
Expenses
$966.597
177.353
$944,012
192,226
Net income
Total interest
Total discount
$789,244
359.846
40.609
6751,786
316,714
36,318
Net profit
$388,789
$398,755
Comparative Balance Sheet.
July 31 '27 Dec 31 '26.
July31 '27 Dec.31 '26
Assets$
Ltalttlittes$
StIcs. & bds. of sub.
Preferred stock_ _ _x3,937,400 3,937,400
cos. (at cost).-_16,337,349 16,181,411 Common stock. _ _ 6,326,286 6,201,633
Organization
29,321
Long-term debt_ 11,394,500 10,549,000
37,286
Securs. of oth. cos. 163,514
3,948 Notes payable..._ 500,000
Office turn. & fin_
24,455
22,922 Accounts payable_ 108,169
28,153
Sinking fund cash_
219
626 Coupons payable
Notes receivable
13,178
11,678 (see contra)._
10,066 - 19,073
Cash
563,161
274,633 Accr. Int. payable. 224,810
158,257
Cash to pay coups.
10,020 ' 19,028 Unadjusted credits
34,624
37,292
Misc. accts. rec.__
3,746
8,909 Corporate surplus_ 1,535,491 1,563,645
Due from sub. cos_ 5,269,687 4,282 964
Unadjusted debits 1,656,697 1,671,048
Tot.(each side) 24,071.346 22,494,453
x Represented by 39,374 shares of no par value.
-V. 125, p. 1460.
General Gas & Electric Corp.
-Inaugurates Dividends
on Common Stock Class B-Listing, &c.
-
The directors have inaugurated dividends on the common stock class B
through declaration of an initial disbursement for the full year 1927 of $1.50
Per share, payable Jan. 1 1928 to holders of record Dec. 12 1927. A privilege similar to that granted to the holders of common stock class A has been
extended to the holders of common stock class B who may subscribe to additional shares of common stock class B at $25 a share to the extent of dividend
payable to them on Jan. 1 1928.
The board also declared regular quarterly dividends as follows; $2 per
share on the $8 cumul, pref, stock, class A;$1.75 per share on the $7 cumul.
Prof. stock, class A: $1.75 per share on the cumul. pref. stock, class B;
3734 cents per share on common stock, class A. Holders of common stock,
Class A, are given the right to subscribe to additional shares of common
stock, class A, at $25 per share to the extent of dividends payable to them
on Jan. 11928. All of these dividends are payable Jan. 1 1928 to holders
of record Dec. 12 1927. Like amounts were paid on the respective issues
on July 1 last.
The New York Stock Exchange has authorized the listing of 5,016 additional shares common stock, class A, without par value, on official notice
of issuance and payment, making the total amount applied for 340,659
shares. The 5,016 shares represent the maximum number of additional
shares required to be listed for issuance to holders ofcommon stock, class A,
for subscriptions to additional common stock, class A, to the extent of the
dividend payable on Oct. 1 1927, to stockholders of record Sept. 12 1927.
Consolidated Income Accounts,(Company and Sub. Cos.).
Years EndedMar.31 '27. June 30'27.
Operating revenue
$24,764.134 $25,511,446
Oper. exp. and taxes, incl. Federal income taxes_ 411,790.536 $11,982,314
Maintenance
2,459,670
2,434,970
Depreciation
1,264,519
1,416.376
Rentals
387,679
384,655
Operating income
Other income
$8,861,730 $9,293.132
673,714
662,741
Totalincome
Interest on funded debt
Other deductions from income
Amortization of discount and expense
Preferred stock dividends of subsidiaries
Minority interests
69,535,444 $9,955.873
$4,105,594 $4,266.368
280.665
277,061
308.393
308.916
1,734.737
1,900,934
230,417
231.619
Net income transferred to surplus account
$2,875,639 62,970,976
Equitable Coach Co.
-Offers Bus Finance Plan.
beginning of period,
Godfrey Goldmark, counsel for the above company, filed with the Surplus at acquired during yearincl. surplus of
companies
$6,326,788 $5.768,393
Transit Commission Sept. 26 an amendment to the company's petition
asking that the company receive a certificate of convenience and necessity
Total
$9,202,427 $8,739,369
for the operation of buses in Manhattan, the Bronx and Brooklyn.
$1,561,959 $1,568,856
The amendment, which sets forth how the company proposes to finance General Gas & Electric Corp. dividends
redemption of
270,419
its operations, came as a direct result of the demand by Clarence J. Shearn, Prem.on depreciation 7% pref. stock ofsub. co
Additional
52.548
representing the B.
48.670
-M. T. and all other Brooklyn transit lines, that the
828,442
132,629
Equitable be called upon to give further details before the public hearing Miscellaneous (net)
held by the Transit Commission should be continued.
Surplus at end of period
$6,691,058 $6,089.213
Commissioner Leon G. Godley directed that Mr. Goldmark should comThe net income for the
ply with this request. Mr. Goldmark immediately filed the amendment per share on the common year ended June 30 1927 is equivalent to $5.64
stock, class A,outstanding June 30 1927. or $3.50
THE CHRONICLE
OCT.1 1927.1
per share on the common stock, class A, and common stock, class B, combined,and for the year ended March 311927.$5.44 per share on the common
stock, class A, outstanding March 31 1927, or $3.36 per share on the
common stock, class A, and common stock. class B. combined, after dededucting in each case the annual dividend requirements on preferred stocks
outstanding at such dates.
Consolidated General Balance Sheets.
Mar.31'27. June 30'27.
Mar.31 '27. June 30'27.
LiabEffies-$
Assets154,052,313 159,342,179 *Cap. stock and
Property
750.983
755,213 env. Particin's
Securities owned
30,177,643 x30,298,130
Sink.& other fds 1,539,968 1,650,272 (no par)
2,381,611 2,363,554 Stock of sub.cos. 33,951,996 35,640,147
Cash
39,616 Fund.debt(sub.
Notes receivable
43,438
83,008,872 81,558,722
Acc'ts receivable 3,302,348 3,273,172
cos.)
Materials Sz su pp 2,704,065 2,632,289 Pay'ts by subscr.
for pref. stock
Working funds &
159,869
186,010
(subsid'y cos.)
miscellaneous.
463,391
475,720
113,090 4,141,160
Unamort. dtsc't
Notes payable
2,082,541 1,986,093
and expense_ - 6,579,351 6,530,651 Acc'ts payable
742,947
738.125
Consumers' dep.
Unamort. adjust
of prop. fleets
520,623
510,182 Adv.by consult'.
583,181
420,593
for extensions.
Madistrib. debit
223,698
196,203
162,419
Items
83,389 Mlscell aneous
tax.&rents 1,492,918 1,467,787
Accr.
Accr. inter's; on
956,163
funded debt_ - • 676,376
174,656
159,330
Misc. accruals._
Res,for deprec n
contingenc's 10,118,871 10,113,143
&
Res. for injuries
& damages &
464,609
438,599
uncoil. ReelsMisc. reserves__ 1,608,591 1,616,690
Minorityint. In
surp, of sub.
501,560
478,164
companies --6.691.058 6,989,213
Total (each side)172,512,838 177,643,909 Surplus
x Represented by 62.601 shares of $8 cumulative preferred stock, class A.
40,000 shares of $7 cumulative preferred stock, class A.43,399 shares of
cumulative preferred stock, class B, 334,186 shares of common stock, class
(exchangeable for full
A, 1,060 scrip certificates for common stock, class A,
shares), 204. 66 shares of common stock, class B. and 380,321dividend
participations.
* In case ofliquidation the cumulative preferred stock,class A and class B,
are preferred equally over all other sock of the corporation to the amount
of $100 per share and accumulated dividends. Subject to the rights of the
preferred stocks, the common stock, class A. is entitled to $25 per share,
after which the common stock, class B, is entitled to $25 per share, and
thereafter any remaining assets shall be distributed in such manner that
each share of common stock, class A, and each share of common stock.
class B, receives the same amount. The dividend participations are not
-V.125, p. 780.
entitled to share in any manner whatever in the assets.
Mr. Morrow's statement was issued at the offices of J. P. Morgan & Co.
J. P. Morgan is the nominal head of the committee, but Mr. Morrow has
acted as its Chairman since the readjustment in the Interborough's affairs
on May 1 1922. The committee was formed to further the interests of
owners of first and refunding 5% bonds, of which $150,000.000 are out-V. 125. p. 1708.
-year secured convertible 7% notes.
standing, and of 3
-Acquisition, &c.
Islands Edison Co.
The company has acquired the Macoris Light & Power Co., operating in
the Island of Santo Domingo, with assets of approximately $370,000. As
a result of this deal it will increase its assets of' $1,300,000. The Islands
Edison Co. already owns and operates the San Domingo Electric Co. with
assets of $972,000 and a property value of $860,000.
It is managed by the General Utilities & Management Co., which owns
and operates a chain of utilities in Florida. J. C. M. Lucas, head of the
General Utilities & Management Co.,is President of the Islands Edison Co..
and W. 8. Merrick, of Gillet & Co., bankers. Baltimore, Md.. is VicePresident. These two officers of the company and Charles B. Gillet,
W. B. Collins and H. P. Lucas, all of Baltimore, constitute the board of
directors.
-Holders of 1st Mtge. 5% Bonds
Jefferson Electric Co.
Given Exchange Offer.
The holders of 1st mtge.5% bonds, due March 1 1933, who were recently
offered the privilege of exchanging their bonds for $6.50 dividend series
preferred stock of the Associated Gas & Electric Co.. on the basis of 10
shares of preferred stock for each $1,000 bond. have been advised that this
offer will be withdrawn 30 days from Sept. 26.
Bondholders desiring to take advantage of the exchange offer should
forward their bonds by registered mail to the Associated Gas & Electric
Co., Room 2015, 61 Broadway, N. Y. City, prior to the expiration date.
-V. 118, p. 1780.
-Additional Pref. Stock.
Federal Water Service Corp.
An additional Issue, consisting of 15,000 shares of $6.50 cumulative pref.
stock (no par value) has been purchased by G. L. Ohrstrom & Co., Inc.,
for public offering in the near future. This stock Is redeemable in whole
or in part at the option of' the corporation, on any dividend date upon at
least 30 days' notice, at $110 per share and accrued dividends.
See Water Service Companies, Inc.
-V. 125, P. 1707.
Hamburg Electric Co. (Hamburgische ElectricitatsWorke).-Debentires Called.
Certain 10
-year 7% external gold debentures due Nov. 1 1935,
gating $100,000. have been called for payment Nov. 1 next at par and
agrt.
at the International Acceptance Bank, Inc., N. Y. City.
-V. 124. P. 1979.
Harrisburg (Pa.) Lt. & Pow. Co.
-Proposed Acquisition.
The company has applied to the Pennsylvania P. S. Commission for
approval to purchase six light and power companies in Dauphin and
Lebanon counties, Pa. The names of the concerns to be acquired are:
The South Hanover-Dauphin Power & Light Co.; the East HanoverDauphin Power & Light Co.; the Union-Lebanon Power & Light Co.; the
Swatara-Lebanon Power & Light Co.; the Bethel-Lebanon Power & Light
Co.. and the East Hanover-Lebanon Power & Light Co.
-V.122, p.610.
Hartford Gas Co.
-Stock Exchange Basis.
See Connecticut Power Co. above.
-V. 125. p. 1708.
Havana Corp.
-Exchange of Stock, &c.
See American & Foreign Power Co., Inc., above.
The Havana Corp. Is a Maine company, holding all the stock of the
Havana Electric & Utilities Co., having acquired the latter from the
Electric Bond & Share Co., issuing therefor $35,667.646 6% gold debenture
bonds and 299,997 shares common stock. The Havana Corp. stock is
now being exchanged for 300,000 shares of the American & Foreign Power
Co., Inc. (see above).
Statement of Earnings 8 Months Ended June 30 1927.
Income from subsidiary companies
-Common diva.. $4,602,923;
preference dividends, S910,174
$5,513,097
Outside sources-Interest
22.313
Total gross earnings
Expenses, $12,198; interest, $1,426,866
Common dividends
1837
$5,535,411
1,439.064
3,405,000
-Debenture Bonds Called.
Kansas Power Co.
-year 7% debenture bonds, due 1933, have been
All of the outstanding 10
called for payment Oct. 1 at 104X and int. at the New York Trust Co.,
-V. 125, p. 1052.
trustee.
-Holders of 1st Mtge.6%
Lock Haven Gas & Coke Co.
Bonds Given Exchange Offer.
The holders of 1st mtge. 6% bonds, due July 1 1944. who were recently
offered the privilege of exchanging their bonds for $6.80 dividend series
preferred stock of the Associated Gas & Electric Co. on the basis of 10X
shares of preferred stock for each $1.000 bond, have been advised that this
offer will be withdrawn 30 days from Sept. 28.
Bondholders desiring to take advantage of the exchange offer should forward their bonds by registered mail to the Associated Gas & Electric Co.
Room 2015, 61 Broadway, N. Y. City, prior to the expiration date.
-Earnings.
Long Island Water Corp.
Results for the Year Ended Dec. 31 1926.
Gross revenue from all sources
Oper. exps. and taxes, incl. ordinary maintenance but not incl.
provision for retirements, renewals and replacement
1749.691
Gross Income
Interest on bonds
Credit for Int. during construction
$312.174
168,993
Cr.16.489
437.518
3159.670
Bal.for other deductions, dividends and surplus
Service was rendered at the close of 1926 to 26,869 customers as compared
with 24,037 at the close of 1925, an increase of 11.8%. Permanent additions to the plant and property for the year, amounting to $344.728, were
principall) for distribution mains to meet the increasing demands for service.
Since the organization of the company in 1925 the company has merged
into itself the Roosevelt Water. Power & Light Co., serving the town of
Roosevelt, L. I., and the Baldwin Water Co., serving the town of Baldwin,
L.I.
Balance Sheet Dec. 31 1926.
Liabilities
Assets$1.414,600
x$8,135,338 Preferred stock
Plant and property
y1,910,000
Common stock
Cash (working fund of
2,855,000
101,160 Long-term debt
(A. G. & E. Co.)
708,391
5,097 Advs. from affil. cosMarketable securities__
12,000
1,591 Prop. purch. obligation-Notes receivable
148.282 Current liab. (notes pay.
Acc'ts rec. (less reserve)..
125,824
acc'ts payable, &c.)92,388
Materials and supplies
108.019
63,922 Accr.liab. (int., tax, &c.)
Unamort. debt dis. & exp.
206,635
14.069 Consumers deposits_ ___
Prepayments & suspense778,161
Reserves
24.796
Corporate surplus
418.421
$8,561,847 Capital surplus
Total (each side)
gra Stated at reproduction cost. y Represented by 20,000 shares of no
a* value.
-V. 124. P. 1220.
-Incorporated.
Mackay Radio & Telegraph Co.
The above company filed articles of incorporation Sept. 2 with the Secretary of State of California at Sacramento, as a step toward completion of
the merger between the Federal and Postal Telegraph companies. The
incorporation, which last $2,000,000, is preparatory to the Postal interests
assuming control of the radio operations of the Federal company and combining them with the Postal Telegraph service.
Willard P. Smith of San Francisco is to be President of the new company.
Other members of the board of directors are A. B. Richards, Max Thelon.
John M. Cartwright and Sanborn II. Smith.
The new company will take over the radio stations of the Federal Telegraph Co. in San Francisco, Oakland, San Diego, Los Angeles, Portland,
Tacoma and Seattle. See also V. 125, p. 1193 under Mackay Cos.
Net earnings Havana Corp
$691,346
Balance Sheet June 30 1927.
-Obituary.
Liabilities
Manhattan Ry. Co.
Assets-.
Investments (securities)-$45,871,800 Capital stock (no par)__ _$10,132.353
Edward T. Jeffery of Chicago, a director, died on Sept. 24 in N. Y. City.
Cash
31,866 6% deb. gold bonds_ _ _ _ 35,667.647 - 125, P. 780.
V.
4,068
288.425 Accounts payable
Accts. roc., subsidiaries_
660,000 Accrued accounts
Loans receivable, others..
356.676
-Dividend Action DeMassachusetts Gas Companies.
Surplus
691,346
layed-Earnings.
Total (each side)
$46.852,091
No action was taken on Sept. 22 by the trustees on the dividend usually
Extra Dividend. -21
Holyoke Water Power Co.
paid on the common stock on Nov. 1. As the next regular monthly meetThe directors have declared an extra dividend of 2Y4% in addition to ing would fall on Oct. 27, it is probable dividend action will be taken atsome
the regular quarterly dividend of 3%, both payable Oct. 3 to holders of special meeting prior to the regular October session. Dividends at the
record Sept. 23.-V. 119, p. 2761.
rate of 5% p. a. have been paid since 1921 on the common stock.
Net earnings of subsidiaries compare as follows:
Home Telephone & Telegraph Co., Ft. Wayne, Ind.
- Period end. Aug.31- 1927-Month-1926.
1927-8 Mos.-1926.
$865.585
$766.806
def$10,637
$12.269
The Indiana P. S. Commission has authorized the company to acquire Gas companies
2,115,778
2,203.047
236,224
246,043
following concerns at the designated prices: Churubusco Telephone Commercial companies_
the
Co., $40,000; New Home Telephone Co., of Leo. $10,500; Huntertovrn
$248,493 $2,969,853 $2,981,364
Totals
$235,407
Telephone Co., $11.000, and the Harlan Telephone Co., 17,500.-V. 120,
V.
- 124, p. 2748. 2279.
P. 2011.
A%
-Bonds Paid.
Indiana-Ohio Public Service Co.
-year 6% gold bonds, series A, dated
AU of the outstanding 1st mtge. 20
June 11926, were called for redemption as of July 1 last, at 104 and int. at
the Aetna Trust & Savings Co., 23 No. Pennsylvania St., Indianapolis,
-V. 122, P. 3330
Ind.
.
-Bondholders to Aid
Interborough Rapid Transit Co.
Untermyer in Transit Program.
That bondholders of the I. R. T. Co. may be aligned in support of Samuel
Untermyer's transit plan (outlined in N. Y. City" daily newspapers this
week) was indicated Sept. 28 by a guarded statement issued through
Dwight W. Morrow, Chairman of the committee formed to represent the
bondholders at the time the company's financial structure was readjusted.
Mr. Morrow's statement follows:
"An Informal meeting of the committee of Interborough bondholders
was held to-day and there was discussed the report and recommendations
of Mr. Untermyer, the special counsel to tho Transit Commission, on the
proposed plan of readjustment. It recognized that this report is preliminary In character, but the committee is of the opinion that the plan should
be given careful consideration and that everything should be done by the
representatives of the bondholders to aid the Transit Commission and its
counsel in its efforts to work out the complicated task imposed upon the
Commission by the Legislature."
Michigan Electric Ry.-Protective Committee for Jackson
Consolidated Traction Co. Bonds.
Default having been made in the payment of the interest due May 1
1925 and subsequent thereto on the Jackson Consolidated Traction Co.
1st mtge. 5% gold bonds, the committee (below) has been organized to
protect the interests of all depositing bondholders.
A deposit agreement has been executed and filed with the United States
Trust Co., 45 Wall St., N. Y. C.
Members of the committee own or represent a large percentage of the
outstanding bonds and strongly urge all holders to deposit in order that
the work of the committee may be made more effective. Deposits under
the committee's deposit agreement of bonds accompanied by coupons due
May 1 1925 and all subsequent coupons should be made on or before Dec.31
1927 with United States Trust Co.,45 Wall St., N. Y.City,the depositary.
Comnauce.-Irving P. MacPherson, Chairman (MacPherson, Mickle &
Co.): John P. White (Taylor & White). Louis Stewart Jr. (V.-Pres. Central
Mercantile Bank & Trust Co.). New York, with George F. Lee, secretary,
45 Wall St., New York. and White & Simms,counsel, 32 Liberty St., New
York.
-V. 124, p. 3630.
-Bonds Called.
Michigan Public Service Co.
An of the outstanding 1st mtge. 6% bonds, due 1943,_ have been called
or payment Oct. 1 at 107;4 and int.-V. 125. p. 1052.'780.
1838
THE CHRONICLE
Monongahela City Water Co.
-Bonds Called.
-
All of the outstanding 1st mtge. 6% gold bonds, due Sept. 1 1931, have
been called for payment March 1 1928 at par and int. at the Union Trust
Co., Pittsburgh. Pa.
Mount Vernon Alexandria & Washington Ry.Organized, &c.
See Washington-Virginia Ry. below.
Nebraska Power Co.
-A quisition-Correction.--
See Central West Public Service Co. above.
-V. 125. P. 1709.
New Chester Water Co.
-Bonds Called.
-
All of the outstanding 1st mtge.5% gold bonds, due March 1 1943, have
been called for payment March 1 1928 at 103 and int at the FidelityPhiladelphia Trust Co., N. E. Corner Broad and Chestnut streets, Phlladelphla, Pa.
Holders of these bonds may surrender the same to the trust company at
any time prior to March 1 1928 and receive 103 and int to the date of
surrender thereof.
-V. 114, p. 1070.
New York State Gas & Electric Corp.
-Earnings.
Results for the Year Ended Dec. 31 1926.
Gross revenues from all sources
$2,806.684
Oper. exp. & taxes, incl. ordinary maint. but not incl. provision
for retirements, renewals & replacements
1,643,446
Gross income
$1,163,238
Interest on bonds
317,665
Credit for interest during construction
Cr.60,218
Provision for retirements, renewals & replacements
168,506
Balance for other deductions, dividends & surplus
$737,285
Balance Sheet Dec. 31 1926.
Liabilities
Plant & property
x$17,926.708 Common stock
y$2,260,342
Investments
20,561 Long term debt
5,042,000
Cash
501,541 Adv. from affiliated cos- 5,909,053
Special deposits
58,361 Accounts payable, &c__ _
118,794
Accts. rec. (customer)._ _
282,838 Taxes. int., &c., accrued
246,544
A
. .
57,151 Consumers' deposits__ _ _
306,215
Materials & supplies_ _ _ _
360,869 Reserves
2,157,539
Unamort. debt discount
Corporate surplus
189,690
& expense
1,062,936 Capital surplus
4,154,974
Prepayments & suspense
114,185
• Assets
-
Total
$20,385,150 Total
$20,385,150
x Stated at reproduction cost. y Represented by 46,484 shares of no
par value.
-V. 125, p. 1461.
New York Steam Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of 5.000
additional shares of cumulative preferred stock,$6 dividend series, without
par value, upon official notice of issue and payment in full, with aurhority
to add 3,070 shares on official notice of issuance and payment in full.
making the total amount of preferred stock applied for 41.930 shares of
cumulative preferred stock, series A, paying dividends quarterly at the
rate of $7 per annum, and 58,070 shares of cumulative preferred stock,
$6 dividend series.
The purpose of the additional 8,070 shares is to reimburse the treasury
for extensive additions to its plants and street mains, completed or in
progress. Of the 8.070 shares, 5.000 shares have been purchased, at a
price of not less than $94 per share, by a syndicate organized by the National
City Co., and this syndicate has been granted an option for six months
to purchase at the same price the balance of 3,070 shares.
-V. 125 p..
1453, 95.
North American Co.
-Listing.
-
[vol.. 125.
company's interest in the common stock of the American Electric Power
Co. controlling utility properties in and near Wilmington, Del., and Springfield and Dayton, Ohio. It is understood that the latter company and the
Pennsylvania Gas & Electric Corp. will be controlled by the recently formed
American Electric Power Corp
The purchase of control of tile American Electric Power Co. involves no
contemplated changes in the local management of subsidiary properties.
The entire system will come under the general supervision of Stevens &
Wood, Inc., of 120 Broadway, N. Y. City, who have been identified with
the successful development of extensive utility properties in Pennsylvania.
Ohio, New York, Virginia, District of Columbia, the Carolinas, and elsewhere.
See also American Electric Power Corp. above.
-V. 125, p. 915.
Pennsylvania Water Service Co.
-Transfer Agent.
-
The Central Union Trust Co. of New York has been appointed transfer
agent for 250,000 shares of preferred stock.
-V. 125, p. 1710.
Peoples Gas Light & Coke Co.
-Bonds Called.
-
All of the outstanding $1,712,000 5% gen. & ref. mtge. gold bonds, duo
Dec. 1 1963, have been called for payment Dec. 1 nest at 105 and hat.
-V. 125, P. 1326.
Philadelphia Electric Co.
-Exchange of Stock for United
Gas Improvement Co. Recommended-Close Relationship of
Companies Sought-Company to Reserve Corporate Identity.
See United Gas Improvement Co. below.
-V. 125, p. 1711,
1580.
Pittsburgh (Pa.) Rys. Co.
-Holders of Pittsburgh Traction
and Citizens Traction Bonds Asked to Extend Their Holdings. The holders of the Pittsburgh Traction Co. 1st mtge. 5% bonds, due
Oct. 1 1927, and the holders of Citizens Traction Co. 1st mtge. 5s, due
Oct. 1, are in receipt of the following notice:
Regarding the approaching maturity of the $666,000 bonds of the
Pittsburgh Traction Co., and $345,000 bonds of the Citizens Traction
Co., it is desirable that the bondholders be fully informed of the situation.
The Pittsburgh Traction Co. is leased to the Consolidated Traction Co.
and is operated by the Pittsburgh Rys. The Citizens Traction Co. is
leased to the Fort Pitt Traction Co. and, through a series of agreements,
is operated by the Pittsburgh Rys. Neither the underlying companies
nor the Pittsburgh Rys. have funds with which to redeem the maturing
bonds of the Pittsburgh Traction Co. and the Citizens Traction Co.
The holders of the $666.000 Pittsburgh Traction Co. bonds, as well as
the holders of $345,000 Citizens Traction Co. bonds, are asked to follow
the plan adopted by the holders of $2,716,000 principal amount of bonds
of the various companies which have matured in the past. More than
89% of the holders of such matured bonds have consented to the extension
of the maturity on the bonds by accepting payment of interest at the
several mortgage rates.
Pittsburgh Rys. has been endeavoring to work out a financial reorganization of the many companies comprising the street railway system operated
by it. Recently substantial progress has been made towards a final
solution, but it will no doubt be some time before a plan can become operative
Meanwhile, holders of the Pittsburgh Traction bonds and Citizens Traction
bonds are requested to sign a registration order blank forwarding it, together with their bonds, to Pittsburgh Trust Co., paying agent. 323 Fourth
Ave., Pittsburgh, Pa. After being registered, the bonds may be either
left on deposit with the paying agent or returned, at the bondholder's
option, and thereafter a check for interest will be mailed the bondholder
if the readjustment plan is not consummated before the next semi-annual
interest date. No expense to the bondholder is involved, and the bonds
may be withdrawn from registration at any time.
It is highly desirable to preserve the benefits of the contract with the
City of Pittsburgh and surrounding municipalities allowing an agreed
return on the property valuation determined by tho Public Service Commission, by holding the system together. Continuance of unified operation
is essential to success, and no constituent company could operate adequate
service at a profit independently. The best interests of both the security
holders and the public will be conserved by preventing disintegration of
the present co-ordinated street car lines.
-V. 125, p. 1325.
The New York Stock Exchange has authorized the listing on and after
Oct. 1 of 109,840 additional shams common stock without par value,
on official notice of issuance as a stock dividend, making the total number
of shares applied for to date 4,514,863.
Potomac Edison Co.
-Additional Pref. Stock.Income Statement 12 Months Ended June 30 (Parent Company).
. C. Langley Sr Co. and Bonbright & Co. will shortly offer $2,650,000
1927.
1926.
cumulative preferred
Interest received and accrued
$1,219,639 $1,548,767 6%the Maryland Public stock, issuance of which was recently authorized
by
Service Commission. The company is part of
Dividends
7,580.586 6,341,994 the American Water
Works & Electric Co., Inc., system, serving
Other income
987,297
367,360 tially all of western Maryland and adjacent areas of Pennsylvania,substanVirginia
and West
Gross income
$9,787,522 $8,258,121 being used Virginia. The proceeds from the sale of this preferred stock is
in connection with the enlargement of the company's generating
Expenses and taxes
586,693
622,275 capacity and service facilities.
-V. 125, p. 1581
Interest paid and accrued
335,050
229,567
Prince Rupert Hydro-Electric Co., Ltd.
-Distribution
Net income
$8,865,778 $7,406,278
The surplus statement for the 12 months ended June 30 1927 follows: to Bondholders at the Rate of 43
4% on the Dollar.
Capital surplus (premium on capital stock): Balance July 1 1926,
The Supreme Court of British Columbia recently
$23,924,288; charges (net)for 12 months ended June 30 1927, $102,576; balance Trust Co., trustee, 105 St. James St., Montreal, Que.,authorized the Royal
Canada,to distribute
June 30 1927. $23.821.633. Undivided profits: Balance July 1
1926, among the holders of the 1st mtge. bonds a first and final payment at the
$10,553,827; balance of income 12 months ended June 30 1927, $8,865,777; rate of 4h % on the dollar.
-V. 105. p. 1903.
total, $19,419,605. Deduct: Dividends on preferred stock (paid in
cash), $1,820.012; dividends on common stock (paid in common stock),
Public Service Corp. of New Jersey.
-Large Contract.
$4.131.856; other charges to undivided profits, $372.515; balance June 30
A revolutionary industrial step is reflected in the announcement of the
1927, $13.095,221; total surplus June 30 1927, 536,916,854.
signing of a contract by the corporation for the purchase of a minimum
of10 billion feet of gas during the next 10 years from International ComBalance Sheet June 30 (Parent Company).
bustion Engineering Corp.'s new low temperature coal carbonization plant
1927.
- -1926.
1927.
1626:
- to be erected at New Brunswick, N. J. This plant will handle approxiAssets
Stocks
97,823,280 77,612,347 6% cum. pf. stk. 30,333,700 30,333,350 mately 250,000 tons of bituminous slack coal per year through the initial
installation of the 8 units. In addition to the gas which is a by-Product
Bonds
321,049 3,171,088 Pref. stock scrip
2,050
2,400
million gallons per year of coal tar, which has all
Loans & adv. to
Common stock _x42,880,840 38,840,950 the plant will produce 6 the
F. J. Lewis Mfg. Co. of Chicago:
been contracted for by
subsid.& attn.
Com,stock scrip
x97,510
81,302 gallons of crude motor spirits, which is said to be higher in power1,250,000
than the
companies
19,645,574 21,773,202 Dep. (funds of
Present blended gasoline. There will also be produced from the coal tar
Cash
3,755,085 6,606,492
subsid.& MM.
of this plant 2,750.000 gallons per year of the heavier distillates which will
Notes receivable
168,337
559,519 (oo.)
766,752
627,521 find their way into the business of wood preservatives, the manufacture
of
Accts.receivable
759,055
658,814 Due to sub. cos_ 1,674,088 2,791,718 disinfectants, flotation
oils and plastics. There will be
Office furniture
Notes payable._ 7,529,556
500,000 plant after the coal is distilled and all of the valuable marketed from this
by-products taken
& raise. prop..
1 Accts. payable_
1,873
49,571 from it approximately 175,000 tons of a domestic smokeless fuel possessing
DIM pay.on pf.
all of the advantages of anthracite with none of its disadvantages such as
stk. (in cash).
455,006
455,000 high ash of a value of over $1,750,000 a year.
Divs. pay. on
corn.stk.(pay.
Begins Its New Popular Stock Ownership Campaign.In coca. stk.)_ 1,071,881
970,079
Ti3e Public Service Corp. of New Jersey will begin to-day
Divs. unclaimed
21,152
20,702 popular stock ownership campaign. During this campaign (Oct. 1) a new
the company's
Res. for ins. liab
123,725
111,839
curriul. pref. stock of $100 par value will be offered
Other reserves
597,395 1,118,097 general public at par, payable in full with subscription to customers and the
or in ten installments
Cap. stir. (prem.
of $10 per share monthly. A similar offering of stock last spring was twice
on cap. 81k.). 23,821,633 23,924,208
Tot.(each side)_122,472,381 110,381,463 Undlv. profits 13,095,222 10,553,827 oversubscribed within a period of five business days.
The latest official compilation shows the company added 10,570 new
x Represented by 4.297,835 shares without par value.
-V. 125, P. 1709. names to its stockholders' list during the first six months of 1927, the total
on June 30 1927 being 62.572, eliminating all duplications. This compares
North Boston Lighting Properties.
-Retires Notes.
with 52,002 stockholders reported on Dec. 311928.-V. 125, P. 1711, 1462.
The company on Aug. 1 redeemed its $1,500.000 3
-year 4h % notes,
due Feb. 1 1929, at par and int. The funds were made available through
Public Service Electric & Gas Co.
-Number of Meters.
the issuance last January (V. 124, p. 373, 648) of 60,130 additional common
The number of meters serving customers of this company is rapidly
-V. 125, p. 1194.
shares at $90 per share.
approaching the 1,500,000 mark. In the first 8 months of this year there
were added 46,033 electric and 1.553 gas meters to its lines. This makes
North Penn Gas Co. (Pa.)
.-Line Leased.
a total of 1,457,379 meters. of which 750,276 are electric and 707,103 gas.
r See Northern Pipe Line Co. tinder "Industrials" below.
-V.124,P 3068
On Dec. 31 1903, the year the Public Service Corp.
were in service 187,384 gas and 18,262 electric meters. was formed, there
Ohio Gas & Electric Co.
-Bonds Called.A total of 3.623 industrial plants were connected with the electrical
.• All of the outstandng. 1st mtge. 6% bonds, series A, due 1946, have distribution lines of the company during the
first6 months of 1927, according
been called for payment Nov. 1 next at 107h and int -V. 125. P. 386.
to figures Just made public. The annual consumption of electric current
by these new customers is estimated at 96,000,000 kw.h.-V.125, P. 1711.
Penn-Ohio Edison Co.
-Stock Dividend.
The directors have declared the regular quarterly dividend of
Racine (Wis.) Water Co.
-Bonds Called.
per share in cash and an extra dividend of 1-50 of a share in stock.25 cents
All of the otstanding 5%
-year gold bonds. dated Nov. 1
payable
Nov. 1 to common stockholders of record Oct. 15. A stock distribution of have been called for payment 30
1901,
Nov. 1 next at par and Int. at the Fanners
like amount was made on May 2 last.
-V. 125, p. 1194.
Loan & Trust Co., 22 William St., N. Y. City. The City of
Racine
Wis., acquired the plant of this company in 1919.-V. 109, p. 2177.
Pennsylvania Gas & Electric Corp.
-Interests
Acquire
Sedalia (Mo.) Water Co.-Pref. Stock Offered.
American Electric Power Co. Common Stock.
It is reported that interests identified with the Pennsylvania Gas & & Stoner, Inc. Boston, and Bitting & Co. St. -Putnam
Louis, are
Electric Corp. have acquired from the American Gas & Electric Co. tha* offering $250,000
cumul. 7% pref. stock at 100 and div.
OCT.1 1927.]
THE CHRONICLE
Preferred over the common stock as to cumulative dividends and as to
assets in liquidation up to par and divs. Red. all or part upon due notice
at such times as the directors may direct at $105 per share and divs. Dividends payable Q.
-J. Non-voting except in special cases. Transfer agents,
Travelers Bank & Trust Co., Hartford, Conn., and Sedalia Trust Co.,
Sedalia, Mo.
Issuance.-Approved by the Public Service Commission of Missouri.
Data from Letter of L. P. Andrews, President of the Company.
Company.-Serves Sedalia, with a population exceeding 25,000, under
satisfactory franchises, and acquired the physical properties of the old City
Water Co. To assure an adequate supply for present and future needs,
there was completed in June 1926 a new reservoir covering 150 acres and
impounding 530,000,000 gallons.
Capitalization.-Consists of this issue of preferred stock, 2,500 shares,
and no-par-value common stock of 11,850 shares. The let mtge. bonded
debt is $950,000
% bonds, due Feb. 1 1947.
Earnings.-Based upon the actual volume of business done in 1926, giving no effect to the present increase of business, and upon the rates which
became effective on Nov. 1 1926, are at the rate of over $51.225 per annum,
after figuring operating expenses and local taxes, also first mortgage bond
interest, also estimated Federal income taxes. Certified public accountants
most conservatively estimate the amount so remaining for preferred dividends and depreciaion after amortization of bond discount to be $41,943,
or nearly 214 times the required amount for preferred dividends.
Value of Property, on a replacement basis, was given at $1,930,353, by
Stone & Webster, Inc., of Boston, on Feb. 14 1927. Upon that figure,
deducting the first mortgage 5%% bonds outstanding, there remains $392
per share for the 2,500 shares of7% cumulative pref.stock. The properties
as a whole, including the new improvements, costing about $575,000, were
accepted some time ago by the Public Service Commission.-V.124, p. 1221.
1839
Southern United Gas Co.
-Bonds Ready.
Definitive 1st lien 6% sinking fund gold bonds, series A, due April 1
1937, are now ready for delivery in exchange for outstanding interm cert.f.cates at the Central Trust Co. of Illinois, 125 West Monroe St.. Chicago,
or at the Chase National Bank in the City of New York. (For offering
see V. 124. p. 3069.)-V. 125. p. 782.
Southwestern Light & Power Co.
-Transfer of Props.
Transfer of the properties of the Quanah Ice & Light Co. at Quanah
and Chillicothe, Tex., to the operating system of the West Texas Utilities
Co. by the Southwestern Light & Power Co. of Oklahoma City became
effective a few weeks ago. Administration and operation of the ice and
light systems of these two north Texas cities have been taken over by
the West Texas company through its general offices at Abilene. Addition
to the Quanah and Chillicothe properties extends the electric transmission
and distribution system of the West Texas Utilities Co. approximately 30
miles further to the north and increases the number of west Texas towns
served by the company to 83. The transmission line connecting Quanah
and Chillicothe, a distance of 17 miles. which has been operating at a
voltage of 15.000, is to be rebuilt immediately by the West Texas company
-volt conductor.
and increased to a 66.000
The electric transmission net of the West Texas Utilities Co. now comprises 1,350 miles of high-voltage trunk lines, over which power is dispatched from the big generating stations at Abilene and San Angelo and
many auxiliary generating stations placed at strategic points throughout
the system. This unified power system now reaches from the oil fields
of Crane. Pecos, Upton and Crockett Counties on the southwest and the
hill country of Junction, Menard and Mason on the south to the Red
River on the north.
The West Texas company, which five years ago served only eight towns
with a total of only 5,983 customers, to-day serves 83 towns with a total
of 40,000 customers.
-V. 125. p. 248.
Shawingan Water & Power Co
-New Issue of $200,000,000 Bonds Approved-Proposed Financing-Present OutSpring Brook Water Co.
standing Funded Debt Called for Redemption-The stock- Bonds Given Exchange Offer. -Holders of 1st Mtge. 5%
holders on Sept. 28 approved a propositon to create an
The holders of 1st mtge. 5% bonds, due Nov. 1 1930. who were recently
privilege of exchanging their bonds for $6.50 dividend series
authorized issue of $200,000,000 1st mtge. & coll, trust offered the of
pref. stock
the Associated
basis of
gold bonds, of which, $35,000,000 will be offered shortly. of pref. stock for each $1,000Gas & Electric Co. on thethat this 10 shares
bond, have been advised
offer will
The proceeds are to be used to redeem the $3,526,000 be withdrawn 30 days from Sept. 23.
Bondholders desiring
of
should
5% consol. mtge. bonds and the $22,866,500 of 1st ref. forward their bonds by to take advantagethe the exchange offerElectric
registered mail to
Associated Gas &
mtge. gold bonds.
Co., Room 2015. 61 Broadway, N. Y. City, prior to the expiration date. .
The following constitute the bond issues which have been
Staten Island Edison Corp.
-Earnings.
called for payment:
Results for Year Ended Dec. 31 1926.
-Called for
5% Consol. Mtge. 30
-Year Gold Bonds, Due Jan. 1 1934.
redemption Jan. 1 1928 at 110 and int. at the Bank of Montreal,in Montreal.
Canada, or London, England. or at the agency of the bank in New York
City, at the option of the holder.
Series A 30
-Year 534% 1st Ref. Mtge. S. F. Gold Bonds, Due Jan. 1 1950.
Called for redemption Dec. 1 1927 at 110 and int.
Series B and C6% 1st Ref. Mtge. S. F. Gold Bonds, Due July 1 1950.
Called for redemption Jan. 1 1928 at 105 and int.
Series D 534% 1st Ref. Mtge. S. F. Gold Bonds, Due April 1 1954.
Called for redemption April 1 9128 at 105 and int.
Series E 5% 1st Ref. Mtge. S. F. Gold Bonds, Due Oct. 1 1955.
-Called
for redemption April 1 1928 at 105 and int.
The series A, B, 0, D and E bonds will be paid at the principal office
of the Royal Bank of Canada, Montreal, Canada, or at the Bank of the
Manhattan Co., N. Y. City, or at the Bank of Scotland, in London.
England, at the holder's option.
Holders may deposit their bonds at the designated places at any time
on or after Nov. 1 1927 and prior to the date fixed for redemption, and
upon such surrender will receive a sum equal to the redemption price
with interest accrued on such bonds to the date of surrender thereof.
-V. 125, p. 1711.
•
Gross revenue from all sources
$3,678.866
Oper. exp. & taxes, incl. ordinary maint., but not incl, provision
for retirements, renewals & replacements
2,477.646
Gross income
Bond interest
Other interest
Credit for interest during construction
Amortization of debt discount and expense
Provision for retirements, renewals and replacements
$1.201.220
391.592
83,844
Cr.160.450
25.659
99.546
Balance for other deductions, dividends and surplus
$761,029
Balance Sheet Dec. 31 1926.
Assets.
49,007,445
Plant & property
n22,665,010 Capital Stock
550
Cash In hands of trustee
8,893 Sub, cos, stock outstanding
500,289
812,174 Adv.from &MI.cos
Cash & spcial deposits
y5,236,900
3,606 Ref. & imp. mtge
Notes receivable
1,395,000
489.828 R. Lt. & RR.45, 1952
Accts. receivable (less res.)._
z188,000
303,221 Equip. tr. ctfs. (series A)__
Materials and supplies
151,764
Unamortized debt discount
Curr. liab. (accts. pay., &c.)
738,439
504,000 Accr. liab.(taxes, in. &c.)__
Southern Bell Telephone & Telegraph Co.-Acquisien. and expense
422,755
51,651 Consumers' deposits, &c____
The I.
-S. 0. Commission on Sept. 19 approved the acquisition by the Prepayments
1,446,394
Reserves
company of the properties of the Demopolis Telephone Co.
536,062
Corporate surplus
On June 29 1927 the Bell company contracted to purchase all of the
5,214,784
Total (each side)
$24,838,382 Capital surplus
physical and tangible properties of the Demopolis company for $50,200,
reproduction cost at Dec. 31 1922 plus subsepayable in cash. No additional securities will be issued to effect the
* Represents appraised
Proposed acquisition-V. 124, p. 1822.
quent net additions at cost. xRepresented by 35,000 shares of first pref.
stock and 103.227 shares of common stock, both of no par palue. y Called
Southern California Edison Co.
-Stock Offered.
-E H. and redeemed on Feb. 1 1927. zRedeemed April 15 1927.-V. 124. p. 1512.
Rollins & Sons; Lee, Higginson & Co., and Parkinson &
-Bonds Offered. -Harris,
Texas Power & Light Co.
Burr are offering $1,750,000 7% cum. pref. stock, series A Forbe & Co., Coffin & Burr, Inc., Bonbright & Co., Inc.,
(par $25) at $27.75 flat, yielding 6.08%.
and Lee, Higginson & Co. are offering $4,000,000 additional
Preferred as to assets and dividends equally with series B and C over 1st & ref. mtge. gold bonds, 5% series, due 1956 at98 and
the common stock. Entitled to cumulative dividends at the rate of 7% int.to yield about 5.13% Dated Nov. 1 1926; due Nov.11956.
per annum, payable Q.
-M. Entitled to $25 per share and divs. in the
event of liquidation. Red., all or part, at $28.75 per share, plus any
accrued divs. thereon. Shares have equal voting power, share for share,
with all other stocks of the company.
Company.
-Owns and operates one of the most comprehensive systems
in the world for the generation, transmission, and distribution of electricity
for power and lighting purposes. The territory served either directly
or at wholesale embraces ton large counties in southern and central California (including Los Angeles), with a population of over 2,750,000, and
an area of 55,000 square miles
-equal to the combined area of Massachusetts
Vermont, New Hampshire, Rhode Island, Connecticut, Delaware and
New Jersey.
The electric generating plants of the company have a present installed
capacity of 816,100 h.p., of which 465,700 is hydro-electric and 350,000
is steam. The total output of these plants for the year ended July 31 1927
was 2,366,017.039 k.w.hrs.
The largest hydro-electric development of the company is located on
Big Creek and the San Joaquin River and includes power houses with a
generating capacity of 345,700 h.p. This project, upon completion, will
include a drainage area of 1,200 square miles and will yield considerably
more than 1,400,000 h.p. of hydro-electric energy.
The Long Beach steam plant of the company is the largest steam plant
west of Chicago and hasa presentinstalled generating capacity of 288,000 h.p
Capitalization (Upon Completion of Recent Financing).
Total funded debt
$135,059,700
Stock (as of July 31 1927)
Common (paying 8%)
48,459,647
Preferred, Series A, 7
25.545,500
Preferred, Series B,6
46,771,025
Preferred, Series 0,514%
312,975
Original preferred,8%
4,000,000
Note.
-In addition to the stocks shown above as outstanding, the company has subscriptions for $3,431,525 preferred and $2,884,075 common
stock which is being paid for on the partial payment plan.
Earnings
-Years Ended July 31.
1927.
1926.
Gross earnings
$26,424,911 $29,833,072
Operating expenses, maintenance and taxes
8,978,498 10,040,045
• Net earnings available for int., depr., diva. &c..$17,448,413 $19.793,027
Annual interest charge on $135,059,700 bonds
6,855.770
Balance
$12,937,257
Annual dividend requirements on preferred stocks
4,931.660
Balance for depreciation and common stock dividends
$8,005,597
The balance available for preferred dividends is over 2.6 times the
requirements on all preferred stock now outstanding.
The equity after the preferred stocks is represented by common stock
outstanding to the amount of $48,459,647. which has a current market
value of approximately $79.000,000. Dividends have been paid on the
common stock since 1910, the present rate being 8%. See also V. 125.
p. 1582, 1711.
Southern Cities Utilities Co.
-Acquisition.
-
The company announces that it has purchased all of the capital stock
of the Citizens Gas Co. of Salisbury, Md., and that the Maryland P. S.
Commission has approved the transaction. The Salisbury plant includes
a water gas manufactory and 27 miles of distribution mains. The consideration was reported to be about $604,000-v. 125, p. 520, 386.
Data from Letter of A. S. Grenier, Vice-President of the Company.
Company.-Incorp. in 1912. Owns and operates one of the largest electric transmission systems in the Routh, extending through an area in Texas
as large as the combined areas of New York, Mass., Conn. and N. J.
In this extensive territory the company supplies electric power and light
service, directly or indirectly, to more than 225 communities, including
Waco, Denison, Sherman. Cleburne and Paris. In addition, the company
supplies gas service to 3 communities. The total population in the territory served is estimated at 526.000.
The present installed electric generating capacity owned by the company
is 66,984 kilowatts, and 2,000 kilowatts additional capacity is leased. Property owned includes the new Trinidad steam electric generating station,
which was placed in operation in July 1926, with an initial Installed capacity
of 40.000 kilowatts and is one of the largest and most modernly equipped
generating stations In the South, being designed and partially built for an
ultimate capacity of 160 000 kilowatts. The transmission systems are
interconnected with the lines of other companies, including Fort Worth
Power & Light Co., Dallas Power & Light Co.. Houston Lighting & Power
Co. Texas Electric Service Co. and Oil Belt Power Co., with all of which
companies interconnection has been made for the purpose of interchange of
power, thus insuring greater dependability of service.
Security.
-Secured by a direct let mtge. on a substantial portion of the
company's property and by a mortgage on the balance of the physical prom
erty subject to $18,315,000 of 1st mtge. bonds, including $3,310,000 of
bonds deposited with the trustee of the 1st & ref. mtge. No additional 1st
mtge. bonds can be issued except for pledge under the 1st & ref. mtge.
The property on which these bonds are secured by a direct let mtge. includes electric generating stations with a combined installed generating
capacity of more than 44,000 kilowatts (including the initial installation at
the new Trinidad station); approximately 262 miles of transmission lines.
and distributing systems, which include about 357 miles of lines, in 33
communities.
The mortgage provides for the issue of additional bonds upon conditions
as therein stated and contains provisions permitting modifications with the
assent of the holders of not less than 85% in aggregate principal amount of
the outstanding bonds, not including bonds owned by the company.
Earnings for the 12 Months Ended August 31 1927.
$9.132.214
Gross earnings, including other income
5.042,758
Operating expenses, maintenance and taxes
$4.089.456
Net earnings
Annual interest requirements on $35,005,000 mtge. bonds out1.750,250
standing in hands of public (including this issue)
Balance for debenture and other interest, depreciation, &c..- _$2,339.206
Capitalization Outstanding with Public.
Common stock (no par value)
4.000,000 slur.
Preferred stock (7% cumulative)
$6,500.000
2.000.000
Debentures, 6%,series A. due 2022
1st & ref. mtge. gold bonds,5% series, due 1956 (incl. this issue) 20.000.000
1st mtge. 5% bonds, due 1937
*15.005,000
*Excluding $3,310.000 pledged under the let & ref. mtge No additional
let mtge. bonds can be issued except for pledge under the 1st & ref. mtge.
Supervision.
-The operation of the properties of the company is super-V. 124. p. 113.
vised by Electric Bond & Share Co.
-To Issue Bonds and Stock.
Toledo Edison Co.
The company has applied to the Ohio P. U. Commission for permission
to issue $316,800 1st mtge. 5% bonds due 1947. and $316,000 of 6%
1840
THE CHRONICLE
[Vol,. 125.
preferred stock, both to be sold at not less than 90, the proceeds to be
used to pay for improvements, &c.
-V.124, p. 3498.
5% gold bonds to the amount of $27,500,000, instead of $27,750,000, as
contained in the original petition. The amended petition also asks for
approval of a stock issue of 425,926 shares of capital stock, "or such other
Underground Electric Rys. of London, Ltd.
-Deposits. number of shares as the Commission may determine." In the original
Holders of 6% income bonds are notified that they should defer de- petition the company asked for a stock issue of 421,492 shares
--(Providence
positing their bonds for endorsement or for exchange into fully-paid ordinary [R. I.) "Journal").
-V. 123, p. 1508.
shares until after the necessary increase in the share capital of the company
United Light & Power Co.(& Subs.).
has been effected in general meeting, and this meeting will be convened
-Earnings.
shortly. The company will in due course inform bondholders by adPeriod End. Aug. 31- 1927-8 Mos.-1926
1927-12 Mos.-1926
vertisement when and where they should deposit their bonds for endorsement Gross earns, of sub. cos_$29,465,117 $26,369,652 $44,457,060 $40,513,159
or conversion. ("London Stock Exchange Weekly Official Intelligence.") Less inter-co. transfers__ 1,356,030
2,058,869
1.327,703
1,925,915
-V. 125, p. 1463.
Total gross earnings_ _$28,109,087 $25,041,949 $42,398,191 $38,587,244
United Electric Light Co. of Springfield, Mass.
-Offer. Operating expenses
14,039,711 12,268,672 20,991,215 18,526,957
The stockholders of this company have been given the right to exchange Maint, charge, to eper- 1.680,675
2,405.341
1,587,722 2,519,236
their stock for Western Massachusetts Companies stock on the basis of Taxes, general & income 2,331,215
2.168,511
3,439,489 3,149,231
2% shares of the latter for each share of United. It is necessary that 61%
of the shares of the United company be deposited on or before Oct. 30 (not
Total oper. exp.,
Oct. 20 as previously reported) before the plan can be declared effective.
maint.& taxes
$18,051,600 516,024,905 526,949,940 $24,081,529
Deposits should be made at the Union Trust Co. of Springfield. Mass., Less inter-co. transfers
1,356,030
1,327,703
2,058,869
1,925,915
depositary, or at Springfield Safe Deposit & Trust Co.of Springfield,
Mass.. Kidder, Peabody & Co.. of Boston, Mass., or the Old Colony Trust
Total oper. expenses_ _$16,695,570 $14,697,202 $24,891,071 $22,155,613
Co. of Boston, Mass., sub-depositaries.
Net earns, of sub. cos__ 11,413,517 10,344,747 17,507,120 16,431,031
(It was announced on Sept. 26 that 51% of the United stock has been Non-oper. earnings
1.600,648
770,715 2,438,163
2,189,105
deposited under the above offer.)
-V. 125, p. 1327.
Net earns., all sources$13,014,164 $11,115,462 $19,945,283 $18,620,736
UtiliVes Power & Light Corp:
-Listing
Int, on bonds Sr notes of
The New York Stock Exchange has authorized the listing of 15,000
sub. cos. due public 2,846,711
2,839,122 4,313,920 4,393,572
additional shares of Class A stock without par value now covered by an
option, on or before Nov. 15 1927. when and as taken up, on official notice
Balance
$10,167,454 $8,276,340 $15,631,363 $14,227,163
of issuance and payment in full it being understood that if the 15.000 shares Divs. on pref. stirs, of
are not taken up on or before Nov. 15, the authority granted sball lapse
sub. cos. due public &
as to the portion thereof not so taken up; making the total amount applied
propor. et net earns.
for 516.500 shares of Class A stock.
attributable to corn.
Directors authorized the issuance of 15,000 shares of Class A stock.
stk. now owned by co- 2,147,278
1,940,588 3,179,507 2,872,969
This stock has been underwritten at a price in excess of $25 per share,
and is covered by an option expiring Nov. 15 1927. The proceeds from the
Gross inc., avail. to
sale thereof will be used for general corporate purposes Including the acquisiUnited Lt.& Pr. Co__ $8,020,175 $6,335,752 512,451,857 $11,354.194
tion of additional securities of its presently owned and controlled subsid- Interest on funded debt_ 2,115,723
3,193,136 3,056,235
2,188,066
iaries. 15,000 shares of Class B stock have also been sold under a similar Other interest
847,453
623,865
270,381
462,532
option at a price in excess of $15 per share.
370,897
694,077
523,766
Prior pref. stk. diva._ _ _
483,413
All of the 40,000 shares covered by option expiring Oct. 1 1927, dated
Aug. 15 1927. has been taken up.
Net income
$4,797,174 $3,506,408 $7,717,190 $7,311,662
Since Aug. 15 1927, the corporation has issued for cash at a price in excess Class A pref. diva
1,033,033
996,566
694,153
670.882
of $25 per share 50,000 shares of Class A stock and at a price in excess of $13 Class B pref. diva
308,490
324,000
216,000
204,720
per share 50,000 shares of Class B stock. In addition, 7.983 shares of
Class A stock have been issued in exchange for stocks of Laclede Power &
Surp. earns, avail, for
Light Co. and St. Louis Coke & Iron Corp.
deprec. amort. &
corn. stock dive_ __ $3,898,301 $2,619,525 56,375,668 $5,991,095
Comparative Consolidated income Accountfor 12 Months Ended June 30.
Note.
-Dividend declared and paid by American Light & Traction Co.,
1927
1926
Grass operating revenue
$18.392,956 $13,149,664 in common stock on June 30 1927, is not included in the above figures.
Non-operating revenue
261.155
67,718 -V.125. p. 1327.
Total operating revenue
Operating expense
Maintenance
Taxes (excl. of Fed. Tax)
518,654.111 513.217.382
7,474.849 4.951,036
1,557.966
1,113.395
1.061.568
769.689
Net earns, before fixed charges
' Int. on fund. debt
Int. on =fund. debt, rent., etc
Amort. of debt disc. & exp
Other chgs. St 2% normal tax
$8,559,728 $6.383,262
3,479,329
2,259,543
99.779
144,062
332,177
287,375
78.250
61,104
Net income after expenses & fixed charges
Divs, on pref. stocks of sub. & controlled cos
$4.570.193 $3,630.579
1.618,870
642,109
Net income before other deductions
$2.951,323 $2.988.470
Surplus net earnings of properties prior to acquia- er.84,750
Net income accruing to minority interest
8,882
609.956
Net inc. of oper. cos. before deprec. & Fed. inc.
tax
$3,027.192 $2,378,514
Profit on construction for outside companies
123.511
Interest discounts. etc
122,236
106,018
Engineering fees and miscellaneous
874,288
704,096
Total net earnings
Depreciation
Provision for Federal income tax
$4,147,227 $3,248.628
945,063
787,878
334.947
.344,361
Net income of Utilities Power & Light Corp. &
earnings accr. to com. stocks owned by it$2.867,217 $2,116.387
Surplus beginning period
5.180,149
4.780,457
Adjustments
dr.974,934 er.5,951.695
Com, stock of sub. & controll. cos, paid prior to
acquis.& surp. net earns, of prop.prior to acquis.
& net inc. accr. to minority hit
dr.130,912 tr.609,956
Balance, surplus
Preferred dividends
Class "A" dividends
Class "B" dividends
Less minority interest
$6,941,520 $13,458,425
601,236
3143,332
623.704
456.289
607,931
357.835
73.985
7,080,891
Surplus end of period
$5,034.665 $5,180,149
Comparative Consolidated Balance Sheet, June 30.
1927
1927
1926
1926
Assets$
Liabilities$
$
$
Prefstk
Prop., plant &
11,769,233 8,047,000
equip
127,958,399 90,729,193 Class"A"stk.__ x8,440,157 6,721,557
Sinking fund_ _ _
46,765
104.932 Class"13" stk.-- X4.214.727 2,915,461
Special deposits_ 17,163,741
Pref.stk.(subs.) 30,967,591 14,739,560
41,325 1,273,000
Investments-_ 1,137,462 1,304,320 Corn. stk.(subs.)
Cash
7,488,257 2,001,004 Surp. aePlle. to
stk. of U.P.&L 5,034,665 5,180,149
Marketable sec. 1,472,606
Notes rec.
336,140 Surp. applic. to
80,546
Accounts rec_ __ 3,066,318 3,336,625
minority stks.
of subs
Int. & dive. rec.
73,985 7,080.891
4,467
Due from empl.
Funded debt__ 91,262,600 42,511,800
on stk.subscr.__ 400,000
Mortgage pay_
1,860
Inventory
2,152,637 1,657,260 Contr. pay. for
Cash surr. value
purch. of pro_
206,843
value of pol.
Sub, pref. stk.
on life of oMc.
64,140
held for exch..
1,200
66,666
103,000
Pref. stk of sub.
Accr.int. & diva.
co. held for
& other funds
exchange ____
1,200
103,000
on deposit _ .._ 16,862,256
Due from Mill.
Notes payable__
3,172,912 1,712,257
1,384,580 1,747,773
eompanies-___
40,816
Accts. Payable__
Divs. payable__
307,454
30,671
Pay. on invest.
Accrued Items__
Sz prop,in pro1,126,843
937,901
greas of acquIs 17,962,833 1,448,623 Divs. accr. not
due & notdec_
115,163
IInamort. debt
disc. & exp.__ 7,419,779 3,819,945 Dive. Pay. in cl•
A stk. & 'tot.
Onamort. stock
tr. ctfs. for
disc & exp._ __ 2,385,767 1,122,362
Cl. B stock__
299,128
Prepay. & other
253,152 Consurn. dep___
623,092
689,726
491,279
items
Def. liabilities__
1,286.211
390,775
Res. for deprec_ 11,040,817 8,950,257
451,064
Res.for Fed.tax.
482,755
854,278 2,964,610
Total(each side)189,537,986 106,280,696 Res.for oth.purp
:Represented by 362,234 shares of no par value.
-V. 125. P. 1583.
yRepresented by 500.992 shares of no par value.
-ComUnited Gas Improvement Co., Philadelphia.
pany and Philadelphia Electric Co. to Exchange Stock-Approved by Directors of Both Companies
-66 2-3% Phila. Electric Stock Must Be Deposited to Make Plan Operative-That
Company to Preserve Its Corporate Identity and Separate
Organization.
-The United Gas Improvement directors
Sept. 28 approved the plan recommended by the special
committee for the acquisition of the Philadelphia Electric Co.
on the basis of exchange of one share of U. G. I. for two
shares of Philadelphia Electric stock. The Philadelphia
Electric Co. director8 likewise adopted the recommendation
of the special committee for a consolidation with the United
Gas Improvement Co. on the same basis of exchange.
After the meetings of the board of directors of both companies it was
announced that the board of directors of each company had unanimously
to com
consider
approved tg ry of a of theirr r
avisa it eports
ehreelraehtieolndserilkep cl=erth:WPed
the
that the stock of the Philadelphia
recommend to theirl
Electric Co. be exchanged for the stock of the U. G. I. Co. on the basis
outlined above.
The United Gas Improvement Co. will not be obligated to make such
exchange unless the holders of at least two-thirds of the stock of the Philadelphia Electric Co. approves thereto. The statement further said:
"It is not intended that these companies will be merged. The Philadelphia Electric Co. will preserve its corporate identity and separate organization, and with the co-operation and expert assistance of the U. G. I.
Co.'s organization, the electric industry in what may be termed the Philadelphia Metropolitan District will be so developed as to render to the public
the most efficient and economical service possible and at the same time
result in advantages to the stockholders."
Notices will shortly be issued by each company to its stockholders, giving
in detail the necessary steps to consummate the plan.
Announcement was first made Sept. 23 by committees
of the United Gas Improvement Co. and the Philadelphia
Electric Co. that agreement has been reached to recommend
to their respective boards a plan of consolidation which would
be considered at meetings of both boards of directors. The
announcement, signed by J. J. Sullivan Jr., committee
Secretary, stated that the plan provides for an exchange of
stock on the basis of two shares of Philadelphia Electric
stock, of the par value of $25 each, for one share of U. G. I.
of the par value of $50. The official announcement said:
"As Secretary of the committees appointed respectively by the U. G. I.
Co. and the Philadelphia Electric Co. to consider the desirability of a closer
relationship between the two companies, I am authorized to state that as a
result of these conferences the committees have unanimously agreed to
recommend to their respective boards a plan which will be considered at
their meetings, providing for an exchange of stock on the basis of two
shares of Philadelphia Electric stock of the par value of $25 each for one
share of United Gas Improvement Co. of a par value of $50."
The committees are composed of the following: On behalf of the U. G.I.
Co., Arthur W. Thompson (Pres. of the U. G. I. Co.), Chairman; Samuel
T. Bodine(Chairman of U. Gr. I. board of directors), Charles Day (of Day &
Zimmermann) and Morris L. Clothier.
On behalf of the Philadelphia Electric Co., J. R. McAllister (Chairman),
Charles E. Ingersoll, Horatio G. Lloyd, William A. Law and John T.
Windrim.
The Philadelphia "News Bureau," Sept. 23, had the
following:
The financial community was impressed by the importance of the pro-Philadelphia Electric consolidation as being a constructive
posed U. G. I.
proposition which has now received the endorsement of large Interests in
both companies. Similar propositions have been up before but a majority
of the Philadelphia Electric board has been against all previous offers.
A consolidation of the two companies has been talked and discussed in the
Street for the past 25 years and it has at last become officially projected
with expectation that a large majority of Philadelphia Electric stockholders
will accept the offer, assuming that the directors of both companies approve it and issue a call for deposit of Philadelphia Electric stock under
the terms named. The presence of leading members of the Philadelphia
Electric board as well as those on the U. G. I. directorate and management
is taken as an indication that the plan should receive the approval of the
-Changes Plans.
United Electric Power Co.
directorate of both companies.
The Company early in September filed an amended petition with the
Where 51% or over of the stock of a corporation is acquired by another
Rhode Island P. U. Commission, seeking authority to Issue stocks and approval is required by the Public Service Commission and there is sound
bonds with which to purchase the Narragansett Electric Lighting Co. and reason for anticipating favorable action by that body on the merits of the
its subsidiaries, together with an 84
-page brief, in which it sets up its argu- situation. It would be in line with ideas of economic operation and benefit.
ments in favor of its petition.
It is believed a preponderance of Philadelphia Electric stock would accept
Several weeks previously the company filed a petition, seeking authority the plan, but a minority outstanding interest would not stand in the way
for stock and bond issues upon which may hearings were held. In the of making the plan operative. Philadelphia Electric Co. is likely to be
amended petition filed Sept. 2 the company asks authority to issue 30-year continued as an operating company. It is regarded as logical that the
OCT. 11927.]
T H ill CHRONICLE
1841
Counties Gas & Electric and Philadelphia Suburban Gas & Electric proper- and during the period of readjustment incident to the starting up of the
new plant it has been necessary, in order to avoid incerruwion of service,
ties, being in contiguous territory,should be operated from a single source.
By the proposed consolidation there will be savings by reduction in to operate both old and new plants with very considerable additional
operating load and by minimizing power reserves. U. G. I. by owning a expense. The result is that earnings have not been sufficient to warrant
majority of Philadelphia Electric stock would have control, whereas its payment of the regular dividend of 2% (50 cents a share) usually payable
interest in Public Service Corp. is that of a minority holder, or something at this time. The new plant is now in full operation and the directors
like 30% in the common stock. To acquire Philadelphia Electric stock an believe that the earnings will soon reflect the larger business possible with
increase in U. G. I. capital stock will be necessary, as its authorized capital this new equipment. -V. 124, p. 114.
is all already issued.
West Penn Electric Co.
-Stock Increased.
While at present rates of dividends Philadelphia Electric stockholders
The stockholders on Sept.9 increased the authorized common stock from
would receive the equivalent of their present return, $2 a share on their
Electric stock, there are advantages already suggested for those 1,000,000 shares to 1,500.000 shares, no par value. See also V.125,P.1583.
Phila.
making the exchange.
-Acquires Properties.
West Texas Utilities Co.
The consolidation would represent a much larger total of resources and
See Southwestern Light & Power Co. above.
organization operating over a large territory, with which the Conowingo,
Md., hydro-electric project would fit in, and take in a large territory
-Offers to Acquire
Western Massachusetts Companies.
between Philadelphia and Maryland.
It is pointed out that Philadelphia is one of the fewer large cities of the United Electric Light Co. Stock.
country whose metropolitan area is not served by a single large power and
-V.125,p.1327, 1712'
See United Electric Light Co.of Springfield, Mass.
light interest. In New York. Chicago, Detroit and other municipalities
the consolidation tendency has been in effect. In Philadelphia the way
-Bonds Offered.Western United Gas & Electric Co.
has been cleared by elimination of conflicting views of the various interests
involved.
-V. 125. P. 1582, 1327.
Harri., Trust & Savings Bank, Chicago, are offering at 9934
-Bonds Ready.
United Public Service Co.
-year 5% gold bonds,
and int. $1,500,000 1st mtge. 30
-year collateral trust 6% gold bonds, series A, due April 1 series "B."
Definitive 15
1942, are now ready for delivery in exchange for outstanding interim certifiDated March 1 1927; due March 1 1957. Red., all or part, on 30 days'
cates representing the same upon presentation and surrender of such interim notice at 105 and int. to and incl. March 1 1938, and thereafter at par
certificates at the Central Trust Co. of Illinois, 125 West Monroe St., and int. plus a premium of %% for each year or portion of a year of unChicago, Ill., or at the Chase National Bank in the City of New York expired term. Int,(M.& S.) payable in Chicago or New York without
(For offering see V. 124. p. 2750.)-V. 125. p. 916.
deduction of the normal Federal income tax not exceeding 2%.-Denom.
Merchants Trust Co. Chicago, trustee.
$500 c*.
- $1,000 and-ApprovedIllinois Illinois Commerce Commission.
Washington-Virginia Ry.-Two Successor Companies.
'
by the
Issuance.
At the auction sale of the properties of the Washington-Virginia Ry. Co.
-Owns and operates an important group of public service
Company.
(V. 124. p. 3211) that part of the railway extending from Washington, properties in an extensive and rapidly growing section, suburban to and
D. C., through Alexandria, Va., to Mt. Vernon, was bought ih by the principally west of Chicago and in southern Illinois. Approximately 90%
bondholders' committee of the bonds known as the Washington Alex- of the properties of the company are in the metropolitan area within a
andria & Mt. Vernon 1st 5s, bearing date on March 1 1905 and secured radius of 80 miles lof Chicago. Company owns all of its properties in
by mortgage to the Real Estate Trust Co. of Philadelphia.
fee unencumered other than by the lien of the mortgage securing the
In order to continue the operation of this line the bondholders' committee 1st mtge. bonds, and controls, through the ownership of all outstanding
caused a new charter to be obtained [in Virginia July 26 1927], the new stock and funded debt, the Coal Products Mfg. Co., which makes available
company being known as the Mt. Vernon Alexandria & Washington Ry. Co.. an important source of gas supply, and the Aurora Elgin & Fox River
and 4,800 shares of the no par value capital stock of the new company Electric Co., which owns the electric railway properties.
out of 5,000 shares authorized by its charter are being issued to the bondThe electric power and light properties, with an installed electric genholders' committee for the benefit of the bondholders who have deposited erating capacity of 55.265 h.p., serve without competition over 30,900
their bonds with the committee, amounting to about 95% of the total issue. customers. The gas properties, with a daily send-out of over 10.000,000
There has been no reorganization of this company, but the operation cubic feet of gas, serve, also without competition, over 87,537 customers.
is continued in the manner provided by law and for the benefit of the de- The railway properties consisting of 37 miles of main line electric railroad,
positing bondholders. This is what is known as the Mt. Vernon division.
and city railways with an aggregate of 30 miles of track, are in an excepGardner L. Booche is President with offices at 108 North St. Asaph tionally high state of operating efficiency. The business of the company
St., Alexandria, Va. Other officers are: Lewis H. Parson, V.Pres., Phila- includes service rendered to a population of about 400.000 in 81 comdelphia; Harrison Emhardt, Sec.; George E. Warfield, Treas.Alexandria. munities in Illinois. Company does the gas business in all of the above
Directors are composed of foregoing officers and the following: William communities,the electric light ad power business in Aurora, Elgin, Wheaton,
G. Baker, Baltimore; J. W. Rich, Washington; Samuel F. Steele, Phila.
Glen Ellyn, Murphysboro and other municipalities, and through a subAt the auction sale of the properties of the Washington-Virginia Ry Co. sidiary the electric railway business in and between Aurora and Elgin.
.
(V. 124, p. 3211) the Falls Church division, extending from Mt. Vernon About 89% of the net earnings are derived from gas, electric and light
Junction in Arlington County through Clarendon to Fairfax Court House, power. 7% from transportation and 4% from miscellaneous sources.
and from Rosslyn in Arlington County to Nauck, were purchased by a
as of July 31 1927 (Giving Effect to Present Financing)'
representative of the holders of bonds secured by the 1st and 2d mortgages Capitalization5%% gold bonds, series "A. 1955
$24,300,000
,
1st mortgage
on this property.
1.500,000
Series 'B' 5s (this issue)
This property was subsequently sold by the purchaser to a group of
*8,000.000
Preferred stock 6%% cumulative
Arlington County and Fairfax County citizens, who formed a new company
16.600
stock 6% cumulative
known as the Arlington & Fairfax Ry. Co. (organized in Virginia), to con- Preferred stock (without par value)
200,000 shs.
tinue the operation of this division of the road. M.E.Church is President Conunon
$59,400 subscribed for on partial payment plan..
*Including
of Arlington & Fairfax Ry., with office at Falls Church, Va., and 1202
-Proceeds of these additional $1,500,000 of bonds will be used
Purpose.
Pennsylvania Ave., N. W. Washington, D. C.
part for expenditures on acThe capital stock of the Arlington & Fairfax Ry. consists of 200 shares to reimburse the treasury of the company in
made
of no par value. It has an authorized issue of $125,000 1st mtge. 5% count of additions, extensions and improvements which have been
to the properties.
bonds, of which $120,000 issued. There is also an authorized issue of
Consolidated Earnings Statement 12 Months Ended July 31 19,.27.
$200,000 6% 2d mtge. bonds, of which about $75,000 have been sold at
$6:897,273
par, with one share of stock with each $100 bond issued.
-V.125. P.650.
Gross earnings
3,655,758
Operating expenses, maintenance and taxes
Water Service Companies, Inc.
-Guaranteed Bonds Offered.
-G.L. Ohrstrom & Co., Inc., and Coffin & Burr, Inc.,
are offering $1,0002000 coll. trust 5% gold bonds, series of
1942, at 96 and int., to yield about 5.35%. Guaranteed
unconditionally as to principal and interest by written endorsement on each bond by Federal Water Service Corp.
Net earnings
Annual hat. on $25,800,000 1st mtge. bonds (incl. this issue)
$3,241,515
1,411,500
$1,830,015
Balance
Security.
-Bonds are secured by direct 1st mtge. on all properties owned
by the company in fee, by pledge and deposit of all of the capital stock
and funded debt of Coal Products Mfg. Co. and of Aurora Elgin & Fox
Dated Sept. 1 1927; due Sept. 1 1942. Principal and int.(M.& S.) pay- River Electric Co., which owns the electric railway properties.
-The franchises of the corporation and its subsidiaries, in
Franchises.
City at Bankers Trust Co., N.Y. City. trustee. Red.on any
able in N.Y.
int. date upon 40 days' notice to and incl. Sept. 1 1932 at 103 and int.; the opinion of counsel, are with minor exceptions satisfactory in term and
thereafter to and incl. Sept. 1 1937 at 102 and int.; thereafter to and incl. provisions. The public relations in the territory are thoroughly setts-V. 125. P. 97.
March 1 1942 at 101 and mt.' thereafter at par and int. Denom. $1,000 factory.
and $500 c*. Int. payable without deduction for any normal Federal in-Sale Approved.
Windsor Locks Water Co.
come tax not in excess of 2%. Refund of certain Penna., Conn., Kansas,
The Connecticut P. U. Commission has approved the sale of all of toe
Calif. and Minn. taxes not to exceed 4 mills, Maryland tax not to exceed
4% mills, Kentucky. Virginia and Dist. of Col. taxes not to exceed 5 mills, outstanding capital stock of this company to the Northern Connecticut
Mich. exdnaption tax not to exceed 5 mills and Mass, income tax not to ex- Power Co. See V. 125, p. 1196.
ceed 6%.
Security.
-Water Service Companies, Inc., will own the mortgage bonds
of companies which supply water for domestic and industrial purposes, such
INDUSTRIAL AND MISCELLANEOUS.
mortgage bonds being secured by a direct mortgage on properties located
-On Sept. 30 Arbuckle Bros. quoted 5.8005.90c.
in the United States. Water Service Companies, Inc., will issue its own
Refined Sugar Prices.
Lamp Prices Reduced.
-Westinghouse Lamp Co. reduces prices of Mazda
collateral trust gold bonds, which will be secured by the bonds of operating
water service companies in the ratio of $1,250.000 of such pledged bonds lamps for automobile lighting, effective Oct. 1. "Wall Street Journal"
against each $1,000,000 of coll, trust gold bonds so issued.
Sept. 26.
-Building
Building Trades Extend Present Wage Scale for Two Years.
This issue of coll. trust 5% gold bonds will be a direct obligation of Water
Service Companies, Inc., and in addition to being secured bv a pledge with Trades Council and Building Trades Employers' Association ratify agreethe trustee of $1,250,000 of mortgage bonds, will be unconditionally guar- ment to continue present contract for two years. Thirty crafts are repreanteed as to principal and semi-annual int, by a written endorsement on sented in the Council. New York "Times" Sept. 28.
Matters Covered in "Chronicle" Sept. 24.-(a) Joint meeting of repreeach bond by Federal Water Service Corp.
Authorized. Outstand'a. sentatives of Cotton-Textile Institute and American Cotton Growers'
CapitalizationExchange
-p. 1644. (b) Wheat Farming Co. formed in Kansas; corporaa
Coll. trust 55' gold bonds, series of 1942 (this issue)$1,000.000
$200.000 x200,000 tion along lines of utility organization; working and sales managers to
6% cum. pref. stock (par $100)
direct planting, harvesting and selling-P. 1646. (c) New York Stock
Common stock (Par $100)
100.000 x100,000
a Issuance limited by restrictions of indenture. x Federal Water Service Exchange to double trading facilities; floor space to allow listing of 2,200
"bond crowd" will move
and
Corp. has purchased at par for cash and owns $200,000 outstanding pref, stocks, foreign New domestic, beling laid out;
York Stock Exchange expels Herman W. Booth 120
p. 1656. (d)
stock and $100,000 common stock.
Broadway, New York,from membership-p.1656. (e) Receiver appointed
Provisions.
will provide for the issuance of addi- for
-Indenture
Indenture
Southack
tional bonds from time to time in a principal amount not exceeding 80% (f) Converse,& Ball, realty operators, 11 Broadway, New York-p. 1657.
Hough & Co., investment bankers, Rochester, N. Y., fail:
of the principal amount of additional bonds pledged under this indenture. temporary receiver
appointed-p.1657. (g) Distinction between American
Such pledged bonds shall be secured by a direct mortgage on the properties
-p.1658.
of water producing and(or) water distributing companies in the U S., and European investment trusts described by Frazier, Jelke & Co.
not earnings are at least 1% times interest charges on the outstanding
whose
Alba Hotel (Southern Florida Realty Co.).
-Sale.
bonds of the issue so pledged and of all issues senior thereto, if any. No
Trustees in bankruptcy have sold the
Hotel at public auction for
additional bonds may be issued under this indenture against a pledge of any $4,660,000 to A. M. Moore, New York. Alba bid was $2,000, assumption
His
the appraised value of the physbonds secured by a closed mortgage, unless
bonded
ical property of such company is at least equal to 125% of the principal of $4,200.000accrued indebtedness, and agreement to take care of $458,000
interest on bonds and costs connected with issue.
representing
amount of all bonds of the issue so pledged and of all issues senior thereto, Included in purchase were furnishings valued at approximately 51.000,000.
if any. Nor may any bonds secured by other than a closed mortgage be so Unsecured creditors gave notice of intention to file review of referee's act
pledged unless such mortgage restricts the issue of additional bonds to 80% in selling at public auction.
of the cash cost or fair value of additions, extensions and(or)improvements.
The Alba was opened Feb. 1
Provision is made for the substitution of collateral of an ectual principal were filed in May 1926. The 1926 and involuntary petitions in bankruptcy
hotel property is valued at $7,000,000. See
amount, provided the substituted collateral complies with the above re- also V. 122, p. 3086.
quirements. Indenture also permits the substitution of cash and(or) U. S.
governmental obligations. It further provides that if the not earnings of
American Chain Co.
-Earnings.
any company whose bonds are pledged as collateral shall at any time be(Not Including English Subsidiaries.)
come less than 1% times the interest charges on all bonds of the issue so
Resulis for 6 Months Ended June 30 1927.
pledged and of issues senior thereto. if any, then other collateral complying
Net income from operations (after taxes) •
with the above requirements shall be substituted.
$1,381,591
The indenture also provides that the funded debt of Water Service Com- Net income after deprec'n, amort. of pats. & interest charges_ _
527,121
panies, Inc., may at no time exceed 5 times the amount of its unimpaired Dividends on Class A stock (first quarter)
175,000
Paid-in capital stock and(or) surplus.
Dividends on 7% cumul. preferred (second quarter)
192,500
-Water Service Companies, Inc., is a wholly owned sub- Dividends on common stock (2 quarters ending June 30 1927)
Management.
312,500
sidiary of the Federal Water Service Corp., which, with its subsidiaries,
Balance, deficit
constitutes one of the largest water works systems in the United States.
$152,872
Surplus Dec. 31 1926
10,736,124
-Smaller Dividend.
West Boston Gas Co.
Deduct prem. on class A stock retired at April 1 1927; cost of
financing at that date and other surplus adjustments (net)
The directors have declared a quarterly dividend of 1% on the capital
1,778.285
stock (par $25), payable Sept. 30 to holders of record Sept. 27. Dividends
at the rate of 8% per annum (2% quarterly) had been paid since 1921.
Balance at June 30 1927
$8.804,960
In connection with the reduction of the company's dividend, Pres. Fales
Net income of $527,121 for the 6 months ended June 30 1927 is equivalent
says: "The company has recently completed a large modern coal gas plant, to $4.79 a share earned on the outstanding $11,000,000 7% cumulative
1842
TAT: CHRONICLE
preferred stock; and, after deducting 6 months dividend requirements of
such preferred stock, to 56 cents per share earned on the 250,000 shares
common stock. This compares with consolidated net income of $600.114
after interest, depreciation, taxes, &c., for 6 months ended June 30 1926.V. 125, P. 1055.
American Rolling Mill Co.
-New Director.
Col. J. Frank Drake, President of the Standard Steel Car Co., has been
elected a director, succeeding S. M. Goodman of Hamilton, Ohio.
-V. 125,
p.917.
Agricultural Insurance Co., Chicago. -Initial Div.
-
The directors have declared an initial quarterly dividend of $1 per share
on the outstanding $2,000,000 capital stock (par $25). payable Oct. 1 to
holders of record Sept. 28. See also V. 125. p. 388.
American Glanztoff Corp.
-Initial Dividend.
--
The directors have declared an initial quarterly dividend of 15 % on the
4
preferred stock,payable Oct. 1 to holders ofrecord Sept.20.-V 12.54).1321.
American Home Products Corp.
-Listing.
-
[VoL. 125.
American Thermos Bottle Co.
-Resumes Common Div.
The directors have declared a quarterly dividend of 25 cents per share on
the common stock, no par value, payable Nov. 1 to holders of record
Oct. 10. The directors also declared the regular quarterly dividend of
873i cents per share on the 7% preferred stock. The dividend on the common is the first since the company was organized in Ohio in July 1925 to
merge the American Thermos Bottle Co. of Maryland and the Icy-Hot
Bottle Co., an Ohio corporation.
-V. 125, p. 783.
Amoskeag Co.
-Offer Made to Trustees.
Edward C. Carrington, New York, has written a letter to the trustees of
the Amoskeag Co., dated Sept. 24, stating that under certain conditions he
is prepared to offer $42,309,990 cash for the assets of the company and the
Amoskeag Manufacturing Co., plus a payment to common shareholders of
one-half of any surplus realized through sale or liquidation.
Mr. Carrington calculates that $42.309,990 is equal to par and diva. for
Amoskeag Co. preferred and about 890 a share for the common. The letter
to the trustees of the Amoskeag Co. follows:
"Provided the assets of the Amoskeag Co. and Amoskeag Manufacturing
Co. check up with the statement of Oct. 6 1926, the last I have been able
to secure, I am prepared to offer $42,309,990 in cash for all assets of both
companies. I calculate the sum of $42,309,990 will yield a return of par
for your preferred shareholders plus accumulated dividends, and approximately $90 per share for your common shareholders.
"MY Proposal assumes that you will discharge all liabilities of both companies and distribute directly to preferred and common shareholders without
any commission or brokerage.
"In addition to the above $42,309,990 I will divide equally with the com$700,851
59,852 mon shareholders of the Amoskeag Co. any surplus or net profits realized
by myself and the syndicate I represent through the sale or liquidation of
8760.703 the assets of the two companies.
"If, at the coming meeting of the shareholders, which I will be glad to
13,755
attend, they indicate a responsiveness to this proposal, I will make a
suitable deposit in the premises.
$746,947
"Without permission 1 refer to F. J. Lisman & Co. and National City
9,701
97,872 Bank of New York."
The New York Stock Exchange has authorized the listing of 73,000
additional shares of capital stock without par value on official notice of
issuance and payment in full, making the total amount applied for 438.000
shares. The 73.000 shares have been offered for subscription to stockholders
of record Sept. 12, pro rata for cash at $44 per share. The right to subscribe
expires Oct. 3. All subscriptions and payments are to be made and delivered at Central Union Trust Co., 80 Broadway, N. Y. City. Stock not
subscribed for by stockholders has been underwritten at $44 per share.
The purpose of the offering is to put the corporation in funds for the purchase
of all of the capital stock of International Chemical Co., Ltd.. of London.
Eng., together with unredeemed debentures of that company to the amount
of £40.000 sterling.
*Consolidated Income Account for the 6 Months Ended June 30 1927.
Net sales
82,639,088
Cost of sales and expenses
1,938.237
Operating profit
Other income (including interest received)
Total income
Other deductions (including interest paid)
Net profit before depreciation & Federal income taxes
Depreziation
Federal income taxes
Net income
8639.374
* Giving effect to the terms of a purchase agreement dated June 23 1927
for the acquisition of all of the capital stock of Oxzyn Co.
Consolidated Balance Sheet.
zJune 30'27 Dec.31'26.
sine 30'27. Dec.31'26.
Assets$
LialAtittesFixed assets
y624,474
308,734 Capital stock
z9,00,000 6.600,000
Cash
1,110,083 1,344,009 Minor) st'khold'rs
,
Accts. dr notes rec. 776,825
683,229 int. in subs. co_
485
485
Merchan'se invent 641,238
306,552 Bills payable
300,000
Investments
79.196
59,087 Accounts payable. 123,495
51,785
Deferred expenses. 151,789
23,165 Accrued expense.8.998
Gd.-w111, tr.-mks.,
Inc. tax payable
formulae, patent
(not yet due)_ __ 124,537
rights, &c
7,374,349 4,062,659 Dividends payable:
Am.H.Pr. Corp 120.000
120,000
Minor'y stockholders in sub.
companies ___
1,762
294
Miscell. property
purch. obliga'ns
31,429
111,152
Res. for State &
county taxes__
2,955
918
Res. for Fed. Inc.
tax
128,498
167,899
Res. for conting
151,378
150,000
Res. for commis'n
16,578
Total(each side)-.10,757,953 7,687,434 *Surplus
742,839
484.901
* Including minority interest of $1,917 as at June 30 1927 and $2,870
as at Dec. 31 1926. x Giving effect to the terms of a purchase agreement
dated June 22 1927 for the acquisition of all of the capital stock of Ozxyn
Co., providing: (a) For the issue of 65,000 shares of capital stock without
par value of American Home Products Corp.: (b) deducting all charges
and adjustments in accordance with the terms of said purchase agreement.
Note.
-By the terms of said purchase agreement earnings of Oxzyn Co.
for the month of June 1927 accrued to American Home Products Corp.
y After deducting $191,257 reserve for depreciation. z Represented by
365.000 shares of no par value.
-V. 125. p. 1464.
American Ice Co.
-New Common Stock Placed on a $2
Annual Dividend Basis. The directors on Sept. 27 declared a dividend of 50c. per share on the
new common stock, no par value, payable Oct. 25 to holders of record
Oct. 7. This establishes the new shares on a $2 annual basis which is
equivalent to the $8 paid annually on the old common stock (par $100/
before it was exchanged for the present Issue on a 4-for-1 basis(V.125,p.98.
The regular quarterly dividend of $1.50 a share on the preferred stoc
was also declared payable Oct. 25 to holders of record Oct.7.-V.125, p.917.
American Resistor Corp.
-Changes Name-Control.
--
See Carborundum Co. below.
-V. 125, p. 1584.
American Safety Razor Corp.
-Listing.
The New York Stock Exchange has authorized the listing on or after
Oct. 1 2,060 additional shares of capital stock without par value, on official
notice of issuance, as a stock dividend, making the total amount applied
for to date 208,120 shares.
Income Account for 6 Months Ended June 30 1927.
Total revenue from operation
$2,752,540
Cost of oper. (not incl. deprec. & Federal income tax)
2,309,195
Operating income
Other income
$443,345
52.895
Total income
Depreciation
Federal income taxes
$496,240
96,993
48,900
Net income
Cash dividends
Appropriation for stocks diva, at $1 per share
Appropriation for stock diva, at $50 per share
Earnings per share
Number of shares issued
Comparative Balance Sheet.
June 3027. Dec. 31'26. Liabilities- June 30'27.
Capital stock _ _ _ _y10,906,030
Assets$
$
325,179 Accts. pay.(trade)
313,377
Cash
61,685
895.188 Credit bal. an oust.
LI S Liberty bonds. 844,094
370,088
accounts
Marketable secur's 358,138
8,191
Miscell. & accrued
Cust'rs accts. &
items
notes rec. (less
27,836
699,734 Fed.inc. tax (curr't
931,551
reserve)
24,889
23,436
period, est.)._ __
48,900
Sundry accts. ree_
Inventories
1,059,395 1,344,071 Fed.Inc. tax (1926) 69,989
Rents rec. prepaid
417
Invent. of advert'S
& other supplies
92,820
90,861 Due to subs. co_
Due from affil. cos 132,123
131,474 Surplus at end of
Due from sub. co_
period
10,967
3,199,582
Investments
1,529,176 1.390,227
Land, buildings,
machinery,&c._x1,989,903 2,041,376
Deferred charges
166,423
160,657
Good-will, pats. &
trade-marks.
6,876,992 6,876,992
$350,347
304,515
4,020
102,010
$1.70
206,060
Dec.3126.
10,800,000
39,424
10,991
44,485
140,000
417
65.304
3,255,880
Total
14,322,629 14,356,501
14,322,629 14,356,501
Total
x After deducting $1,003,0a1 reserve for depreciation, y Represented
by 206,060 shares of no Parr a/ue.-V. 125, p. 783.
The Boston "News Bureau," Sept. 27, says in part:
A letter addressed to the editor of the Boston "News Bureau' by George
Coifing Warner, attorney, of 27 William St., New York, gives the following
information concerning Mr. Carrington: "Edward C. Carrington on behalf
of a syndicate of New York bankers, 1sf Feb. 1926, purchased at public
auction for cash, assets of the Hudson Navigation Co. for $4,200,000.
F. J. Lisman & Co underwrote and sold and issued $3,000,000 of bonds of
a new company that took over Carrington's purchase."
The new Amoskeag proposal differs in one essential respect from the
earlier one rejected by the trustees 23 weeks ago. Incidentally neither
,
6
one was an actual offer, the first proposition being a request for an option,
and the second a letter stating that under certain conditions the writer
was prepared to make an offer.
The first proposition, presented to the trustees by Curtis & Sanger.
contemplatedl purchase of the Amoskeag assets at a price equal to $100 a
share and accrued dividends for the preferred stock and $90 a share for the
common, plus whatever additional net amount the quick assets liquidated
for. less $1 a share commission to the bankers. The suggested basis included
nothing for the plant, which is carried on the books at about $16,000,000
and is assessed for more than that sum. For this and other reasons the
option was refused.
In the letter sent to the trustees by Edward C. Carrington of New York
it is stated that there will be no brokerage, and the price to the stockholders
will be $100 a share and accrued dividends for the preferred and $90 a share
for the common plus one-half of whatever amount in excess of $90 a share
for the common is realized in liquidation of all the assets, which of course
includes the plant. In connection with the earlier request for an option
Allen Curtis of Curtis St Sanger stated that liquidation of the quick assets
would probably realize more than $105 a share for the common stockholders.
Rumor Insull Interests Seek Power Rights Denied.
Martin Insull, it was reported Sept. 27, stated that none of the Insull interests are involved in the deal to purchase the Amoskeag Co. Reports in
New York were to the effect that the Insulls were interested in obtaining
the power plant and water rights held by Amoskaeg.
Amoskeag trustees, it is reported, have informed shareholders that no
liquidation or sale will be consummated that will provide for a separation
of the different units. To dispose of the power plant would ruin any chance
of continuing the mills as a going concern, it is felt.
-V. 125, p. 1584.
Arlington Mills.
-Omits Dividend.
The directors have voted to omit payment of the $1.50 quarterly dividend
which ordinarily would be paid Oct. 1. This rate had been paid regularly
since July 1 1926 (see V. 122, p. 3609)•
President Franklin W. Hobbs says: "Earnings for the 9 months of the
current fiscal year have not been sufficient to meet dividend requirements.
Under the circumstances therefore the directors deem it inadvisable and
contrary to the best interests of the stockholders to draw further on surplus
at this time to make up the regular quarterly dividend of Oct. 1.
"The business of this company in common with others has been affected
not only by reduced volume of business but by the small margin of profit
caused by unusually keen competition. In spite of these adverse conditions,
Arlington Mills has come through this entire period without loss and has
adapted itself to the new conditions.
"The corporation is in a strong financial condition and in a favorable
position to take advantage of any improvement in the industry. The
mill is at present running more machinery than at any time during the
current year. Net quick assets are approximately $62 per share and in
addition there is the plant with a depreciated book value of over $11,000,000.
"As conditions warrant, payment of dividends will be resumed."
-V.124.
P. 1070.
Arnold Brothers, Ltd., Toronto.
-Listing
The Toronto (Canada) Stock Exchange has authorized the listing of
81,500 shares of common stock (no par value) and 10,115 shares of pref.
stock (par $100).-V. 124, p. 2285.
Atlantic Gulf & West Indies SS. Lines.
-Earnings.
Period ended July 31- 1927-Month-1926.
1927-7 Mos.-1926.
$2,746,138 $3,042,778 821,733.166 $23,481,413
Operating revenues
Net inc. after deprec'n
44.225
195,221
1,090,339
1.428,889
Gross income
133,052
251,116
1,584,696
1,815,187
Int., rentals and taxes
223.125
243,665
1,545,554
1.675,377
Net income
-V. 125, p. 1328.
def. $90,073
$7,451
$39,142
$139,810
Auburn Automobile Co.
-Earnings.
6 Mos. End. 6 Mos, End.
PeriodMay 31'27. June 30'26.
Netincome after charges & Federal taxes
$865,869
$560,848
Shares of capital stock outstanding
92 171
67,572,
Earnings per share on capital stock
•$ô.39
$8.30
President E. I,. Cord says: "Our earnings this year will be considerably
better than in 1926, although the pace of the first and second quarters was
not continued in the third quarter and will not be continued in the fourth
quarter. The percentage gain over last year in the third and fourth
quarters will, however, be about the same as in the first two quarters.
"Our production this year will be about 15,000 cars, against 8,600 last
year. Within the next two weeks we are releasing a program of material
purchases for production of 3,000 cars a month during the five months
Dec. to April inclusive."
-In the first 8 months of 1927 sold for export 1,384 cars,
Export Increase.
against 857 during the same period in 1926, an increase of 527 cars, or
61%. Auburn's total export sales for year 1926 were 1,089 cars. According to President E. L. Cord, a contract has been signed with a new distributor in Java with an initial order for 71 cars. The outlook for the remainder of 1927 is excellent, he stated, with prospects that export sales
for the full year might reach 2,200 cars.
The Lycoming Manufacturing Co.. recently acquired by the Auburn Automobile Co., is now operating on a 24
-hour basis to fill present orders, it is
announced.
-V. 125, p. 1464.
OCT.1 19271
1843
THE CHRONICLE
- unit on subscription and the balance upon allotted units on
-Board to Be Increased.
Baldwin Locomotive Works.
or before Oct. 18.
At a suddenly called special meeting of the directors held Sept. 29,
Fred J. Fisher and Clarence R. Bitting, both of Detroit, were formally
invited to become directors. They will sit with the board until the stockholders take formal action. Mr. Bitting, who is managing director of the
Fisher Company, a Michigan corporation which was formed by the Fisher
brothers for industrial and financial purposes, was also appointed to the
finance committee.
At the special meeting steps were taken to increase the number of directors
from 12 to 15. It WAS rumored that the third place would go either to
Arthur W.Cutten of Chicago or to one of his representatives.-V.125,p.784.
Blaw-Knox Co., Pittsburgh.-Pref. Stk. Called.
The directors have called for redemption as of Nov. 1 next, the remaining
outstanding 6,834 shares offirst pref. stock, at 105. Payment will be made
at the Farmers Deposit Trust Co.,Pittsburgh. Pa.,transfer agents-V.125.
p. 1713.
-New Director.
Bond 8c Mortgage Guarantee Co., N. Y.
-V.124.
William R. Burling, of Brooklyn, has been elected to the board.
1 652.
3•
-Listing.
Bowman-Biltmore Hotels Corp.
The New York Stock Exchange has authorized the listing of $4,529,200
first mtge. leasehold 7% sinking fund gold bonds, due March 1 1934.
Consolidated Income Statement Years Ended Dec. 31.
[Corporation and predecessor constituent companies and subsialaries.1
1926.
1925.
1924.
1923.
Sales
$25,858,858 $24,802,852 $25,204,088 $25,018,636
Net income before int..
3,276,563
3.549,160
3,086,866
deprec.& Fed.inc. tax 3,482,676
811,268
745,998
Interest paid
843,773
789,078
Deprec. of bldgs.& equip.
899,610
818.328
is amort,ofleaseholds. 1,342,121
997.565
270,185
164,686
Federal income tax
170,250
113,212
Net profit for year.
$1,126,533 $1.187,011 11.400.999 $1,714,649
Add Int. paid on following secs.:
Bonds of predecessor constituent company$19,210
1st M.leasehold 7% sink$336,095
$350,000
ing fund gold bonds..
$286,806
10
-year 7% sinking fund
87,492
87.500
2.674
gold notes (junior sec.)
85,864
Bond discount & expense
270,185
113,212
164,686
170,250
Fed. inc.& profits taxes..
$1.315,993 $1,675,566 $2,003,185 $2,410,422
Total surplus
Annual pay't to amortize
153,402
153,402
153.402
153.402
building loan
Earnings available- $1,162,591 $1.522,164 11,849.783 $2,257,020
Maximum annual interest requirement
350,000
350,000
350.000
350.000
Maximum annual sinking
fund requirement.. _ _ _
325,000
325,000
325,000
325,000
Total maximum annual
Interest and sink,fund
requirements
675,000
675,000
675,000
675,000
-V. 125. p. 1329.
Brown Hoisting Machinery Co.
-Merger Approved.
The stockholders on Sept. 26 approved plans for the consolidation of
the company with the Industrial Works of Bay City, Mich., to take effect
Oct. 1, following the previous approval of the stockholders of the second
corporation. The consolidated company will be named the Industrial
Brownhoist Corp., which has been incorporated in Ohio. Alexander G.
Brown has been elected President. See also V. 125, p. 1714.
Brunner Turbine & Equipment Co.
-Bonds Deposited.
The bondholders' committee announces that a majority of the company's
bonds have been deposited with the Guaranty Trust Co., the depositary.
-V. 125. p. 1714.
Bulkley Building Co.
-Larger Dividend.
The directors have declared a dividend of 11.1% on the preferred stock,
payable Oct. 1 to holders of record Sept. 20. The previous dividend was
1 0.-V. 110, p. 661.
Burns Bros. (Coal).
-Vice-President Resigns.
s. M. Schatzkin has submitted his resignation as Vice-President, to
take effect on Nov. 1. He will continue as a director of the company.
-V. 125, p. 1714.
Campbell Baking Co.
-Retires $126,000 Bonds.
It is announced that on July 1 last the company retired $126,000 real
estate 1st (closed) mtge. 63.6% gold bonds, due Jan. 1 1943, at 105 and
interest.
-V. 116, p. 300.
Canario Consolidated Copper Co.
-Receiver Named.
-
The organizers have subscribed for over one-half of the units offered
above at $105 per unit, and for the remaining 40,000 shares of common
stock the officers and organizers will pay into the treasury $200,000. Organization expenses may not exceed $25,000 and as no commissions or profits
of any nature will be deducted from the proceeds of the subscriptions there
will be available for the investment program approximately $2,800,000
when all the stock now offered is paid for.
Capitalization.
-6% cumul.(par $100). authorized (25,000 shares)- $2,500,000
Pref. stock
65,000 shs.
Common stock (no par value),authorized
The preferred stock, carrying 6% cumulative dividend from Feb. 1 1928,
Is preferred as to assets and dividends over the common stock. Redeemable
all or part on any dividend date on 30 days' notice at 105 and diva. Divs.
-F. Divs. exempt from the present normal Federal income tax.
payable Q.
Transfer agent, Chatham Phenix National Bank & Trust Co., New York.
Registrar, United States Mortgage Sr Trust Co., New York.
Corporation.
-Is incorp. in Delaware. The management is vested in a
board of directors of nutstanding men from diversified fields of activity.
and experienced in matters of finance and investments. To facilitate
operations, a finance committee will be chosen from the board of directors.
The members of the board of directors and finance committee (except
the President, who is a member of the board ex-officio) are to serve without
compensation during the first 2 years of the existence of the corporation,
and thereafter may be remunerated only upon a two-thirds vote of the
common stockholders. Such compensation may be made only from the
net earnings, after provision for Federal taxes and current dividends on
the preferred stock.
-Corporation has been formed for the purpose of providing
Purpose.
safety of investment and maximum earning power, to be accomplished
through the broad diversification of its resources in income bearing investments of many classes. Proper investigation of each security will be made
In advance under regulations to be adopted by the board of directors.
Corporation may from time to time engage in underwriting domestic
investments and also foreign investments, when advantageous opportunities
offer. It is the intention of the corporation to form connections with
banks in various countries by adding to its board bankers who will act in
an advisory capacity upon available investments in their respective countries
Progressive corporations, with moderate capital requirements for carrying
out well planned extension programs, have frequently encountered difficulty
In finding an agency to provide the funds, because their requirements have
been too small for public issues and too large, even in times of easy money,
for commercial bank or trust company financing. Propertly financed
and managed, such corporations are often capable of great expansion. It
Is the purpose of Columbia Investing Corp. to include among its activities
the financing of the legitimate requirements of such corporations.
Assets & Earnings.
-The assets of the corporation will at all times consist
solely of cash and securities, and should be amply sufficient, in the judgment
of the organizers, to afford adequate equity for both the preferred and
common shares.
Corporation expects to invest the proceeds of the sale of its stocks in
sound securities, which will be thoroughly investigated by the finance
committee and approved by the board of directors. The earnings accruing
from securities immediately purchasable should exceed the 6% dividend
requirements on the preferred stock.
The certificate of incorporation provides, in effect, that no dividends
shall be paid upon the common stock until all accrued dividends on the pref.
stock have been paid, and only then when the amount available for dividends upon the common stock shall be equal to at least 15% of the par
value of the pref. stock outstanding.
-Michael Hollander, Arthur M.Lamport, Count Enrico di San
Directors.
Martino, James Rattrap, Robert LeRoy, Dr. Max Winkler, Jules I. Bogen,
Ph. D., Julius Schwartz.
Christie, Brown & Co., Ltd.-Earnings.PeriodGross profit
Other income
Total income
Expenses
Interest
Income tax provision
Employees' savings fund
Net income
Preferred dividends
Common dividends
Quar. End. Quar. End. 6 Mos.End.
June 30'27. Mar.31'27. June 30'27.
$452,757
$216,677
$236.080
1.918
1,231
687
$237,311
$115,735
7,597
17,166
8,000
$217,364
$113,341
8,250
$454,675
$229,076
15,847
17,166
8,000
$88,814
13,801
24,403
$95,773
13,800
24,403
$184,587
27,601
48,806
$108,180
Surplus
$50.610
$57,570
Earn. per share on 81,342shs.(no par)
common outstanding
$0.92
$1.93
$1.01
The directors have authorized the retirement of an additional $50,000
of bonds before end of 1927. Same amount was retired on Sept. 1 leaving
-V. 125, p. 101.
$450,000 outstanding at present.
Connectiout General Life Insurance Co., Hartford,
Supreme Court Justice Leander B.Faber in Brooklyn, Sept. 28,appointed Conn.
-Extra Dividend of 1%.
Samuel S. Koenig receiver in an action by Attorney-General Ottinger
The directors have declared an extra dividend of 1% in addition to the
against Cameron Michel & Co. and others, on the charge that the proceeds regular quarterly dividend of 3%, both payable Oct. 1 to holders of record
of the sale of its stock have not been accounted for. The defendants con- Sept. 26.-V. 118, p. 912.
sented to a receivership. The company owns a mine in Mexico.
-Earnings.
Several months ago the Attorney-General stopped further sales of the
Consumers Co.
stock of the corporation by an injunction granted by Supreme Court Justice
9 Mos. Ended Sept. 30*1927.
1926.
Norman S. Dike. The other defendants are George •
F. Shurtleff, Pres.•. Net income after charges but before Fed. taxes_
$700,731
$408,758
Herbert C. Locke, Treas., and John T. Locke, Sec. of Cameron Michel &
•Month of September estimated. Net current assets as of Sept. 30 1927
Co., who also were officers of the Canario company.
are estimated at $5,756,255, and current liabilities at $1,468,535, leaving
The latter company is capitalized at$2,000,000(par $10). The Attorney
- net working capital of $4,287.720. The company purchased for retirement
General does not question the value of the mining property located at $350,000 of notes during the 9 months' period. . 125, p. 101.
V.
Nacozari, Mexico, but he says its present condition is such that "it would
-Listing.
Continental Can Co., Inc.
require $1,000,000 to put it in proper condition for mining and marketing
copper." His.charges are confined to the disposal of stock, which he alleged
The New York Stock Exchange has authorized the listing of 32,404
Involved false representations.
additional shares of common stock without par value on official notice of
According to the Attorney-General, he found that the copper company Issuance and payment in full, making the total amount applied for 540,000
had no treasury stock left and had only $500 in cash.
shares.
Consolidated Income Account 7 Months Ending July 31.
Carborundum Co. Acq. Control of American Resistor Corp.
1927.
1926.
A controlling interest in the American Resistor Corp., Milwaukee, has Net earns, before deprec., taxes & contingencies__ $3,440.889 $3,257,011
560,450
478,801
been purchased by the Carborundum Co. of Niagara Falls. N. Y. The Reserve for depreciation
388,859
394,798
principal products of the American Resistor Corp. are non-metallic elec- Reserve for Federal taxes
trical heating elements and resistors, which are marketed under the trade
Balance, surplus
$2,491,579 $2,383,412
name of Globar. The now company will be known as the Globar Corp. and
5,817,802
has been incorporated in New 'York with an authorized capital of 16,700 Balance to credit ofsurp. of undiv.fprofit at Jan. 1 6,014,835
shares of capital stock (no par value) and an issue of $650,000 7% 10
-year
Total surplus
$8,506,414 $8,201,214
debenture bonds. The present manufacturing facilities of the old company
186,744
183,603
will be moved to Niagara Falls, N. Y., where a new plant will be erected Dividends declared & paid on preferred stock
2.322,242
1,893,970
in connection with the plant of the Carborundum Co. In the reorganization Dividends declared & paid on common stock
the former officers of the American Resistor Corp., Joseph A. Steinmetz,
Balance of surplus of undivided profits
$6,428,841 $5,692,228
President; W. E. Duersten, Vice-President, and Walter W. Perkins, VicePresident and Treasurer, have been succeeded by Frank J. Tone, President; Balance of Burp, applied in redemp. of pref. stock_ 2,207,000 2,026,500
George R. Rayner, Vice-President; F. H. Manley, Treasurer, and Arthur
Batts. secretary. These new officers occupy similar positions with the
Profit & loss, surplus
38.635,841 $7,718.728
Carborundum Co. These officers were also elected directors of the Globar
Consolidated Balance Sheet July 31.
Corp., together with Maws. Steinmetz, Perkins and Sharpe of the old
1927.
1926.
1926.
1927.
W.
group. W E. Duersten has been appointed general manager of the Globar
AssetsLiabilities$
$
$
$
p. 1585.
Corp.
-V.
Real est., bldgs.,
Common stock_ _26,041,000y25,536,510
.
machinery
22,608,952x20,550,485 Preferred stock_ __ 5.293,000 5,473,500
-Bonds Called.
Central Coal & Coke Co.
Stk. of mavis &
Accounts payable_ 822,964
715,805
All of the outstanding 1st mtge. 6% sinking fund gold bonds, series A,
suppl. on hand_13,761,426 11,264,350 Bills payable
6,500,000 3,500,000
maturing on June 1 1931 and June 11932. have been called for redemption Accts. receivable__ 7,568,073 8,474,048 Accr. wages, taxes,
insurance
731,306
271,521
Dec. 1. Those bonds due June 1 1929 will be payable at 102 and int, and Bills receivable__ 1,203,740
233,970
1,147,134 1,081,890 Dividends payable 634.495
those due June 1 1930 at 1021i and Int. Payment will be made at the First Cash
625,000
Accr. int. & disc't_
Trust & Savings Bank, Chicago, 111.-V. 124. p. 1829.
48,684
61,432 Furth. money mtge
8,000
12.000
Pats. & good-will_ 2,845,433 2,745,433 Empl.stk. subscrip
82,591
79,804
235.146 Res.for Fed.taxes.
314,521
Columbia Investing Corp.
-Stock Offered.
-This com- Investments
191,164
&c
276,077
1,487,413 1,437,150
pany, with offices at 44 Pine St., N. Y. City, is offering PrePd. int.& ins
Sure. for redemp.
of pref. stook_..,. 2,207,000 2,026,500
25,000 units of 6% preferred stock and common stock
(each unit consisting of 1 share of preferred and 1 share of Total(each idde)-49,774,039 45,335,254 Undivided profits_ 6,428.841 5,692,228
x After deducting $6.353.363 reserve for depreciation. y Represented
common) at $105 per unit. The price is payable 810 per by 507.596 shares of no par value.
-V. 124, p. 1224.
1844
THE CHRONICLE
(Wm.) Cramp 8c Sons Ship & Engine Bldg. Co.
-Offers Its Shipbuilding Properties for Sale.
-
[Vor.. 125.
Elyria (0.) Iron & Steel Co.
-Changes Name.
-
The company, which started 25 years ago at Elyria, 0., has changed Its
name to Steel &
Inc.. which better describes the company's present
Carrying out its announced intention of retiring from the shipbuilding line of products. Tubes, are no longer
"We
in the iron business but are manufaoindustry, the company is offering for sale all of its shipbuilding properties turers of tubing and steel and the
new
along the Delaware River. Other activities of the company, which include tions muc.1 better than the old one." name applies to our present operaPresident Hugh B. Wick explained.
building of marine engines and turbine equipment, have been grouped
The company operates two
together under the newly formed Cramp-Morris Industrials. Inc., stock Brooklyn and Ontario. The plants in Elyria, one in Toledo, Cleveland,
of which has been issued to Cramp holders. Offering of the Cramp ship- known as the Canadian MetalCanadian plant is located at Guelph and Is
Products
Ltd. All
building properties is made through the company's agent, Edward M.
-P. ever, is owned by the Wick interests. Co., Brooklyn, of the stock, howThe
N. Y., plant was
Murphy, Inc., with offices at 165 Broadway, N. Y. City. This firm has the Mohegan Tube Co., which was
acquired a few months ago. The
been engaged for some time in making an appraisal of the properties.
new name of this company is Steel & Tubes Co. of New York.
-V.125, p.
The properties offered include the main shipyard with a frontage of 1057.
1,600 feet on the Delaware River, and including 12 piers and 65 buildings;
a drydock and ship repair yard with 448 feet on the Delaware and a section
'Eureka Pipe Line Co.
-1926 Dividends.
of Petty's Island opposite the main shipyard. (Philadelphia "News
President Forrest M.'low'. in a letter to the stockholders on bept. 28.
Bureau".)
-V. 125, p. 101.
said:
"In the annual report sent to you under date of Feb. 1 1927, you were
Cuban-Dominican Sugar Co.
-Bonds Called.
notified
dividends paid in 1926
The National City Bank of New York, as trustee, 55 Wall St., N. Y. prior to that all 1 1913. That statementwere from earnings accumulated
March
IS confirmed herein.
City, will redeem on Nov. 1 1927 $114.000 of the above company's 1st lien
Due to adjustments of taxes imposed by the Federal authorities (all of
20
-year sinking fund 73'6% gold bonds, due Nov. 1 1944, at 110 and int.
which have been satisfactorily adjusted) a detailed analysis of earnings and
As yet. $8.500 bonds of this issue previously called on May 1 of this year, dividends since March 1 1913 has
and one $1,000 bond called for retirement on Nov. 1 1926, are unredeemed of Internal Revenue. This has recently been called for by the Bureau
been completed and is now on file with
according to the bankers.
-V. 124. p. 1984.
the authorities in Washington, D. C.
"In the calendar year 1925 all dividends were paid out of surplus at
Dodge Brothers, Inc.
-Graham Bros. Truck Sales.
March 1 1913.
Graham Brothers, the truck division of Dodge Brothers, Inc., reports
"In the calendar year
the largest business in the company's history with orders during the first from surplus at March 1 1924 67.22% of the dividend. paid Feb. 1 came
1913 and 3
3 days of last week totaling 1,154 units. This amounts so more than paid entirely from that surplus and notremaining quarterly dividends were
from current earnings.
$1,500,000 worth of Graham Brothers trucks ordered in 72 hours.
"Information pertaining to years prior to 1924 can be obtained by
With a bank of more than 2,100 orders on hand for the new line of trucks addressing the corporation's offices. 210 Seneca St., Oil City,Pa."
-V.124.
recently introduced, Graham Brothers plants at Detroit, Evansville (Ind.) p. 797.
Stockton (Calif) and Toronto (Ont.) are working at full capacity and
Federal Bake Shops, Inc.
production is at a record level. This huge business volume follows the
-Chain of Retail Bakeries to do
breaking of all monthly records for the year in sales shipments to Dodge New Financing.
Brothers dealers of 1.16 and 2
-ton trucks and motor coaches during August.
The
A total of 1.617 units of these two capacities were shipped during this Systemabove company is being formed to acquire the business of Federal
of Bakeries of America, which operate 100 stores located in most of
mon.,h alone. Shipments of %-ton commercial cars and 1-ton trucks the
important centres of the Eastern, Southern and Middle Western
were also high, the total of all shipments being 4,356 in August.
-V.125, sections of the United States.
p. 394.
The new company expects shortly to sell publicly an issue of securities
for the purpose of opening new stores and remodeling existing units. The
Doehler Die Casting Co.
-Bonds Called.
The directors have called for redemption on Nov. 1 the remainder of company is one of the largest of its kind in the country and specializes in
the
the 7% serial debenture bonds. due 1928-30, still outstanding In the amount 8% production of cakes, pastry and other sweet bakery goods, only about
of the entire business consisting of bread. Each store is a combined
of $300,000. The original issue of these bonds amounted to $1,000,000, manufacturing
and retailing unit, and all goods sold in the stores are manuof which $700,000 have been previously retired. These bonds constitute factured
on the premises according to standardized formulas and recipes.
the only funded indebtedess of the company.
-V. 125, p. 525..
thus assuring uniform high quality and absolute freshness of product in
shops
Dominion Bridge Co., Ltd.
-To Change Par Value.
- allThe daily.
The shareholders will vote Oct. 18 (a) on subdividing the 100,000 shares who new financing, which has been underwritten by New York bankers
have been identified with the financing of several prominent chain
of capital stock, par $100 each, into 500.000 shares, par $20 each: and
(b) on approving a resolution authorizing an application for supplementary store and food companies, will enable the company to open 50 new stores
and install their modern unit in old stores. It is expected that sales, at
letters patent converting and changing the said 500,000 shares, par $20 present
in excess of $4,500.000 annually, will be substantially increased
each, into an equal number of shares without nominal or par value. The
company at present has outstanding (not authorized, as reported last week) by the opening of the new stores and the installation of the new unit in the
present stores. A group of Davenport, Iowa, capitalists have controlled
65,000 shares of $100 par value.
-V. 125, p. 1715.
the business since its establishment in 1919 and to-day have a very substantial Investment in the enterprise, no part of which will be withdrawn
Dryden (Ont.) Paper Co., Ltd. as a result of the new financing.
The "Chronicle" has been advised that the overdue interest coupons on
On the board
the 6% notes, due Oct. 1 1928, have recently been paid, and arrangements (director of the of directors of the company are Col. G. Watson French
Chicago
made to meet the half
-yearly coupon due Oct. 1 1927. The annual repay- (Pres. Bettendorf Co. and Rock Island & Pacific Ry.), J. W. Bettendorf
ments, however, of $50,000 are in default for the past four years and at Davenport: E. C. Mueller director American Commercial & Savings Bank.,
(director American Commercial & Savings Bank).
maturity of the notes it will possibly be necessary to arrange for extension Charles Schuler (Pres. Iowa National
Bank), Davenport: J. L. Hecht (of
of time on same.
-V. 123, p. 1255.
French & Hecht), T. J. Walsh (Pres. Walsh Construction Co.„ W. L.
Mueller (See. & Treas. Mueller Lumber Co.). and J. Reed Lane (Pres.
Edwards Mfg. Co., Boston.
-New Control.
The controlling interest in the above company has been acquired by the Federal System of Bakeries of America).
Central Maine Power Co.. which is controlled by the New England Public
Federal Investment Trust, Inc.
-New Director.
-Service Co.
Francis Henderson, former Vice-President of the Empire Trust Co. of
President Walter Wyman, referring to the Edwards Mfg. Co.. which has New York, has been elected a director, the other members being: Sir
an equipment of 2.028 looms and 71,000 spindles. says: "The Central Alexander Bannerman, Bart, the Rt. Hon. The Earl of Clanwilliam.
the
Maine Power Co. has long been interested in the stock of the Edwards Hon. Charles L. Guy and W. J. Thorold.-V. 125, P. 1199.
Mfg. Co. and lately has increased its holdings to the point of gaining conFoote Bros Gear & Machine Co., Chicago.
trol. The Central company has no intention of interfering at all with the
-Bonds
present management of the Edwards company, being interested solely in Offered.
-A. C. Allyn & Co. are offering at 99 and int. to
saving the industry for the community and in further developing its water
yield over 6.12% $1,000,000 10
-year 6% gold debentures
power on the Kennebec Itiver."-V. 125, D. 787.
(closed issue).
Electric Refrigeration Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of 273.121 additional shares of capital stock without par value on official notice of issue and
payment in full, making the total amount applied for 1,098,790 shares.
The shares are to be issued pursuant to resolutions of the board of directors adopted Aug. 29 1927. These resolutions provided for the issue of
42,000 shares heretofore sold for $22.50 per share and for the issue and sale
of approximately 232,000 additional shares at 812.50 per share. The
shares of stock to be sold for $12.50 per share have been offered for subscription to the stockholders of record Sept. 9 (incl. as stock of record for
such purpose the 42,000 shares above referred to and previously sold for
$22.50 per share), to the extent of 30% of their holdings. The total number of shares outstanding at the close of business Sept. 9 1927 was 728.405,
so that the exact amount of stock authorized to be sold at $12.50 per share
is 231,121. The rights to subscribe expired Sept. 29. The subscription
rights may be exercised either by payment in full at the rate of $12.50 Per
share on Sept. 29, or by payment in two installments,$5 Per share Sept. 29
and 87.55 per share (the additional 5 cents per share to be in lieu of interest) Oct. 29.
The proceeds from the sale of the shares of stock will be utilized by the
corporation for working capital.
Electric Refrigeration Corporation-Summary of Operations.
[Fiscal year ending Sept. 30
-See Notes A, B and 0 below.]
(CornNet
Net
Depre- Fed.TaxPd.
InterNet
trifled.) Sales.
Profit.
elation. (or Acted) Profit.
est.
$20,025 $409,980 $261,455
1927-c---$16,965,201
df$651.409
1926-12 -- 17.163,128 3,335,335 116,330 182,677 413,675 2,622,652
1925-a- 15,439.119 3,082,287 68.799 184,230 360,802 2,468.455
1924a....., 10,705,119 2,221,112 62,807 134,049 253,458 1,770,796
1923..a,. 7,164,289 1,463,104 63,475 110,542 142,491 1,146,595
1922-a--.. 4,993.636
750,332 86,465 104,493 60,824
498,548
a The summary of operations for the four years ended Dec. 31 1922,
1923, 1924 and 1925 are those of Kelvinator Corp., Nizer Corp. and Grand
Rapids Refrigerator Co.(name since changed to Leonard Refrigerator Co.),
predecessors of the Electric Refrigerator Corp. Grand Rapids Refrigerator Co.'s profits included therein are for the years ended June 30.
b The summary of operations for the 9 months period ended Sept. 30 1926
include Electric .Refrigeration Corp. and subsidiaries, except Refrigeration
Discount Corp. (100% owned) and Keivinator of Canada, Ltd. (74% of
common owned).
c Operations for the 9 months period ended June 30 1927 subject to adjustment at end of fiscal year.
-V. 125. P. 1587.
k Equitable Office Building Corp.
-Earnings.
"'Quarter Ended July 31Rentals earned
Miscellaneous earnings
1927.
1926.
1925.
$1,286,210 $1,232,896 $1,083,035
100,539
83.107
58,062
Total
Operating expenses
Depreciation.,
$1.386,749 $1,316,003 $1,141,097
248,641
247,305
214.077
69,966
68,616
67,319
Net operating profit
Other income
$1,068,142 $1.000,081
5,433
12,956
$859,701
2,864
Total income
Interest, real estate taxes, &c
Provision for Federal taxes
$1,081,098 $1,005,514
545,072
548,997
54,000
66,000
$882.565
547,170
30.000
Net profit
$402,517
$470,026
$285,395
Net income for six months ended June 30 1927 Is equivalent after pref.
dividend requirements to $2.17 a share on 210,894 shares of no par common
stock, against $1.85 a share on the same share basis in the corresponding
period of 1926.-V. 124. p. 3780.
Dated Sept. 1 1927: due Sept. 1 1937..
Int. payable M. & S. Denom.
$1.000, $500 and $100 O. Red. all or part on any int. date on 30 days'
prior notice to and incl. Sept. 1 1929, at 105 and int., this premium of
5% of the principal decreasing at the rate of 36 of 1% of the principal on
each March 1 thereafter to and incl. March 1 1934, and at 102;6 and int.
thereafter to maturity. Principal and int. payable at Continental & Commercial Trust & Savings Bank, Chicago, trustee, without deduction for
normal Federal income tax not to exceed 2%. Upon application, as provided in the trust agreement, the company will refund any taxes paid on
the income from or on the ownership of these debentures under the laws
of any State or possession of the United States, not in excess of 5 mills per
annum on each dollar in principal amount, to holders resident in such
State or possession.
Sinking Fund.
-Company will covenant to pay to the trustee, in semiannual installments beginning March 1 1929, $110,000 annually, for the
payment of debenture interest and for the retirement and cancellation of
debentures by purchase or redemption by lot. If debentures are available
for the sinking fund at par, over 58.5% of the entire issue should be retired
by the operation of this sinking fund.
Data from Letter of Pres. W. C. Davis, Chicago, Sept. 19.
Company.
-Was established in 1885 as a partnership and was 'twerp.
in Illinois with the present name on Sept. 24 1904. It is now acquiring
and will operate the business and plant of A. Plamondon Manufacturing
Co., Chicago established in 1859.
.Company is the largest manufacturer of a general line of cut gears
and speed reducers. Company's products range in size from a gear less
than one-half inch in diameter, which may be used In dental or jeweler's
drills or in an adding machine, to gears 16 feet in diameter for the largest
paper or cement mill. With the development and increased demand for
automatic labor saving machintry, the uses of gears are constantly increasing in number.
Company sells to about 8,000 different customers each year and maintains active ledger accounts with 1,500 regular customers. During the
last 18 months it has distributed to industries and engineers over 50,000
copies of its 600
-page catalog, which is the recognized manual of gears and
their adaptations. The wide diversification of the uses of gears has eliminated seasonal fluctuation and insured stability in the company's business.
Advantages of Plamondon Purchase.
-The Plamondon lines blond with
the Foote Bros. Gear & Machine Co.'s products and only in a few instances
is there any duplication. In general, the Plamondon plant has been
producing the heavier and more highly specialized products. The aoquisition of the Plamondon business and property will give to Foote Bros
Clear 8: Machine Co. foundry facilities for making castings now bought
In the open market. The Plamondon foundries are combined with an
unusually modern and efficient pattern shop, saving transportation and
the rehandling of patterns and permitting quicker delivery of the finished
product. The new plant and its land holdings will provide for expansion
of the company's operations and will relieve the present rather overcrowded
condition.
The Plamondon plant is located at 53d St. and Western Ave. on the
Baltimore & Ohio RR. and the Chicago Terminal RR., within 25 minutes
by motor from the center of Chicago. The property has an area of 165 by
900 ft., and there is enough vacant land to more than double the present
plant area. The plant compriseamachine shop, pattern shop and foundry,
the main building being 500 ft. long and 125 ft. wide, with a 50
-foot craneway extending the entire length. The present Foote Bros. plant is located
at Carpenter, Lake and Curtis Sta., in buildings having a floor area of
120,000 sq. ft. and which are leased on a very attractive rental basis
The machinery and equipment at both plants is of the most modern automatic type, equipped to manufacture economically every type and size of
gear.
-For the 3 years and 6 months ended June 30 1927 net earnings
Earnings.
of Foote Bros. Gear & Machine Co., including those of the property to
be acquired, available for the payment of interest and Federal taxes after
deducting all operating charges, but giving effect to the elimination of
certain non-recurring charges were as follows:
THE CHRONICLE
OCT.1 1927.]
Ratio to
Maximum
Annual
Net after
Net before
Deb. Int.
DepreDepreDepredation. Requirements.
elation.
ciation.
Calendar Year4.28
$256.655
$349,510
$92,855
1924
325.437
419,240
93,803
1925
6.86
411,889
103,155
515,044
1926
7.21
216.448
266,624
50,176
1927 (6 months)
Net earnings as set forth above show a continuous increase during the
period. For the 3 years and 6 months ended June 30 1927, they thus
averaged $345,836 annually, or more than 511, times maximum annual
interest charges on these debentures.
-Proceeds will be used to pay a part of the cost of acquiring the
Purpose.
business and plant of A. Plamondon Manufacturing Co., and to increase
the working capital of the company.
Balance Sheet June 30 1927 (Giving Effect to Acquisition and Financing).
Liabilities
Assets
$34,961
Cash
$227,219 Notes payable
220,243
Acc'ts & notes rec.,less res 479,204 Accounts payable
51,348
Inventories
493,902 Res. for Federal taxes__
123.743
Investments
40,135 Res. for divs. payable_ -__
1,000.000
Prepaid insurance
17.018 6% 10-yr. gold debs
757.000
Cap. stk. purch. for empl10,110 7% cumul. pref. stock
600.000
Land Bldgs. Mach. Equip.
Common stock
542,372
&c
a1,888.432 Surplus
125.789
Patterns
cost less depr.)
23,790
Patents (at
Deferred charges
24,066
Good-will
1
$3,329,667
Total
$3.329,667
Total
a Stated in the case of Foote Bros. Gear & Machine Co. at reproduction
cost as at April 30 1923. as determined by Coats & Burchard Co., Chicago.
plus subsequent additions at cost less accrued depreciation to June 30
1927; in the case of A. Plamondon Manufacturing Co., at Sound depreciated values as determined by Coats & Burchard Co.as at June 30 1927.
1845
gating 4,547 square miles and estimated to contain over 11.000.000 cords
of pulpwood and 4,000,000,000 feet b.m. of spruce, pine and cedar logs...1
Company controls saw mills with an annual manufacturing capacity of
over 200,000,000 feet b.m. of spruce lumber, in addition to a large production of shingles, laths and railway ties.
Purpose.
-Proceeds will be applied toward payment for the additional
construction and installations above referred to-the balance of the cost
of these additions being provided out of the proceeds of the issue of $1,664.500 of6% 1st mtge. bonds now being issued-and for the general corporate
purposes of the company.
-Plants, properties, timber limits and other fixed assets owned
Assets.
by the company and by Fraser Paper, Ltd., according to consolidated balance sheet, adjusted to include the proceeds of present financing, but after
deducting depreciation and depletion reserves of $4.492,017 and excluding
advances to and investments in certain subsidiaries amounting to $1,958.503, had a book value as at July 31 1927 of $19,013,085, and net current
assets had a book value of $4,337,471, making a total of consolidated fixed
and net current assets of $23,350,556, which after deduction of 1st mtge.
bonds to be outstanding, leaves a surplus of 515,686,056. or over $3,100
for each $1,000 debenture to be outstanding.
Earnings.
-Annual earnings, after deducting operating and maintenance
expenses, local taxes and bank interest, but before depreciation and depletion and available for bond and debenture interest, were:
*$1,182.433
Average for 4 years ended Dec. 31 1926
*1,441,935
12 months ended Dec. 31 1926
*Including Fraser Paper, Ltd., for the year 1926 only.
Earnings on the same basis for the 7 months ended July 31 1927 were
$848,443. It is estimated that earnings for the year ended Dec. 31 1927.
before depreciation and depletion, will be not less than $1,500,000. equivalent after.deducting annual bond interest requirement of $459,870 to $1,040,130, or at the rate of 3.2 times annual interest on gold debentures of
$325,000. This estimate does not take into consideration any profits from
the increase of approximately 100% in the production of finished paper
and pulp products which the company will have for sale on completion of
present construction, the first producing unit of which it is anticipated
will be in operation by January 1928.
To Split Up Common Stock.
-
The stockholders will vote Oct. 20 (a) on changing the authorized and
outstanding common stock from 100,000 shares (par $100) to 300,000 shares
of no par value; and (b) on approving the creation of an Issue of $6,000,000
634% 15
-year gold debentures carrying the right to subscribe for two shares
Stock Increase.
-At the meeting of the stockholders held Aug. 29, it was of no par value common stock at varying prices over certain defined periods
voted unanimously to increase the common stock by 40.000 shares, said for each $1,000 of debentures. The stockholders will then vote on increasthe business of the A. ing the authorized common stock by 12,000 no par shares. The proceeds
shares to be used as partial payment in acquiring
Plamondon Mg. Co. [This increases the authorized common stock to are to be used to pay for plant extensions, &c -V.124. p. 3358.
120_„000 shares, no par value.-Ed.1
-Several financial plans have been considered by the
New Debentures.
Galena Signal Oil Co. (Pa.).
-Sells Canadian Co.
directors, but the one presented at the meeting on the 29th provided for a
See Imperial Oil, Ltd., below.
-V.124, p. 1517.
-year 6% debenture note issue, with the provision that it be
$1,000,000 10
without any mortgage incumbrance on the property of either company
General Electric Co. (Allegemieine Elektricitats
$50,000 maturing annually-thus amortizing 50% of the notes at the end
-Capital Stock Increased.
of the 10th year. From the funds so provided, there will be added to the Gesellshaft), Germany.
A Berlin despatch says that the general meeting of the company on
merged companies' additional working capital, and the balance applied to
Sept. 19 sanctioned an increase in the capital stock by 30.000,000m,. raising
-V. 125. P. 1716.
complete payment of the acquired company.
it to 186.250.000m.
-V. 124. v. 3217; V. 123, p. 2662.
Stock Increased-Acquisition-To Issue $1,000,000 6% Debentures. -President W. C. Davis, Sept. 22, says in part:
-Earnings.
Fox Film Corp.(& Subs.).
June 25 '27. June 26 '26. June 27 '25.
6 Months EndedProfits for period
$1,501,639 $1.515,598 $1,324,795
Federal tax provision
130.349
114,854
112,771
Expo. for purch. & sale of stks. & bds_
194.319
137,031
Judgment paid affecting profits of
prior years
66,270
Adjust. of for'n surplus account
1,983
Dividends
1,000,000
1,000,000
250,000
Surplus
Previous surplus
$303.037
12,946.109
$206,425
11.983.468
$824,993
10,766,905
Total surplus
$13,249.145 $12.189.893 $11,591,898
Earns.per III. on 500.000 she. of class
A es B stk. outstanding (no par).-$2.74
$2.80
$2.42
Comparative Balance Sheet.
June 25'27. June 26'26.
June 2527. June 2626.
AssetsLiabilities
$
Land, bldge., maCapital stock---- y10,955,000 7,600,000
ch'y, eq., &c:12,658,083 8,398,172 Sway. Bldg.Co. 7s
360,000
Cash
1,944,954 1,285,430 Fox Phila. Bldg.
Marketable secure.
income 634s__ 1,620,000 1,710,000
23,000
Mortgages owned_
18.631
87.620 Fox Film Realty
Acc'ts receivable
983,355
753,182
Corp. Os
1,674,500
Inventories
13,803,844 10,149,394 Fox Rity. Corp.65 4,000,000
Cash for redemp.
521,702
Other mortgages__ 143,752
of bonds
999,010
18,000 Fur. mon. oblig'ns
50,000
Sundry invest'ts39,276
32,211 Notes payable-- - 1.825,000
300,000
Inv. in other cos 4,623,834 4,022,460 icc'ts pay., accr'd
Life insur. policies 151,404
expenses, &c--- 1.331,891 1,004,664
106.618
Chgs. against Corn
114,854
Prov. for Fed. tax_ 130,349
branches, &c_
37,552 Dividends payable 500,000
500,000
Deferred charges 1,364,139
592,138 Adv. payments for
205,654
film service.___ 107,882
Total(each side) 35,587,519 25,505,777 Surplus
13,249,145 12,189,892
x After allowing $2.176,858 for depreciation. y Represented by 400,000
shares class A of no par value (900.000 shares authorized), and. 100,000
shares of class B of no par value (authorized and issued).
-V.125, v. 1717.
Fraser Companies, Ltd., Edmundston, N. B. -Bonds
Offered.
-Royal Securities
New York and Montreal,
are offering $5,000,000 6 -V7 15-year gold debentures at
Corp.,
0
99 and int., to yield about 6.55%.
Dated Oct. 1 1927; due Oct. 1 1942. Principal and int, payable at Royal
Bank of Canada. Montreal, Toronto, Winnipeg, Vancouver, St. John or
Halifax, or, at the option of the holder, at the agency of the Royal Bank
of Canada, New York, in U. S. gold coin or its equivalent, or at Royal
Bank of Canada, London, Eng., at the rate of $4.86 2-3 to Ll. Denom.
$1000 and $500 c*. Callable, all or part, on 60 days' notice at following
prices and int.: At 104 up to and incl. Oct. 1 1931; thereafter at 103 up to
and incl. Oct. 1 1935; thereafter at 102 up to and incl. Oct. 1 1939; thereafter at 101 up to and incl. Oct. 1 1941. and at 100 thereafter until maturity.
Provision will be made for the assumption by the company of U. S. normal
income tax up to but not exceeding 2%, and for the refunding to resident
holders, upon proper application, of certain State taxes of the U. S., as
defined in the trust indenture. Trustee, Montreal Trust Co.
CapitalizationAuthorized. Outstanding.
6 1st mtge. sinking fund gold bonds, due 1950-$10,000,000 $7,664,5001
-year gold debentures
6% 15
6,000,000
5,000.000
7% cum. red. cony, preferred shares
3,000,000
2,325,000
Common shares (no par value)
312,000 shs. 300,000 she.
-Holders of debentures will have the right, for
Stock Purchase Warrants.
each $1,000 debenture held, to purchase 2 shares of no par value common
stock of the company at a price of $40 per share up to and incl. Oct. 1 1929;
at $45 Per share up to and incl. Oct. 1 1931: at $50 per share up to and incl.
Oct. 1 1933. Should debentures be called for redemption prior to Oct. 1
1933.this right may be exorcised within the period provided in the indenture.
Data from Letter of Archibald Fraser. President of the Company.
-Company,which, with its predecessors, has been in successful
Company.
operation for 50 years. is one of the largegt Canadian manufacturers of
bleached and easy bleaching sulphite pulp, and through its wholly owned
subsidiary, Fraser Paper, Ltd. is an important producer of high-grade
'
sulphite papers. It is also one of the leading manufacturers of lumber in
Eastern Canada.
Company is constructing extensive additions to its principal plant at
Edmundston, N. B. and to that of its subsidiary. Fraser Paper, Ltd., at
Madawaska. Me., which will have the effect of approximately doubling its
present production of finished high-grade sulphite paper and pulp products.
Upon completion during 1928 of this construction and the installation of
additional paper machines, the company, with its subsidiary, will have a
capacity for sale of approximately 130.000 tons per annum of high-grade
sulphite paper and pulp products. Power for the operation of additional
units being installed at Edmundston will be obtained under long-term
contract over the company's own transmission line from Grand Falls. N. B.
Company controls directly and through wholly owned subsidiaries valuable timber areas in the Provinces of Quebec and New Brunswick aggre-
General Ice Cream Corp.
-Extra Dividend.
The directors have declared an extra dividend of 50c. per share in addition
to the regular semi-annual dividend of $1 per share, both payable Oct. 15
to holders of record Oct. 1.
Sales and net earnings for the 6 months ended June 30 were in excess of
those of the same period of last year, it is announced.
-V.124, p. 1674.
-An
-Bonds Sold.
General Laundry Machinery Corp.
issue of $1,500,000 10-year 63/2% debentures has been sold
at 100 and int. by Peabody, Smith & Co., Inc., Bonner,
Brooks & Co. and Tooker & Co. The bonds bear warrants
entitling the holder to purchase 20 shares of common stock
for each $1,000 debenture.
Dated June 1 1927; due June 1 1937. Red. all or part at any time, upon
not less than 30 days' notice, at 105 and int., if called for red. before
Dec. 1 1927, and i'called for red, thereafter with said premium decreased
by
of 1% of the principal amount of the debentures redeemed for each
6 months or part thereof elapsed between Nov. 30 1927 and redemption
date. Denom. $1.000 and $500. Interest payable J. & D. at Bank of
New York & Trust Co., New York, trustee, without deduction for Federal
income tax not in excess of 2%. Corporation will refund, upon application.
the Penna. and Conn. personal property taxes not exceeding 4 mills per
annum, the Mich. personal property tax not exceeding 5 mills per ann..
the Maryland securities tax not exceeding 414 mills per ann., theDistrict
of Columbia personal property tax not exceeding 5 mills per ann.. and the
Mass, income tax not exceeding 6% per annum.
Data from Letter of I. F. Willey, President of the Corporation.
Corporation.-Incorp. in Delaware to acquire the business and properties
of the Tolhurst Machine Works and the Willey-Elile Co. The Tolhurst
Machine Works was founded 75 years ago in 1852, the Ellis Company
in 1883 and the Willey Company in 1909.
The Tolhurst Machine Works has shown net profits in each of the 75
years of its history. The other predecessor companies have shown net
profits, one for 43 years out of 44 years of existence and the other for the
past 12 successive years. The business of these companies has been built
up almost entirely through the reinvestment of earnings.
The corporation's principal business is the manufacture of machinery and
equipment for commercial laundries. It also manufactures specialized
machinery for many other important industries. The predecessor companies have been considered as important factors in the industry. The
corporation ranks as one of the foremost manufacturers of laundry machinery in the country, manufacturing a complete line of equipment for
the modern commercial laundry.
The corporation has sales offices in New York City, Chicago, Philadelphia, Boston, San Francisco, Atlanta and Kansas City. with selling
branches and sales representation in practically every other city of Importance in this country, direct branches in London and Paris and sales
representation in South America.
The plants are located at Chicago, Troy, N. Y., Green Island, N. Y.,
and Columbia. Pa. They are well located with respect to shipping facilities, are equipped with modern machinery and have ample plant capacity
for expansion.
Earnings.
-The aggregate net earnings of the predecessor companies,
available for interest charges, after deducting all charges including depredation and after the elimination of non-recurring income (amounting
to $13,566 in 1923 and $8,572 in 1924) and expenses (amounting to $30,949
in 1925 and $71,364 in 1926), but before Income taxes, have been as follows
for years ended Dec. 31:
1923.
1924.
1925.
1926.
$433.455
$339,296
$470.082
$411,631
Such net earnings, in the four years above, averaged annually over 4.2
times the maximum annual interest requirements of $97,500 on these
debentures, and in 1926 were 4.9 times such debenture interest requiremanta. For the six months ended June 30 1927 the net earnings on the
same basis, as reported by the corporation, were at an annual rate of
more than five times the debenture interest.
Stock Purchase Warrants.
-Each debenture will bear a warrant detachable
on and after June 1 1928 entitling the holder thereof to purchase common
stock without par value at $25 per share on and after June 1 1928 and
prior to June 1 1932,and at $30 per share on and after June 1 1932 and up to
and including June 1 1937, at the rate of 20 shares for each $1,000 principal amount of debentures.
Combined net earnings of the consolidated companies for the year erded
Dec. 31 1928, after deducting all charges,including depreciation maximum
interest on the debentures to be outstanding and Federal income taxes,
were equivalent to $3.22 per share for the common stock. The actual
earnings for the six months ended June 30 1927 were $185,818. or over
$1.85 per share on the common stock for the six months' period. The
stock is traded in on the New York Curb Market and is currently selling
at about $20 per share.
-The pro forma balance sheet as at Dec. 31 1926
Assets and Equity.
(which gives effect to this financing) shows the corporation to be in an
exceptionally strong financial position with net tangible assets of 83,390,546,
after deducting all liabilities except these debentures, or equivalent to over
$2,260 per $1,000 debenture. This balance sheet also shows net current
assets of $1,899,477 and a ratio between current assets and current liabilities of over 7X to 1
1846
THE CHRONICLE
[VOL. 125.
CapitalizationAuthorized. Outstanding. in exchange for preferred stock
63.4% 10
-year sinking fund gold debentures___
_$2,000,000 $1,500,000 stock for each share of preferredin the ratio of 1.5i shares of 1st preferred
stock surrendered in exchange.
Common stock (no par value)
4
'200,000 shs. 100,000 shs.
The Guaranty Trust Co. of New York has
* Includes 30.000 shares reserved for warrants.
agent in New York for the 1st preferred stock. been appointed transfer
-V. 125, p. 1717.
Initial Dividend.Gillette Safety Razor Co.
-Listing.
- The directors have declared a quarterly dividend of 40e. per share on
-The New York
the common stock, payable Sept. 30 to holders of record Sept. 27. (For Stock Exchange has authorized the listing of 2,000,000
shares
offering, see V. 124, p.3358.)-V. 125, P. 1588.
common stock without par value.
General Motors Corp.
Subsidiaries.
-Overseas Frigidaire Business Good.
-Corporation controls three domestic subsidiaries located
Before sailing for Europe to-day (Oct. 1) E. G. Blechier, Pres. and in N. Y. City, Chicago and San Francisco. It also has subsidiaries in
Montreal and Slough Bucks, England, and selling agencies have been
Gen. Mgr. of Frigidaire Corp. made the following statement:
"We are expanding our overseas sales organization along the same line established in all the other large cities of the world.
laid down previously in the United States. We use the same sales methods
Capital
Owned by
and employ the same sales arguments in all parts of the world. We have
Subsidiary CorporationOrganized.
Issued. Gillette Co.
at present a sales, installation and service organization of approximately Gillette Safety Razor, Inc.. N. Y_ _Oct.
1918
$10,000
$10,000
2,000 people in Europe, with headquarters at Paris. We are operating Gillette Safety Razor Co., Chicago_Dec. 17 1918
10,000
10,000
branches in Berlin, Paris, Milan, London, Glasgow, Manchester, Leeds, Gillette Safety Razor Co.,San Fran.June 6
6 1919
10.000
10,000
Birmingham, Edinburgh. Brighton, Nice, Leipzig and Dresden, besides Gillette Safety Razor Co. of Can.
numerous European distributorships.
Ltd
"Frigidaire business in Europe this year will be more than double that Gillette Works,Ltd., Slough Bucks,Nov. 2 1917 5,000,000 5,000,000
of 1926. It has been accepted on the Continent with the same burst of
England
Jan. 19 1921
£9,475
£9,475
enthusiasm that has made it the dominant factor in the electric refrigeration
Gross Sales.
-The following tables show the gross sales of the company
business in this country and brought it to third place in the General Motors and its subsidiaries:
family.
Calendar Years
7 Mos.
"Lyons, Ltd., of London has installed several thousand of our ice cream
1923.
1924.
1925.
1926.
1927.
cabinets because of their efficiency and convenience. The same type of
cabinets are being used by most of the large ice cream companies of America Boston
16,033,086 22.055,245 27,638.298 28,853,691 15,758.380
such as the National Dairy company, the Reid Ice Cream Co., and the Montreal
1,498.597 1,200,236 1.321,078 1,877,608
684,447
Detroit Creameries.
Slough Bucks_
59,864
91,846
68,578
278,969
167,266
"The year 1927 has been an epochal period in the electric refrigeration
business. Twelve months ago the electric refrigerator was still regarded as
Total
17,591,548 23,347,327 29,027.956 31,010,269 16,610,094
something of a novelty and was not yet altogether separated from the
Estimated Output of the Corporation for 1927.
luxury class. To-day,it is a standard household and commercial utility and
Is being installed by housewives and merchants everywhere on purely Boston
Razors. Blades (Singles)
plant
economic grounds. General Motors, of which Frigidaire Corporation is a
6,625,000
556,500,000
part, now has about 640,000,000 invested in this business and regards it Canadian plant
1,325,000
58,300,000
Slough Bucks, England, plant
as about to become a very great industry."
800,000
General Motors Corp. and Ford Not Competing.
Total
-Alfred P.
8,750,000
614,800,000
Sales
Sloan,
res. of the corporation, in an address at the Output.sold and Earnings 7 Months Ended July 31 1927 (Parent Company).
Razors
4,978,597
General
Jr.,dotors proving grounds Sept. 28, to 200 automobile Blades sold (packets 10's)
27,187,540
Gross sales
representatives from newspapers in 34 States, paid a tribute Deductions
$15,758,381
1,923,296
to Henry Ford's early optimism regarding the future of the Cost and expenses
4,592.243
s
automobile and said the new Ford would undoubtedly make
a wide appeal. Mr. Sloan is quoted in part as follows:
I do not think any of us appreciate the tremendous debt we owe to Mr
Ford for not only his conception of the idea [of building a car at the lowest
possible price], but his sticking Colt.
Other people who had the idea did not stick to it
-they permitted their
cars to get more costly and therefore lost their position. I mention all
this because the same thing applies, as I see it.
If the past is any indication of the future, the new Ford car will be a car
that will appeal to a great mass of people. Naturally, that car must meet
present conditions, but the basic idea is likely to be the same.
General Motors is in quite a different position. General Motors' idea
Is to make a car of greater luxury than the Ford-a car that properly belongs
to the next higher price class. With every price car there is a definite
market. This applies to the Cadillac as well as it does the Ford. Any
manufacturer that will give to the public a definite number of dollars'
worth of value, and do it constructively and honestly, will get a certain
proportion of the market that belongs to that number of dollars. It is
purely a question of giving the public honest value.
There Is plenty of opportunity in the world to-day for Mr. Ford to give
the public honest value, which, of course, he will do, with the result that
he will sell an enormous number of cars per year, and there is an equal
opportunity for General Motors to give the public honest value at a higher
price and likewise sell a very large number of cars per year.
To make a long story short, it seems to me that both Ford and General
Motors are governed by the same economic principle:viz., to give the greatest
possible value in their respective price classes.
There is absolutely no reason why General Motors cannot to-day give a
greater per dollar value than any one in the world. That is why I say, upon
analysis, the problem does not look so complicated as you newspaper people
are trying to make it out to be.
-V. 125, P. 1588, 1467.
$
$
$
$
Profit from operation
Additions to Income
$9,242,841
302,661
Total
$9,545,502
Deductions from income (incl. foreign exchange,
contingency,
expenses and State taxes)
698.310
Depreciation
352,451
Federal income tax
1,071,790
Net earnings for surplus
$7,422,950
Balance Jan. 1
$9,600.945
Miscellaneous additions
37,358
Total
$17.061,253
Dividends
4,497,439
Additional Federal taxes
315,168
Miscellaneous deductions
143,513
Balance July 31 1927
$12,105.133
Comparative Balance Sheet (Parent Company).
July31 '27. Dec.31 '26.
July 31 '27. Dee.31 '26.
Assets$
Real est. & bldgs_ _x5,688,028 5,621,640 Capital stock_......233,209,048 33,209,046
Mach'y and equip.y4.298.619 4.171,307 Surplus
12,105,133 0,600,945
Cash
4,727,551 6,214,378 Res.(taxes,allow.,
Accounts recerble.12,859,426 10,043,448
contingencies)_ - 3,726.171 4,052,825
Accept. rec. (see
Accept. disc. (see
contra)
849,705 2,649,179
contra)
2,565,474
Notes receivable__ 389,193
390,017 Accounts payable- 174,999
83,899
Inventories
7,261,134 7,497,120
Investments
9,489,650 9,278,174
Patents
3,459,500 3,459,500
General Railway Signal Co.
-Listing.
Deterred charges
167,424
Total (ea. side).49,215,349 49,492,189
192,543
The New York Stock Exchange has authorized the listing of
x After deducting $471,447 reserve for depreciation. y After deducting
additional preferred stock i par $100 per share) on official notice of$257,500
and payment in full, and 32.500 additional shares of common stock issuance $3,160,920 reserve for depreciation. z Represented by 2,000,000 shares
without
par value, on official notice of issuance and payment in full, making the of common stock having no par value.
-V. 125, P. 1588.
total amounts applied for $2.833,400 preferred stock and 357.500 shares of
Goodyear Tire & Rubber Co. of Canada, Ltd.
common stock.
-ComConsolidated Balance Sheet.
mon Stock Placed on a $5 Annual Dividend Basis.
•
June 30'27 Dec. 31 26
The directors have declared a quarterly dividend of $1.25 per share on
June 30'27. Dec. 3126
Assets-the outstanding 133,300 shares of no par value common stock.
Plant & equipm't_x4,215,111 4,207,741 Cum.6% pref. stk. 2,575,900 2,575,900
In July last, the common stockholders received the privilege:of subscribing
Cash
1.004,566
219,248 Common stock_ _ _y6,500,000 6,500,000 for additional common stock on the basis of 134 shares for each share held,
Call loans(secured)
700.000 Accounts payable_ 135,610
145,325 at $1 per share. This was practically the equivalent of a 150% stock
Notes rec.(less res.)
425
1,845 Accrued liabilities_
72,312
170,275 dividend.
Acc'ta rec. (trade,
The following stock dividends have been paid on the common stock:
Dividends payable 444,889
444,889
less reserve)_ _ _ _ 2,503,044 2,314,546 Fed'I & State taxes
150% in 1912:6% each in 1916 and 1919.
Misc.accts. reedy.
40,154
32.224 (estimated) _ _ 710,000
The dividend Just declared is payable Oct. 10 to holders of record Sept. 30.
540,000
Contract work in
Res, for corning's_ 130,000
160,000 -V. 125, p. 1717.
process unbilled_ 1.396,678
801,833 Surplus
5,102,545 4,324,115
Inventories
3,204,616 3,242,280
Greater Newark Baseball Club, Inc.
-Sale.
Mortgage receivle
9,000
The sale of the club to Paul Block was confirmed Sept. 12 by Federal
9,000
Prepaid expenses_ 118,868
Judge Runyon at Newark. Mr. Block was the successful bidder when the
137,819
Invest'ts in other
club was auctioned off Sept. 7 under court order, his offer being $360.000.
cos, at cost
10,783
In addition, he agreed to assume the obligation of paying back 6147.040
10,453
by. In & adv. to
to persons who subscribed that amount last year to help the club out of its
affil. company._
20,943
financial difficulties. The debts of the club amount to about $700,000,
28.464
Goodwill of Ausincluding $147,040 which the citizens subscribed. Mr. Block's bid for the
tralian company
20.346
club and the amount which ho has agreed to pay back to the citizens total
20,346
Pat'ts, trademarks
$507.040. This leaves a deficit of about $200,000.-V. 125, 13.• 1199.
& development.. 3,126,721 3,143,005
• Total
15,671,255 14,889,503 Total
15,671.255 14.869,504
x After deducting $702,501 reserve for depreciation. y Represented by
325,000 shares of no par value.
-V. 125, p. 1467.
General Vending Corp. of Va.-To Offer Bonds.
-
F. J. Lisman & Co. have purchased 54,500.0006% 10
-year secured sinking fund gold bonds of this corporation, which has acquired and consolidated the Peerless Weighing Machine Co.(Me.),Peerless Weighing Machine
Co. (Del.). Pacific Peerless Weighing Machine Corp. (Calif.), Rhodes
Hockriem Manufacturing Co. (Ill.), Hoff Vending Corp. of America (Del.).
A public offering of these bonds will be made shortly by F. J. Lisman &
Co. and B. J. Van Ingen & CO.
Globar Corp.(N. Y.).
-New Name-Acquisition.
-
See Carborundum Co. above.
-New Officials.
(B. F.) Goodrich Co.
Harbison-Walker Refractories Co.
-Acquires Plant.
-
This company, through an exchange of stock, has acquired the Walsh
Fire Clay Products Co. of St. LOI119, Mo., whose plant, at Vandalia, Mo.,
the largest in the St. Louis field, with daily capacity of some 150.000 nineinch fire bricks, increases the capacity of Harbison-Walker by approximately 10%.-V. 125, p. 396.
Hart & Cooley Co., Hartford, Conn.
-Extra Dividend.
The directors have declared an extra dividend of $1.25 per share
common stock in addition to the regular quarterly dividend of $1 peron the
share,
both payable Oct. 1 to holders of record 'Sept. 26.-V. 123, p. 2785.
Hart-Parr Co., Charles City, lowa.-Bonds Offered.
The Minnesota Loan & Trust Co., Minneapolis, recently
offered at 100 and int. $1,000,000 1st (closed) mtge. 6%
gold bonds (with stock purchase warrants attached).
Dated Sept. 1 1927; due Sept. 1 1930. but, payable M.& S. at MinneH. Hough has been elected President to succeed the late Bertram G.
Work, and D. M. Goodrich has been elected Chairman of the board to sota Loan & Trust Co., Minneapolis(trustee), without deduction for normal
succeed Mr. Work. H. Hough was formerly vice-president and comptroller. Federal income tax not to exceed 2%. Denom. $1,000 and $500 c*.
J. D. Tew has been elected 1st Vice-President and a member of the Red. all or part at 10234 prior to Sept. 1 1928; at 10134 prior to Sept. 1
1929, at 10034 thereafter to maturity.
executive committee.
Stock Purchase Warrant.
-Each bond will carry a warrant exercisable to
S. M. Jett was elected Secretary to succeed M. C. Van Cleef, who reand including Sept. 1 1929, and detachable after March 1 1928, entitling
signed.
-V. 125. p. 1717.
the holder thereof to purchase common stock of the company at
per share in the ratio of 20 shares for each $1,000 principal amount of $12.50
-Listing.
Goodyear Tire & Rubber Co., Akron.
bonds.
The New York Stock Exchange has authorized the listing of 813,495
Data from Letter of Melvin W. Ellis, President of the Company.
shame of 1st preferred stock without par value, on official notice of issuance
Company.
-A Delaware corporation, succeeded in 1925 an Iowa
corporathereof in exchange for outstanding preferred stock.
tion of the same name, which was
The result of the recent financing of the company has been the replace- with a capital of $100,000, duringfounded at Charles City. Iowa, in 1901,
which year the company built the first
ment of the $21.000,000 1st mtge. 20
-year 8% sinking fund gold bonds, plowing machine propelled by gasoline in the United States.
During the
the $15,911,600 10
-year 8,° s. f. gold deb. bonds, and the $15,000,000 past 26 years the company has experienced
7
prior preference stock by £60,000,000 1st mtge. and collateral trust 5% at the present time the plant at Charles Citya successful development until
covers approximately 25 acres
bonds, thus effecting a saving to the company in the aggregate of interest and its capital and surplus exceeds
53.500,000. Company is primarily
and dividend charges. First preferred stock of the company is to be issued engaged in the manufacture of road and farm
tractors and is the oldest and
OCT. 1 1927.]
THE CHRONICLE
among the leading manufacturers of this product in the country. Company
builds 3sizes of tractors all of which operate on cheap fuels,such as kerosene
and distillate and are adapted for every farm use. During the year ended
Oct. 31 1926 the company produced and sold over 2,700 tractors and for
the first 9 months of toe present fiscal year more than 3,000 tractors. A
very profitable department of the business is the sale of parts to the users
of over 18,000 tractors now in operation. Net sales of the company have
increased from $768,498 in 1922 to $3,362,994 for the year ended Oct. 31
1926. Such sales for the 8 months ended June 30 1927 amounted to
$2,747,390 and are running at the rate of 36% ahead of the same period
for last year.
-Secured by closed 1st mtge. upon the real estate, buildings,
Security.
machinery and equipment owned at Charles City. Independent appraisers
have determined the sound value of the mortgaged properties to be $1,855,805 as of July 1 1927. Company's balaace sheet as of June 30 1927, after
giving effect to this financing and deducting all liabilities other thaa this
bond issue, reveals net tangible assets amounting to $4,481,793. and nea
current assets of $2.374.515, which is the equivalent of $4,481 and $2,374,
respectively, for each $1,000 bond.
Provisions.
-Indenture will provide that the company shall maintain
at all times net quick assets at least the equivalent of 2 times the amount
of bonds outstanding and will prohibit the payment of any cash dividends
en the capital stock of the company except from earnings subsequent to
June 30 1927.
Outstandinc.
Authorized.
Capitalization7% cumulative preferred stock
$1,290,000
$2,500,000
26,825 shs.
75,000 shs.
*Participating class A preferred stock
Common stock
55,950 shs.
200,000 shs.
(Closed)
3
-year 6% 1st mtge. bonds
$1,000,000
*The participating class A preferred stock is preferred as to assets in
case of involuntary liquidazion up to $30 a share; no preference as to dividends but participates with common stock pro rata in dividends paid in
any year up to $6 per share. Callable at $30 per share.
Earnings.
-Annual net earnings from operation before deducting charges
for depreciation, interest and Federal income taxes for the 2
-year and
8 months' period ended June 30 1927. averaged $441,326 per annum, or
more than 7 times the maximum annual interest charges on these bonds.
Such earnings for the 8 months ended June 30 1927 amounted to 8467,057
or more than 11 times interest charges on these bonds for this period.
Purpose.
-Part of the proceeds of these bonds will be used to retire the
company's funded debt now outstanding and the balance for additional
working capital required by the increased volume of business.
Consolidated Balance Sheet June 30 1927 (After This Financing).
-Parr, Ltd., Regina, Sask., Canada.1
[Including Hart
•
LlabltUtes$515,484
Cash
9200,208 Notes payable
1,595,402 Accts. pay. & accr. taxes, &c_ 233,219
Notes rec.. less reserve
1,000,000
141 868 6% 1st mtge. gold bonds
Trade acceptances
Accounts rec., less reserve__ _ _ 430,980 Cumul. 7% 1st pref. stock. 1,290,000
Inventories
2,430,232
754,761 allemaining net worth
Investments
31,845
Real estate, mach'y & equip_ 1,972,376
Real estate not used in business
78,320
Other assets
26,738
Development expenses
62,296
Deferred assets
Total (each side)
176,143
$5,468,935
Note.
-Contingent liability reported on: Notes receivable discounted
$1,051,350: secured bankers acceptances, $25,800.
a Applicable to participating class A preferred stock-no par value
authorized 75,000 shares; outstanding, 26,825 shares.
To Retire 6% Secured Gold Notes.
All of the outstanding $500.000 6% secured gold notes, due Nov. 11928,
have been called for redemption Nov. 1 next at 101 and int. at the Minnesota
Loan & Trust Co., 405 Marquette Ave., Minneapolis, Minn.
-V. 121. tb•
2884.
Hawaiian Sugar Co.
-Extra Dividends.
The directors announce that the three extra dividends of 20 cents on the
capital stock, in addition to the regular monthly dividends of 30 cents a
share,are payable Oct. 15, Nov.15 and Dec. 15 to holders of record Oct. 10,
Nov. 10 and Dec. 10, respectively. See V. 125, P. 1718.
Haytian Corp. of America.
-Annual Report.
Years Ended June 30-- 1927.
1926.
1925.
1924.
Gross earnings
$1,844,642 $1,503,295 $1,252,288 $1,243,542
Operating expenses
1,221,128
1,359,646
1,005,380
994,174
Minority int., Wharf Co.
4,224
1,568
1.308
4,435
Income note int.,&c_
219,912
213,113
190,508
190,000
zDeprec'ex reserve, &C.. _
53,290
50,508
60,686
50.507
Net income
$14,195
$200,174
$4,584
$4.426
Shares ofcorn.stock outstanding (no par)._ _ _ _
85,368
85,368
80,000
80,000
Earns.per sh.on com.stk
$0.17
$2.34
$0.06
$0.06
x Following the policy of the company adopted by reason of the concessions, no depreciation reserves have been provided ior the railroad or the
electric light company.
Balance Sheet June 30.
1927.
1926.
1927.
1928.
Assets
Liabilities-$
$
Property & equip.,
Capital stock and
less depreciationy6,974,784 6,857,036
surplus
x7,184,881 6.989,444
French. & conces. 1,141,423 1,141,423 Income notes
2,631,974 2,631,974
claim against Haiti
Accounts payable.
57,656
58,934
Government.... 1,027,389 1,027,389 Bills payable
616,682
634,000
Cash
47,662
180,168 Minority interest:
Mtge.Int. received
Wharf Co
20,902
57,132
53,703
17.519
1,000,362
904,572 Payment on acct.
Inventory
Accts. receivable.. 173,960
105,862 sugar sold
63,074
Mtges. receivable.
54,924
54,369 Income note int_ 327,195
323,750
Cost of cane fields. 214,620
234,496 Holders of syndicate panto. ens.
Advance against
2.775
2,775
103,737 Reserve for Hayfuture crops_ _ _ _ x80,401
tlan taxes
54,844
Prepaid expenses_
84,083
11,000
3,700
Bond discount_ _ _
47,570 Other reserve
45,015
6,800
Organization exps_
30,568
30,568
1847
Signs Large Contract with Public Service Corp. of New Jers.
-See that company under "Public Utilities' above.
-V.
125, p. 1589, 1468.
International Germanic Trust Co.
-Stock Oversubscribed.
Offering of shares of the company, which has been organized under New
York State banking laws with an authorized capital of 30,000 shares of
stock, was made co the public Sept. 15, despite the facts that the organization committee had received applications for the stock greatly in excess of
the capitalization of the concern. The stock was offered at $170 a share
to provide a capital of S3,000,009, a paid-in surplus of $2,000,000 and
$100.000 expense for equipping the new banking offices on the ground floor
of 26 Broadway, New York CRy.
Harold G. Aron, Chairman of the executive committee of the company,
said that there has been an allotment made on the large number of advance
applications in the hands of the committee and that the purpose in making
public offering of the shares is to effect the most effective distribution. The
executive committee also held for allotment a fractional portion of the
capital stock for European subscription, in order to assure international
ownership of the company.
The board of directors of the company will probably include C. E. Albright, Harold G. Aron. Julian B. Beaty, James Bruce, Marcus Daly,
Oscar Dressier, Julian M. Gerard, Roland E. Harriman, C. H. Huston,
William 0. C. Kiene, David H. Knott, Theodore Lamprecht, J. D. McGuire. Herman A. Metz. Kenneth O'Brien, Rudolph Pagenstecher, Franklin D. Roosevelt, Woolsey A. Shepard, Max W. Stoehr and William L.
Wirbelauer.
At the organization meeting of the company Julian M.Gerard was elected
President; W. E. Von Marx, Vice-President and director in charge of the
foreign department, and Ernest K. Stateriee was elected Vice-President
and Trust Officer.
International Mercantile Marine Co.
-Recapitalization
Plan Approved.
-The stockholders on Sept. 29 approved the
plan to recapitalize the company on the following basis:
Each existing 5 shares of preferred stock, par $100, to receive
one share of new no-par preferred and 5 shares of new no-par
common,and each 5 shares of existing common to receive one
share of new no-par common.
Of the total of 517,260 shares of 6% cumulative preferred out, 366,973
voted in favor of the plan, and of the 498.718 shares of common, 379,997
favored it. Those opposed to the plan represented 2,341 shares of pre_
ferred and 100 shares of common.
At the meeting there were represented in person 350 shares of the preferred and by proxy 355.313 shares of the preferred.
one of the common
was represented in person but 379,997 shares of common were represented
by proxy.
A protest was read from the Lonsdale Security Corp., holder of 300 shares
of preferred stock, and an individual holder of 10 shares of preferred, objecting to the holding of the special stockholders' meeting and protesting against
the proposed recapitalization plan. The protest was based on the grounds
that the plan is unauthorized by law; that it is contrary to the statutes of
New Jersey; its adoption and execution would interfere with vested rights
of preferred stockholders;its execution would violate the constitution of the
State of New Jersey and the Constitution of the United States; that it would
retroactively confiscate and destroy property rights of preferred stockholders for the sole use and betterment of the common stockholders, without
compensation, and without due process of law: that the plan is inequitable.
-in that its execution would
unfair and unjust to preferred stockholders
materially reduce the amount of their present preferred claim upon assets,
and would eliminate their personal equitable interest.
Carl Ehlermans. representing seven stockholders, also registered a protest.
M. F. Snowber, a preferred stockholder, protested against the plan and
said he doubted that the recapitalization plan could be legally put up to
stockholders. He also asked for information regarding the disposition of
moneys received from the sale of the company's lines. Other stockholders
also made protest.
In answer to a question as to the relative holdings In common and preferred stocks, it was stated that the investment in the preferred stocks is
four times the investment in the common stock, in dollars.
P. A. S. Franklin, President, explaining the benefit of the recapitalization plan, said that the plan works to the interests of both preferred and
common stockholders and to the corporation.
Answering the question of a stockholder who askeid,"How do you expect
to earn money in the future." Mr. Franklin stated:"Your financial position
from an earning point of view would be decidedly better."
Mr. Franklin was asked for a present valuation of the company's ships.
He replied it is difficult to arrive at such a valuation in view of present conditions in the shipping industry. He added that earnings of I. M. M.
have not shown much improvement since the first of the year.
Two Preferred Stockholders Bring Injunction Action in Neti
Jersey Court Against Plan for Change in Capital.
Efforts to raise a legal obstacle to the ratification of the proposed Capital readjustment plan of the company were begun Sept. 26 by two preferred stockholders who applied in the Court of Chancery in Jersey City
for an injunction restraining the company from carrying out the contemplated reconstruction.
The contestants are the Lonsdale Securities Corp. and Grace M. Drexellems, both of Buffalo, holders of 310 shares of preferred stock. Beth have
declined to accept new no-par stock of the company in payment of their
proportionate share of back dividends, the total of which on the whole
issue is $36,466,000. This is the first formal objection to the company's
plan to liquidate these accumulated dividends through an offer of common
stock.
The dissenting stockholders obtained a court order directing the company
to show cause on Oct. 17 why a temporary restraining order should not be
issued enjoining the carrying out of the readjustment plan.
New Vessel Laun-hed.-
The S. S. "California," largest electrically driven passenger vessel in the
world, is to be launched to-day (Oct. 1) at Newport News, Va. This vessel
said to be the largest commercial steamship to be built under the American
flag. is now completed as to hull and superstructure to a point where work
10,896,094 10,759,353
Total
Total
10.896,094 10,759,353 can be carried no further to advantage on the ways because of her height.
x Represented by 85,368 no par shares issued or to be issued. y After which precludes the lifting of weights to her uppermost deck by the traveling
deducting $780,982 reserve for depreciation. z After deducting $18,089 cranes that span her berth. From now until the date of her trials work will
proceed in finishing the ship's interior while she lies alongside a pier in the
-V. 125. p. 1059.
far reserve.
yards of the Newport News Shipbuilding & Drydoc.k Co.
Horn & Hardart Co.
The "California" is being built for the Panama-Pacific Line, a subsidiary
-25c Extra Dividend.
The directors have declared the regular quarterly dividend of 373A cents of the International company, for use in intercoastal trade on a 5,500
-mile
and an extra of 25 cents a share on the common stock, both payable Nov. 1 run between New York and San Francisco via Havana and the Panama Cato holders of record Oct. 10. These are the same amounts as declared nal. She will carry both passengers and freight. Delivery to the owners
3 months ago, when the extra payment was increased from 12% cents is expected to take place next January.
Meanwhile,contracts have been let for a second ship, practically identical
to 25 cents per share. See V. 125, p. 104.
with the "California," to be constructed by the same company in the same
Imperial Oil,Ltd.-Acg.Canadian Galena Signal Oil Co.
- yard. Still another vessel of the same type Is contemplated.-V. 125. pr
The company recently announced that it had purchased, as of last July, 1059, 790.
the Galena Signal Oil Co. of Canada. which was formed in 1920 to handle
Intertype Corp., Brooklyn, N. Y.
the Canadian business of the Galena Signal Oil Co. of Pennsylvania. The
-Notes Called.
purchase price was not reported.
All of the outstanding 7% debenture notes dated April 1 1922 have
It is also reported that Imperial Oil, Ltd., has arranged to take over the been called for redemption Oct. 1 next at 104 and int. at the Equitable
of the Home On Co., which has holdings in the Tur- Trust Co.. 37 Wall St., N. Y. City.
drilling and production
-V. 125. p. 529.
ner Valley field. Alberta.
Interest in Company to Be Acquired by Sun Life Assurance Co.
-V.125, p. 790.
-See Standard Oil Co.(New Jersey) below.
-Consolidation.
Industrial Brownhoist Corp.
-V. 125, p. 1200.
See Brown Hoisting Machinery Corp. above.
-Merger Approved.
Industrial Works, Bay City, Mich.
-V. 125, p. 1718.
See Brown Hoisting Machine Co. above.
InternationalCombustion Engineering Corp.-Ac.guis.
The International Combustion Engineering Corp. has acquired from
Sulzer Bros., VII interhur, Switzerland, the Sulzer system for dry quenching
coke. The process will be developed in the United States by a new subsidiary, the Thy Quenching Equipment Co.
(Mead) Johnson 8c Co.
-Balance Sheet.-
Assetsne 30'27. Dec.3128.
Land, bldgs., &c:
(less deprec )_ -91,477.811 91,519,530
Cash
427,415
224,383
Marketable bonds 814,770
743,447
Cust. trade accept
161,616
189,013
Inventories
481,831
449,146
Sundry sects & adv 161,041
37,151
Tr. mks., formulae
& good-will. _ _ _
1
1
Deferred charges__
85.869
70,533
Liabilities-rue 30'27. Dec .31'26.
Preferred stock_....$1,700.000 $1,700,000
Common stock-- x500,000
500,009
Accounts payable_
88,205
99,201
Dividends payable 172.000
Accrued taxes_ 39,541
26,154
Fed, taxes not due
76,600
23,500
Extraord'y exp. tee
5,891
Res.for next year's
taxes
77,000
148,500
Surplus
931.115
717.849
Total
$3,590,352 93,213,204
Total
93,590,352 $3,213,20f
x Represented by 150.000 shares of no par value.
-V.125, xt. 1489.
1848
THE CHRONICLE
-Receiver.Kay Copper Corp.
On an application by Attorney-General Albert Otthiger, Supreme Court
Justice Cropsey in Brooklyn (N. Y.) Sept. 29 issued a temporary injunction
against the corporation and James J. Godfrey, Charles Wayne Boyd and
Thomas M. Hassett, restraining them from doing business in the firm name
of Boyd, Hassett & Co.. at 25 Broadway, and Bernard H. Scheftels, individually,in relation to sale of the stock of the copper company. The Court
-V.125,
appointed Charles Voss, 2 Rector St., receiver for the corporation.
p. 1060.
-Registrar.
Kelly Dry-Pure Juice Corp.
The Chatham Phenix National Bank & Trust Co. has been appointed
registrar of 37,543 shares of class A cumul. partic. stock, no par value, and
-V. 125, p. 1468.
24,092 shares class 11 non-cumul. stock, no par value.
-Exchange of Stock, &c.
Keystone Watch Case Co.
-V. 124, p. 1520.
See Keystone Watch Case Corp. below.
-Initial Preferred Dividend.
Keystone Watch Case Corp.
The directors have declared an initial quarterly, dividend of 1.5(% on the
preferred stock. payable Nov. 1 to holders of record Oct. 20.
This corporation succeeded the Keystone Watch Case Co. as of Aug. L
the shares of the old company having been exchanged on a basis of one
share of new pref. stock, par $50,and one share of new no par common stock
for each share of the old $100 par stock. The old company had been
paying $1 a share quarterly, or $4 per annum.
The new corporation has outstanding 60,000 shares of $50 par preferred
stock and 60,000 shares of no par common stock as compared with 60.000
-v. 124, p. 1520.
shares, par 8100, all common, for the old company.
rvoL. 125.
therefore itself be a legal investment for savings banks and trust funds in
the State of New Jersey. All the mortgages so far accepted by the company
average approximately 54% of the appraisals of the properties securing
them and in those cases where sales have taken place subsequent to the
appraisal, the average sales price has exceeded the average appraisal of
-V. 125, p. 398.
the properties sold.
-Changes in Personnel.
Loew's, Inc.
Nicholas M. Schenck. Executive V.-Pres., has been elected President
to succeed the late Marcus Loew. J. Robert Rubin, general counsel.
succeeded the latter on the board of directors. Arthur M. Loew has been
elected 1st V.-Pres., succeeding Mr. Schenck.
Arthur M. Loew and David Berstein have been elected to serve with
Mr. Schenck and William H. Childs on the executive committee, of which
David Warfield is the alternate member.
To Link 60 Radio Stations.
A broadcasting chain of 60 stations in 40 cities, headed in the New York
area by WHN, atop the Loew State Theatre Bldg. at 1540 Broadway.
and WPM'at the Palisades Amusement Park, will begin operating some
time this month under the combined management of Loew's, Inc., and
the Metro-Goldwyn-Mayer Picture Corp. according to an announcement
on Sept. 26. The chain will function through land wires extending from
coast to coast. The broadcasts of the new chain will be commercialized,
It was said, only to the extent of actually covering the cost of production
and overhead of the system and will be commercialized only with the
-V. 125, p. 1468.
view of broadcasting the better elements of radio.
(David) Lupton's Sons Co., Phila.-Stock Increase, ikc.
The stockholders on Sept. 21 increased the authorized preferred stock
from $1,250,000 to 85,000,000, par 8100,the common stock from 82.250.000
-Listing.
Kraft Cheese Co.
(par $100) to 300.000 no-par-value shares, and the indebtedness of the comThe New York Stock Exchange has authorized the listing of $132,575 pany from nothing to $5,000,000. Part of the proceeds are to be used for
additional common stock (par $25 each) on official notice of issue as a stock expansion.
The stockholders also authorized an increase in the board of directors
dividend, making the total amount applied for $8,988,450 ofcommon stock.
from 11 to 15 members, and the exchange of the present common shares
Statement of Operations for 6 Months Ended June 30 1927.
for new shares and the sale of part of the additional capital stock and of
$17,634,629
Net sales
new directors
elected as
15.168,124 bonds, notes and other obligations. Four & Co.; S. M.were and L. L.
Cost of goods sold
Fox
1.945,517 follows: George K. Reilly of Reilly, Brock
Operating expenses
Odell of Ford. Bacon & Davis, engineers, and Walter Lupton. See also
$520.989 V. 125, p. 1719.
Operating profit
97,605
Other income
-Stock Offered.
-The
Manhattzin Financial Corp.
Total income
Other expense
$618,594
112.420
corporation, with offices at 151 West 40th St., N. Y. City,
is offering at $40 per share the class A shares (no par value),
Issued.
Authorized.
Capitalization-
$506,173
520,500 shs. 200,000 shs
261.599 Class A stock (no par 'value)
175,000 shs. 175,000 shs
60,000 Class B stock (no par value)
4,500 shs
management shares)_ 4,500 shs.
Class C stock (no par value
8184,575
agent, American Exchange-Irving Trust Co. Registrar,
profit
Transfer
Undivided
Chemical National Bank.
Consolidated Balance Sheet June 30 1927.
Business -Organized under the laws of the State of New York. CorLiabilities
.
Assetsacquire, hold, sell and undercharter
$8,587,900 poration is authorized under itssecuritiesto banks, insurance companies,
$3,793.465 Common stock
Fixed assets
of
35,501 write stocks, bonds and other
certificates outstanding
815,870 Scrip
Cash
financial institutions and business organizations.
120,000
87,753 Sub. cos.. minority pref. stk_
Marketable securities
Assets -After the issuance of the shares of stock presently to be issued,
75,000
Notes a, accounts receivable_ 4,656,194 Notes payable
4,020,000 the corporation will have assets consisting of cash in excess of $6,000.000,
Material & supplies invent's. 6,776,173 Notes payable (brokers)
100,200 which will be available for immediate investment.
1,904,800 Employees'debentures
Investments
Capital Stock l'references.-Class A shares are entitled to preferred cumu960,712
378,510 Accounts payable (trade)____
Prepaid expenses
per share per
218,780 lative dividends payable quarterly (after Jan. 1 1928) of $1.50
1 Sundry (=els payable
Patents
paid upon other classes of stock, and are,
326,875 annum before any dividends are
84,333 Accrued liabilities
lAcensee
additional dividends declared in any
4,052,132 thereafter, entitled to participate in
Surplus
calendar year (after there has been paid in such year 40 cents per share on
5 cents per share on class C stock, to the extent that each
$18,497,0e6 class B stock and stock shall receive twice the amount of such additional
Total
$18,497,096
Total
share of class A
-V.125, p. 1060.
declared on each share of class B stock. Class A shares are also
x After deducting $886,214 reserve for depreciation.
dividends
preferred on liquidation or dissolution to tile extent of $30 per share if the
- liquidation is voluntary and $25 per share if the liquidation is involuntary,
-Earnings.
Lego Oil & Transport Corp.(& Subs.).
1926.
1927.
and after class B shall have received $12 per snare and class C $1 per
Six Months Ended June 30-$3,806,566 82.932,630 share all the remaining assets of tho company shall be divided among class A
Profit from operations
1.343,848
672.773 and class B shares, so that each share of class A stock shall receive twice the
depletion
Provision for depreciation and
amount received by each share of class B stock.
-The affairs of the corporation will be under the manage$2,462,718 $2,259.857
Management.
Balance
15,607
160,072 ment of men of broad experience and proven capability in banking, investMiscellaneous income
ment and industrial affairs, and the voting power of the stock of the com$2,478,325 $2,419,923 pany has been so arranged that a continuation of that character off manageTotal income
216,000
160,000 ment will at all times be assure 1.
Provision for taxes
10,652
-The Board of Directors includes: John H. Brennen (Pres.,
22,316
Directors.
Propor. of profit appllc. to minority interests
-Pros,,
Times Sonar° Trust Co.); Marcus J. Federman; John C. McCall (V.
-Pros., Thoens &
82.251,672 $2.237,613 New York Life Insurance Co.); Lewis W. Flauniacher (V.
Net consolidated profit
3,990.578
3.968,771 Flauniacher, Inc., real estate); Benjamin A. Hartstein; Arthur Mendes
stock outstanding (no par)
Shares of
$0.56
$0.56
es., A. DI . Mendes & Co., Investment bankers); Julius Grossmann
Earnings per share on capital stock
Pres. of J. Grossmann & Co., Inc.); Louis Hubshman (H. M. Hubshman
-V. 124, p. 2601.
ro.); Bernard Reich (Chairman of Board, Times Square Trust Co.) and
-To Increase Stock-Rights.
-Pros., TiMES Square Trust Co.).
Lawyers Mortgage Co.
Karl Tausig (V.
Bernard Reich will be President of the corporation and John II. Brennen
The stockholders will vote Oct. 26 on increasing the authorized capital
will be Chairman of the Executive Committee.
stock from 810.000.000 to $11,000,000.
It is proposed that the stockholders be given the privilege to subscribe to
-Definitive Bonds Ready.
Marion Steam Shovel Co.
the new stock at par in the ratio of one share for each. 10 now held, the rights
The Guaranty Trust Co. of New York is now prepared to deliver definitive
to be issued to stockholders of record Nov. 15 1927 and to expire Jan. 16
-year sinking fund gold bonds, due April 1 1947. in exWhen the increase is effected the capital and surplus of the company 1st mtge. 6% 20
1928.
change for the outstanding temporary bonds of that issue. (For offering,
will amount to 318.000.000.
see V. 124, p. 2289.)-V. 124, P. 3507.
-Public Offering of
Realty Corp., N. Y. City.
Lefcourt
Net profit
Dividends deducted
Estimated income tax
rB
Securities Expected to be Made Shortly.
Announcement is made that A. E. Lacourt, an outstanding figure in
New York real estate development, has assembled his principal holdings
in a company to be known as the Lefcourt Realty Corp.,organized somewhat
along the lines of the U. S. Realty & Improvement Co. Mr. Lefcourt will
be President and principal stockholder in the new corporation and will
direct its activities.
In addition to its original holdings the new corporation may acquire
and managed
from time to time equities in additional buildings, erected a
by the Lefcourt organization, when these buildinga are on satisfactory
earning basis.
It is understood that a public offering of the securities of the Lefcourt
Realty Corp. will be made shortly by Hemphill. Noyes & Co. and Lage
& Co.
-Bonds
Lincoln Mortgage & Title Guaranty Co.
-Harris, Forbes & Co., New York, are offering at
Offered.
gold
100 and int. $3,000,000 1st mtge. collateral 5
bonds, series due June 1 1937.
-A syndicate
-Bonds Offered.
Massey-Harris Co., Ltd.
headed by Wood, Gundy & Co., Inc., and including
Dominion Securities Corp., Ltd., A. E. Ames & Co., Ltd.,
the Royal Bank of Canada, the Canadian Bank of Commerce, McDougall & Cowans, Greenshields & Co., and
Royal Securities Corp., Ltd., are offering $12,000,000 20..
year 5% sinking fund gold debenture bonds. The bonds
are priced at 95.75 and interest, to yield about 5.35%.
Dated Oct. 15 1927; due Oct. 15 1947. Principal and interest (A. & 0.)
payable, at the holder's option, in U. S. gold coin at the agency of the
Canadian Bank of Commerce, New York. or in Canadian gold coin at any
branch in Canada of Canadian Bank of Commerce (except in Yukon
Territory), or in gold coin of the Kingdom of Groat Britain at Canadian
Bank of Commerce, London, Eng.. at the fixed rate of $4.86 2-3 to Sl
sterling. Donom.c* $1.000 and $500, and r* $1,000. Redeemable,except
for sinking fund purposes, all or part at any time on 30 days' notice at
following prices and interest: at 103 if redeemed on or before Oct. 15 1932.
and thereafter at 102 if redeemed on or before Oct. 15 1937: and thereafter
at 101: or for the sinking fund on 30 days' notice on any interest date at
100. Toronto General Trusts Corp., trustee.
Data from Letter of T. Bradshaw, V. Pres. & Gen. Mgr., Toronto,
Sept. 23.
-Is the largest manufacturer of farm implements in the British
Company.
Empire and is one of the oldest Canadian industrial organizations, having
originated in the Massey Mfg. Co. and in A. Harris & Hon Co. The business of the former was founded in 1847 and the latter in 1846. The two
businesses were consolidated in 1891.
Company operates six factories, namely, in Toronto, Ont.: Brantford,
Ont. (2): %N'oodstoc:c, Out., and tnrough wholly-owned subsidiaries, at
Marquette, France (near Lille), and at Berlin. Germany. Company owns
over 99% of the issued shares of Massey-Harris Harvester Co., Inc., with
factory at Batavia, N. Y.
Company, or its subsidiaries, manufacture practically every typo of farm
implement, including reaper threshers, drills, cultivators, harrows, plows,
reapers binders mowers, &c. The combined capacity of the plants is
more than 275,000 complete machines annually in addition to a full complement of spare parts.
Earnings..-Average annual net earnings of the company and its subsidiar.es for tha ten years ende I Nov. 30 1926, available for bond interest and
-equal to over 2Ji times annual interest on
d pre, i dim. were $1,781,450
n.
this
issre: years endel Nov. 30 1926. corresponding average annual
th ueref p-,rrii”es wore $2,116.383
-equal to over four times annual interest on
Dated June 1 1927, due June 1 1937. Int. (J. & D.) payable at Harris.
Forbes & Co., in New York, and at the office of the company, in Newark,
N..1. Denem. $1,000 and $500 c*. Guardian Trust Co. of New Jersey,
Newark, N. J., trustee.
Legal Investments for trust funds in New Jersey and exempt from New
Jersey local taxation.
Non-callable prior to maturity.
Data from Letter of Edwin C. Caffrey, V..Prea. of the Company.
Company.-lncorp. under the insurance laws of New Jersey in March
investors and
1926 by a group of insurance officials. attorneys, bankers,of the Departleading real estate experts. Operates under the supervision
ment of Banking and Insurance of New Jersey.
-The bonds are the direct obligations of the company,
Direct Obligation.
which has a capital, surplus and undivided profit of over ;1,990,000,
both principal and
available to meet the prompt and full payment of
interest of the bonds issued by the company.
agreement embodies numerous conservative
-The trust
Restrictions.
has found advisable
restrictions which European and American experience
in the safeguarding of this class of investment. Among other restrictions
the company is limited in the issuance of bonds and other indebtedness
(defined in the trust agreement) to an amount not to exceed 15 times its
fully paid capital stock, a more conservative ratio than governs the Federal
Land banks and the Joint Stock Land banks.
-Bonds are secured by the deposit with the trustee
Mortgage Security.
of first mortgages on carefully selected types of improved city and urban
real estate, located in the State of New Jersey, or United Mates Gnverne.
ieor ho yearended Nov. 30 1926, corresponding net earnings were
mental securities, or cash, to an amount always equal in face value t3 the thillbondoisrear
amount of bonds outstanding under the agreement. Each mortgav” $3.391 158-equ 31 to over 5M times annual interest requirements on this
deposited must not exceed 60% of a conservative appraisal and would bond lam
OCT.1 1927.]
THE CHRONICLE
1849
Sales for the first nine months of the current fiscal year were well in excess which amounts are verified by the shipments made by this corporation to
of sales for the corresponding period of the preceding fiscal year. It is ex- said companies.
Of said stations, approximately 13 tank stations and 97 service stations
pected that net earnings for the fiscal year ending Nov. 30 1927 will at least
-V. 125,
are owned in fee simple and the remainder are on leased premises.
equal or exceed those of the year ended Nov. 30 1926.
In 1926 gross sales exceeded $31,000,000. These were larger than in any w. 1720.
previous year in the company's history, excepting 1920, and were more than
-Definitive Bonds Ready.
Missouri-Kansas Zinc Corp.
16% in excess of sales for 1925.
Treasurer W.C. Kircher has notified holders of temporary certificates for
-Company's main plant, situated in Toronto, occupies 28
Properties.
acres; its two plants at Brantford, manufacturing binders, mowers, plows. $1,300,000 7% debentures, due 1932. with stock option warrants, that their
&c., occupy 55 acres; its Woodstock plant, manufacturing spreaders,spray- certificates may be exchanged for definitive bonds and stock option warers, wagons,sleighs. &c., occupies 20 acres. The plant of the subsidiary at rants at the Seaboard National Bank, 115 Broadway. N. Y. City. (See
Batavia, N. Y., occupies approximately 48 acres. The plant at Mar- V. 124, p. 2758.)-V. 125, p. 659.
quette (France) occupies 25 acres of land, with both canal and railway
-Meeting Adjourned.
Moon Motor Car Co.
facilities. The construction is of the most up-to-date character and the
The stockholders' meeting called for Sept. 27 for the purpose of increasplant is now in production. The plant at Berlin is at present on leased
ing the authorized capital stock from 180,000 shares to 400,000 shares of
premises.
In Canada the company owns 12 important branch headquarters and no par value has been adjourned to Oct. 7.-V. 125. p. 1720.
warehouses situated in Toronto, Montreal, Moncton, Winnipeg, Brandon.
Morgan Lithograp Co. (Cleve.) -Annual Report. Saskatoon, Regina, Yorkton, Swift Current, Calgary, Edmonton and Van1927
1926
Year Ended June 301925.
couver, also 120 transfer and agency warehouses throughout the Dominion.
$835.531
$690,695
$525,874
wholly-owned subsidiaries, also owns warehouses and other Operating profit
Company,or its
19,848
10,633
10,291
properties in England, France, Germany, Argentina, Australia and New Interest
12,420
8.751
6,352
Donations
Zealand.
13,337
15.000
Massey-Harris Harvester Co., Inc., owns or leases branch headquarter Provision for doubtful accounts
10.604
10,474
35,889
warehouses or assembly plants in the more important agricultural centres of Miscellaneous deductions
the United States, as well as a branch headquarters in Paris, France.
$757.707
$642,038
8498,757
Net income
The total number of workers employed in the above plants on the average
2,402
5.627
5,233
Is approximately 5,800, of which approximately 2,300 are engaged in the Interest earned
1,620
1,620
17,010
Miscellaneous income
Toronto plant.
2,313
--Company has firmly established markets for its products in Dividends received
Markets.
7.002
practically every important grain producing country in the world. Its Profit on sale of securities
export business, commenced in 1860, now extends to 45 t ountries. In 1926
ie
$664,281
8764.954
Total income
:kou
outr was disposed oPe
canad aps
dis ies
$512,094
approximately tg ef the
Depreciation
The business
13,677
127.716
60% In other
174.486
branches in the principal cities and through more than 3,200 local agencies. y Rental of plant under lease
15.000
75,000
65,000
Foreign business is conducted through brarmhes in London, Manchester Reserve for Fed'l taxes & conting's
(Eng.), Paris, Bordeaux (France). Brussels (Belgium), Berlin (Germany),
Net profit
$562,237
$461,118
Melbourne, Sydney, Perth, Brisbane, Adelaide (Australia), Christchurch
$447,094
$2,264,790 $1.983,876 $1,260,086
(New Zealand), Buenos Aires, Rosario, Bahia Blanca (Argentina), Oran Previous surplus
(North Africa) and Durban (South Africa). In addition, the company has Excess of amount received for common stock over declared value__
1,298.945
a network of agencies throughout these and other countries. including more
than 700 in Australasia. In the United States, Massey-Harris Harvester Excess book value of net assets of cos.
acquired over cash paid and declar'd
Co.. Inc., has branches in Batavia (N. Y.), Harrisburg (Pa.), Columbus
value of corn. stk. issued therefor_
494.162
(Ohio), Lansing (Mich.), St. Louis (Mo.), Minneapolis (Minn.), Kansas
Apprec. in book value of bldgs., &c.,
City (Mo.) and Hutchinson (Kan.).
since 1922, less depreciation
299,065
Purpose.-Proceeds of this bond issue will be used to retire $1,600.000
1,564
joint sinking fund gold debenture notes issued by Massey-Harris Co. Ltd.. Disct, on pref. stock purch. for red_
1.140
and Massey-Harris Harvester Co., Inc., which have been called for redemp- Premium on common stock sold
tion; for plant improvements and extensions at home and abroad; and to
subsidiaries.
Total
32,725.908 33,845,058 82.503.110
pay off, in their entirety, bank loans of the company and its
Authorized. Outstanding. Dividends paid and provided for
$500,000
Capitalization8489,053 x2301,974
173,106
20
-year 5% sinking fund gold deb. bonds,due 1947.212,000,000 $12,000,000 Charges applic. to prior periods (net)
4,714
7% cumul. redeemable pref. shares (par $100)----$12.500,000 212,089,900 Amort. portion of leasehold
Res. for contingencies
500.000 shs. 483,596 shs
150,000
200.000
Common shares (no par value)
Security.-Secured by trust deed constituting a specific first registered Apprec.inc. in book val. of mach.sold
17.261
mortgage and charge on the company's real and immovable property in the Elim,of apprec. of permanent assets
Cleveland plant
311,913
city of Toronto, and a floating charge on all other of the company's assets,
present and future, unregistered except in the offite of the Provincial Secre- Reduc. engravings to nom. val. of $1
206,559
y422,744
tary of Ontario and in the office of the Secretary of State at Ottawa. Com- Miscell. charges & stk. & bond disct_
pany will covenant that, so long as any of these bonds are outstanding, it
Surplus June 30
22,048,088 $2.264,790 31.983,876
will not create or issue any additional funded debt to be defined in the trust
71.024
100,000
100,000
deed ranking prior to or pal passu with tnese bonds; but this covenant shall She, of cap. stk. outstand'g (par $5)_
$5.62
$4.61
$6.29
not apply to purchase money mortgages or to existing liens on property Earnings per sb. on capital stock_ _ _ _
x Includes stock dividend (10,000 shares) paid Aug. 24 1924.
hereafter acquired.
y Incl. provision for expenses of Morgan Properties Co. in excess of its
Sinking Fund.-Trust deed will provide for a sinking fund at the rate of
8600,000 per annum payable half-yearly, the first semi-annual payment on Income (for period from .Aug. 15 1926 to June 30 1927).
April 15 1928. These moneys are to be used for the purchase in the open
Comparative Balance Sheet June 30.
market of bonds at or below par and interest, but failing such purchase,
1927.
1926.
Assetsshall be paid to and used by the trustee for the redemption by lot of bonds Permanent assets_ 4579,i19 8642,94 Capital stock
4500,000 $500,000
at par and.interest, all as provided in the trust deed. Company, at its Cash and U. S.
Accounts payable_ 211,284
371,737
option, may anticipate not more than an aggregate of three years sinking
250,000
492,122 Contracts payable
18,843
Govt.securities.
fund payments and to the extent at it so anticipates, it may reduce one or Notes, accounts at 347,513
Res. for Fed. tax_
75,000
15,000
more subsequent payments to an extent not exceeding in the aggregate the
188,817
935,141 Res. for conting
acceptances sec_ 560,436
amount to which sinking fund payments have been so anticipated.
Inventory
1,188,504 1,382,037 Real, personal and
Consol. Balance Sheet as at Nov.30 1926 (Giving Effect to Present Financing)
corporate tax__ _
41,888
42,081
185,591
Other assets
263,033
Liabilities
515
4,632
1 Accrued
Good-wIll
1
Assets-39,982
59,573 Due sub. company
61,394
$11,743,442 Deb. bonds, due 1947_ _ 312,000,000 Deterred charges_
Mfg. plants. &c
12,089,900
Dividends payable 125,000
21,578,3187% cum. pref. shares_
Inventories
Surplus
2,048,088 2,264,790
Bills & accounts receiv'le_ 8,328,497 Common stock & surplus.b15,906.537
2,372.652
6,425,547 Accounts payable
Cash
32,524 Res., &c.,for plant & eq't 4,029,866 &Total
$3,000,600 $3,697,058
Total
$3,000,600 $3,697,058
Investments
372.132
1,022,179 Reserves for taxes
Deferred charges
x The entire capital stock of the Morgan Properties Co. (book value).
Res. for for. exch.& cont.
672,819
3 Represented by 100.000 shares, common stock of no par value. On
,
Reserves for pensions_
184,439
1925 company had outstanding 71.024 shares of common stock (no
502,161 June 30 and $373,100 par value pref. stock. The latter issue was called
$48,130,506 Reserves for fire insurance
Total
par value)
a Including land, buildings, machinery, tools; also branch headquarters, for redemption July 1 1926 at 110 and div.-V. 123. p. 1885.
Including assembling, distributing and warehouse properties. b Represented by 483,596 shares of no par value.
(Philip) Morris & Co., Ltd., Inc.'
-Rights.
-Secretary
?DtainigraoNli
d
8% Gold Debenture Bonds Calledfor Redemption.
0. H. Chalkley, Sept. 19, says in substance:
-year 8% sinking fund gold debenOn Sept. 16 the directors, deeming it advisable for the purpose of the
All of the outstanding $1,599,000 10
ture bonds due Oct. 15 1930 have been called for redemption Oct. 15 next expansion of the business of the company, authorized the sale of 138,000
at 107 and int. at the American Exchange-Irving Trust Co. 60 Broadway, shares of capital stock (heretofore authorized but as yet unissued) at 215
N. Y. City. These bonds are a joint and several obligation of Massey- per share, to stockholders of record Sept. 26. Rights will expire on Oct. 27.
Harris Co., Ltd., and Massey-Harris Harvester Co., Inc. (United States). Each holder shall have the right to subscribe for one share of additional
capital stock for every two shares held. Payment should be made at the
See offering in V. 119, p. 1476.-V. 124, p. 2129.
Bankers Trust Co., 16 Wall St., N. Y. City.
-Dividend Ruling.
Pursuant to resolutions adopted at a special meeting of stockholders
Mexican Petroleum Co., Ltd.
The Committee on Securities of the New York Stock Exchange rules that held on May 17 1926, the directors, in order to promote the business of the
the common stock shall not be quoted ex the $78 cash dividend Sept. 30, company, also authorized the sale of 100,000 shares of capital stock, at
$15 per share, to selected distributors of its brands of cigarettes and to
and not until Oct. 20. See V. 125, p. 1720.
employees, officers and directors of the company.
(Including Owned Companies.)
No fractional shares of capital stock will be issued and therefore, all
1927.
1926.
6 Months Ended June 30holders of fractional warrants should either sell such fractional warrants or
$14,148,920 $19,941,806 Purchase sufficient additional warrants to enable them to acquire a full
Operating profit
908,848
196,298 share of capital stock.
Add-Interest and amortization charges (net).- _
Application will be made to list the additional shares on the New York
815,057,768 $20.138,104 Stock Exchange.
Total
-V. 125. p. 1720.
4,268,516
3,927,778
Depreciation and depletion
1,400,000 2,190.000
Federal taxes
Muffets Corp., Buffalo, N. Y.
-Sale of Assets.
See Quaker Oats Co. below.
-V. 121, p. 593.
89,389,253 $14,020,326
Net profit
capital
Earns, per sh. on 457,300 shs.(par $100) of
Municipal Service Corporation.
-Earnings.
$19.48
$29.60
stock outstanding
Month of July1927.
1926.
-V.125, p. 1720.
Sales
3825,160 8698,231
Cost of goods sold
561,394
542,464
-Listing
.Mid-Continent Petroleum Corp.
The New York Stock Exchange has authorized the listing of 56,481 3-5
Gross profit on sales
$282,696 3136.837
additional shares of its common stock without par value, upon official notice Other income
8,764
13,878
of issuance on the acquisition of property, making the total amount applied
shares.
Total income
for 1,499,840 2-15
8291,460 8150,715
56,481 3-5 shares are to be issued in consideration of the transfer to Operating expenses
The
94,144
135,571
the corporation of approximately 137 tank stations and 224 senice stations,
of which 105 tank stations and 181 service stations are located in Iowa, 21
Net income
$155.889 356,571
stations and 24 service stations in Indiana, 7 tank stations and 11 ser- Provisions for depreciation
tank
$12,368
$19,381
vice stations in Kentucky, 3 tank stations and 6 service stations in Illinois. Provisions for doubtful accounts
4.000
2,500
and 1 tank station and 2 service stations in Minnesota, together with all Provisions for Federal taxes
17,500
5,500
automobiles, pumps, barrels, drums and other equipment
tank trucks,
in the
Net profit available for dividends
8115,008 836.203
used in the operation of said stations, and also all new supplies oils, waregreases
the inventories of gasoline, kerosene, lubricating
houses and
Comparative Statement of Sales by Gallons.
In lieu
and other products on hand on the date cf transfer. on the of the issue
Total.
Retail.
No. of Stations.
date
of stock for the new supplies and inventories on hand in part for of trans
6,645,141
43
1,878,146
cash said July 1927
elect to purchase in whole or
for, the corporation may
4,096,973
July 1926
25
902,397
new supplies at cost and said inventories at their replacement cost plus
Total sales of gasoline by gallons for the month of July 1927 were 62%,
freight and taxes paid in advance, in which event a portion of the 56,481 3-5 above the corresponding period of 1926, and 100% above 1925. Retail
purpose.
shares will not be required for the aforesaid
sales were 108% ahead oflast year, and more than four times those of 1925.
The aforesaid stations are now owned and operated by the Black Hawk -V. 125. p. 1720.
Oil Co. (Colo.). Rex 011 Co. (Colo.) and Hawkeye 011 Co. (Ill.), and are
-Tenders.
being purchased from Frank E. Kistler and associates. The corporation is
Murray Corp. of America.
not purchasing any other assets of the above companies except the stations,
The Detroit Trust Co., trustee, Detroit, Mich., will until Oct. 14 receive
equipment, supplies and inventories on hand. The aforesaid companies bids for the sale to it of $80,000 Murray Body Corp. bonds dated Dec. 1
have heretofore purchased from the corporation practically all of the gaso- 1924 at prices not exceeding 104 and int.-V. 125, p. 1201.
line kerosene, distillates and lubricating oils distributed through said
stations, and the records of said companies show a total gallonage of 2,356,National Refrigeration Corp., Beloit, Wis.-Bonds
666 for the month of July 1927 and 13.850,502 gallons for the 7 months to Offered.
-Mercantile Trust Co. and Oliver I. Anderson &
July 31 1927, or at the rate of approximately 24,000,000 gallons per year.
1850
THE CHRONICLE
[VOL. 125.
Co., St. Louis are offering $400,000 1st mtge. 6% serial
gold bonds at prices to yield from 53 % to 6% according
to maturity.
The additional stock will be offered on
holders of common and convertible 2d pref. a pro rata basis to the present
stock. There
writing, the Graham Brothers, who recently became largelywill be no underinterested in the
company, having announced that they will take at the
stock that may not be subscribed for by stockholders. offering price any
Dated Aug. 1 1927; due serially 1928-1937. Principal and int.
payable
F. & A. at the Mercantile Trust Co., St. Louis, trustee. Denom.
The proceeds of the offering will be used to provide
$1,000 take care
capital required to
and $500 c*. Red, on any int. date upon 30 days'
of the company's increased business
at 102 and int. Int. payable without deduction for notice (all or Part) facilities. The company has just completed a and the enlargement of its
Federal income tax
new body plant at Wayne,
not in excess of 2%.
Mich., and is building an addition to its main
manufacture of motors. The company expects to plant in Detroit for the
Data from letter of Jas. R. Morash, Vice-Pres. of the
extend its foreign activiCompany.
ties through the recently formed Paige Motor International
Company.-Incerp. in June 1917 in Delaware, for the purpose
Corp. The
of the increase in the company s foreign business probably
manufacture and sale of refrigerating machinery. The
product, which lishment of a number of assembly plants abroad. will require the estabInvolves equipment and machinery for commercial refrigeration,
Of the 1.500,000 shares of common stock
is sold
under the well-known trade name "Lipman" to hotels,
725,623 shares are outstanding, the remainderat present authorized only
having been
dairies, restaurants, florists, factories for drinking watergrocers, butchers. conversion
systems, bottling
purposes and for certain options. This stock isauthorized for
works, cold storages. &c., through some 70 distributing
not available
companies and for offerings to stockholders, and it was therefore found
branches throughout the United States, Canada and foreign
necessary to increase
countries, the authorized total. The common share capital following
all such sales being made through the General Refrigeration
the proposed
readjustment will amount to something more than
owned entirely by the National Refrigeration Corp. CompanyCo. (Ill.), is also outstanding
1,000,000 shares. There
owns and
14.000,000 of 7% cumul, pref. stock (par $100),
operates a well-organized, modern manufacturing plant at
and
$1,948,000 of 7%
comprising some 120,000 sq. ft. of floor space, located on South Beloit. and the company cumul. pref. stock (par $100). There is no funded debt
a tract of 27
has no bank loans.
-V. 125. p. 1471.
acres of land.
Security.
-Bends are secured by a direct first mortgage lien upon real
Palmolive-Peet Co., Chicago.-Consol. Bal. Sheet Dec.31
estate, plants and other fixed assets of the company,now or hereafter owned.
1926.
1925.
The book value of the real estate, plants, &c., as per the appraisal
1926.
1925.
of
Assets
Ford. Bacon & Davis, as of March 16 1927, secured by this mortgage,
Cash on hand & In
is in excess of $777,500.
Notes payable_
700,000
banks
1,238,737 1.436.576 Accounts payable_
Earnings.
-The annual earnings, after depreciation but before
598,695
4,944,779 2,976,772 Comm'ns, salaries, 731,432
and taxes, available for interest on these bonds, have averaged interest Cash securities_
&c., accrued_ _ - 781,352
last 3 years. 8198.467. or over 83.1 times the maximum interest for the Accts.& notes rec..
582,328
charges.
net
3.217,432 2,659,274 Taxes accrued_ _ _ _ 788,492
The earnings for 1927 are estimated to approximate those of 1926, which
563,930
Inventories
9,262,300 4,944,348 Due Peet Bros.were 8236,687.
Prepay, on mater'l 382,873
445,677
CapitalizationPref. stockhold's 238.779
'
Authorized. Outstanding. Lite insur. policies 169,162
87,253 Due em pl.on stock
1st mtge. serial 6% gold bonds (this issue)
$400,000
$400.000 Mtges. on property
Preferred stock, 7% cumulative
contracts
114,366
117,452
1.000,000
625.000
sold
39,379
43,624 7% pref.stock _ _ _ 6.846,500 4,174,650
Common stock (no par value)
52,000 shs. 52,000 shs.
Investmls
27.213 Common stock_ _b17,419,887 5,138,437
Assets.
-Company's balance sheet, as of Dec. 31 1926, after giving effect Unpaid subserip.to 417.465
Surplus unapprop_ 6,906,233 7,120,457
to the proceeds of the present financing, shows total assets in
capital stock.._
277,613
$1.647,000; net tangible assets, available for these bonds,of excess of Prepaid expenses_ 301,650
423,176
81,397.388
478.707
and net current assets of $619,692.-V. 122, p. 224.
Plant & equip., neta9,081,660 4.918.889
Good-will, pats.,
National Steel Car Corporation, Ltd.
trade-marks, &c 5,046,428
-Annual Report.
1
Years Ended June 30-1927.
1926.
1925.
1924.
Net profit for year
Total
8288,766
34,525,041 18,295,947
$151.103 loss$46,336
Total
34,525,041 18,295,947
$608,815
Reserve for deprec'n of
a Land. $1,196,516; buildings, $5 112,537; machinery, equipment and
bldgs.,mach. & equip_
215,250
55.003
67,098
95.379 rolling stock, $6.106,787: total,$12,415,841;less provision for depreciation,
Interest on bonds
76,521
81,609
84,100
99,430 $3,334,181. b Represented by 900.066 shares no par value.
Other interest (net)_
Effective Jan. 11927. the Palmolive Co. and the Peet Brothers Mfg.Co.
55,624
Loss due to disposal of
were merged into the Palmolive-Peet Co.
used motor trucks, &c.
45,478
The Chase National Bank has been appointed registrar and the Bankers
Trust Co. as transfer agent, for
Balance
def$3,005 def$30.979 def$197,534 sur$358,381 096,008 shares of common stock. 75,000 shares of preferred stock, and 1,See also Palmolive Co. In V. 124, p. 121.
Previous capital ar surp_ 2,167,737
2.198.716
2,396,250
2,395,937
Provision againstinven'y
Pan American Petroleum & Transport Co.
-Earnings
and acc'isreceivable_
Dr.358,068
(Including owned and controlled companies.)
6 Months Ended June 30Balance June 30
82,164,732 82.167.737 82.198.716 82,396.250
x1927.
1926.
Operating profit
$19,833,564 $23,870,915
Comparative Balance Sheet June 30.
Interest and amortization
Cr.117,820
255,900
Assets1927.
Depreciation and depletion
1926.
Liabilities1927.
1926.
7,209,849
5491,345
Land, bides., plant
Federal taxes
:Capital and sur1,616,000
2,435,000
and equipment_S3,312,241 $3,296,988
Proportion applicable to minority interests
plus
$2,164,732 $2,167,737
264,334
253.054
Patents & goodwill
1
1 Bank loans (sec'd). 863,500 1,141.636
15,341
Cash
Net profit
6,982 Bank overdraft
52,669
62,059
$10.861,200 $15,335,616
Call loans(secured) 400,000
x Including Logo Oil & Transport Corp.
First mortgage 6%
Acels & bills rec_ _ 648,410
Net profit for the 6 months ended June 30 1927 is equivalent to
966,963
bonds
1,210.000 1,360,000
$3.23 a
Cash surren. value
Accounts payable_ 740.565
658,174 share on 3,362.253 (par $50) shares of combined common stock and class B
life insurance_ _ _
53,500
Accrued wages,&o.
58,947
52,945 stock, against $5.56 a share on the average amount of stock outstanding in
Sundry investmls.
6,976
the corresponding period of 1926.-V. 125, p. 1721.
9,001 Reserve for depreInventories
1,607,860 1,846,319
elation
1,233,606 1,021,790
•
French Republic,
Pennsylvania Coal & Coke Co.
-Omits Earnings.
&c., claims_ _
263.478
The earnings statement for the month of August will be omitted.
263,478
EarnDeferred charges
16.212
74,609 Total(each side)_ .S6,324,019 $6,464,341 ings for succeeding months will also be omitted until further notice.
-V.125.
x Represented by 100.000 shares of capital stock without nominal or par p. 1203.
value (subject to realization of French Republic and Paris Lyons &
Pennsylvania Salt Mfg. Co.(& Subs.).-Earnings.Mediterranean Ry. Co. claims).
-V. 123. p. 1770.
Yrs. End. June 30-1927.
1926.
1925.
1924.
Income from sale of prodNational Surety Co.
-Balance Sheet.
ucts after expenses_ _ _ x$2,285,222 $2,026,504 81,658,343 11,648.282
Aug. 3 '27. Dec. 31'26.
Aug.31'27. Dec.31 '26. Other income
401.203
334,434
238,664
210,680
Assets$
$
Stocks and bonds
Res. for unearned
Total earnings
$2,666,426 $2,360,938 $1,897,006 $1,858.962
35,333,590 29,553,316
at market
premiums
11,311,735 10,911,075 Ordinary repairs & replac.
597,900
699,513
596,183
722,903
Cash
706,163 1.469,149 Res. for cooling.
Depreciation & depletion
663,625
612.469
411,956
330,944
Money on call__ _ 5,100,000
900,000
claims, less reFederal taxes (est.)
y191,051
y136,701
y108,004
187,870
Real estate and
insurance
5,488,083 6,912,753
mortgages
675,924
239,127 Res. for taxes and
Net earnings
$1.213.850
$912,256
$780,863
$717,244
Unpaid premiums_ 4,925,430 3,527,530
com. not due_ _ _ 1,269,516 1,270,104 Previous surplus
5,390,027
5.787,507
5,994,109
6,132,126
Aoe'ts rec. & accr'd
Res. for unknown
Adjustments
Cr.1,727
Cr.2,589
interest
2,521,073 2,439,429
possible losses.. 425,000
Res. for decree... 2,399,131
Total surplus
16,605,604 $6,699,763 $6,777,561 $6,849,370
Res. for premiums
Dividends (10%)
750,000
750,000
750,000
750,000
over 90 days old 826,785
Insurance reserve
12,744
6.385
6,125
30,261
Voluntary reserve_
42.006
Settlement. Rio Tinto Co.
500,797
Res. for reins. In
Adjustment of claims_ _ _
448,393
52,554
233.929
75.000
cos. not entered
for bus. in N.Y.
Profit & loss surplus- - $5,394,468 $5,390.027 85,787.507 15,994.109
State
202.310 Earns, per share on 150.Acc'ts payable(not
000 shs, of no par com.
722,072
due)
stock outstanding_ _ _
739,418
$6.08
$8.09
$5.21
$4.78
Divs.declared pay. 375,000
x Income from sales of manufactured products after deducting all expenses
250,000
Capital stock
15,000,000 10.000,000 Incident thereto, excluding ordinary repairs. replacements and depreciation.
Tot. (ea. side). _49,262.180 38,128,652 Surplus
11.402,852 7,842,892 y Includes amount estimated for the 6 months ended June 30.-V.
123.
The stockholders subscribed on Aug. 5 1927, $7,000,000 new capital at p.3177.
$150 per share and its effect is shown in the above statement.
-V. 125.
Philadlephia & Camden Ferry Co.
-5% Cash Dividend.
P. 925.
The directors have declared a dividend of $1.25 per share payable
Nedick's, Inc., ew York.
to holders of record Sept. 30. Three months ago a dividend of Oct. 10
-New Stores
-Earnings.$2 per
Upon completion dalterations, the corporation will open 8 new stores in share was declared, the stock at that time having a par value of $40. The
reduction to $25 par was made July 13. Compare V. 125, p. 400.
Greater New York.
The company, which operates a chain of orange juice stores, reports gross
Photomaton, Inc.
-To Make Additional Installations.
business for the first 10 months of the fiscal year, which ends Oct. 31. of
Contracts for 12 more installations of photomaton machines in
31,910,640. or approximately 8123,000 more than in the same period of last
departyear. Of these earnings. $126,616 has been already put back into the com- ment stores were signed last week, according to an announcement or Can.
pany's plant, while $5,000 has been charged off monthly for depreciation.
- Robert C. Davis, President.
It is announced that rights to subscribe to the $900,000 7% 8
V. 125, p. 1470.
debenture issue recently offered to stockholders of record Sept.-year a, f.
14 at
New Jersey Banker's Securities Co.
-Transfer Agent.
- in the ratio of one $100 debenture for each 200 shares of old class Apar
or
The Equitable Trust Co. of New York has been appointed transfer agent class B common stock of the par value of $1 per share, expired Sept. 28.
See also V. 125. p. 1592. 1471, 1335.
for the no par value common stock. See also V. 125, p. 1721.
Northern Pipe Line Co.
-Leases Line.
The company is reported to have leased a 75
-inch pipe line running
-mile 8
from Smetliport to Knox, Pa., to the Northern Penn Gas Co. The line is
to be used to transport natural gas to connecting lines with Corning, Elmira,
N. Y., and other cities in this vicnity.-V. 124, p. 3784.
Pittsburgh Screw & Bolt Co.
-Larger Dividend.
-
The directors have declared a dividend of 75c. per share on the outstanding 280,000 shares of common stock, no par value, payable Oct. 15
to holders of record Oct. 4. An initial quarterly dividend of 50c. per
share was paid on this issue on July 12 last. See V. 125, p. 108.
Punta Alegre Sugar Co.
-Notes Sold.
-Hayden,
Stone & Co., Harris, Forbes & Co., Brown Brothers &Co.,
and the First National Corp. of Boston have sold $4,000,-year 6% gold notes, at 99 and int., to yield about
000 3
Package Machinery Co.,Springfield, Mass.
-Outlook.
-- 63 %.
An official
says: "1927 will probably be one,
-Initial Preferred Dividend.
Pacific Investing Corp.
-
The directors have declared an initial quarterly dividend of 1 % on the
69' cum. 1st pref. stock, payable Oct. 1 to holders of record Sept. 15.
-V. 125, p. 107.
if not the
of the company
best year in the history of our company. Orders are piling up,and we have,
thus far, been very busy."
-V. 118. IL 803•
Paige Detroit Motor Car Co.
-To Incrase Common Stock
-Rights.The directors have approved a plan for a readjustment of the capital
structure that will involve the offering to stockholders of 300,000 shares of
additional common stock at $10 a share. It is proposed to increase the
authorized common stock from 1,500,000 to 2,000,000 shares no par value.
The stockholders will meet on Oct. 14 to approve the plan.
Dated Oct. 11927; due Oct. 11930. Int. payable A. & 0. 1 in Boston
or New York. Denom. 11,000 and $500 c*. Red, all or part by lot. on
30 days' notice at any time to and incl. Oct. 11928. at 102 and int., thereafter to and incl. Oct. 1 1929, at 101 and hit., thereafter at 100 and int.
First National Bank of Boston, trustee. Interest payable without deduction
of normal Federal income tax up to 2%. Penn. and Conn. 4 mills taxes,
Maryland 4).6 mills tax and Maas, taxes measured by income, not exceeding
6% Per annum, will be refunded.
Data from Letter of W. C. Douglas, President of the Company.
Company.-Incorp. in Delaware In 1915. Is engaged in the Province of
Camaguey, Cuba. In the growing of sugar cane and the manufacture of
OCT. 11927.1
THE CHRONICLE
1851
-Listing.
raw sugar. Company and its subsidiaries own approximately 105.000 acres
Reynolds Spring Co.
of land of which 38,500 acres are under cultivation, have leased land
The New York Stock Exchange has authorized the listing of 107,262
amounting to 92,000 acres, of which 57,000 are planted to cane, and control additional shares of its capital stock without par value, making the total
37,000 are amount applied for 495,220 shares.
by contract or location 113,000 more acres of land, of which
cultivated. This makes available for the company the cane produced from
Of the 107,262 shares, 61,902 are being offered to stockholders of record
132,500 acres under cultivation, with 83,500 additional acres that can be Oct. 3 in the ratio of one share for every seven shares held, at a price of
planted to cane.
$6.50 per share, payable on or before Oct. 24 at the American Trust Co.,
Company and its subsidiaries own 3 sugar mills which have an aggregate 135 Broadway, New York. The balance of 45.360 shares is for the purannual capacity of over 1,500.000 bags of raw sugar. The lands and mills chase by the company of 2,762 shares of the preferred stock of General
are served largely by company owned railroads and marine equipment, Leather Co., constituting the total amount of preferred stock of that
consisting of 240 miles of track, 27 locomotives, 1,336 cars, 2 tugs and company outstanding.
-V. 125, p. 1593. 1336.
7 lighters.
-October Coupons.
Company's properties, as a group, are among the lowest cost producers
Rocky Mountain Fuel Co.
-year
of sugar in Cuba.
The company recently submitted to holders of larger blocks of its 30
Proceeds will be used to pay off $2,000,000 6% gold notes maturing Nov. 1st & ref. mtge. 5% bonds dated April 1 1913 a proposal to issue upon sur1 1927, to reimburse the treasury for capital expenditures made in the last render of coupons due Oct. 1 warrants for the amount of the interest payatwo years, and for additional working capital.
ble Oct. 1 1928. The purpose is to conserve cash resources to be used in
These notes will be a direct obligation of the company and will rank installing new equipment and for corporate purposes during the season when
equally with the convertible debentures. The consolidated funded debt. working capital requirements are heaviest. Acceptance of the offer is not
including the Baragua bonds, will amount upon completion of this financing obligatory and the proposal has not been made to holders of smaller blocks.
to only $8.17 per bag of present total annual capacity including that of Se -annual interest due April 1 1928, according to an official, will be paid
Baragua and only $10.19 per bag of the 1926-1927 crop as curtailed by In full as usual. The amount of bonds outstanding is $3,150,400.
government restriction.
-In a
Indenture will contain provisions prohibiting the company from placing
-Rumors Denied.
Royal Baking Powder Co.
any mortgage upon its property unless these notes are ratably secured
Ziegler Jr.
thereby, but such prohibition shall not apply to the execution of purchase statement issued Sept. 26, President William
money or refunding mortgages, the purchase of property subject to mort- denies that any important corporate change is contemplated
gage or to pledging or otherwise encumbering the sugar crops and other
by the company. The statement said:
products.
The owners of the controlling interest in the stock of this company
Capitalization (Upon Completion of This Financing.)
otherwise disposed of their stock; no negotiahave
$4,000,000 tions not sold, exchanged orpending to that end, and they do not intend
6V gold notes (this issue)
have been or
4,414,800 to sell or otherwiseare now of their holdings in this company. Further,
7% convertible debentures, due 1937
dispose
3,378.000 no merger, consolidation with any other company, increase in its dividend
7 % 1st mtge. bonds of Baragua Sugar Co
457.230
Purchase money mortgages, &c
structure is contemplated. This statement
19.076,850 rates or change in its financialof the many rumors which have been cirCapital stock ($50) authorized $25,000.000, issued
has been authorized because
330,000 culated recently that the company is in process of being sold or was to be
Preferred stock of subsidiaries not owned
Earnings.
-Average earnings for the last 5 fiscal years (including estior combined with some other corporation.
mated earnings for year ending Sept. 30 1927) before depreciation are merged company has 10.000 shares of common stock outstanding in which
This
3.56 times the average of all interest charges. Including interest on floating the present voting power resides, and as the Ziegler family group owns
debt. For the year ending Sept. 30 1927, during which sugar conditions far more than is necessary for the control of the company, this statement
have been extremely unfavorable, such earnings are estimated to be 1.80
set at rest the reports in circulation. Because of the fact that
times all interest charges. After depreciation, earnings for the year ending should
the number of shares of this company available for public sale is negligible.
Sept. 30 1927, are estimated to be 1.32 times all interest charges, and for it has been possible for a comparatively small demand in the market So
(year ending Sept. 30 raise the price to a level which must be considered speculative.
the above 5 fiscal ja3ars the average of such earnings
-V. 123.
1927, estimated) is 2.62 times the average of all interest charges.
P. 3048, 336.
Estimated Consolidated Balance Sheet Sept. 30 1927.
-Preferred
Schine Chain Theatres, Inc. (New York).
[Giving effect to this financing and the application of the proceeds to the
-E. G. Childs & Co., Inc., Syracuse, N. Y.,
Stock Offered.
retirement of gold notes, due Nov.1 1927 and to reduction of bank loans.]
Liabilities
Assetsare offering 15,000 additional shares of participating and
2770,000
$721,641 Bank loans
Cash
214,477 convertible preference stock.
394,056 Notes payable
Accounts receivable
-M. Entitled to cumulative dividends at the
Dividends payable Q.
299,409
Accounts payable
Sugars sold pending liquidsrate of $3 per share per annum and additional cumulative dividends at
Bon
467,145 Loans of sub. cos. for cane
419,165 the rate of $1 per share per annum; if and when net earnings of the corplantings
428,731
Molasses p nding liquidation
225,142 poration for the then next preceding fiscal year shall have equalled or
Acrued interest & rent
Growing cane, advances to
127,130 exceeded, after the deduction of the normal dividends payable with reColonos, &c
6,796,787 Provision for taxes
spect to the said next preceding fiscal year, the amount of $800.000.
1,528,710 Pinch. lease Ceballos Sugar
Supplies
Convertible into class A common stock as constituted at the time of conPrepaid rent,insurance,taxes,
Co. payable in installments
interest, &c
899,500 version at the rate of 2 shares of preference stock for oxe share of class A
to 1940
256,639
common stock at any time up to and incl. Jan. 1 1931; at the rate of 2%
Total fixed assets
a23,456,841 Purchase money balances on
Porch, lease Ceballos Sugar
457,230 shares ofpreference stock for one share of class A common stock from Jan. 2
land, rolling stock, &c____
stock for
11,792,800 1931 to Jan. 1 1933 incl.; at the rate of 3 shares of preference 1935 incl.
Co
1,050,000 Funded debt
Stock in other companies_ _ _ _ 2,866,340 Preferred stock in subsidiary.
330,000 one share of class A common stock from Jan. 2 1933 to Jan. 1
convertible. Entitled on
19,076,850 After Jan. 1 1935 the preference stock is not
Mortgages receivable
97,300 Capital stock
to
4,749,682 voluntary liquidation. dissolution or winding up of the corporation
Deferred charges to future
Surplus
$42.50 per share and accumulated dividends, and on involuntary liquicrops •
97,425
dation, dissolution or winding up of the corporation to $30 per share and
Organ. expe. & bond disc_ 1,199,770
accumulated dividends, before any distribution to class A common stock
Total
$39,381.385 or class B stock. Red.. all or partt, on any dividend date at $42.50 Per
Total
$39,381,385
and dividends. Transfer agent, First Trust & Deposit Co., SyraNote.
-The repayment of $1,378,999 of notes given by planters to banks share N.Y.
cuse,
for advances has been guaranteed by the company or its subsidiaries.
Data from Letter of President J. Myer Schine, Aug. 17.
a Buildings, machinery. railroads, &c. $26,360,844; less: reserve for
depreciation, $5,380,846; estimated depreciation for 1926-27, $601.972;
-Formerly known as the Schine Theatrical Co.. Inc..
Corporation.
balance, $20,378,026; land, pastures, roads and ditches, $2,888,883; live Isthe largest chain of motion picture theatres in New York State. It sucstock, $189.932.-V. 125, p. 1203.
ceeded a co-partnership formed in 1917 by J. Myer Schine and Louis W.
Schine with a capital of $1.500 to acquire the Hippodrome Theatre in
Quaker Oats Co., Chicago.
-Acquires Assets of Muffets Gloversville, N. Y. Company at present owns, controls, operates or is
interested in, directly or through subsidiaries, 73 motion picture theatres
Corporation.
in 35 towns and cities.
The recent purchase by the company of the assets of the Muffetts Corp.,
The territory in which these theatres are located includes large industrial
Depew. N. Y.. will involve a cash outlay of some $2,000,000. depending cities and the rich dairy and farming districts of New York State. In
upon the results of the inventory now in progress, according to dispatches ten of the towns which Schine Chain Theatres, Inc., serves exclusively
from Chicago.
It has been indicated that a number of patrons equivalent to the entire
The Quaker Oats Co., it is said, is not buying Muffets Corp.. but only population of these towns attends the theatres evrey nine days.
the assets and brand, and will operate the plants acquired In the United
Attendance at all theatres for the 12 months ended May 31 1927 totaled
States and Canada under the name Quaker Oats Co. The Canadian plant 9,361,136 persons, although some of the theatres were not acquired until
is at St. Catharines, Ont. The transaction gives Quaker Oats an additional late in 1926 and their attendance is not fully reflected in these figures.
product in the nature of a breakfast food unlike any put out at present by
-The proceeds will be used for extending the activities of the
Purpose.
the company. Muffets. a comparatively new product, consists of whole corporation and for general corporate purposes.
wheat biscuits shredded, but different from shredded wheat.
-V. 124. p.
-Based on an audit of Forrest E. Ferguson Sc Co. and on the
Assets.
3802.
appraisals of the Manufacturers Appraisal Co. and of Ford. Bacon &
Davis, Inc., less depreciation since date of appraisal, plus cost of additions
Remington Rand Inc.
-Listing.
and improvements, the consolidated balance sheet of the corporation
The New York Stock Exchange has authorized the listing of 15.000 addi- and subsidiaries as of May 311927. after giving effect to the present financtional shares of common stock without par value, on official notice of issu- ing, shows net assets of $59.60 for each share of prefernece stock now outance as a stock dividend, making the total amount of common stock applied standing or presently to be issued. The many valuable leasehole interfor 1.567.403 shares of common stock.
ests and good-wilt of Schine Chain Theatres, Inc., are carried on the
balance sheet at $1.
Consolidated Income Account for Three Months Ending June 30 1927.
-The consolidated profit and loss statement of the corporation
Earnings.
Net sales, $13,673,071; cost of sales, $6,035,300; gross profit__ $7,637,770
and subsidiaries owned 100% for the 12 months ended May 81 1927.
Selling and administrative expenses
5,994,905 after depreciation of $62,864, shows net income available for dividends
of 5235.095. equivalent to 2.23 times the annual cumulative
Balance
$1,642,865 and surplus$3 per share on the 35.000 shares of preference stock now outdividend
Miscellaneous income
124.013 standing of to be issued. The consolidated profit and loss statement
or
shows net income available for divi5 months ended May 31
Net income
$1,766,878 for theand surplus of $123,595. 1927 is equivalent to $3.53 a share in
This
dends
Provision for depreciation. $422,758; interest charges, $291.225;
preference stock to be outstanding.
Provision for Federal income taxes, $168.757
882.740 5 months on the total amount of
On the basis of the earnings for the first 5 months of 1927, together
Proportion to minority interest
43.193
with the estimated increase from the new theatres to be acquired, net inyear should show the annual
the
Balance to surplus
$840.945 come of the corporation for sharecalendarover 3 times.
earned
cumulative dividend of 53 a
Cash dividends paid on: First preferred, $220,675; second
Preferred. $61.652; common. $518.468
Comparative Condensed Consolidated Profit and Loss Statement.
800,795
Calendar Years
5 Mos.End. May 31 12 Mos.End.
Balance June 30 1927, as per balance sheet
1925.
$40,150
May 31 '27. 1926.
1926.
1927.
Consolidated Balance Sheet June 30 1927.
Gross income
$884,451 $589,975 $1,786,075 $1.491,600 $1,290,283
[After giving effect at that date to the complete acquisition of Remington- Operating expense_ _ _ 715.471 523.189 1,451,116 1,258.835 1,142,425
44.025
55,993
62,864
19,514
26.385
Noiseless Typewriter Corp. by Rem ngton Typewriter Co. and the issu- Depreciation
12.979
24.148
x19,000
37.000
x6,200
ance of capital stock of Remington Rand Inc. in connection therewith.] Taxes
Assets
Liabilities
Net income avail.
Cash
$5,922,835 Notes; payable
$29,050 for diva. & surplus_ _5123,596 $41,072 5235,095 $152.624
590.853
U. S. Liberty bonds
51,158 Accounts payable
1,816,067
x Accrued.
Notes receivable
120,480 Accrued payrolls. commisConsolidated Balance Sheet May 31 1927.
Accounts receivable
13,617,862 sions and general expenses_
898,639
16,301,444 Accr. general taxes and int_
Inventories
[Adjusted to reflect the application of the proceeds from the sale of 15.000
558,545
Rental machines in service
Royalties payable
115,037 additional shares of preference stock.1
1,360,005 Dividends payable
and on hand
Liabilities.
83.836
Assets.
1,130,250 Reserve for Federal taxes_ _ 1,235,544 Cash
Investments
$1,806
8488,748 Accounts payable
549,406 Due to affiliated companies_
Cash on special deposit
236,196
45,627 Adv. to subsidiary corp's
:194,938 Notes payable
16,490,107 Sundry reserves
Properties
12,174
3,379,116 Inv. in stock of sub. corp's
x331.204 Res. for accr. int. & taxes_ 1,972,167 5js% debentures
Deferred charges
25.000,000 Land, bldgs. de equipment....,y2.527,097 Deferred contracts payable__ _ 146,718
16,594,726 Minority interests
Goodwill, patents,&c
1,214,083
2,197,752 Deferred charges
118,748 Mortgages on properties
7% first preferred stock
al.050,000
13,577.905 Accounts receivable
1,687 Preference stock
8% 2d preferred stock
3,082,790 Other assets
34,618 Class A & B corn. stk. A,surp.b1,036,065
Common stock
517,303,667 Leases and good-will
1
Initial surplus
4,746,694
Earned surplus
Total
40,149
$3,697,041
$3,897,041
Total
x Less than 100% owned. y After deducting $214,197 reserve for de$74,110,419
Total
Total
$74,110,419 preciation. a Authorized 100,000 shares (no par value): outstanding.
a Auth., 2,500,000 shares without par value; issued, 1,315,577 232-1000 35,000 shares. b Authorized 100.000 shares of class A common and 10,000
shares; less, in treasury, 216 shares.
shares of class B common (no par value); outstanding 40.000 shares of
Note.
-The above figures do not include cash which has been deposited class A and 10,000 shares of class B.
for payment in full of bonds of merged companies outstanding at June 30
-The board is composed of: Fred E. Billingham (Vice-Pres.),
Directors.
1927, in the amount of 54,794,300.-V. 125, p. 1592.
John A. May (Comptroller), Earle G. Childs, Charles B. Paine, E. H.
1852
THE CHRONICLE
Goldstein (Vice-Pres.), Louis W. Schine (Sec. & Treas.), J. Guy Selmser•
E. Pratt Keiner and J. Myer Schine (Pres.).-V. 125, p.
795.
Schulze Baking Co.
-Bonds Retired.
-
All of the outstanding 1st mtge. 6% gold bonds dated
Aug. 1 1914
called for redemption on Aug. 1 last at 102% and int. at the Continentwere
al &
Commercial Trust & Savings Bank,corporate trustee, Chicago,
125.
p. 401.
Shell Union Oil Corp.
-Obtains Big Contract.
-
The corporation has obtained
Matson Navigation Co. with fuel a contract to supply the boats of the
one of
valuable fuel oil contracts on the oil. This is considered numberthe most
Pacific Coast. For
of years
the Standard Oil Co. of California has had the business,a
it is stated. The
Matson company operates about a dozen modern
22.000 tons capacity to Pacific Coast points and passenger lines of about
to
the company has about six freighters ranging fromHawaii. In addition
2,000 to 6.000 tons
capacity. The Shell Union Oil Corp. is controlled by
the Royal DutchShell group through a 72% stock ownership.
-V. 125, p. 1064.
Shreveport-El Dorado Pipe Line Co.,
[VOL. 125.
and eliminating rep rted non-recurring net
,
expenses of $160,864), available
for reserves, Federal income tax and common
by Haskins & Sells, certified public accounts, stock dividends, as certified
-vex $2.39
per share on the common stock of the United were $718,629, or(
Public Service Co.
Stock Purchase Warrants.
-Each bond will
warrant entitlnig the holder thereof to purchase, carry a non-detachable
on or before April 1 1932
at $15 per share, common stock (without
Service Co., in the ratio of 10 shares of par value) of United Public
of bonds. Warrants attached to bonds common stock for each $1,000
called for redemption prior to
April 1 1932 may be exercised at any time
on or before, but not after,
the date fixed for redemption.
Purpose.
-111,250.000 of these bonds, together
with 25,000 shares of
common stock of the company have been issued
in exchange for the Properties now owned and subjected to the lien of
the mortgage. The proceeds
of the sale of the remaining $750,000 of
these
payment for the additional properties presently bonds will be used toward
to be acquired in Memphis
and subjected t, the lien of the mortgage.
Management.
-The company's
supervision of George E. Wells properties will be operated under the
of St.
operator of ice properties for more thanLouis, consulting engineer and
is owned by the United Public Service Co.,20 years. The common stock
which also controls the United
Public Utilities Co. and the Southern United
See also United Public Service Co. in V. Gas Co.
124. p. 3774.]
Inc.
-Earnings.
Period End. Aug. 31- 1927
-Month-1926.
1927-8 Mos.-1926
Gross earnings
$71,382
$127,347
$781,190 51,054.731
Oper.exp., maint.& rep.
36,540
45.230
292,775
284,650
Int. rent & Fed. taxes
3,77415,784
62,132
80,661
Standard Commercial Tobacco
Adj. of inventory
10.674
8,242
107,683
283,982
The Equitable Trust Co. of New York Co. Inc.-Tr. Agent.has
'
agent for the common B non-voting capital stock. been appointed transfer
Balance
-V.125, p.533.
$20,392
$58.089
$318,598
$405,436
Balance Sheet Aug. 31 1927.
Standard Oil Co. of Louisiana.
-New Officer.
Assets
A. Clark Bedford has been elected a ViceLiabilities
President.
-V. 124, p. 3645.
Pipe lines and propertlee
$2,048,494 Capital stock and surplus_ _ _x$2.352,242
Cash
Standard Oil Co. (New Jersey).
99,512 Mortgage bonds
-To Sell 84,876 Shares
'180.000
Bills and accounts receivable_ _ 466,797 Accounts payable
288,783 of Imperial Oil, Ltd., Stock to the Sun Life Assurance
Inventories
Co.
288,386 Reserve for Interest and taxes_
92,663
The company announced on Sept. 28 that It had
Prepaid items
10.500
arranged to sell 84,876
shares of capital stock of the Imperial 011, Ltd.,
to the Sun Life Assurance
Co. The price was reported to be $55 a share.
Total
$2,913,690
Total
$2.913,690
In confirming reports of the transaction the
x Capital stock consists of$2,500,000 common
(par $25)
.-V.125, p.1336. Jersey). said: "About 10 days ago the company Standard 011 Co. (New
sell
of 80.000
-odd shares of Imperial Oil, Ltd. This arranged to was a block
Singer (Sewing Machine)Mfg. Co.-Bal. Sheet Dec.
transaction
31. into in pursuance of the company's policy to have strong Canadian entered
institu1926.
1925.
tions interested in the Imperial's business."
1927.
1926.
Assets
The Standard 011 Co. (New Jersey) prior to this transactio
Liabilities$
$
Cash
n owned
10,403,432 6,221,907 Capital stock_ __ 90,000,000
4,784,876 shares of the 6,511.527 shares of Imperial outstanding.
Investments__
-V. 125.
53,605,860 77,750,743 Accts. payable_ 8,012,450 90,000,000 p. 1594.
8,606,126
Bills & accts. nee.
Insurance res... 8,853,181 8,516,268
& stke. & bde.
Standard Textile Products Co.
Replacement res
-Reports Successful
3,000,000
of subside__ _ _ 80,262,019 79,226,057 Special
reserve_
27,653,904 Eight Months' Business
Inventories_ _
-Stockholders' Equity Increases $509,25,535,197 25,622,516 Surplus
75,685,321 63,905,680
Real estate
12,744,444 12,860,665
087 During Period.
With a satisfactory volume of sales and a generally favorable
Total
182,550,952 201,681,978
condition
Total
182,550,952 201,681,978 existing in the industry, company is experiencing one
of the
-V.125. p. 1723.
couraging years in its history, according to Pres. J. 'I'. Broadbent most en. August
1927 proved to be the best August since the boom years
Skelly Oil Co.
of the war and
-August Shipments.
September promises to be equally prosperous.
During August the company shipped 2,898 cars
As a result, the company for the first eight months of
of manufactured products
from its El Dorado refinery and natural
the year reports
gasoline plants, as compared with an increase in its cash account of $399,018, while writing off inventories
2.305 cars during the same month last year,
a gain of 593 carloads.
- $764,784. Notes payable decreased $350,000, while trade acceptances
V. 125, p. 928.
and accounts payal3le decreased $277,424. During
the eight months the
stockholders' equity increased $509,087, after
South Penn Collieries Co.
interest charges of $310,946,
-Receivership.
and depreciation charges of $339.442.-V. 125,
p. 1205, 258.
In United States District Court. Philadelphia,
Sept. 29, Robert H.
Buchanan was appointed receiver for the company.
Stanley-Crandall Co. of Washington.
Appointment was
-Notes Called.
made at request of creditors who asked for such in
All of the outstanding real estate trust deed
order to conserve assets
6% gold notes, maturing
of corporation following failure of company to
meet interest payment due in April 15 1928. and April 15 1929, have been called for payment Oct. 15. at
July on second mortgage bond issue of $2,000,000.
the Briggs National Bank, 1503 Pennsylvania Ave. N.
Washington,
Company's liabilities are given as 54,031,500
D. C.. said notes to be redeemed as follows: April
. 15 1928, maturity at
$2,000,000 second mortgage bonds and $1.700.000 first mortgage bonds, low and int., and April
15 1929, maturity at 100% and int.-V. 123,
ness. Assets of company are placed at 515,000.0 miscellaneous indebted- p. 1887.
00 book value, but are said
to have a considerably higher resale value.
They consist of mining property, leases. &c., in Schuylkill, Northumberland
Stanley-Mark Strand Corporation.
and Lackawanna counties.
-Obitua
Walter Hays, a Vice-President, died on Sept. 27 in New ry.
Southern United Ice Co.
York City.
-Definitive Bonds Ready.
V. 123, p. 725.
Definitive 1st mtge. 6% sinking fund gold
bonds, series A, due April 1
1947, are now ready to be delivered in exchange
Steel & Tubes Inc.
-New Name.for outstanding interim
certificates at the Central Trust Co.of Illinois, 125W.
See Elyria Iron & Steel Co. above.
Monroe St., Chicago,
• Ill., or at the Chase National Bank in the City of New York.
Sutphin Boulevard Building.
$2,000,000 of these bonds (with stock purchas
-Bonds Called.
The Standard National
attached) were offered in July last at 97 and i e warrants 1st mtge. 6% bonds, dueCorp has announced that all of the outstanding
nt. yielding next at its offices, at 102%serially to 1929, will be redeemed on Nov. 18
6.20%, by Thompson, Ross & Co., Hambleton &
and int.
Co., and
Yeager, Young & Pierson, Inc. Description of '
Telautograph Corp.
-Declares Regular Dividend-To Inthis issue
follows:
crease Rate and Place Common Stock on a Quarterly Basis.
Dated April
1 1927; due April 11947. Denom.
At a meeting held Sept. 29 the directors declared the regular semi-annu
Red., all or part, on any int. date on 30 days' $1,000,$500 and $100 c*.
al
notice
before April 1 1932, this premium of 5% decreasin at 105 and int. on or dividend of 30c, a share on the common stock, payable Nov. 1 to holders
g
of 1% of the prin- of record Oct. 15. Like amounts have been paid since May 1 1926.
cipal on each Oct. 1 thereafter. Principal and
int. (A. & 0.) payable in
The directors announced that hereafter it would be their policy to
Chicago at the Central Trust Co. of
declare
the holders of the bonds in New YorkIllinois, trustee, or at the option of dividends on the common stock quarterly at the rate of 20e. a share beat the
City of New York. Int. payable without Chase National Bank of the ginning in February 1928.-V. 125, p. 1724.
deduction for normal Federal
income tax not to exceed 2% per annum. Company
Tecumseh Cotton Mills Corp.
has agreed to refund
-Final L4uidating Divito holders Conn., Pa. and Calif. personal
mills per annum each, Md. securities tax property taxes not exceed 4 dend of 5%%.
-The directors have declared a final dividend
not exceeding 4%, mills per
annum, D. of C., Mich. and Ky. personal
of 5%% in liquidation of quick assets withheld for the stockproperty taxes not exceeding
5 mills per annum each, and Mass, income tax
not exceeding 6% per holders when the plant was sold to the Davol
annum on the interest.
Mills in 1924
Listing -These bonds are listed on the Chicago
(V. 118, p. 562). It is payable Oct. 10 to holders of record
Stock Exchange.
Capitalization (Outstanding Upon Completion of
Sept. 23. This brings the total liquidation dividend up
Present Financing).
1st mtge.6% sinking fund gold bonds,series A (this
to 1393%.
offering)$2,000,000
Common stock (without par value)
36,250 she.
The stockholders have already received 1 1-3 shares of Davol stock for
Data from Letter of President Ernst Jacobson
each share of Tecumseh stock held by them when the sale was consum, July 19.
Company.
mated. During the period of
-A New Jersey corporation. Owns ice manufactu
ring plants Tecumseh plant by the Davol liquidation since the taking over of the
and storage facilities in Memphis, Tenn.; Houston, Tex.:
Mills the stockholders of the former have
Shelbyville, Ill.; received dividends of 75%
Jackson, Miss., and in a group of seven cities on the
in 1924; 41% in 1925; 18% in 1926, and are now
Illinois
System in Mississippi. The aggregate population of these Central RR. to receive their final of 5%%.-V. 122, p. 3466.
communities
is over 525,000. Concurrently with this financing
the company will
Tulip Cup Corp.
acquire additional Ice manufacturing properties in
-No Action on Dividends.
Memphis and will be the
predominating factor in the ice business in
At
city, manufacturing and eitherthe regular monthly meeting the directors failed to take any action
distributing substantially more than half of thatice
on the common or preferred quarterly dividends which ordinarily
the
used in Memphis.
The properties now owned and presently to be
would become payable Oct. 1. The common stock had received quarterly
acquired
17 ice manufacturing plants (complete with season storageby the comprise dividends of 204. per share and the preferred stock, 1X %.-V.
124, p. 2445.
houses) and 17
storage and distributing sub-stations, having a daily
of 1,434 tons and total ice storage capacity of 34,925 ice-making capacity
Union Coal & Coke Co.
-Tenders.
tons. Approximately
67% of the 1926 net earnings shown below was derived
The
from properties bids forUnion Trust Co. of Pittsburgh, trustee, until Sept. 28 received
located in Memphis.
the sale to it of 1st mtge. 30
-year 5% s. f. gold bonds, dated Nov. 1
Security.
-These bonds will be secured by a direct first
1916, to an amount sufficient to absorb $50,787. at prices not exceeding
mortgage on all 105 and int.-V.
the fixed property and equipment now owned and presently
124. p. 1838.
to be acquired
by the company. The net depreciated value of the
properties which will
Union Stock Yards Co. of Omaha, Ltd.
be subject to the lien of the mortgage upon completio
-Stock Div.
without including any allowances in this valuation forn of this financing,
Authority was given the company by the Nebraska Railway Commission
working capital
going-concern values,as shown by recent appraisals by Day & Zimmerm or on Sept. 26 to issue 37,500 shares of capital stock, par $100 each, pro rata
ann,
Inc., engineers, is equivalent to approximately $2,200 for
the present stockholders. This represents accumulation of assets
each $1,000 among the last 24 years.
bond presently to be outstanding.
during
-V. 125, p. 1065.
Sinking Fund.
-The mortgage provides for an annual sinking
fund
United Amusement Corp., Ltd.
(payable in cash or in bonds at the current redemption price)
-Bonds Offered.
calculated
to be sufficient to retire 40% of the series A bonds prior
Royal Securities Corp., Ltd., recently offered at 983' and
cash payments to the sinking fund to be applied in the to maturity;
redemtpion of int. to yield about 6.15%,$1,500,
bonds. The bonds so retired will be cancelled.
000 6% 1st mtge. 15-year
Earnings.
-Earnings of the properties now owned and presently to
sinking fund gold bonds, series A.
'
acquired by the company,for the year ended Dec.31 1926 (after eliminatibe
Dated Sept. 1 1927; due Sept. 1 1942. Principal and int. (M• &
ng
reported non-recurring net expenses aggregating $40,580) as certified
by payable in Canadian gold coin or its equivalent, at Royal Bank of Canada.
Haskins & Sells, certified public accountants, were as follows:
Montreal, Toronto, Winnipeg, Vancouver, Halifax and St. John. Denom.
Gross earnings
$1,942,041 $1,000. $500 and $100 c*. Red all or part on any int. date on 30 days'
Operating expenses,including maintenance and taxes (other than
notice, at 105 up to and incl. Sept. 11032; thereafter at 103 up to and incl.
income), but before depreciation
Federal
1,385,414 Sept. 11937; thereafter at 102 up to and incl. Sept. 1 1940, and thereafter
at 100 until maturity; in each case with accrued int. to date of redemption.
Net earnings
$556,627 Trustee, Montreal Trust Co.
Ann. int. requirement on bonds presently
to be outstanding
Authorized.
Issued.
120,000, CapitalizationUpon completion of this
First mortgage bonds, due 1942
$3.500,000 $1.500,000
through its subsidiaries, willfinancing, the United Public Service Co., 1 Common shares (no par value)
100,000 shs. 60,036 shs.
have acquired properties whose consolidated
net earnings for the calendar
Stock Purchase Warrants.
-Each $1,000 series A bonds will bear a
year 1926 (including
net earnings for certain properties for portions of the year $40,817 estimated warrant entitling the holder to purchase 4 shares of no par value common
prior to acquisition
stock, ranking pall passu with its presently outstanding common shares,
X
1853
THE CHRONICLE
OCT.1 19271
series A
at a price of $25 per share, up to and incl. Sept. 1 1933. Should
shall
bonds be called for redemption prior to that date, the holders thereof
purchase
have 30 days prior to such redemption in which to exercise this
right.
Company.
Data from Letter of Ernest A. Cousins, President of the
Company.-Incorp. under the laws of the Province of Quebec in 1924, to
of Independent Amusement, Ltd.,
acquire the assets and undertakings
and United Amusements, Ltd., which for several years had operated
successfully a number of motion picture theatres in the City of Montreal.
Corporation is one of the principal exhibitors of motion pictures in
an aggregate
Canasta, at present operating 12 Montreal theatres, with in the equity
seating capacity of 14,400 people. A substantial interest
represented by the common shares of the corporation is owned by Famous
Players Canadian Corp., Ltd.
-Series A bonds are being issued to provide funds for the retirePurpose.
ment at or before maturity in 1932 of purchase money mortgages,amounting
properties:
to $213,250, outstanding against certain of the corporation's cumulative
to redeem all of the corporation's presently outstanding 8%
preferred stock, and for the construction or acquisition of additional
theatres.
-Freehold land, buildings and equipment
Value of Assets.
owned by the corporation have been appraised by Ewing &
Ewing, real estate brokers, Montreal, as regards land, and by
Daniel J. Crighton,architect. Montreal,as regards buildings and
$1.783,809
equipment, at a total valuation of
Leasehold properties and franchise rights are conservatively
515,737
valued by officials of the corporation at
Cash to be deposited with trustee pending investment in
325,705
additional theatre properties
Steubenville, Ohio, on
County Court House of Jefferson County, Ohio, at the State of Indiana,
in
Oct. 5. The properties of the company, located the main corridor of the
likewise be offered for sale at public sale in
will
Ind., on Oct. 6.
County Court House of Clay County, Ind., at Brazil,
or total aggreThe minimum or upset bid for the whole of the properties the same may
parcels thereof, for less than which
gate of bids for all the
3600,000.-V. 125,p. 1066.
not be sold, has been reduced from $750,000 to
32.625.251
Total
Earnings -Based on annual earnings for the 2 years ended Aug. 31
expenses and local taxes but before
1925 and 1926, after deducting operating
depreciation, &c., average earnings available for bond interest were at the
annual rate of $243.953-equivalent to 2.71 times the annual interest of
$90,000 on bonds of this issue now to be outstanding. For the 10 months
ended June 30 1927. net earnings on the same basis were at the rate of
$313.814 per annum,or $3.48 times the interest requirement of these bonds.
It is anticipated that earnings for the year ending Aug. 31 1928, will be
Increased through operation of the Riven Theatre (which was opened
Dec. 18 1926) and of the Rosemont Theatre, which was opened April 9
1927.
-Trust deed will provide for an annual cumulative sinking
Sinking Fund.
fund which, it is estimated, will be sufficient to retire at par, by maturity.
an amount equivalent to 60% of series A bonds now being issued.
-Listing.
United Cigar Stores Co. of America.
The New York Stock Exchange has authorized the listing of $611,560
additional common stock (roar $10 each), on official notice of issuance, as
a stock dividend; also of $450,500 additional stock. on official notice of
issuance, in exchange for capital stock of Philip Morris & Co., Ltd., making
the total amount applied for to date, 349,991.940.
On Aug.27,the directors declared upon the common stock a cash dividend
of 2% and a dividend of lh% payable in common stock at par. each
payable Sept. 30 1927, to holders of record Sept. 9 1927. $611,560 of
common stock, for the listing of which application is now made, will be
issued for the purpose of said stock dividend.
Pursuant to an agreement made between United Cigar Stores Co. of
America and H. W. Blumenthal, dated Sept. 15 1927, on Sept. 16 1927 the
directors authorized the issue of 45,050 additional shares of common stock,
In exchange for 53,000 shares of capital stock (par $10 each) of Philip
,
Morris & Co. Ltd. Inc., to be acquired as an investment. $450,500
of common stock of 'this company, for the listing of which application is
now made, will be issued in exchange for the 53,000 shares of the capital
stock of Philip Morris & Co., Ltd.. Inc.
Conaolidatea Income Statement 6 Months Ended June 30.
1927.
1926.
44,381,064 634,540,545
Net profit
172,686
174,419
Interest on debenture gold bonds
450,000
480,000
Reserve for Federal taxes
Balance
Previous surplus
Surplus adjustment on issue of Common stock
Premium on 6 preferred stock
Premium on 7% preferred stock retired
Dividends on % preferred stock
Divs, on com. stk. (cash. 4%;stock, 2%)
Heilbroner.-Earnings.-
Weber &
1924.
1925.
1926.
1927.
6 MonthsEnded Aug.31$287,998 $236,993
Net profit before Fed. taxes.. 4236.000 $215.994 Bros., a subsidiary.
-The above Mum include those of Brokaw
Note.
subsidiaries which
x This figure is exclusive of the operations of the
which arrangements
recently have been acquired and in connection with
system with those
are now being perfected to co-ordinate their accountihg
-V. 125. p. 1066.
of the company.
•
33.726,645 $3,917,859
13,117,615 17,569,457
Cr.847.050
Cr.863,840
Dr1,481,930
115,910
150,817
2,942,141
3,121,579
-Earnings.
West American Finance Co.
Results for Six Months Ended June 30 1927.
$209,031; balance$357,996
Operating income,$567,027: operating expenses,
charges (prov. for
Int. paid on coll. tr. notes, $188,072: income
210,795
Federal tax on 1927 income), 322,723
$147,200
Net income
242,912
Surplus Jan. 1 1927
6,289
Profit and loss, credits
$3396,401
Gross surplus
146.489
Dividends paid
$249,912
Surplus June 30 1927
Condensed Balance Sheet.
June 30'27. Dec.31'26
June30'27. Dec.31'26.
5
Liabilities5
5
Assets1,066,475 8% pref. stock.... 2,000,000 2,000,000
745,966
Cash
Common A stock_ 1,625,000 1,616,310
Notes contr. and
5,000
5,000
accts. receivable 899,426 9,099,375 Common B stock_ 1,834,000
47,938 Coll. 6% notes__
25,056
Prepaid interest
3,736,500 4,535,500
Coll. notes dIseted
Assets in hands of
2,250.000
Coupon notes_
7,189.593
trustee
127,288
Accounts payable_ 183,088
Accts. in process of
12,969
32,010
46,233 Accr,int. payable_
67,600
liquidation
288.123
228,198
20,278 Reserves
18,376
Repossessed autos_
242,912
249.912
48,079 Surplus
53.178
Furn.,fixt.&equip.
Disc, on cap. stk.
749,723
& def. charges__ 894,512
9,893,708 11.078.101
Total
9,893,708 11,078,101
Total
-V. 124, p. 2926.
-Resignation.
Western Electric Co.
Charles G. Du Bois has resigned as Chairman of the
-V. 125, p. 534.
tor.
Board and ass direc-
-Lamp Prices, &c.-Westinghouse Electric & Mfg. Co.
subsidiary, announces a
Effective Oct. 1, the Westinghouse Lamp Co.• a
lamps for automobile lightreduction in list prices of those types of Mazda' aggregate saving to the
demand. The
ing which constitute 90% of the
vehicles amounts to several hunmotoring public and owners of commercial
dred thousand dollars a year.
announced the establishThe Westinghouse Electric International Co. Electric a Westinghouse de
ment of a new branch to be known as Compania McCloskey has been apBolivia. E. L.
Chile, with activities in Chile and
at Santiago, Chile.
pointed manager of the new branch with headquarters
-V. 125, p. 1725.
l. Sheet.
White Sewing Machine Corp.(& Subs.).-Ba Dec.31'26
30'27
June
Liabilities
stock _ _ 5,000,000 5,000.000
Preferred
750.000
750,000
x Common stock
3,665,000 3,895.500
Funded debt
184.178
325,735
Res. for contin.,&c
60.358
77,596
Insurance reserve_
4,950
31.930
reserves_ _
Other
256,658
Accounts payable. 197,105
350,000
Notes payable_
304,717
Accr.int., taxes,Ste 310,196
Dep. on unfilled
33,090
13,391
orders
235,328
Commiss. payable 402,803
13.133.935 P.& L. surplus.. 3,033,870 2,409,146
Tot.(each side)_14,157,626
-V. 125, 13• 930.
x Represented by 200,000 shares of no par value.
June 3027 Dec 31 '26
AssetsProp. account,&c_ 3,263,098 3,302,170
1
1
Pat'ts &
18,912
27,186
Investments
418
181
Redem. deposit...
50,780
125,664
Cash
203,869
Marketable secsrec_ 997,223 1,183,226
Notes & accts.
Installm't accts. 6,932,545 5,670,442
2,623,251 2,534,040
Inventories
170,097
188,477
Deferred charges
$14,598,353 517631.736
Surplus
a Includes enhancement of leasehold values-$1,131,592. b Includes
enhancement of leasehold values--$1,200,607.
The earnings per share on the Common stock of the company, for the
6 months ended June 30 1926, after deducting preferred dividends and Fed-.
oraltaxes, amounted to $1.92, on the 1,858,803 shares outstanding, against
-To Make Its Own Bodies. and branch
Willys-Overland Co.
$2.03 per share on the 1,957,195 shares outstanding June 30 1927.
distributors
At the conclusion of a meeting of Willys-Overland
President John
•
held Sept. 27,
Consolidated Balance Sheet June 30.
managers from all parts of the United States, completed plant to take over
1926.
1927.
1927.
1926.
N. Wiliys announced that the company had
manufactured by it.
Liabilities
Assets$
$
In its own plants the building of all bodies for cars be 100% in operation
Preferred stock_ _16,309.200 3,650,488 This program is already partially in operation and will
Real estate, bides.,
to
Common stock_ _ _48,929.878 46,470,074 by Dec.1. It is estimated by Mr. Willy,, that the savings which accrue
and leaseholds_ _21,788,229 15,538,884
Debenture bonds. 5.730,000 5,790,000 profits will amount to several million dollars per year and that the company
Impts.to leasehlds
4,231,257 4,075,087 Accounts payable_ 5,237,494 6,788,109 will employ an additional 3,000 to 5,000 men when the program is completed.
and stores
533,557 -V. 125, p. 1596.
677,825
Purn., fixt. & eq._ 5,150,454 4,720,632 Accrued taxes_ _
480,000
Res. for Fed. taxes 450,000
Trade marks, good
21,300
Windsor Beach Apartments, (7321 South Shore
21,400,000 21,400,000 Bills Payable
will, &c
13,742,555 6,904,986 Installments rec.
Cash
-Bonds Offered.--GreeneDrive Bldg. Corp.) Chicago.
on empl. stock... 691,214
590,224
135,522
Notes receivable
Securities Corp. is offering $1,050,000 1st mtge.
baum Sons
Accts. receivable.- 2.565,142 3,373,135 Leasehold bonuses
payable
430.350
11,909,547 12,145,721
Merchandise
63.4% gold bonds, at from 101 down to 100 for varying
254,198 Rents received in
228,387
Supplies
813,517 maturities.
870,017
advances
Misc, marketable
23.5 to 12 years
Dated Sept. 1 1927 and mature semi-annually from Club, one of the
6.903,698 4,983,169 Prov. Burp., unred.
securities
certificates, &c_ 3,450,944 4,048,160 The property is two blocks from the South Shore County
.
Mortgages rec. _ - 6,035,181 4,270.169
kind in the Chicago district, and
largest, oldest and most exclusive of its
5,130,373 3,761,452 Res. for deprec, on
Investments
yacht harbor.
I
turn, and fixt.„ 1,265.676 1,223.159 is within convenient distance of the Jackson Park golf links,
Prepaid his., int..
apartment
17,631,736 14,598,353 bathing beach and other outdoor recreational facilities. The
724.192 Surplus
759,310
&c
attractive developments
upon completion will comprise one of the most
Rent paid in adv.. 1,694,679 1,674,868
basement, of
in the district. There will be 13 stories and
of recent years
Total
101,674,334 84,416,718 reinforced concrete and fireproof construction.
101,674,334 84,416,718
Total
building now
--V. 125, p. 1205.
Proceeds of this bond issue will be applied to complete the
has been
in process of construction. Gross annual rental from the propertytaxes and
expenses,
.United States Freight Co.-Rights
estimated at $257,040, and net income after operating
Tho stockholders of record Oct. 15 will be given the right to subscribe allowance for vacancies,3166,688. Completion of the building is guaranteed
on or before Nov. 15 for 20,000 additional shares of capital stock (no to the bond-holders by Greenebaum Sons Securities Corp.
par value) at $43 per share, on the basis of one new share for each 10
-Bonds Offered.
-V. 125, p. 1724, 1337.
shares owned.
Windsor Court Apartments, Ltd.
-Earnings.
U. S. Smelting, Refining & Mining Co.
1924.
1926.
1925.
8 Mos.End. Aug.31- 1927.
$3,605,000 $4,068,834 $4,280,150 $3,252,883
Profit after interest
1,431.773
1.587.968
1,853,395
Depr., depl'n & amort'n 1,497,426
W.A. Mackenzie & Co., Ltd., Toronto, are offering at 97.60
-year
and int., to yield 6X%, $400,000 6% 1st mtge. 15
sinking fund gold bonds.
in gold at the
payable
Dated June 1 1927; due June 1 1942. Principal
Ont. Interest
principal office of the Bank of Nova Scotia in Toronto, Scotia in the
payable J. & D. in gold at any branch of the Bank of Nova
$1,000. $500 and
Dominion of Canada at the holder's option. Denom.
Toronto. Ont. Legal
3972,757 $1,346,049 $1,291,938
$686,294 $100 c.. Trustee, Chartered Trust & Executor Co., Red. on any int, date
Surplus
investment for Canadian life insurance companies. June 1 1932; thereafter
Earns.ier sh. on 351,117
notice at 105 up to and incl.
$2.77
$3.83
$3.65
$1.95 all or part on 30 days'
shs. par $50) corn. stk
case with
at 104 up to and incl. June 11937. and thereafter at 103 in each
-V. 125, p. 111.
accrued interest.
-Extra Dividend.Co. Lockport, N. Y.
that company will create a semiUpsan
-Trust deed provides
Sinking Fund.
the bonds,
The directors have declared extra dividends of 10 cents a share on both annual sinking fund to be applied in the purchase or redemption of to a half
-yearly, plus an amount equal
the class A and D stock in addition to the regular quarterly dividend of amounting to the sum of $6,000 half
of stock, all payable Oct. 15 to holders of record year's interest at the rate of 6% per annum on all bonds previously acquire
40 cents on both classes
fund pur-V. 122, p. 3225.
Oct. 1, Like amounts were paid on July 15 last.
or redeemed or which should be acquired or redeemed for sinkingChartered
ee. The first of sinking fund payments will be made to the
-Acquires Plant.
Washburn-Crosby Co.
Irust St Executor Co. on June 1 1930.
Hanna
The company has just completed the purchase of the plant and business
Security.-Property situated at the corner of Ouellette Ave. and St. of
of the Pasco Flour Mills Co. at Pasco, Wash.,from the owners, M.W.Hunt Ave., Windsor, havffig a frontage on Ouellette Ave. and Dufferin
and E. Franz, of that city. The Pasco mill has a capacity of 1,000 bbis. about 178 ft. and a frontage on Hanna Ave. of 207 ft. There is in course of
-V. 125.p. 1319.
of flour a day.
-story basement and sub-basement apartment
erection on the lands a 3
house. This apartment house contains 118 suites and a garage accommo-Sale.
Wayne Coal Co.
the
dating 40 cars. The bond issue is secured by a first closed mortgage on
Walter A. Jones, Special Master, will offer the properties of the company,
and all other immovable assets of the company
located in the State of Ohio,for sale at public sale in the main corridor of the above property, building
Net profit
Preferred dividends__
$2,107,574 $2.480,866 $2,426,755 31,821.110
1,134,817
1,134,817
1.134,816
1,134,817
1854
THE CHRONICLE
r VOL. 125.
now or hereafter owned, and by a first floating charge on all other assets
Business and Civic Administration of the College and former director of
and the undertaking of the company.
The land on which this building is located has been valued at $100,000. the Institute of International Finance of the Investment Bankers AssociaThe finished building has been appraised at $610,000, making a total valua- tion of America, and Dr. Max Winkler, Vice
-President of Bertion, Griscom
tion of $710,000.
& Co. The lectures are designed to present the principles of foreign investEarnings.—An estimate of the revenue of the property follows: Gross
ment, with special stress upon current events relating to international
income, allowing vacancies of 107, $99.096; operating expenses,
$24,750;
net income, $74.346, or more than 3 times the amount necessary
to pay first investment problems and the analysis of the credit position of foreign
mortgage bond interest.
countries. The course will be given at the Commerce Centre of the College
Grande Central Palace Building, every Tuesday, 6.15 to 7.10 p.m., comWyandot Copper Co.—Dissolution Approved.—
mencing Oct. 4 1927 and extending to Jan. 24 1928.
The stockholders on Sept. 26 voted to
company. An
will be made to dispose of the property. dissolve the has been closed effort
The mine
—A training course for investment trust executives and employees will
since
1918.—V. 125, P. 1338.
be given at the Wall Street Division of New York University this year.
Yates
-American Machine Co., Beloit, Wis.—Report.
under the direction of Leland Rex Robinson, Vice-President of the InterPres. W.H.Payne says in substance:"Comparison of the present balance national
Securities Corporation of America. "The recent rapid growth of
sheet with that of June 30 1926 discloses that the year has been marked
by
substantial liquidation of indebtedness. Note and bond indebtednesswas the investment trust idea necessitates scientific and adequate training of
paid to a total of 5995.500, while the ratio of current assets to current lia- executives if the best interests of the investing public are to
be served and
bilities increased to 3.3 to 1. Cash, notes and accounts receivable
total mistakes are to be avoided," Dean A. V. Taylor said in announcing the
$2,688,000, or $941,000 in excess of total current liabilities. Inventories
have been reduced $979,000 during the year. Among the factors con- course. "We have secured the co-operation of Dr. Hobonson in an effort
tributing to this decrease in inventory investment has been a careful limita- to supply this service in the Wall Street section." The course will be given
tion of manufacturing production. Although this has increased manufac- Thursdays at 5.15 p.m.
turing costs per unit, because of the necessity of applying fixed overhead
—The investment side of the banking business will be stressed this year
expenses to a smaller number of units, it is believed that the desirability of
by New York Chapter, Inc., American Institute of Banking in its courses
a sound inventory position is obvious.
Following the management policy of co-ordinating and standardizing economics, business and banking, registration for which commenced Sept.
production at the larger plants, the two plants at Williamsport. Pa., were 26 and continued until Friday Sept. 30
at the new headquarters of the
closed during the year. One of the Williamsport plants, and the plant at
Aurora, Ill., which had been previously closed, were sold. The costs of Institute located on the third floor of the Graybar Building on 42d St.
unifying the plants and products have been substantial, but it is expected Three thousand students employed in the financial district and various
that these charges will make possible the reduction of operating costs and banks, trust companies and investment houses scattered throughout the
thus enable the company to more economically meet the
trade for the highest quality in woodworking machinery. demands of the city, were expected to enroll this week for the winter session. Classes will
commence on Monday, Oct. 3 and will be under the direct supervision of
"Dividends have been paid on the participating preference
stock to
March 31 1927. Present operating results do not warrant the payment of Columbia University professors and practical business men.
dividends, it being the opinion of your directors that the company
should
—P.H. Whiting & Co., Inc., 1 Wall St., N. Y., announce the opening of
be maintained in a strong financial condition.
a customer ownership department to conduct campaigns to sell securities
Consolidated Income Account Year Ended June 30 1927.
to customers and employees of industrial and public utility companies, and
Net sales
$7:0
46,192 have published a 28
-page booklet entitled "What Will Customer Ownership
Cost of sales, selling and administrative expenses, before deduction of depreciation of plant and equipment
6,926 835 Do for You?" According to P. H. Whiting, the executive staff of his
organizaton has conducted over 150 customer-ownership campaigns in
Operating profit, before deduc. of deprec. of plant and equip__
$119,356 which $50,000.000 par value of securities were sold.
Profit on sale of plants
$188,354
Interest received and sundry revenues. including income adjust—A new study of the calculation and elimination of seasonal variations
ments applicable to prior periods (net)
178 446 in industry (Berechund und Ausschaltung von Saisonschwankungen) has
been issued by the Frankftirter Gesellschaft fur Konjunkturforschunr,-7.Total income
- — .
$486,157
Depreciation of plant and equipment
$214,856 Publishers, G. Braun, Karlsruhe, Germany. The_author,_Dr. Eugen
Interest charges
253,344 Altshill has attempted oepict graphiElly an'irwi.;holit-the aid of too
Extraordinary exp. in connection with consol. of plants & product
360,597 many mathematical formulae the variations in electrical consumption of
Net deficit
a power station in Frankfurt a/M.
$342.641
Dividends paid on participating preferred stock ($1•95)
—Announcement is made of the formation of a now brokerage firm under
263 250
the name of James A. Lynch & Co., composed of James A. Lynch, for 19
Total deficit
5605,891 years with Battelle. Ludwig & Co.: Walter C.Simmons.formerly with Tobey
Consolidated Balance Sheet June 30 1927.
& Kirk, and Irving L. Feltman, who has been associated with Battelle.
Assets—
Liabilities—
Property, plant and equipment
P. B. Yates Machine 1st 610_81,811,000 Ludwig & Co., and E. A. Pierce & Co. They will transact a genera
(less depreciation)
(43,197.716 Purchase money 1st 6)45
756,500 brokerage business in stocks and bonds, maintaining offices at 40 Exchange
Cash in banks and on
_ 436,885 Capital stock and surplus_ _145.008,412 Place, N. Y.
Customers' notes and accounts
hand_Notes payable (bank loans)
1,100,000
—Robert R. Appleby, President of Kerrsley. Millbotum & Co.. Ltd., one
receivable (less reserve)____ 2,210,929 Accounts payable, accrued exOther accounts receivable__ _
40,965
penses and bond interest__ _ 601,399 of the most important American acceptance corporations, the chief function
Raw materials, supplies, work
Prov. for local and State taxes
46,066 of which is the financing of shipments of manufactured articles, will sail
in process & wood working
Reserves for contingencies_ _
168,494 Wednesday on the S. S. Mauretania. for Europe, where he will remain
machinery
for
3,109.784
Prepaid insurance premiums
some time and make a close study of prevailing conditions abroad affecting
77,076
inv. In stocks and bonds of
the business of his company.
other cos. & sundry real estate (at cost)
Mr. Appleby is Chairman of the executive board and one of the organizers
300,517
Sinking funds for red of bonds
1,331
of the British Empire Chamber of Commerce of New York.
Unamort. disc, on funded debt 116.667
Total (each side)
$9,491,871
—George J. McManus. a member of the railroad department of the
Contingentliabilities, none. Under the terms of the indentures
the bond issues shown in the foregoing balance sheet, the Yates governing National City Co. since Dec. 1916, will be associated after Oct. 1 with
-American Remick,
Machine Co. is required to deposit in the sinking funds,during
'
Hodges & Co., an investment securities house. Before coming
the
ending June 30 1928. sums not less than $106,245. The cumulative year to the National City Co., Mr. McManus
was with tEe Rock Island-Frisco
dividendson the participating preference stock have been paid to March
a The sound value of the properties owned based on appraisals311927. Lines and later with the Chesapeake & Ohio Railway System.
in June
and July 1925 is upwards of $6,000,000. b Represented by
—Arthur Johnson and David A. Tierney formerly of Johnson & Tierney,
135,000 shares
of participating preference stock and 135,000 shares of common
stock, both and William T. Freeman. a member of the New York Curb Market, have
of no par value.—V. 124. P. 3
368.
formed a new firm under the name of Johnson, Tierney & Freeman, for
the purpose of dealing in curb issues and unlisted securities with offices at
Yukon Gold Co.—Earnings
71 Broadway, New York City.
Pros. John K. MacGowan,Sept. 23,inn letter to the stockholders,
It nas been the practice of the company to issue an annual reportsaid:
—Clarence F. Anderson, formerly manager of the New York office of
covering its operations, and on account of the fact that the properties
are located Charles Head & Co., has opened an office at 50 Broadway.
a considerable distance from this country, it is usually April or May before conduct a general brokerage business in unlisted securities. lie N. Y
is clearing
the results are available, therefore we think you
through Harde 8s Ellis, members New York Stock Brehm.general information that is now at hand coveringwill be interested in the
the year 1927.
-Whitehouse & Co., 111 Broadway, N. Y., have prepared for distriFrom Jan. 1 to July 31 the net earnings amounted
ing the first 4 months of the year only two dredges wereto $454,000. Dur- bution a comparative analysis of Illinois Central. Louisville & Nashville,
in full
your tin properties in Malaya. and the net earnings for that operation on N. Y. Chicago & St. Louis, Pennsylvania. Pere Marquette, Southern
period were Pacific, and Southern Railway.
$164.735. From May 1 to July 31 all four dredges were in operation and
the net earnings amounted to $289,265. Thesefigures are before deductions
—William Schlesinger and A. Schlesinger announce the formation of a
for depletion and depreciation.
new firm under the name of Schlesinger & Co.to transact a general securities
The preliminary cable report for the month of August indicates the largest business,specializing in over the counter securities, with offices
at 50 Broadearnings of any month since the company became interested in Malaya way, New York.
and there does not now appear to be any reason why the results should not
Stevens & Clark, Investment Counsel,1y York, Boston
—Scudder,
continue to be satisfactory.
The company has on hand approximately $800,000 in cash and its present and Providence, have admitted Charles E. Brundage and James N. White
to partnership in their firm.
properties are fully equipped.
From Feb. 1923 to Oct. 1925 it was necessary to secure considerable SUMS
—Bear. Cohen
of money from bankers. This was arranged by loans guaranteed by Gug- Broad Street. N. & Co., members of the Now York Stock Exchange, 50
Y., announce that Arthur Goodman and J. G. Binder
genheim Brothers, who undertook to guarantee such loans up to an aggre- have become associated with
them in their investment department.gate of $1,500,000. Since the latter date these sums have been repaid and
there has been no additional borrowing. However, company isindebted
-Chas. H. Bean & Co., members New York and Philadelphia
to the Yukon-Alaska Trust to the extent of a little over $7,000,000 for money Exchanges, Philadelphia, announce that D. Clarke Cockran has become
received and interest thereon and the earnings referred to herein will be associated with them in their investment department.
available for liquidation of this indebtedness.—V. 124. p. 3788.
—Biddle & Henry, 1522 Locust St., Philadelphia, have opened an office
in the Citizens National Bank Building, Baltimore. Md.. under the manZimmerknit, Ltd., Hamilton, Ont.—Listing.—
agement of William Conby Marye.
The Toronto Stock Exchange has authorized the listing of 25,000 shares
of no par value, common stock, and 6,000 shares of preferred stock, pa
—Folds. Buck & Co., Chicago, announce the appointment of W. Scott
5100.—V. 124, p. 3788.
Linn as vice-president. Mr. Linn formerly was associated with Peabody.
Houghteling & Co., Chicago.
CURRENT NOTICES.
—An analysis of the General Motors split-up is featured in the current
Issue of "the Investment Trust Guide," issued by Colyer & McGuire. Inc.,
—A fake $1,000 bond of the Glidden Co. was presented for sale at the 120 Broadway. N. Y.
Union Trust Co., Cleveland, a few days ago. As it is possible that the
—The Guardian Securities Co. of Newark has issued a circular on railattempt may be made to sell other fake bonds of the same sort, investment road, public utility, industrial and foreign bonds. The yields range from
4.70 to 7.50%.
houses, banks and the public are warned to be on their guard. The fake
—The Northeastern Power Corporation, 49 Wall Street, N. Y. City, has
Glidden bond presented at the Union Trust Co. was quite unlike the genuine
mailed to its
bonds of the Glidden Co. The fake bond was printed in type instead its properties. stockholders a pictorial booklet showing various views of
of being done in engraved script; the coupons were much larger than the
—Lebenthal & Co. of New York City, odd lot municipal bond specialists,
valid coupons; the printing and numbering was poor; the name of the announce
that R. Ralph Glanckopf has become associated with them.
secretary and treasurer read "H. Horsburg" instead of "R. H. Horsburgh."
—C. D. Halsey & Co. announce the removal of their offices to the
The certificate of the Union Trust Co., Trustee was signed in cramped
eighth floor of Combustion Engineering Corp. Bldg., 43 Broad St., N. Y.
handwriting "B. A. Abott," a fictitious name of course, as there is no such
—Nelson M. Beach has joined the retail sales organization of Shields
person upon the officers' list of the Union Trust Co. The title on the
Co., Inc., and is connected with their Madison Avenue, N. Y., office.
ake bond was given as "First Serial Gold Sizes," whereas the original
—The Citizens National Bank of Baltimore, Md., has opened an investreads "First Mortgage 6% Serial Gold Bonds"; the fake bond was dated
ment department under the management of Baldwin Goodwin.
March 2 1925 instead of March 11925. and referred to a trust agreement
—The Washington, D. C., office of Henry L. Doherty & Co. has been
dated March 2 1925 instead of March 11925.
moved from 803 Wilkins Building to 501 Southern Building.
—The College of the City of New York announces a course on Foreign
—Jackson & Curtis have issued a circular on the past growth and future
Investments to be given by Dr. George W. Edwards, Dean of the School of possibilities of International Telephone & Telegraph
Co.
T H •44 CHRONICLE
OCT.1 1927.]
-
1855
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME.
(The introductory remarks formerly appearing here will now he
found in an earlier part of the paper Immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY.1
Friday Night, Sept. 30 1927.
COFFEE on the spot was less active because of the recent
advance. The supply of the better grades, however, was
small and cost and freights continued to rise. No. 7 Rio
was therefore 133 to 13 8c. and No. 4 Santos 19c.
4
To-day spot demand was brisk and prices were strong.
Santos 4s 193/ to 193 c.; Rio 7s, 14c. Fair to good Cucuta
%
20 to 20%c.; Bucaramanga Natural 22 to 23%c.; washed
2534 to 2634c.; Honda, Tolima and Gira,dot 27 to 2734c.;
Medellin 2734 to 28c.; Manizales 273 to 2734c.; Mexican
washed 26 to 2734c.; Mandhelling 36% to 39c.; Java 34
to 35c.; Robusta, washed 1634 to 163c.; Mocha 2734 to
%
2834c.; Ankola 34 to 39c.
On the 26th inst. there was an unusually large supply of
cost-and-freight offers from Brazil at irregular prices, but
they were generally higher. For prompt shipment they
included Santos Bourbon 2s at 1934c.; 2-3s at 19 to 19.85c.;
3s at 183 to 2034c.; 3-4s at 1834 to 190.; 3-5s at 173.4 to
18.20c.; 4-5s at 17 to 17.900.; 5s at 16.85 to 17.70c.; 5-6s at
164 to 17340.; 6s at 16% to 17.30c.; 6-7s at 15.70 to 16.85c.;
7-8s at 15 to 1534e.; part Bourbon 2-3s at 19.60 to 19.900.;
3s at 19.05 to 1934c.; 3-5s at 18.45c.; 5-6s at 17.80c.; 6-7s at
17.05e.; Peaberry 2-3s at 19.80c.; 3s at 1934c.; 3-5s at 18.45c.;
5s at 17.05c.; 5-6s at 17.40c.; Rio 7s at 12.85 to 13c.; 7-8s at
12.55 to 12.80c.; Victoria 8s plus 20 at 12.100. Highly described Bourbon 3s sold for immediate shipment at 19c.
Part Bourbon 4s were offered for November-December shipment at 17.90c.; 3-4s for November-January at 19c.; Bourbon
4s at 17.900. for November-January and 1734 to NovemberFebruary; 4-5s for November-February at 173,40.; 5s at 17c.;
Bourbon 4s for March-June at 17c.; 5s at 16.800., and Rio
70 for October-November at 12.90c. New York was quiet
on the 26th inst. with Santos 4s at 183c.; Rio 7s, 133 to
4
%
1/1540.
On the 27th inst. offerings for prompt shipment included
Bourbon 2-3s at 20 to 20.400.; 3s at 18.45 to 1934c.; 3-4s at
1834 to 1934c.; 3-5s at 18 to 19c.; 5s at 17.35 to 18.15c.;
4-5s at 17.60 to 18.15c.; 5-6s at 17.35 to 17.95c.; 6s at 1634
to 17.10c.; 6-7s at•16% to 173.c.; 7-8s at 15.95c.; part
Bourbon or flat bean 3s at 193. to 1934c.; 3-4s at 19.65 to
1985c.; 3-5s at 175 to 1840.; Peaberry 2-3s at 203 c.;
%
3-4s at 19.85c.; 3-5s at 18.60c.; 5s at 18.65c.; Rio 7s at 123 c.
%
to 130.; 7-8s at 12.45 to 12.85c.; Victoria 8s plus 20 at 12.05c.
For future shipment offerings included Bourbon 4s for Oct.
March at 18%c.; part Bourbon 4-5s at 1734c.; Bourbon 5s
at 173c.;for Nov.
-Oct., Jan., 17.35c.; Bourbon 7s for Oct.
Dec. at 16.200.; Bourbon 4s for Nov.
%
-Feb. at 173c.; 4-5s
at 1734c.;.5s at 17%c.; Bourbon 4s for March-June at 173(0.
5s at 163 c.
%
On the 29th inst. cost and freight offers early were again
in liberal supply and showed irregularity. On the whole
they were about unchanged from the previous day. For
prompt shipment, Santos Bourbon 2-3s were offered at
2
03j to 213.c.; 3s at 19.15 to 20c.; 3-4s at 19 to 203c.;
3-5s at 183j to 19c.; 4-58 at 18.15 to 19c.; 5s at 17.65 to 18c.;
5-6s at 17.4.5 to 173 c.;6s at 173. to 17.35c.;6-7s separations
%
at 17.35c.; grinders at 16c.; 7-8s separations at 15.95c.;
grinders 14.400.; part Bourbon 2-3s at 20.30c.; 3-4s at
19.15 to 200.; 3-5s at 18.85c.; 5-6s at 18.15 to 18.300.; 6s
at 17.40c. Peaberry 2-3s at 19.85c.; Rio 7s at 12.80 to
13.40c.; 7-8s at 1254 to 13.150. Victoria 7-8s at 123,4c. to
12.30c. Victoria 7-8s for shipment on or before Nov. 15
at 12.20c. The local spot market was quiet with offerings
of desirable grades small and prices tending upward.
Arrivals of mild coffee in the United States last week were
31,809 bags against deliveries for the same time of 54,422
bags. Anivals of mild coffee in the United States since
Sept. 1 were 109,662 bags; deliveries for the same time, 186,636 bags. The stock of mild coffee on Sept. 26 was 213,625
bags, against 240,483 bags on Sept. 19 and 391,707 bags on
Sept. 26 last year. Deliveries of Brazilian coffee in the
United States last week were 176,105 bags, against 184,652
last year. A cable to the New York Coffee & Sugar Exchange said: "Institute de Cafe do Sao Paulo reports coffee
stocks Sao Paulo interior warehouses and railways on Sept.
15 as 8,261,000 bags, against 7,750,000 on Aug. 31." On
the 26th inst. the Santos market closed unchanged on SepUmber and November and 100 reis higher on October. The
spot price was300 reis higher. Exchange rate was unchanged
and 90 days dollar buying rate unchanged. This makes net
advances for the day in Santos of 400 reis on October, 250
on November, 300 on the spot price, while the September
position was unchanged.
It is pointed out that traders generally have been bearish,
though admitting the possibility of prices working slightly
higher, pending the filling of urgent requirements for the
better qualities. Other than this they contend there is
little to encourage buying of futures. With the big crop
ahead some prefer to sell on the upturns. Futures here,
some argue, will be chiefly guided by the course of Victorias
and Rios and there does not promise to be any dearth of
these grades. Some contended for a time that the New
York market was technically weaker than it has been for
some time. A long interest has been created, while much
of the selling is against the lower grades of coffee that are
being sold close to the December price. While there is no
doubt, it is added, that the trade requiring urgent shipment
of high grade Santos and mild coffees will have to pay good
prices these grades do not govern the course of our exchange
market. Unless Victoiias and Rios advance proportionately
with the other grades some are inclined to sell. If Victoiias
continue to be offered from day to day so close to the December position, it is probable, some think, that December will
go to a discount. London hears that negotiations are
under way with British and American bankers for a loan of
£25,000,000 to the Brazilian Federal Government and
£26,000,000 to Rio de Janeiro, but the amount is believed
to be exaggerated.
Futures on the 29th inst. advanced 10 to 16 points with
sales of 28,200 bags. The impression grows that Brazil has
really secured a good sized loan though it may not be as
large as some of the current reports would make it appear.
Shorts at any rate were nervous. It was a narrow market
but a firm one. To-day futures were active and closed
28 to 36 points higher on a rise in Brazilian markets a good
spot demand and a good deal of covering. The Continental
markets were strong and higher. The market showed more
snap here than for a good while and the trading rose to
54,000 bags. Santos opened with October 27$100; Nov.
27$200; prices unchanged to 300 reis higher. London
exchange there was 5 31-32d.; dollars 8$270. Rio advanced
125 to 250 reis; Oct. opened at 23875; Dec. at 21 $850,
exchange was the same as at Santos. Final prices shows
rIse for the week on Dec. of 59 points.
12.72® nom.
14 [March_ _ -12.86® ---- IJuly
Spot unofficial
12.78@ ---- September 12.60@12.83
December _12.02©13.00 May
SUGAR.
-Cuban raws were quiet and at one time quoted
at 3 1-32c. Action on the Cuban sugar control bill has been
deferred for another week by the postponement of the special
session of the Cuban Congress until Oct. 3. That was a
damper. Two cargoes of Cuban raws, amounting to about
51,000 bags, in prompt positions, sold on the 26th inst. at
3 1-32c. c. & f. The sales here on the 26th inst. included
51,000 bags of Cuba at 3 1-32c. c. & f. London terminal
closed unchanged to 134d. lower. A small lot of Peru in
port sold at 12s. 1034d.,with sugar afloat offered at 13s.134d.
The Java market was reported a shade lower. British refined declined 6d. The weather in the beet growing sections was better. The Cuban restriction bill is expected to
pass. But will it really help the situation? That is considered by some a debatable question. On the 27th inst. Cuban
was offered, it seems, at 3c., without sales. Refined was
quiet at 5.90 to 6.100. Futures on the 26th inst. were 1 to
4 points net lower at the close with sales of 36,400 tons. Last
week's exports to other than United States ports were small.
On the 27th inst. prices gave way 3 to 4 points more with
London lower and action on the Cuban bill postponed until
Oct. 3. That caused more or less nervousness.
Futures declined 4 to 5 points on Cuban selling of December
and some hedge selling of that month. The deferment of
action onf the Cuban restriction bill for a week was a distinct
disappointment to recent buyers. It was reported early in
the week that sales of refined sugar were made in the Middle
West at 5.750., perhaps explaining the lack of new business
coming to Eastern refiners. Receipts for the week at
Cuban ports were 42,536 tons, against 36,662 in the previous
week, 37,990 last year, and 54,269 two years ago; exports
for the week, 60,117 tons, against 67,398 in the previous
week, 109,109 last year and 103,524 two years ago; stock,
707,962 tons, against 725,543 in previous week, 676,738
last year, and 639,439 two years ago. Of the exports,
United States Atlantic ports received 45,543 tons, Savannah
7,448 tons, New Orleans, 5,100 tons, Canada 2,026 tons.
Receipts at United• States Atlantic ports for the week
were 45,543 tons, against 52,992 in the previous week, 44,711
last year and 49,392 two years ago; meltins 54,000 tons,
against 57,000 in the previous week, 70,000 last year, and,
72,000 two years ago; importers' stocks, 134,977, against
138,977 in previous week, 169,535 last year, and 53,282 two
years ago; refiners' stocks, 51,872 tons, against 61,419 in
previous week, 49,744 last year and 81,982 two years ago;
total stock, 186,849 tons, against 200,396 in previous week,
219,279 last year, and 135,264 two years ago. Refined was
quiet so far as new business was concerned but withdrawals
were large. Quotations were 5.90 to 6.100.
1856
THE CHRONICLE
[voL. 125.
Havana cabled September 18th: "According to local Spot
C 10 60a _
'December_ -11.03a March
11.27a ---October _--10.60a
_
11.30a11.40
press immediately after President Machado delivers his November--10.80a11.00 January ____Ii.osamos April
February--11.10411.20 May
11.47a11.46
message to Congress the bill will be passed by the House.
PETROLEUM.
-Kerosene demand is increasing. The
On the same day it will be passed by the Senate which will
be in session. On the same day it will be signed by Mr. recent cold weather helped to straighten prices. Big New
Machado inasmuch as he has to leave for Oriente province, York Harbor refiners generally ask 7c. for 43-45 water-white
4
October 4th."
On the 29th inst. trade was dull. It at refineries and 63 e. for 41-43; prime white 41-43 634c.
appears that some business was done earlier in the week at In the Gulf section some improvement was noted, and prices
2 31-32e in Cuba sugar cost and freight; on the 29th inst. are expected to advance there very soon. The gasoline
22,000 bags of Cuba loading October 8th sold to New Orleans movement showed a slight increase. Gas oil was stronger.
at 2 31-32e. c. & f. Europe was quiet. A small lot of Peru In the Gulf some refiners quoted as high as 4c. for 32 plus
sold it was said at 12s. 93 d., but 13s. was generally asked. dark oil. A fair demand was reported. Bunker oil was
4
Hamburg was reported firmer with a better demand. Cool in better demand and steady at $1.65 local refineries and
dry weather prevailed but according to German advices $1.7134 f. a. s. New York harbor refinery. In the Gulf
it could do little good at this time. The weight of the business was quiet. Diesel oil was fairly active at $2.10
beet roots according to other cables had increased. Vague refineries. Later kerosene for export advanced le. Standrumors of business at 2 15-16e. c. & f. were not confirmed. ard white cases now 17.150. and water white 18.15e. GasoFutures declined 4 to 6 po'nts with sales of 37,000 tons. lene met with a better jobbing demand late in the week.
Trade or Wall Street interests bought December freely. U. S. Motor in bulk at refineries 8 to 834c.• in tank cars
Cuba seemed to be selling rather heavily. Refined was 9 to 934c. In the Gulf U. S. Motor was 7:4.c. and 66-64
gravity 375 e. p. at 834c. in bulk cargoes. Export prices
5.80 to 6.10e., with trade dull.
To-day futures closed unchanged to 1 point higher with New York Gasoline, cases, cargo lots U. S. Motor specificasales of 33,500 tons. London was weaker. One refinery tions deodorized 24.40c.; bulk refinery 8%c.• Kerosene,
here cut the price to 5.80e. Licht's estimate of the beet cargo lots, S. W. cases 17.15c.; bulk 41-43 64c.; W. W.
4
root crop of Europe was well above that of last year but it 150 deg. 18.15c.; bulk 43-45 63 to 7c.; New Orleans: U. S.
had little effect. His total was 8,101,000 tons, against Motor bulk 73%e.; 64-66 gravity 375 e. p. 834c.; Kerosene,
6,858,590 last year. Germany is put at 1,700,000, against prime white 534e.; water white 634c.• Bunker oil, Grade
1,660,000 last year; Czeehoslcvakia, 1,300,000, against C, for bunkering $1.45e. Service station and jobbers'
1,035,000; France, 880,000, against 705,000; Belgium, 300,- guide: U. S. Motor bulk, refineries 8 to 834e.; tank cars
000, against 233,000; Holland, 250,000, against 286,000; delivered to nearby trade 93c.; U. S. Motor delivered to
Poland, 680,000, against 563,000; Russia, 1,325,000, against New York city garages in steel bbls. 17c.; Up-State and New
983,000 last year. Licht's figures were under those of England 17c.; Naptha, V. M. P. deodorized in steel bbls.
Mikusch. Also it is argued that a sharp curtailment in Cuba 18e. Furnace oil, bulk refinery 38-42 gravity 6c.; tank
will offset the European increase. Meltings since Jan. 1, wagon 10c.
$2.50
$2.25 Eureka
$2.65 Buckeye
according to Willett & Gray, are 2,429,000 tons, against Pennsylvania
Corning
1.60
2.65 rilinois
1.45 Bradford
2,517,000 for the same period last year. Final prices show a Cabell
1.71 Wyoming, 37 deg_ 1.30
1.40 Lima
1.33
Wortham, 40 deg_ 1.36 Indiana
1.48 Plymouth
decline for the week of 9 points.
Rock Creek
1.60 Wooster
1.57
1.25 Princeton
Spot unofficial 3 31-32 March
December_ _ _2.960
May
January
2.9602.97
2.8702.88 I July
3.040
September -3.110
2.960
Smackover 24 deg.. 1.15 Canadian
2.24 Gulf Coastal "A"- 1.20
Corsicana heavy. _ 1.10 Panhandle,44 deg. 1.12
Oklahoma, Kansas and TexasElk Basin
$1.33
40-40.9
$1.36 Big Muddy
1.25
32-32-9
1.20 Lance Creek
1.33
52 and above
1.60 Grass Creek
1.33
Louisiana and ArkansasBellevue
1.25
32-32.9
1.20 West Texas all deg
0.60
35-35.9
1.26 Somerset light
2.35
Spindletop, 35 deg and up_ _ __ 1.37
LARD on the spot was firm on the 26th inst. with moderate
demand. Prime Western 13.15 to 13.2E03. in tierces, c. a. f.
The next day it was 12.95 to 13.05e.; Refined Continent, 14c.;
South American, 1434c.; Brazil, 153 0. To-day prime
/
western was 12.900.; Refined Continent, 13%e.; South
America, 1434c.; Brazil, 153/se. Futures advanced on the
RUBBER was quiet and weak early in the week. It was
26th inst. 10 points but later reacted and closed generally a waiting market here. Prices on the 26th inst. declined 20
2 to 7 points lower owing to the decline in corn though the to 40 points. There is a clash of opinions as to how the
net response to corn was not it will be seen emphatic. For problem of overproduction is to be met. Smoked sheets
hogs were 25 cents higher with smaller receipts. January, are 10 cents lower than a year ago. London advices from
was wanted by operators who believe that prices will advance. usually well informed people state that probably no change
Liverpool advanced 6d. to Is. On the 27th inst. prices will be made in the pivotal price and in the present restricdeclined with corn. There were reports of hog cholera in tion percentage. Ceylon native plantations are generally
Wisconsin but they seemed to attract little attention. Hogs considered over-assessed but no reduction is expected.
were considezed too high as compared with corn. Liquida- Malayan authorities are said to be disposed to revise assesstion was ver4apparent. The cash trade was dull. Exporters ments. Some prominent English planters are inclined to give
were not buying. Futures dropped 15 to 20 points. Futures the plan a further trial. New York sold 835 tons on the
on the 29th inst. were 5 to 7 points lower early but later ran 26th inst. closing as follows at the Exchange: October,
up 17 to 22 on greatly increased buying by packers. To-day 33.30c.; November, 33.50c.; December at 33.70c.; January,
futures closed 5 to 10 points higher with cottonseed oil up 33.800.; February, 34.40c.; March, 34.40c.; April, 34.50e.;
6 to 10 points. Provisions in general were active and very May, 34.60c.; June, 34.70c.; July 34.80c.; August, 350.;
;
firm. Shorts covered. They feared a rather pronounced Outside prices: Spot and October smoked, 3334 to 3330.*
/
5
decrease in the stock statement at Chicago. Hog receipts November-December, 33% to 3334c.; January-March, 3434
were moderate. Packers bought on a moderate scale. to 34%c. First latex crepe,3334 to 3434c.; clean thin brown
Rallies ran into selling. Final prices show a decline for the crepe, 2934 to 29%c.; specky brown crepe, 2834 to 2830.;
/
week of 8 to 20 points.
rolled brown crepe,25% to 26e.; No.2amber,2934 to 293 c.;
%
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. No. 3 amber, 29 to 2934c.; No. 4 amber, 2834 to 29e. LonSat. Mon. Tues. Wed. Thurs. Fri. don on the 26th inst. endd weak though the increase in the
September delivery_cts.12.52
12.50
12.30
12.12
12.15
12.20
stock of 589 tons was not to all appearance the reason. A
October delivery
12.57
12.12
12.50
12.15
12.30
12.22
January delivery
12.97
12 85
13.07
12.85
13.05
12.95
fair business was done closing as follows on the 26th inst.:
PORK steady but quiet; mess, $33; family, $37 to $41; September and October, 1634 to 163 3.; November, 16% to
4
3
fatback port, $29 to $32.50. Ribs, Chicago, cash, 12.25e., 1634d.; November-December, 1634 to 1634d.; Januarybasis of 50 to 60 lbs. Beef firm; mess, $19 to $20; packet, March, 1634 to 17d. The increase in the Londonatock of
$18 to $19; family, $23 to $25; extra India mess, $36; No. 1 nearly 600 tons left it 67,253 tons, against 66,664 a week
canned corned beef, $3; No. 2, $5.25; six pounds, South ago, 64,259 a month ago, 64,486 three months ago, and
America, $18.50; pickled tongues, $55 to $60. Cut meats 34,587 a year ago. At Singapore on Sept. 16, October closed
steady; pickled hams, 10 to 20 lbs., 173 to 1934c.; pickled at 163,4d.; October-December, 16%d. and January-March,
4
bellies, clear, 6 to 12 lbs., 2234 to 2334e. Bellies, clear, 17d.
dry salted, boxed, 18 to 20 lbs., 163.c.; 14 to 16 lbs., 173 c.
On Sept. 29 New York was 20 to 40 points lower. Lon4
Butter, lower grade to high scoring, 38 to 50e. Cheese, don was off. That affected prices here. Sales were 850
flats, 2634 to 2834e. Eggs, medium to extras, 25 to 46e.
tons. Singapore was also weak. October-November closed
-Linseed was rather quiet and easier. Spot raw here on the 29th inst. at 33.70c., December 33.80 to 33.90e.,
OILS.
oil in carlots, cooperage basis, was quoted at 10.1e. but on January at 34e. Outside prices for ribbed smoked spot and
a firm bid it was reported 100. would be accepted in some October, 3334 to 3334c., with trade light; Novembereases. Stocks are said to be large. Paint makers bought December, 3334 to 3434c.; January-March, 3434 to 34%c.;
very little. Some good inquiries were made by linoleum first latex crepe, 333% to 34c.; clean thin brown, 283 to
%
interests but actual sales were small. Jobbers bought 2904 specky brown, 28 to 2834e. Para-Upriver fine,
sparingly. In tanks, 9.4c. was quoted; 5 barrels or more, 273' to 28c.• coarse, 1934 to 20e. London spot and October
10.8c.; less than 5 barrels, 11.2c. Later, 10c., it was said, 1634 to 16%d.; November,. 1634 to 1634d.; Singapore,
would be accepted on a firm bid, but some crushers asked October, 1634d. To-day prices declined 20 to 40 points
10.2e. for raw oil in carlots, cooperage basis. Contract with safes of 403 lots. This was in spite of reports that
withdrawals were moderate recently. Cocoanut, Manila, England intends to make the restrictive measures in the
coast, tanks, 8
spot, tanks, 8% to 8340. Corn, crude, matter of exports of rubber more severe. Spot ended at
tanks, plant, low acid, 9c. Olive, Den. $1.65 to $1.75e. 33.500.; October-November, 33.400.; December, 33.50c.;
China wood, New York, drums, spot, 153 c.; Pacific Coast, January, 33.70e. Prices show a net decline for the week
%
spot, tanks, 1334c. Soya bean, coast, tanks, 934c. Lard, on some months of 10 to 20 points; others unchanged.
prime, 163 c.; extra strained winter, New York, 1334c.
%
HIDES have been quiet with no general change in
Cod, Newfoundland, 63 to 65e. Turpentine, 53 to 58e. reported. Some 22,000 Argentine steers sold at prices prices
rangRosin, $9.30 to $13.20. Cottonseed oil sales to-day, includ- ing from 2134 to 21 15-16e. United States buyers
showed a
ing switches, 21,000 barrels. Crude S.E. 934c. bid. Prices little more interest at one time. Russian buyers are said
to
closed as follows:j
be watching theAmarket closely. City packer hides were
OCT. 1 1927.]
THE CHRONICLE
rather more active. September output is fairly well sold.
One of the big packers sold his output of September butt
brands, it seems, at 213'c., and Colorados at 203/2c. Spready
native steers are being offered at 24c. Country hides were
dull. Common dry hides are in fair demand and steady.
Common dry hides: Antioquias, 283c.; Orinocos, 25Mc.;
Maracaibo, 243' to 25c.; Central America, 24c.; Savanillas,
243/se.; packer hides, spready native steers, 24c.; native
steers, 23c.; bulls, native, 17Me.• frigorifico cows, c. & f.
New York, 21 11-16c.; steers, 22qe. New York City calfskins, 5-7s, 1.85c.; 7-9s, 2.25 to 2.325'e.; 9-12s, 3.30 to 3.40e.
Frigorificos later were stronger; 4,000 Anglo steers sold at
$44.50, or 20 15-16c., and 4,000 Smithfield steers, 26 to 263/i
kilos average at $45, or 21 3-16e. New York City packer
hides were firm with the supply small. Spready native
steers, 24c.; native steers, 223'c.; butt brands, 213/2c.;
Colorados 210.; bulls, native, 17e.
OCEAN FREIGHTS were quiet late last week; 100 loads
of grain mostly durum wheat were taken with the Atlantic
range 2s. 3d. United Kingdom. Later business in grain
was larger.
1857
ZINC was quiet. The range of prices was 6.12M to 6.15e.
East St. Louis. Lead ore sold freely at $40 a decline of $1
from last week. Spot zinc in London on the 27th inst.
advanced 5s. to £27 7s. 6d.• futures up Is. 3d. to E273s.9d.;
sales, 100 tons spot, and 400 futures. Latterly trade has
been dull with East St. Louis 6.10 to 6.123,4e. London on
the 29th inst. fell Is. 3d. on the spot to £27 7s. 6d; with
futures £27 3s. 9d.; sales, 800 tons of futures.
STEEL has been quiet with production at 60% at both
Pittsburgh and Chicago. In plain English, it is not easy to
sell steel. Some wonder that prices remain as steady as they
do. There are hopes that this week will see the turn in the
lane. Nothing is certain about it, of course. Some think
prices are steadier at around say 1.75c.for structural material.
It appears that bids of 1.70c. Pittsburgh are not so acceptable as they may have been recently. It is said that manufacturers of agricultural implements have recently bought more
freely of steel bars. It is now said, too, that September
sales make a better showing than those for August. That
may not be saying very much, but at least it is better than going backward. Plates and structural sheets are quoted at
CHARTERS included wheat, Portland to United Kingdom or Continent,
Plate, it is
November, 35s.; Portland to United Kingdom or Continent. November, 1.85c. Pittsburgh for moderate sized lots. Tin
35e.: Portland to United Kingdom or Continent, October, 34s. 6d ; 32.000 said, has been cut 25 cents, although not generally. PittsQuarters grain, Gulf to Rotterdam, 17c., Sept. 25
-Oct. 5.1umber, two ports
shaftNorth Pacific to two ports Australia November, $13.50; Coos Bay and burg concedes that prices on cold finished steel bars and
Puget Sound to West Coast of South America, $11.75; Puget Sound to ing have been irregular and inferentially weaker, though
Japan, $10, October; Coos Bay and Puget Sound to West Coast of South prices for cold rolled strip descriptions have been an exception.
America, $11.75, October. time charters: 1,636 tons, four months,
West Indies trade, $1.47A. continuation: 4,119 tons round trip, West A fair business is reported in Pittsburgh in nuts, bolts and
South America trade, about 95c., September October; 1,300 tons, round rivets, with prices not far from those ruling a year ago.
trip, Newfoundland, Labrador-Mediterranean trade. £775 per month,
prompt loading; 1,056 tons, three to four months, West Indies trade. $1.75. Orders for 1,000,000 tons of rails for 1928 are declared to be
delivery Kingston, Jamaica. December loading: three months continuation, in sight with the possibility of double that total.
This is
West Indies $1.15: Gibraltar, $1, period, West Indies delivery North
Hatteras; trip across, October delivery, South Atlantic, $2. Tankers: looking rather far ahead. What the trade wants is an imClean oil, two ports North Atlantic, 15s., United Kingdom-Continent; provement in business now. As already intimated, there are
U. S. Gulf to Boston, end of September. 25c.; Curacao crude to New York. hopes that an increased demand is not far off. Thus far it
23c., September loading; U. El Gulf crude to not east of New York. 23c.,
and 25c. to Boston, October loading; grain, New York to Bremen (barley), is merely a hope. The railroads are still actively buying
10%,15c, Oct. 4-10: 30,000 quarters 10%. Montreal to Antwerp or Rotter- supplies to a very moderate extent. Taken as a whole the
dam, 15Ac.: Hamburg or Bremen, 16-4c.. Mediterranean 3 ports basis,
19c.. Oct. 17-27; creosote, Hamburg and London to New Orleans. 14s. 64., demand from the railroads, the oil industry and the automoSeptember.
bile factories is far below what could be desired, when there
TOBACCO has been rather more active notably for is any at all.
Sumatra, Java and Porto Rico tobacco. Prices are reported
PIG IRON has been quiet. The buying is in small lots.
to be firm with a rather more cheerful tone. Wisconsin Everybody is awaiting the turn of events. No one is willing
binders,25 to 30e.; Northern,40 to 45c.;Southern,35 to 40c.; to trade at all aggressively. The consumer takes 100 tons
New York State seconds, 45c.; Ohio, Gebhardt, binders, rather than 1,000 as he might in better times. Pittsburgh
22 to 24c.; Little Dutch, 21 to 22c.; Zimmer spanish, 30c • reports basic iron at the lowest price for some years past,
Havana first Remedios, 85e.; Second, 70c.
namely,$17 in the Valley with Bessemer $18. In Pittsburgh
COAL.
-Steam anthracite coal was lower and Pittsburgh- and the Valley territory about 50% of the stocks are in blast.
Fairmount products were also weaker. Independent pro- Spot furnace coke is reported plentiful at $2.75 to $3 at oven.
ducers of pea, buelchweat, rice and barley anthracite cut Eastern Pennsylvania pig iron is nominally $19 to $19.50;
prices 10 to 15e. The drop was somewhat greater in Pits- Buffalo $16 to $16.50; Virginia, $20 to $21; Chicago, $19.50
burgh steam run-of-mine. For bituminous steam coal the to $20;'Cleveland $17.50 to $18;• Youngstown, Ohio reports
demand was fairly steady and production was maintained. iron dull at $17 for basic and $17.50 to $18 for No.2foundry.
Competition between Western Virginia and Pittsburgh
prices $2.85 to $3 Connellsville to the
sales organizations in the steam coal market has been It calls beehive coke the iron trade as a whole it has despot trade. Taking
noticeable for weeks past. Hampton Roads steamer loadfeatures. It is merely marking time.
ings on Sept. 23 totaled 41,775 tons. Bituminous coal has veloped no really new moderate or at best fair demand and
WOOL has been in
latterly been in rather better demand, but anthracite has steady, but buyers are in no mood to pay an advance,
been quiet.
however firm prices may be at the London auctions. Ohio
COPPER was quiet. While 133ic. was the general quo- and Pennsylvania fine delaine,
4534 to 4634e.; M-blood,
tation, at least one producer openly quoted 13 Mc. delivered 45 to 45 Mc.; %
3 -blood, 45c.; K-blood, 45c.; territory, clean
to the Connecticut 'Valley at one time. Yet a prominent basis, fine
medium, French
to
custom smelter is said to have refused 13.20e. for a large ton- combing, staple, 1.12fine 1.150.; fine
medium clothing, 90 to 95e.;
$1 to $1.05;
nage. For export the price was 1334c. c. i. f. European M-blood staple, 97 to $1.03; 3 -blood, 88 to 90c.; h
i-blood,
A
ports. Spot standard in London on the 27th inst. dropped 80 to 83e.; Texas clean basis, fine 12 months,$1.07 to $1.12;
7s. 6d. to £53 17s. 6d.; futures off 8s. 9d. to £54 3s. 9d.; 8 months, 90 to 95c.; fall, 75 to 80c.; pulled, scoured basis,
sales, 300 tons spot and 900 futures. Spot electrolytic de- A super, 95 to $1.; B, 90 to 93c.; C, 75 to 80c.; domestic
clined 5s. to £61 10s.; futures unchanged at £62. Later a mohair, original Texas, 58 to 60c. In London on Sept. 23
sharp decline in London affected New York. It was called offerings, 9,750 bales, mainly slipe and greasy crossbreds.
130. here delivered to the Connecticut Valley. Export,
demand from home and Continental buyers at top
1334c. o. 1. f. Europe. In London on the 29th inst. standard Good for the series; merinos speculators' lots sold promptly
prices
spot declined 8s. 9d. to £53 us. 3d. and futures 6s. 3d. to at firm prices. New Zealand best greasy halfbred 58s
£54; sales, 300 spot and 900 futures. Electrolytic was off realized 263d.• 56s, 24d.• greasy crossbred 58-56s, 24d.;
10s. to £61 spot and £61 10s. futures.
2
• 50-56s, 191 d.; 50s, 183'd.; 48-50s, 17d.;
'
TIN was quiet. Prices declined both here and in London 56s, 21 Md.46s, 143td.
/
Md.•
'
on the 27th inst. October and November London limits 48s, 16 Sydney, 1,127 bales; greasy merinos, 2334 to 2734d.; scoured,
Details:
scoured,
sold early in the day at 5838e. c.i.f. and later at 583c. 25 to 4734d. Queensland, 1.193 bales; greasy merinos, 20 to 27d.;souurecL
/
merinos, 27 to 3334d.:
Victoria, 1,172 bales;
2834
/
4
Spot Straits sold at 583 c., December at 583jc. to 583se. 29 toto 48d. scoured crossbreds, 18greasy
to 31d. West Australia, 148 bales;
44d.•,
N
and January at 581 o. Spot standard in Loneon on the scoured merinos, 3834 to 3934d. Tasmania, 113 bales: greasy merinos.
26 to 28d. New Zealand, 5,805 bales: greasy
27th inst. dropped £2 to £266; gutures off £1 15s. to £264; scoured, 17 to 3834d. Cape, 186 bales: no sales.crossbreds, 1334 to 24d.;
New Zealand slips, 12d.
sales, 50 tons spot and 900 futures. Spot Straits declined to 29d. Cape mostly withdrawn at firm limits.
£2 to £271 10s.; Eastern c.i.f. London advanced 10s. to
In London on Sept.26 offerings 9,500 bales, mostly medium
E269 15s. on sales of 175 tons. Latterly trade has been grades. Good demand from home and Continental consumlight, ignoring a rise in London. The tone has been weak ers. Prices firm. Inferior lots were frequently withdrawn
here, if anything. It is believed that the world supply because of high limits. New Zealand greasy crossbred was
increased in September nearly 1,000 tons. October and in limited supply and the best greasy halfbred 56s brought
/
November here were 5830., January 583e. London on 21d.; greasy crossbreds, 56s, brought 20d.• 50s, 18Md.;
15Md.
'
the 29th inst. advanced £3 5s. on the spot to £266; futures 48s,17Md.;46-48s,163d.;46s, 16Md.,and 44-46s,Queensland.
Details: Sydney. 828 bales; greasy merinos, 26 to 2934d.
up £3 10s. to £264 15s.• sales, 100 spot and 750 futures. 548 bales; greasy merinos, H'A to 25d.; scoured, 44 to 464. Victoria.
Spot Straits up £3 5s. t:::o £271; Eastern c.i.f. London ad- 1,138 bales; greasy merinos, 2834 to 34d.: scoured crossbreds, 25 to 31d.
Adelaide, 53 bales; greasy merinos, 21 to 2734d. West Australia, 336
vanced 2s. 6d. to £267 12s. 6d.; sales, 150 tons.
merinos. 33 to 40d. New Zealand. 3,152 bales: greasy
LEAD early in the week was quoted at 6.25c. New York bales; scouredto 25 A d.;scoured, 36 to 4435d- greasy crossbreds, 13 to 21d.;
merinos,2234
but a decline in London on the 27th scoured, 1634 to 37d. Cape, 324 bales; greasy merinos. 1434 to 2234d.
by the leading refiner,
Kenya, 272 bales; greasy merinos, 1434 to 2334d. Puntas, 2.800 bales;
inst. caused a lower East St. Louis market, where the price greasy merinos, 13 to 2234d. New Zealand slips, 1334d. to 25d., half-bred
to be some 11,000 tons of ore lambs. Punta., slipo, 13d. to 2634d., half-bred lambs.
went to 6e. There are said
In lAndon on Sept. 27 offerings 9,337 bales, including
In stock in the tri-State district. Most holders are not inclined to sell at the present level of $80. Spot lead in 2,050 of English, the latter representing about 110,000 fleeces.
London on the 27th inst. fell 3s. 9d. to £20 16s. 3d.; futures A good demand from home and Continental buyers. Selecoff 2s. 6d. to £21 7s. 6d.; sales 700 tons spot and 700 futures. tion of Australian contained numerous speculators' lots in
Of late trade has been slow; East St. Louis 6c.; New York, both greasy and scoured wools. Frequent withdrawals be6.25e. The American Co. still quotes 6.25e. Some have cause of high limits. America bought little. New Zealand
been looking for a reduction. London on the 29th inst. best greasy halfbred, 58s, brought 25d.• 56s, 25d.; greasy
advanced is. 3d. on the spot to £20 us. 3d.; futures £21; crossbred 56s, 22d.; 50-56s, 193d.; 50s, 183/2d.; 48-50s,
17d.; 48s, 16d.; 46-48s, 153d.
• sales 1,700 tons futures.
•••
1858
TELE CHRONICLE
[Volk 125.
Details: Sydney, 1,076 bales; greasy merinos, 25 to 43d. Queensland,
In order that comparison may be made with other years,
503 bales; greasy merinos, 21 to 22%d. Victoria. 2,783 bales; greasy
merinos, 2434 to 3234d.: scoured, 34 to 4234d.: greasy crossbreds, 1234 to we give below the totals at leading
ports for six seasons:
2734d.; scoured, 22 to 3634d. Adelaide. 264 bales: greasy merinos, 2434
to 406. West Australia, 100 bales; greasy merinos, 2234 to 27d. Tasmania, 54 bales: greasy merinos, 22 to 33d. New Zealand. 4,353 bales:
Receipts at1927.
1926.
1925.
1924.
1923.
1922.
greasy crossbreds. 15 to 25d.; scoured, 18 to 28d. Cape mostly
scoured crossbreds. 33 to 3430. New Zealand slipe, 14d. to withdrawn: ( lveston_ _ _ _ 103.625 154.410 137.401 185.261 164,055
4276., half
143,122
bred lambs.
Houston. &c.* 139,000 175,086 148,125
80,516
66,205
3,694
75.515
In London on Sept. 28th offerings 13,300 bales. Higher New Orleans_ 50,386 21,105 101,442 60,923 34,816 55,596
Mobile
16.692
12.386
5,790
1,743
4,781
grades of merino and crossbred were in much demand from Savannah.._ _ _ 33,840 65,321 44,808 21,958 16,952 14,209
Brunswick _
home and Continental buyers. America bought a little. Charleston_
2,100
2.922
9,777
1.982
Prices firm. Inferior grades of merino dull. Speculators' Wilmington_ 24,755 38,372 12,876
6,088
7,873
9.031
2,263
9,987
5.063
Norfolk
4,874
22,562
25.224
lots were numerous, including scoured and greasy merino N'port N.,&c_
2,835
23,767
13,186
and pieces and mostly withdrawn at high limits. New All others_ _ _ _ 26,770
7,460
3.000
3.938
2,647
31,455
Zealand greasy halfbred 58s realized 253/2d4 56s, 213'd.;
Total this wk_ 406,030 567,704 494,293 366,406 329,949 275,188
50-56s, 193d.; greasy
(rossbied 58s brought 243id; 56s,
213'd; 5056s, 193/d; 48-50s, 18d.; 48s, 15Md.
2
Since Aug.1_ _ 1.939,214 1,979.980 1.967.332 1,535,728 1.480,108 1,196.482
Details- Sydney, 3,130 bales: greasy merinos, 19 to 2934d.; scoured,
* Beginning with the season of 1926. Houston Mures nclude movement o
24 to 37d.: greasy crossbreds, 1234 to 1934d. Queensland. 1,473 bales; cotton previously reported by Houston as an interior town. The distinction
greasy merinos, 173.4 to 24346.; scoured. 3434 to 44d. Victoria, 1,443 between port and town has been abandoned.
bales: greasy merinos, 18 to 293.46.; scoured, 27 to 42346.: scoured crossbreds, 22 to 34346. Adelaide. 730 bales; scoured merinos, 29d34 to 41d.
The exports for the week ending this evening reach a total
West Australia, 280 bales: greasy merinos. 26 to 286. New Zealand, of 154,923 bales, of
which 24,043 were to Great Britain,
4.882 bales; scoured merinos, 3834 to 45d.: greasy crossbreds, 14 to 25346.;
scoured, 18 to 3534d. Cape, 101 bales: greasy merinos, 18 to 21d. Falk- 16,100 to France, 53,608 to Germany, 16,818 to Italy,
lands, 1,015 bales; greasy merinos. 12% to 21d. New Zealand Wipe. 25,196 to Japan and China and 19,158
to other destinations.
1434d. to 2634d.. half
-bred lambs.
In the
In London on Sept. 29th the auctions closed with offer- bales. corresponding week last year total exports were 275,538
ings of 8,500 bales; total for the series of 144,500 including 936,618For the season to date aggregate exports have been
bales,
4,500 bales of English wool. Purchases estimated at 120,000 the previous against 1,138,232 bales in the same period of
season. Below are the exports for the week.
bales, with 60,000 going to the Continent, 57,000 to home
consumers and 3,000 to America. Compared with the July
Exported to
series, best merinos were 5% higher. Medium inferior were
Week Ended
Sept. 30 1927.
Great
GerJapan&
par to 5% dearer; greasy crossbreds, fine 5% higher; medium Exports from Britain France. many.
Italy. Russia, China. Other. Total.
5 to 732% higher; coarse 5% higher. Slipe crossbreds were
3,616 5,468 3,147
7,950
964 21,145
5% higher; Cape, par to 5% higher, while Falklands and Galveston
Houston
4,200
6,550 6,248 45,732
Puntas crossbreds were also up 5%. Demand on the 29th Corpus Christi. 6,485 6.603 16,867 5,382
2,083
9,696 1,624 20,006
inst. was sharp for New Zealand crossbreds, consisting New Orleans_ _ _ _ 3,575 1,232 4,054 5,455
3,452 17,768
Mobile
12,184
5.229
200
17,613
mainly of aline at a sale range of 14d. to 26
the latter Pensacola
538
1,489
200 2,227
halfbred lambs. Greasy crossbred best 50-56s, brought Savannah
5,787
351
500 1,466 8,104
Charleston
6,433
121 5,344
200
500 3,504 16,102
20d.; 50s, 193/2d.; 48-50s, 173/2d.; 48s, 163d. and 46s, 16d. Norfolk
1,600
1,445
3,045
Merino wools were frequently withdrawn at high limits.
New York
328
183
670
1,700 2,881
San Pedro
Details: Sydney, 585 bales; greasy merinos, 22 to 268. Queensland'
619 bales; greasy merinos, 19 to 2434d.: scoured, 3534 to 44d. Victoria,
1.947 bales; greasy merinos. 2034 to 28d.: scoured, 3534 to 42d.; greasy
crossbred, 13 to 258. Adelaide. 311 bales; greasy merinos,
scoured, 2434 to 28d. New Zealand. 3,535 bales; scoured 1934 to 22346.:
merinos. 33 to
406.: greasy crossbreds. 1534 to 206.; scoured, 21 to 3130. Puntas,
1.339 bales; greasy crossbreds. 17 to 2130.
In Adelaide on Sept. 23rd of 30,000 bales offered all but
1,000 bales were sold with a sharp demand at firm prices.
The next sales at Perth will take place on Tuesday. Oct. 18
and following that on Tuesday, Nov. 8; 20,000 bales being
listed for each day. Melbourne on Sept. 26th opened the
season with prices about unchanged with the last sales of
Sydney and Adelaide. Of 6,600 bales offered 5,600 sold.
Attendance good. Demand excellent. The Continent was
the largest buyer. The wool was dusty fine and thin, more
suited to the Continent than to England or America.
COTTON.
Friday Night, Sept. 30 1927.
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
406,030 bales, against 334,837 bales last week and 319,945
bales the previous week, making the total receipts since the
1st of August 1927, 1,939,214 bales, against 1,979,989 bales
for the same period of 1926, showing a decrease since Aug. 1
1927 of 40,775 bales.
Receipts al--
300
Tot.I
Total 1926
Vaal 1925
24,043 16,100 53.608 16,818
300
25,196 19,158 154,923
65.837 24,741 83,736 20,807
51,065 28,352 274,538
122,314 50.132 143,817 34,413 16,498 19.324 42,107 428,605
From
Exported to
-Aug.1 1926 to
Sept.301927. Great
GerJapan&
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
Total.
Galveston__ _
Houston_ _ _
Corp. Christi
New Orleans
Mobile
Pensacola_
Savannah. _ _
Charleston_
W lim ington _
Norfolk
New York_
Baltimore_ _ _
Philadelphia
Los Zngeles_
11,694 24,925 32,562 8,802 11,400 14,632 28,672
27,357 47,011 84,612 20,283 50,000 46,202 31,209
16.752 19,968 29,094 5,206 3,100 20,923 13,106
26,543 7,712 29,640 14,410 36.626 21,686 10,875
6.229
624 19,558
500
1,775
550
538
1,489
200
15,101 1,296 118.403 2,051
9,025 6,520
9,615
340 37,620
200
500 7,142
2,000
9,989
5.308
598
2,918 1,413 2,015
423
4,084
100
45
100
400
141
132,687
306,674
108,149
147,492
29,236
2.227
152,398
65,417
2,000
15,695
10,853
100
145
547
122,155 103,389 367,427 52,016 101,126 114,743 102,762
963,618
Total
Total 1926._ 234,351 115,201 388,781 89,221 117,673 99,937 93,068 1,138,232
Total 1925,. 309,860 129,391 415,899 88,418 96,123 72,375 130.537 1,242,703
NOTE -Exports to Canada.
-It has never been our practice to include in the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is Impossible to get
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow In coming to hand. In view
however, of the numerous inquiries we are receiving regarding the matter, we will say
that for the month of August the exports to the Dominion the present season have
been 8.218 bales. In the corresponding month of the preceding season the exports
were 7.105 bales.
Sat.
Mon. Tues. Wed. Thurs. Fri.
Total.
In addition to above exports, our telegrams to-night also
11.199 16,525 38.801 15,756 10,053 13.291 103,625 give us the following amounts of cotton on shipboard, not
2,718 2.718
19,8.50 33,034 29,546 18,756 17.822 19,992 139,000 cleared, at the ports named:
4,848 5,462
9,696 20,006
6,692 7,639 8,037 9,642 7,444 10,932 50,386
On Shipb ard, N I Cleared I r
2,692 1,657 4,097 4,289 1,143 2,814 16,692
2,227
2,227
Other CoastGreat
GerLeaving
5,693 7,420 6,082 4,439 4,252 5,954 33,840
Sept. 30 at
- Britain. France. many. Foreign wise. Total. Stock.
3,6.52 3,692 4,737 4,171 2,616 5,887 24,755
583
642 1.021 1.235 1,397 1,210 6,088 Galveston
16,500 13,500 27,000 43,200 5,000 105,200 294.195
704
338 1,183
380
860 1,409 4,874 New Orleans
1,412 2,321 8,468 7,738 6,115 26.054 271.837
640
640 Savannah
31.000
5.000
500 37,100
600
89,445
1,179 1.179 Charleston
226
226
44,598
1,560
4,250
Totals this week_ 53,292 71.587 96.352 64,130 45,587 75.082 406.030 Mobile
300 6,110
28,039
Norfolk
1,153
1,153
21,012
Other ports *
2,500 1.500 3.500 4,000
The following table shows the week's total receipts,
500 12,000 782,459
Galveston
Texas City
Houston
Corpus Christi
New Orleans_ _ _ _
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
New York
Baltimore
the
total since Aug. 1 1927 and stocks to-night, compared with
last year:
Receipts to
Sept. 30.
Galveston
Texas City
Houston
Port Arthur, Sm.._
New Orleans
Gulfport
Mobile
Pensacola'
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News,&c..
New York
Boston
Baltimore
Philadelphia
Totals
1927.
1926.
This Since Aug This Since Aug
Week. 1 1927. Week. 1 1926.
Sloe!.
1927.
1926.
103,625
2,718
139,000
20,006
50.386
398,288 154,410
7,827 3,398
755.735 175,086
108,149
231,133 75,515
508,080
5,141
696,102
399,395
7,640
550,559
327.843
6,655
363.449
247,687
297.891
220,914
16,692
2,227
68,125 21,105
2,227 1,050
34,149
27,993
33,840
245,671 65,321
45,861
2,241
99
277.102
24,755
81.988 38,372
124,978
6,088
4,874
13,069 7,873
12,282 22,562
18,793
42,292
14,213
22,165
18,167
52.523
1,086
2,769
7,755
3
209,883
5,694
779
5,106
83,911
2.218
746
6,555
640
1,179
1,435
1,179
12.051
55
437
40
2,535
585
438
126,545 110,858
.
44,824
65,922
406.030 1,939.214567,704 1.979,989 1,719,428 1,288.192
Total 1927
26,972 17,321 71.121 59,788 12.641 187,843 1,531,585
Total 1926_ 41.919 36.478 50,369 82,613 23.286 234,665 1.053,527
Total 1925._ 20.455 19.788 23,928 30,184 7,780 102.135 713,115
*Estimated.
Speculation in cotton for future delivery has been leas
active than recently because of the shock which the speculation world received when prices a short time ago declined
about 450 points. But there has been a fair amount of
trading and late last week and during the forepart of the
present week prices advanced some 200 points. So that
nearly half the big decline had been recovered up to the
28th inst. Then another and sudden setback occurred. But
much of the week was characterized by strong markets, a
good deal of covering, more or less trade buying, some buying by Liverpool and the Continent, also by Japan, and with
It all a lack of hedge selling, which excited remark. It was
smaller than usual at this time of the year. Back of it all
were general and heavy rains in the western and central sections of the belt and a fear of frost in parts of Texas and
Oklahoma. That was the forecast. That it did not occcur
seemed for a time to make little difference because of the
cold rains. What the belt needed more than anything else
OCT. 11927.]
THE CHRONICLE
1859
was dry, warm weather; dry and warm to open the bolls hedge sales would increase to-day and on Friday and Saturand clear weather to safeguard the grade. Notices for day as usual at the week-end. It was not believed that the
25,000 bales of October cotton were stopped promptly in market was in a condition to absorb such selling readily.
New Orleans on the 26th inst. and the next day, according There was, it was declared, some aggressive Wall Street
to common report, most of the certificated stock here of selling.
-day prices opened lower, with the cables disappointing,
To
198,000 bales was tendered and also promptly taken. It was
taken mostly, it was understood, by the houses which issued some hedge selling and a certain amount of week-end liquithe notices, but some of it by foreign interests. The weekly dation. But the decline was speedily reined up. The foreGovernment report on the 27th inst. was generally consid- cast was for wet weather in the western and central sections
ered unfavorable as to most of its features. The outlook of the belt. Rather heavy rains prevailed in Arkansas and
for Texas was in the main reported poor, aside from the Tennessee, that is 1 to 3 inches. Missouri had 5 to 5.82
northwestern and western sections. The top crop in Louisi- inches. There was a good trade demand. Hedge selling was
ana is being taken, it stated, by the weevil and the worms. not so large as it was feared it might be. Shorts covered.
Mississippi's crop has been cut down by the weevil. Prema- Two crop estimates appeared of 13,037,000 bales to 13,606,ture opening Is reported in Georgia with some damage by 000 bales, but they showed a decrease below previous estithe weevil. In some of the most important parts of North mates from the same people of 250,000 to 401,000 bales.
Carolina it seems there is to be practically no top crop. In Rumors later in the day were that private estimates would
most sections of that State, moreover, conditions are said to be made of about 12,000,000 to 12,300,000 bales. The condibe poor to only fair on account of the weevil. The northern tion reports of 53 to 55% were 3 to 5% lower than recent
and western sections of North Carolina are promising, but reports from the same sources. Spot markets were higher.
they are the exceptions which prove the rule of something The basis was strong. The tendency of private reports was
quite the reverse for the rest of the State. Recent drought to indicate a considerable reduction in the crop of some
did harm to cotton in Alabama. Shedding is said to be very States, as for instance, Oklahoma and Arkansas. More and
general and heavy over most of the belt. It is stated that more the impression grows that the Government on Oct 8
about three-quarters of the crop is open. Weevil damage, will make a noticeable reduction in its crop estimate. The
according to private reports, is heavy in practically all sec- technical position after the drastic selling of Thursday was
tions. About 40% of the belt's packing has been done. The better. Prices show a rise for the week of 83 to 91 points.
very heavy precipitations in Texas, Oklahoma-where it Spot cotton ended at 21.08c., an advance since last Friday
had been raining for nearly a week-Arkansas, Tennessee on middling of 90 points.
and Louisiana attracted general'attention. On one day the
The following averages of the differences between grades,
rainfall in parts of Oklahoma was 4% inches. There was a as figured from the April 28 quotations of the ten markets
fear at one time that the rains in the western and central designated by the Secretary of Agriculture, are the differbelts would sweep eastward. That has not come to pass, ences from middling established for deliveries in the New
however. Some think that the rains will turn to the north- York market on May 5:
est and merely graze the eastern belt, especially the Atlan- Middling fair
1.24 onl•Middling yellow tinged
2 03 off
1.01 on I *Strict low middling yellow tinged3.31 off
tic States, if they touch that region at all. But meanwhile Strict good middling
Good
.73 on['Low middling yellow tinged_ _ _ _4.56 off
there was a good spot demand at rising prices. The basis Strict middling
middling
.48 on Good mid,light yellow stained__ _1.18 off
Basis Strict mid.light yellow stained_ _1.70 off
was conspicuously firm. In parts of Alabama it is said to Middling
Strict low middling
.96 off *Middling light yellow stained...2.68 off
be the highest for years past. It was hard to buy 1 to 1%- Low middling
2.09 oft Good middling yellow stained_ _ _1.93 off
inch cotton, according to some reports. There was a sharp *Strict good ordinary
3.31 off *Strict middling yellow staltied_2.45 off
ordinary
4.44 off *Middling yellow stained
3.28 off
demand to fill September engagements. There did not *Goodmiddling spotted
Good
23 on Good middling gray
.65 off
appear to be much call for forward delivery. And the re- Strict middling spotted
06 off Strict middling gray
1.05 off
1.00 off *Middling gray
1.58 off
ports were persistent that many of the mills were poorly Middling spotted spotted
2.01 off *Good middling blue stained____2.00 off
*Strict low middling
supplied with raw material. The trade in general was sup- *Low middling spotted
3.29 off *Strict middling blue stained._ _ _2.68 off
.11 oft
3 51 off
posed to have been rather backward in providing for their Strict good middling yellow tinged .57 off *Middling blue stained
Good middling yellow tinged
engagements.
Strict middling yellow tinged.... .98 off •Not deliverable on future contracts.
The expectation of many of the trade is that the GovernThe official quotation for middling upland cotton in the
ment report on Oct. 8 will show some decrease in the crop
est:ina,e. The last one was 12,692,000 bales. Recently some New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
Sept. 24 to Sept.
have ranged as high as 13,800,000. But this is very far from Middling upland 3020.85 21.50 21.90 22.25 21.55 21.80
being the general idea of the size of the crop. For a time
NEW YORK QUOTATIONS FOR 32 YEARS.
Liverpool was quite firm if later in the week it became more
reactionary. Manchester has been quiet. Lancashire, it
The quotations for middling upland at New York on
seems, has decided the question of output and minimum Sept. 30 for each of the past 32 years have been as follows:
prices. Worth Street has been quiet, partly owing to the 1927
21.80c. 1919
10.35c. 1903
32.40c. 1911
10.00c.
14.90c. 1918
13.75c. 1902
34.95c. 1910
8.88c.
Jewish holidays and partly owing to the uncertainty as to 1926
23.30c. 1917
1925
13.300. 1901
25.200. 1909
8.25c.
the stability of raw cotton prices. But it is said that mills 1924
25.75c. 1916
9.300. 1900
16.000. 1908
10.75c.
1923
29.40c. 1915
11.800. 1899
12.00c. 1907
6.88c.
at New Bedford are enjoying a more prosperous business 1922
20.35c. 1914
1906
9.900. 1898
5.44c.
than at any time for four years past. Manchester reports 1921
21.30c. 1913
14.20c. 1905
10.75c. 1897
6.50c.
25.500. 1912
11.45c. 1904
10.60c. 1896
that the Shanghai auctions are doing a better business at 1920
8.38c.
higher prices. Wall Street and local operators for a time
-The highest, lowest and closing prices at
FUTURES.
bought partly to cover. There was also more or less rebuy
,
ing by bulls who had recently liquidated their holdings. New York for the past week have been as follows:
One feature that attracted new attention was that the near
Saturday. Monday,
7`uesday, Wednesday. 7 hursday,
Friday.
months in New Orleans were some 10 points higher than
Sept. 24.
Sept. 26.
Sept. 27.
Sept. 28.
Sept. 29.
Sept. 30.
the same deliveries in New York and that Chicago has also
been higher than New York, though that seems less surpris- October
Range__ 20.29-20.48 20.50-21.15 21.03-21.42 21.41-21.91 20.96-21.60 20.87-21.29
Cleland_ 20.33-20.37 21.02-21.04121.40 -21.67 -21.03 -21.29ing. The premiums current in New Orleans over New York
are taken to illustrate the strength of the spot situation Nov.
Closing_ 20.50 -21.19 -21.51 -21.81and of the current basis.
21.17 -21.43On the other hand, the technical position of late has been Dec.
Range._ 20.65-20.85 20.85-21.51 21.38-21.71 21.66-22.22 21.07-21.95 21.13-21.6(
Clueing_ 20.70-20.71 21.37-21.3821.63-21.66 21.95-22.00 21.32 21.36 21.57-21.0(
weaker on a rise in the course of less than a week of 200
7
points. Liverpool began to hesitate. Its spot sales on the Jan.
Range._ 20.67-20.85 20.94-21.52 21.38-21.72 21.68-22.26 21.13-21.99 21.18-21.61
Closing_ 20.70-20.71 21.38-21.3921.69-21.71 22.01-22.06 21.37-21.40 21.60-21.61
28th inst. were only 7,000 bales. The fact that Liverpool
did not keep pace with New York attracted a good deal of Feb.
Range..
attention here. It caused more or less uneasiness. The
Closing_ 20.8221.53 -21.82 -22.16 -21.52 -21.70long account here had grown to rather unwieldy proportions, March _ 20.93-21.11 21.25-21.78
Range.
21.65-21.99 21.98-22.55 21.34-22.25 21.45-21.81
even though the outside public was not in the speculation
Closing_ 20.96-20.99 21.67-21.6921.95-21.99 22.32-22.36 21.72-21.74 21.80-21.8:
to the extent that it was recently. On the 28th inst., more- Aprff- _
Range_
over, the weather became warmer, especially in the western
Closing_ 21.06 -21.78 -22.07 -22.4121.79 -21.91 May-.
belt. The rains continues in parts of the cotton country,
Range.. 21.12-21.32 21.45-21.97 21.85-22.2322.17-22.75 21.58-22.50 21.62-22.01
but the fear of frost for the time being was dispelled. InClosing_ 21.1521.89-21.91 22.20-22.23 22.50-22.57 21.87-21.88 22.03-22.0
stead of frost in Canada, as there had been early in the June
Range..
week, there were rains. This did not escape observation.
Closing_ 21.12 -21.84 -22.13 -22.45 -21.82 -21.97 The belief that the eastern belt would escape the rains which July
Range.. 21.08-21.21 21.42-21.90 21.81-22.1022.05-22.57 21.59-22.30 21.56-21.9
had been so prevalent in the central and western belt was
Clasintr_ 21.1021.00- 07- RA-22 411 21 77 -2101.21 Ai
22
29
more or less a factor in the selling and the weakness on the
Range of future prices at New York for week ending
28th inst. On that day prices in most cases declined some
85 to 98 points, although the net decline for the day was April 29 1926 and since trading began on each option:
60 to 64. One factor was a report from the Bureau of EcoRange for Week.
Range Since Beginning of Option.
nomics at Washington putting the world's carry-over at Option for
7,838,000 bales. The report was not supposed to be any- Sept. 1927__
12.10 Dec. 4 1926 22.75 Sept. 1 1927
13.46 Dec. 4 1926 23.75
thing new. It was in essential unison with figures given Oct. 1927.. 20.29 Sept.24 21.94 Sept.28 12.75 Dec. 6 1926 23.77 Sept. 1927
Nov. 1927
Sept.
in an editorial article in the "Commercial and Financial Dec. 1927_ 20.65 Sept.24 22.22 Sept. 28 13.36 Jan. 3 1927 24.72 Sept. 1927
1927
14.11 Mar. 15
Chronicle" of Sept. 17. But it was 600,000 bales larger than Jan. l928. 20.67 Sept. 24 22.26 Sept. 28 18.19 July 12 1927 24.77 Sept. 1927
Feb. 1928
1927 23.73 Sept.
estimate of the carry-over. The market was Mar. 1928- - 20.93 Sept.24 22.55 Sept.28 14.75 Apr. 4 1927 4.99 Sept. 1927
a New Orleans
1927
18.35 July 12 1927 22.67 Aug. 31 1927
In a mood to make something of it. Mainly, however, it was Apr. 1928
May 1928..
17.32 Aug. 3 1927 25.07
technical position and some increase June 1928 21.12 Sept. 24 22.75 Sept.28 21.77 Sept. 11 1927 21.77 Sept. 8 1927
a case of a weakened
Sept. 19 1927
in hedge selling. Moreover, it was taken for granted that July 1928.. 21.08 Sept.24 22.57 Sept.28i7.94 Aug. 5 1927 24.70 Sept. 8 1927
1860
THE 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.
Sept. 30Stock at Liverpool
Stock at London
Stock at Manchester
1927.
bales_1,006.000
1926.
765,000
1925.
420,000
56,000
27,000
22.000
1,094,000
821,000
447,000
329,000
162,000
6.000
87,000
24,000
56,000
94,000
3.000
25.000
10,000
78,000
73,000
2.000
39,000
7,000
5,000
1,000
The above total shows that the interior stocks have
increased during the week 123,011 bales and are to-night
96,718 bales less than at the same time last year. The
receipts at all the towns have been 10,119 bales less than
the same week last year.
MARKET AND SALES AT NEW YORK.
1924.
320,000
88,000
[VOL. 125.
Total Great Britain
took at Hamburg
tock at Bremen
tock at Havre
tock at Rotterdam
tock at Barcelona
took at Genoa
took at Ghent
tock at Antwerp
Total Continental stocks
608,000
188,000
205,000
Total European markets
1,702,000 1,009,000
India cotton afloat for Europe
113,000
96,000
American cotton afloat for Europe 431.000 539,000
Egypt,Braril.&c.AfloatforEurope 106,000 113,000
Alexandria, Egypt
Stock in
299.000 168,000
Stock in Bombay, India
335,000 326.000
Stock in U. S. ports
a1,719,428a1,228,192
Stock in U. 6.1nterior towns_ ___ a647,605 a744,323
3,045
U. S. exports to-day
Closed.
342.000 Saturday_ _ _
Monday
1,000 Tuesday __ _
62,000 Wednesday_
61.000 Thursday _ _
4,000
36,000 Friday
16,000 Total week_
3,000 Since Aug. 1
1,000
652,000
73,000
737,000
103,000
120,000
425,000
815,250
957,762
184,000
Futures
Market
Closed.
Spot market
SALES.
Spot.
Quiet, 5 pts. dec Steady
Steady.65 pts. adv. Steady
Steady, 40 pts. adv. Very steady
Steady, 35 pts. adv.. Barely steady
Quiet, 70 pts. dec.. Steady
Steady.25 pts. adv. Steady
1,000
1,000
214
200
214
200
1,414
53,486
--- 1,414
400 53,886
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:
526,000
26,000
545,000
116,000
100,000
400,000
-1927
Sept. 30- •
547,937
Since
603,535 ShippedWeek. Aug. 1.
Via St. Louis
4.581
26,530
Via Mounds. dtc
2,505
15.334
Total visible supply
5,356,078 4.283,515 3,883,012 2,864,472
Via Rock Island
44
Of the above, total of American and other descriptions are as follows:
Via Louisville
866
3,504
American
Via Virginia points
5,351
43.147
Liverpool stock
bales_ 676.000 362,000 118,000 117,000
Via other routes, dec
4.700
45,806
Manchester stock
75,000
43,000
22,000
14,000
Continental stock
556.000 139,000 155.000 143,000
Total gross overland
' 18,003 134,365
American afloat for Europe
431,000 539,000 737,000 545,000 Dedurt Shipments
U. S. port stocks
01,719,42801,288,192 815,250 547,937
Overland to N. Y., Boston, &c___ 1,819
14,720
U. S. interior stocks
a647,605 a744,323 957,762 603,535
Between interior towns
397
3,391
U. S. exports to-day
3,045
Inland, &c.,from South
14,088
86,701
Total American
4,108,078 3,115,515 2,805,012 1,970,472
Total to be deducted
16,304 104,812
-----1926
Since
Week. Aug. 1.
6,832
46,740
4,550
20,605
267
1,315
366
4,925
6.646
44,126
17,806
58,746
36,467
330,000
403,000
302.000
203,000
13,000
52.000
113,000
13,000
49,000
96.000
113,000
168,000
326.000
5,000
50,000
73,000
103.000
120,000
425,000
8,000
41,000
26,000
116,000
100,000
400.000
106,000
299,000
335.000
Total East India, &c
Total American
1,248.000 1,168.000 1,078,000 894,000
4.108,078 3,115,515 2,805,012 1,970,472
Total visible supply
5,356,078 4,283.515 3,883,012 2,864,472
11.57d.
Middling uplands, Liverpool _ _
7.29d. 12.72d.
15.23d.
Middling uplands, New York.
21.80c.
14.30c. 23.180. 26.180.
19.954. 17.764. 30.30d. 26.404.
Egypt, good Sakel, Liverpool
Peruvian, rough good, Liverpool- 13.254. 14.004. 24.004. 22.00d
10.25d.
Broach, fine, Liverpool
7.20d. 11.55d. 13.00d.
Tinnevelly, good, Liverpool
10.65d.
7.754. 11.954. 13.90d.
a Houston stocks are now included In the port stocks; prior to 1926
they formed part of the interior stocks.
Continental imports for past week have been 98,000 bales.
The above figures for 1927 show an increase over last
week of 357,674 bales, a gain of 1,072,563 over 1926, an
increase of 1,473,066 bales over 1925, and an increase of
2,491,606 bales over 1924.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
below:
Movement to Sept. 30 1927.
Receipts.
Towns.
Ship- Stocks
ments. Aug.
Week.
5.
Movement to Oct. 11926.
Receipts.
Ship- Stocks
meats. Oc'.
Week. Season. I Week.
1.
Week.
Season.
.8573
3,000
6,401
5,571
3,193
2,09
3.42
5,698
.II
10,000
4,121
5,683
1
342
4,000
6.426
19,966
1.583
3,068
2,810
11,272
15.851
3,752
15,785
3,514
3,627
1,577
1.802
4.518
661
126
6,647
9.C.,GreenvIll
Greenwood'.
Tenn.,Memph
44,559
Nashville x
Texas, Abilene_ 4:264
Austin
1,443
Brenham.... 2.119
Dallas
5,00
Ft. Worth a_
Parts
5,50
Robstown_
4
San Antonio_ 1,479
Texarkana
3,754
Waco
7,234
13,097 4,228 7,837 3,825
548 4,625
5.333]
13,983 1,000 12,386 1,500
7.193 1,166 4,603
42,548 3,633 38,179 11,976
33.304j 10,421 15.328
36,608 2,313 32,193 8,217
26,112 3,46 21,363
4,719
980 8.13
2,720
209 3,492
-_
5,793 1,3
9,i i 6,834
14.799
86 27,967
14,070 3,738 6,097
---1,160
2
1,676
41,114 10,486 46,413
18,823 4,798 17,607 18,806
8,166 2,951 3,020___
10,423 2,700 14.068 9:307
20,25
3:1362 36:411
574
__ __
79
355
----- _ _
327 2,342
774
3.955
4,24
7
3,180
12,022 1,
10,221 1,672
4,807
82
3.369
15,580 2.161 14,947 7,596
17,564 2,43 16,339
96,665 3,469 77,716 25,018 101,545 8,861 68,232
914 1.923 2,970
5,401
9,823 2,252 3,510
29,165 2,347 7,773 7,504
24,883 5,504 9,142
4,791 2,750 3,774 1,1
2.248
71 1 7.863
34,726 5,345 30,723 12,2471 24,357 8,881 23,748
47,118 4,735 48,095 14,756
40,636 3,848 76.343
11.461 2,299 8.175 3,271
5,622 1,137 4,156
38,275 13,333 29,352 13,39
32.974 3,103 83,769
21,372 2.172 14,583 5,5
18,081 2,798 10,773
18.591 1,200 15,520 2,812
9,587 2,321 8,159
4,778
397 4,129 3,1241
7.617 1,393 15.243
4.770
11: 4.521 4,183
10,321
266 17.046
24,927 4.581
134 8,150
46,041 8,63 10,436
4.539
967 22,410
42
5,092
949 11,802
61
226
426
460j
460
_ --974
1,60
3,999
659 3,853
5,66
7,657 3,872 5,008
7,208 3,802 10,833
5.21
50.814 15.957 29,915
34.589 5,809 23.219 2.663
35,332 7,132 25.573
104
_ __1,608
----125,751 19,079 92,461 81,322 175,897 30:910 162,147
108
1.35.
191
-457
756
6.881 4,54:
10,289 3,800 1,671 4.889
9,430 2,514 1,557
11.016 2,105 2,76
2,9351
9.182 2,661 4,637
984 9,871 2,793
12,101
9,051 5,0271 6,843
15.242 3,689 8,934 5.8341
_ _ _ _ 4.6191
8,451 3,659 4.635
5,270 2,78
19,355 4,696 3,717 3,445
1,518
637 5,303
29.378
36,086 4,208 4,097
23.474 1,258 4.208 3,780
9,919 2,239 5,709
38,191 6.955 10.523
Total. 57 tnyrn 271103R
022 155142 905547 Mc2811 15
Abi,,B1rmlng'm
Satan%
Montgomery.
Selma
Ark.,Blytheville
Forest CityHelena..
Hope
Jonesboro_ _ _
Little Rock_
Newport_ _Pine Bluff__ _
Walnut Ridge
Ga., Albany__
Athens
Atlanta
Augusta
Columbus_ _
.
Macon
Rome
La., Shreveport
Miss.,Clarksdal.
Columbus...
Greenwood...
Meridian. _
.
Natchez
Vicksburg_..
Yazoo City_ _
Mo., St. Louis_
N.C.,Greensb'ro
Raleigh
Okla., Altus x
Chickasha x_
Okla. City x_
29,037
15 tovms*
829.887156.88674" 923
Leaving total net overland *
1.699
11,613
3,159
107,884
9,182
122,656
27,285
29,553
176,457
3,012
493
5,677
East Indian. Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continent11 stock
Indian afloat for Europe
Egypt, Brazil, Sze., afloat
Stock in Alexandria, Egypt
Stock in Bombay. Indla
Contr'ct Total.
53,801
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 1,699 bales, against 27,285 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 24,248 bales.
1927
1926
Since
Week.
Aug. 1.
Receipts at ports to Sept. 30
406,030 1,939.214 567,704 1.979,989
Net overland to Sept. 30
1,699
29.553 27,285
53,801
Southern consumption to Sept.30. 95,000
956,000 92,000
806,000
Total marketed
502.729 2,924.767 686,989 2,839,790
Interior stocks in excess
123,011
274,653 112.908
176,400
Excess of Southern mill takings
over consumption to Sept. 30_
*224,707
*145,196
Came into sight during week.
.625.740
709,897
Teta' in sight Sept. 30
2,974.713
2,870.994
Nor.spinners'takings to Sept. 30_ 31,188
171,311 32,475
303,541
/n Sight and Spinners'
Takings.
Week.
Since
Aug. 1.
*Decrease.
Movement into sight in previous years:
Week1925
-Oct. 3
-Oct. 4
1924
-Oct. 5
1923
Bales.
Since Aug. 1689,225 1925
510,459 1924
500,684 1923
Bales.
3,509,840
2,539,055
2.594,776
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
Sept. 30.
Closing Quotations for Middling Cotton on-Saturday. Monday. Tuesday. Warday. Thursd'y. Friday.
Galveston
20.75
New Orleans- - _ 20.56
Mobile
20.10
Savannah
20.45
Norfolk..
20.69
Baltimore
20.50
Augusta
20.38
Memphis
19.75
Houston
20.70
Little Rock19.75
Dallas
19.80
Fort Worth_ - -
21.45
21.18
20.75
21.12
21.38
20.80
21.00
20.40
21.35
20.40
20.50
20.50
21.70
21.55
21.00
21.44
21.63
21.10
21.38
20.65
21.65
20.65
20.75
20.80
22.05
21.98
21.50
21.84
22.00
21.50
21.81
21.00
22.00
21.00
21.10
21.15
21.45
21.34
20.90
21.19
21.50
21.90
21.31
20.35
21.35
20.40
20.45
20.45
21.70
21.56
21.15
21.42
21.63
21.35
21.44
20.60
21.60
20.85
20.70
20.70
NEW ORLEANS CONTRACT MARKET
Saturday,
Sept. 24.
October__ _
December_
January _ _
March
May
July
Tone
Spot
Options
Monday.
Sept. 26.
Tuesday, Wednesday, Thursday,
Sept. 27.
Sept. 28.
Sept. 29.
Friday,
Sept. 30.
20.54-20.56 21.18-21.19 21.4721.49 21.88 21.23 bid 21.45 bid
20.75-20.80 21.41-21.44 21.68-21.70 22.05-22.14 21.43-21.45 21.83-21.88
20.78-20.80 21.46-21.48 21.72-21.73 22.12-22.17 21.47-21.49 21.88-21.73
21.0221.70-21.74 21.95 -- 22.40-22.42 21.70 -21.9021.1421.81-21.84 22.06-22.07 22.50 21.70-21.80 21.9621.05-21.08 21.68-21.70 21.93 ---- 22.25-22.30 21.50-21.55 21.85 bid
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph this evening denote that the weather
was too cool the early part of the week but that the latter
part temperatures have been much higher. Rainfall has
been general in the western part of the cotton belt but in
the eastern part there has been very little rain. The
condition of the crop has not changed much during the week,
varying greatly according to the locality.
-Cotton is opening rapidly in this State and picking
Texas.
and ginning are progressing satisfactorily. The state of the
crop has changed very little during the week.
-The weather during the week has been dry
Mobile, Ala.
and nights have been cool. Picking is nearly finished.
Thermometer
Rain. Rainfall. 3 days 0.49 in. high 86 low 71 mean 79
2 days 2.52 in. high 88 low 48 mean 68
1 day 0.01 in. high 98 low 54 mean 76
1 day 0.62 in. high 90 low 72 mean 81
2 days 0.20 in. high 88 low 76 mean 82
3 days 1.52 in. high 94 low 52 mean 73
high 96 low 48 mean 72
dry
3 days 2.04 in. high 90 low 46 mean 68
2 days 1.44 in. high 94 low 52 mean 73
1.74 in. high 90 low 52 mean 71
1 day
2 days 0.06 in. high 94 low 60 mean 77
2 days 0.58 in. high 88 low 52 mean 70
2 days 0.89 in. high 94 low 56 mean 75
3 days 2.18 in. high 88 low 52 mean 70
1 day 0.52 in. high 92 low 62 mean 77
low 54
2 days 0.93 in
2 days 0.54 in. high 90 low 48 mean 68
6 days 2.33 in. high 93 low 48 mean 71
5 days 3.24 in. high 89 low 44 mean 67
7 days 4.58 in. high 87 low 49 mean 68
5 days 2.36 in. high 84 low 38 mean 61
2 days 1.12 in. high 89 low 58 mean 74
2 days 1.58 in. high 92 low 52 mean 72
3 days 0.67 in. high 84 low 60 mean 72
2 days 0.89 in. high 90 low 60 mean 75
2 days 1.90 in. high 90 low 53 mean 72
1 day 0.08 in. high 88 low' 44 mean 66
mean 78
3 days 0.45 in.
3 days 1.17 in. high 89 low 58 mean 74
2 days 0.54 in. high 91 low 46 mean 69
1 day 0.01 in. high 88 low 54 mean 71
dry
high 88 low 52 mean 74
1 day 0.16 in. high 86 low 46 mean 66
high 89 low 55 mean 72
dry
dry
high 92 low 54 mean 73
dry
high 90 low 61 mean 76
1 day 0.05 in. high 90 low 59 mean 75
2 days 0.09 in. high 83 low 56 mean 70
high 90 low 50 mean 70
dry
1 day 0.02 in. high 88 low 55 mean 72
high 91 low 44 mean 68
dry
high 81 low 59 mean 70
dry
dry
high 89 low 45 mean 67
low 50
dry
dry
high 87 low 50 mean 69
dry
high 88 low 49 mean 67
dry
high 86 low 54 mean 70
high 84 low 45 mean 65
dry
3 days 0.42 in. high 85 low 57 mean 71
Galveston, Tex
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston, S.0
Greenwood
Columbia
Conway
Charlotte, N. C
Newborn
Weldon
Memphis, Tenn
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1927.
Above zero
Above zero
Above zero
Above zero
Above zero
Sept. 30 1927.
Feel.
of gauge_
2.8
of gauge8.1
of gauge_
6.8
of gauge_
5.8
of gauge_
13.0
1926.
Since
Week. Aug. 1.
September 29.
Receipts al
-
Since
Week. I Aug. 1.
Since
Week.tAug
7,000
124,000
Since August 1.
For the Week.
Exports.
1925.
7,0001 128.000
8.0001 142,000
Bombay
I
Great I Conti- Japan &
Great 1Con1i- 'Japan&
Britain. nerd. China. Total. Britain. I nest. I Chine.
Total.
Bombay,
1,000 14,000 10,000 25,000
1927
17,000 2,000 19,000
1926
11,000 11,000
1925
Other India
9,000
3,000 6,000
1927
28,000
1,000 27,000
1926
3,000
3,000
1925
12,500 102,000
MOO 80,000
22,000 70,000
Total all
1927
1926
1925
21,5001 158,000 128,000 307,000
8,000, 141,000 130,000 279,000
28,000 137,000 84,000 249,000
4.000 20,000 10,000 34,000
1,000 44,000 2,000 47,000
3,000 11,000 14,000
9,000
1,000
6,000
56,0001 128,000 193,000
61,000' 130,000 192,000
67,000 84,000 157,000
•
114,000
87,000
92,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
1,000 bales. Exports from all India ports record a decrease
of 13,000 bales during the week, and since Aug. 1 show an
increase of 28,500 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
--We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
1861
THE CHRONICLE
OCT.1 1927.]
Oct. 1 1926.
Feet.
7.0
22.9
7.9
8.6
20.5
Alexandria, Egypt,
September 28.
1927.
1925.
240,000
74R :lig
Receipts (cantors)
This week
Sinew An
1_ _ _ _ _ _ _
1926.
165,000
‘11R R1A
225,000
71e. A91
This Since
Week. Aug. 1.
This Since
This Since
Week. Aug. 1. Week. Aug. 1,
5,000 12,745
To Liverpool
To Manchester, &c
---_ 12,691
To Continent and India_ 5,000 45,924
To America
6,000 20,899
4,750 25.215 6,250 13,757
____ 16,600
____ 8,051
7,250 33,674 5,250 25,546
1,250 8,719
600 6,374
Exports (bales)-
RECEIPTS FROM THE PLANTATIONS.
-The fol16,000 92.259 13,250 84,208 12.100 53,72
Total exports
lowing table indicates the actual movement each week from
Note.
-A canter is 99 lbs. Egyptian ba on weigh about 750 lbs.
the plantations. The figures do not include overland reThis statement shows that the receipts for the week ending Sept. 28 were
ceipts nor Southern consumption; they are simply a state- 240.000 cantars and the foreign shipments 16.000 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.
cloths and yarns is steady. Merchants are buying very
spa-in2,1y. We give prices to-day below and leave those for
Receipts at Ports.
Stocks at Interior Towns. Receiptsfrom Plantations previous weeks of this and last year for comparison.
Week
Enda
1927.
1926. I 1925.
1928.
1925.
1927. 1 1926.
471,66
449,131
412,498
392.271
374,492
987,093
952,467
917,992
884,9121
819,353
213.7
195,424
183.524
170,236
180,605
5,512
16,263
376,345
359,809
349.011
336,511
542,251
522,013
511,748
496,117
150.547 47,129
164,545 67,488
191,601 98.132
270,980 131,450
336,614
371,441
421,61
524,594
f,47,605
488,127
490,340
533,485
631,415
744,323
357,322248,152 179.901336,359
525,502296.300 211,014379,797
643,994 370,122 373,572,473,097
872.1051437,813508,164554,001
957.762529.041680,612580,130
1927.
I
1925.
1927.
1926.
July
36.843 53,126 18,514
8-- 38,801 37,067 18,245
15.- 34,923 86,882 22,774
22._ 30,270 37,161 21,742
35,602 85.222 45.020
Aug.
45,276 53,306 41,207
12_ 84,022 73,869 43,254
19,_ 108.930 87,880 93.836
28...143,950113,195148,566
Sept.
248,049 187,891 250,017
9_.261.473208,801211.019
16..319,94 330,427358.850
23..334,837410,234325,890
30_406,030 567,704494,293
9,037
325 Cop
Twist.
2,407 11.886
10,043 4,081 8,454
12.823 19.663 35,388
d.
834 Lbs. Shirt- Cotton
ing*, Common Middrg
to Finest.
Uprds
d.
v. d
d.
32s Cop
Twist.
tl.
855 L6s. Shirt Cotton
(rigs, Common
to Finest.
Ultrds
d. s. d.
July
22,217 31,149
53,631 57.252
77.615120.892
97.800 227,659
14H@IelSi 13 0
15 018ii 13 0
la__ _ 15341017 13 1
1534417k 13 4
1534101734 13 4
August
1534 @l7if 13 2
17 (019 13 5
16H(017A 13 5
165( 5418 14 0
26.
Sept.
18 019 13 6
18 @,19 13 8
1734 1019 13
17ii@l9 13 3
17i4019ii 13 4
s. d.
d
.
@13 3
5413 3
0
,13 4
(A.13 6
0.13 6
9.11
9.17
9.85
9.91
10 05
143iig16H
14%@IBM
145i@l6h
143i5i,16%
15 41655
13 1
13 0
13 0
13 0
13 0
1013 4
5413 2
Ci13 2
Cy13 2
a13 2
9.26
9.60
9.92
9.93
10.02
5113 4
013 7
0+13 7
@l4 2
9.47 15 @113,i
10.40
1834
10.60 1.5344416%
11.15 1434 Vo113%
130
13 0
130
13 2
(Eb13 2
@13 2
@134
en 4
9.74
9.35
9.58
10.17
12.34
@140
The above statement shows: (1) That the total receipts
13 4 @136
10.07
12.67
(t..14 0
13 4 1013 8
10.16
from the plantations since Aug. 1 1927 are 2,213,867 bales:
11.53
@l4 0
13 4 gi/13
9.52
in 1926 were 2,187,503 bales, and in 1925 .were 2,760,336
@,13 5
11.20
13 3 @l3 5
8.43
(0 13 8
11.57
12 6 013 2
7.79
bales. (2) That although the receipts,at the outports the
past week were 406,030 bales, the actual movement from
SHIPPING NEWS.
-As shown on a previous page, the
plantations was 529,041 bales, stocks at interior towns exports of cotton from the United States the past week have
having increased 123,011 bales during the week. Last year reached 154,923 bales. The shipments in detail, as made
receipts from the plantations for the week were 680,612 up from mail and telegraphic returns, are as follows:
bales and for 1925 they were 580,130 bales.
Bales.
NEW YORK
-To Glasgow-Sept. 25-Canseronia, 183
183
To Bremen-Sept. 22-Lutzon, 100---Sept. 23
WORLD SUPPLY AND 'TAKINGS OF COTTON.
--Dresden, 315
...Sept. 26-Seycilitz, 10..-sept. 27-iVIuenchen, 155
670
The following brief but comprehensive statement indicates
To Barcelona-Sept. 22-Montevideo, 750
750
To Corruna-Sept. 24-Alfonse VIII.,600
at a glance the world's supply of cotton for the week and
600
To Gothenburg-Sept. 23-Drottingholm, 50
50
since Aug. 1 for the last two seasons, from all sources from
To Havre-Sept. 26
-Suffern, 299.._ _Sept. 27-Sarcoscie, 29.._
328
which statistics are obtainable, also the takings or amounts
To Antwerp-Sept.23-Belgenland. 200
200
To Bombay-Sept. 28
-City of Birmingham. 100
100
gone out of sight for the like period.
NEW ORLEANS
-To
Cotton Takings.
Week and Season.
1927.
Week.
Season.
1926.
Week,
Season.
4,998,404
3,789,181
Visible supply Sept. 23
4,961,754
Visible supply Aug. 1
3,646,413
American in sight to Sept. 30... 625,740 2,974,713 799,897 2,870,994
8,000
142,000
Bombay receipts to Sept. 30_ - _ _
7,000
128,000
9,000
114,500
28,000
Other India shipm'ts to dept. 29
87.000
48.000
169,860
Alexandria receipts to Sept. 28..
33.000
83,400
Sept. 28-*_6_
18,000
135,000
Other supply to
15,000
175,000
Total supply
Dedu t-'
Visible supply Sept. 30
5,707.144 8,497,827 4,672,078 6,990,807
5,356,078 5,356,078 4,283,515 4,283,515
351,066 3.141,749 388,563 2,707,292
Total takings to Sept. 30_a_
282.066 2,256,389 366,563 1,999,892
Of which American
69.000
885.360
Of which other
22,000
707.400
*Embraces reports in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 956,000 bales in 1927 and 806.000 bales in 1926
-takings
not being available-and the aggregate amounts taken by Northern and
foreign spinners, 2.185,749 bales in 1927 and 1,901,292 bales in 1926, of
which 1,300,389 bales and 1,193,892 bales American. b Estimated.
Barcelona-Sept. 22-Cardonia, 1.850
1,850
To Genoa-Sept. 23-Montello,2,763
2,763
To Colon-Sept.23-Suriname,2
2
To Havre-Sept. 27-Carplaka, 1,232
1,232
To Ghent
-Sept. 27-Carplaka, 1,500
1,500
To Venice-Sept. 27-Tergestea, 2,492
2,492
To Trieste-Sept. 27-Tergestea, 200
200
To Liverpool
-Sept. 29
-Hessian, 3,095
3,095
To Manchester-Sept.29-11elan,480
480
To Bremen-Sept. 28-Raimund, 4,054
4,054
To Bergen-Sept. 29
-Tampa, 100
100
HOBSTON-To Bremen-Sept, 22-Tenberge.n, 6,128_ --Sept.
26-Anselma de Larrinaga.3,079_ __Bert.27
-Nile,5,337_ _ _
Sept. 28
-Emergency Aid, 2,123
16,667
To amburg-Sept. 2 -Tenbergen, 200
200
To Havre-Sept. 24
-Lowther Castle, 4,200
4,200
To Ghent-Sept. 24
-Lowther Castle, 1,208
1,208
Larrinaga, 2,449..
To Liverpool-Sept. 26
-Sylvia de
.Sept.
-64
28-Oranian, 3,821
6,270
To Manchester-Sept. 26
-Sylvia de Larrinaga, 215
215
To Copenhagen-Sept. 27-Svanhild, 1,200
1,200
To Rotterdam Sept. 27-Beeniskerdijk, 1,254
1,254
To Japan-Sept. 26
-Edenton, 2.750
2,750
-Edenton, 3,800
To China-Sept. 26
3.800
-Sept. 28-NIcolo Odero, 1,673-__Sept. 27To Genoa
Labette, 1,658
3,331
-Mar Caribe, 2,586
To Barcelona-Sept. 28
2,586
To Venice-Sept. 27-Labette, 2,051
2,051
1862
THE CI I RONICLE
Bales.
GALVESTON-To Oporto
-Sept. 22
-West Choate,476
475
To Genoa
-Sept. 23
-Teresa Oder°, 3,147
3.147
To Bremen-Sept. 23-Tenbergen, 5,468
5,468
To Havre-Sept. 28
-Youngstown, 3,616
3.616
To Rotterdam-Sept. 28
-Youngstown, 79
79
To Copenhagen-Sept. 27-Svanhild, 410
410
To Japan-Sept. 27-Asuka Meru, 7,950
7,950
SAVANNAH-To Bremen-Sept. 24-Yselhaven. 3.249; Beckonhelm, 2,320
5,569
To Rotterdam-Sept. 24-Yselhaven, 516
516
To Hamburg-Sept. 24-Beckenheim,218
218
To Genoa
-Sept. 24-Monviso,351
351
To Barcelona-Sept. 24-Monviso, 950
950
To Japan-Sept. 26
-Italy Meru,500
500
PENSACOLA-To Liverpool
-Sept. 22
-Maiden Creek, 538
538
To Bremen-Sept. 22
-Federal, 1.489
1.489
To Rotterdam-Sept. 22
-Federal, 200
200
CHARLESTON-To Liverpool
-Sept. 26-Romanby, 4,417
4,417
To Manchester
-Sept. 26-Romanby, 1,767---Sent. 27agmer c. 249
2,016
To Rouen-Sept. 29-Hornby Castle, 52
52
To Hamburg
-Sept. 26
-Fluor Spar, 444
444
To Havre-Sept.29-Hornby Castle,69
69
To Bremen-Sept. 26
-Fluor Spar, 4,900
4,900
To Ghent
-Sept. 29-Hornby Castle, 714
714
To Rotterdam-Sept. 26
-Fluor Spar. 75
75
To Antwerp-Sept. 29-Hornby Castle, 1,315
1,315
To Barcelona-Sept. 27-MonvLso, 1,400
1.400
To Genoa-Sept.27-Monviso,200
200
To Japan-Sept. 29
-Chickasaw City. 500
500
MOBILE
-To Liverpool
-Sept. 27
-Maiden Creek, 5,093
5,093
To Manchester
-Sept. 27
-Maiden Creek, 136
136
To Bremen-Sept. 23
-Hastings, 8,788---Sept. 26
-Federal,
3.396
12,184
To Genoa-Sept. 24
-Liberty Bell, 200
200
CORPUS CHRISTI
-To Havre-Sept.24
-Brave Coeur,3,224_
-Spectator,3,379
Sept. 26
6,603
To otterdam-Sept. 24
-Brave Coeur, 1,150
To Ghent
-Sept. 24
-Brave Coeur, 378
'378
To Trieste-Sept. 24-Labitte, 50
50
To Barcelona-Sept. 24
-Brave Coeur, 96
96
To Genoa-Sept. 24-Labette, 1.984
1,984
To Venice-Sept. 24-Labette, 49
49
To Japan-Sept. 29-Neptunian, 8.701
8,701
To China-Sept. 29--Neptunian 995
995
SAN PEDRO--To Bremen-Sept. 22
-Albert Voggler, 300
300
NORFOLK
-To Manchester-Sept. 30-Davisian, 1,050
1,050
To Liverpool
-Sept. 30-Davisian, 550
550
To Bremen-Sept. 30
-Hannover, 1.445
1,445
Total
154,923
•
[Vol.. 125.
sentiment inclined to the bear side at the end. The increaem
in the visible supply with 13,000,000 bushels more on pawage in Europe than last year tended to check buying. Canadian farmers sold 3,306,000 bushels on the 24th inst., against
1,336,000 on the same day last year. This caused comment.
Early in the week severe frosts were reported in northern
Wisconsin, western Iowa, upper Michigan and parts of Kansas. Many cities in Minnesota and the Dakotas reported
temperatures 20 to 30, with the lows at Devils Lake, N. Bak..
16, and at Minot 11, it was declared, though this looked like
a mistake.
On the 27th inst. prices advanced 14 to le., despite a sharp
break in corn. Still, better weather in Canada restricted
the advance. Also, the Liverpool cables were lower. The
export demand was not sharp. It did not take up the slack.
Hedging sales for the Northwest also told. Spring wheat
receipts were still large. Country marketings in Canada
increased daily. Rains in Argentina at least partly relieved
the drought there. On the other hand, shorts were glad
enough to cover on reactions. Drought still prevailed in
Australia. It was not generally claimed that the drought
in Argentina had been effectually broken. And if common
and medium grades, especially of spring wheat, were not
readily salable except at a reduced basis the choice milling
descriptions were still in excellent demand at firm and high
premiums. And that in the face of such large receipts at
the Northwest the market should have advanced even fractionally was considered significant. Lack of a good export
demand, the rains in Argentina and the large Northwestern
crop movement were powerless to break the market. Why?
The position seemed oversold. Liverpool declined less than
was due. Imports by the Continent last week were relatively small. They were 5,456,000 bushels, against 7,472,000
in the previous week and 6,184,000 last year. The persistent drought in Australia, it is feared, will cause a decrease
in the crop there.
LIVERPOOL.
-Sales, stocks, ezc., for past week.
Present indications point to smaller import requirements
Sept. 9. Sept. 16. Se- 23. Sept. 30.
pt.
Sales of the week
54,000
50,000
37.000
39,000 and smaller export surpluses in 1027-28 than in 1926-27, acOf which American
31,000
26.000
22,000
24.000 cording to the Food Research Institute of Sanford UniverActual exports
3,000
2,000
3,000
2,000
Forwarded
61,000
58,000
55,000
52,000 sity. Western Europe and North America apparently have
Total stocks
1,055,000 1,042,000 1,010,000 1,006.000 somewhat larger crops than last year, though
the harvest
Of which American
733,000 713,000 688,000 676.000
Is not yet complete. India and North Africa have crops
Total imports
22,000
43.000
29,000
44,000
Of which American
5,000
19,000
7,000
30,600 only slightly larger, and in Russia and the Danube Basin
Amount afloat
153,000 151,000 148,000 147,000
production is smaller. If the Canadian crop fulfills its
Of which American
46,000
49,000
53,000
54,000
The tone of the Liverpool market for spots and futures present promise and only an average crop is harvested dureach day of the past week and the daily closing prices of ing the winter in the Southern Hemisphere the crop year
1926-27 promised to be a normal wheat year. Liverpool
spot cotton have been as follows:
claimed that the Argentine drought had been broken and
Spot.
Saturday. Monday.
Tuesday. Wednesday. Thursday.
added that the acreage of 19,480,000 acres is the highest on
Friday.
record there. It is said that millions of bushels of short
Market,A fair
12:15 {
Dull.
Quiet.
Moderate
wheat sold some time ago as a hedge against purchases of
business
Moderate
Quiet.
P.M.
demand,
doing.
demand.
corn by local operators have been covered in the'past few
11.33d.
MId.lJprds
(lays, and equal quantities of cor nhave been sold out, giving
11.454.
11.84d.
11.81d.
11.83d. 11.57d.
the wheat market considerable support and offsetting the
Sales
3,000
6,000
7,000
8,000
7,000
6,000
effect of the sharp decline in corn. On the 29th inst. prices
Futures.
Steady
Steady Very ste'dy Steady
Steady
Steady,
declined 1%c, Liverpool was weak. Northwestern interMarket j 17 to 2Opts. 9 to 14 pts. 21 to 25pts. 3 to 8 pts. 1010 13pts. 21 to 23pts.
ests were selling. Rains in Argentina and Australia deopened I advance, advance, advance, advance, advance.
decline.
pressed British markets. Export sales were stated at 400,Firm
Market. {
Quiet
Quiet
Q't but sty Q't but st'y
Buy,
4
15 to 18pts. 30 to 32pt8. 15 to 19pts. 5 to 7 pts. 2 to 10 pts. 29 to 32pts. 000 bushels. But they say they were really much larger
P. M.
advance, advance, advance, advance, advance.
than that. Country marketings were very large. Canadian
decline.
Prices of futures at Liverpool for each day are given below: weather was for the most part good. Winnipeg reported a
better cash demand. Red winter wheat in this country was
Sat. 1 Mon.
Tues. I Wed. I Thurs. I
in excellent demand. Hard wheat was rather weaker on
Fri.
Sept. 34
to
125( 1214 1214 4:00 1214, 4:00 1214 4:00 1214 4:00 1214) 4:00 the basis.
Sept. 311.
To-day prices ended rather irregular. Chicago was 2 c.
F. m.P. m.P• m•P. m•P. m•P. m•P.ta•P• In• P. lw• P. m•P. m.P. m.
/
1
2
lower to / higher. Winnipeg fell 11
1c.
2
hc. New York was
it. I d. I d. I d.
d. I d.
d.
d. I d.
d. I d. I d.
September... _ _
10.86 11.00 11.17 11.39 11.3511.41 11.41 11.4311.43 _ _
1c.
2
_ / lower to / higher. Chicago at one time was down
1
2
c.
October
10.82 10.97 11.1411.36 11.32 11.37 11.37 11.43 11.43 11.17 11.12 21Ac.
on September. September in Chicago and October in
November _ _ _ _
10.83 10.98 11.1 11.37 11.33 11.38 11.39 11.45 11.45 11.20 11.15
December
10.88 11.04 11.2011.43 11.39 11.44 11.45 11.51 11.51 11.26 11.22 Winnipeg showed the effects of heavy selling. It was an
January
10.93 11.09 11.25 11.48 11.44 11.48 11.50 11.55 11.56 11.31 11.26 erratic affair.
Yet,on the whole it was not without a cer_ 10.93 11.09 11.25 11.48 11.44 11.48 11.5011.55 11.56 11.30 11.26
February
March
_ 10.97,11.13 11.29 11.52 11.48 11.52 11.54 11.59 11.60 11.3411.30 tain stamina, though sentiment might be divided and the
11.4711.51 11.53 11.58 11.5911.33 11.29 news not very
_ 10.97,11.13 11.29
April
clearly defined one way or the other. Still,
_ 11.00,11.16 11.32 11.54 11.50 11.53 11.5611.61 11.6211.37 11.32
May
10.96 11.1111.27 11.4911.45 11.47 11.5011.57 11.5811.33 11.37 the cables were better. That caused some buying. So did
June
10.9311.08 11.24 11.46 11.41 11.43 11.47,11.55 11.56 11.31 11.25 rains in Kansas and
July
a wet forecast for that country. They
10.83 10.98 11.14 11.35 11.3011.32 11.36 11.45 11.45 11.19 11.15
August
10.7310.87 11.03 11.2311.18 11.20 11.25 11.34 11.35 11.1011.05 would tend to interfere, of course, with threshing and mar
September-- - October
_ _110.94 10.95 keting. On the other hand further beneficial
rains fell in
Australia. Argentina advices were also better. Export
sales were reported as only 300,000 bushels, mostly domestic
BREADSTUFFS
wheat, however, it appears. On declines shorts covered.
Friday Night, Sept. 30 1927.
Flour has been, if anything, quieter than ever, partly There was also other buying. Canada did no business for
owing to the Jewish holidays. Any attempt to raise prices export in Manitoba wheat. France bought some Americas
caused buyers to withdraw. The market waits on wheat spring wheat. Canadian marketings yesterday were 4,652,fluctuations and the return of better times. The export 000 bushels, or 1,600,000 more than on the same day last
demand has been small an dfurnishes no features of interest. year. Cash wheat was generally dull and weak. The AusBuyers, whether for home or foreign account, take only tralian crop was estimated at 104,000,000 bushels. Austrasmall lots. Some take the ground that September's business lian exports for the week were 1,168,000; Argentina's 1.572,on the whole was not unsatisfactory either in domestic or 000; total for the world 15,358,000. That includes Bradstreet's estimate for North America of 12,218,000 bushels,
export trade.
Wheat declined on the 26th inst., owing to more favor- against 10,505,000 for the same week last year. Final prices
able weather in Canada for harvesting and threshing, a drop show a decline in September for the week of %c., and a rise
1 c.
2
/
of 212 to 3%c. In Winnipeg, rains in Argentina over a high in December of /
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
record acreage, large spring wheat receipts at the American
Sat. Mon. Tues. Wed. Thurs. Fri.
markets and the dulness of the exort trade. The export September dellvery
cts_133
1314 132
131
1314 1311‘
sales were only 300,000 to 400,000 bushels. The United December delivery
1354 1334 1334 134
1334 133
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
States visible supply increased last week 5,358,000 bushels,
Sat. Mon. Tues. Wed. Thurs. Frt.
against an increase in the same week last year of 2,043,000 October delivery
cts..1434 1404 1404 1414 1414 1391(
1354 1354 1364 1354 135
138
bushels. That made the total 75,226,000 bushels, against December delivery
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
74,173,000 a year ago. The receipts at Duluth and MinneSat. Mon. Tues. Wed. Thurs. Fri.
apolis exceeded 2,000 cars. Chicago wired Sept. 26 that No. 2 red
cts_1424 13934 13934 14034 13934 13954
OCT.1 1927.]
THE CHRONICLE
DAILY CLOSING PRICES OF' WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
1284 1254
127
128% 129
September delivery in elevater-cts_129
132
130
130% 131% 130% 130%
December delivery in elevtor
13331 1333
133% 134
March delivery in elevator
135% 133
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Tues. Wed. Thurs. Fri.
Sat. Mon
136% 135%
135$ 137
_cts_1393/ 135
October delivery in
131% 130% 130
elevator_133
130
130
December delivery hi elevator
135% 13434 134%
134
May delivery in elevator
136% 134
1863
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
65
(
1
5
.5
October delivery In elevator-et.- 6434 6334 61 6
5634 56% 55
54
55
56
December delivery in elevator
57% 57% 57
57
58% 56
May delivery in elevator
Rye on the 26th inst. was steady at one time, but reacted
later with wheat. Yet September rye was relatively strong.
1
2
That tended to steady other months. Still, rye closed /
to 14c. net lower under the influence of the decline in
/
1
wheat. Liquidation was larger. Export demand was unsatisfactory. In fact, there were reports of reselling by
exporters. Still, the September premium over December in4c.
creased. At the close on that day it was 1%c., against 3{
on the 25th inst. The United 'States visible supply, it was
noticed, decreased last week 994,000 bushels, against an
increase in the same week last year of 565,000 bushels. The
total is now only 2,323,000 bushels, against 10,739,000 a year
/
1
c.,
ago. On the 29th inst. prices dropped % to 12 with September liquidation the outstanding feature.
1
4c.
To-day prices ended unchanged to / higher, but there
was a squeeze in September which sent it up to $1, that is
4e. net, or 5c. from the low of the session. Later the gain
was lost. Later months remained steady. Hedge selling
was small. The crop movement was lighter than expected.
The steadiness at times of other grain helped rye. There
was little or no export demand, but the lack of hedge selling
neutralized the effect of this factor. Final prices show a
net decline for the week of about lc.
/
1
2
/
1
2
Indian corn declined on the 27th inst. 3 to 4 c., with
no freeze or even frost in the belt, and with reports that hog
cholera has broken out in Wisconsin. Moreover, private
crop reports said that 80% of the Minnesota crop and 87%
of the Nebraska crop was beyond the danger of frost damage. Large interests sold. Rains prevailed, but the forecast was for clearing conditions and rather higher temperatures in the Northwest. Country offerings to arrive con-'
tinued very light, Lind indications were for smaller movement. But the shipping demand did not improve mate/
2
/
1
2
rially. On the 26th inst. prices had advanced 11 to 3 c.
on cold weather and heavy covering. The temperatures
were noticeably low in the West and Northwest, with the
Indications pointing to still colder weather over night.
Later there was a reaction, with wheat weak, liquidation
general and the demand from the shorts smaller. The
United States visible supply increased last week 1,039,000
bushels against only 98,000 in the same week last year. The
total is now 23,733,000 bushels, against 17,288,000 a year
ago.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Chicago wired: "After covering most of the corn belt,
Sat. Mon. Tues. Wed. Thurs, Fri.
apparently all ideas of the prospective corn production were September delivery in elevator_cts_ 9834 98
9634 9734 96
96
97% 9634 95% 96
95% 954
much too high before the hot spell. The heat, however, December delivery in elevator
101
9934 99% 9934 9934 99%
March delivery in elevator
brought the crop much nearer to the estimate. A relatively
Closing quotations were as follows:
low feeding value is assured from 40 to 50% of the acreage,
but whether it will be good light weight corn or soft depends
GRAIN.
Oats, New York
on whether October is dry and windy or otherwise. Light Wheat, New York
No. 2 white
139%
No. 2 red. f.o.b
61
frost will be much less detrimental than continued rains."
No.3 white
No. 2 hard winter, f.o.b_ __ _142%
59
Rye, New York
On the 29th inst. prices dropped 1 to 2c. September was Corn, New York
No. 2 f.o.b
No. 2 yellow
111%
1093.4
especially weak. Yet the weather was not good. General
Barley, New York
106
No.3 yellow
rains prevailed over the belt. There was a wet forecast.
Malting as to quality--__89@93
Cash corn was in better demand. The basis was up / to lc.
1
2
FLOUR.
The primary movement was rather small. But it was a Spring patents
$6.900$7.25 Rye flour, patents
$5.60911$8.00
6.75(4 7.10 Seminole No. 2. Pound- 3%
narrow market and professionals were bearish. Outsiders Clears,first spring
Soft winter straights_ _ _ 5.901 6.25 Oats goods
3.15@ 3.20
are timid on account of the recent decline.
7.15 Corn flour
Hard winter straights__ 6.75
2.65@ 2.71
To-day prices closed practically unchanged after irregu- Hard winter patents__ _ 7.25 7.75 Barley goods
Coarse
5.900 6.50
2.60
lar fluctuations. At one time prices were up % to lc. It Hard winter clears
Fancy pearl Noe. 1,2,
Fancy Minn. patents__ 8.350 9.30
3 and 4
was a rather nervous market. Deliveries on September of City mills
8.600 9.30
7.00
1,670,000 bushels caused an early decline. A rally came
For other tables usually given here, see page 1798.
later. Commission houses were buying on rains and a foreWEATHER BULLETIN FOR THE WEEK ENDED
cast of colder and unsettled weather. Cash corn was steady.
-The general summary of the weather bulletin
The basis was unchanged to lc. higher. There were com- SEPT. 27.
plaints of excessive rains in some sections where they want issued by the Department of Agriculture, indicating the inclear weather for the maturing of late corn. Only moderate fluence of the weather for the week ended Sept. 27. follows:
At the beginning of the week an extensive high pressure area, attended
receipts were reported from the interior. Commission houses
had advanced
by much cooler
were friendly to the buying side on declines. Not a few, these conditionsweather,overspread theto the northern Great Plains, and
rapidly
central valleys and more eastern
however, were bearish. Final prices show a decline for the States. Temperatures by the morning of September 21 were rather markedly subnormal in nearly all sections east of the Rocky Mountains. Durweek of 2% to 4
/
1
4c.
ing the latter part of the week there was a reaction to warmer In the central
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
cts_11534 116% 112% 1114 111% 111%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_ 97% 9734 94% 9231 91
91%
December delivery in elevator
99% 100% 9634 95% 953.4 95%
March delivery in elevator
102% 103
99
98% 9834 98
Oats advanced % to lc. on the 26th inst. on covering and
more or less new buying. Moreover, the cash demand was
good. Offerings were small. The United States visible
supply increased last week 1,000 bushels, against an increase
in the same week last year of 758,000 bushels. The total
Is now 25,133,000 bushels, against 48,893,000 a year ago. On
the 27th inst. prices were slightly lower, at one time affected
by a drop in corn, but they rallied later. Cash demand was
good. Receipts were small. Premiums were very firm.
The increase in the visible supply was considered significantly small. Chicago said there had been a decrease and
commented on the fact as unusual. The Chicago stock decreased last week 227,000 bushels, to 2,597,000 bushels,
against 2,919,000 last year. The speculative trading on
the 27th inst. was small, however. On the 29th inst. prices
were / to %c. lower, in sympathy with the drop in corn.
1
2
There was less demand. Outside interest waned. Cash
markets, however, were strong. The primary movement
was small.
To-day prices closed 1/4 to %c. lower, though at one tine
they were a shade higher, with scattered buying and Winnipeg strong. The weather was rainy. That was considered
bad. But liquidation of September had a disturbing effect.
So did the unsettled tone of other grain markets. Liquidation set in. A reaction followed. Interior receipts were
moderate. Yet cash oats were comparatively steady. The
French crop is stated at 370,000,000 bushels, or 28,000,000
less than last year. Final prices show a rise for the week
of / to /
1 1c.
2 2
DAILY CLOSING PRICES OF DOMESTIC OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 50% 503/ 50% 5134 51
September delivery
50
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wea. Thurs. Fri.
No. 2 white
cts_ 59
61
61
60
60
61
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
4734 47% 4834 48
September delivery in elevator_cts_ 46
4734
48..4 48%
December delivery in elevator
48
48
48
49
March delivery in elevator
5031 5034 5031 50% 503 5034
valleys and the South, but near the close another extensive "high" appeared
t
in the Northwest, with unseasonably cold weather again prevailing in that
area.
The first part of the week had generally fair weather, except for showers
in the Lake region, the Southeast, and in southern Rocky Mountain districts, but the latter part had widespread precipitation over the central
and northwestern portions of the country, with light snow in some northwestern and west-central sections.
In marked contrast to temperature conditions during the preceding
three weeks, which were abnormally warm east of the Rocky A.ountains
and cool in the far West, Chart I shows that the week just closed had unseasonably low temperatures in nearly all of the central and edstern portions of the country and high in the far West. It was especially cool in
the trans
-Mississippi States from Oklahoma northward where the temperatures averged from 6 degrees to as much as 14 degrees below normal, while
in much of the Southeast they were 6 degrees to 9 degrees below. In the
extreme Northeast and extreme Southeast about normal warmth prevailed,
while in considerable areas west of the Rocky Mountains plus departures
from normal were from 3 degrees to 6 degrees.
Notwithstanding the persistently subnormal average temperatures, the
minima for the week were not markedly low for the season, as freezing
weather in the East occurred only in very limited areas in the Northeast
and locally in the Appalachian Mountain districts, while in the Northwes
temperatures as low as 32 degrees were confined to approximately the garnet
area covered by freezing weather near the close of last week. The freezes in
the Northwest were not in general unusual for this season of the year, as
the average date of the first killing frost and freezing temperature to this
date extends eastward and southward over northern Michigan. the central
portions of Wisconsin and Minnesota. western South Dakota and Nebraska, and northwestern Kansas, as well as considerable portions of the
more northeastern States. See Chart I. The lowest temperature reported
for the week was 16 degrees at Devils Lake, N. flak,, while for the corresponding week last year the lowest was 6 degrees above zero at Helena.
Mont.
Chart II shows that precipitation was substantial to heavy over a wide
belt extending from the western Lake region southwestward to Oklahoma
Kansas, and Nebraska. There were also generous falls in the central
Rocky Mountain area, parts of Texas, and along the south _Mantle and
east Gulf coasts. Elsewhere rainfall was generally light, with nearly all
central and southern sections east of the Mississippi River being practically rainless. There was also veil little rain west of the Rocky Mountains, except for some substantial showers in the more northern States.
'1 here was much sunshine from the Ohio and lower Missouri Valleys southward and also in most sections west of the Rocky Mountains, but elsewhere
considerable cloudiness, especially in the Lake region.
The cool waves of the wcek brought killing frosts over much of the Northwest, and lighter frosts to scattered localities, principally on lowlands,
of the interior valley States. The harm, in general, from this cause was
not great. In the interior the frost was not severe enough to do more than
local damage to tender vegetation, while in the Northwest most of the staple
crops had matured, except that damage was greater In some central-northern
sections. particularly in Wisconsin and Minnesota.
Rains from the Lake region southwestward were beneficial in conditioning the soil for plowing and fall seeding and for pastures and unmatured
crops, and from the Ohio Valley and Middle Atlantic States southward
moisture Is quite generally needed and very little was received during the
week. There is also need for more rain in parts of the Southwest, principally in western Texas and southeastern New Mexico. In the Pacific
Northwest showers and warmth made a favorable week. Warmer weather
is needed quite generally in the trans-Mississippi area, and high temperatures, with general rains, in most sections east of the Mississippi, especially
in the Southeast.
-The week, on the whole, was favorable for threshing
SMALL GRAINS.
in the greater part of the spring wheat region and this work made satis-
1864
THE 'CHRONICLE
rictory progress: The seeding of winter wheat made fair to very good
advance, though in the western portion of the belt there was interruption
by rain the latter part of the week. • The additional moisture, however,
was avorable or conditioning the soil quite generally in the western and
southwestern portions of the winter wheat area. There was also considerable seeding in the northern portions ca the eastern belt, but moisture
is needed for this work in most sections east of the Mississippi River. In
the middle Atlantic coast area conditions were mostly favorable and seeding
progressed well, while in much of the Pacific Northwest a large acreage
was reported as being put in under very good conditions. The weather
was favorable for late harvest and threshing of flax in the northern
Great Plains; the crop mostly matured before frost, but some damage
was reported from Montana.
CORN.—While late corn made slow progress toward Maturity because of
unseasonably cool weather, there was no widespread serious damage by
frost. Some harm was reported on lowlands in a dew scattered localities
of the main Corn Belt, but damage in this area was generally light. It
was greater in some Central-Northern States outside the main Corn Belt,
principally in Wisconsin and Minnesota. Except in Iowa, the bulk of
the corn crop is now safe from frost in most main producing trans
-Mississippi sections, being estimated as about 90% in Nebraska, practically
all safe in south-central and southeastern Kansas, and about 80% beyond
danger in the western two-thirds of Missouri. In Iowa it is estimated
that nearly 60% of the crop is safe, which is about the same as the average
for the last five years at this date, and quantities of good seed have been
saved. East of the Mississippi River the crop is in much less favorable
condition as to maturity, especially in Illinois and Indiana. where a large
amount is still green and will require a considerable time for maturity.
COTTON.—The week was cool and dry in the central and eastern portions of the Cotton Belt and cool and showery in western portions, with
heavy to excessive rains in the northwest. East of the Mississippi River
there was no noteworthy change in the condition of the crop as affected
by the weather, with bolls opening rapidly and picking and ginning prcgressing well. There was still some shedding reported from northern
Georgia and the Piedmont of South • Carolina, but progress was good in
northern and western border sections of North Carolina, though poor tconly fair elsewhere in the latter State, with practically no top crop because
of weevil activity.
In Louisiana, weevil and worms continue to take the top crop, but in
Arkansas progress was mostly very good because of the generally fair
weather. In Texas, cotton opened rapidly, with picking and ginning
progressing well, but general progress of the crop was mostly poor, except
in the northwest and some favorable parts of the west, with considerable
insect damage continuing, and further complaint of root rot and dying.
There was also some lowering of grade by rain. In Oklahoma, the cool.
wet weather was decidedly unfavorable and the crop deteriorated or
only poor advance, with continued weevil and worm activity, and made
picking progressing slowly. The condition in that State continues to range
from very poor in some eastern and south-central sections to excellent in
parts of the north-central and west, with prospects fair for a top crop in
the latter areas.
[voL. 125.
weather has succeeded in stimulating an appreciable increase in consumer, purchases of needed fall merchandise.
Regarding the floor covering division, a large number of
buyers, jobbers and wholesalers from all sections of the
country have arrived in the market to view the samples of
rugs and carpetings which will be offered at the big auction next Monday by the Alexander Smith & Sons Carpet
Co. While estimates as to the amount the sale may realize
are lacking, it was pointed out that from 25 to 35% less
merchandise will be offered than at the record auction last
spring. Ninety-seven thousand bales will be auctioned by
the Smith company and there seems to be little doubt but
that sales totals will run between five and six million dollars. Other independent mills also have their new lines on
display. Viewing the different showings, it appears as
though the colorful patterns of recent seasons have been
carried forward. Design trends continue to follow the Chinese and Japanese motifs, but there are a number of others
with colored borders of contrasting shades. Quite a large
assortment of oval rugs are also seen, which are said to
hold considerable promise for the new season. Hopes are
based on the reception accorded the fall offerings. As to
rayons, these fabrics continue to sell in a large and satisfying manner. Indicative of the expanding demand and uses
for these fabrics, Is that imports for the month of August
increased 25%. In fact, imports for the first eight months
of the year exceeded the total for the full year of 1926 by
half a million pounds.
DOMESTIC COTTON GOODS.—Domestic cotton goods
markets continue to display an irregular undertone. Judging from reports, it appears that in certain sections conditions are not quite as good as indicated on the surface.
While the recent strength of the raw cotton market resulted
in a steadier and stronger cotton goods market, finished
goods are less active with the general run of business conThe Weather Bureau also furnishes the following resume fined to small lots for prompt shipment. This is just the
reverse of conditions which prevailed the week previous
of the conditions in the different States:
Virginia.—Richmond: Cool and dry. Scant cloudiness, favorable for when demand for gray goods was restricted and business
maturing corn and curing tobacco; bulk of tobacco crop housed. Favor- transacted in finished lines active. Regarding this recent
able for cotton, and picking begun in some localities. Good progress in recurrent
and alternate rise and fall in demand for finished
harvesting hay. Rain needed for truck crops and to condition soil for
plowing. Favorable for fruit.
cotton fabrics, it is found that some cloths are being accuNorth Carolina.—Raleigh: Progress and condition of cotton good in mulated in advance of
actual demand. Specific instances
northern and western border sections; fair to poor elsewhere account
weevil damage; practically no top crop in much of main producing area. of this which may be cited are carded broadcloths, which
Favorable for harvesting of matured crops. Rain needed in west for late under normal conditions are from three
to five cents above
corn, vegetables, and to soften soil for plowing.
South Carolina.—Columbia: Drought intensified with abundant sun- print cloths. At the present time they are so plentiful that
shine. Corn practically made and harvest begun; forage harvesting, with the pressure of supplies has forced this line of
goods below
good to excellent results. Cotton opening rapidly and picking and ginning progressing well; crop generally half picked:some young bolls shedding the parity of print cloths. Another example is bleached
in northwest, but some top bolls in sight; dryness checking weevil propaga- muslins, which are moving more slowly, owing to
the fact
tion. Rain needed to facilitate plowing.
Georgia—Atlanta: Weather favorable for harvesting operations, but that jobbers have covered their nearby needs in advance of
drought injuring late, unmatured crops and preventing preparations of soil recent institution of higher price lists and are now holding
for winter cereals. Cotton practically all open and picking well along;
still some premature opening and weevil damage reported. Corn all ma- off. Towels are also less active, because commitments
ture and mostly harvested. Dryness injuring sugar cane and late sweet placed earlier have been sufficient to satisfy requirements
potatoes considerably.
Florida.—Jacksonville: Dry in west; showers and moderate local rains for the time being. While these fabrics are admittedly not
in north and central; quite heavy in much of south where truck, fruit, the more important indices of the cotton industry as a
and cane benefited. 'Weather favorable for harvesting hay, corn, sweet
potatoes, and peanuts. Citrus need rain on uplands; fruit in good con- whole, the fact that some cloths are being produced in
dition, but some dropping and local complaint of white fly.
anticipation of orders is not looked upon very favorably by
Alabama.—Montgomery: Drought unfavorable for most growing crops
and delayed fall plowing and planting. Condition of sweet potatoes and factors. On the other hand, however, there are a number
early-planted corn mostly fair to good; late corn injured by dryness. Con- of lines which have continued to sell steadily and in fairly
dition of minor crops varies from poor to good. Cotton opening rapidly
and picking nearly finished in many areas of south and central and well large lots, owing to their strong statistical position. Print
cloths, 28-inch, 64 x 64's construction, are quoted at 7c., and
advanced to northern border; beginning generally well up.
Mississippi.—VIckeburg: Very good progress in picking and ginning 27-inch, 64 x 60's, at 6%c. Gray goods in
the 39-Inch, 68 x
cotton; weevil reduced yield; picking unusually well advanced for season,
considering entire State. !lousing early corn made slow progress; adv nce 72's construction, are quoted at 10c., and 39-inch, 80 x 80's,
of late poor. Progress of pastures poor to fair.
at 11%c.
LouLiana.—New Orleans: Cool, with no rain, except scattered showers
In south, excellent for all farm work Progress in picking and ginning
WOOLEN GOODS.—Although the Jewish holidays hamCotton excellent and picking nearing completion in many localities; weevil pered business somewhat in wholesale
and manufacturing
and worms taking top crop In most sections. Much corn housed. Late
rice being harvested, with some interference by showers. Cane con- circles, sustained cool weather during the past week stimutinues excellent progress and cool weather beneficial for ripening.
lated distribution of fall merchandise in retail channels.
Texas—Houston: General rain needed for pastures and stock water
renewal in central west and southwest,. Preparations for winter wh-at Up to this time conditions in the latter section of the inseeding forwarded; some sown. Rice threshing nearing completion. dustry are considered to be quite unsatisfactory, which, in
Weather rather unfavorable for early truck, but more unfavorable for
citrus. Cotton opening rapidly; condition and advance generally poor, turn, has retarded heavy weight business to the point of deexcept good in northwest and favored portions of west; insect damage ferring the opening of women's spring wear lines by the
considerable in following order of importance—weevil, boll worms, flea leading mills. As yet,
the American Woolen Co. has not
hoppers, and leaf worms further complaint of root rot and dying: some
.
lowering of grade by rain, which was too late for top crop: picking and announced the opening date for the latter. However, it is
ginning good progress and nearing completion in southern third of State.
Oklahoma —Oklahoma City: Cool, with heavy to excessive rains gen- generally expected that the new lines will be shown within
eral Cotton deteriorated or made only poor advance account cool wet the next week or ten days. Regarding the retail trade, reweather and continued weevil and leaf and boll worm activity; picking ports indicate that a
good business will probably be done
progressed slowly; condition vet., poor to rather poor in south-central
and east with practically no top crop; condition fair to excellent in north- In topcoatings this year. The softer finished grades of
cetera' and west with generally fair top crop prospect. Corn matured; woolens, especially in gray and
tan shades, are the more
harvest progressing slowly. General rain favorable for winter wheat
seeding; work progressing favorably and early-planted up to good stand. favored.
Arkansas.—Little Rock: Progress of cotton very good, due to light or
FOREIGN DRY GOODS.—Although the volume of busino rain: opening and being picked very rapidly; staple and grade very
good. Nearly all corn matured, except considerable In overflow area ness placed in the linen markets is not particularly large,
where very late. Very favorable for other crops, except in some south- the fact that it has shown some
improvement over the prewestern and northeastern portions where too dry.
Tennrsser.—NaahvIlle: Cool with frost in central and north, and no % ious week is deemed encouraging. Demand is not cenrain, checked growth. Considerable damage to late corn account drynese. tred in any one particular class of fabrics, but is well
diverwhile condition of early very good to excellent. Premature opening of
Cotton caused immediate picking and ginning, which made fair advance; sified. One of the most important and significant developcondition on uplands very good and bottom crop good, but top crop poor. ments is the business being placed along certain lines
for
Tobacco about In.
Keniucky.—Louleville: Spotted frosts on 21st with moderate damage the Christmas holidays. The handkerchief section Is exto tender vegetation, but slight to corn and tobacco on lowlands of cen- periencing about the best call, as both importers and manutral; mostly no injury of consequence in other districts. Early corn safe;
some cutting in north and drying rapidly; progress of late crop fair; needs facturers are reported as having received a good volume of
rain and warmth. Cutting early tobacco advanced; late poor to fair advance orders. From present indications, it is probable
and progress poor. Some late potatoes mature.
that there will be a heavy fall turnover, while it is expected
that the holiday demand will approach, if not exceed, record
proportions. Factors report that the fancy designs on colTHE DRY GOODS TRADE
ored grounds are liked particularly well and that boxed
Friday Night, Sept. 30 1927.
merchandise will be featured again. Burlaps continue firm
Reports as to conditions in the various divisions of the in primary markets, but domestic buyers remain apathetic,
textile markets are Conflicting. While some sections have awaiting a more favorable opportunity to cover probable
improved, others have developed less activity or irregularity. needs. Light weights are quoted at 7.95c. to 8.00e., and
However, it is generally agreed that the recent spell of cool heavies at 10.50c to 10.55c.
OCT. 1 1927.]
THE CHRONICLE
.05tate an Chi giti3artuxent
MUNICIPAL BOND SALES IN SEPTEMBER.
The aggregate of State and municipal obligations awarded
during September was $105,680,165. This compares with
$90,935,634 for the previous month and $136,795,778 for
Sept. 1926.
The largest piece of financing was done by the City of
Detroit, Mich. This consisted of six issues aggregating
$19,040,000, the award having been made to a syndicate
headed by the Bankers Trust Co. and the National City Co.,
taking $9,600,000 bonds as 4s, $4,443,000 bonds as 4s,
and $4,997,000 bonds as 44s, at 100.03, a basis of about
4.12%. The 4% bonds mature in 1957 and the 43(s and
i
4s, maturing serially from 1928 to 1957, inclusive.
The following is a summary of the larger issues disposed
of during the month:
$7,861.000 4% St. Louis, Mo., bonds awarded to a syndicate headed by
Estabrook & Co.of New York at 100.85. a basis of about 3.92%.
6.000,000 bonds of the State of Alabama consisting of two issues which
were awarded as follows: $5,000.000 coupon or registered road,
highway and bridge bonds to a syndicate headed by the First
National Bank, as 4h's, at 101.67. a basis of about 4.11%•
$1,000,000 coupon harbor improvement bonds to a syndicate
headed by Lehman Bros. of New York. as 411s, at 101.71, a
basis of about 4.16%.
3,660,000 bonds of the City of Buffalo, N. Y. consisting of three issues
of 413;% obligations awarded to the Manufacturers & TradersPeoples Trust Co., of Buffalo, at 102.71. a 3.87% basis.
3,360,000 bonds of Milwaukee, Wis., consisting of seven issues of 434s,
a-••arded to the First National Bank, at 104.10.
2,650,000 4% bonds of the State of Rhode Island. consisting of four issues
a a.ded to a syndicate composed of the First National Bank,
Phelps, Fenn & uo.. r.ldrest,;e & Co., and Kean. Taylor & Co.,
all of New York, and the Industrial Trust Co. of Providence.
2,450,000 Memphis, Tenn, bonds awarded to a syndicate headed by the
Guaranty Co. of New York, taking $1,700,000 43 % various
improvement bonds on a 4.26% basis, and $750,000 4%
school bonds at 103.32, a basis of about 4.285%.
2,250,000 4% refunding war loan bonds of the State of Michigan, awarded
to Eldredge & Co. of New York City.
2,000,000 bonds of the State of West Virginia. consisting of three issues
awarded to a syndicate headed by Eldredge & Co and R. H..
Moulton & Co., at par. taking $1,620.000 bonds as 44s, and
$380,000 bonds as 4%s.
1,650,000 highway bonds of Oklahoma County, Okla., awarded to the
•
Taylor-White Co. and the Fidelity National Bank, both of
Oklahoma City, taking $1,430,000 bonds as 4hs, and $220,000
bends as 4s.
1,500,000 4 h % bonds of Davidson County, Tenn.,awarded to a syndicate
headed by E. H. Rollins & Sons, at 103.11. a basis of about
4.25%.
1,375,000 bonds of Raleigh, N. C., consisting of four issues awarded to a
syndicate headed by Ames, Emerich & Co., as 4hs, at 102.17
a 4.28% basis.
1,300,000 434% Roanoke, Va, bonds consisting of four issues awarded to
. a syndicate headed by Pulleyn & Co., at 103.20. a basis of
about 4.27%.
1,251,000 bonds of the City of Toledo, Ohio, consisting of ten issues,
awarded to Stranahan, Harris & °sag,Inc. of Toledo, at 102.91,
a basis of about 4.12% taking $1,143,000 bonds as 434s. and
$108,000 bonds as 45.
1,233,000 Omaha, Neb, bonds consisting of three issues awarded to
Eldredge & Co. of New York, at 100.22, a basis of about 4.10%.
taking $661,000 bonds as 44s. and $572,000 bonds as 4s.
1,200,000 Cheetowaga. N. Y. sewer bonds awarded to a syndicate headed
by George B. Gibbons & Co. of New York. as 4.40s, at 100.88,
a basis of about 4.32%.
1,100.000 4 h% Caddo Parish, Louisiana, improvement bonds awarded
to the City Savings Bank & Trust Co. of Shreveport.
1,000,000 4 h% Lincoln Park District, Chicago, bonds awarded to a syndicate headed by A. B. Leach & Co. of New York, at 103.90, a
basis of about 4.03%.
1,000,000 Louisville, Ky, school building bonds awarded to a syndicate
headed by liennig, Chambers & Co. of Louisville, as 4s. at
102.66, a basis of about 3.85%•
1,000,000 Multnomah County S. D. No. 1, Ore., bonds awarded to a
syndicate headed by the Security Co. of Los Angeles, as 4s. and
4 hs. at 103.76, a basis of 4.19%.
1,000,0004% Portland. Ore, water bonds awarded to a syndicate headed
by Halsey, Stuart & Co. at 98.46. a basis of about 4.13%.
Temporary loans negotiated during the month of September aggregated $75,218,968 including $63,850,000 borrowed
by New York City.
The Government of the Philippine Islands went into the
market for $98,000, the bonds being taken by the FletcherAmerican Co. of Indianapolis at 104.35, a 4.23% basis.
The aggregate of Canadian bond sales for the month was
$27,417,000, $24,087,000 of which were placed in the United
States.
A comparison is given in the table below of all the various
forms of securities placed in September of the last five years
:
1927.
1926.
1925.
1924.
1923.
$
Penn.loans(U.8.)_105,680.165 136.795.778 115,290.336 124.336.682 56,398.075
*Temp. l'ns(U. 5.). 75,218,968 53,613.000 62.603.902 63,798,847 40,141.600
Can.loans(perm.1—
Placed in Canada- 3,330.000 3,224,752 87.438.534 95.323.898 58,321,196
Placed In U.S._ _ 24,087,000
90,698,203
98,000
Bds. of U. El poss ns
610,000
General fund bonds
3,300.000 4,200,000
(New York City)_
1.000,000
Total
208.414,133 196,933.530 269.532,772 374.157.630 156.470.871
•Including temporary securities issued by New York City 563,850,000 In September
1927, 540,515,0001n 1926, 553.925,000 In 1925, $52,650,000 in 1924, $31,268,100 in
1923 and 542,410,000 in 1922.
1865
The number of municipalities emitting permanent bonds
and the number of separate issues made during September
1927 were 331 and 450, respectively. This contrasts with
603 and 711 for August 1927 and with 457 and 687 for
Sept. 1926.
For comparative purposes we add the following table,
showing the aggregates, excluding temporary loans and also
Canadian issues, for September and the nine months for a
series of years:
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1,915
1914
1913
1912
1911
1910
For the
Month of
September. Nine Months.
$105,680,165$1.129,637,051
136,795,778 1,046,221,618
115,290,336 1.105,487,400
124,336,682 1,138,425,601
56,398,075 765.963,785
99,776.656 918,854,893
88,656,257 754,294,623
49.820,768 489,176.223
70,839,634 519,669,754
24,732,420 238,179.833
31.175,017 328,078.924
22,174,179 368,388,101
26,707,493 406,496,817
13.378,480 408,044,823
26,025,969 288,204,714
25,469,643 317,912.921
26,487,290 314,503,570
18,364,021 231,921,042
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
Month of
For the
September. Nine Months.
523,001,771 5272,389,451
34,531,814 243,241,117
47,947,077 199,722,964
8,980,418 153,152,345
9,825,200 141.021,727
10.694.671
197,921,657
8.762,079 111,745.993
9,179,654 117.678,855
14,408.056
99,324.001
97,194,441
4.033.899
7,201,593
95,028.437
6,173,665
83,150,559
106,387,463
9,272,691
58,229,418
3,693,457
11,423,212
92.253.916
90,454,836
8,249,347
3,885,137
40.974.566
6.242.952
63.583,834
Owing to the crowded condition of our columns,. we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS.
Cordoba (Province of), Argentine Republic.
--$1,281,---White, Weld & Co. and Ernesto
000 Treasury Notes Sold.
Tornquist & Co., Ltda., offered and quickly sold on Sept. 27
$1,281,000 6% Treasury gold notes of the Province of Cordoba at 100 and accrued interest, to yield about 6.00%.
Dated Oct. 1 1927. Bearer notes in $1,000 denominations.
Due April 11928. Prin. and int. payable April 1 1928 at
the office of White, Weld & Co., New York, paying agent, in
U. S. gold coin of the present standard of weight and fineness, without deduction for any Argentine national, provincial or other taxes, present or future. Further information
regarding this loan may be found in our department of "Current Events and Discussions," on a preceding page.
,
Indianapolis, Ind.—Mayor Duvall Guilty of Corruption.—
A verdict of guilty was returned on Sept. 22 in the Marion
County Criminal Court against John L. Duvall, Mayor of
Indianapolis, who had been charged with violation of the
Corrupt Practices Act. In addition to suffering a jail
ientence and a fine, the Mayor, by the conviction, is barred
from holding public office for four years from the date of
the crime. The charge against Duvall was that he had
promised Wm. H. Armitage, a politician, the privilege of
naming two members of the Board of Works and the City
Engineer in return for Armitage's support, and that he
accepted $14,500 from Armitage as part of the agreement.
New York City, N. Y.—Tentative Budget,$490,000,000.—
On Sept. 30 the figure of $494,000,000 was tentatively
arrived at as the aggregate of the 1928 budget, which is to
be submitted to the Board of Estimate Oct. 10. The
amount of the budget originally stood at $500,000,000, as
against $475,000,000 for the 1927 budget. This large increase was due in great part to demands for salary increases
and enlarged personnel. Acting Mayor McKee made it
understood that this figure would be cut considerably, either
by reducing the salary increases requested, or by increasing
the operating efficiency of the various departments so'that
costs could be cut. The reduction resulted. The New
York "Evening Post" of Sept. 30 said:
The astounding sum of $490,000,000 will be required to run the City of
New York next year.
This figure, tentatively reached at the conclusion to-day of the informal
hearings on the city budget, will be submitted to the Board of Estimate
on Oct. 10. Charles H. Kohler, the Budget Director, announced to-day.
This total expenditure is an increase of at least $16,000,000 over the
budget allowances of the current fiscal year.
There is, however, a golden lining to the financial cloud. The taxpayers
will not suffer, probably, by the budget incre&se. for it is estirhated that the
greater cost of city administration will be met by the growth of assessed
valuations from $14.800,000.000 for this year to $15.640,000.001 for the
corning year.
"I feel confident," Mr. Kohler announced reassuringly, "that the taxpayers will not be required to pay, higher rates than for this year.'
The various city departments of the five boroughs originally asked for
$520,000,000 to spend, as against this year's budget allowances of $474.893,300, but Mr. Kohler. on Mayor Walker's orders,lashed savagely with
the pruning knife, and has so far succeeded in trimrnin;down these demands
to about $490,000.000.
Several examine-3 of the city, notably Thomas Smith, Vincent Tully
and William O'Connell, have been working until midnight for weeks with
the Budget Director, holding executive hearings in which, at times, departmental heads have had to listen to harsh words and submit quietly to cuts
in their budget.
The largest single item in the tentative budget is for $137,000.000 to meet
the interest on the long term bonded debt service of one and a half billion
dollars.
That there may be reforms in budget making, following many criticisms,
was intimated to-day, and the 1928 budget may see several radical departures. For instance, the budget figures of 1927. amounting to more
than $474,000,000, are concededly fictitious, for the city has to date
spent
about 818,000,000 additional in revenue bonds and tax notes.
A plan is now afoot to include such expenditures in the
would not surprise close students of municipal financing if budget, and it
such things as
snow removal, costing about $4,500,000, and law judgments against
the
city of about $2,000,000 would be included. Likewise, new police
and fire houses, heretofore never included in the budget, may be stations
provided
for, thus makin: an "honest" budget. The first move in this
direction
occurred last year when, following criticism, salary increases were put
plainly in the budget, so that they could be seen without hours of
research
work.
Only three dopartments have this year submitted budgetary
requests
which do not top the figures for 1927. The Mayor's office put in the
mulct
1866
THE CHRONICLE
[Vou LW.
figures of $143,332 which was appropriated for this year. Likewise the assessed, and that the borrowing capacity could be increased
Brooklyn Borough President duplicated his figures of $5.112,017, while
Comptroller Berry, for the Finance Department, actually cut his budget by raising assessments and by including in the valuation
request from $2,648,854 to $2,643,408. This was done in the face of 65 figures $916,000,000 in property exempted by the city from
salary increases in the department during this year.
The Board of Education has asked for $85,550,395, topping all depart- taxation but taxed by the State. The New York "Times"
mental pleas.
of Sept. 25 said:
A list of the pleas and recommended appropriations of the prominent
The $300,000,000 extension of New York City's debt limit proposed by
departments follow:
Recommended. the constitutional amendment to be voted on at the November election
Requested.
has "changed its face" since it was passed by two successive Legislatures.
$9,000,000
Queens Borough President
$13,158,408
84,328.300 William H.Allen, Director of the Institute for Public Service, declared yes85.560.395
Education
44,492,369 terday.
47.205,164
Police
"Instead of using the new borrowing power for new subways only, it is
20,031,337
21,298,829
Fire
13,905,884 now proposed to recapture old subways, Mr. Allen said. 'This really
14.576,054
Water Department
means using the expanded debt limit for that purpose.
8,280,000
8,847,394
Health
"Instead of the new debt being only temporary, because a State law
10,500,000
11,589,529
Welfare Department
2,553,180 says new subways must charge enough to avoid deficits, it Is now proposed
3208.779
Richmond Borough President
that the Legislature repeal the present law against deficits.
John R. Voorhis, President of the Board of Elections, who is in his ninety"Instead of its being true that New York cannot raise money for new
seventh year, appeared before the Committee of the Whole of the Board subways without a constitutional amendment,
the city's own tax limesof Estimate and presented argument for an increase of 518.000 for personal show that it is nowhere near its present
constitutional borrowing limit
service in his department, because of the increased burden of primary and can build new subways without having the
State Constitution changed.
elections and the installation of the voting machine system.
"The State
Mr. Voorhis said the labor and responsibilities requires that either addi- estate assessed Constitution says New York may borrow 10% of all real
for State taxes. That includes
tional clerks be added to the personnel of the Board, or the present over- exempted by the city but taxed by the State. $916,000,000 in new housing
This $916,000,000 on which
committee directed him to
burdened clerks receive salary increases. The
more, Is thus
the city may now borrow $92,000,000 and next
file a brief. Many of the Board employees work overtime without addi- far omitted from official computations. To get it year much
no constitutional amendcompensation, Mr. Voorhis said.
tional
ment is needed."
New York City, N. Y.—City's Engineers Seek Salary
Increase.—Engineers in the city's employ, hoping to ave
their slaries increased in the new 1928 budget, have requested that their salaries be raised.
The engineers on Sept. 24 issued a statement in support
of their demands for increased wages, in which they claimed
that the salaries paid were not commensurate with the
importance of their work, as measured by the value of the
work done by them and the value of public property in their
care. The statement, as published by the New York
"Times" of Sept. 25, follows:
The body of men and their assistants, who constitute the city's engineering organization numbers a little over 3.600, and their work rivals
in magnitude that of any similar body anywhere. In these days we
have all become accustomed to speaking in millions. The work of these
men involves billions. They have paved 2,550 miles of streets for us
at an expenditure of $530,000,000: built 2,660 miles of sewers costing
$140.000,000; a water supply system, with 32 reservoirs, furnishing 800,400.000 gallons of water daily through 3,766 miles of mains, costing together $405,000,000; 267 piers and docks, costing $110,000,000: 50 bridges,
with spans varying from 40 to 6,200 feet, costing $130,000,000, and they
are now working on the tri-borough bridge. waich will cost over $27,0:A000;
six garbage destructors, $6,000,000. Also they have built 213 route miles
of subways with 820 miles of tracks ($427.000,000) and have 15 route miles
of subways, with 58 miles of tracks, to cost $163,000,000, now under way.
In 1926 they passed on and approved the structural design of buildings
-costing 5341,000,000.
There are engineers in nearly every department of the city, and of
the $603,000.000 spent by the city outside of debt redemption in 1926.
more than one-third, or 5212,000,000, was for work done under the city's
engineers.
Besides work actually carried out projects involving hundreds of millions are submitted to these engineers annually, and the engineering merits
or demerits of the plans are pointed out for the guidance of the executives. When we reflect that nearly all expenditures for water, sewers,
pavements, bridges subways, &c. are for the vital necessities of city
life. it becomes obvious that the engineers are a most important factor
in city government.
Despite the great importance of the city engineers' responsibility in
the management of the city Government, the compensation of the er.gineering service has fallen behind tremendously.
The following tabulation of four groups of city employees shows their
relative average salaries in 1914 and in 1925:
1925. % Inc.
1924.
$1,662.00
140
$692.50
UnsWed laborers
110
2,908.50
1,385.00
Me&anics
88
2,832.32
1,506.84
Teaching service
2.647.0O44
1,836.75
Engineering service
additional increases have been granted to some groups of
Since 1925
city employees, but none to the engineering group.
The situation has become so serious that recently the chief engineers
of the various departments collectively recommended to the Director
of the Buget a flat increase of 15% for the entire engineering force as a
temporary expedient.
The Citizens' Union on Sept. 28 attacked the amendment
from the angle that the new borrowing power would be
diverted from the intended purpose of its being an aid to
new transit construction, and would be used in the recapture
plan offered by Samuel Untermyer. The "Journal of Commerce" of Sept. 29 said:
The Citizens' Union issued yesterday a statement with reference to that
portion of Samuel Ilntermyer's report to the Transit Commission, which
relates to the pending constitutional amendment for increasing the city's
borrowing capacity. It urges the defeat of the $300,000,000 amendment,
pointing out that the money is really sought for recapture of old subways.
"The report of Samuel Untermyer to the Transit Commission throws a
flood of light upon the real purpose of the constitutional amendment to
Increase the city's borrowing capacity, which is to be voted upon at the
coming election.
"In his fifteenth recommendation. Mr. Untermyer says:
"'Ratification of $300.000,000 constitutional amendment, That every
proper effort should be made to secure the ratification of this amendment
at the coming election, as heretofore pointed out. It will release the moneys
required for recapture or purchase of the existing subways, without standing
in the way of other needed Improvements. The plan Is predicated largely
upon its adoption.'
'It Is thus revealed that, while the purpose of the amendment has been
represented as being to make available funds for the construction and equipment of new subways, It is really designed to release funds within the city's
,
existing borrowing capacity for the recapture of present subways. NM •.4
"This revelation is in striking contrast to the professions of the sponsors
of the amendment. In its earliest form the proposed amendment would
have made the new borrowing capacity equally available for recapture of
old lines and for construction of new ones. So great was the opposition to
the use of additional borrowing power for disintegrating existing lines by
recapture that the amendment in its first form was rejected by the Logi..
lature. In order to overcome this opposition the form of the amendment
was changed at a subsequent session so as expressly to provide that the new
borrowing power should be used exclusively for construction and equipment
of pew subways.
The Citizens' Union pointed out that the effect of the proposal even
In Its changed form, which is the pending amendment, would be te make
available for recapture the existing berrowing capacity which would otherwise have to be used for new construction. In answer to that point. the
sponsors of the amendment claimed that existing borrowing capacity would
be more than exhausted by municipal needs having no relation to subways.
"Mr. Untermyer now directly contradicts this plea and sustains the position taken by the Union. His report shows that, in effect, a vote for the
amendment is a vote for the recapture of existing subways with the resultant disintegration of existing lines, for multiplication of the carfares
which the traveling public would have to pay, for new Inconveniences added
to existing intolerable transit conditions and for postponement of a solution
of the city's transit problem for all the years during which bitter litigation
will wind its weary way through the courts.
"The Union repeats its appeal to the voters of New York to defeat the
proposed amendment to the constitution."
New York State.—Debt Ratio Decreasing, Comptroller
TremaineDeclares.—State Comptroller Morris S.Tremaine in
an interview this week declared that the percentage of net debt
Local 37, Union of Technical Men, issued the following of the State of New York to assessed valuation has been deSept. 28:
statement, according to the "Tim s" of
creasing and gave the following figures to prove this conten"The city is at present engaged in the construction of an extensive sub
way system, increased water supply, new bridges and tunnels and other tion:
extensive projects of street improvements, the total cost of which aggregates more than $250,000,000. The City of New York can well boast
of the finest engineering force in the world. At the same time, it is an
outstanding fact that the city-employed engineers are greatly underpaid.
For the past five years these men have continuously petitioned your
Board for some relief, but none has been given.
"We submit herewith a salary schedule that we request your honorable
Board to adopt and put into effect Jan. 1 1928. It would place your
engineers on the basis of earning and living that they enjoyed in 1913."
The schedule calls for the following salaries:
Architectural, chemical and engineering assistant, $2,160 minimum
with automatic yearly increase of $180 to a maximum of $2,880.
Chemist, draftsman, surveyor, $3,000 minimum with automatic yearly
increase of $250 up to $4,000 maximum.
Architect, engineer, $4,200 minimum with automatic yearly increase
of $325 up to $5,500.
Senior architect, senior engineer, 56,000 with automatic yearly increase
up to $12,000 maximum.
Deupty chief engineer of chief in borough offices: Division engineer,
Board of Transportation, $12,500 with automatic yearly increase up to
$17.500.
Major projects—Chief engineer, $18,000 minimum with automatic
yearly increase up to $25.000.
Percentage Net Debt.
1.12
1.08 1923
1928
1.21
1.19 1922
1925
1.27
1.27 1921
1924
"The increase in 1924," the Comptroller pointed out, "was caused by
Bonus bonds, which are serial maturities
the sale of $45,000,000 Soldiers'
and of which about 56,000.000 have been paid off to date.
"With the ratio of net debt of practically every other State and city in
this country increasing each year, the State of New York stands out as an
exception to the rule and can point with pride to the fact that in this period
of so-called municipal extravagance and increasing municipal debt, the
State's net debt ratio is lower now than it was six years ago.
"Even though the net debt ratio to assessed valuation is decreasing,"
the Comptroller pointed out,"the State is financing a substantial improvement program and the value of the State's assets is constantly increasing."
Mr. Tremaine feels that the awakened public interest in
New York State bonds has already caused a real scarcity of
these bonds in the market. Attractive offerings of these
bonds to the State Sinking Fund have been diminishing and
he has had several inquiries from bond buyers desiring to
purchase State bonds. The Comptroller further stated he
would be glad to receive any offerings of State bonds for investment of State sinking fund moneys. Under the serial
payment plan, by which all State bonds are issued, the Comptroller stated that at no time could all the bonds now authorized be outstanding. Part of the ever-increasing amount of
surplus investment funds will naturally seek outlet in the
highest type of investment bonds, he said, and as New York
State bonds rank first in this class it appears that the demand
for this premier investment cannot be supplied at anywhere
near the present prices.
New York State.—Debt Limit Plan Attacked.—The proposed amendment to the State Constitution which would
increase the debt limit of New York City by $300,000,000
for the construction and equipment of new rapid transit
railroads, and which would allow cities of between 250,000
and 1,000,000 population (in which class are Buffalo and
Rochester) and cities of between 175,000 and 250,000 population (in which class are Yonkers, Albany, Syracuse and
Utica) to increase their borrowing capacities by $10,000,000
and $5,000,000, zespectively, has been attacked by Wm.H.
Allen, Director of the Institute for Public Service. The
amendment is to be submitted to the voters at the coming
November election.
BOND PROPOSALS AND NEGOTIATIONS
Mr. Allen on Sept. 18 submitted a list of questions as to
necessity for the amendment, and on this week have been as follows:
the wisdom and the
Ga.—BOND SALE.—A $20,000 issue of
ACWORTH,
Sept. 24 further attacked the amendment by declaring that sewerage, water Cobb County,bonds has recently been awarded to J. H.
and light plant
it is now proposed to use the additional borrowing a a wer lineman & Co.of Atlanta,for a premium of $150, equal to a price of 100.75.
to recapture old transit systems, whereas the amen ent
AITKIN, Aitkin County, Minn.—BOND ELECTION.—A special
grants only authority to build new systems. Mr. Allen election will be held on Oct. 14, for the voters to pass on the proposition of
the city was really under- issuing $40,000 high school construction bonds.
also claimed that property in
OCT. 1 1927.]
THE CHRONICLE
ANDERSON COUNTY (P. O. Anderson), S. C.
-BOND OFFERING
-Sealed bids will be received until noon on Oct. 8 by Harold Ziegler, Clerk
of the Board of County Commissioners for an $875,000 issue of 44%
coupon highway bonds. Denom. $1,000. Date Oct. 1 1927. Due on
Jan. 15 as follows: $69.000, 1930 and $62,000, 1931 to 1943, incl. Prin.
and int. (J. & J.) payable in N. Y. City in gold coin. Reed, Dougherty,
Hoyt & Washburn, N. Y. City, attorneys, will furnish legal approval.
Bond payment is fully secured and guaranteed by both the County and
the State. A certified check payable to the County for 2% of the bid, is a
requirement.
ANN ARBOR., Washtenaw County, Mich.
-PURCHASER.
-The
Sinking Fund and small local investors were awarded the $72,120 4%%
bonds at par (V. 125, p. 1737). The bonds are dated Sept. 1 1927 and
are in various fractional denoms. Due in equal annual installments from
Aug. 1 1928 to 1931. incl. Interest payable Aug. 1.
APALACHICOLA,Franklin County, Fla.
-BOND SALE.
-A $75,000
Issue of 6% coupon paving bonds was purchased by G. B. Sawyers & Co.
of Chicago on Sept. 20 for a 'price of 98.33, a basis of about 6.17%. Date
Sept. 1 1927. Denom. $1,000. Due as follows: $16,000 in 1932: $16,000
in 1937: $18,000 in 1942 and $25.000 in 1952. Not retirable before maturity. Int. payable semi-annually.
APTOS SCHOOL DISTRICT (P. 0. Santa Cruz), Calif.
-BOND
OFFERING.
-Sealed bids will be received until 2:30 p. m. on Oct. 7 by
County Clerk, H. E. Miller, for a $23,000 issue of 5% school bonds.
Denom. 91,000. Date Sept. 20 1927. Due $1,000 from 1928 to 1950, incl.
Prin. and int., payable at the office of the county treasurer. A certified
check, payable to the county treasurer, for 3% of the bid is required.
ARCHER COUNTY (P. 0. Archer City), Tex.
-BONDS OFFERED.
The $1,500,000 issue of 5.% road bonds which was sold on May 30-V. 124,
p. 3387
-to the Taylor White & Co. of Oklahoma City is now being offered
for investment by that company at a price to yield 4.60% with the exception
of the first 5 years which yield from 440 to 4.50%. Date July 1 1927 and
due $50,000 on July 1 for 30 years. Prin. and semi-ann. int. payable in
New York. Legal approval furnished by Thomson, Wood & Hoffman
of New York.
Financial Statement.
Estimated actual valuation
$50,000,000
Assessed valuation, 1926
22.518,330
No other debt. Population, 2930, 5,258: estimated now, 12.000.
1867
Directors until 8 p. m. (Eastern standard time) Oct. 25 for the purchase
of $150,000 coupon or registered 44% school bonds. Dated Nov. 1 1927.
Denom. $1,000. Due Nov. 1, $1,000, 1928 to 1937 incl.: 95,000, 1938 to
1947 incl., and $10,000. 1948 to 1956 incl. A certified check, payable
to the School District for $1,500, is required.
BLANCO COUNTY (P.O. Johnson City), Tex.
-BOND ELECTION.
-There will be an election on Oct. 22 for the voters to decide the issuance
of $186,000
% road bonds.
BLACK LICK TOWNSHIP (P. 0. Blairsville R. F. D.), Indiana
-L. C. Ferguson, Treasurer. Board of
County, Pa.
-BOND OFFERING.
Supervisors, will receive sealed bids until 10 a. m. Oat. 1 (to-day) for the
purchase of an issue of $13,000 44% road improvement 'bonds. Dated
Oct. 11927. Denom.$1,000. Due Oct. 1 as foll.ws: $1,000, 1932:92,000,
1937 and 1942:83.000. 1947 and 1952; and $2,000. 1957. A certified check
payable to the order of the Board of Supervisors for $500 is required.
.-Sled
ea
BLOOMFIELD, Essex County, N. J.
-BOND OFFERING
bids will be received by the Town Clerk until 8 p. m. Oct. 17 for the purchase of the following issues of 44,% coupon or registered bonds not to exceed $520,000, no more bonds to be awarded than will produce a premium
of $1,000 over each of the below-named issues:
$325.000 temporary improvement bonds. Due Nov. 1 1932.
195,000 Passaic Valley sewer bonds. Due Nov. 1 as follows: $5,000,
1928 to 1946 ind.; $6,000. 1947 to 1951 incl., and $7,000, 1082
to 1961 incl.
Dated Nov. 1 1927. Denom. $1,000. Prin. and int. (M. & N.) payable in gold at the Bloomfield Trust Co., Bloomfield. Legality approved
by Thomson, Wood & Hoffman of N. Y. City. A certified check, payable
to Raymond Edgerly, Town Treasurer, for 2% of the bonds bid for,
Is required.
-BOND SALE.
-The
BOSTON COUNTY (P. 0. Fowler), Ind.
-were
following issues of 44% bonds offered on Sept. 22-V. 125, P. 1609
awarded to the Fletcher Savings & Trust Co. of Indianapolis. as follows:
$26,400 Amiel et al Bemton and White Co.'s improvement bonds, at a
premium of $237.70, equal to 100.90, a basis of about 4.39%.
Due $1,320 May 15 1928 to 1947, incl.
6,240 Charles Watson et al Benton and White Co.'s improvement bonds
at a premium of 3107, equal to 101.70, a basis of about 4.165%.
Due $624 May 15 1928 to 1937, incl.
Date Sept. 7 1927. Other bidders were:
$26,400 Issue. $6.240 Issue.
Bidder
Union Trust Co
9209.00
$81.00
nd
Inland Investment Co
217.00
98.00
Fletcher American Co
207.00
93.00
BLOOMFIELD TOWNSHIP SIXTH FRACTIONAL SCHOOL
DISTRICT, Oakland County, Mich.
-BOND OFFERING.
-Ii. L.
Bicking, Director Board of Education, will receive sealed bids until
7:30 p. m. (eastern standard time) Oct. 3, for the purchase of an issue of
$75.000, not to exceed 54% school bonds. For further information regarding the issue, bidders are requested to communicate with the above, care
of Perry & Lynch, 710-712, Pontiac Bank Building, Pontiac.
BLOOMINGTON, Monroe County, Ind.
-BOND OFFERING.
E. Cooper, City Clerk, will receive sealed bids until 10 a. m. Oct. 14 for
the purchase of an issue of $115,000 4% bonds to provide funds with
which to purchase and pay for the common stock of a local public utility
corporation. Dated Aug. 1 1927. Denom. $1,000. Due July 1 1947.
A certified check for $2,000 is required.
BOERNE, Kendall County, Tenn.
-There will
-BOND ELECTION.
be an election on Oct. 18 for the voters to decide the Issuance of 975.000
water bonds.
-BOND SALE.
-The $3,000
BOLIVAR, Westmoreland County, Pa.
5% borough bonds offered on Sept. 14 (V. 125, p. 1219) were awarded to
the Citizens' Bank of Bolivar at par. Dated Sept. 1 1927. Due $500
Sept. 1 1928 to 1933 inclusive.
BOONE COUNTY (P. 0. Lebanon), Ind.
-BOND SALE.
-The Union
Trust Co. of Indianapolis was awarded on Sept. 28 an issue of 929.500
7
440 road bonds at a premium of $561, equal to 101.90, a basis of about
4.12%. Due May and Nov. 15 1928 to 1937 inclusive.
BOYLE, Bolivar County, Miss.
-BOND OFFERING.
-Sealed bids
will be received by H. G. Smith, Town Clerk, until 10 a. m. Oct. 3 for a
815,000 issue of 6% water works bonds.
BRISTOL COUNTY (P. 0. Fall River), Mass.
-The
-NOTE SALE.
First National Bank of Attleboro, was awarded on Sept. 27, an issue of
950.000 tuberculosis hospital maintenance notes on a 3.36% discount
basis. The notes are due in 7 months.
BROWARD COUNTY (P.O. Fort Lauderdale), Fla.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. Oct. 14 by James S.
Rickards. Secretary of the Board of Public Instruction, for a $250,000
issue of 6% instruction board bonds. Denom. $1,000. Dated Oct. 1
1927 and due on Oct. 1 as follows: $10,000. 1930 to 1934: 815.000. 1935 to
1946, and $20,000 in 1947. Principal and int. (A. & 0.) payable in New
York City at the Hanover National Bank. A certified check for 2% of
the bid is required.
BURLINGTON COUNTY (P. 0. Mount Holly), N. J.
-BOND OFFERING.
-Sealed bids will be received by the Clerk, Board of Chosen Freeholders. until 11 a. m. Oct. 14 for the purchase of two issues of 5% coupon
or registered bonds not to exceed $411,000, no more bonds to be awarded
than will produce a premium of $1,000 over each of the below-namedIssues:
$276,000 general building improvement bonds. Due Oct. 1 as follows:
$28,000 1928 to 1936 incl., and $24,000, 1937.
135,000 road and bridge bonds. Due Oct. 1 as follows: 914,000, 1928 to
1936 incl., and $9,000, 1937.
Dated Oct. 11927. Denom.$1,000. Prin.and int, payable at the Union
National Bank, Mount Holly. A certified check payable to the order of the
Board of Chosen Freeholders for 2% of the bonds bid for is required.
BURTON TOWNSHIP(P.O. Flint, Route No. 2), Genesee County,
-Louise B. Pottger, Township Clerk, will
Mich.
-BOND OFFERING.
receive sealed bids until 8 p. m.(Eastern standard time) Oct. 3 for the purchase of an issue of 845.000 5% street graveling bonds. Denom. $1,000.
Due Oct. 1 as follows: $5,000 1930 to 1934, incl.; $8,000 1935 and 1936.
and $4,000 1937. A certified check, payable to the order of the Treasurer,
for 5% of the bonds offered is required. The successful bidder to pay the
expenses of furnishing and printing the bonds, also attorney's fee as to
their legality. These bonds are part of an authorized issue of $90,000.
CALEDONIA SCHOOL DISTRICT (P. 0. Columbus), Miss.
BOND SALE.
-The $20,000 issue of 5% coupon school bonds offered
for sale on July 15-V. 125, p. 417
-was awarded to a local firm. Denom.
$500. Dated July 1 1927 and due on July 1 as follows: $500, 1928 to
1932; $1,000. 1933 to 1942, and $1,500, 1943 to 1947. Prin. and int.
(J. & .1.) payable in Columbus.
-BONDS VOTED.
CALHOUN COUNTY (P. 0. Port Lavaca), Tex.
At a recent election the voters authorized the issuance of $260,000 road
bonds. The vote stood 710 to 123.
-The followCAMBRIDGE,Middlesex County, Mass.
-BOND SALE.
ing issues of 4% tax exempt coupon bonds, aggregating $930,500 offered
on Sept. 27-V. 125. p. 1609
-were awarded to R. L. Day & Co. of Boston,
at 102.39, a basis of about 3.75%:
$39,000 Street Loan, denominations S1,000, payable $8,000 on the first
day of Oct. each year, 1928 to 1931 incl. and $7,000 on the first
day of Oct. 1932.
35,000 Departmental Equipment Loan, denominations $1.000, payable
$7,000 on the first day of Oct. each year 1928 to 1932 incl.
386,500 Street Loan,denominations, 1 bond $500, and balance $1,000 each,
payable 840.500 Oct. 11928: $39,000 on the Drat day of Oct. each
year, 1929 to 1932 inclusive and $38,000 on the first day of Oct.
1933 to
Buildin1937 inclusive.
g Loan, denominations 91,000, payable 823,00000 the first
445,000
day of Oct. each year, 1928 to 1932 incl. and 922,900 on the first
.7.
day of Oct. 1933 to 1925,000 Separate System of Sewers Loan, denominations $1,000, payable
$1,000 on the first day of October each year, 1928 to 1952 incl.
Other bidders were:
Bidder-.
Rate Bid,
Rate Bid.
Bidder102.37 Estabrook & Co
Harris, Forbes & Co
102.043
102.24 The Shawmut Corp
E. H. Rollins & Sons
101.97
Atlantic-MerrU101dhamCorP.102.143
1868
THE CHRONICLE
[VOL. 125.
CANAJOHARIE UNION FREE SCHOOL DISTRICT NO. 8, Mont- payable in gold at the Cliffside Park Title Guarantee & Trust Co. A cergomery County, N. Y.
-BOND OFFERING.
-Veronica Cummings, tified check, payable to the Board of Education for 2% of the bonds offered,
Clerk Board of Education, will receive sealed bids until 11 a. m. Oct. 14, Is required. Legality approved by Hawkins, Delafield & Longfellow of
at the office of B. H. Brower, Esq., Canajoharie, for the purchase of the New York City.
following issues of 4X% bonds:
COBLESKILL, Sehoharie County, N. Y.
-BOND SALE.
-The First
$250,000 school bonds. Denom. $1,000. Due Oct. i as follows: $5,000.
1928 to 1932, incl.: $8,000. 1933 to 1937, incl., $10,000. 1938 to National Bank of Cobleskill was recently awarded an issue of $6,300 431%
series 2,fire apparatus bonds at par. The bonds mature July 1 as follows:
1955. incl., and 85.000, 1956.
9,000 school bonds. Denom. $500. Due $1,000 Oct. 1 1932 to 1940, $3,300 1928 and $3,000 1929.
inclusive.
COLUMBIA (P.0. Ilion), Herkimer County, N. Y.
SALE.
Date Aug. 11927. Principal and interest (F. & 0.) payable at the Cana- Sherwood & Merrifield, Inc. of New York City, were -BOND at public
awarded
joharie National Bank. A certified check for 10% of the bonds offered is auction on June 7-V. 124, p. 3388
-the $13.000 434% registered highwaY
required.
bonds, at 100.05, a basis of about 4.48%. Date May 11927. Due $1,00U
CANTON, Stark County, Ohio.
-BOND OFFERING.
-Samuel E. May I 1928 to 1940, incl.
Barr, City Auditor, will receive sealed bids until 12 m. (Eastern standard
COLUMBUS, Franklin County, Ohio.
-NOTE OFFERING.-Harry
time) Oct. 3 for the purchase of various issues of 5% and 43 % special H. Turner, City Clerk, will receive sealed bids until 7 p. m. (Eastern
standassessment improvement bonds, aggregating $352,790.66. Dated June ard time) Oct. 3 for the
and Aug. 11927. In denoms. of $1,000 and $500 and odd amounts. Prin. basis of 000%. Dated purchase of $43,400 promissory notes on an interest
Oct. 15 1927. Due April 15 1929. Prin. and int.
and int. payable at the City Treasure''s office. The bonds mature serially payatie at the agency of the City of
York. A certified
from 1928 to 1944 inclusive. The successful bidder shall print at his own check payable to the order of the CityColumbus in New of the notes
Treasurer for 1%
offered
expense the required bonds on special bond borders and the coupon sheets Is required.
will be furnished by the city. A certified check for 5% of the bonds bid for
CRESTON, Union County, Iowa.
-BOND SALE.
is required.
-The $37,200
Issue of 434% coupon funding bonds offered for sale on Sept. 26-V. 125,
CARROLL COUNTY (P. 0. Delphi), Ind.
-BOND SALE.
-The p. 1738
-was awarded to the First National Bank
Iowa
$5,000 434% coupon township road improvement bonds offered on Sept. 26 State Savings Bank and the Farmers & Merchants of Creston, the all of
Savings Bank,
(V. 125, p. 1738) were awarded to the Carroll County Loan & Trust Co. Creston, jointly, at par. Dated Sept. 1 1927 and due on Sept. 1 1947.
at a premium of $95,000, equal to 101.90, a basis of about 4.11%. Dated Optional before maturity. Denom. $1,000. Int. payable M. & S.
Sept.6 1927. Due $250 May and Nov. 15 1928 to 1937 incl. Other bidders
CROSBY, Crow Wing County, Minn.
-BOND OFFERING.
were:
-Sealed
BidderPremium.' BidderPremium. bids will be received until 8 p. m. Oct. 4 by P. J. Sheets, Village Clerk, for
Fletcher Savings & Trust Co__$77.00 Fletcher American Co
$73.00 a $20,000 issue of certificates of indebtedness. A certified check for 5%
85.09,Inland Investment C
City Securities Corp
94.50 of the bid is required.
CUYAHOGA COUNTY(P.O.
-BOND OFFERING.
CARROLLTON, Carroll County, Ohio.
-BONDS NOT SOLD.
-The -Louis Simon, Clerk Board of Cleveland), Ohio.
County Commissioners, will receive sealed
812,000 534% storm sewer bonds offered on Sept. 23-V. 125. p. 1487
were not sold as the Village Council rejected all bids submitted for the work bids until 11 a. m.(Eastern standard time) Oct. 11 for the purchase of the
following issues of 434% 'Medal assessment bonds, aggregating $1,652.000:
by contractors. F. E. Pretty, Village Clerk.
$895,000 county sewer distric. water supply improvement bonds. Due
CASS TOWNSHIP, Richland County, Ohio.
Oct. I as follows: $89,000 in each of the years 1928. 1930, 1932,
-BOND SALE.
-The
$9,400 5% coupon road improvement bonds offered on Sept. 24 (V. 125,
1934 and 1936, and $90,000 in each of the years 1929, 1931, 1933,
p. 1609) were awarded to the Mansfield Bank & Trust Co. of Mansfield at
1935 and 1937.
a premium of $83, equal to 100.87. The bonds are dated Oct. 1 1927.
757,000 county sewer district sewerage improvement bonds. Due Oct. 1
as follows: $50,000 in each of the years
1929. 1931, 1933.
CEDAR FALLS TOWNSHIP RURAL INDEPENDENT SCHOOL
1935, 1937. 1939 and 1941, and $51,000 in each of the years 1930.
DISTRICT (P. 0. Cedar Falls), Iowa.
-BOND SALE.
-The $4,000
1932, 1934, 1936. 1938, 1940 and 1942.
issue of 5% coupon school bonds offered for sale on Sept. 2-V. 125, p.
Dated Oct. 1 1927. Prin. and int. (A. & 0.) payable at the count,'
1220
-was awarded to the Cedar Falls National Bank of Cedar Falls, for a Treasurer's office.
check payable to
premium of $83, equal to 102.075, a basis of about 4.58%. Date Sept. 1 Treasurer for 1% ofA certified bid for is required.the order of the County
the bonds
1927. Due on March 1 1929 to 1936, incl. The other bidders were:
Price Bid.
Bidders-.
CUYAHOGA FALLS, Summit County, Ohio.-130ND OFFERING.Citizens Savings Bank
H. 0. Bolich, City Auditor, will receive sealed bids until 12 m. (Central
$4,082.50
fb
Harry Schulte
4,040.00
I
standard time) Oct. 18 for the purchase of an issue of $84,638.76 5%
Betchel & Co., Davenport
4,000.00
434% improvement bonds. The bonds are dated Oct. 1 1927 and consist of 8
White and Phillips, Davenport
4,000.00
4X% Issues in various denominations and maturing April and Oct. 1 1928 to
1938. inclusive. Principal and interest (A. & 0.) payable at the Depositors
CENTRAL PARK WATER DISTRICT (P. 0. Hempstead), Nassau Savings & Trust Co.,
Cuyahoga Falls. A certified check, payable to the
-BOND SALE.
County, N. Y.
-Sherwood & Merrifield, Inc., of N. Y.
City, were awarded on Sept. 27 an issue of $35,000 water bonds as 4.10s order of the City Treasurer for 5% of the bonds offered is required.
at a premium of $77.00. elual to 100.22, a basis of about 4.07%. Dated
DALLAS, Dallas County, Tex.
-BOND OFFERING.
-Sealed bids will
Aug. 15 1927. Denom. $1,000. Due Aug. 15 as follows: $2,000, 1932 to be received until 10 a. m. Oct. 5 by R. V. Tompkins, City Auditor, for a
1941 incl., and $3,000. 1942 to 1946 incl. Prin. and int. (F. & A. 15) $350,000 Issue of4 X% coupon school improvement bonds. Denom.$1,000.
payable in gold at the Second National Bank of Hempstead. Legality Dated June I 1927. Due on June 1 as follows: $9,000, 1928 to 1930,
approved by Clay, Dillon & Vandewater of N. Y. City.
1932 to 1934, 1936 to 1938, 1940 to 1942, 1944 to 1946. 1948 to 1950,
Financial Statement of the Town of Hempstead.
1952 to 1954, 1956 to 1958, 1960 to 1962 and 1964 to 1986. $8.000 on
Assessed valuation of the Town of Hempstead
$166,823,567 June 1 OS follows: 1931, 1935, 1939, 1943, 1947, 1951. 1955, 1959, 1963
and 1967. Principal of bonds may be registered. Principal and int.
Assessed valuation of that portion of the Central Park Water
District being in the Town of Hempstead
100,725 (J. & D.) payable at the Chase National Bank in New York City in gold.
Thomson, Wood & Hoffman of New York will furnish legal approval.
Detailed statement of town indebtedness:
A certified check for 2% of par of the bonds, payable to J. B. Davis, ComAlmshouse Hospital bonds
8148,000
missioner of Finance and Revenue, is required.
Special water districts (Hempstead-Hempstead
Gardens Water District)
(These are the bonds mentioned in V. 125, p. 1739.)
300,000
Franklin Square Water District
100,000
DAYTONA BEACH, Volusia County, Fla.
-WARRANT SALE.
-At
Bonded debt of Central Park Water District, extended portion in the Town of Hempstead
None- 548,000 a private sale held during the latter half of Aug. an issue of $100,000 misThe State Census of 1925 shows the population of the Town of Hempstead cellaneous impt. warrants was disposed of.
to be 122,802.
DECATUR PARK DISTRICT(P.O. Decatur), Macon County,Ill.
-The following is a complete list of bids submitted
CHADRON, Dames County, Neb.-BOND DESCRIPTION.
-The BIDS SUBMITTED.
$35,000 issue of hospital bonds which was sold on Sept. 1 (V. 125. p. 1609) for the $100,000 434% coupon park bonds offered on Sept. 28-V. 125,
to the First National Bank of Chadron, Is described as follows: 5% coupon p. 1739. The award has not been made as yet as the high bidder desires
hospital building bonds. $1,000 denozn. Dated Sept. 1 1927, due on to have their own attorneys approve the issue. Bonds are furnished by all
5).
Sept. 1 1937, and optional after 1932. Premium paid was $125, equal to bidders except those indicated by an asterisk (
First Trust & Say. bank__ _$4,099.00 Northern Trust Co
$3,317.00
100.357, a basis of about 4.95%. Int. payable April & Oct.
Wm. It. Compton
3,600.00 Chicago Trust Co
2,976.00
CHATTANOOGA, Hamilton County, Tenn.
-BOND SALE.
3,438.00 Seasongood & Mayor
-The Seipp, Princell & Co
2,872.00
8_575,000 issue of 5X % floating debt bonds offered for sale on Sept. 30- National City Co., N. Y__ 3,413.50 Millikin National Bank,
V 125,_ p. 1609
-was awarded to the Detroit Trust Co. of Detroit and Hill, Joiner & Co
*3,363.00
Decatur
2,828.83
Little, Wooten & Co. of Jackson, jointly, for a price of 103.85, a basis III. Merchants Trust Co-_ _*3.610.00 Paine, Webber & Co
2,665.00
of about 5.23%. Denom. $1,000. Dated Oct. 1 1927 and due on Oct. 1 Continental & Comm'l Co_ 3,393.00 Miss. Valley Trust Co_ _ _ _*2,750.00
1957. Prin. and semi-ann. int. payable at the National City Bank in Ames,Emerich & Co
3,269.00 Hanchett Bond Co
2,431.00
N. Y. City.
DEER PARK (P. 0. Pleasant Ridge), Hamilton County, Ohio.
CHAUTAUQUA UNION FREE SCHOOL DISTRICT NO. 3, Chau- BOND SALE.
-The following issues of6% coupon special assessment bonds,
tauqua County, N. Y.
-BOND OFFERING.
-Sealed bids will be received offered on Sept. 12-V. 125, p 1081-were awarded to the Provident
by the Board of Education until 6 p. m. Oct. 17 for the purchase of an Savings Bank & Trust Co. of Cincinnati at a premium of $383.47, equal
Issue of $11,000 5% school bonds. Date Nov. 1 1927. Denom. $1.000. to 102.41, a basis of about 5.447
o:
Duo $1,000 Nov. 1 1946 to 1956, inclusive. Principal and interest payable 81,117.40 Blue Ash Ave. impt. bonds. Due Sept. 1 as follows: $237.40,
at the Farmers & Mechanics Bank of Jamestown. A certified check for
1929, and $200, 1930-1933.
10% of the bonds offered is required.
3,553.76 Schenck Ave. bunt. bonds. Duo Sept. 1 as follows: $473.76.
1929, and $440, 1030-1936.
CHETOPA, Labette County, Kan.
-BOND DESCRIPTION.
-The
2,831.73 Superior Ave. impt. bonds. Due Sept. 1 as follows: $381.73,
$50,000 issue of bonds sold on Aug. 9 (V. 125, p. 1610) to Stern Bros. &
1929, and $350, 1930-1936.
Co.of Kansas City is further described as follows: 4 X% coupon water works
Date Sept. 7 1927. Other bids were:
and electric light extension bonds. Denom. $1,000. Dated Aug. 1 1927.
A. E. Aub & Co., par, accrued int. and a premium of $340.11.
Bonds sold at par. Due as follows: $2000, 1928 and 1929: $3,000, 1939
Silvorton Bank, par, accrued int. and premium of $129.00
to 1940, and $2,000 yearly until balance Is paid. Int. payable F. & A.
Weil, Roth & Irving, par, accrued int. and premium of $127.00.
CHICAGO HEIGHTS, Cook County, III.
-BOND SALE.
-Messrs.
-BIDS REJECTED.
DEFIANCE, Defiance County, Ohio.
-All bids
Seipp, Princell & Co. of Chicago were awarded on Sept. 6 an issue of submitted for tho $6,000 5% water works construction bonds offered on
$150,000 5% coupon (registerable as to principal) general corporate bonds Sept. 24 (V. 125, P. 1610) were rejected. The bonds arc dated Sept. 1
at par. The bonds are dated Jan. 1 1928 and are in denoms. of $1.000.
Due Jan. 1 as follows: $5,000, 1936 to 1941 incl.: $15,000, 1942 to 1945 1927 and mature $1,000 March 1 1929 to 1934. inclusive.
DEFIANCE, Defiance County, Ohio.
-BOND OFFERING.
incl., and $20,000. 1946 to 1948 incl. Int. payable J. & J.
-W. A.
Hull, City Auditor, will receive sealed bids until 12 m. Oct. 22 for the
CHICAGO SANITARY DISTRICT, Cook County, III.
-BOND chase of an issue of $15,033.84 5% special assessment Improvement purbonds.
OFFERING.
-Michael Rosenberg, Chairman Finance Committee, will Dated as of Sept. 1
receive sealed bids until 11 a. m. (standard time) Oct. 6 for the purchase Sept. 1 as follows: 1927. Denom. $1,000, one bond for $1,003.84. Due
$1.003.84, 1929, and $2,000, 1930 to 1936, incl. A
of $5.000,000 4 Y% 51st. Issue, sewer bonds. Date Oct. 11927. Denom.
i
City Auditor, for $1,000 is required.
$1,000. Due $250.000 Oct. 1 1928 to 1947, Incl. Registerable as to certified check, payable to the
DELMAR, Sussex County, Del.
principal. Principal and interest payable at the District Treasurer's
-BOND SALE.
-The Farmers Bank
office. Bids will be considered for all or any part of the issue. A certified of Delaware was recently awarded an Issue of $22,620 high and elementary
check, payable to the order of the District Clerk, for 3% of the bonds bid school bonds at a premium of $654.24, equal to 102.80. (Rate of interest
required. The approving opinion of Wood & Oakley of Chicago as not given.)
for is
to the legality of the bonds will be furnished the successful bidder. These
DES MOINES COUNTY (P. 0. Burlington), Iowa.
-BOND SALE.
are the bonds mentioned in V. 125, p. 1738.
The$100,000 issue ofcoupon primary road bonds offered on Sept.20(V.125.
Financial Statement.
p. 1610) was sold to the White-Phillips Co. of Davenport as 431s tor a
valuation of property 1926
Equalized
$2,033,562,836.00 premium of $350, equal to 100.35, a basis of about 4.19%. Denom.
Authorized indebtedness,5%
101,678,141.80
1,000. Date Oct. 1 1927 and due $10,000 from May 1 1932 to 1941, incl.
Optional after 5 years. Interest payable annually.
-Oct.1 1927
Outstanding bonds
$70,574,000.00
There were two other bids submitted; one by Geo. M. Bechtel & Co. of
Amount of present issue
5,000,000.00 Davenport and the second by the First Iowa State Trust & Savings Bank
of Burlington.
$75,574,000.00
Total bonded debt,Including present issue
DOVER, Kent County, Del.
-BOND SALE.
-The Dover Trust CO.
Contract liabilities and judgments
11,800,000.00
of Dover, were recently awarded an issue of $200,000 street and sewer
Total
$87,374,000.00 bonds at 102.08.
Unexercised debt incurring power
$14,304,141.80
EAST SYRACUSE,. Onondaga County, N. Y.
-BOND SALE.
CITRUS COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 13 George B. Gibbons, Inc., of New York City, were awarded on Sept. 27, an
-Sealed bids will be received Issue of $7,000 5% hook and ladder truck and equipment bonds, at 100.17,
(P. 0. Inverness), Fla.
-BOND OFFERING.
until Oct. 4 by Jesse Montague, Superintendent of the Board of Public a basis of about 4.95%. Date Oct. 11927. Denom. $1,000. Due Oct. 1
Instruction, for a $10.000 issue of 6% school bonds.
as follows: $1,000, 1928 and $2,000, 1929 to 1931 incl. Prin. and int.
, payable
CLIFFSIDE PARK SCHOOL DISTRICT (P. 0. Cliffside), Bergen (A. & J. Greiner ofat the Bank of East Syracuse. Legality approved by
East Syracuse.
County, N. J.-BOND OFFERING.
bids will be received by Frank
-Sealed
John F. Kelly, District Clerk, until 8:30 p. m. Oct.7 for the purchase of an
ELIDA, Allen County, Ohio.
-BOND SALE.
-The $2,500 534%
Issue of434% or 5% coupon or registered school bonds not to exceed $65,000, fire equipment bonds offered on Sept. 24 (V. 125, P. 1488) were awarded
no more bonds to be awarded than will produce a premium of $1,000 over to A. E. Aub & Co. of Cincinnati at a premium of $53. equal to 102.12, a
$65,000. Dated Sept. 11927. Denom. $1,000. Due Sept. 1 as fellows: basis of about 5.06%. Dated Sept. 1 1927. Due $250 Sept. 1 1928 to
$2,000. 1928 to 1957 incl., and $1,000, 1958 to 1962 incl. Prin. and int. 1937,incl. The Howe Fire Apparatus Co. of Elide bid par for the bonds.
OCT. 1 1927.]
THE CHRONICLE
ENNIS, Ellis County, Tex.
-BONDS REGISTERED.
-G. N. Holton.
State Comptroller, registered on Sept. 12 an $85,000 issue of 431% serial
school refunding bonds.
ESTILL COUNTY (P. O. Irvine), Ky.-BOND SALE.
-J. A.
Wallace, a local investor has recently purchased an issue of 5150.000 road
bonds.
EUPORA, Webster County, Miss.
-BOND OFFERING.
-Sealed bids
will be received until 7 p. m. Cct. 10 by Mrs. T. B. Foard, Town Clerk,
for a $60,000 issue of 514% water works and sewer system bonds. Denom.
$500. Dated Sept. 6 1927. Due $1,590, 1928 to 1932: 82.500, 1933 to
1941, and $3,000, 1942 to 1951 incl. Prin. and int.(M.& S.) payable in
New York City at the Hanover National Bank.
FAIRFIELD, Fairfield County, Conn.
-BOND OFFERING.-Frederlek A. Burr. First Selectman, will receive sealed bids until 2 p. m. Oct. 6
for the purchase of an issue of $85,000 431% coupon Knapps Highway
school bonds. Dated July 1 1927. Denom. $1,000. Due $5.000 July 1
1929 to 1945 incl. Prin. and int. (J. & J.) payable at the National Bank
of Commerce, New York City, or at the Fairfield National Bank. Fairfield.
The First National Bank, Boston, will supervise the preparation of the
bonds and will certify as to the genuineness of the signatures and the seal
impressed thereon. Legality to be approved by Ropes, Gray, Boyden &
Perkins of Boston.
Financial Statement July 20 1927.
Last grand list
•
$26,551,600.00
Total bonded debt, including this issue
823,000.00
Sinking fund
73,061.94
Net debt
$749,938.06
The town of Fairfield was settled in 1639, adjoins Bridgeport, is very
largely residential, including the residences of persons in business in Bridgeport and Now York, &c., is the location, particularly on its Bridgeport
side, of manufacturing plants, is a town of increasing prosperity and of
untarnished credit. Population 1920. 11,475.
FAIRFIELD UNION FREE SCHOOL DISTRICT NO. 5 (P. 0.
Middleville), Herkimer County, N. Y.
-BOND SALE.
-The 5150.000
434% coupon or registered school bonds offered on Sept. 29(V.125,11. 1739)
were awarded to Dewey, Bacon & Co. of New York at 101.85, a pasis of
about 4.24%. Dated April 1 1927. Due $5,000 Jan. 1 1928 to 1957, incl.
Other bidders were:
Bidder
Rate Bid.
Pulleyn dc Co
100.8.3
Manufacturers & Traders-Peoples Trust Co., Buffalo
101.591
Goo. B. Gibbons k Co
101.42
FITCHBURG, Worcester County, Mass.
-BOND OFFERING
.=
Sealed bids will be received by the City Treasurer until 12 m. Oct. 4 for
the purchase of an issue of $65,000 331% sidewalk, sewer and pavement
bonds dated Oct. 1 1827 andj_maturing serially from 1928 to 193'7 incl.
FLOYD COUNTY (P. 0. New Albany), Ind.
-BOND OFFERING.
Harry S. McDonald, County Treasurer, will receive sealed bids until
Sept. 30 for the purchase of an issue of $20,000 4)4% improvement bonds.
Dated Sept. 30 1927. Denom. $500. Due $500 May 15 1929 to 1948 incl.
FORT BEND COUNTY (P. 0. Richmond), Tex.
-BONDS REGISTERED.
-On Sept. 14 the State Comptroller of Texas, G. N. Holton,
registered a $46.500 issue of 5% serial bridge refunding bonds.
FORT LAUDERDALE,Broward County, Fla.-130ND OFFERING.
Sealed bids will be received until Oct. 11 by Glenn E. Turner, City Auditor,
for a $25,000 Issue of 6% public improvement bonds. Denom. $1,000.
FORT PIERCE DRAINAGE DISTRICT, St. Lucie County, Fie.
BOND SALE.
-An issue of 5175.000 6% drainage bonds has recently been
purchased by the Canal Construction Co. of Nelbourne for a discount
price of 95.
FORT WORTH, Tarrant County, Tex.
-BONDS
G. N. Holton, State Comptroller, registered two issues REGISTERED.
one for $700,000 434% serial water and light purposeof bonds on Sept. 19
and a second issue
of 5609.000 4, 431 and 434% serial street bonds.
FRAMINGHAM, Middlesex County, Mass.
-TEMPORARY
The $100.000 temporary loan offered on Sept. 27-V. 125. p. LOAN.
-was
awarded to the Shawmut Corp. of Boston, on a 3.43% discount1739 plus
basis
a premium of $4. Interest to follow. Due on May 15 1928.
FRANKLIN COUNTY (P. 0. Hampton), Iowa.
The 5150.000 issue of coupon primary road bonds offered-BOND SALE.
for sale on Sept. 23
-V. 125, p. 1610
-was awarded to the White-Phillips Co. of Davenport
as
% bonds for a premium of $226, equal to 100.15, a basis of about
4.237' Denom. $1,000. Dated Oct. 1 1927 and due $15.000 from May 1
0.
1928 to 1937 lad. Int. payable annually. Two other bids were submitted; the Carleton D. Bob Co. of Davenport offered $225 and George
M. Bechtel & Co. of Davenport bid a premium of $60.
FRANKLIN COUNTY (P. O. Columbus), Ohio.
-BOND SALE.
-A
syndicate composed of Hayden, Miller & Co. of Cleveland, the National
City Co. and Harris, Forbes &Co., both of New York City, were awarded
on Sept. 28 $452,640 various improvement road bonds as 431s and a
premium of $268. equal to 100.07. The bonds are dated Oct. 1 1927
and
mature serially from 1928 to 1937, incl.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND OFFER
ING.-Sealed bids will be received until 10 a. m. (Eastern standard time)
Oct. 12 for the purchase of various issues of 434% improvement bonds
aggregating $169,700. The bonds are dated Oct. 1 1927 and are in $1,000
and $500 denominations and one bond for $700. Maturing serially on
April and Oct. 1 from 1928 to 1938 incl. Prin. and int. (A. & 0.) payable
at the County Treasurer's office. A certified check for 1% of the bonds
offered is required.
FREMONT COUNTY SCHOOL DISTRICT NO. 38 (P. O. Lander),
Wyo.-130ND OFFERING.
-T. H. Frost, Clerk of Board of Education,
will receive sealed bids until Oct. 22 for an issue of $12,000 5% school building bonds. Denom.$500. Dated Aug. 1 1926. Duo in 20 years, optional
after 5 years.
GARY SCHOOL DISTRICT, Lake County, Ind.
-BOND SALE.
The $300,000 series 16 coupon school bonds offered on Sept. 27-V. 125,
P. 1611-wore awarded to the Union Trust Co. of Indianapolis as 4s at
a premium of44.031. equal to 101.34, a basis of about 3.90%. Date
Oct. 1 1927. Due Oct. 1 1947.
The following Is a complete list of bids submitted:
For 4% Bonds.
BidderPrice Bid.
Union Trust Co., Indianapolis
*$304,031
Meyer-Kiser Bank. Breed, Elliott & Harrison and City Securities
Corporation, Indianapolis
301.658
National Bank of America, Gary
303,587
Continental & Commercial Co.. Chicago
303,113
•
Union Trust Co., Indianapolis314,114
Meyer-Kiser Bank, Brood, Elliott & Harrison and City Securities
Corp., Indianapolis
309.058
For 434% Bonds.
Union Trust Co., Indianapolis
324,244
Continental & Commercial Co., Chicago
319.533
National Bank of America, Gary
,
322057
Meyer-Kiser Bank, Breed, Elliott & Harrison and City Securities
Corp.. Indianapolis
318.011
*Successful bid.
GIBSON COUNTY (P. 0. Princeton), Ind.
-BOND OFFERING.
Carl L. Woods, County Treasurer, will receive sealed bids until 10 a. m.
Oct. 15 for the purchase of the following two issues of 434% bonds aggregating $24,700:
$17,200 John A.. Kirk et al. highway improvement bonds. The bonds are
dated Oct. 15 and are in denominations of $860. Due $860 May
and Nov. 15 1928 to 1937 incl.
7,500 John W. Herwig at al. Taylor Two, road bonds. Dated Sept. 15
1927 in $375 denoms. Due $375 May and Nov. 15 1929 to 1938
incl.
GLEN UNION FREE SCHOOL DISTRICT NO. 4 (P. 0. Fulton.
ville), Montgomery County, N. Y.
-BOND SALE.
---Sherwood & Merrifield, Inc., of New York City were awarded on Sept. 22 an issue of $14,000
4.60% school bonds at 100.04, a basis of about 4.58%. Dated Aug. 11927,
1869
Due Aug. 1 as follows: $500, 1928; 31.500, 1929;$3,000, 1930; 1931. $4.000;
and $5,000. 1932.
GRANT COUNTY (P.O. Marion), Ind.
-BOND OFFERING
.-Arthur
Green, County Auditor, will receive sealed bids until 12 m. Oct. 5 for the
purchase of an issue of 59,748 6% drainage bonds. Dated Nov. 10 1927.
Denom. $974.80. Due $974.80 Nov. 15 1928 to 1937 incl. Principal
and interest payable at the County Treasurer's office.
GRAY COUNTY (P. 0. Lefors), Tex.
-BONDS VOTED.
-At an election held on Sept. 10-V. 125, p. 1221-the voters authorized the issuance
of $400.000 534% road building bonds. Bids will be received for the purchase of these bonds until Oct. 22. Due in from 1 to 30 years and are
non-optional.
GRAY COUNTY (P. 0. Lefors), Tex.
-BOND OFFERING.
-Sealed
bids will be received by T. M. Wolfe, County Judge, until Oct. 22 for a
$400,000 issue of 5)4% serial road bonds. Due in from 1 to 30 years.
GRAYSON COUNTY (P. 0. Sherman), Tex.
-BONDS REGISTERED.
-A $346,000 issue of 431% serial road bonds was registered on
Sept. 23 by State Comptroller G. N. Holton.
GREECE (P. 0. Rochester), Monroe County, N. Y.
-BOND DESCRIPTION.
-The $18,000 water bonds awarded to Sage, Wolcott &
Steele of Rochester at 100.13 as 4.40s
-V. 125, p. 1611-a basis of about
4.39%, are described as follows: The bonds are dated Sept. 1 1927 and
are coupon in form. Due April 1 as follows: $1,000, 1931 to 1946 incl.,
and $2,000. 1947. Interest payable A. &.0. 1. Denom. $1.000.
GREENVILLE COUNTY (P. 0. Greenville), S. C.
-BOND OFFER:
ING.-Sealed bids will be received by H. D. Dili. County Supervisor, until
noon of Oct. 17 for a 51,500.000 issue of not exceeding 5% coupon highway
bonds. Denom. $1,000. Dated Aug. 1 1927. Due on Feb. 1 as follows:
$60,000 in 1932 and 1933; $70,000, 1934 to 1936: $80,000. 1937 and 1938;
890.000. 1939; 8100.000. 1940 to 1943;;175.033, 1044 and 1915, and $170.000 in 1946. Int, rate to be stated in multiples of 31 of 1%. Int, rate to
be the same for all of the bonds. Prin. and int. (F. & A.) payable in New
York in gold. Reed, Dougherty, Hoyt & Washburn of N. Y. City will
furnish legal approval. A certified check is required for 2% of the bid,
drawn payable to the county.
(This corrects the report as given in V. 125, p. 1611.)
Financial Statement as of September 21 1927.
Present bonded indebtedness
$1.988.500
Reimbursement bonds outstanding
600,000
Issue described above to be sold Oct. 17 1927
1.500,000
83.088.500
Floating debt
3,000
Assessed valuation, 1926
30.919,095
Estimated actual value of property
300,000,000
Reimbursement agreement between H. P. Dill, County Supervisor, and South Carolina Staet Highway Commission executed June 16 1927,Ii the amount of
1,500,000
Population. 1920 Census, 88,498; population 1927 (estimated). 105.000.
GROSSE POINTE TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0.
Grosse Pointe), Wayne County, Mich.
-BOND OFFERING.
-Sealed
bids will be received by Charles A. Parcells, Clerk Board of Education.
until 7:30 p. m. Oct. 3 for the purchase of the following two issues of 434%
and 44% bonds. aggregating $365.000:
$300,0010 high school bonds.
65,000 elementary school bonds.
Due in 30 years. Prin. and int. payable at the Grosso Pointe Savings
Bank. A certified check, payable to the order of the Board of Education,
for 5% of the bonds offered is required.
GUTHRIE CENTER, Guthrie County, Iowa.
-BOND SALE.
-A
$16.000 issue of 434% refund anticipation certificates has recently been
purchased by four banks in Guthrie County as a foint bid. They are
the First National Bank of Guthrie Center, the Peoples State Bank of
Guthrie Center, the Farmers State Bank of 'Yale and the Menlo Savings
Bank of Menlo.
HAMILTON, Butler County, Ohio.
-BOND OFFERING.
-Harry H.
Schuster, City Auditor, will receive sealed bids until 12 m. Oct. 19 for the
purchase of an Issue of $75,000 434% gas improvement bonds. Dated
Oct. 1 1927. In $1,000 denoms., maturing $5,000 on Oct. 1 from 1920 to
1943 incl. Prin. and int.(A. dc O.) payable at the City Treasurer's office.
A certified check payable to the order of the City Treasurer for 5% of the
bonds offered is required.
HAMTRAMCK„, Wayne County, Mich.
-BOND SALE RESCINDED
-NEW OFFERING.-The City Council on Sept. 20 made award of an
Issue of 8789,000 434% grade spearation bonds to the State Bank of
America of Hamtramck. even though that institution's bid was approximately $20,000 under the bid of Joel Stockard & Co. of Detroit. The
Council explained its action by stating that the State Bank of America
last year, when the city needed funds, was the only bidder for an issue
of $103,000 bonds, and in addition that the State Bank of America was
a local institution, paying taxes to the city and employing Hamtramck
residents. The citizens, however, did not approve of the award. They
threatened court action unless the sale was cancelled, and on Sept. 27
the City Council rescinded the sale. It was decided to call for new bids
on Oct. 5.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND SALE.
-The
$31,300 road bonds offered on Sept. 24-V. 125, p. 1355
--were awarded to
Braun, Bosworth & Co. of Toledo as 4345, at a premium of $277, equal to
100.88, a basis of about 4.33%. Date Sept. 1 1927. Due as follows:
53.300, 1929. and $4,000, 1930 to 1936, incl. The following is a complete
Est of other bidders:
BidderPremium.
Assel, Goetz & Moerlein, Inc. Cincinnati. Ohio
$142.00
Breed, Elliott & Harrison, Cincinnati, Ohio
125.00
Detroit Trust Co., Detroit, Mich
226.00
First National Co. of Detroit, Detroit, Mich
240.00
The Provident Savings Bank & Trust Co., Cincinnati, Ohio
159.63
Second Ward Securities Co., Milwaukee. Wis
5.00
Stranahan, Harris & Oatis, Toledo, Ohio
51.51
W. L. Slayton & Co., Toledo, Ohio
58.00
Seasongood & Mayer. Cincinnati, Ohio
243.00
W. K. Terry & Co., Toledo, Ohio
228.49
Taylor, Wilson & Co., Inc.. Cincinnati.01a
158.00
The above bids all carried an interest rate of 434%.
HANOVER SCHOOL DISTRICT, York County, Pa.
-MATURITY.
-The $22 000 441% coupon funding bonds awarded to A. B. Leach & Co.
of Philadelphia at 102.11 (V. 125. p. 1740) mature 51,000 May 2from 1931
to 19(2 incl., a basis of about 3.98%. The bonds are dated May 29127.
HARDIN COUNTY (P. 0. Kenton), Ohio.
-BOND OFFERING.
Sealed bids will be received by P. C. Lingrel, County Auditor, until 12 m.
Oct. 3, for the purchase of an issue of $2.090.40. 534% county bonds.
Date Sept. 1 1927. Due $522.60, Sept. 1 from 1928 to 1931, incl. Prin.
and int. payable at the County Treasurer's office. A certified check
Payable to the order of the Auditor for $250 is required.
HARRISON SCHOOL TOWNSHIP, Boone County, Ind.
-BOND
OFFERING.-Newton K. Brownlee, Township Trustee, will receive
sealed bids until 10 a. m. Oct. 14 for the purchase of two issues of 431%
bonds:
$39,900 high school building bonds. Denom. $1.425. Due $1,425 each
six months from July 15 1928 to Jan. 15 1941 incl., and $2,850
July 15 1941.
21,960 high school building bonds. Due $1,830 Jan. and July 15 1942
to 1947 incl.
A certified check, payable to the order of the above-mentioned official,
for $500, covering both issues, is required.
HAWAII (Territory of, P. 0. Honolulu).
-BOND OFFERING.
Sealed bids will be received until 9 a. m. on Nov. 15 by Henry C. Hapai,
Treasurer, for two issues of 434% coupon public improvement bonds,
aggregating $2,800,000 and divided as follows:
$2,750,000 series B bonds. Due $110.000 on Nov. 15 1932 to 1956, incl.
50,000 series C bonds. Due on Nov. 15 1947 and optional after Nov.
15 1937.
Denom. $1,000. Date Nov. 15 1927. Inds will be received at 2 p. m.
on the same day in New York City at the Bankers Trust Co. for the bonds.
Prin. may be registered. Prin. and int. (M. & N.) payable either in
Honolulu or in New York City. Genuineness of bonds will be certified by
the Bankers Trust Co. of New York and Thomson, Wood & Hoffman of
1870
THE CHRONICLE
New York vrlll furnish legal approval. A certified check, drawn payable to
the Treasurer, for 2% par of the bid, is required.
HAW CREE SPECIAL DRAINAGE DISTRICT, Hamilton and
-Oliver J. Anderson & Co. and
-BOND SALE.
White Counties, 111.
Love. Van Riper & Bryan, both of St. Louis, have purchased and are now
offering, at prices to yield from 5.25% to 5.35%, according to maturity,
$98.500 5j.% drainage bonds. Dated Mar. I 1927. Denom. $1,000.
Due serially from July 1 1933 to 1942 incl. Prin. and int.(J.& J.) payable
at the Boatmen's National Bank of St. Louis. Legality approved by
Benjamin 11. Charles of St. Louis.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 10 (P. 0.
-Adele Miller,
--BOND OFFERING.
Freeport), Nassau County, N. Y.
District Clerk, will receive sealed bids until 8 p. m. Oct. 17 for the purchase
of an Issue of $275.000 not to exceed 6% coupon or registered school bonds.
Dated Oct. 1 1927. Denom.$1,000. Due April 1 as follows: $9,000. 1929
to 1957 incl.. and $14,000. 1958. Int. rate to be in a multiple of 1-10th of
X of 1%; one rate to apply to the entire issue. Prin. and int. payable in
gold at the Freeport Bank, F'reeport. A certified check, payable to the
order of the Board of Education for 2% of the bonds offered, is required.
Legality approved by Clay, Dillon & Vandewater of N. Y. City.
-BOND OFFERING -Sealed
HICKORY, Catawba County, N. C.
bids will be received until 2 p. m. Oct. 19 by H. L. Yoder. City Clerk, for
two issues of not exceeding 5% bonds, aggregating $200,000, as follows:
$100,000 series A paving bonds. Due $5,000 1930 to 1938, $6,000 in 1939
and 17,000 in 1940 to 1946.
100.000 water bonds. Due $4,000 from 1930 to 1954 incl.
Denom. $1,000. Dated Nov. 1 1927. Prin. and semi-ann. Int. payable
In N. Y. City. City Clerk will furnish forms to be used for bids. A
certified check for 2% of the bid is required, said check to be drawn payable
to the City Clerk.
-The
-BOND SALE.
HIGHLANDS, Monmouth County, N. J.
following issues of 5% coupon or registered bonds, aggregating $85.000
offered on Sept. 26-V. 125. P. 1611-were awarded to Batchelder, Wack
& Co.. and C. W.Whitis & Co., both of New York City, jointly, at 101.85,
a basis of about 4.68%:
$30.000 incinerator bonds. Due $3,000, 1928 to 1937, incl.
26,000 paving and improvement bonds. Due as follows: $2,000, 1928 to
1933, incl.. and $1,000, 1934 to 1947. incl.
20.000 water extension bonds. Due $1,000, 1928 to 1947. incl.
9,000 borough hall bonds. Due $1,000, 1928 to 1936, incl.
Date Oct. I 1927.
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT
-The $70.000 issue of 6%
-BOND SALE.
NO. 37 (P. 0. Tampa), Fla.
coupon public school 'bonds offered for sale on Sept. 27-V. 125, p. 1355
was awarded to Morris, Mather & Co. of Chicago for a premium of 2,350,
equal to 103.35, a basis of about 5.62%. Denom. $1,000. Date Oct. 1
1927 and due from 1929 to 1951, incl. Not optional. Int. payable A.& 0.
HORNELLSVILLE AND ALMOND UNION FREE SCHOOL DIS-BOND
TRICT NO. 6 (P. 0. Alniond), Alleghany County, N. Y.
-Sealed proposals for the purchase of an issue of $55,000
OFFERING.
5% coupon or registered school bonds will be received until 2 p. m. Oct. 8,
by Pearl Armstrong, Clerk Board of Education. The bonds are dated
Oct. 1 1927 and are in $1,000 denominations. Due Oct. 1 as follows:
$1,000. 1929 to 1933, incl.: $2,000, 1934 to 1943, incl. and $3,000, 1944
.
tto 1953, incl. Principal and interest (A. & 0.) payable in gold at the
Steuben Trust Co., Hornell. A certified check, payable to the order of
W. L. Fenner, Treasurer, for $1,100 is required. Legality approved by
Clay, Dillon dc Vandewater of
-A $45,000 issue of
-BOND SALE.
HOPE, Hempstead County, Ark.
5% improvement district No. 7 bonds has recently been awarded to M. W•
Elldns & Co. of Little Rock for a price of 102.07.
-BOND OFFERING.
HOWARD COUNTY (P. 0. Kokomo), Ind.
Sealed proposals for the purchase of an issue of $7,500 455% Taylor Township road bonds will be received by K. H. Lee Kirklin, County Treasurer,
until 10 a. m. Oct.6. The bonds are dated Sept. 15 1927 and are in denoms.
of $375. Due $375. May and Nov. 15 1929 to 1938, incl.
-BOND OFHUNTINGTON COUNTY (P. 0. Huntington), Ind.
-Sealed bids will be received by the County Auditor until 10 a. m.
FERING.
Oct.22 for the purchase of an issue of 82,269.435% drainage bonds. Dated
Nov. 10 1927. Due Nov. 10 1928 to 1932 incl. A certified check, payable
to the order of the Board of Commissioners for $250, is required.
-BOND OFFERING.
HUNTINGTON, Huntington County, Ind.
Mrs. Maud Abbott, City Clerk, will receive sealed bids until 1 p. m.
issues of 5% bonds:
Oct. 11 for the purchase of the following
$20,000 garbage incinerator plant bonds. Date Sept. 1 1927. Denom.
$500. Due $500 June and Dec. 1 1928 to 1947 inclusive.
13.000 fire station remodeling bonds. Date Sept. 1 1927. Denom.
$500. Due $500 June and Dec. 1 1928 to 1940 inclusive.
-BOND OFFERING.
ILLINOIS, State of (P. 0. Springfield).
Cornelius R. Miller, Director of Department of Public Works and Buildings, will receive sealed bids until 9 a. m. (standard time) Oct. 11 for the
purchase of $6,000.000 4% coupon highway bonds. Dated Oct. 1 1927.
Denom. $1,000. Due $500.000 May 1 1945 to 1956 incl. The bonds are
registerable as to principal. Prin. and int.(M.& N.) payable at the State
Treasurer's office. Oral bids will also be considered subject to the approval
of the Department of Finance. The State will not offer any more highway
bonds before Jan. 1 1928. Wood & Oakley of Chicago have prepared the
proceedings authorizing this issue, and their final approving opinion will be
rendered at the expense of the successful bidder. A certified check payable
to the order of the State Treasurer, for 5120,000, is required.
-BOND
INDIANAPOLIS PARK DISTRICT, Marion County, Ind.
-Claude F. Johnson, City Controller, will receive sealed bids
OFFERING.
11 a. m.Oct. 11 for the purchase of all or any part of an issue of$25,000
until
4M% park bonds. Dated Oct. 11 1927. Denom. $1,000. Due $1,000
Jan. 1 1930 to 1954 incl. Prin. and int. (J. & J.) payable at the office of
the City Treasurer. A certified check drawn upon a responsible bank or
trust company located in Indianapolis. and payable to the order of the City
Treasurer, for 2X% of the bonds offered is required.
-BOND
IONIA CITY SCHOOL DISTRICT, Ionia County, Mich.
-Sealed bids will be received by the Secretary, Board of EduOFFERING.
cation, until 8 p. in. (Eastern standard time) Oct. 5 for the purchase of an
4 X %,4X% or 5% school building bonds. Dated
issue of $40,000 4)
Oct. 15 1927. Due $5,0N Jan. 15 1929 to 1936 incl. Successful bidder to
pay for the attorney's fee and for the issuance and printing of the bonds.
A certified check for 2% of the bonds offered is required. These bonds
were voted at an election held on Aug. 1 1927, the result being 407 for to
202 against.
Financial Statement.
$6,816,071
Assessed valuation of the district
265.000
Present bonded indebtedness of the district
40,000
authorized but not sold
School bonds
305,000
Total bonds authorized by district
39,000
Bonded indebtedness of the city, not Incl. school bonds
Approximate population of district, 10,000: approximate school enrollment, 1,900.
-Sealed bids
-BOND OFFERING.
IRVING, Marshall County, Kan.
will be received until 8 p. in. on Oct. 4 by Mayor R. G. Thomson for by.
issue of 43i% water works bonds. Date Oct. 15 1927. Denam
ctO
. Due on O.15 as follows: $1,000 from[1928 to 1937 and $1,500
m 1938 to 1947, incl. Int. payable Apr. and Oct. 15.
-BOND ELECTION -We are informed
JASPER,Jasper County, Tex.
that on Oct. 11, there will be an election to vote the issuance of the following
three issues of bonds aggregating $250,000 as follows:
875,000 street and bridge.
8110.000 water
65.000 sewer.
-BOND OFFERING.
JEFFERSON COUNTY (P. 0. Waurika), Okla.
-Sealed bids will be received until 10 a. m. Oct. 15 by County Clerk Wilt
Amer for a $600,000 issue of road bonds. A certified check for 2% of the
bid is required.
JEFFERSON SCHOOL AND CIVIL TOWNSHIP, Dubois County,
-Al Smith, School Trustee, will receive s^aled
Ind.
-BOND OFFERING.
bids until 2 p. m. Oct. 1 (to-day) for the purchase of an issue of 87.0005%
school building and remodling school house bonds. The bonds are in
$350 denominations and mature as followst$350, Feb. 15 and Aug. 15
rom 1928 to 1937 incl.
F
[VOL. 125.
JOHNSON COUNTY (P. 0. Buffalo), Wyo.-BOND OFFERING.Sealed bids will be received until 11 a. m. Oct. 4 by T. J. Smith, Clerk of
the Board of County Commissioners. for $34,000 4% coupon refunding
bonds. Denom. $1.000. Dated Oct. 15 1927. Due on Jan. 1 as follows:
54.000. 1932 to 1939 and $2,000 in 1940. Principal and int, payable at
Kountze Brothers office in New York or at the office of the County Treasurer. Issuance of these bonds dependent upon the redemption of a similar
issue of funding bonds which are optional on or after Jan. 1 1927.
-A $55,000
-BOND SALE.
JOHNSTOWN, Weld County, Colo.
issue of 4% water bonds has recently been purchased by the First National
of Johnstown, for an unknown price. Bonds are due in 1942 and
Bank
optional in 1937.
KARNES COUNTY ROAD DISTRICT NO. 5 (P. 0. K rnes City),
-BOND SALB.-The 340,000 554% road bonds offered on Sept. 19Tex.
V. 125, p. 1611-have been purchased by Garrett & Co., of Dallas at a
premium of $100,equal to 100.25, a basis of about 0.00%. Denom.$1.000.
Date July 1 1927. 'Due April 10 1928 to 1957. Prin. and int. (A. & 0.)
payable In New York City at the National City Bank.
-An issue of
-BOND SALE.
KING COUNTY (P. 0. Seattle), Wash.
$158,322 playing field bonds was recently awarded to the National Bank
of Commerce of Seattle paying a premium equal to 100.31 for the issue
-BOND OFFERING.KNOX COUNTY (P. 0. Mt. Vernon), Ohio.
H. N. Mendenhall, Secretary Board of County Commissioners, will receive sealed bids until 12 in, Oct. 17 for the purchase of an issue of $54,325
5% road improvement bonds. Dated Sept. 15 1927. Denom. $1,000;
one bond for $1,325. Due Sept. 15 as follows: 88,325. 1928: $6.000, 1929;
$5,000, 1930 to 1937 Incl.
-BOND OFFERING.
LAKE COUNTY (P. 0. Painesville), Ohio.
L. J. Spaulding, Clerk Board of County Commissioners, will receive sealed
bids until 11 a. in, (eastern standard time) October 17 for the purchase of
the following issues of 5X% coupon road bonds aggregating $10,195.38:
87.100.00 Concord Township bonds. Denom. $1.000, $500 and one for
E100. Due October 1, as follows: $1,500, 1929 to 1932 incl.:
and $1,100, 1933.
3,095.38 Kirtland Township bonds. Denom. $500, one for $95.38. Due
Oct. 1, as follows: 5595.38. 1938: and $500, 1929 to 1933 incl.
Date Oct. 1 1927. Prin. and int. payable at the County Treasurer's
office. A certified check, payable to the order of the County Treasurer,
for $500 for each issue is required.
-BOND OFFERING.
LAKE COUNTY (P. 0. Painesville), Ohio.
Sealed bids will be received at the office of the Board of County Commisuntil 11 a. in. (Eastern standard time) Oct. 17 for the purchase of
sioners
an issue of $10,800. Dated Oct. 1 1927. Dcnom. $1,000: one for $800.
Due Oct. 1 as follows: $2,000, 1929 to 1932 incl., and $2,800, 1933. Principal and interest (A. & 0.) payable at the County Treasurer's office. A
certified check, payable to the order of the County Treasurer for $500, is
required.
-A
-BOND SALE.
LAKE COUNTY (P. 0. Tiptonville), Tenn.
0
875,000 issue of 57 coupon highway bonds was awarded on Sept. 19 to
Caldwell & Co. of Nashville. for a premium of $2,610, equal to 103.48.
Due serially from 1932 to 1957. Int. payable semi-annually.
(This is the issue described as being $100,000 in V. 125, p. 1489.)
-R. G.
LANDER, Fremont County, Wyo.-BOND OFFERING.
Bittner, Town Clerk. will receive sealed proposals up to the hour of 8 p. m.
on Oct. 4 for a $22,000 issue of water bonds.
LARAMIE COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Cheyenne,)
-Thomas Hunter, Clerk, will receive sealed
Wy .-BOND OFFERING.
bids until Z p. in. Oct. 20, for an issue of $450,000 4X% school building
bonds. Delnom. $1,000. Date Oct. 1 1927. Due 524.000 Oct. 1 1928
to 1930, incl.: $12,000, 1931 to 1933. incl. and 318.000. 1934 to 1952 incl.
-BOND SALE.
-The
LAWRENCE COUNTY (P. 0. Bedford), Ind.
Bedford National Bank was awarded on Sept. 24 an issue of $12,000 4%
at a premium of$271.20,equal to 102.26. a basis of about 3.50%.
road bonds
The bonds are due semi-annually May and Nov. 15 1928 to 1937 incl.
-The $321,000
-BOND SALE.
LAWRENCE, Nassau County, N. Y.
coupon or registered street paving bonds offered on Sept. 27-V. 125, D.
-were awarded to Pulleyn dc Co. and E. H. Rollins dc Sons both of
1612
New York City jointly, as 4)4s, at 101.10, a basis of about 4.09%. Date
Aug. 1 1927. Due $16,000, Aug. 1 1928 to 1947. incl.
-BOND SALE -An issue
LEPEER COUNTY (P. 0. Lepeer), Mich.
of $25,000 road bonds bearing interest at the rate of 434% was recently
Co. of Detroit for a price of 100.04.
awarded to Bumpus &
-BOND OFFERINO.-Sealed bids
head County, Mont.
LIMA, B
will be received until Oct. 26 by H. T. Krebei, Town Clerk, for an issue
light plant bonds. A certified check for 3% of the bid
of 814.400 electric
is required.
-BOND DESCRIPLINCOLN COUNTY (P. 0. Chandler), Okla.
TION -The 31.200.000 road bends which were recently disposed of
-are further described as follows: M. E. Vapp of Okla-V. 125, p. 1083
homa City paid on April 5 a premium on $1,200 on them, equal to 100.10
Denom $1,000. Dated April 4 1927. Due every five years from 1932
to 1952. Not retirable before maturity. 43(% coupon bonds. Interest
Payable April and Oct. 4.
-PRICE
LINCOLN PARK (P. 0. Detroit), Wayne County, Mich.
PAID -The price paid for the following two Issues of 5)4% bonds aggre-V. 125,
gating $51,000 awarded to the Lincoln Park National Bank
-was a premium of $10. equal to 100:01:
P. 1612
$39,000 special assessment sewer bonds.
12,000 special assessment paving bonds.
-BOND
LINCOLN PARK (P. 0. Detroit), Wayne County, Mich.
-Sealed bids for the purchase of an issue of $3,000 special
OFFERING.
assessment district No. 139 sewer bonds will be received by John O'Connor,
CityiClerk, until 10 a. m. Oct. 4. A certified check payable to the order
of the City Treasurer, for $250 must accompany each bid.
LITTLE FALLS TOWNSHIP (P. 0. Little Falls), Passaic County,
-The following two issues of bonds aggregating
-BOND SALE.
N. J.
8162.000, offered on Sept. 26-V. 125, p. 1612-were awarded to the Little
as 4)45, as follows:
Falls National Bank,
$100,000 temporary sewer notes at 100.14, a basis of about 4.26%. Dated
Oct. 11927. Due $25.000, Oct. 1 1928 to 1931 incl.
62,000 fire apparatus and sewer bonds at 100.79, a basis of about 4.15%.
Date April 11927. Due April 1 as follows: $2,000, 1929 to 1938
incl.; and 53.000. 1939 to 1952 incl.
-BOND ELECTIONLIVE OAK COUNTY (P.O. George West),Tex.
-On Oct. 15 there will be an election for the voters to decide the issuance
of $800,000 road bonds. •
LOGAN COUNTY (P. 0. Bellefontaine), Ohlo.-BOND OFFER-R. M. Painter, Clerk Board of County Commissioners, will receive
ING.
sealed bids until 1 p. m. October 5, for the purchase of an issue of $1,500
Denom.
6% ditch bonds. Date Oct. 1 1927. Principal$150. Due $150, March
and interest payable at
and Sept. 1 1928 to 1932 inclusive.
the office of the County Treasurer. A certified check payable to the
order of the County Treasurer,for 5% of the bonds offered is required.
The following are a list of other bidders:
Bid.
Bidder
-Rate
102.82
W. H. Hollins & Sons
102.76
R. L. Day & Co
102.67
Paine, Webber & Co
102.48
Harris, Forbes & Co
102.44
Estabrook & Co
102.45
Atlantic, Merrill, Oldham Co
102.41
Commercial Trust Co (Springfield)
LONGMEADOW (P.O. Springfield), Hampden County, Mass.
-The $60,000 4% coupon (1927) town hall bonds offered on
BOND SALE.
-were awarded to the Third National Bank &
Sept. 26-V. 125, p. 1612
Trust Co. of Springfield, at 102.92, a basis of about 3.64%. Dated October
1 1927. Due 53,000, Oct. 1 1928 to 1947 incl.
LONGMONT PAVING IMPROVEMENT DISTRICT NO. 6, Boulder
-The $27,052.12 paving bonds offered
County, Colo -BOND SALE.
-were awarded to Newton dc Co.
for sale on Sept. 27-V. 125. p. 1612
Denver as 4% bonds paying a price of 97.877 for them.
of
ANGELES COUNTY WATER WORKS DISTRICT NO. 10
LOS
-The $70,000 issue of 6%
-BOND SALE.
(P. 0. Los Angeles), Calif.
1
OCT. 1 1927.]
THE CHRONICLE
water improvement bonds offered for sale on Sept. 19 (V. 125. P. 1490)
has been awarded to R. H. Moulton & Co. of Los Angeles for a premium
of $2,212, equal to 103.16, a basis of about 5.739'. Date Aug. 1 1927 and
due $1,750 from Aug. 1 1928 to 1967, incl. Denom. $750 and $1,000.
Principal and semi-annual interest payable at the County Treasurer's office
In Los Angeles. Redfield. Van Evers & Co. of Los Angeles tendered a
premium of *1.780 and the Wm. R. Staats Co. offered 51.042.
Continental & Commercial Co.. Illinois Merchants Trust Co., and Firs*.
Trust & Savings Bank, Chicago, par plus Premium of 7.611.
The National City Co.. Chicago. par plus premium of *7.559.67.
Stevenson, Perry, Stacy Co., Chicago. par plus premium of $6,077.
Marshall Ilsley Bank, Milwaukee; Bankers Trust Co., Guaranty Co. of
New York, and Wells, Dickey Co., par plus premium of *4.773.10.
-The
-BOND SALE.
MINNEAPOLIS, Hennepin County, Minn.
three issues of not exceeding 59' bonds, aggregating 51,857.731.94, which
-have been awarded
were offered for sale on Sept. 28-V. 125, p. 1223
to a syndicate composed of Redmond & Co.; B. J. Van Ingen & Co.;
Kissel, Kinnicutt & Co.; It. W. Pressprich & so., and the First National
Bank, all of New York; the First National Bank of Minneapolis, and
relying
the Anglo-London-Paris Co. of San Francisco, as 4% gold
of bonds,3.97%.
about
for them a premium of *4,088, equal to 100.22, a
The issues are divided as follows:
$1,694,731.94 permanent (rept. bonds. Due as follows: $68,731.94 in
1928; $68,000. 1929 to 1946, and 567,000, 1947 to 1952 incl.
110,000.00 river terminal bonds. Due $4,000 from 1928 to 1942 and
$5.000 from 1943 to 1952 incl.
53,000.00 permanent impt. revolving fund bonds. Due $2,000 from
1928 to 1949 and $3,000 from 1950 to 1952 incl.
Coupon bonds of $1,000 denom. fully registerable. Date Nov. 1 1927.
Prin. and semi-ann. int. (M. & N.) payable either in Minneapolis or
New York. These bonds are now being offered for investment by the
above syndicate at prices which yield from 3.50% to 3.90%. They are
direct obligations of the city, are exempt from all Federal income taxes
and are legal investment for savings banks and trust funds.
Financial Statement (as Officially Reported).
$910,641,291
Assessed valuation for purposes of taxation, 1926
63.136.314
Total bonded debt, includ ng this issue
7,563.957
Water debt,$3,412,000; sinAn, g fund,$4,151,957
55.572,357
Net bonded debt
Population, 1920 (U. S. census), 380.582.
-BOND
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
SALE.
-Amos B.,uick of Crawfordsville, was awarded on Sept. 28, an
issue of $7,100 43i coupon township road bonds at a premium of $150.50.
equal to 102.11, a basis of about 5.04%. Date Aug. 15 1927. Due May
and Nov. 15 1928 to 1937, incl. Other bidders were:
Premium.
Bidder$117.011
Inland Inv. Co
111.00
Union Trust Co
125.00:
Fletcher Savings & Trust Co
107.00
City Trust Co
131.00
Fletcher American Co
96.50
Meyer-Kiser Bank
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
Kilmer, Clerk of Board of County Commissioners, will receive
ING.
-F.A.
sealed bids until 10 a. m.(Central standard time) Oct. 21 for the purchase
of an issue of $328,000 43.6% Children's Home bonds. Dated Jan. 1 1927.
Denom. $1,000. Due July 31 as follows: $16,000. 1928 to 1932. incl.:
$10,000, 1933 to 1944, incl.. and $16,000. 1945 to 1952, incl. Principal
and int. (J. & J. 31) payable at the County Treasurer's office. Bids to be
unconditional and must be for not less than par and aocrued interest.
These bohds are part of an authorized issue of $400,000, the remaining
$72,000 bonds have been sold to the Board of Trustees of the Sinking Fund.
D. W. & A. S. Iddings of Dayton and Peck. Schafer & Williams of Cincinnati, who have been employed to assist in the preparation of legislation
and the issuance and sale of these bonds will certify as to the legality
thereof. A certified check, payable to the order of the County Treasurer.
for $20,000 is required.
-BOND OFFERMONTGOMERY COUNTY (P. O. Conroe), Tex.
ING.
-County Judge W. H. Lee will receive sealed bids until 2 p. m. on
Oct. 11, for an issue of $130,000 531% special road bonds. Int. due semiannually. A certified check for 5% of the bid is required.
MOREHOUSE PARISH SCHOOL DISTRICTS (P.O. Bastrop), La.
-Sealed bids will be received until noon of Oct. 25 by
BOND OFFERING.
T. E. Barham, President of the School Board, for two issues of bonds
aggregating $32.500 and divided as follows:
5% Wards 9 and 10 school bonds.
:28,
4,500 6% Beekman School District bonds.
A certified check for 2% of the bid on either or both issues, is required.
-BOND DESCRIPTION.
MORROW COUNTY (P. 0. Heppner), Ore.
-The two issues of bonds aggregating $120,000 which were sold on Sept.7
-to A. D. Wakeman & Co. of Portland are further de-V. 125, p. 1513
scribed as follows:
$78,000 431% coupon permanent road bonds.
42,000431% coupon permanent road bonds.
Denom. $1,000-1 to 120, incl. Date Sept. 1 1927 and due $6,000 on
Sept. 1 from 1933 to 1952,incl. Purchase price was 102. a basis of about
4.45% for the two issues. Not retirable before maturity. Int. payable
Marc.h and Sept. 1.
-BOND OFFERING.
MOUNT CLEMENS, Macomb County, Mich.
A. A. Devantier, City Clerk, will receive sealed bids until 7:30 r• m.
(Eastern standard time) Oct. 11 for the purchase of an issue of $641,000
water works bonds not to exceed 4%. Dated Oct. 15 1927. Denom.
$1,000. Due Oct. 15 as follows: $10,000. 1930 to 1933. incl.: $15,000.
1934 to 1936 incl.• $20,000. 1937 to 1942. incl.; $25.000. 1943 and 1944:
$26,000, 1945, and $30,000. 1946 to 1957, incl. A certified check, payable
'
to the order of the City Treasurer, for $5,000 is required. Bidders to state
place of payment desired, subject to the approval of the City Commission.
MOUNT EVE COMMON SCHOOL DISTRICT NO.3(P. 0. Goshen
-BOND SALE.
-The $21,000 431%
R. F. D.), Orange County, N. Y.
coupon or registered school bonds offered on Sept. 28-V. 125. p. 1613
were awarded to R. F. DeVoe & Co. of New York City, at par. Date
Oct. 1 1927. Due Nov. 1 as follows: $500, 1928 to 1943,incl., and $1,000.
1944 to 1946. incl.
-BOND OFFERING.
MOUNT KISCO, Westchester County, N. Y.
Sealed bids will be received by the Village Clerk until 8 p. m. Oct. 17 for the
purchase of the following issues of 431% registered bonds, aggregating
$203,000:
$187,000 water bonds. Due Oct. 1 as follows: $5,000, 1932 to 1954 incl.,
and $6,000, 1955 to 1966 incl. These are the bonds offered on
Sept. 23(V. 125, p. 1613), the sale of which was postponed.
16,000 water bonds. Due $1,000 Oct. 1 1932 to 1947 incl.
Denom.$1,000. A certified check for 5% of the bonds offered is required.
Legality approved by Clay, Dillon & Vandewater of N. Y. City.
LOVELOCK IRRIGATION DISTRICT (P. 0. Lovelock), Nev.BOND SALE.
-An issue of $1,287,000 irrigation bonds is reported to have
been purchased by James H. Causey & Co. of Denver for a price of 90.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.
Adelaide E. Schmitt, Clerk Board of County Commissioners, will receive
sealed bids until 10 a. m.(eastern standard time) October 4,for the purchase
of the following issues of 5% bonds aggregating $150,680.
$146.680 Washington Township No. 314 bonds. Denoms. $1,000, one
bond for $680. Due Oct. I, as follows: $37,680, 1928: $37,000.
1929: and $36,000, 1930 and 1931.
4.000 Washington Township No. 338 bonds. Denom. $1,000. Due
$1,000, Oct. 1 1928 to 1931 incl.
Dated Oct. 21 1927. Principal and interest payable at the office of the
County Treasurer. A certified check for $500 for each issue is required.
LYONS, Rice County, Kan.
-BOND SALE.
-The $52,000 issue of
431% city improvement bonds offered for sale on Sept. 19-V. 125, p. 1612
-was awarded to the Central Trust Co. of Topeka. Denom. $1,000 and
$1,200. Date Aug. 1 1927 and due $5,200 on Aug. 1 from 1928 to 1937
incl. Prin. and int. (F. & A.), payable at the city treasurer's office.
McKEES ROCKS SCHOOL DISTRICT, Allegheny County, Pa.
BOND OFFERING.
-A. D. Levy, Secretary Board of Directors, will
receive sealed bids until 8 p. m. (Eastern standard time) Oct. 17 for the
purchase of an issue of $100,000 431% coupon or registered school bonds.
Date Oct. 1 1927. Denom. $1,000. Due $25,000 Oct. 1 1953 to 1956.
incl. A certified check, payable to the order of the School District, for
$1.500 is required. The successful bidder will be allowed on the purchase
price the reasonable cost for the printing of the bonds not to exceed $100
and the reasonaole cost of the legal opinion not to exceed $150.
MANCHESTER, Hillsborough County, N. H.
-BOND SALE.
The Shawmut Corporation of Boston were awarded on Sept. 22the following
3 issues of bonds aggregating $200.000 at 99.79:
$100,000 permanent street bonds.
75,000 macadamizing highway bonds.
25,000 sewer bonds.
-P. L.
MANSFIELD, Richland County, Ohio.
-BOND OFFERING.
Kelley, City Auditor, will receive sealed bids until 1 p. m. Oct. 3 for the
urchase of 6 issues of sanitary sewer and grading bonds aggregating
6,200, maturing as follows: $4.250 April 1 1928. $4,800 Oct. 1 1928,
,226 April 1 1929, $4.725 Oct. 1 1929, $4,200 April 1 1930, $4.650 Oct. 1
1930, $2,250 April 1 1931, $2,450 Oct. 1 1931, 52.250 April 1 1932 and
$2,400 Oct. 1 1932. Date Oct. 1 1927. and bearing interest at the rate of
69'. A certified check, payable to the order of the Cit,y Treasurer, for
2% of the bonds offered is required.
MARIANNA, Jackson County, Fla.
-BOND SALE.
-An $84,000
issue of improvement bonds was recently awarded to the First National
Bank of Marianna for a price of 102.
MARIN COUNTY (P. 0. San Rafael), Calif.
-BOND OFFERING.
Robert E. Graham, County Clerk, will receive sealed bids until 2 p.
Oct. 4 for a $190,000 issue of 431% highway bonds. Denom. $1,000.
Dated Dec. 1 1925 and due on Dec. 1 as follows: $60,000. 1939 to 1941,
and $10,000 in 1942. Principal and int. payable at the fiscal agency of
the city in New York or at the County Treasurer's office in gold coin.
Goodfellow, Bells, Moore & Orrick of San Francisco will furnish legal
approving opinion. A certified check for 10% of the bid, payable to the
Chairman of the Board, is required.
MARSHFIELD, Plymouth County, Mass.
-The
-BOND SALE.
following issues of coupon bonds aggregating $600,000, offered on Sept. 27
-V. 125, p. 1742
-were awarded to the Old Colony Corp. at 100.75, a
basis of about 3.94%:
$264.000 4% water bonds. Due $22,000 Oct. 1 1930 to 1941 incl.
336,000 331% water bonds. Due $21,000 Oct. 1 1942 to 1957 incl.
Date Oct. 1 1927. Other bidders were:
Bidder
Rate Bid.1 BidderRate Bid.
Estabrook & Co
100.11 Curtis & Sanger
100.065
Rockland Trust Co
100.046 F. S. Mosely St Co
100.04
MARYVILLE, Blount County, Tenn.
-BOND SALE.
-A $70,000
issue of 5% school bonds has recently been awarded to an unknown firm
which paid a price of 102.50, a basis of about 4.64%. Due $5,000 from
1929 to 1942, incl.
MEDIA,Delaware County,Pa.
-BOND OFFERING.-Edward Minton.
Borough Secre;ary, will receive sealed bids u rtil 8 p. m. Oct.6 for the purchase of an issue of *24,000 415% coupon borough bonds. Date Oct. 1
1927. Denom.$1,000. Due Oct. 1 as follows: *10,000 1932 and $14.000
1937. A certified check, payable to the order of the Borough Treasurer
for $750, is required. The bonds are being sold subject to the approving
opinion of Townsend, Elliott & Munson of Philadelphia,as to their legality.
MENANDS, N. Y.
-BOND SALE.
-The $23,000 431% coupon or registered municipal building bonds offered on Sept. 28 (V. 125, p. 1742) were
awarded to Sherwood & Merrifield. Inc., of N. Y. City, at 101.30. a basis
of about 4.38%. Dated Oct. 11927. Due Oct. 1 as follows: $1,000, 1928
to 1946 incl., and $4,000, 1947. Other bidders were:
BidderRate Bid.
Home Savings Bank, Albany
101.2918
Manufacturers & Traders Peoples Trust Co., Buffalo
101.19
G. B. Gibbons & Co
100.94
Albany Savings Bank, Albany
100.85
R. F. DeVoe & Co
101.02
Stephens & Co
100.71
Pulleyn & Co
101.21
MIAMI BEACH, Dade County, Fla.
-BONDS AUTHORIZED.The county commissioners have authorized 52,000.000 in bonds for the
completion of the Miami Beach ocean front protection project. 53.000,000
is the total amount that the newly formed commission was authorized
to spend to complete the program. The former county commissioner,
Dan L. Killion, will dispute the validation of the issue, as he argues it will
be an undue burden on the taxpayers.
MICHIGAN (State of, P. 0. Lansing).
-BOND SALE.
-Eldredge
& Co. of New York City, were recently awarded an issue of $2,250,000 4%
refunding war loan bonds. The bonds are dated Nov. 1 1927 and mature
on Nov. 1 1937. This issue and one for $1,000,000 Michigan State Fair
Redemption bonds was offered on Aug. 1-V. 125, p. 420
-on which date
all bids were rejected.
MILWAUKEE, Milwaukee County, Wis.-BOND DESCRIPTION.
The 6 issues of 431% coupon bonds aggregating $3,360,000, which were
sold on Sept. 23 (V. 125. p. 1742) to a syndicate composed of the First
National Bank and Eldredge & Co., both of New York, the Quarles Co.,
Inc., and the Second Ward Securities Co., both of Milwaukee, brought a
price of 104.10. a basis of about 3.97%. Bonds mature $168,000 annually
from July 1 1928 to 1947. The second highest bid for the issue was submitted by a syndicate headed by Barr Bros. & Co. and White, Weld & Co.
of New York, who offered a price of 103.83. Those bonds are now being
offered for investment by the winning syndicate at prices to yield, according
to maturity, from 3.50 to 3.90%. The bonds are direct obligations of the
city and the total bonded debt of the city is less than 431% of the assessed
valuation.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE.
The $590,000 issue of 431% coupon Metropolitan sewerage bonds offered
-was awarded to the First Wisconsin
for sale on Sept. 28-V. 125._p. 1613
Co. of Milwaukee and the Setroit Trust Co. of Detroit for a premium
of $11,805, equal to 102, a basis of about 4.07%. Date June 1 1927.
Denom. $1,000. Due $59,000 from June 1 1938 to 1947 incl. Prin.
and in (J. & D.) payable at the office of the County Treasurer. A
complete list of the other bidders is as follows:
Harris Trust & Savings Bank, Chicago, par plus premium of $11.232.
The Northern Trust Co.; Taylor, Ewart & Co.; A. G. Becker & Co.;
E. H. Rollins & Sons, and Hill, Joiner & Co., Chicago, Ill., par plus
premium of 59,955.
Second Ward Securities Co., Milwaukee; Wm, R. Compton Co.. Chicago,
and A. B. Leach & Co., Chicago, par plus premium of $7,906.
Ames, Emerich & Co., Chicago. par plus premium of $8,237.
p4
• 1871
-BOND
MOXEE SCHOOL DISTRICT, Yakima County, Wash.
OFFERING.
-Sealed bids will be received until Oct. 22 by Still White.
County Treasurer, for a $25.000 issue of school bonds.
NASHVILLE, Davidson County, Tenn.
-FINANCIAL STATEMENT.
-In connection with the offering of $725,000
% coupon or
registered park bonds on Oct. 5-V. 125, p 1742-we furnish herewith a
statement of the financial standing of the city as of Jan. 1 1927:
Financial Statement.
Assessed valuation of property for 1926
5162.398,494.00
Total bonded indebtedness
16.025,000.00
Waterworks bonds included above
$3,711,000.00
Electric light debt included above_
333,000.00
Street improvement and sidewalk bonds included above, for which adequate special
assessments have been levied
955,000.00
School building and improvement notes
800.000.00
(Chapter 224, Private Acts of 1927)
$5,799,000.00
Net bonded debt
Floating debt, consisting of bills, &c. (estimated)
Sinking fund (ordinary) Jan. 1 1926 (cash)___ $474,756.35
125,690.74
Sinking fund investments
10,226,000.00
200,000.00
600.447.09
Special sinking funds created by special assessments or
437,877.
tax levies
700.000.
Uncollected taxes (estimated)
Population. Govt.Census 1920, 118,342: est. Govt. Census 1925, 136,230.
County, Ohio.
-BOND OFFERING.-Charies F.
NEWARK, Licking
Martin. City Auditor, will receive sealed bids until 12 m.(Eastern standard
time) Oct. 26 for the purchase of an issue of *200.000431% grade crossing
elimination bonds. Dated Oct. 1 1927. Denom. $1,000. Due Oct. 1
as follows: $6,000, 1929: $7,000, 1930 and 1931: $6,000. 1932: $7,000. 1933
1872
THE CHRONICLE
['Vol,. 125.
and: 1934; $6,000, 1935; $7,000, 1936 and 1937; 56,000, 1938: 57,000, 1939 County Clerk for a $50,000 issue of
534% coupon road bonds. Dated
and 1940; $6,000, 1941; 57.000, 1942 and 1943; 56,000, 1944; 57,000, 1945 June 14
Denom.
and 1946; $6,000. 1947: $7,000, 1948 and 1949: $6,000, 1950: 57,000. 1951 Prin. and1927.payable at $1,000. Due in 30 years, optional in 10 years.
int,
the Chase National Bank in New York City. A
and 1952: 56.000, 1953: $7,000, 1954 and 1955; $6,000, 1956, and $7,000, $500 certified check is required.
1957.and 1958. Principal and interest (A. & 0.) payable at the City
PHILIPPINE ISLANDS (Government of).
Treasurer's office. A Certified check, payable to the order of the City
-BOND SALE.
-The
Treasurer, for 2% of the bonds bid for is required. Legality approved by 898,000 issue of 434% registered Laguna collateral loan of 1927 bonds
which was offered on Sept. 27 (V. 125. p. 1743) was awarded to the Fletcher
Squire, Sanders & Dempsey of Cleveland.
American Co. of Indianapolis for a price of 104.35, a basis of about 4.23%.
NEW CASTLE SCHOOL DISTRICT, Laurence County, Pa.
-BOND
OFFERING-H, M. Marquis, Secretary, Board of Directors, will receive Denom. $1.000. Dated May 1 1927 and due on May 1 1957. Prin. and
N.) payable in gold at the United States Treasury
sealed bids until 8 p. m.(Eastern standard time) Oct. 11 for the purchase of semi-ann. it. (M. & following
In Washington. The
is a complete list of the other bidders:
an issue of $250,000 43j% school bonds. Dated Sept. 1 1927 Denom.
.
Name of BidderPrice Bid.
Name of BidderPrice Bid.
$1.000. Due $25,000 Sept. 1 1948 to 1957 incl. Prin. and int. payable
at the District Treasurer's office. A certified check payable to the order Barr Bros.& Co.,Inc., N.Y_104.197 Meyer-Kiser Dank,Indianap _100.501
C. F. Childs & Co., N. Y_ _ _ _100.00
of the District Treasurer for $2,500 is required. Legality approved by Chase Secur. Corp., N. Y__104.05
Hornblower & Weeks, N.Y-101.4975 Mercantile Trust Co.,St. L
Reed, Smith, Shaw & McClay of Pittsburgh.
99.57
Seasongood & Mayer, Cinc_101.295 City Nat. Bank, Ft. Smith,
NEW KENSINGTON, Westmoreland County, Pa.
-BOND OFFER- L. R.Ballinger Co., Cinc_..103.20
Ark
98.00
ING.
-William N. Jenkins, Borough Secretaty, will receive sealed bids
PHOENIX, Maricopa County, Ariz.
-BOND OFFERING-Sealed
until 8 p. m. Oct. 18, for the purchase of an issue of 522.500 434% borough
bonds. Date July 11927. Denom. $500. Due July 1 as follows: 53.500, proposals will be received by George Kirkland, City Clerk, until 10 a. m.
Nov. 9
1930: 54.000, 1933: 57.000, 1936 and $8,000, 1943. A certified check, bonds. for a 565.000 issue of not to exceed 5% fire station and equipment
Date Jan. 1 1928 and due on Jan. 1 as follows: $4.000 from 1929
payable to the order of H. Burns Smith, Borough Treasurer, for $500, is
to 1943, incl.. and $5,000 in 1944. Int. payable semi-annually. A certified
required.
check, payable to the city, for 5% of the bid is required.
NEW YORK CITY, N. Y.-$63,850.000 CORPORATE STOCK NOTES
POINT PLEASANT BEACH (P. 0. Toms River), Ocean County,
ISSUED BY CITY.
-The city issued $63,850,000 corporate stock notes N. J.
-BOND SALE.
-The two issues of 57,, coupon bonds offered on
during the month of September for the following purposes:
Sept. 22-V. 125, P. 1612
-were awarded to Outwater & Wells of Jersey
Corporate Stock.
Date
City as follows:
Water &With
Amount.
Maturity. Rate. Issued. 5200,000 water supply bonds ($203,000 offered) at 101.87, a basis of about
Date
School Construction.
Due Aug. 1 as follows: 54,000. 1928 to 1942 incl.;
Amount.
Maturity.
Rate. Issued. $2,300,000 Mar. 8 1928 3.55% Sept. 8
$5.000. 1943 to 1946 incl., and 56,000, 1947 to 1966 incl.
4.86%.
1750,000 Mar. 8 1928 3.55% Sept. 8
900,000 Mar. 9 1928 3.55% Sept. 9
71,000 general improvement bonds (572.000 offered) at 101.32, a basis
750,000 Mar. 9 1928 3.55% Sept. 13 1,400,000 Mar. 13 1928 3.55% Sept. 13
of about 4.84%. Due Aug. 1 as follows: 52,000. 1928 to 1954
, 250,000 Feb. 23 1928 3.55% Sept. 22
Dock Purposes.
incl.: 53,000, 1955 to 1959 incl., and $2,000, 1960.
250,000 Jan. 30 1928 3.55% Sept. 29 $250,000 Mar. 8 1928 3.55% Sept. 8
Dated Aug. 1 1927.
' Various Municipal Purposes.
50,000 Mar. 13 1928 3.55% Sept. 13
POLK COUNTY SCHOOL DISTRICTS(P.O. Bartow), Fla.
-BOND
1300,000 Mar. 8 1928 3.55% Sept. 8
450,000 Jan. 30 1928 3.55% Sept. 29
OFFERING.
-Sealed bids will be received until 2 p. m. Oct. 21 by Don
750,000 Mar. 13 1928 3.55% Sept. 13
Revenue Bills 1927.
750,000 Jan. 30 1928 3.55% Sept. 29 $5.000,000 Jan. 16 1928 3.55% Sept. 6 Register, Chairman of the Board of Public Instruction, for two issues of
650,000 Sept. 7 1928 3.50% Sept. 7 6% school bonds aggregating 5295,000 and divided as follows:
Rapid Transit.
5,000,000 Jan. 9 1928 3.55% Sept. 8 $280,000 special tax school district No. 1 bonds. Due $10,000 from Oct. 1
1930 to 1957, incl. Bids are asked for on this issue as not only
$400,000 Mar. 8 1928 3.55% Sept. 8 3,000,000 Dec. 13 1927 3.55% Sept. 13
6% but also 5 and 534% bonds.
050,000 Mar. 9 1928 3.55% Sept. 9 10,000,000 Dec. 14 1927 3.55% Sept. 14
15,000 special tax school district No. 46 bonds. Due $1,000 from Oct. 1
/200,000 Mar. 9 1928 3.55% Sept. 9 5,000,000 Dec. 19 1927 3.55% Sept. 19
1930 to 1944. incl.
1,,000,000 Mar. 9 1928 3.55% Sept. 9 2.750,000 Dec. 22 1927 3.55% Sept. 22
Denom.$1,000. Date Oct. 11927. Prin. and int.(A. & 0.) payable in
2,000,000 Mar. 13 1928 3.55% Sept. 13 10,000,000 Dec. 28 1927 3.55% Sept. 28
250,000 Feb. 23 1928 3.55% Sept. 22 4,000,000 Dec. 29 1927 3.55% Sept. 29 New York City at the National Park Bank. Caldwell & Raymond of
New York City will furnish the legal approving opinion. A certified check
1,750,000 Feb. 23 1928 3.55% Sept. 22
Special Revenue Bonds 1927.
60,000 Jan. 30 1928 3.55% Sept. 29 51,000,000 Mar. 8 1928 3.55% Sept. 8 for 214% of par of the bonds, is required.
150,000 Jan. 30 1928 3.55% Sept. 29
Tax Notes 1927.
POMEROY, Meigs County, Ohio.
-R.
350,000 Jan. 30 1928 3.55% Sept. 29 82,000,000 Mar. 8 1928 3.55% Sept. 8 ster, Village Clerk, will receive sealed -BOND OFFERING. forG. Webbids until 12 m. Oct. 17.
the purchase of an issue of 831,000 5% coupon refunding bonds. Date Oct. 1
NORFOLK COUNTY (P. 0. Dedham), Mass.
-NOTE •SALE-The
Dedham National, was awarded on September 27, an issue of $40,000 1927. Denom. $1,000. Due Sept. 1 as follows: $2,000, 1928 to 1942
tnberculosis hospital maintenance notes on a 3.37% discount batis. The incl.; and $1,000, 1943. Prin. and int., payable at the Pomeroy Nat'l.
Bank, Pomeroy. Bids may be submitted for bonds bearing a different
notes mature on April 26 1928.
rate of interest providing that where a fractional rate is bid such fraction
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 11 shall be 11 of 1%•
(P. 0. Carle Place), Nassau County, New York.
-BOND SALE.
PORT ARTHUR, Jefferson County, Tex.
-BONDS VOTED.
The 527,000 414% coupon or registered school bonds offered on September
-At a
-were awarded to the Wheatley Hills National Bank, recent election the voters authorized the issuance of $1,500,000 school
28-V. 125, p. 1743
Westbury, at 101.03, a basis of about 4.33%. Date Sept. 1 1927. Efue building bonds. The vote stood 650 to 450.
September 1 as follows: 52,000, 1928 to 1940 inclusive and $1,000, 1941.
PORT ARTHUR INDEPENDENT SCHOOL DISTRICT Jefferson
County, Tex.
-BOND OFFERING-Sealed bidswill bereceived by the
Other bidders were:
BidderRate Bid. S •cretary of the Board of Education until 3 p. m. Oct. 8 for an issue of
Bank of Hicksville, Hicksville, N. Y
$1.500,000 5% school bonds. Denom. $1.000. Due as fellows: 536.000,
100.60
Bank of Westbury, Westbury, N. Y
1928 to 1937, and $38,000 in 1938 to 1967, incl. A certified check for
100.80
Roslyn Savings Bank, Roslyn, N. Y
2% is required.
Par
R.F. DeVoe & Co.. 120 Broadway, N. Y. City
100.509
PORTER UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. YoungsPulleyn & Co., 52 Broadway, N. Y City
100.43
town), Niagara County, N. Y.
-BOND OFFERING-B. J.
George B. Gibbons & Co., 40 Wall St., N. Y. City
100.724 Clerk Board of Education, will receive sealed bids until 5 p. In. Moon,
Oct. 4
Sherwood & Merrifield, 135 Broadway, N. Y. City
100.55
for the purchase of an issue of $48,000 434% coupon or registered school
NORTH TARRYTOWN, Westchester County, N. Y.
-BOND OF- bonds. Dated Oct. 1 1927. Denom. $1,000. Due Jan. 1 as follows:
FERING.
-Thomas A. Quinn. Village Clerk, will receive sealed bids until 51,000, 1929 to 1944 incl., and 52,000, 1945 to 1960 incl. Prin. and int.
8 p. tn. Oct. 4 for the purchase of an issue of 58.0005% coupon village bonds. (Ian. 1) payable in gold at the Cataract National Bank, Niagara FaLs.
Dated Sept. 1 1927. Denom. $1,000. Due $2,000 Sept. 1 1928 to 1931 A certified chock, payable to the order of M. Cl. Wellman, District Treasincl. Prin. and int.(M.& S.) payable at the First National Bank of North urer, for $4.800 is required. Legality approved by Clay. Dillon & Var.dowater of New York City.
Tarrytown. A certified check for 2% of the bonds offered is required.
PORTLAND, Multnomah County, Ore.-IIIDS.-Tho following is a
OAKLAND, Alameda County, Calif.
-BOND SALE.
-The 575.000
complete list of the otdders and bids submitted by them on the $1,000,000
issue of 414% sewer bonds offered for sale on Sept. 22-V. 125. P. 1357
was awarded to E. R. Oundeltinger. Inc., ot Los Angeles, for a premium of issue of bonds which was sold on Sept. 20-V. 125. T. 1743:
Par,accrued int. and 07.5798 for $1,000,000
22.345. equal to 103.12. Denom. $1,000. Date Feb. 11925. Prin. and The National City Co
int. (F. & A.) payable at the City Treasurer's office in gold coin. The Freeman, Smith & Camp Co.,
Illinois Merchants Trust Co.,
following is a complete list of other bids:
First Trust & Savings Bank,
BidderPremium.
Northern Trust Co., William
Wells Fargo Bank & Union Trust Co
$77,274.50
R. Compton Co. and John E.
Bank of Italy
76,769.00
Price & Co
Accrued interest and 97.48 for 1,000,000
Wm. R. Slants & Co'
76.741.00
Heller, Bruce & Co.
76,719.00 Blyth, Witter & Co., Peirce,
Fair & Co. Bond & Goodwin
Dean Witter & Co
76,609.00
& Tucker,'Inc., Hill, Joiner
Angle-London & Paris Co
76,539.00
& Co., Liberty Central Trust
R. H. Moulton & Co
76,250.00
Co.and First Nat. Co.of Det.Accrued interest and 97.16 for 1,000,000
OAKLAND, Alameda County, Calif.
-BOND AWARD WITHHELD. Guaranty Co. of N. Y., Inc.,
-The $900.000 issue of 414% harbor impt. bonds offered for sale on
Bankers Trust Co.. N. Y.•,
Sept. 29 was not awarded on that date as the bids were held for consideration
Ames, Emerich & Co.; Hanuntil Sept. 30.
nabs, Bailin & Lee, and John
Accrued int. and 96.7777 for 1,000,000
E. Price & Co
OKLAHOMA COUNTY (P. 0. Oklahoma City), Okla.
-LARGE ISSUE OF ROAD BONDS OFFERED.
-The Taylor, White Co. and the Fidel- Lumbermen's Trust Co., W. A.
Harriman & Co., Inc.* Barr
ity National Bank; both of Oklahoma City, who were awarded the $1,650.Brothers & Co. and liaillar0N issue of coupon county highway bonds on Sept. 14 (V. 125, p. 1743)
geon, Winslow & Co
are.now offering the $1,430.000 block of 4%% bonds for investment and E. H. Rollins & Sons, LehmanAccrued interest and 97.18 for 1.000,000
they are priced to net from 4.10 to 4.15%. These bonds are direct and genBros. and Security Savings dc
eral obligations of Oklahoma County.
Accrued interest and 97.80 for 1.000,000
Trust Co
Financial Statement.
First Nat. Bank, N. Y.; The
Estimated actual valuation
Detroit Co.; Eldredge & Co.;
'
$200,000,000
Assessed valuation, 1927
Anglo, London. Paris Co.;
149,394,071
Total debt,including these bonds (less than 214%)
Wells
-Dickey Co.; A. D.
3,375,238
Accrued interest and 08.09 for 1.000.000
Sinking fund on hand
Wakeman Co
Population (1920 Census), 116,307; estimated present pop n, 175,006.
*Halsey, Stuar, & Co., Inc.,
Chicago; Continental & ComORANGE COUNTY (P. 0. Paoli), Ind.
-BOND OFFERING-Sealed
mercial Co., Chicago, and
bids will be received by Jesse L. Wells, County Treasurer, for the purchase
A.0.Becker & Co., Chicago_Accrued interest and 98.467 for 1.000,000
of an issue of $12,200 434% road bonds maturing semi-annually from 1928
*Successful bid.
Inclusive. Bids close Oct. 3
to 1937
water works bonds are now being offered by the
The above issue of
ORLANDO, Orange County, Fla -BOND SALE-The two issues syndicate headed by 4%
Halsey, Stuart & Co. at 9934%, plus interest, a
of 5% coupon paving bonds which were offered on Sept. 28-V. 125, p. yield of about 4.05%.
-have been purchased by the Atlantic
Oldham Corp. of
-Merrill
1613
READING, Berks County, Pa.
-BOND OFFERING-J. A. GlassBoston at a price of 100.11, a basis of about 4.98%. The two issues are
divided as follows: $85 000 series L bonds and $60,000 series C bonds. mayor, City Clerk, will receive sealed bids until 10 a. m. Oct. 26 for tho
Date Oct. 11927. Due from 1928 to 1937 incl. Prin. and semi-ann. int., purchase of an issue of $222.000 414% series Y coupon or registered water
Improvement bonds. Dated Dec. 15 1927. Denom. $1,000. Duo
payable at the Hanover National Bank, New York City.
Dec. 15 as follows: $9,000, 1933 to 1956 incl., and
1957. A cer-BONDS REGISTERED.
-On tified check, payable to the order of the city for 5%56.000,bonds offered,
PANHANDLE, Carson County, Tex.
of the
Sept. 21, State Comptroller G. N. Holton registered an issue of $121,520.49 is required.
534% serial funding bonds.
REDFIELD UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-The $30,710.72 Redfield) Oswego County, N. Y.
-BOND SALE.
PARMA, Cuyahoga County, Ohio.
-BOND SALE-The 530.000 coupon
- or registered school bonds offered for sale on Sept. 27-V. 125, p. 1744
5% village's portion impt. bonds offered on Sept. 19-V. 125, p. 1224
were awarded to Braun, Bosworth & Co. of Toledo at a premium of $941. were awarded to Pulleyn & Co. of New York City, as 434s, at 100.64, a
4.50%. Date Oct. 11927. Due Oct. 1 basis of about 4.40%. Date July 11927. Due $1,000 July 1 1929 to 1958,
equal to 103.064, a basis of about
as follows: 5710.72, 1920, and 53,000. 1930 to 1938 inclusive.
inclusive.
-BONDS VOTED.
-At an election
PARMA, Jackson County, Mich.
-BOND ELECTION.
REEVES COUNTY (P. 0. Pecos), Texas.
-On
held recently, the voters authorized the issuance of $60,060 high school Oct. 29 there will be an election to decide the issuance of $40,000 hospita
building bonds, by a count 01 105 to 53.
bonds.
-BOND DESCRIPTION.
PASADENA, Los Angeles County, Calif.
RIDLEY PARK, Delaware County, Pa.
-BONDS NOT SOLD.The $360,000 issue of 414% coupon civic centre bonds which was sold on The $25,000 4% coupon bonds offered on S.ept. 22-V. 125, p. 1491-were
Aug. 30(V. 125, p. 1491) to R. H. Moulton & Co.°Mos Angeles for a pre- not sold as all bids were returned opened. The bonds will be readvertised
mium of $17,546. equal to 104.77, are dated Aug. 1 1923. Denom. $1,000. later. N. E. iloopman, Borough Clerk.
Due Aug. 1 1944 and from 1955 to 1963 incl. Not retirable before maturity.
BOND OFFERING-N. H. Hoopman, Borough Secretary, will receive
Int. payable F. St A. 1.
sealed bids until 7 p. m.(Eastern standard time) Oct. 17 for the purchase
PECOS COUNTY ROAD DISTRICT NO. 3 (P. 0, Fort Stockton), of an issue of 525.000 434% borough bonds. Date Sept. 11927. Regis
-BOND OFFERING.
Tex.
-Sealed bids will be received until Oct. 3 by the terable as to principal only. Due Sept. 1 1958. The borough reserves
OCT. 11927.]
T1TE CHRONICLE
the privilege at the expiration of 20 years from date of issue to call by lot
any or all bonds of this issue, at $102 and list: A certified check, payable
to the order of the Borough Treasurer, for 2% of the bondso ffered is
required. The bonds are being issued subject to the approving opinion
of Albert Futton McDade, Chester, Pa., or Saul, Ewing, Remick & Saul
of Philadelphia.
ROANOKE, Roanoke County, Va.-BOND SALE.
-The four issues of
bonds offered for sale en Sept. 23-V. 125, p. 1085
-were awarded to a
syndicate composed of Pulloyn & Co., E. H. Rollins & Sons. and Phelps,
Fenn & Co., all of New York, and the First National Co. of Detroit paying
for them a price of 103.20, a basis of about 4.27%. The issues aggregate
$1,300,000 and are divided as follows:
$750,000 school bonds.
400,000 street bonds.
100,000 fire department bonds.
50,000 sewer and drain bonds.
Denom. $1.000. Interest rate, 4(47. Int. payable J. & .1. Due as
follows: $23,000, 1931 to 1946, incl., $32,000 in 1947 and $900,000 in 1957.
The following is a complete list of the other bids and bidders:
Sewer and
Drain
School.
Fire
Street
NameTotal.
8750,000. $400,000. $100,000. $50,000.
The /don's Plan Bank of
Richmond, Va
$768,224 $409,719 $102,430 $51,215 $1,331,589
Harris, Forbes& Co.,National
City Co. of N. Y., Fred'k
Nolting&Co.,Riehm011d,Va. 775,942 405,516
103,459 51,729 1,338,647
C. W. MeNear & Co., Kountz
Bros., It. W. Presprich &
Co., H. L. Alfen & Co
1,337,260
Rutter Si Co., Stone, Webster
& Blodgett, Ames, Emerich
& Co., Roosevelt & Son,
Geo. B.Gibbons & Co..Inc. 787,175
409,160
102,290 51.145
1,329,770
American Nat'l sank, Colonial
Nat'l Bank, First Nat'l
Bank, Liberty Trust Co..
Mountain Trust Bank &
State & City Bank,Roanoke,
Va
785,600
102,080 51,040
404,650
1,323,370
Scott &Stringfellow & Bankers
Trust Co
772,192 411,836
1,338,467
102,969 51,43e
First & Merchants Nat'l Bank. 773,324 412,440
103,110 51.554 1,340,429
Merchants Trust & Deposit
Coot Balthnore,Steln Bros.
& Boyce,Baltimore,R.J.Yan
Ingen & Co., N. Y., Taylor
Wilson & Co., Cincinnati,
N.S. Hill & Co., Cincinnati
and Morris Mather & Co.,
New York
771,300 404,000
102,840 51,420
1,329,560
Lehman Brothers, Redmond &
dr Co. and W. A. Harriman
& Co
1,324,360
.E.H. Rollins & Sons,Pulleyn
& Co., First National Co. of
Detroit,Phelps, Fenn & Co_ 774,000 412,800
103,200 51,600
1,341,600
Braun, Bosworth & Co., Detroit Trust Co., Illinois Merchants Trust co., Wells,
Dickey & Co., First Trust &
Savings Bank
772,894 406,207
103,089 51,536
1,333,726
•Successful bid. (These bonds are now being offered by the Rollins syndicate
and are priced to yield from 4.15 to 4.20%.)
ROCHEST.ER, Beaver County, Pa.
-BOND SALE.
-M.M. Freeman
& Co. of Philadelphia, were recently awarded an issue of $55,000 borough
bonds, at a price of 102.30.
ROCK FALLS SCHOOL DISTRICT, Cerro Gordo County, Iowa.
BOND SALE.
-The $35,000 issue of 5% coupon school bonds offered on
June 20-V. 124, p. 3532
-was awarded to Geo. M. Bechtel & Co. of
Davenport for a price of 104.03. Date April 30 1927. Denom. $500 and
$1,000. Prin. and int. (M. & N.) payable at the Farmers Savings Bank
of Rock Falls.
ROCKVILLE CENTRE, Nassau County, N. Y.
-BOND SALE.
The following issues of coupon or registered bonds, aggregating $70,000.
offered on Sept. 28 (V. 125, p. 1614) were awarded to Graham. Parsons &
Co. of New York City as 4.20s. at 100.03, a basis of about 4.19%:
$40.000 drainage construction bonds. Due $5,000 Nov. 1 1928 to 1935.incl.
30,000 highway bonds. Due 35,000 Nov. 1 1928 to 1933. incl•
Dated Nov. 11927.
ROYAL OAK,Oakland County, Mich.
-BOND SALE.
-The $502,000
531% coupon special assessment bonds offered on Sept. 26-V. 125, p.
1744
-were awarded to Stranahan, Harris & Oatis Inc., of Toledo, at
100,69, a basis of about 4.37%. Due Oct. 1 as follows: $37,000, 1928;
$55.000, 1929: $45,000, 1930; 359,000,1931: $52,000. 1932; $53,000. 1933:
$38,000, 1934: 353.000. 1935: $45,000, 1936: and $65,000, 1937.
RUSSIA (P. 0. Poland), Herkimer County, N. Y.
-BOND SALE.Messrs. Sherwood & Merrifield, Inc., of New York. were awarded at
public auction on June 7-V. 124, p. 3392
-an issue of $18,800 434%
coupon or registered highway bonds. at 101.28, a basis of about 4.37%.
Date May 11927. Due May 1 as follows: 3800. 1929; and 31,000, 1930
to 1947 inclusive.
RUTHERFORD COUNTY (P. 0. Rutherford), N. C.
-NOTE
OFFERINO.-Sealed bids will be received until 4 p. m. on Oct.6 by Frank
P. Stratford County Accountant for a $250.000 issue of tax anticipation
notes. Denom. $1,000. Due on Jan. 101928. Rate of int. to be named
by bidder. Prin. and int, payable in N. Y. City at the Chemical National
Bank. Chester B. Masslich of New York will furnish the legal approval.
A $1,500 certified check is required.
ST LOUIS, Buchanan County, Mo -BOND SALE.
-The $7,861.000
issue of 4% coupon or registered public building and improvement bonds
offered on Sept. 29-V. 125. p. 1614-was awarded to a syndicate composed of Estabrook & Co. Remick Hodges & Co., Kountze Bros., Kean,
Taylor & Co., Hanaahs,
& Lee, all of New York, R. L. Day & Co.
of Boston, Kauffman,Smith & Co. of St. Louts, the Detroit Co. of Detroit,
and the Second Ward Securities Co. of Milwaukee for a price of 100.85,
a basis of about 3.92%. Denom. $1,000. Date Oct. 1 1927 and due on
Oct. 1 as follows: $368,000, 1932: 3314,000. 1933: $322.000, 1934: $338.000.
1935: 3354.000. 1936: $369,000, 1937: $393,000. 1938; $409.000. 1939:
3424,000, 1940: 3448.000, 1941: $464,000, 1942: $479,000, 1943: 3511,000,
1944: $527.000, 1945; $558,000, 1946: and 3583,000, 1947. Principal and
semi-annual interest (A. & 0.) payable in gold in Now York City at the
National Bank of Commerce. The second highest bid was submitted
by a syndicate headed by Roosevelt & Son of New York offering 100.46
for the issue. These bonds are either coupon or registered. They may be
registered In 310,000. 350,000 and $100,000 denominations, or if coupon
bonds are desired, the fully registered bonds may be transferred for $1,000
coupon bonds for a nominal charge of $2 a thousand, These bonds are
now being offered to the public by the Estabrook syndicate, priced to yield
from 3.80 to 3.85% according to the maturities. They are direct obligations
of the city, legal investment in many states and are payable from unlimited ad valorem taxes upon the property therein.
ST. PETERSBURG, Pinellas County, Fla.
-LARGE FLORIDA
ISSUE OFFERED.-Eldredgo & Co..of New 'York are offering for investment, priced to yield 5%, a new issue of 31,500.000 6% city bonds which
was recently sold to thorn at a private sale. The bonds are due serially
from 1930 to 1938. incl. and are general obligations of the city, to be paid
for by an unlimited ad valorem tax. They have been validated by the
Pinellas County Circuit Court.
Financial Statement.
Estimated value
3375,000,000
Assessed valuation
161,660,677
Net bonded debt
6,727,607
IE(
11.1
SYDLE RIVERITOWNSHIPP.TO. East Patterson), Bergen
-M. M.I1Freeman & Co. of Philadelphia.
-BOND SALE.
County, N. J.
were recently, awarded an issue of 3106.000 5% water bonds. The bonds
are dated July 1 1927 and are in denominations of $1,000. Due July 1
1933. Principal and Interest (J. & J.) payable at the Hanover National
Bank, N. Y. City. Legality approved by Caldwell & Raymond of New
York City,
1873
SAINT TAMMANY PARISH SUB-ROAD DISTRICT NO. 3 OF
-BOND SALE.
ROAD DISTRICT NO. 3 (P. 0. Covington), La.
The $75,000 issue of 6% road bonds offered for sale on July 12-V. 125,
-was awarded to the Commercial Bank & Trust Co.and the CovingP• 134
ton Bank & Trust Co., both of Covington, jointly, paying a premium of
3895, which is equal to 101.18.
SALEM, Marion County, Ore.
-A 3200.000 issue of
-BOND SALE.
improvement bonds was recently awarded to A. D. Wakeman & Co. of
Portland.
-The Naumkeag Trust
-BOND SALE,
SALEM, Essex County, Mass.
Co. of Salem, was awarded on September 28, an issue of $270.000 4%
high school addition coupon bonds at 102.51. a basis of about 3.63%.
Date April 1 1927. Denom. $1,000. Due 318.000, April 1 1928 to 1942
incl. Prin. and int. (A.
'& 0.). payable in Boston, or at the office of the
City Treasurer. Legality to be approved by Storey, Thorndike, Palmer
& Dodge of Boston.
-BOND OFFERING -Sealed proposals
SALEM, Marion County, Ore.
will be received until 7:30 p. in. on Oct. 3 by M Paulsen, City Recorder,
for a $40,000 issue of 434% city bonds. Denom. $1,000. Dated Oct. 1
1927 and due $20,000 on Oct. 1 1936 and 1937. A certified check for
2% is required.
-BOND OFFERING.-Seated bids veil
SALINA, Saline County, Kan.
be received until 5 p. m. Oct. 3 by Guy T. Heivering, Mayor, for the
purchase of $158,881.96 434% improvement bonds. Date Aug. 1 1927.
Denom. $1,000 and one for $881.96. Due on Aug. 1 as follows: $14,881.96
in 1928 and $16,000 from 1929 to 1937, incl. Int. payable on F. & A. 1.
A certified check for 2% of the bid is required.
SAN ANDREAS SCHOOL DISTRICT (P. 0. Santa Cruz), Calif.
BOND SALE.
-The $8,500 issue of 5% wchool bonds offered on Sept. 20-was awarded to the Pajaro Valley National Wkri
V. 125, p. 1491
of Watsonville for a premium of $26, equal to 100.305. a basis of about
4.96%. Date Aug. 8, 1927. Denom. $500. Due $500 from 1928 to
1944 incl. Prin. and int, payable annually (June 15) at the County
Treasurer's office. The Wm. R. Stoats Co. offered a premium of $4.25.
SANDUSKY COUNTY (P.O. Fremont), Ohio.
-BOND OFFERING.Nene A. Gast. Clerk Board of County Commissioners, will receive sealed
bids until 11 a. m. October 15, for the purchase of the following issues of
5%bonds:
341,000 Rising Sun-Tinney road improvement bonds. Due November 15
as follows: $8,000, 1928: 38,500, 1929; $8,000, 1930: 39.500, 1931;
and 38.000. 1932.
37,000 Lindsey-Rocky Ridge road improvement bonds. Due Nov. 15.
as follows: 37,400. 1928 to 1932 inclusive.
16,000 Arthur Duffett Road improvement bonds. Due November 15,
as follows: $2,000. 1928: 31,500, 1929; $2,000, 1930: $1,500. 1031:
$2.000, 1932: $1,500, 1933; 32,000. 1934:31.500. 1935; and $2,000.
1936.
15,700 Aloys C. Gabelroad improvement bonds. Due Nov. 15, as follows:
31.700. 1928; 32,000. 1929; 31,500. 1930; $2,000. 1931; $1•500.
1932: $2,000, 1933; $1,500, 1934; 32,000, 1035; and $1,500, 1936.
12,000 William E. Pearson road improvement bonds. Due Nov. 15.
as follows: 31,300. 1928 and 1929; $1,400, 1930; $1,300, 1931;
and 1932; $1,400, 1933; $1,300, 1934 and 1935; and 31.400, 1936.
- Prin. and int. payable May and November 15. A certified check to
$1,000 for each issue is required. Legality to be approved by Squire.
Sanders & Dempsey of Cleveland.
SANFORD,Seminole County, Fla.
-BOND OFFERING.
-Sealed bids
will be received until 2 p. m. Oct. Shy E. F. Housholder, Mayor, for $155,0005 Ji % street improvement bonds. Dated July 11927. Denom,$1,000.
Due $15,000 from Jan. 1 192910 1937 and $20,0011 in 1938. Prin. and semiann. int. (J. & J.) payable at the National Park Bank in N. V. City.
Financial Statement.
Assessed valuation, 1927
$21.750,175
Actual value
50.000,000
Total bonded debt
5.860,000
Debt, less deductions
2,676,000
Sinking fund
15,973
Net bonded debt
2,660,026
Population, 1927, 13,500.
(This report amplifies that given in V. 125, p. 1744.)
SANTA BARBARA,Santa Barbara County Calif.
-BOND SALE.Ames, Emerich &Co. of New York were awarded the two issues of 44!
bonds aggregating 3500.000 which were offered for sale on Sept.
V. 125, p. 1614. The two issues are described as follows:
$450.000 Cabrillo Blvd. and Booth Point Rd. bonds. Due $15,000 from
July 1 1928 to 1957 inclusive.
50,000 incinerator bonds. Due 82,000 July 1 1928 to 1952 inclusive.
Denom. $1,000. Date July 1 1927. Prini and int. (J. & J.) payable
at the office of the City Treasurer.
SARASOTA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
(P. 0. Sarasota), Fla.
-BOND OFFERING.
-Sealed bids will be received
until 11 a. m. on Oct. 20 by T. W. Yarbrough, Secretary of the Board of
Public Instruction,for a 345.000 issue of 5% coupon school bonds. Denom.
$1,000. Dated Nov. 15 1927. Due on Nov. 15 as follows: 32,000, 1930
to 1950, and $3,000 in 1951. Principal of bonds may be registered. Prin.
and int.(M.& N.) payable in gold in New York City. Secretary will furnish the required forms for the bids. A $1,000 certified check, payable
to the Secretary, is required.
SAUSALITO SCHOOL DISTRICT (P. 0. San Rafael), Calif.
BOND OFFERING,
-Sealed bids will be received until Oct. 4 by the Clerk
to the Board of Supervisors for a $16,000 issue of 5% school bonds.
SEATTLE, King County, Wash.
-BOND OFFERING.
-Sealed bids
will be received by H. W. Carroll, City Comptroller, until 12 m. Oct. 21 for
the purchase of two issues of light and power bonds. The two issues
aggregate $4,000.000 and are divided as follows:
32.000,000 not exceeding 6% coupon or registered light and power bonds:
1926, Series LW-1.
2,000,000 not exceeding 6% coupon or registered light and power bonds.
1927, Series LV-1.
Denom. $1,000. Dated Dec. 1 1927. Due in equal annual installments
beginning 11 years and ending 30 years after the date thereof. l'rin. and
semi-ann, int. payable in gold coin at the fiscal agency of the State of Washington in New York City or at the office of the City Treasurer in Seattle.
Bonds are not optional before date, of final maturity. At holder's request
the City Council has power to recall and cancel them and issue other bonds
in lieu thereof of the same tenor. Separate bids are required upon blank
forms furnished by the City Comptroller and must be without change or
condition. Delivery will be made in Seattle, New York, Chicago, Boston
er Cincinnati. Legal approving opinion will be furnished by Thomson.
Wood & Hoffman of Now York City. A certified check on some national
bank or trust company for 5% of the bid, payable to the City Comptroller.
is required.
Statement Relating to Seattle Municipal Light and Power System, June 30 1927.
The Seattle Municipal Light and Power System has been operating since
March 1905. The total valuation of all property, real and personal, belonging to the system on June 30 1927 was 337,903,135.70. lens accrued depreciation 85.369,272 or 832,533,863.70.
City Light Fund Liabilities
Revenue bonds outstanding
$19,91000.00
Warrants outstanding
25,003.62
Audited claims and pay-rolls payable
1,086.403.82
retained on contractors' estimates
Amounts
20.366.10
Customers' guaranty deposits
80,581.75
Unmatured accrued int. on revenue bonds_
268,958.33
Advances payable
17,005.05
Miscellaneous accrued liabilities
254,178.62
$21.662,497.29
General lien light bond debt:
Bonds outstanding, principal
32,120,000.00
interest
Unmatured accrued
36,855.02
2.156,855.02
$23,819.352.31
The surplus, or excess of assets over liabilities, shown above is $8,71.1,511.39. Of this surplus, 3160.895.84 has been reserved for light bond sinking and redemption funds, and $147,236.65 for light department depreciation reserve;fund.
1874
THE CHRONICLE
[Vox,. 125.
Comparative Statement of Light Earnings and Deductions from Jan. 1 1920 to $1,500 5 serial Winkler Consolidated School District No. 3.
June 30 1927. Inclusive.
1,2005%serial 10-20 years Red River County Consolidated School
Operating Costs
District No, 85.
Not Including Accrued Interest Bal. RemainTEXAS CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Texas
ing tom
Int. on Bonds and Redemption
Gross
-The Roger 11. Evans Co. of Dallas
-ELECTION SALE.
-PRE
City), Tex.
Revenue.
Nor Deprecia'n. Revenue lids. Gross Revenue. has
Year.
purchased a $150,000 issue of 5% school bonds, prior to an election
$2,276.258.10 $1,174,830.73
$895,433.64
1920
$205,993.73
2,469,983.42
1,029,954.47 scheduled for October, paying for the issue a premium of $6,350, equal to
1921
1,048,907.44
391.121.51
104.23.
706.978.26 a price ofSALE.
1922
21551,193.50
1,204,665.24
639.550.00
-The same company has also purchased a
BOND
2,661.965.77
678,613.45 issue of $100,000 5% city hall and auditorium bonds, paying pre-election
1923
773,820.84
1,209.531.48
for them a
2,901,797.29
450,938.29
1924
1,027,408.34
1,423.450.66
733,745.49 $2,000 premium, equaling 102.
3,497.971.32
1925
1,184.320.82
1,579,905.01
637,907.15
County, Kan.
1926
-BOND OFFERING.
3,859,042.17
-Sealed bids
1,314,693.05
1,906,441.97
TOPEKA, Shawnee
500,015.01 will be received until 10 a. m. Oct. 4 by F. W. Knapp, City Clerk, for a
1927*
2.286.420.63
821,641.67
964.763.95
$452,000 issue of 434% paving bonds. Denom. $1,000. Date Sept. 1
* First 6 months.
1927 and due on Sept. 1 as follows: $53.000. 1930 and $57,000, 1931 to
The proposed bonds are a lien only upon the gross revenues of the Light 1937 incl. Prin. and int. (M. & S.), payable in Topeka at the State
and Power System of the City of Seattle.
Treasurer's office. Legality approval expense to be borne by purchaser.
$202,000 of the entire issue will be delivered immediately after the sale
-The $16.660 issue and the remaining $250,000 will be delivered in lots of $25,000 or multiples
SHELBY, Toole County, Mont.
-BOND SALE.
of not exceeding 6% sewer bonds offered for sale on Sept. 1-V. 125, P. 816 thereof within six months of the date of sale upon three days notice at the
was purchased by John O'Connor at a price of par. Dated July 1 option of the city. A certified check for 2% of the bid is required.
-year period. Prin. and int.
1927. Due $100 on Jan. and July 1 for a 20
TRILBY SCHOOL DISTRICT (P. 0. Dade City), Fla.-B01VD
payable (J. SE J.) either at the City Treasurer's office or at any point desigSALE.-A $50,000 issue of 6% school bonds has recently been purchased
nated by purchaser.
, eraltasE/1
by W. L. Slayton & Co. of Toledo paying par for the issue,
0 5
-0 .
-The $5, - 7 %
-BOND SALE.
SIDNEY, Delaware County, N. Y.
-BOND SALE.
TUSCALOOSA COUNTY (P. 0. Tuscaloosa), Ala.
-were
coupon street impt. bonds offered on Sept. 28-V. 125, p. 1745
issue of $150,000 57, road bonds was recently purchased by Steiner
awarded to the Sidney National Bank at 101, a basis of about 4.79%. An
Bros. of Birmingham. Denom. $1,000. Dated Sept. 1 1927 and due on
The bonds are dated Sept. 1 1927 and mature $500 Sept. 1 1928 to 1937 incl. Sept. 1 1957. l'rin. and int. (M. & S.) payable at the National Bank
- of Commerce in New York City in gold.
-BOND SALE.
SIGNAL MOUNTAIN, Hamilton County, Tenn.
A $100.000 issue of 534% fire protection bonds tfas recently been purchased
UNION FREE SCHOOL DISTRICT NO. 5 (P. 0. Johnson City),
by Little. Wooten & Co. of Jackson. Dated July 1 1927 and due on July 1 N. Y.
-Sealed bids will be received by the Clerk Board
-BOND OFFERING.
1957.
of Education, until 8 p. m. Oct. 10 for an issue of $200,000 not to exceed
5% coupon or registered high school addition bonds. Date July 1 1927.
-BOND ELECTION.
-On Denom. $1,000. Due $20,000, Dec. 1 1927 to 1936, incl. A certified
SINTON, San Patrice. County, Tex.
Oct. 22 there will be an election for the voters to decide the issuance of check for 2% of the bonds offered is required.
$80,000 534% street bonds.
-BOND SALE.
VALLEY STREAM, Nassau County, New York.
SIOUX COUNTY(P.O.Orange City),Iowa.
-BOND DESCRIPTION The $20,000 coupon or registered paving bonds offered on Sept. 28The $60,000 issue of4% bridge bonds sold on Sept. 13-V. 125. p. 1615
- V. 125. p. 1615
-were awarded to Dewey, Bacon & Co. of New York City.
Is further described as follows: Premium $310. equal to 100.51, a basis of as 434s, at 100.48, a basis of about 4.13%. Date Sept. 1 1927. Due
about 3.82%. Purchaser was the White-Phillips Co. of Davenport and $2,000, Sept. 1 1928 to 1937, incl.
they are due and payable in 1930.
-BOND OFFERING.
VERMILLION COUNTY (P. 0. Newport), Ind.
a. m. Oct.
SIOUX COUNTY (P. 0. Fort Yates), N. Dak.-CERTIFICATE -Homer Fox, County Treasurer, will receive sealed bids until 10Halt Twp.
% Prior Peel et al.
purchase of an issue of $3,000
-The $5,000 issue of certificates of indebtedness offered for sale 15 for the
SALE.
-was awarded to the First National Bank of road improvement bonds. Dated Oct. 15 1927. Denom. $150. Due
on Sept. 6-V. 125, p. 1224
$150 May and Nov. 15 1929 to 1938 incl. Int. payable M.& N. 15.
McLaughlin as 634% bonds. Dated Sept. 6 1927. Due Jan. 29 1928.
VERMILION PARISH SCHOOL DISTRICT NO. 2 (P. 0. Abbe-BOND OFFERSOUTH PORTLAND, Cumberland County, Me.
-A $90,000 issue of school bonds will be
-BOND OFFERING.
INO.-Walter E. Brown, City Treasurer, will receive sealed bids until 2 ville), La.
of an issue of $50,000 434% coupon funding offered for sale on Oct. 13 by J. R. Holmes, President of the school board.
p.m. Oct. 6. for the purchase
bonds. Date Oct. 1, 1927. Denom. $1.000. Due $10.000, Oct. 1, 1949 Sealed proposals will be received.
to 1953 incl. Prin. and int.(A. & 0.), payable at the Fidelity Trust Co.,
VERONA UNION FREE SCHOOL DISTRICT NO. 1(P.O.Verona,
Portland; the said Trust Co., will also supervise the preparation of the Oneida County, N. Y.
-BOND SALE.
-The $50,000 coupon or registered
bonds and will certify as to the genuineness of the dignatures of the officials school bonds offered on Sept. 26-V. 125, p. 1745
-were awarded to the
and the seal impressed thereon. Legality to be approved by Cook, Hutch- Oneida Savings Bank of Oneida, as 4.30s, at par. Date Oct. 11927. Due
inson, Pierce & Connell of Portland.
Oct. 1 as follows: $1,000, 1930 to 1944 incl.; 52,000. 1945 to 1954 Incl.;
Debt Statement.
and 53,000. 1955 to 1959 incl.
$11,735,530
Assessed Valuation for 1927
Bonds.
1d
Fo e b trs:
The following is a list of othr r44o
511.950
Bonded Indebtedness (exclusive of this issue)
Tax Rate for 1927, $41.75 per M.
Rate Bid.
BidderPopulation (approximate), 14,000.
100.44
George B. Gibbons & Co
100.83
-Wade McIlrath, Dewey, Bacon & Co
-BOND OFFERING.
SOUTH RUSSELL, Ohio.
100.34
Pulleyn & Co
Village Clerk, will receive sealed bids until 12 m. Oct. 10 for the purchase of
For
an issue of $22,200 534% improvement bonds. Dated Oct. 1 1927. De- Livingston County Trust Co 4.50% Bonds.
100.57
nom. $1,000, one bond for $1,200. Due Oct. 1 as follows: $2,200, 1929:
100.46
&
$2.000. 1930 to 1932 incl.; $3,000, 1933; $2,000, 1934 to 1937 incl.. and Manufacturers' CoTraders' People's Trust Co
101.29
R. F.
$3.000. 1938. Prin. and int.(A. & 0.) payable at the Chagrin Falls Bank- Clark.DeVoe & & Co
101.26
Williams
ing Co.. Chagrin Falls. A certified check payable to the order of the Village Treasurer. for 5% of the bonds offered, is required.
-BOND OFFERING.
-Sealed bids
VIDALIA, Concordia Parish, La.
Philip Bough, for the
-BOND SALE.
-The $421,000 will be received until 4 p. m. Oct. II by Mayor
SPRINGFIELD, Clark County, Ohio.
Denom. $1,000.
coupon water works impt. bonds offered on Sept. 26-V. 125. P.1615
- purchase of $20,000 514% public improvement bonds. 1929 to 1936
$2,000 from
and
were awarded to It. W.Pressprich & Co. of New York City, and Grau & Due on April 1 as follows: $1,000 in 1928;1. A certified check for 214%
Co. of Cincinnati, jointly, as 434s, at a premium of $6,000, equal to 101.56, $3.000 in 1937. Int. payable Apr. & Oct.
of the bid Is required.
a basis of about 4.07%. Date Sept. 1 1927. Due March 1, as follows:
(This is a more complete report than that given in V. 125, p. 1745.)
$21,000, 1929; and $20,000, 1930 to 1949 inclusive.
-BOND OFFERING.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND SALE.
STARK(P.O. Starkville), Herkimer County, N. Y.
sealed bids until 10 a. m.
The First National Bank of Herkimer, was awarded on June 7, at public James 0. Leek, County Treasurer, will receive 414% bonds:
Oct. 3 for the purchase of the following issues of
auction an issue of $18,000 4.14% highway bonds at 100.96.
$47.800 William Dorman at al. Sugar Creek Twp. road construction bonds.
-BOND OFFERSTARK (P. 0. Starkville), Herkimer County, N. Y.
Denom. $1,195. Due $2,390 May and Nov. 15 1929 to 1938 incl.
-Sherwood & Merrifield. Inc.. of New York, were awarded on June
17,000 Ilarve II. 'foldaway et al. Fayette Twp. road construction bonds.
ING.
% highway bonds at 100.96.
Denom. $850. Due $850 May and Nov. 15 1929 to 1938 incl.
7, at public auction an issue of $18,11110
Dated Oct. 1 1927.
-The $640,-BOND SALE.
STARK COUNTY (P.O. Canton),Ohio.
WATERTOWN, Codington County, S. Dak.-BOND OFFERING.
000 tuberculosis hospital bonds offered on Sept. 23-V. 12.5. p. 1492
were awarded to the William It. Compton Co., and the Illinois Merchants Sealed bids will be received until 8 p. m. Oct. 3 by Ernestine Lindberg,
Trust Co., both of Chicago, jointly, as 41.1s, at 100.24, a basis of about City Auditor, for a $40,000 issue of city water storage bonds. A certified
4.23%. Date Sept. 1 1927. Due Sept. 1 as follows: $42,000. 1928 and check for $1,000 is required.
1929; $44.000. 1930: $42.000, 1931 and 1932: $44,000, 1933: $42.000,
-Two issues of
WAUNAKEE, Dane County, Wis.-BOND SALE.
1934 and 1935; $44,000, 1936; $42,000, 1937 and 1938; $44,000. 1939: bonds, one a $25,000 water works plant issue and the second for $15,000
•
$42,000, 1940 and 1941, and $44.000. 1942.
sewerage plant purposes have been recently disposed of locally.
STEUBENVILLE RURAL SCHOOL DISTRICT AP. 0. Steuben-The $100,593.09
-MATURITY.
WAYNE, Wayne County, Mich.
-The $9.000 514%
-BOND SALE.
ville), Jefferson County, Ohio.
& Co.
bonds awarded
-were awarded 414% special assessment paving 125, p. 1746 to Braun, Bosworth
coupon School bonds offered on Sept. 30-V. 125, p. 1492
-mature Oct. 1 as follows:
of N. Y. City at 101.07-V.
to A. E. Aub & Co. of Cincinnati at a premium of $331, equal to 103.67. $10,593.09, 1929, and $10,000. 1930 to 1938 incl. Int. payable A. & 0.
a basis of about 4.66%. Due $1,000 Sept. 14 1928 to 1936 incl.
-NOTE
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
STEVENS POINT, Portage County, Wis.-BOND OFFERING.
SALE.-Tho First National Bank of New York was recently awarded
Sealed bids will be received until Oct. 1 by the City Treasurer for a $50,000 $2,980,725 sewer and park notes on a 3.47% discount basis, plus a premium
issue of 434% sewer bonds.
of $51. The notes mature on June 5 1928. The above supersedes the
STOKES TOWNSHIP RURAL SCHOOL DISTRICT, Logan report given in V. 125. P. 1616.
-An election will be held on Nov.8,
-BOND ELECTION.
Ohio.
County,
WEST BLOOMFIELD TOWNSHIP SCHOOL DISTRICT NO. 5
for the purpose of voting on the question of issuing $110,000 bonds to be (P. 0. Keego Harbor), Oakland County, Mich.
-BONDS VOTED,
used for the following purposes:
At an election held on Sept. 16 the proposition of issuing $150,003 bonds
to construct a fire-proof grade and high school building.
$104,000 bonds
to erect a twelve-room addition to the present Roosevelt School was ap5,000 bonds for furnishing and equipping the school.
by a vote of 67 to 64.
1.000 bonds for the purpose of acquiring the necessary land on which proved
-BONDS OFFERED BY SYNDICATE.
WEST VIRGINIA (State of).
to erect the school.
The bonds are to run for a maximum period of 24 years.
-A syndicate composed of Eldredge St Co., R. Ii. Moulton & Co.. Baker,
Watts & Co. and the Mercantile Trust & Deposit Co. of Baltimore is offer-BOND SALE.
-The ing for investment the $2,090,000 issue of 334 and 4%7, State of West
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
Peoples State Bank of Sullivan, were awarded on Sept. 20, an issue of Virginia gold road bonds which was sold to the above syndicate on Sept. 16
$26.500 434% road bonds at a premium of $556.50, equal to 102.10, a basis (V. 125, p. 1746). The bonds are due serially Jan. 1 and July 1 1928 to 1952.
of about 4.08%. The bonds mature semi-annually from 1928 to 1937 incl. Incl., with the 411% bonds yielding from 3.75% to 3.95%. The 354%
SUMMERHILL TOWNSHIP (P. 0. Beaverdale) Cambria County, bonds, which comprise $380,000 of the issue, and which are due 1943 to
% general improvement bonds 1952, are priced to yield 3.875%. Bonds are direct obligations of the State
-The 544.000
-BOND SALE.
Pa.
-were awarded to M. M. and are tax-exempt.
offered for sale on Sept. 24-V. 125. p. 1615
Financial Statement.
Freeman St Co. of Philadelphia. at 103.38, a basis of about 4.12%. Date
$2,130,255,951
Oct. 11927. Due Oct. 1 as follows: $5,000, 1932 and 1934; $10,000. 1938 Assessed valuation, 1926
56,432,042
Net bonded debt
and 1940: and $14,000. 1944.
Population, 1920. 1.463,701.
Other bidders were:
Premium,
BidderWHITE CITY SPECIAL TAX SCHOOL DISTRICT NO. 10, St.
$922.68 Lucie County, Fla.
S. M. Vockel & Co., Pittsburgh
-BOND SALE.-Stranahan, Harris & Oatis of
500.28 Toledo, have recently purchased a $60,000 issue of 6% coupon school
E. R. Rollins & Sons Philo,
465.00 building bonds for a price of 100.69. Denom. $1,000. Date Aug. 1 1927.
Pittsburgh
'
J. H. Holmes Sz Co.,
1,375.00
R. M. Snyder & Co., Philadelphia
serially from Aug. 1 1930 to 1947. Not optional before maturity.
1,025.23 Due payable Feb. & Aug. 1.
Mellon National Bank, Pittsburgh
452.00 Int.
Glover & MacGregor, Pittsburgh
(This corrects report as given in V. 125. p. 1493.)
525.50
Prescott Lyon & Co., Pittsburgh
-BOND OFFERING.
WHITE COUNTY (P. 0. Monticello), Ind.
-The 5.50,000
SWANTON, Franklin County, Vt.-BOND SALE.
Sealed bids will he received by C. 0. Downey. County Treasurer, for the
26-V. 125, p. 1615
-were purchase of an issue of $19,000 434 7, road bonds, maturing semi annually
434% coupon refunding bonds offered on Sept.
awarded to the Peoples Trust Co. of St. Albans. at a premium of 8705, from 1928 to 1937, inclusive. Bids:close Oct. 3.
equal to 101.41, a basis of about 4.09%. Date Oct. 1 1927. Due Oct. 1,
WICKENBURG HIGH SCHOOL DISTRICT (P. 0. Phoenix),
as follows: $3,000. 1931 to 1946 incl.; and $2,000, 1947.
-The $22,000 issue of 4N % coupon high school
-BOND SALE.
- Ariz.
-BOND ELECTION.
TAYLOR COUNTY (P. 0. Abilene), Tex.
building and equipment bonds which was offered for sale on Aug. 22On Oct. 24 there will be an election for the voters to decide the issuance V. 125, P. 686
-has been purchased by the Industrial Commission of Ariof $1,000,000 road bonds.
zona at Phoenix at par. Denom. $500. Date Aug. 1 1927. Duo $2,000
-G. N. Holton, State from 1931 to 1941, incl. Not retirable before maturity. Int. payable
TEXAS (State of).
-BONDS REGISTERED.
Comptroller, registered for the week of Sept. 12-17 the following issues of F. & A. (This report supersedes the "no bids" report as given in V.
125, p. 1359.)
onds:
OCT.1 19271
-Ralph
-BOND OFFERING.
WILDWOOD, Cape May County, N. J.
L. Carll, Director of Revenue and Finance, will receive sealed bids until
2:30 p. m. (standard time) Oct. 4 for the purchase of an issue of 5% coupon or registered drainage bonds not to exceed $56.000, no more bonds to be
awarded than will produce a premium of $1,000 over $56,000. Dated
Sept. 15 1927. Denom. $1,000. Due $2,000 Sept. 15 1928 to 1955, incl.
Prin. and Int.(M. & S. 15) payable in gold at the Marine National Bank,
Wlldwood. A certified check, payable to the order of Robert J. Kay,
of
City Treasurer, for 2%. the bonds bid for is required. Legality approved
by Caldwell & Raymond of New York City.
-A syndicate
-BOND SALE.
WINDHAM, Windham County, Conn.
composed of G. L. Austin & Co. of Hartford, H. L. Allen & Co. of New
York, and Gibson, Leefe & Co., also of New York, were awarded on July 20
an issue of $300,000 43(% coupon registerable as to principal only bonds.
Date July 1 1927. Denom. $1,000. Due serially, Jan. 1 1930 to 1957
incl. These are the bonds mentioned in V. 125, p. 1746.
-BONDS REOISTERED.-A
WINKLER, Navarro County, Tex.
$35,000 issue of 6% serial Consolidated School District No. 1 bonds was
registered by G. N. Holton, State Comptroller, on Sept. 12.
WINNESHIEK COUNTY (P. 0. Decorah), lowa.-BOND SALE.
A $150,000 issue of paving bonds has been recently purchased by Geo. N.
Betchel & Co.of Davenport for a $555 premium, equal to a price of 100.37.
WOODHULL SCHOOL DISTRICT NO. 1(P.O. Woodhull)Steuben
-BOND SALE.
-R. F. De Voe & Co. of New York City,
County, N. Y.
were recently awarded an issue of $60,000 school bonds, at 100.62.
-BOND OFFERING.
WYANDOTTE, Wayne County, Mich.
'Edward C. Bryan, City Clerk, will receive sealed bids until 8 p. m. Oct. 11
for the purchase of an issue of $125,000 not to exceed 5% city's portion,
grade crossing bonds. A certified check for $5,000 is required. These
bonds were authorized by a vote of 2,905 for to 613 against.
Financial Statement.
$75,000.000.00
listimated real valuation
46.173,332.24
Assessed valuation 1927
1,900,868.10
General obligations
1,291,672.26
3,192,540.36
Specialot bonded debt
1,031,317.09
Water debt included in the above
203,627.57
.Sinking fund
The issue now offered is not included.
CANADA, its Provinces and Municipalities.
-BOND SALE.
-A syndicate
BRITISH COLUMBIA (Province of).
composed of Wood, Gundy & Co., A. E. Ames & Co., the Royal Bank of
Canada and Pemberton & Son, on Sept. 27 was awarded $6,000,000 coupon
-year bonds
Provincial bonds. The price was 97.23 for $3,000,000 434% 30
-year notes. Denom. $1.000. Date Sept.
and 98.86 for $3,000,000 4% 2
25 1927. Prin. and semi-ann. int.(M.& S. 25) payable in U. S. gold coin
in New York, or in Canadian gold coin in Canada, at holder's option. Due
Sept. 25 1929 and Sept. 25 1957. The bonds are now being offered to investors in the United States at prices to yield the investors 4.30% on the
-year bonds.
two-year notes and 4.56% on the 30
DRUMMONDVILLE, Que.-BOND SALE.
-The $110,000 5% 37
-were awarded to
year serial bonds offered on Sept. 26-V. 125, p. 1616
McLeod, Young, Weir & Co., at 99.67, a basis of about 5.03%. The
bonds are dated Sept. 1 1927, and are payable at Drummondville and
Montreal.
DUNDAS, STORMONT & GLENGARRY COUNTIES (P. 0. Dun.das), Ont.-BOND SALE.
-An issue of $65,000 5% improvement bonds
waa recently awarded to Bell, Gouinlock & Co. of Toronto at 100.31, a
'basis of about 4.95%. The bonds mature in 20 annual installments.
EAST ANGUS, Que.-BOND SALE.
-The $30,000 534% school bonds
offered on Sept. 6-1r. 125, p. 1359
-were awarded to the Credit AngloFrancais° of Montreal, at 101.85.
GREATER VANCOUVER WATER DISTRICT, B. C.
-BOND
SALE.
-A syndicate composed of Cochran, Hay & Co., Fry, Mills, Spence
& Co., Victor W. Odium & Co., and Gillespie. 1:left & Todd, was recently
awarded an issue of 81,500.000 434% forty-year bonds, at 94.57, a basis
.of about 4.78%. The bonds are payable in New York and England, also
NEW LOANS
$11,000
UNION FREE SCHOOL DISTRICT No.3
Town of Chautauqua, N. Y.
5% Bonds
NOTICE IS HEREBY GIVEN that the Board
-of Education of Union Free School District No. 3,
Town of Chautauqua, County of Chautauqua,
New York, will receive sealed bids at the high
school building in the Town of Chautauqua, New
York until'six o'clock P. M. on the 17th day
of October 1927, for the purchase of said bonds
of said District, in the amount of $11,000.00,
said bonds to be in the denomination of $1,000.00
each, numbered from one to eleven inclusive, and
bearing interest at the rate of five per cent per
annum, payable semi-annually at the Farmers &
Mechanics Bank of Jamestown, N. Y. to the
holder thereof, in New York Exchange, Said
bonds will be dated November first 1927, and
one of such bonds will mature on the first day of
November 1946, and one of said bonds will
mature annually thereafter until all of such bonds
shall have matured.
Said bonds will not be sold below par.
Bidders will be required to deposit with their
bids in cash by certified check or bank draft
ten per cent of the amount of such bonds, and
pay the balance with accrued interest when such
bonds are delivered.
The right to reject any and all bids is reserved.
BONDS
MUNICIPAL
and
CORPORATION
in Canada. Other bidders were:
Rate Bid.
Bidder94.49
Royal Financial Corp
A.E. Ames & Co., First National Bank, and Bank of Montreal
94.009
93.90
Wood Gundy & Co., Royal Bank, and Pemberton & Co
Dominion Securities Corp., Dillon, Read & Co., and Bank of
93.14
Commerce
92.77
Bell, Gouinlock & Co., and Dyment, Anderson & Son
The Greater Vancouver Water District, which was formed by act of the
British Columbia Legislature in 1924, furnishes the water supply to Vancouver and adjacent municipalities. The bonds, it is stated, are a joint
and several obligation of Vancouver, Point Grey, South Vancouver and
Burnaby and constitute a special charge on the revenues of these municipalities. A public offering will shortly be made.
LANARK COUNTY (P.O. Lanark), Ont.-BIDS.-The following is a
list of other bids submitted for the $65,000 59' twenty installment debentures awarded to Bell, Gouinlock & Co.,at 100.35, a basis of about 4.97%
V. 125, p. 1 4 .
Rate Bid.
BidderRate Bid.
Bidder100.007
100.21 Fry. Mills, Spence & Co
Wood, Gundy & Co
100.15 Gairdner & Co
99.857
Tom Farmer
100.15 C. H. Burgess & Co
99.837
A. E. Ames & Co
Dyment, Anderson & Co-- -100.107 McLeod, Young, Weir & Co.- 99.77
-The Bank of Montreal
MIDDLESEX COUNTY,Ont.-BOND SALE.
-installment debentures, at
was recently awarded an issue of $57,000 5% 15
100.50, a basis of about 4.93%. Other bidders were:
Rate Bid.
BidderRate Bid.
Bidder100.11
Pry. Mills, Spence & Co-100.277 C. H. Burgess & Co
100.037
100.26 Royal Securities Corp
Gouinlock & Co
100.20 Dyment, Anderson & Co--_-100.02
Wood, Gundy & Co
99.932
100.18 Gairdner & Co
A. E. Ames & Co., Ltd
100.11 McLeod, Young, Weir & Co.. 99.77
Matthews & Co
99.16
100.04 Roberts, Cameron & Co
R.A. Daly & Co
-Sealed proposals for the
MONTMAGNY, Que.-BOND OFFERING.
purchase of an issue of $60,000 57. school bonds will be received until
p. m. Oct. 1 (to-day) by J. N. Lesperance, Secretary-Treasurer. The
bonds are dated July 1 1927 and in denoms. $500 and $100. Due serially
from 1928 to 1937 incl. The bonds are payable in Montmagny.
MONTREAL METROPOLITAN COMMISSION (P. 0. Montreal),
-The following issues of 434% bonds aggregating
Que.-BOND SALE.
-were awarded to a syndi$6,037.000 offered on Sept. 27-V. 125. p. 1747
cate composed of Dillon, Read & Co. and the Bankers Trust Co., both of
New York City, the Dominion Securities Corp, of Toronto, and the First'
National Bank of Boston, at 96.20 a basis of about 4.78%:
$3.167,000 improvement bonds. Date Nov. 1 1926. Due Nov. 1 1961. '
1.570,000 improvement bonds. Date Nov. 1 1925, Due Nov. 1 1954.
1,300,000 improvement bonds. Date Nov. 1 1924. Due Nov. 1 1953.
The bonds are payable in Montreal and New York City.
PEEL COUNTY (P. 0. Brampton), Ont.-BOND OFFERING.
Sealed blds will be received by W. M. Willis, County Clerk, until 12 m.
Oct. 11, for the purchase of an issue of $30,000 5% highway debentures.
Due in ten equal annual installments.
ST. DOMINIQUE DE JONQUIERE, Que.-BOND OFFERING.
Sealed bids for the purchase of an Issue o. $40.000 5% improvement bonds
will be received until 10 a. m. Oct. 3, by D. Simard, Secretary-Treasurer.
The bonds are dated July 1 1927 and mature serially from 1 to 20 years.
Payable in Jonquiere. Montreal and Quebec.
-J. Morin, Secretary-Treasurer.
ST. FOY, Que.-BOND OFFERING.
will receive sealed bids until 5 p. m. Oct. 3, for the purchase of an issue of
821,500 5% improvement bonds. Date Oct. 1, 1927. Due serially in
1 to 20 years. Payble In St. Foy, Quebec and Montreal.
-The council plans to
SIMCOE, Ont.-PROPOSED BOND ISSUE.
place an 818,000.5% instalment hydro-electric debenture issue on the market shortly.
-Sealed proposals for the purTORONTO, Ont.-BOND OFFERING.
chase of an issue of $100,000 5% school bonds will be received until 12 m.
Oct. 7, by E. F. Henderson, Secretary Separate School Board. Date
Sept. 13 1927. The bonds mature in thirty years and are payable at_the
Bank of Montreal, Toronto.
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